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 |
Delaware | 46-1339639 | |||||||
State or Other Jurisdiction of | I.R.S. Employer Identification No. | |||||||
Incorporation or Organization | ||||||||
10 S. Wacker Drive, Suite 2500, Chicago, Illinois | 60606 | |||||||
Address of Principal Executive Offices | Zip Code | |||||||
(847) 734-2000 | ||||||||
Registrant’s Telephone Number, Including Area Code | ||||||||
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value per share | OFS | The Nasdaq Global Select Market | ||||||
6.25% Notes due 2023 | OFSSG | The Nasdaq Global Select Market | ||||||
5.95% Notes due 2026 | OFSSI | The Nasdaq Global Select Market |
Large accelerated filer | ¨ | Accelerated filer | |||||||||
Non-accelerated filer | Smaller reporting company | ¨ | |||||||||
Emerging growth company | ¨ |
Item 1. | Consolidated Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2 | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Term | Explanation or Definition | ||||
1940 Act | Investment Company Act of 1940, as amended | ||||
Administration Agreement | Administration Agreement between the Company and OFS Services dated November 7, 2012 | ||||
Affiliated Account | |||||
Affiliated Fund | Certain other funds, including other BDCs and registered investment companies managed by OFS Advisor | ||||
ASC | Accounting Standards Codification, as issued by the FASB | ||||
ASU | Accounting Standards Updates, as issued by the FASB | ||||
BDC | Business Development Company under the 1940 Act | ||||
BLA | Business Loan Agreement, as amended, with Pacific Western Bank, as lender, which provides the Company with a senior secured revolving credit facility | ||||
BNP Facility | A secured revolving credit facility that provides for borrowings in an aggregate principal amount up to $150,000,000 issued pursuant to a Revolving Credit and Security Agreement by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator | ||||
Board | The Company's board of directors | ||||
CLO | Collateralized loan obligation | ||||
Code | Internal Revenue Code of 1986, as amended | ||||
Company | OFS Capital Corporation and its consolidated subsidiaries | ||||
DRIP | Distribution reinvestment plan | ||||
EBITDA | Earnings before interest, taxes, depreciation and amortization | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | Accounting principles generally accepted in the United States | ||||
HPCI | Hancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC for whom OFS Advisor serves as investment adviser | ||||
ICTI | Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses | ||||
Indicative Prices | Market quotations, prices from pricing services or bids from brokers or dealers | ||||
Investment Advisory Agreement | Investment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012 | ||||
LIBOR | London Interbank Offered Rate | ||||
Net Loan Fees | The cumulative amount of fees, such as origination fees, discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan | ||||
OCCI | OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company for whom OFS Advisor serves as investment adviser | ||||
OFS Advisor | OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended | ||||
OFS Services | OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor | ||||
OFSAM | Orchard First Source Asset Management, LLC, a full-service provider of capital and leveraged finance solutions to U.S. corporations | ||||
OFSCC-FS | OFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company | ||||
OFSCC-FS Assets | Assets held by the Company through OFSCC-FS |
Term | Explanation or Definition | ||||
OFSCC-MB | OFSCC-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities |
OID | Original issue discount | ||||
Order | An exemptive relief order from the SEC to permit us to co-invest in portfolio companies with | ||||
Parent | OFS Capital Corporation | ||||
PIK | Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the | ||||
Portfolio Company Investment | A debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Notes | ||||
Prime Rate | United States Prime interest rate | ||||
PWB Credit Facility | Senior secured revolving credit facility between the Company and Pacific Western Bank, as lender | ||||
Reunderwriting Analysis | A discount rate method based upon a hypothetical recapitalization of the entity given its current operating performance and current market condition | ||||
RIC | Regulated investment company under the Code | ||||
SBA | |||||
SBIC | A fund licensed under the SBA | ||||
SBIC Acquisition | The Company's acquisition of the remaining ownership interests in SBIC I LP and OFS SBIC I GP, LLC on December 4, 2013 | ||||
SBIC Act | Small Business Investment Act of 1958, as amended | ||||
SBIC I LP | OFS SBIC I, LP, a wholly owned SBIC subsidiary of the Company | ||||
SBIC I GP | OFS SBIC I GP, LLC | ||||
SEC | |||||
Securities Act | Securities Act of 1933, as amended | ||||
Secured Revolver Amendment | The amended Business Loan Agreement with Pacific Western Bank, as lender, dated | ||||
Stock Repurchase Program | The open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act | ||||
Structured Finance Notes | CLO mezzanine debt, | ||||
Synthetic Rating Analysis | A discount rate method that assigns a surrogate debt rating to the entity based on known industry standards for assigning such ratings and then estimates the discount rate based on observed market yields for actual rated debt | ||||
Transaction Price | The cost of an arm's length transaction occurring in the same security | ||||
Unsecured Notes | The combination of the Unsecured Notes Due September 2023, the Unsecured Notes Due April 2025, the Unsecured Notes Due October 2025, | ||||
Unsecured Notes Due April 2025 | The Company’s $50.0 million aggregate principal amount of 6.375% notes due April 30, 2025, which were redeemed on March 12, 2021 | ||||
Unsecured Notes Due February 2026 | The Company’s $125.0 million aggregate principal amount of 4.75% notes due February 10, 2026 | ||||
Unsecured Notes Due October 2025 | The Company’s | ||||
Unsecured Notes Due October 2026 | The Company's $54.3 million aggregate principal amount of 5.95% notes due October 31, 2026 | ||||
Unsecured Notes Due September 2023 | The Company’s $25.0 million aggregate principal amount of 6.25% notes due September 30, 2023 |
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investments, at fair value: | |||||||||||
Non-control/non-affiliate investments (amortized cost of $373,780 and $363,628, respectively) | $ | 358,471 | $ | 328,665 | |||||||
Affiliate investments (amortized cost of $83,740 and $86,484, respectively) | 113,493 | 102,846 | |||||||||
Control investment (amortized cost of $11,057 and $10,911, respectively) | 12,062 | 10,812 | |||||||||
Total investments at fair value (amortized cost of $468,577 and $461,023, respectively) | 484,026 | 442,323 | |||||||||
Cash | 35,159 | 37,708 | |||||||||
Interest receivable | 1,051 | 1,298 | |||||||||
Prepaid expenses and other assets | 2,204 | 2,484 | |||||||||
Total assets | $ | 522,440 | $ | 483,813 | |||||||
Liabilities | |||||||||||
Revolving lines of credit | $ | 24,050 | $ | 32,050 | |||||||
SBA debentures (net of deferred debt issuance costs of $865 and $1,088, respectively) | 94,640 | 104,182 | |||||||||
Unsecured notes (net of deferred debt issuance costs of $5,607 and $4,897 respectively) | 198,718 | 172,953 | |||||||||
Interest payable | 4,088 | 3,176 | |||||||||
Payable to adviser and affiliates (Note 3) | 3,352 | 3,252 | |||||||||
Payable for investments purchased | 16,363 | 8,411 | |||||||||
Accrued professional fees | 597 | 495 | |||||||||
Other liabilities | 639 | 338 | |||||||||
Total liabilities | 342,447 | 324,857 | |||||||||
Commitments and contingencies (Note 6) | |||||||||||
Net assets | |||||||||||
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | $ | — | $ | — | |||||||
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,415,235 and 13,409,559 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 134 | 134 | |||||||||
Paid-in capital in excess of par | 187,179 | 187,124 | |||||||||
Total distributable earnings (losses) | (7,320) | (28,302) | |||||||||
Total net assets | 179,993 | 158,956 | |||||||||
Total liabilities and net assets | $ | 522,440 | $ | 483,813 | |||||||
Number of shares outstanding | 13,415,235 | 13,409,559 | |||||||||
Net asset value per share | $ | 13.42 | $ | 11.85 |
September 30, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investments, at fair value: | |||||||
Non-control/non-affiliate investments (amortized cost of $359,108 and $396,201, respectively) | $ | 324,059 | $ | 372,535 | |||
Affiliate investments (amortized cost of $114,141 and $131,950, respectively) | 124,185 | 135,679 | |||||
Control investment (amortized cost of $10,811 and $10,520, respectively) | 8,084 | 8,717 | |||||
Total investments at fair value (amortized cost of $484,060 and $538,671, respectively) | 456,328 | 516,931 | |||||
Cash | 18,297 | 13,447 | |||||
Interest receivable | 2,790 | 3,349 | |||||
Receivable for investments sold | 1,453 | — | |||||
Prepaid expenses and other assets | 2,807 | 4,461 | |||||
Total assets | $ | 481,675 | $ | 538,188 | |||
Liabilities | |||||||
Revolving lines of credit | $ | 24,650 | $ | 56,450 | |||
SBA debentures (net of deferred debt issuance costs of $1,415 and $1,904, respectively) | 127,355 | 147,976 | |||||
Unsecured notes (net of deferred debt issuance costs of $5,168 and $4,798 respectively) | 172,682 | 148,052 | |||||
Interest payable | 2,055 | 3,505 | |||||
Payable to adviser and affiliates (Note 3) | 2,773 | 4,106 | |||||
Payable for investments purchased | 1,494 | 10,264 | |||||
Accrued professional fees | 426 | 621 | |||||
Other liabilities | 328 | 587 | |||||
Total liabilities | 331,763 | 371,561 | |||||
Commitments and contingencies (Note 6) | |||||||
Net assets | |||||||
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively | $ | — | $ | — | |||
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,406,402 and 13,376,836 shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively | 134 | 134 | |||||
Paid-in capital in excess of par | 186,979 | 187,305 | |||||
Total distributable earnings (losses) | (37,201 | ) | (20,812 | ) | |||
Total net assets | 149,912 | 166,627 | |||||
Total liabilities and net assets | $ | 481,675 | $ | 538,188 | |||
Number of shares outstanding | 13,406,402 | 13,376,836 | |||||
Net asset value per share | $ | 11.18 | $ | 12.46 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Investment income | Investment income | |||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||||||
Non-control/non-affiliate investments | $ | 8,014 | $ | 10,181 | $ | 25,319 | $ | 28,110 | Non-control/non-affiliate investments | $ | 9,089 | $ | 8,233 | $ | 17,616 | $ | 17,305 | |||||||||||||||||||||
Affiliate investments | 1,708 | 2,647 | 5,794 | 7,640 | Affiliate investments | 911 | 1,692 | 1,815 | 4,086 | |||||||||||||||||||||||||||||
Control investment | 201 | 262 | 606 | 784 | Control investment | 221 | 209 | 490 | 405 | |||||||||||||||||||||||||||||
Total interest income | 9,923 | 13,090 | 31,719 | 36,534 | Total interest income | 10,221 | 10,134 | 19,921 | 21,796 | |||||||||||||||||||||||||||||
Payment-in-kind interest and dividend income: | Payment-in-kind interest and dividend income: | |||||||||||||||||||||||||||||||||||||
Non-control/non-affiliate investments | 275 | 96 | 800 | 289 | Non-control/non-affiliate investments | 275 | 264 | 593 | 525 | |||||||||||||||||||||||||||||
Affiliate investments | 72 | 347 | 532 | 899 | Affiliate investments | 80 | 191 | 151 | 460 | |||||||||||||||||||||||||||||
Control investment | 91 | 28 | 278 | 83 | Control investment | 101 | 102 | 199 | 187 | |||||||||||||||||||||||||||||
Total payment-in-kind interest and dividend income | 438 | 471 | 1,610 | 1,271 | Total payment-in-kind interest and dividend income | 456 | 557 | 943 | 1,172 | |||||||||||||||||||||||||||||
Dividend income: | Dividend income: | |||||||||||||||||||||||||||||||||||||
Affiliate investments | — | — | 100 | 173 | Affiliate investments | — | — | — | 100 | |||||||||||||||||||||||||||||
Control investment | — | — | — | 89 | Control investment | 136 | — | 136 | — | |||||||||||||||||||||||||||||
Total dividend income | — | — | 100 | 262 | Total dividend income | 136 | — | 136 | 100 | |||||||||||||||||||||||||||||
Fee income: | Fee income: | |||||||||||||||||||||||||||||||||||||
Non-control/non-affiliate investments | 80 | 285 | 844 | 781 | Non-control/non-affiliate investments | 603 | 279 | 870 | 764 | |||||||||||||||||||||||||||||
Affiliate investments | 3 | 6 | 16 | 216 | Affiliate investments | — | 8 | 37 | 13 | |||||||||||||||||||||||||||||
Control investment | 43 | 6 | 49 | 39 | Control investment | — | 3 | — | 6 | |||||||||||||||||||||||||||||
Total fee income | 126 | 297 | 909 | 1,036 | Total fee income | 603 | 290 | 907 | 783 | |||||||||||||||||||||||||||||
Total investment income | 10,487 | 13,858 | 34,338 | 39,103 | Total investment income | 11,416 | 10,981 | 21,907 | 23,851 | |||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||
Interest expense | 4,448 | 4,464 | 14,301 | 11,564 | Interest expense | 4,241 | 4,931 | 9,066 | 9,853 | |||||||||||||||||||||||||||||
Management fee | 1,871 | 2,164 | 5,759 | 6,062 | Management fee | 1,876 | 1,869 | 3,710 | 3,888 | |||||||||||||||||||||||||||||
Incentive fee | 234 | 1,214 | 1,332 | 3,622 | Incentive fee | 809 | 215 | 809 | 1,098 | |||||||||||||||||||||||||||||
Professional fees | 422 | 510 | 1,530 | 1,413 | Professional fees | 489 | 460 | 876 | 1,108 | |||||||||||||||||||||||||||||
Administration fee | 436 | 396 | 1,456 | 1,250 | Administration fee | 439 | 500 | 1,007 | 1,020 | |||||||||||||||||||||||||||||
Other expenses | 364 | 257 | 1,110 | 651 | Other expenses | 327 | 399 | 654 | 746 | |||||||||||||||||||||||||||||
Total expenses before incentive fee waiver | 7,775 | 9,005 | 25,488 | 24,562 | Total expenses before incentive fee waiver | 8,181 | 8,374 | 16,122 | 17,713 | |||||||||||||||||||||||||||||
Incentive fee waiver (see Note 3) | — | — | (441 | ) | — | Incentive fee waiver (see Note 3) | — | — | — | (441) | ||||||||||||||||||||||||||||
Total expenses, net of incentive fee waiver | 7,775 | 9,005 | 25,047 | 24,562 | Total expenses, net of incentive fee waiver | 8,181 | 8,374 | 16,122 | 17,272 | |||||||||||||||||||||||||||||
Net investment income | 2,712 | 4,853 | 9,291 | 14,541 | Net investment income | 3,235 | 2,607 | 5,785 | 6,579 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | Net realized and unrealized gain (loss) on investments | |||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on non-control/non-affiliate investments | (33 | ) | 51 | (10,046 | ) | (843 | ) | |||||||||||||||||||||||||||||||
Net realized loss on non-control/non-affiliate investments | Net realized loss on non-control/non-affiliate investments | (10,841) | (1,040) | (10,750) | (10,013) | |||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes | 4,649 | (6,534 | ) | (10,965 | ) | (9,506 | ) | Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes | 17,866 | 6,808 | 19,384 | (15,614) | ||||||||||||||||||||||||||
Net unrealized appreciation on affiliate investments | 10,120 | 4,765 | 6,316 | 5,305 | ||||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on affiliate investments | Net unrealized appreciation (depreciation) on affiliate investments | 11,465 | (880) | 13,391 | (3,804) | |||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on control investment | 577 | (1,373 | ) | (924 | ) | (650 | ) | Net unrealized appreciation (depreciation) on control investment | 716 | 163 | 1,104 | (1,501) | ||||||||||||||||||||||||||
Net gain (loss) on investments | 15,313 | (3,091 | ) | (15,619 | ) | (5,694 | ) | Net gain (loss) on investments | 19,206 | 5,051 | 23,129 | (30,932) | ||||||||||||||||||||||||||
Loss on extinguishment of debt | (187 | ) | — | (336 | ) | — | Loss on extinguishment of debt | — | — | (2,299) | (149) | |||||||||||||||||||||||||||
Loss on impairment of goodwill | (1,077 | ) | — | (1,077 | ) | — | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 16,761 | $ | 1,762 | $ | (7,741 | ) | $ | 8,847 | Net increase (decrease) in net assets resulting from operations | $ | 22,441 | $ | 7,658 | $ | 26,615 | $ | (24,502) | ||||||||||||||||||||
Net investment income per common share – basic and diluted | $ | 0.20 | $ | 0.36 | $ | 0.69 | $ | 1.09 | Net investment income per common share – basic and diluted | $ | 0.24 | $ | 0.19 | $ | 0.43 | $ | 0.49 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per common share – basic and diluted | $ | 1.25 | $ | 0.13 | $ | (0.58 | ) | $ | 0.66 | Net increase (decrease) in net assets resulting from operations per common share – basic and diluted | $ | 1.67 | $ | 0.57 | $ | 1.98 | $ | (1.83) | ||||||||||||||||||||
Distributions declared per common share | $ | 0.17 | $ | 0.34 | $ | 0.68 | $ | 1.02 | Distributions declared per common share | $ | 0.22 | $ | 0.17 | $ | 0.42 | $ | 0.51 | |||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 13,399,767 | 13,366,515 | 13,389,830 | 13,361,757 | Basic and diluted weighted average shares outstanding | 13,411,998 | 13,392,608 | 13,410,524 | 13,384,808 |
Preferred Stock | Common Stock | Paid-in capital in excess of par | Total distributable earnings (losses) | Total net assets | |||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Number of shares | Par value | ||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2020 | — | — | 13,376,836 | $ | 134 | $ | 187,305 | $ | (20,812) | $ | 166,627 | ||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations: | |||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 6,579 | 6,579 | ||||||||||||||||||||||||||||||||||
Net realized loss on investments | — | — | — | — | — | (10,013) | (10,013) | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | (149) | (149) | ||||||||||||||||||||||||||||||||||
Net unrealized depreciation on investments, net of taxes | — | — | — | — | — | (20,919) | (20,919) | ||||||||||||||||||||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | 36 | (36) | — | ||||||||||||||||||||||||||||||||||
Distributions to stockholders: | |||||||||||||||||||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 22,858 | — | 96 | — | 96 | ||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (6,824) | (6,824) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) for the period ended June 30, 2020 | — | — | 22,858 | — | 132 | (31,362) | (31,230) | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | — | $ | — | 13,399,694 | $ | 134 | $ | 187,437 | $ | (52,174) | $ | 135,397 | |||||||||||||||||||||||||||||
Balances at March 31, 2020 | — | $ | — | 13,392,529 | $ | 134 | $ | 187,387 | $ | (57,538) | $ | 129,983 | |||||||||||||||||||||||||||||
Net increase in net assets resulting from operations: | |||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 2,607 | 2,607 | ||||||||||||||||||||||||||||||||||
Net realized loss on investments | — | — | — | — | — | (1,040) | (1,040) | ||||||||||||||||||||||||||||||||||
Net unrealized appreciation on investments, net of taxes | — | — | — | — | — | 6,091 | 6,091 | ||||||||||||||||||||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | 18 | (18) | — | ||||||||||||||||||||||||||||||||||
Distributions to stockholders: | |||||||||||||||||||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 7,165 | — | 32 | — | 32 | ||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (2,276) | (2,276) | ||||||||||||||||||||||||||||||||||
Net increase for the period ended June 30, 2020 | — | — | 7,165 | — | 50 | 5,364 | 5,414 | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | — | $ | — | 13,399,694 | $ | 134 | $ | 187,437 | $ | (52,174) | $ | 135,397 |
Preferred Stock | Common Stock | Paid-in capital in excess of par | Total distributable earnings (losses) | Total net assets | |||||||||||||||||||||
Number of shares | Par value | Number of shares | Par value | ||||||||||||||||||||||
Balances at January 1, 2019 | — | $ | — | 13,357,337 | $ | 134 | $ | 187,540 | $ | (12,651 | ) | $ | 175,023 | ||||||||||||
Net increase in net assets resulting from operations: | |||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 14,541 | 14,541 | ||||||||||||||||||
Net realized loss on investments | — | — | — | — | — | (843 | ) | (843 | ) | ||||||||||||||||
Net unrealized depreciation on investments, net of taxes | — | — | — | — | — | (4,851 | ) | (4,851 | ) | ||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | 183 | (183 | ) | — | |||||||||||||||||
Distributions to stockholders: | |||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 14,114 | — | 167 | — | 167 | ||||||||||||||||||
Dividends declared | — | — | — | — | — | (13,631 | ) | (13,631 | ) | ||||||||||||||||
Net increase (decrease) for the period ended September 30, 2019 | — | — | 14,114 | — | 350 | (4,967 | ) | (4,617 | ) | ||||||||||||||||
Balances at September 30, 2019 | — | $ | — | 13,371,451 | $ | 134 | $ | 187,890 | $ | (17,618 | ) | $ | 170,406 | ||||||||||||
Balances at June 30, 2019 | — | $ | — | 13,366,461 | $ | 134 | $ | 187,814 | $ | (14,816 | ) | $ | 173,132 | ||||||||||||
Net increase in net assets resulting from operations: | |||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 4,853 | 4,853 | ||||||||||||||||||
Net realized gain on investments | — | — | — | — | — | 51 | 51 | ||||||||||||||||||
Net unrealized depreciation on investments, net of taxes | — | — | — | — | — | (3,142 | ) | (3,142 | ) | ||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | 18 | (18 | ) | — | |||||||||||||||||
Distributions to stockholders: | |||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 4,990 | — | 58 | — | 58 | ||||||||||||||||||
Dividends declared | — | — | — | — | — | (4,546 | ) | (4,546 | ) | ||||||||||||||||
Net increase (decrease) for the period ended September 30, 2019 | — | — | 4,990 | — | 76 | (2,802 | ) | (2,726 | ) | ||||||||||||||||
Balances at September 30, 2019 | — | $ | — | 13,371,451 | $ | 134 | $ | 187,890 | $ | (17,618 | ) | $ | 170,406 | ||||||||||||
Preferred Stock | Common Stock | Paid-in capital in excess of par | Total distributable earnings (losses) | Total net assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Paid-in capital in excess of par | Total distributable earnings (losses) | Total net assets | Number of shares | Par value | Number of shares | Par value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Par value | Number of shares | Par value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2020 | — | $ | — | 13,376,836 | $ | 134 | $ | 187,305 | $ | (20,812 | ) | $ | 166,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 9,291 | 9,291 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized loss on investments | — | — | — | — | — | (10,046 | ) | (10,046 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | (336 | ) | (336 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of goodwill | — | — | — | — | — | (1,077 | ) | (1,077 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized depreciation on investments, net of taxes | — | — | — | — | — | (5,573 | ) | (5,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | (454 | ) | 454 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to stockholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 29,566 | — | 128 | — | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (9,102 | ) | (9,102 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) for the period ended September 30, 2020 | — | — | 29,566 | — | (326 | ) | (16,389 | ) | (16,715 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | — | $ | — | 13,406,402 | $ | 134 | $ | 186,979 | $ | (37,201 | ) | $ | 149,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2020 | — | $ | — | 13,399,694 | $ | 134 | $ | 187,437 | $ | (52,174 | ) | $ | 135,397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2021 | Balances at January 1, 2021 | — | $ | — | 13,409,559 | $ | 134 | $ | 187,124 | $ | (28,302) | $ | 158,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations: | Net increase in net assets resulting from operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 2,712 | 2,712 | Net investment income | — | — | — | — | — | 5,785 | 5,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized loss on investments | — | — | — | — | — | (33 | ) | (33 | ) | Net realized loss on investments | — | — | — | — | — | (10,750) | (10,750) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | — | (187 | ) | (187 | ) | Loss on extinguishment of debt | — | — | — | — | — | (2,299) | (2,299) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of goodwill | — | — | — | — | — | (1,077 | ) | (1,077 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized appreciation on investments, net of taxes | — | — | — | — | — | 15,346 | 15,346 | Net unrealized appreciation on investments, net of taxes | — | — | — | — | — | 33,879 | 33,879 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax reclassifications of permanent differences | — | — | — | — | (490 | ) | 490 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to stockholders: | Distributions to stockholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | — | — | 6,708 | — | 32 | — | 32 | Common stock issued from reinvestment of stockholder distributions | — | — | 6,376 | — | 60 | — | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (2,278 | ) | (2,278 | ) | Dividends declared | — | — | — | — | — | (5,633) | (5,633) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net increase for the period ended September 30, 2020 | — | — | 6,708 | — | (458 | ) | 14,973 | 14,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2020 | — | $ | — | 13,406,402 | $ | 134 | $ | 186,979 | $ | (37,201 | ) | $ | 149,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased under stock repurchase program | Common stock repurchased under stock repurchase program | — | — | (700) | — | (5) | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase for the period ended June 30, 2021 | Net increase for the period ended June 30, 2021 | — | — | 5,676 | — | 55 | 20,982 | 21,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | Balances at June 30, 2021 | — | $ | — | 13,415,235 | $ | 134 | $ | 187,179 | $ | (7,320) | $ | 179,993 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | Balances at March 31, 2021 | — | $ | — | 13,411,962 | $ | 134 | $ | 187,146 | $ | (26,810) | $ | 160,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations: | Net increase in net assets resulting from operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | — | — | — | — | — | 3,235 | 3,235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized loss on investments | Net realized loss on investments | — | — | — | — | — | (10,841) | (10,841) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized appreciation on investments, net of taxes | Net unrealized appreciation on investments, net of taxes | — | — | — | — | — | 30,047 | 30,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to stockholders: | Distributions to stockholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued from reinvestment of stockholder distributions | Common stock issued from reinvestment of stockholder distributions | — | — | 3,273 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | Dividends declared | — | — | — | — | — | (2,951) | (2,951) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase for the period ended June 30, 2021 | Net increase for the period ended June 30, 2021 | — | — | 3,273 | — | 33 | 19,490 | 19,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | Balances at June 30, 2021 | — | $ | — | 13,415,235 | $ | 134 | $ | 187,179 | $ | (7,320) | $ | 179,993 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 26,615 | $ | (24,502) | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net realized loss on investments | 10,750 | 10,013 | |||||||||
Loss on extinguishment of debt | 2,299 | 149 | |||||||||
Net unrealized (appreciation) depreciation on investments, net of taxes | (33,879) | 20,919 | |||||||||
Amortization of Net Loan Fees | (1,521) | (760) | |||||||||
Amendment fees collected | 97 | 31 | |||||||||
Payment-in-kind interest and dividend income | (943) | (1,191) | |||||||||
Accretion of interest income on structured finance notes | (4,670) | (2,626) | |||||||||
Amortization of debt issuance costs | 888 | 867 | |||||||||
Amortization of intangible asset | 111 | 98 | |||||||||
Purchase and origination of portfolio investments | (128,848) | (70,914) | |||||||||
Proceeds from principal payments on portfolio investments | 100,817 | 56,276 | |||||||||
Proceeds from sale or redemption of portfolio investments | 10,294 | 65,528 | |||||||||
Proceeds from distributions received from structured finance notes | 6,356 | 3,290 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest receivable | 247 | 235 | |||||||||
Interest payable | 912 | (396) | |||||||||
Payable to adviser and affiliates | 100 | (1,412) | |||||||||
Receivable for investment sold | — | (634) | |||||||||
Payable for investments purchased | 7,952 | (9,293) | |||||||||
Other assets and liabilities | 249 | 194 | |||||||||
Net cash provided by (used in) operating activities | (2,174) | 45,872 | |||||||||
Cash flows from financing activities | |||||||||||
Distributions paid to stockholders | (5,573) | (6,728) | |||||||||
Borrowings under revolving lines of credit | 42,400 | 72,600 | |||||||||
Repayments under revolving lines of credit | (50,400) | (77,300) | |||||||||
Repayments of SBA debentures | (9,765) | (16,110) | |||||||||
Redemption of unsecured notes | (98,525) | — | |||||||||
Proceeds from unsecured notes offering, net of discounts | 121,791 | — | |||||||||
Payment of deferred financing costs | (298) | — | |||||||||
Repurchases of common stock under Stock Repurchase Program | (5) | — | |||||||||
Net cash used in financing activities | (375) | (27,538) | |||||||||
Net increase (decrease) in cash | (2,549) | 18,334 | |||||||||
Cash at beginning of period | 37,708 | 13,447 | |||||||||
Cash at end of period | $ | 35,159 | $ | 31,781 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash paid for interest | $ | 7,266 | $ | 9,383 | |||||||
Reinvestment of distributions to stockholders | 60 | 96 | |||||||||
Nine Months Ended September 30, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (7,741 | ) | $ | 8,847 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized loss on investments | 10,046 | 843 | |||||
Loss on impairment of goodwill | 1,077 | — | |||||
Loss on extinguishment of debt | 336 | — | |||||
Net unrealized depreciation on investments, net of taxes | 5,573 | 4,851 | |||||
Amortization of Net Loan Fees | (1,006 | ) | (788 | ) | |||
Amendment fees collected | 54 | 103 | |||||
Payment-in-kind interest and dividend income | (1,610 | ) | (1,271 | ) | |||
Accretion of interest income on structured finance notes | (4,141 | ) | (2,001 | ) | |||
Amortization of debt issuance costs | 1,258 | 942 | |||||
Amortization of intangible asset | 152 | 146 | |||||
Purchase and origination of portfolio investments | (80,990 | ) | (169,638 | ) | |||
Proceeds from principal payments on portfolio investments | 60,071 | 30,750 | |||||
Proceeds from sale or redemption of portfolio investments | 67,409 | 30,368 | |||||
Proceeds from distributions received from structured finance notes | 4,614 | 1,976 | |||||
Changes in operating assets and liabilities: | |||||||
Interest receivable | 559 | (511 | ) | ||||
Interest payable | (1,450 | ) | (746 | ) | |||
Payable to adviser and affiliates | (1,333 | ) | 349 | ||||
Receivable for investment sold | (1,453 | ) | — | ||||
Payable for investments purchased | (8,770 | ) | 924 | ||||
Other assets and liabilities | (160 | ) | (493 | ) | |||
Net cash provided by (used in) operating activities | 42,495 | (95,349 | ) | ||||
Cash flows from financing activities | |||||||
Distributions paid to stockholders | (8,974 | ) | (13,464 | ) | |||
Borrowings under revolving lines of credit | 78,800 | 128,675 | |||||
Repayments under revolving lines of credit | (110,600 | ) | (48,200 | ) | |||
Proceeds from unsecured notes offering, net of discounts | 24,250 | — | |||||
Repayments of SBA debentures | (21,110 | ) | — | ||||
Payment of deferred financing costs | (11 | ) | (1,857 | ) | |||
Repurchases of common stock under Stock Repurchase Program | — | (3 | ) | ||||
Net cash provided by (used in) financing activities | (37,645 | ) | 65,151 | ||||
Net increase (decrease) in cash | 4,850 | (30,198 | ) | ||||
Cash at beginning of period | 13,447 | 38,172 | |||||
Cash at end of period | $ | 18,297 | $ | 7,974 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash paid for interest | $ | 14,494 | $ | 11,368 | |||
Reinvestment of distributions to stockholders | 128 | 167 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Non-control/Non-affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAdvantage Loyalty IP Ltd. and American Airlines, Inc. (14) (15) (22) | Scheduled Passenger Air Transportation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.75%) | 3/10/2021 | 4/28/2028 | $ | 364 | $ | 360 | $ | 380 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Aegion Corporation (15) (22) | Water and Sewer Line and Related Structures Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.75%) | 4/1/2021 | 5/17/2028 | 632 | 628 | 628 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allen Media, LLC (14) (15) | Cable and Other Subscription Programming | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.65% | (L +5.50%) | 3/2/2021 | 2/10/2027 | 2,919 | 2,922 | 2,926 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
All Star Auto Lights, Inc. (4) | Motor Vehicle Parts (Used) Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.00% | (L +8.00%) | 12/19/2019 | 8/20/2024 | 15,437 | 15,260 | 15,437 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Autokiniton US Holdings, Inc. (14) (15) | Automotive Parts and Accessories Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.50%) | 3/26/2021 | 4/6/2028 | 1,714 | 1,710 | 1,730 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
A&A Transfer, LLC | Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (15) | 7.75% | (L +6.50%) | 2/7/2020 | 2/7/2025 | 16,204 | 16,028 | 16,141 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) | 7.75% | (L +6.50%) | 2/7/2020 | 2/7/2025 | 427 | 396 | 425 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
16,631 | 16,424 | 16,566 | 9.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ball Metalpack | Metal Can Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 6/8/2021 | 7/31/2026 | 1,250 | 1,225 | 1,225 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Banijay Entertainment S.A.S. (14) (15) (22) | Motion Picture and Video Production | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.84% | (L +3.75%) | 4/5/2021 | 3/3/2025 | 997 | 993 | 995 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bass Pro Group, LLC (14) (15) | Sporting Goods Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.25%) | 2/26/2021 | 2/24/2028 | 5,719 | 5,709 | 5,746 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Non-control/Non-affiliate Investments | |||||||||||||||||||||||||
Debt and Equity Investments | |||||||||||||||||||||||||
All Star Auto Lights, Inc. (4) | Motor Vehicle Parts (Used) Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 8.50% | (L +7.50%) | 12/19/2019 | 8/20/2024 | $ | 14,328 | $ | 14,194 | $ | 13,633 | 9.1 | % | |||||||||||||
American Bath Group, LLC (14) (15) | Plastics Plumbing Fixture Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.00%) | 6/24/2019 | 9/30/2023 | 1,478 | 1,473 | 1,479 | 1.0 | |||||||||||||||||
A&A Transfer, LLC | Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan (15) | 8.25% | (L +6.50%) | 2/7/2020 | 2/7/2025 | 16,848 | 16,628 | 17,091 | 11.5 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +6.50%) | 2/7/2020 | 2/7/2025 | — | (38 | ) | 31 | — | ||||||||||||||||
16,848 | 16,590 | 17,122 | 11.5 | ||||||||||||||||||||||
Bass Pro Group, LLC (14) (15) | Sporting Goods Stores | ||||||||||||||||||||||||
Senior Secured Loan | 5.75% | (L +5.00%) | 6/24/2019 | 9/25/2024 | 2,962 | 2,911 | 2,942 | 2.0 | |||||||||||||||||
Baymark Health Services, Inc. | Outpatient Mental Health & Sub. Abuse Centers | ||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.25%) | 3/22/2018 | 3/1/2025 | 4,000 | 3,975 | 3,951 | 2.6 | |||||||||||||||||
Carolina Lubes, Inc. | Automotive Oil Change and Lubrication Shops | ||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 8.64% | (L +7.64%) | 8/23/2017 | 8/23/2022 | 19,840 | 19,773 | 19,609 | 13.2 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +7.25%) | 8/23/2017 | 8/23/2022 | — | (6 | ) | (34 | ) | — | |||||||||||||||
19,840 | 19,767 | 19,575 | 13.2 | ||||||||||||||||||||||
Community Intervention Services, Inc. (4) (6) (11) | Outpatient Mental Health and Substance Abuse Centers | ||||||||||||||||||||||||
Subordinated Loan | 7.0% cash / 6.0% PIK | N/A | 7/16/2015 | 1/16/2021 | 10,071 | 7,639 | — | — | |||||||||||||||||
Confie Seguros Holdings II Co. | Insurance Agencies and Brokerages | ||||||||||||||||||||||||
Senior Secured Loan | 8.66% | (L +8.50%) | 7/7/2015 | 11/1/2025 | 9,678 | 9,537 | 8,951 | 6.0 | |||||||||||||||||
Connect U.S. Finco LLC (14) (15) | Taxi Service | ||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.50%) | 11/20/2019 | 12/11/2026 | 1,990 | 1,981 | 1,934 | 1.3 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Baymark Health Services, Inc. (15) | Outpatient Mental Health & Sub. Abuse Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.50% | (L +8.50%) | 6/10/2021 | 6/11/2028 | $ | 4,962 | $ | 4,888 | $ | 4,873 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) (5) | n/m (18) | (L +8.50%) | 6/10/2021 | 6/11/2028 | — | (37) | (44) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
4,962 | 4,851 | 4,829 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Connect U.S. Finco LLC (14) (15) (22) | Taxi Service | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.50% | (L +3.50%) | 11/20/2019 | 12/11/2026 | 1,975 | 1,975 | 1,980 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings, LLC (10) | Other Justice, Public Order, and Safety Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (20,628 common shares) | 3/27/2020 | 703 | 342 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Convergint Technologies Holdings, LLC (15) | Security Systems Services (except Locksmiths) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) | 4.50% | (L +3.75%) | 3/18/2021 | 3/31/2028 | 2,011 | 2,001 | 2,022 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.50% | (L +6.75%) | 9/28/2018 | 3/30/2029 | 7,499 | 7,480 | 7,601 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) (5) (14) | 4.50% | (L +3.75%) | 4/6/2021 | 3/31/2028 | 320 | 318 | 322 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
9,830 | 9,799 | 9,945 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corel Inc. (15) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.14% | (L +5.00%) | 3/2/2021 | 7/2/2026 | 1,301 | 1,293 | 1,287 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dexko Global Inc. (15) | Motor Vehicle Body Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.25%) | 1/28/2021 | 7/24/2025 | 1,460 | 1,465 | 1,460 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
DHX Media Ltd. (14) (15) (22) | Motion Picture and Video Production | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.25%) | 3/19/2021 | 3/18/2028 | 2,494 | 2,446 | 2,488 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diamond Sports Group, LLC (14) (15) | Television Broadcasting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.36% | (L +3.25%) | 11/19/2019 | 8/24/2026 | 1,965 | 1,967 | 1,199 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Eblens Holdings, Inc. (20) | Shoe Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (11) | 12.00% cash / 1.00% PIK | N/A | 7/13/2017 | 1/13/2023 | 9,160 | 9,071 | 8,438 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (71,250 Class A units) (10) | 7/13/2017 | 713 | 114 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9,160 | 9,784 | 8,552 | 4.8 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Constellis Holdings, LLC (10) | Other Justice, Public Order, and Safety Activities | ||||||||||||||||||||||||
Common Equity (20,628 common shares) | 3/27/2020 | $ | 703 | $ | 696 | 0.5 | % | ||||||||||||||||||
Convergint Technologies Holdings, LLC | Security Systems Services (except Locksmiths) | ||||||||||||||||||||||||
Senior Secured Loan | 7.50% | (L +6.75%) | 9/28/2018 | 2/2/2026 | 3,481 | 3,439 | 3,287 | 2.2 | |||||||||||||||||
Custom Truck One Source (14) (15) | Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing | ||||||||||||||||||||||||
Senior Secured Loan | 4.40% | (L +4.25%) | 9/30/2020 | 4/18/2025 | 500 | 499 | 497 | 0.3 | |||||||||||||||||
Davis Vision, Inc. | Direct Health and Medical Insurance Carriers | ||||||||||||||||||||||||
Senior Secured Loan | 7.75% | (L +6.75%) | 10/31/2019 | 12/1/2025 | 405 | 396 | 405 | 0.3 | |||||||||||||||||
Diamond Sports Group, LLC (14) (15) | Television Broadcasting | ||||||||||||||||||||||||
Senior Secured Loan | 3.40% | (L +3.25%) | 11/19/2019 | 8/24/2026 | 1,980 | 1,982 | 1,554 | 1.0 | |||||||||||||||||
DuPage Medical Group (15) | Offices of Physicians, Mental Health Specialists | ||||||||||||||||||||||||
Senior Secured Loan | 7.75% | (L +7.00%) | 8/22/2017 | 8/15/2025 | 10,098 | 10,162 | 9,916 | 6.6 | |||||||||||||||||
Eblens Holdings, Inc. | Shoe Store | ||||||||||||||||||||||||
Subordinated Loan (11) | 12.50% cash / 1.50% PIK | N/A | 7/13/2017 | 1/13/2023 | 9,086 | 9,029 | 5,351 | 3.6 | |||||||||||||||||
Common Equity (71,250 Class A units) (10) | 7/13/2017 | 713 | — | — | |||||||||||||||||||||
9,086 | 9,742 | 5,351 | 3.6 | ||||||||||||||||||||||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4) | Electrical Contractors and Other Wiring Installation Contractors | ||||||||||||||||||||||||
Senior Secured Loan | 6.75% cash / 4.25% PIK | N/A | 6/30/2017 | 6/30/2022 | 16,998 | 16,887 | 13,960 | 9.3 | |||||||||||||||||
Preferred Equity (238,095 Series B units) (10) | 6/30/2017 | 300 | — | — | |||||||||||||||||||||
Preferred Equity (13,315 Series C units) (10) | 8/13/2018 | 13 | — | — | |||||||||||||||||||||
16,998 | 17,200 | 13,960 | 9.3 | ||||||||||||||||||||||
Excelin Home Health, LLC | Home Health Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 11.50% | (L +9.50%) | 10/25/2018 | 4/25/2024 | 4,250 | 4,195 | 4,250 | 2.8 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Electrical Components International, Inc. | Current-Carrying Wiring Device Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 4.37% | (L +4.25%) | 4/8/2021 | 6/26/2025 | $ | 2,952 | $ | 2,912 | $ | 2,923 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.62% | (L +8.50%) | 4/8/2021 | 6/26/2026 | 3,000 | 2,614 | 2,614 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
5,952 | 5,526 | 5,537 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4) | Electrical Contractors and Other Wiring Installation Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.50% cash / 3.50% PIK | (L +7.00%) | 6/30/2017 | 6/30/2022 | 17,453 | 17,349 | 12,432 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (238,095 Series B units) (10) | 6/30/2017 | 300 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (13,315 Series C units) (10) | 8/13/2018 | 13 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
17,453 | 17,662 | 12,432 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Excelin Home Health, LLC (4) | Home Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 11.50% | (L +9.50%) | 10/25/2018 | 4/25/2024 | 4,250 | 4,206 | 4,250 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (368,852 Class A units) (10) | 12/29/2017 | 450 | 84 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (40,984 Class B units) (10) | 12/29/2017 | 50 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
500 | 87 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inergex Holdings, LLC | Other Computer Related Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.00% cash / 1.0% PIK | (L +8.00%) | 10/1/2018 | 10/1/2024 | 15,260 | 15,091 | 15,260 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | n/m (18) | (L +7.00%) | 10/1/2018 | 10/1/2024 | — | (15) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
15,260 | 15,076 | 15,260 | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Intouch Midco Inc. (15) (22) | All Other Professional, Scientific, and Technical Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.85% | (L +4.75%) | 12/20/2019 | 8/24/2025 | 2,300 | 2,241 | 2,297 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ivanti Software, Inc. (14) (15) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.75% | (L +4.75%) | 3/26/2021 | 12/1/2027 | 5,986 | 6,022 | 6,001 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
I&I Sales Group, LLC | Marketing Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (15) | 9.50% | (L +8.50%) | 12/30/2020 | 7/10/2025 | 5,285 | 5,203 | 5,286 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | n/m (18) | (L +8.50%) | 12/30/2020 | 7/10/2025 | — | (2) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
5,285 | 5,201 | 5,286 | 2.9 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 12/29/2017 | 9/8/2024 | $ | 5,000 | $ | 4,926 | $ | 4,456 | 2.9 | % | |||||||||||||
Common Equity (368,852 Class A units) (10) | 12/29/2017 | 450 | 231 | 0.2 | |||||||||||||||||||||
Common Equity (40,984 Class B units) (10) | 12/29/2017 | 50 | 9 | — | |||||||||||||||||||||
5,000 | 5,426 | 4,696 | 3.1 | ||||||||||||||||||||||
Inergex Holdings, LLC | Other Computer Related Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.00% | (L +7.00%) | 10/1/2018 | 10/1/2024 | 16,464 | 16,296 | 15,368 | 10.2 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | 8.00% | (Prime + 7.00%) | 10/1/2018 | 10/1/2024 | 469 | 450 | 438 | 0.3 | |||||||||||||||||
16,933 | 16,746 | 15,806 | 10.5 | ||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Administrative Management and General Management Consulting Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.72% | (L +8.50%) | 3/4/2019 | 3/5/2027 | 6,244 | 6,093 | 6,046 | 4.0 | |||||||||||||||||
Intouch Midco Inc. (15) | All Other Professional, Scientific, and Technical Services | ||||||||||||||||||||||||
Senior Secured Loan | 4.90% | (L +4.75%) | 12/20/2019 | 8/24/2025 | 1,985 | 1,923 | 1,830 | 1.2 | |||||||||||||||||
Milrose Consultants, LLC (4) (8) | Administrative Management and General Management Consulting Services | ||||||||||||||||||||||||
Senior Secured Loan | 7.74% | (L +6.74%) | 7/16/2019 | 7/16/2025 | 19,167 | 19,041 | 19,049 | 12.7 | |||||||||||||||||
My Alarm Center, LLC (10) | Security Systems Services (except Locksmiths) | ||||||||||||||||||||||||
Preferred Equity (335 Class Z units) (13) | 9/12/2018 | $ | 325 | $ | 1,136 | 0.8 | % | ||||||||||||||||||
Preferred Equity (1,485 Class A units), 8% PIK (4) (13) | 7/14/2017 | 1,571 | 229 | 0.2 | |||||||||||||||||||||
Preferred Equity (1,198 Class B units) (4) | 7/14/2017 | 1,198 | 5 | — | |||||||||||||||||||||
Common Equity (64,149 units) (4) (13) | 7/14/2017 | — | — | — | |||||||||||||||||||||
3,094 | 1,370 | 1.0 | |||||||||||||||||||||||
Online Tech Stores, LLC (4) (6) | Stationary & Office Supply Merchant Wholesaler | ||||||||||||||||||||||||
Subordinated Loan | 13.50% PIK | N/A | 2/1/2018 | 8/1/2023 | 18,058 | 16,129 | 7,093 | 4.7 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
JP Intermediate B, LLC (15) | Drugs and Druggists' Sundries Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 6.50% | (L +5.50%) | 1/14/2021 | 11/15/2025 | $ | 5,919 | $ | 5,675 | $ | 5,736 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
KNS Acquisition Corp. (14) (15) | Electronic Shopping and Mail-Order Houses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.00% | (L +6.25%) | 4/16/2021 | 4/21/2027 | 5,000 | 4,958 | 4,998 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
LogMeIn, Inc. (14) (15) | Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.83% | (L +4.75%) | 3/26/2021 | 8/31/2027 | 4,994 | 4,991 | 4,992 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
McGraw Hill Global Education Holdings, LLC (14) (15) | All Other Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.75% | (L +4.75%) | 4/1/2021 | 11/1/2024 | 1,995 | 1,994 | 2,001 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Micro Holding Corp (14) | Internet Publishing and Broadcasting and Web Search Portals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.60% | (L +3.50%) | 3/26/2021 | 9/15/2024 | 2,000 | 2,003 | 2,007 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Milrose Consultants, LLC (4) (8) | Administrative Management and General Management Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.60% | (L +6.60%) | 7/16/2019 | 7/16/2025 | 22,574 | 22,388 | 23,026 | 12.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Odyssey Logistics and Technology Corporation (14) (15) | Freight Transportation Arrangement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.00%) | 4/5/2021 | 10/12/2024 | 1,995 | 1,966 | 1,972 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Online Tech Stores, LLC (4) (6) | Stationary & Office Supply Merchant Wholesaler | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan | 10.50% cash / 3.0% PIK | N/A | 2/1/2018 | 8/1/2023 | 19,823 | 16,160 | 94 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Panther BF Aggregator 2 LP (14) (15) (19) | Other Commercial and Service Industry Machinery Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.35% | (L +3.25%) | 11/19/2019 | 4/30/2026 | 1,817 | 1,817 | 1,803 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
OnSite Care, PLLC (4) (8) | Home Health Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.70% | (L +7.70%) | 8/10/2018 | 8/10/2023 | $ | 9,516 | $ | 9,441 | $ | 9,516 | 6.3 | % | |||||||||||||
Panther BF Aggregator 2 LP (14) (15) | Other Commercial and Service Industry Machinery Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 3.65% | (L +3.50%) | 11/19/2019 | 4/30/2026 | 1,980 | 1,965 | 1,934 | 1.3 | |||||||||||||||||
Parfums Holding Company, Inc. | Cosmetics, Beauty Supplies, and Perfume Stores | ||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 4.26% | (L +4.00%) | 6/25/2019 | 6/30/2024 | 1,537 | 1,536 | 1,507 | 1.0 | |||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 11/16/2017 | 6/30/2025 | 6,320 | 6,332 | 6,289 | 4.2 | |||||||||||||||||
7,857 | 7,868 | 7,796 | 5.2 | ||||||||||||||||||||||
Pelican Products, Inc. | Unlaminated Plastics Profile Shape Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 8.75% | (L +7.75%) | 9/24/2018 | 5/1/2026 | 6,055 | 6,059 | 5,835 | 3.9 | |||||||||||||||||
Pike Corp. (14) (15) | Electrical Contractors and Other Wiring Installation Contractors | ||||||||||||||||||||||||
Senior Secured Loan | 3.15% | (L +3.00%) | 9/17/2020 | 7/24/2026 | 500 | 500 | 497 | 0.3 | |||||||||||||||||
PM Acquisition LLC | All Other General Merchandise Stores | ||||||||||||||||||||||||
Senior Secured Loan | 11.50% cash / 2.5% PIK | N/A | 9/30/2017 | 10/29/2021 | 4,828 | 4,793 | 4,615 | 3.1 | |||||||||||||||||
Common Equity (499 units) (10) (13) | 9/30/2017 | 499 | 165 | 0.1 | |||||||||||||||||||||
4,828 | 5,292 | 4,780 | 3.2 | ||||||||||||||||||||||
Quest Software US Holdings Inc. (14) (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 4.51% | (L +4.25%) | 6/25/2019 | 5/16/2025 | 1,975 | 1,959 | 1,939 | 1.3 | |||||||||||||||||
Resource Label Group, LLC | Commercial Printing (except Screen and Books) | ||||||||||||||||||||||||
Senior Secured Loan | 9.50% | (L +8.50%) | 6/7/2017 | 11/26/2023 | 4,821 | 4,786 | 4,549 | 3.1 | |||||||||||||||||
Rocket Software, Inc. (15) | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan | 8.51% | (L +8.25%) | 11/20/2018 | 11/28/2026 | 6,275 | 6,186 | 5,959 | 4.0 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Parfums Holding Company, Inc. (14) (15) | Cosmetics, Beauty Supplies, and Perfume Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.10% | (L +4.00%) | 6/25/2019 | 6/30/2024 | $ | 1,534 | $ | 1,533 | $ | 1,530 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Pelican Products, Inc. | Unlaminated Plastics Profile Shape Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.75% | (L +7.75%) | 9/24/2018 | 5/1/2026 | 6,249 | 6,249 | 6,249 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Inc. (14) (15) | Management Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.50% | (L +3.75%) | 4/2/2021 | 2/1/2028 | 748 | 749 | 752 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pike Corp. (14) (15) | Electrical Contractors and Other Wiring Installation Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.11% | (L +3.00%) | 9/17/2020 | 1/21/2028 | 131 | 131 | 131 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
PM Acquisition LLC (20) | All Other General Merchandise Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (499 units) (10) (13) | 9/30/2017 | 499 | 1,308 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Software US Holdings Inc. (14) (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.44% | (L +4.25%) | 6/25/2019 | 5/16/2025 | 1,148 | 1,145 | 1,149 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group, LLC | Commercial Printing (except Screen and Books) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.50% | (L +8.50%) | 6/7/2017 | 11/26/2023 | 4,821 | 4,795 | 4,821 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
RPLF Holdings, LLC (10) (13) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (254,110 Class A units) | 1/17/2018 | 492 | 791 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RSA Security (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) | 5.50% | (L +4.75%) | 4/16/2021 | 4/27/2028 | 937 | 928 | 937 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.50% | (L +7.75%) | 4/16/2021 | 4/27/2029 | 2,670 | 2,633 | 2,633 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) (5) | n/m (18) | (L +4.75%) | 4/16/2021 | 4/27/2028 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) (5) | n/m (18) | (L +7.75%) | 4/16/2021 | 4/16/2029 | — | — | (21) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
3,607 | 3,561 | 3,549 | 2.0 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
RPLF Holdings, LLC (10) (13) | Software Publishers | ||||||||||||||||||||||||
Common Equity (254,110 Class A units) | 1/17/2018 | $ | 254 | $ | 418 | 0.3 | % | ||||||||||||||||||
Sentry Centers Holdings, LLC (10) (13) | Convention and Trade Show Organizers | ||||||||||||||||||||||||
Preferred Equity (2,248 Series A units) | 9/4/2020 | — | 51 | 47 | — | ||||||||||||||||||||
Preferred Equity (1,603 Series B units) | 9/4/2020 | — | 160 | 160 | 0.1 | ||||||||||||||||||||
Common Equity (269 units) | 9/4/2020 | — | 3 | 3 | — | ||||||||||||||||||||
— | 214 | 210 | 0.1 | ||||||||||||||||||||||
SkyMiles IP Ltd. and Delta Air Lines, Inc. (14) (15) | Scheduled Passenger Air Transportation | ||||||||||||||||||||||||
Senior Secured Loan | 4.75% | (L +3.75%) | 9/15/2020 | 9/16/2027 | 500 | 495 | 504 | 0.3 | |||||||||||||||||
SourceHOV Tax, Inc. (4) (8) | Other Accounting Services | ||||||||||||||||||||||||
Senior Secured Loan | 7.87% | (L +6.37%) | 3/16/2020 | 3/17/2025 | 12,915 | 12,832 | 13,172 | 8.9 | |||||||||||||||||
Southern Technical Institute, LLC (4) (10) | Colleges, Universities, and Professional Schools | ||||||||||||||||||||||||
Equity appreciation rights | 6/27/2018 | — | 3,356 | 2.2 | |||||||||||||||||||||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,) | Child Day Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.47% | (L +8.25%) | 7/26/2018 | 7/30/2026 | 5,216 | 5,180 | 4,948 | 3.3 | |||||||||||||||||
SSJA Bariatric Management LLC (15) | Offices of Physicians, Mental Health Specialists | ||||||||||||||||||||||||
Senior Secured Loan | 6.00% | (L +5.00%) | 8/26/2019 | 8/26/2024 | 9,975 | 9,897 | 9,605 | 6.5 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | 5.25% | (L +4.00%) | 8/26/2019 | 8/26/2024 | 667 | 662 | 642 | 0.4 | |||||||||||||||||
10,642 | 10,559 | 10,247 | 6.9 | ||||||||||||||||||||||
Stancor, L.P. (4) | Pump and Pumping Equipment Manufacturing | ||||||||||||||||||||||||
Preferred Equity (1,250,000 Class A units), 8% PIK (10) | 8/19/2014 | 1,501 | 1,220 | 0.8 | |||||||||||||||||||||
Staples, Inc. (14) (15) | Business to Business Electronic Markets | ||||||||||||||||||||||||
Senior Secured Loan | 5.25% | (L +5.00%) | 6/24/2019 | 4/16/2026 | 2,967 | 2,895 | 2,768 | 1.8 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Sentry Centers Holdings, LLC (10) (13) | Convention and Trade Show Organizers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (2,248 Series A units) | 9/4/2020 | $ | 51 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,603 Series B units) | 9/4/2020 | 160 | 28 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (269 units) | 9/4/2020 | 3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
214 | 28 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Signal Parent, Inc. (15) | New Single-Family Housing Construction (except For-Sale Builders) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.25% | (L +3.50%) | 3/25/2021 | 4/3/2028 | 851 | 842 | 835 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
SourceHOV Tax, Inc. | Other Accounting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (4) | 7.50% | (L +6.50%) | 3/16/2020 | 3/16/2025 | 19,890 | 19,728 | 19,733 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | n/m (18) | (L +6.50%) | 5/17/2021 | 3/17/2025 | — | (14) | (9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
19,890 | 19,714 | 19,724 | 11.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern Technical Institute, LLC (4) (10) | Colleges, Universities, and Professional Schools | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity appreciation rights | 6/27/2018 | — | 6,120 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,) (15) | Child Day Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.40% | (L +8.25%) | 7/26/2018 | 7/30/2026 | 6,399 | 6,318 | 5,823 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SSJA Bariatric Management LLC (15) | Offices of Physicians, Mental Health Specialists | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 6.25% | (L +5.25%) | 8/26/2019 | 8/26/2024 | 9,825 | 9,762 | 9,825 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 6.25% | (L +5.25%) | 12/31/2020 | 8/26/2024 | 1,061 | 1,052 | 1,061 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | n/m (18) | (L +5.25%) | 8/26/2019 | 8/26/2024 | — | (4) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
10,886 | 10,810 | 10,886 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stancor, L.P. (4) | Pump and Pumping Equipment Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,250,000 Class A units), 8% PIK (10) | 8/19/2014 | 1,501 | 1,300 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Staples, Inc. (14) (15) (22) | Business to Business Electronic Markets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.18% | (L +5.00%) | 6/24/2019 | 4/16/2026 | 2,945 | 2,883 | 2,875 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
STS Operating, Inc. | Industrial Machinery and Equipment Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 5.25% | (L +4.25%) | 5/16/2018 | 12/11/2024 | $ | 627 | $ | 626 | $ | 599 | 0.4 | % | |||||||||||||
Senior Secured Loan | 9.00% | (L +8.00%) | 5/15/2018 | 4/30/2026 | 9,073 | 9,070 | 8,461 | 5.6 | |||||||||||||||||
9,700 | 9,696 | 9,060 | 6.0 | ||||||||||||||||||||||
Sunshine Luxembourg VII SARL (14) (15) | Pharmaceutical Preparation Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 4.47% | (L +4.25%) | 11/20/2019 | 9/25/2026 | 1,985 | 1,994 | 1,978 | 1.3 | |||||||||||||||||
Tank Holding Corp. (14) (15) | Unlaminated Plastics Profile Shape Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 4.93% | (L +3.50%) | 6/24/2019 | 3/26/2026 | 1,980 | 1,987 | 1,960 | 1.3 | |||||||||||||||||
The Escape Game, LLC (4) | Other amusement and recreation industries | ||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 12/22/2017 | 12/22/2022 | 7,000 | 6,969 | 6,549 | 4.4 | |||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 2/14/2020 | 12/31/2020 | 2,333 | 2,323 | 2,183 | 1.5 | |||||||||||||||||
Senior Secured Loan | 8.00% | (L +7.00%) | 7/18/2019 | 12/31/2020 | 4,667 | 4,661 | 4,392 | 2.9 | |||||||||||||||||
Senior Secured Loan (Delayed Draw) | 9.75% | (L +8.75%) | 7/20/2018 | 12/22/2022 | 7,000 | 7,000 | 6,549 | 4.4 | |||||||||||||||||
21,000 | 20,953 | 19,673 | 13.2 | ||||||||||||||||||||||
Truck Hero, Inc. (15) | Truck Trailer Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.25%) | 5/30/2017 | 4/21/2025 | 7,014 | 6,987 | 6,915 | 4.6 | |||||||||||||||||
United Biologics Holdings, LLC (4) (10) | Medical Laboratories | ||||||||||||||||||||||||
Preferred Equity (151,787 units) | 4/16/2013 | 9 | 30 | — | |||||||||||||||||||||
Warrants (29,374 units) | 7/26/2012 | 3/5/2022 (12) | 82 | 14 | — | ||||||||||||||||||||
91 | 44 | — | |||||||||||||||||||||||
United Natural Foods (14) (15) | General Line Grocery Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 4.40% | (L +4.25%) | 6/9/2020 | 10/22/2025 | 478 | 460 | 468 | 0.3 | |||||||||||||||||
Wastebuilt Environmental Solutions, LLC (4) | Industrial Supplies Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 10.25% | (L +8.75%) | 10/11/2018 | 10/11/2024 | 7,000 | 6,901 | 5,402 | 3.6 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
STS Operating, Inc. | Industrial Machinery and Equipment Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 5.25% | (L +4.25%) | 5/16/2018 | 12/11/2024 | $ | 622 | $ | 621 | $ | 616 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.00% | (L +8.00%) | 5/15/2018 | 4/30/2026 | 9,073 | 9,070 | 8,933 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
9,695 | 9,691 | 9,549 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunshine Luxembourg VII SARL (14) (15) (22) | Pharmaceutical Preparation Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.50% | (L +3.75%) | 11/20/2019 | 10/1/2026 | 1,975 | 1,975 | 1,985 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tailwind Smith Cooper Intermediate Corporation (14) (15) | Fabricated Pipe and Pipe Fitting Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.11% | (L +5.00%) | 2/23/2021 | 5/28/2026 | 2,587 | 2,544 | 2,584 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. (14) (15) | Unlaminated Plastics Profile Shape Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.60% | (L +3.50%) | 6/24/2019 | 3/26/2026 | 1,965 | 1,971 | 1,955 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.75% | (L +5.00%) | 12/18/2020 | 3/26/2026 | 891 | 879 | 895 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,856 | 2,850 | 2,850 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Escape Game, LLC (4) | Other amusement and recreation industries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 12/22/2017 | 12/31/2021 | 2,333 | 2,329 | 2,333 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 2/14/2020 | 12/22/2022 | 7,000 | 6,979 | 7,000 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 7/18/2019 | 12/22/2022 | 7,000 | 7,000 | 7,000 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) | 8.00% | (L +7.00%) | 7/20/2018 | 12/31/2021 | 4,667 | 4,665 | 4,659 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
21,000 | 20,973 | 20,992 | 11.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Thryv, Inc. (14) (15) | Directory and Mailing List Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.50% | (L +8.50%) | 2/18/2021 | 3/1/2026 | 2,314 | 2,257 | 2,351 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Truck Hero, Inc. (14) (15) | Truck Trailer Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.50% | (L +3.75%) | 4/1/2021 | 1/31/2028 | 748 | 747 | 749 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
TruGreen Limited Partnership | Landscaping Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.50%) | 5/13/2021 | 11/2/2028 | 4,500 | 4,639 | 4,639 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Weight Watchers International, Inc. (14) (15) | Diet and Weight Reducing Centers | ||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.75%) | 6/10/2020 | 11/29/2024 | $ | 485 | $ | 485 | $ | 485 | 0.3 | % | |||||||||||||
Xperi (14) (15) | Semiconductor and Related Device Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 4.15% | (L +4.00%) | 6/1/2020 | 6/1/2025 | 514 | 471 | 502 | 0.3 | |||||||||||||||||
Total Debt and Equity Investments | $ | 321,583 | $ | 322,848 | $ | 291,528 | 194.5 | % | |||||||||||||||||
Structured Finance Note Investments | |||||||||||||||||||||||||
Dryden 76 CLO, Ltd. (7) | |||||||||||||||||||||||||
Subordinated Notes | 19.80% (9) | 9/27/2019 | 10/20/2032 (17) | 2,750 | 2,320 (16) | 2,038 | 1.4 | ||||||||||||||||||
Elevation CLO 2017-7, Ltd. (7) | |||||||||||||||||||||||||
Subordinated Notes | 12.26% (9) | 2/6/2019 | 7/15/2030 (17) | 10,000 | 7,165 (16) | 5,754 | 3.8 | ||||||||||||||||||
Flatiron CLO 18, Ltd. (7) | |||||||||||||||||||||||||
Subordinated Notes | 21.27% (9) | 1/2/2019 | 4/17/2031 (17) | 9,680 | 7,306 (16) | 6,839 | 4.6 | ||||||||||||||||||
Madison Park Funding XXIII, Ltd. (7) | |||||||||||||||||||||||||
Subordinated Notes | 19.45% (9) | 1/8/2020 | 7/27/2047 (17) | 10,000 | 6,819 (16) | 6,743 | 4.5 | ||||||||||||||||||
Monroe Capital MML CLO X, LTD. | |||||||||||||||||||||||||
Mezzanine bond - Class E | 9.08% (9) | (L +8.85%) | 8/7/2020 | 8/20/2031 (17) | 863 | 799 | 797 | 0.5 | |||||||||||||||||
Octagon Investment Partners 39, Ltd. (7) | |||||||||||||||||||||||||
Subordinated Notes | 21.01% (9) | 1/23/2020 | 10/20/2030 (17) | 7,000 | 5,277 (16) | 4,904 | 3.3 | ||||||||||||||||||
Park Avenue Institutional Advisers CLO 2017-1 | |||||||||||||||||||||||||
Mezzanine bond - Class D | 6.48% (9) | (L +6.22%) | 6/5/2020 | 11/14/2029 (17) | 100 | 82 | 89 | 0.1 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
United Biologics Holdings, LLC (4) (10) | Medical Laboratories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (151,787 units) | 4/16/2013 | $ | 9 | $ | 12 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants (29,374 units) | 7/26/2012 | 3/5/2022 (12) | 82 | 5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
91 | 17 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Natural Foods (14) (15) (22) | General Line Grocery Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.60% | (L +3.50%) | 6/9/2020 | 10/22/2025 | 283 | 273 | 283 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
West Corporation (14) (15) | All Other Telecommunications | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.50% | (L +3.50%) | 2/26/2021 | 10/10/2024 | 887 | 872 | 862 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt and Equity Investments | $ | 307,467 | $ | 306,248 | $ | 290,226 | 161.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Structured Finance Note Investments (9) (16) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Credit CLO 2020 Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 13.26% | 11/16/2020 | 11/19/2031 | 11,080 | 9,268 | 9,534 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Apex Credit CLO 2021 Ltd (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 14.53% | 5/28/2021 | 7/18/2034 | 8,630 | 7,267 | 7,288 | 4.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dryden 53 CLO, LTD. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Notes | 23.16% | 10/26/2020 | 1/15/2031 | 2,700 | 1,704 | 1,780 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 23.13% | 10/26/2020 | 1/15/2031 | 2,159 | 1,363 | 1,424 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
4,859 | 3,067 | 3,204 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dryden 76 CLO, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 16.20% | 9/27/2019 | 10/20/2032 | 2,750 | 2,215 | 2,385 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Elevation CLO 2017-7, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 12.38% | 2/6/2019 | 7/15/2030 | 10,000 | 6,577 | 5,678 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Flatiron CLO 18, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 19.14% | 1/2/2019 | 4/17/2031 | 9,680 | 7,111 | 7,369 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Madison Park Funding XXIII, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 23.28% | 1/8/2020 | 7/27/2047 | 10,000 | 6,468 | 7,402 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Regatta II Funding | |||||||||||||||||||||||||
Mezzanine bond - Class DR2 | 7.23% (9) | (L +6.95%) | 6/5/2020 | 1/15/2029 (17) | $ | 800 | $ | 685 | $ | 720 | 0.5 | % | |||||||||||||
THL Credit Wind River 2019‐3 CLO Ltd (7) | |||||||||||||||||||||||||
Subordinated Notes | 15.73% (9) | 4/5/2019 | 4/15/2031 (17) | 7,000 | 5,807 (16) | 4,647 | 3.1 | ||||||||||||||||||
Total Structured Finance Note Investments | $ | 48,193 | $ | 36,260 | $ | 32,531 | 21.8 | % | |||||||||||||||||
Total Non-control/Non-affiliate Investments | $ | 369,776 | $ | 359,108 | $ | 324,059 | 216.3 | % | |||||||||||||||||
Affiliate Investments | |||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan (6) | 8.50% cash / 1.0% PIK | (L +7.50%) | 3/13/2018 | 3/12/2023 | 21,285 | 20,993 | 11,664 | 7.8 | |||||||||||||||||
Common Equity (2,547,250 units) (10) (13) | 3/13/2018 | 2,547 | — | — | |||||||||||||||||||||
21,285 | 23,540 | 11,664 | 7.8 | ||||||||||||||||||||||
Chemical Resources Holdings, Inc. | Custom Compounding of Purchased Resins | ||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 9.22% | (L +7.72%) | 1/25/2019 | 1/25/2024 | 13,743 | 13,620 | 13,857 | 9.2 | |||||||||||||||||
Common Equity (1,832 Class A shares) (10) (13) | 1/25/2019 | 1,813 | 2,475 | 1.7 | |||||||||||||||||||||
13,743 | 15,433 | 16,332 | 10.9 | ||||||||||||||||||||||
Contract Datascan Holdings, Inc. (4) | Office Machinery and Equipment Rental and Leasing | ||||||||||||||||||||||||
Subordinated Loan | 12.00% | N/A | 8/5/2015 | 2/5/2021 | 8,022 | 8,012 | 7,706 | 5.1 | |||||||||||||||||
Preferred Equity (3,061 Series A shares), 10% PIK | 8/5/2015 | 5,848 | 2,523 | 1.7 | |||||||||||||||||||||
Common Equity (11,273 shares) (10) | 6/28/2016 | 104 | 36 | — | |||||||||||||||||||||
8,022 | 13,964 | 10,265 | 6.8 | ||||||||||||||||||||||
DRS Imaging Services, LLC | Data Processing, Hosting, and Related Services | ||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 10.12% | (L +9.12%) | 3/8/2018 | 11/20/2023 | 10,626 | 10,570 | 10,626 | 7.1 | |||||||||||||||||
Common Equity (1,135 units) (10) (13) | 3/8/2018 | 1,135 | 1,694 | 1.1 | |||||||||||||||||||||
10,626 | 11,705 | 12,320 | 8.2 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Madison Park Funding XXIX, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 17.08% | 12/22/2020 | 10/18/2047 | $ | 9,500 | $ | 7,256 | $ | 7,373 | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Monroe Capital MML CLO X, Ltd. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class E | 10.82% | (L +8.85%) | 8/7/2020 | 8/20/2031 | 1,000 | 943 | 1,007 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Park Avenue Institutional Advisers CLO Ltd 2021-1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class E | 8.74% | (L +7.30%) | 1/26/2021 | 1/20/2034 | 1,000 | 972 | 997 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Octagon Investment Partners 39, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 18.62% | 1/23/2020 | 10/20/2030 | 7,000 | 4,966 | 5,182 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Redding Ridge 4 (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 17.77% | 3/4/2021 | 4/15/2030 | 1,300 | 1,152 | 1,168 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Regatta II Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class DR2 | 13.83% | (L +6.95%) | 6/5/2020 | 1/15/2029 | 800 | 716 | 789 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
THL Credit Wind River 2019‐3 CLO Ltd (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 10.68% | 4/5/2019 | 4/15/2031 | 7,000 | 5,680 | 4,806 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Trinitas CLO VIII (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 22.57% | 3/4/2021 | 7/20/2031 | 5,200 | 3,205 | 3,360 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wellfleet CLO 2018-2 (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 21.08% | 3/4/2021 | 10/20/2031 | 1,000 | 669 | 703 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Structured Finance Note Investments | $ | 90,799 | $ | 67,532 | $ | 68,245 | 38.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-control/Non-affiliate Investments | $ | 398,266 | $ | 373,780 | $ | 358,471 | 199.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC (20) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (6) | 8.50% cash / 1.0% PIK | (L +7.50%) | 3/13/2018 | 3/12/2023 | 19,305 | 17,333 | 6,975 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (2,547,250 units) (10) (13) | 3/13/2018 | 2,547 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19,305 | 19,880 | 6,975 | 3.9 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Master Cutlery, LLC (4) (10) | Sporting and Recreational Goods and Supplies Merchant Wholesalers | ||||||||||||||||||||||||
Subordinated Loan (6) (11) | 13.00% | N/A | 4/17/2015 | 7/20/2022 | $ | 6,546 | $ | 4,764 | $ | — | — | % | |||||||||||||
Preferred Equity (3,723 Series A units), 8% PIK | 4/17/2015 | 3,483 | — | — | |||||||||||||||||||||
Common Equity (15,564 units) | 4/17/2015 | — | — | — | |||||||||||||||||||||
6,546 | 8,247 | — | — | ||||||||||||||||||||||
NeoSystems Corp. (4) | Other Accounting Services | ||||||||||||||||||||||||
Preferred Equity (521,962 convertible shares), 10% PIK | 8/14/2014 | 1,831 | 2,250 | 1.5 | |||||||||||||||||||||
Pfanstiehl Holdings, Inc. (4) | Pharmaceutical Preparation Manufacturing | ||||||||||||||||||||||||
Subordinated Loan | 10.50% | N/A | 1/1/2014 | 9/27/2024 | 3,788 | 3,788 | 3,788 | 2.5 | |||||||||||||||||
Common Equity (400 Class A shares) | 1/1/2014 | 217 | 31,932 | 21.3 | |||||||||||||||||||||
3,788 | 4,005 | 35,720 | 23.8 | ||||||||||||||||||||||
Professional Pipe Holdings, LLC | Plumbing, Heating, and Air-Conditioning Contractors | ||||||||||||||||||||||||
Senior Secured Loan | 8.90% cash / 1.50% PIK | (L +8.75%) | 3/23/2018 | 3/23/2023 | 7,180 | 7,111 | 6,849 | 4.6 | |||||||||||||||||
Common Equity (1,414 Class A units) (10) | 3/23/2018 | 1,414 | 1,011 | 0.7 | |||||||||||||||||||||
7,180 | 8,525 | 7,860 | 5.3 | ||||||||||||||||||||||
TalentSmart Holdings, LLC | Professional and Management Development Training | ||||||||||||||||||||||||
Senior Secured Loan (4) | 8.50% | (L +6.75%) | 10/11/2019 | 10/11/2024 | 9,813 | 9,674 | 9,901 | 6.6 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | 8.50% | (L +6.75%) | 10/11/2019 | 10/11/2024 | 500 | 493 | 504 | 0.3 | |||||||||||||||||
Common Equity (1,595 Class A shares) (10) (13) | 10/11/2019 | 1,595 | 900 | 0.6 | |||||||||||||||||||||
10,313 | 11,762 | 11,305 | 7.5 | ||||||||||||||||||||||
TRS Services, LLC (4) (10) | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | ||||||||||||||||||||||||
Preferred Equity (2,088,305 Class A units), 11% PIK | 12/10/2014 | 279 | 811 | 0.5 | |||||||||||||||||||||
Common Equity (3,000,000 units) | 12/10/2014 | 572 | — | — | |||||||||||||||||||||
— | 851 | 811 | 0.5 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Chemical Resources Holdings, Inc. (20) | Custom Compounding of Purchased Resins | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 8.77% | (L +7.27%) | 1/25/2019 | 1/25/2024 | $ | 13,743 | $ | 13,648 | $ | 13,956 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,832 Class A shares) (10) (13) | 1/25/2019 | 1,814 | 3,400 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
13,743 | 15,462 | 17,356 | 9.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Datascan Holdings, Inc. (4) (20) | Office Machinery and Equipment Rental and Leasing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (3,061 Series A shares), 10% PIK | 8/5/2015 | 5,849 | 2,787 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (11,273 shares) (10) | 6/28/2016 | 104 | 41 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5,953 | 2,828 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRS Imaging Services, LLC (20) | Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,135 units) (10) (13) | 3/8/2018 | 1,135 | 1,259 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Master Cutlery, LLC (4) (10) (20) | Sporting and Recreational Goods and Supplies Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (6) (11) | 13.00% | N/A | 4/17/2015 | 7/20/2022 | 7,123 | 4,725 | 687 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (3,723 Series A units), 8% PIK | 4/17/2015 | 3,483 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (15,564 units) | 4/17/2015 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7,123 | 8,208 | 687 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NeoSystems Corp. (4) (20) | Other Accounting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (521,962 convertible shares), 10% PIK | 8/14/2014 | 1,985 | 3,255 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pfanstiehl Holdings, Inc. (4) (20) (21) | Pharmaceutical Preparation Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (400 Class A shares) | 1/1/2014 | 217 | 49,236 | 27.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional Pipe Holdings, LLC (19) | Plumbing, Heating, and Air-Conditioning Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% cash / 1.50% PIK | (L +10.25%) | 3/23/2018 | 3/23/2023 | 5,742 | 5,692 | 5,518 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,414 Class A units) (10) | 3/23/2018 | 1,414 | 849 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5,742 | 7,106 | 6,367 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TalentSmart Holdings, LLC (20) | Professional and Management Development Training | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,595 Class A shares) (10) (13) | 10/11/2019 | 1,595 | 1,011 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
TTG Healthcare, LLC | Diagnostic Imaging Centers | ||||||||||||||||||||||||
Senior Secured Loan (4) | 10.00% | (L +9.00%) | 3/1/2019 | 3/1/2024 | $ | 12,103 | $ | 11,969 | $ | 12,194 | 8.1 | % | |||||||||||||
Preferred Equity ( 2,309 Class B units) (10) (13) | 3/1/2019 | 2,309 | 3,464 | 2.3 | |||||||||||||||||||||
12,103 | 14,278 | 15,658 | 10.4 | ||||||||||||||||||||||
Total Affiliate Investments | $ | 93,606 | $ | 114,141 | $ | 124,185 | 82.7 | % | |||||||||||||||||
Control Investment | |||||||||||||||||||||||||
MTE Holding Corp. (4) | Travel Trailer and Camper Manufacturing | ||||||||||||||||||||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | 11.00% cash / 5.00% PIK | (L +8.50%) | 11/25/2015 | 11/25/2021 | 7,742 | 7,742 | 7,626 | 5.1 | |||||||||||||||||
Common Equity (554 shares) (10) | 11/25/2015 | 3,069 | 458 | 0.3 | |||||||||||||||||||||
7,742 | 10,811 | 8,084 | 5.4 | ||||||||||||||||||||||
Total Control Investment | $ | 7,742 | $ | 10,811 | $ | 8,084 | 5.4 | % | |||||||||||||||||
Total Investments | $ | 471,124 | $ | 484,060 | $ | 456,328 | 304.4 | % |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
TRS Services, LLC (4) (10) (20) | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (2,088,305 Class A units), 11% PIK | 12/10/2014 | $ | 572 | $ | 867 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (3,000,000 units) (10) | 12/10/2014 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
572 | 867 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
TTG Healthcare, LLC (20) | Diagnostic Imaging Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (4) | 8.50% | (L +7.50%) | 3/1/2019 | 11/28/2025 | 19,505 | 19,318 | 19,612 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity ( 2,309 Class B units) (10) (13) | 3/1/2019 | 2,309 | 4,040 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19,505 | 21,627 | 23,652 | 13.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 65,418 | $ | 83,740 | $ | 113,493 | 63.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Control Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MTE Holding Corp. (4) (19) | Travel Trailer and Camper Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | 11.00% cash / 5.00% PIK | (L +15.00%) | 11/25/2015 | 11/25/2021 | 7,988 | 7,988 | 7,988 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (554 shares) | 11/25/2015 | 3,069 | 4,074 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7,988 | 11,057 | 12,062 | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investment | $ | 7,988 | $ | 11,057 | $ | 12,062 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 471,672 | $ | 468,577 | $ | 484,026 | 268.9 | % |
Portfolio Company | Reported Interest Rate | Interest Rate per Credit Agreement | Additional Interest per Annum | |||
Carolina Lubes, Inc. | 8.64% | 8.25% | 0.39% | |||
Chemical Resources Holdings, Inc. | 9.22% | 7.50% | 1.72% | |||
DRS Imaging Services, LLC | 10.12% | 9.00% | 1.12% | |||
Milrose Consultants, LLC | 7.74% | 7.00% | 0.74% | |||
OnSite Care, PLLC | 8.70% | 7.25% | 1.45% | |||
SourceHOV Tax, Inc. | 7.87% | 7.00% | 0.87% |
Portfolio Company | Reported Interest Rate | Interest Rate per Credit Agreement | Additional Interest per Annum | |||||||||||||||||
Chemical Resources Holdings, Inc. | 8.77% | 7.50% | 1.27% | |||||||||||||||||
Milrose Consultants, LLC | 7.60% | 7.00% | 0.60% |
Portfolio Company | Investment Type | Range of PIK Option | Range of Cash Option | Maximum PIK Rate Allowed | ||||||||||||||||||||||
Eblens Holdings, Inc. | Subordinated Loan | 0% or | ||||||||||||||||||||||||
Master Cutlery, LLC | 0% to 13.00% | 13.00% to 0% | 13.00% |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Non-control/Non-affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Star Auto Lights, Inc. (4) | Motor Vehicle Parts (Used) Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.50% | (L +7.50%) | 12/19/2019 | 8/20/2024 | $ | 14,293 | $ | 14,167 | $ | 13,581 | 8.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
A&A Transfer, LLC | Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (15) | 8.25% | (L +6.50%) | 2/7/2020 | 2/7/2025 | 16,632 | 16,427 | 16,798 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +6.50%) | 2/7/2020 | 2/7/2025 | — | (35) | (21) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
16,632 | 16,392 | 16,777 | 10.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bass Pro Group, LLC (14) (15) | Sporting Goods Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.75% | (L +5.00%) | 6/24/2019 | 9/25/2024 | 2,954 | 2,907 | 2,968 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
BayMark Health Services, Inc. | Outpatient Mental Health and Substance Abuse Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.25%) | 3/22/2018 | 3/1/2025 | 4,000 | 3,976 | 4,000 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Intervention Services, Inc. (4) (6) (11) | Outpatient Mental Health and Substance Abuse Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan | 7.00% cash / 6.00% PIK | N/A | 7/16/2015 | 1/16/2021 | 10,225 | 7,639 | 105 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Confie Seguros Holdings II Co. | Insurance Agencies and Brokerages | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.73% | (L +8.50%) | 7/7/2015 | 11/1/2025 | 9,678 | 9,544 | 9,302 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Connect U.S. Finco LLC (14) (15) | Taxi Service | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.50%) | 11/20/2019 | 12/11/2026 | 1,985 | 1,976 | 1,997 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings, LLC (10) | Other Justice, Public Order, and Safety Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (20,628 common shares) | 3/27/2020 | 703 | 676 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Convergint Technologies Holdings, LLC | Security Systems Services (except Locksmiths) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.50% | (L +6.75%) | 9/28/2018 | 2/2/2026 | 3,481 | 3,437 | 3,390 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Custom Truck One Source (14) (15) | Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.40% | (L +4.25%) | 9/30/2020 | 4/18/2025 | 497 | 496 | 499 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Non-control/Non-affiliate Investments | |||||||||||||||||||||||||
Acrisure, LLC (14) (15) | Insurance Agencies and Brokerages | ||||||||||||||||||||||||
Senior Secured Loan | 6.19% | (L +4.25%) | 10/29/2019 | 11/15/2023 | $ | 1,995 | $ | 1,971 | $ | 2,004 | 1.2 | % | |||||||||||||
AHP Health Partners (14) (15) | General Medical and Surgical Hospitals | ||||||||||||||||||||||||
Senior Secured Loan | 6.30% | (L +4.50%) | 6/27/2019 | 6/30/2025 | 2,607 | 2,612 | 2,632 | 1.6 | |||||||||||||||||
Albertson's Holdings LLC (14) (15) | Supermarkets and Other Grocery (except Convenience) Stores | ||||||||||||||||||||||||
Senior Secured Loan | 4.55% | (L +2.75%) | 6/24/2019 | 11/17/2025 | 1,082 | 1,081 | 1,094 | 0.7 | |||||||||||||||||
All Star Auto Lights, Inc. (4) | Motor Vehicle Parts (Used) Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 9.24% | (L +7.50%) | 12/19/2019 | 8/20/2024 | 13,250 | 13,119 | 13,119 | 7.9 | |||||||||||||||||
American Bath Group, LLC (14) (15) | Plastics Plumbing Fixture Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 6.05% | (L +4.25%) | 6/24/2019 | 9/30/2023 | 1,489 | 1,484 | 1,498 | 0.9 | |||||||||||||||||
AppLovin Corporation (14) (15) | Advertising Agencies | ||||||||||||||||||||||||
Senior Secured Loan | 5.30% | (L +3.50%) | 6/24/2019 | 8/15/2025 | 1,985 | 1,987 | 2,001 | 1.2 | |||||||||||||||||
Asurion, LLC (14) (15) | Communication Equipment Repair and Maintenance | ||||||||||||||||||||||||
Senior Secured Loan | 4.80% | (L +3.00%) | 6/24/2019 | 11/3/2024 | 1,985 | 1,985 | 1,998 | 1.2 | |||||||||||||||||
Senior Secured Loan | 4.80% | (L +3.00%) | 7/24/2019 | 11/3/2023 | 995 | 997 | 1,002 | 0.6 | |||||||||||||||||
Senior Secured Loan | 8.30% | (L +6.50%) | 11/19/2019 | 8/24/2025 | 1,500 | 1,511 | 1,511 | 0.9 | |||||||||||||||||
4,480 | 4,493 | 4,511 | 2.7 | ||||||||||||||||||||||
Athenahealth, Inc. (14) (15) | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan | 6.40% | (L +4.50%) | 6/24/2019 | 2/11/2026 | 1,985 | 1,990 | 1,998 | 1.2 | |||||||||||||||||
Bass Pro Group, LLC (14) (15) | Sporting Goods Stores | ||||||||||||||||||||||||
Senior Secured Loan | 6.80% | (L +5.00%) | 6/24/2019 | 9/25/2024 | 1,985 | 1,921 | 1,983 | 1.2 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Diamond Sports Group, LLC (14) (15) | Television Broadcasting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.40% | (L +3.25%) | 11/19/2019 | 8/24/2026 | $ | 1,975 | $ | 1,977 | $ | 1,758 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
DuPage Medical Group (15) | Offices of Physicians, Mental Health Specialists | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.75% | (L +7.00%) | 8/22/2017 | 8/15/2025 | 10,098 | 10,159 | 10,098 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Eblens Holdings, Inc. (20) | Shoe Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (11) | 12.00% cash / 1.00% PIK | N/A | 7/13/2017 | 1/13/2023 | 9,114 | 9,035 | 4,368 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (71,250 Class A units) (10) | 7/13/2017 | 713 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9,114 | 9,748 | 4,368 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4) | Electrical Contractors and Other Wiring Installation Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.50% cash / 3.50% PIK | (L +7.50%) | 6/30/2017 | 6/30/2022 | 17,150 | 17,055 | 12,668 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (238,095 Series B units) (10) | 6/30/2017 | 300 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (13,315 Series C units) (10) | 8/13/2018 | 13 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
17,150 | 17,368 | 12,668 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Excelin Home Health, LLC | Home Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 11.50% | (L +9.50%) | 10/25/2018 | 4/25/2024 | 4,250 | 4,199 | 4,250 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +9.50%) | 12/29/2017 | 9/8/2024 | 5,000 | 4,931 | 4,102 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (368,852 Class A units) (10) | 12/29/2017 | 450 | 166 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (40,984 Class B units) (10) | 12/29/2017 | 50 | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5,000 | 5,431 | 4,275 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Inergex Holdings, LLC | Other Computer Related Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.00% | (L +7.00%) | 10/1/2018 | 10/1/2024 | 16,422 | 16,265 | 15,913 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +7.00%) | 10/1/2018 | 10/1/2024 | — | (18) | 87 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
16,422 | 16,247 | 16,000 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Administrative Management and General Management Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.75% | (L +8.50%) | 3/4/2019 | 3/5/2027 | 6,244 | 6,099 | 6,244 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intouch Midco Inc. (15) | All Other Professional, Scientific, and Technical Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.90% | (L +4.75%) | 12/20/2019 | 8/24/2025 | 1,980 | 1,921 | 1,905 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
BayMark Health Services, Inc. | Outpatient Mental Health and Substance Abuse Centers | ||||||||||||||||||||||||
Senior Secured Loan | 10.21% | (L +8.25%) | 3/22/2018 | 3/1/2025 | $ | 4,000 | $ | 3,970 | $ | 4,000 | 2.4 | % | |||||||||||||
Blackhawk Network Holdings, Inc. (14) (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 4.80% | (L +3.00%) | 10/30/2019 | 6/15/2025 | 1,995 | 1,982 | 1,999 | 1.2 | |||||||||||||||||
BrightSpring Health Services (14) (15) | Residential Intellectual and Developmental Disability Facilities | ||||||||||||||||||||||||
Senior Secured Loan | 6.21% | (L +4.50%) | 6/24/2019 | 3/5/2026 | 2,985 | 2,991 | 3,006 | 1.8 | |||||||||||||||||
Brookfield WEC Holdings Inc. (14) (15) | Business to Business Electronic Markets | ||||||||||||||||||||||||
Senior Secured Loan | 4.67% | (L +3.00%) | 7/25/2019 | 8/1/2025 | 1,990 | 2,000 | 2,000 | 1.2 | |||||||||||||||||
Carolina Lubes, Inc. | Automotive Oil Change and Lubrication Shops | ||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 9.83% | (L +7.73%) | 8/23/2017 | 8/23/2022 | 20,268 | 20,172 | 20,466 | 12.3 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +7.25%) | 8/23/2017 | 8/23/2022 | — | (8 | ) | (8 | ) | — | |||||||||||||||
20,268 | 20,164 | 20,458 | 12.3 | ||||||||||||||||||||||
Charter NEX US, Inc. (14) (15) | Unlaminated Plastics Profile Shape Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.30% | (L +3.50%) | 10/30/2019 | 5/16/2024 | 2,000 | 1,985 | 1,985 | 1.2 | |||||||||||||||||
CHG Healthcare Services, Inc. (15) | All Other Outpatient Care Centers | ||||||||||||||||||||||||
Senior Secured Loan | 4.80% | (L +3.00%) | 7/24/2019 | 6/7/2023 | 1,999 | 2,001 | 2,015 | 1.2 | |||||||||||||||||
Cirrus Medical Staffing, Inc. (4) | Temporary Help Services | ||||||||||||||||||||||||
Senior Secured Loan | 10.19% | (L +8.25%) | 3/5/2018 | 10/19/2022 | 12,564 | 12,458 | 12,358 | 7.4 | |||||||||||||||||
Senior Secured Loan (Revolver) | 10.19% | (L +8.25%) | 3/5/2018 | 10/19/2022 | 1,408 | 1,408 | 1,384 | 0.8 | |||||||||||||||||
13,972 | 13,866 | 13,742 | 8.2 | ||||||||||||||||||||||
Community Intervention Services, Inc. (4) (6) (10) (11) | Outpatient Mental Health and Substance Abuse Centers | ||||||||||||||||||||||||
Subordinated Loan | 7.00% cash / 6.00% PIK | N/A | 7/16/2015 | 1/16/2021 | 9,624 | 7,639 | — | — | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
I&I Sales Group, LLC | Marketing Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (15) | 9.50% | (L +8.50%) | 12/30/2020 | 7/10/2025 | $ | 5,325 | $ | 5,232 | $ | 5,232 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +8.50%) | 12/30/2020 | 7/10/2025 | — | (3) | (3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
5,325 | 5,229 | 5,229 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Milrose Consultants, LLC (4) (8) | Administrative Management and General Management Consulting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.62% | (L +6.62%) | 7/16/2019 | 7/16/2025 | 22,574 | 22,404 | 22,485 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
My Alarm Center, LLC (10) | Security Systems Services (except Locksmiths) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (335 Class Z units) (13) | 9/12/2018 | 325 | 97 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,485 Class A units), 8% PIK (4) (13) | 7/14/2017 | 1,571 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,198 Class B units) (4) | 7/14/2017 | 1,198 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (64,149 units) (4) (13) | 7/14/2017 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3,094 | 97 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Online Tech Stores, LLC (4) (6) | Stationery and Office Supplies Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan | 13.50% PIK | N/A | 2/1/2018 | 8/1/2023 | 18,360 | 16,129 | 2,426 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Panther BF Aggregator 2 LP (14) (15) (19) | Other Commercial and Service Industry Machinery Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.65% | (L +3.50%) | 11/19/2019 | 4/30/2026 | 1,939 | 1,925 | 1,936 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parfums Holding Company, Inc. | Cosmetics, Beauty Supplies, and Perfume Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 4.23% | (L +4.00%) | 6/25/2019 | 6/30/2024 | 1,537 | 1,536 | 1,530 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 11/16/2017 | 6/30/2025 | 5,171 | 5,202 | 5,171 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
6,708 | 6,738 | 6,701 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pelican Products, Inc. | Unlaminated Plastics Profile Shape Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.75% | (L +7.75%) | 9/24/2018 | 5/1/2026 | 6,055 | 6,059 | 5,994 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pike Corp. (14) (15) | Electrical Contractors and Other Wiring Installation Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.14% | (L +3.00%) | 9/17/2020 | 7/24/2026 | 469 | 469 | 469 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Confie Seguros Holdings II Co. (14) | Insurance Agencies and Brokerages | ||||||||||||||||||||||||
Senior Secured Loan | 10.41% | (L +8.50%) | 7/7/2015 | 11/1/2025 | $ | 9,678 | $ | 9,515 | $ | 9,382 | 5.6 | % | |||||||||||||
Connect U.S. Finco LLC (14) (15) | Taxi Service | ||||||||||||||||||||||||
Senior Secured Loan | 6.29% | (L +4.50%) | 11/20/2019 | 12/11/2026 | 2,000 | 1,990 | 1,990 | 1.2 | |||||||||||||||||
Constellis Holdings, LLC (6) | Other Justice, Public Order, and Safety Activities | ||||||||||||||||||||||||
Senior Secured Loan | 10.93% | (L +9.00%) | 4/28/2017 | 4/21/2025 | 9,950 | 9,846 | 407 | 0.2 | |||||||||||||||||
Convergint Technologies Holdings, LLC | Security Systems Services (except Locksmiths) | ||||||||||||||||||||||||
Senior Secured Loan | 8.55% | (L +6.75%) | 9/28/2018 | 2/2/2026 | 3,481 | 3,430 | 3,424 | 2.1 | |||||||||||||||||
Curium BidCo S.A R.L. (14) (15) | Pharmaceutical and Medicine Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.94% | (L +4.00%) | 10/29/2019 | 7/1/2026 | 848 | 853 | 853 | 0.5 | |||||||||||||||||
Davis Vision, Inc. | Direct Health and Medical Insurance Carriers | ||||||||||||||||||||||||
Senior Secured Loan | 8.55% | (L +6.75%) | 10/31/2019 | 12/1/2025 | 405 | 395 | 405 | 0.2 | |||||||||||||||||
Dexko Global Inc. (14) (15) | Motor Vehicle Body Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.30% | (L +3.50%) | 10/30/2019 | 7/24/2024 | 1,995 | 1,970 | 1,997 | 1.2 | |||||||||||||||||
Diamond Sports Group, LLC (14) (15) | Television Broadcasting | ||||||||||||||||||||||||
Senior Secured Loan | 5.03% | (L +3.25%) | 11/19/2019 | 8/24/2026 | 1,995 | 1,997 | 1,997 | 1.2 | |||||||||||||||||
DuPage Medical Group (15) | Offices of Physicians, Mental Health Specialists | ||||||||||||||||||||||||
Senior Secured Loan | 8.80% | (L +7.00%) | 8/22/2017 | 8/15/2025 | 10,098 | 10,170 | 10,098 | 6.1 | |||||||||||||||||
Eblens Holdings, Inc. | Shoe Store | ||||||||||||||||||||||||
Subordinated Loan (11) | 12.00% cash / 1.00% PIK | 7/13/2017 | 1/13/2023 | 9,010 | 8,962 | 9,025 | 5.4 | ||||||||||||||||||
Common Equity (71,250 Class A units) (10) | 7/13/2017 | 713 | 892 | 0.5 | |||||||||||||||||||||
9,010 | 9,675 | 9,917 | 5.9 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
PM Acquisition LLC (20) | All Other General Merchandise Stores | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 11.50% cash / 2.50% PIK | N/A | 9/30/2017 | 10/29/2021 | $ | 4,780 | $ | 4,753 | $ | 4,780 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity (499 units) (10) (13) | 9/30/2017 | 499 | 280 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4,780 | 5,252 | 5,060 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Software US Holdings Inc. (14) (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.46% | (L +4.25%) | 6/25/2019 | 5/16/2025 | 1,970 | 1,955 | 1,942 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group, LLC | Commercial Printing (except Screen and Books) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.50% | (L +8.50%) | 6/7/2017 | 11/26/2023 | 4,821 | 4,789 | 4,812 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rocket Software, Inc. (15) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.46% | (L +8.25%) | 11/20/2018 | 11/28/2026 | 6,275 | 6,190 | 6,241 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
RPLF Holdings, LLC (10) (13) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (254,110 Class A units) | 1/17/2018 | 492 | 605 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sentry Centers Holdings, LLC (10) (13) | Other Professional, Scientific, and Technical Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (2,248 Series A units) | 9/4/2020 | 51 | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,603 Series B units) | 9/4/2020 | 160 | 160 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (269 units) | 9/4/2020 | 3 | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
214 | 210 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SkyMiles IP Ltd. and Delta Air Lines, Inc. (14) (15) | Scheduled Passenger Air Transportation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.75% | (L +3.75%) | 9/15/2020 | 10/20/2027 | 500 | 495 | 520 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
SourceHOV Tax, Inc. (4) (8) | Other Accounting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 7.61% | (L +6.11%) | 3/16/2020 | 3/16/2025 | 19,892 | 19,742 | 19,988 | 12.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Southern Technical Institute, LLC (4) (10) | Colleges, Universities, and Professional Schools | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity appreciation rights | 6/27/2018 | — | 4,295 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Endo International PLC (14) (15) | Pharmaceutical Preparation Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 6.06% | (L +4.25%) | 6/24/2019 | 4/29/2024 | $ | 1,985 | $ | 1,897 | $ | 1,906 | 1.1 | % | |||||||||||||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4) | Electrical Contractors and Other Wiring Installation Contractors | ||||||||||||||||||||||||
Senior Secured Loan | 6.00% cash / 5.00% PIK | (L +6.00%) | 6/30/2017 | 6/30/2022 | 16,367 | 16,207 | 14,639 | 8.8 | |||||||||||||||||
Preferred Equity (238,095 Series B units) (10) | 6/30/2017 | 300 | — | — | |||||||||||||||||||||
Preferred Equity (13,315 Series C units) (10) | 8/13/2018 | 13 | — | — | |||||||||||||||||||||
16,367 | 16,520 | 14,639 | 8.8 | ||||||||||||||||||||||
Excelin Home Health, LLC | Home Health Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 11.50% | (L +9.50%) | 10/25/2018 | 4/25/2024 | 4,250 | 4,183 | 4,070 | 2.4 | |||||||||||||||||
Explorer Holdings, Inc. (14) (15) | Testing Laboratories | ||||||||||||||||||||||||
Senior Secured Loan | 5.60% | (L +3.75%) | 6/25/2019 | 5/2/2023 | 1,985 | 1,987 | 2,004 | 1.2 | |||||||||||||||||
Garda World Security (14) (15) | Security Systems Services (except Locksmiths) | ||||||||||||||||||||||||
Senior Secured Loan | 6.66% | (L +4.75%) | 10/24/2019 | 10/30/2026 | 1,667 | 1,634 | 1,680 | 1.0 | |||||||||||||||||
GGC Aerospace Topco L.P. | Other Aircraft Parts and Auxiliary Equipment Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 10.65% | (L +8.75%) | 12/29/2017 | 9/8/2024 | 5,000 | 4,912 | 4,084 | 2.5 | |||||||||||||||||
Common Equity (368,852 Class A units) (10) | 12/29/2017 | 450 | 124 | 0.1 | |||||||||||||||||||||
Common Equity (40,984 Class B units) (10) | 12/29/2017 | 50 | 5 | — | |||||||||||||||||||||
5,000 | 5,412 | 4,213 | 2.6 | ||||||||||||||||||||||
Hyland Software, Inc. | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 5.30% | (L +3.50%) | 10/24/2018 | 7/1/2024 | 1,660 | 1,655 | 1,672 | 1.0 | |||||||||||||||||
Senior Secured Loan | 8.80% | (L +7.00%) | 10/24/2018 | 7/7/2025 | 2,601 | 2,614 | 2,617 | 1.6 | |||||||||||||||||
4,261 | 4,269 | 4,289 | 2.6 | ||||||||||||||||||||||
Inergex Holdings, LLC | Other Computer Related Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.94% | (L +7.00%) | 10/1/2018 | 10/1/2024 | 16,590 | 16,389 | 16,489 | 9.9 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | 6.05% | (L +7.00%) | 10/1/2018 | 10/1/2024 | 1,875 | 1,853 | 1,864 | 1.1 | |||||||||||||||||
18,465 | 18,242 | 18,353 | 11.0 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.) | Child Day Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.50% | (L +8.25%) | 7/26/2018 | 7/30/2026 | $ | 5,216 | $ | 5,178 | $ | 4,656 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
SSJA Bariatric Management LLC (15) | Offices of Physicians, Mental Health Specialists | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 6.00% | (L +5.00%) | 8/26/2019 | 8/26/2024 | 9,875 | 9,803 | 9,647 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 6.25% | (L +5.25%) | 12/31/2020 | 8/26/2024 | 1,067 | 1,056 | 1,042 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +5.00%) | 8/26/2019 | 8/26/2024 | — | (5) | 15 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
10,942 | 10,854 | 10,704 | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stancor, L.P. (4) | Pump and Pumping Equipment Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,250,000 Class A units), 8% PIK (10) | 8/19/2014 | 1,501 | 1,281 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Staples, Inc. (14) (15) | Business to Business Electronic Markets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.21% | (L +5.00%) | 6/24/2019 | 4/16/2026 | 2,960 | 2,891 | 2,875 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
STS Operating, Inc. | Industrial Machinery and Equipment Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 5.25% | (L +4.25%) | 5/16/2018 | 12/11/2024 | 625 | 626 | 601 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.00% | (L +8.00%) | 5/15/2018 | 4/30/2026 | 9,073 | 9,070 | 8,578 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
9,698 | 9,696 | 9,179 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunshine Luxembourg VII SARL (14) (15) | Pharmaceutical Preparation Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.00% | (L +4.00%) | 11/20/2019 | 9/25/2026 | 1,980 | 1,988 | 1,992 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tank Holding Corp. (15) | Unlaminated Plastics Profile Shape Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (14) | 5.50% | (L +4.00%) | 6/24/2019 | 3/26/2026 | 1,975 | 1,981 | 1,942 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 3.40% | (L +3.25%) | 12/18/2020 | 3/26/2026 | 896 | 882 | 882 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
2,871 | 2,863 | 2,824 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Escape Game, LLC (4) | Other amusement and recreation industries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 7/18/2019 | 12/22/2022 | 7,000 | 6,973 | 6,647 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% | (L +8.75%) | 12/22/2017 | 12/31/2021 | 2,333 | 2,329 | 2,216 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 8.00% | (L +7.00%) | 7/20/2018 | 12/31/2021 | 4,667 | 4,665 | 4,463 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (Delayed Draw) | 9.75% | (L +8.75%) | 7/20/2018 | 12/22/2022 | 7,000 | 7,000 | 6,647 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
21,000 | 20,967 | 19,973 | 12.6 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Institutional Shareholder Services, Inc. | Administrative Management and General Management Consulting Services | ||||||||||||||||||||||||
Senior Secured Loan | 10.44% | (L +8.50%) | 3/4/2019 | 3/5/2027 | $ | 6,244 | $ | 6,075 | $ | 6,098 | 3.7 | % | |||||||||||||
Intouch Midco Inc. (15) | All Other Professional, Scientific, and Technical Services | ||||||||||||||||||||||||
Senior Secured Loan | 6.05% | (L +4.25%) | 12/20/2019 | 8/24/2025 | 1,995 | 1,925 | 1,925 | 1.2 | |||||||||||||||||
Kindred Healthcare, Inc. (F/K/A Kindred at Home) (14) (15) | Home Health Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 5.56% | (L +3.75%) | 6/25/2019 | 7/2/2025 | 2,985 | 2,998 | 3,004 | 1.8 | |||||||||||||||||
McAfee, LLC (14) (15) | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan | 5.55% | (L +3.75%) | 6/25/2019 | 9/30/2024 | 1,985 | 1,987 | 1,996 | 1.2 | |||||||||||||||||
Senior Secured Loan | 10.30% | (L +8.50%) | 11/15/2019 | 9/29/2025 | 2,000 | 2,002 | 2,018 | 1.2 | |||||||||||||||||
3,985 | 3,989 | 4,014 | 2.4 | ||||||||||||||||||||||
Micro Holding Corp (14) (15) | Internet Publishing and Broadcasting and Web Search Portals | ||||||||||||||||||||||||
Senior Secured Loan | 5.55% | (L +3.75%) | 6/25/2019 | 9/13/2024 | 1,985 | 1,969 | 1,991 | 1.2 | |||||||||||||||||
Milrose Consultants, LLC (4) (8) | Administrative Management and General Management Consulting Services | ||||||||||||||||||||||||
Senior Secured Loan | 8.14% | (L +6.20%) | 7/16/2019 | 7/16/2025 | 11,500 | 11,420 | 11,394 | 6.7 | |||||||||||||||||
My Alarm Center, LLC (4) (10) (13) | Security Systems Services (except Locksmiths) | ||||||||||||||||||||||||
Preferred Equity (1,485 Class A units), 8% PIK | 7/14/2017 | 1,571 | 984 | 0.6 | |||||||||||||||||||||
Preferred Equity (1,198 Class B units) | 7/14/2017 | 1,198 | — | — | |||||||||||||||||||||
Preferred Equity (335 Class Z units) 25% PIK | 9/12/2018 | 325 | 1,136 | 0.7 | |||||||||||||||||||||
Common Equity (64,149 units) | 7/14/2017 | — | — | — | |||||||||||||||||||||
3,094 | 2,120 | 1.3 | |||||||||||||||||||||||
Online Tech Stores, LLC (4) | Stationery and Office Supplies Merchant Wholesalers | ||||||||||||||||||||||||
Subordinated Loan | 10.50% cash / 3.00% PIK | N/A | 2/1/2018 | 8/1/2023 | 16,323 | 16,113 | 14,559 | 8.7 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Truck Hero, Inc. (15) | Truck Trailer Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.25% | (L +8.25%) | 5/30/2017 | 4/21/2025 | $ | 8,174 | $ | 8,118 | $ | 8,174 | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
United Biologics Holdings, LLC (4) (10) | Medical Laboratories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (151,787 units) | 4/16/2013 | 9 | 26 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants (29,374 units) | 7/26/2012 | 3/5/2022 (12) | 82 | 12 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
91 | 38 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Natural Foods (14) (15) | General Line Grocery Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.40% | (L +4.25%) | 6/9/2020 | 10/22/2025 | 286 | 275 | 284 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wastebuilt Environmental Solutions, LLC (4) | Industrial Supplies Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 10.25% | (L +8.75%) | 10/11/2018 | 10/11/2024 | 7,000 | 6,908 | 5,476 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weight Watchers International, Inc. (14) (15) | Diet and Weight Reducing Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 5.50% | (L +4.75%) | 6/10/2020 | 11/29/2024 | 477 | 477 | 479 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Xperi (14) (15) | Semiconductor and Related Device Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 4.15% | (L +4.00%) | 6/1/2020 | 6/1/2025 | 433 | 399 | 434 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt and Equity Investments | $ | 306,683 | $ | 307,768 | $ | 272,240 | 171.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Structured Finance Note Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Credit CLO 2020 (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 14.16% (9) | 11/16/2020 | 11/19/2031 (17) | 11,080 | 9,461 (16) | 10,006 | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dryden 53 CLO, LTD. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Notes | 16.68% (9) | 10/26/2020 | 1/15/2031 (17) | 2,700 | 1,779 | 1,967 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 16.68% (9) | 10/26/2020 | 1/15/2031 (17) | 2,159 | 1,423 (16) | 1,573 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
4,859 | 3,202 | 3,540 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dryden 76 CLO, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 18.68% (9) | 9/27/2019 | 10/20/2032 (17) | 2,750 | 2,282 (16) | 2,235 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
OnSite Care, PLLC (4) (8) | Home Health Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 9.09% | (L +7.78%) | 8/10/2018 | 8/10/2023 | $ | 9,541 | $ | 9,446 | $ | 9,162 | 5.5 | % | |||||||||||||
Panther BF Aggregator 2 LP (14) (15) | Other Commercial and Service Industry Machinery Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.30% | (L +3.50%) | 11/19/2019 | 4/30/2026 | 1,995 | 1,978 | 2,006 | 1.2 | |||||||||||||||||
Parfums Holding Company, Inc. | Cosmetics, Beauty Supplies, and Perfume Stores | ||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 6.16% | (L +4.25%) | 6/25/2019 | 6/30/2024 | 87 | 87 | 87 | 0.1 | |||||||||||||||||
Senior Secured Loan | 10.70% | (L +8.75%) | 11/16/2017 | 6/30/2025 | 6,320 | 6,332 | 6,276 | 3.8 | |||||||||||||||||
6,407 | 6,419 | 6,363 | 3.9 | ||||||||||||||||||||||
Pelican Products, Inc. | Unlaminated Plastics Profile Shape Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 9.49% | (L +7.75%) | 9/24/2018 | 5/1/2026 | 6,055 | 6,059 | 5,969 | 3.6 | |||||||||||||||||
Performance Team LLC (4) | General Warehousing and Storage | ||||||||||||||||||||||||
Senior Secured Loan | 11.80% | (L +10.00%) | 5/24/2018 | 11/24/2023 | 13,889 | 13,790 | 14,165 | 8.4 | |||||||||||||||||
PM Acquisition LLC | All Other General Merchandise Stores | ||||||||||||||||||||||||
Senior Secured Loan | 11.50% cash / 2.50% PIK | N/A | 9/30/2017 | 10/29/2021 | 4,963 | 4,903 | 4,800 | 2.9 | |||||||||||||||||
Common Equity (499 units) (10) (13) | 9/30/2017 | 499 | 220 | 0.1 | |||||||||||||||||||||
4,963 | 5,402 | 5,020 | 3.0 | ||||||||||||||||||||||
Quest Software US Holdings Inc. (14) (15) | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 6.18% | (L +4.25%) | 6/25/2019 | 5/16/2025 | 1,990 | 1,973 | 1,978 | 1.2 | |||||||||||||||||
Refinitiv (14) (15) | Public Finance Activities | ||||||||||||||||||||||||
Senior Secured Loan | 5.05% | (L +4.25%) | 6/24/2019 | 10/1/2025 | 1,987 | 1,941 | 2,007 | 1.2 | |||||||||||||||||
Resource Label Group, LLC | Commercial Printing (except Screen and Books) | ||||||||||||||||||||||||
Senior Secured Loan | 10.60% | (L +8.50%) | 6/7/2017 | 11/26/2023 | 4,821 | 4,777 | 4,591 | 2.8 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Elevation CLO 2017-7, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 12.32% (9) | 2/6/2019 | 7/15/2030 (17) | $ | 10,000 | $ 6,955 (16) | $ | 6,226 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Flatiron CLO 18, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 20.73% (9) | 1/2/2019 | 4/17/2031 (17) | 9,680 | 7,265 (16) | 7,702 | 4.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Madison Park Funding XXIII, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 21.99% (9) | 1/8/2020 | 7/27/2047 (17) | 10,000 | 6,654 (16) | 7,129 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Madison Park Funding XXIX, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 14.22% (9) | 12/22/2020 | 10/18/2047 (17) | 9,500 | 7,529 (16) | 7,569 | 4.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Monroe Capital MML CLO X, LTD. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class E | 9.08% | (L +8.85%) | 8/7/2020 | 8/20/2031 (17) | 863 | 802 | 838 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Octagon Investment Partners 39, Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 20.81% (9) | 1/23/2020 | 10/20/2030 (17) | 7,000 | 5,173 (16) | 5,493 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Park Avenue Institutional Advisers CLO 2017-1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class D | 6.44% | (L +6.22%) | 6/5/2020 | 11/14/2029 (17) | 100 | 83 | 95 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Regatta II Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine bond - Class DR2 | 7.19% | (L +6.95%) | 6/5/2020 | 1/15/2029 (17) | 800 | 695 | 768 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
THL Credit Wind River 2019‐3 CLO Ltd. (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 14.69% (9) | 4/5/2019 | 4/15/2031 (17) | 7,000 | 5,759 (16) | 4,824 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Structured Finance Note Investments | $ | 73,632 | $ | 55,860 | $ | 56,425 | 35.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-control/Non-affiliate Investments | $ | 380,315 | $ | 363,628 | $ | 328,665 | 206.8 | % |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Restaurant Technologies, Inc. (15) | Other Grocery and Related Products Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 5.05% | (L +3.25%) | 8/8/2019 | 10/1/2025 | $ | 1,990 | $ | 1,994 | $ | 2,003 | 1.2 | % | |||||||||||||
Rocket Software, Inc. (15) | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan | 6.05% | (L +4.25%) | 11/20/2018 | 11/28/2025 | 665 | 663 | 649 | 0.4 | |||||||||||||||||
Senior Secured Loan | 10.05% | (L +8.25%) | 11/20/2018 | 11/28/2026 | 6,275 | 6,167 | 6,094 | 3.7 | |||||||||||||||||
6,940 | 6,830 | 6,743 | 4.1 | ||||||||||||||||||||||
RPLF Holdings, LLC (10) (13) | Software Publishers | ||||||||||||||||||||||||
Common Equity (254,110 Class A units) | 1/17/2018 | 254 | 186 | 0.1 | |||||||||||||||||||||
Sentry Centers Holdings, LLC (10) (13) | Convention and Trade Show Organizers | ||||||||||||||||||||||||
Common Equity (5,000 Series C units) | 3/31/2014 | — | 500 | 1,490 | 0.9 | ||||||||||||||||||||
Southern Technical Institute, LLC (4) (6) (10) | Colleges, Universities, and Professional Schools | ||||||||||||||||||||||||
Subordinated Loan | 6.00% PIK | N/A | 6/27/2018 | 12/31/2021 | 1,611 | — | — | — | |||||||||||||||||
Other | 6/27/2018 | — | — | — | — | ||||||||||||||||||||
1,611 | — | — | — | ||||||||||||||||||||||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.) | Child Day Care Services | ||||||||||||||||||||||||
Senior Secured Loan | 6.19% | (L +4.25%) | 7/26/2018 | 7/30/2025 | 972 | 970 | 978 | 0.6 | |||||||||||||||||
Senior Secured Loan | 10.19% | (L +8.25%) | 7/26/2018 | 7/30/2026 | 7,216 | 7,157 | 7,288 | 4.4 | |||||||||||||||||
8,188 | 8,127 | 8,266 | 5.0 | ||||||||||||||||||||||
Sprint Communications, Inc. (14) (15) | Wired Telecommunications Carriers | ||||||||||||||||||||||||
Senior Secured Loan | 4.81% | (L +3.00%) | 6/24/2019 | 2/2/2024 | 1,985 | 1,972 | 1,980 | 1.2 | |||||||||||||||||
SSJA Bariatric Management LLC (15) | Offices of Physicians, Mental Health Specialists | ||||||||||||||||||||||||
Senior Secured Loan | 6.94% | (L +5.00%) | 8/26/2019 | 8/26/2024 | 9,975 | 9,883 | 9,861 | 5.9 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) | n/m (18) | (L +5.00%) | 8/26/2019 | 8/26/2024 | — | (6 | ) | (14 | ) | — | |||||||||||||||
9,975 | 9,877 | 9,847 | 5.9 | ||||||||||||||||||||||
Stancor, L.P. (4) (10) | Pump and Pumping Equipment Manufacturing | ||||||||||||||||||||||||
Preferred Equity (1,250,000 Class A units), 8% PIK | 8/19/2014 | — | 1,501 | 1,607 | 1.0 |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC (20) | Software Publishers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (6) | 8.50% cash / 1.00% PIK | (L +7.50%) | 3/13/2018 | 3/12/2023 | $ | 20,858 | $ | 19,570 | $ | 9,258 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity (2,547,250 units) (10) (13) | 3/13/2018 | 2,547 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
20,858 | 22,117 | 9,258 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Resources Holdings, Inc. (20) | Custom Compounding of Purchased Resins | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (4)(8) | 9.22% | (L +7.72%) | 1/25/2019 | 1/25/2024 | 13,743 | 13,630 | 13,744 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,832 Class A shares) (10) (13) | 1/25/2019 | 1,814 | 3,420 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
13,743 | 15,444 | 17,164 | 10.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Datascan Holdings, Inc. (4)(20) | Office Machinery and Equipment Rental and Leasing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (3,061 Series A shares) 10% PIK | 8/5/2015 | 5,849 | 2,690 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (11,273 shares) (10) | 6/28/2016 | 104 | 46 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5,953 | 2,736 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRS Imaging Services, LLC (20) | Data Processing, Hosting, and Related Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,135 units) (10) (13) | 3/8/2018 | 1,135 | 1,749 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Master Cutlery, LLC (4) (10)(20) | Sporting and Recreational Goods and Supplies Merchant Wholesalers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (6) | 13.00% (11) | N/A | 4/17/2015 | 7/20/2022 | 6,759 | 4,764 | 346 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (3,723 Series A units), 8% PIK | 4/17/2015 | 3,483 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (15,564 units) | 4/17/2015 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6,759 | 8,247 | 346 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NeoSystems Corp. (4)(20) | Other Accounting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (521,962 convertible shares) 10% PIK | 8/14/2014 | 1,879 | 2,250 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pfanstiehl Holdings, Inc. (4)(20)(21) | Pharmaceutical Preparation Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (400 Class A shares) | 1/1/2014 | 217 | 36,221 | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Staples, Inc. (14) (15) | Business to Business Electronic Markets | ||||||||||||||||||||||||
Senior Secured Loan | 6.69% | (L +5.00%) | 6/24/2019 | 4/16/2026 | $ | 1,990 | $ | 1,920 | $ | 1,960 | 1.1 | % | |||||||||||||
STS Operating, Inc. | Industrial Machinery and Equipment Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan (14) (15) | 6.05% | (L +4.25%) | 5/16/2018 | 12/11/2024 | 632 | 631 | 632 | 0.4 | |||||||||||||||||
Senior Secured Loan | 9.80% | (L +8.00%) | 5/15/2018 | 4/30/2026 | 9,073 | 9,070 | 9,030 | 5.4 | |||||||||||||||||
9,705 | 9,701 | 9,662 | 5.8 | ||||||||||||||||||||||
Sunshine Luxembourg VII SARL (14) (15) | Pharmaceutical Preparation Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 6.19% | (L +4.25%) | 11/20/2019 | 9/25/2026 | 2,000 | 2,010 | 2,021 | 1.2 | |||||||||||||||||
Tank Holding Corp. (14) (15) | Unlaminated Plastics Profile Shape Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 6.41% | (L +4.00%) | 6/24/2019 | 3/26/2026 | 1,995 | 2,002 | 2,005 | 1.2 | |||||||||||||||||
The Escape Game, LLC (4) | Other amusement and recreation industries | ||||||||||||||||||||||||
Senior Secured Loan | 8.80% | (L +7.00%) | 7/18/2019 | 3/31/2020 | 4,667 | 4,642 | 4,648 | 2.8 | |||||||||||||||||
Senior Secured Loan | 10.55% | (L +8.75%) | 12/22/2017 | 12/22/2022 | 7,000 | 6,969 | 6,972 | 4.2 | |||||||||||||||||
Senior Secured Loan | 10.55% | (L +8.75%) | 7/20/2018 | 12/22/2022 | 7,000 | 7,000 | 6,972 | 4.2 | |||||||||||||||||
18,667 | 18,611 | 18,592 | 11.2 | ||||||||||||||||||||||
Truck Hero, Inc. (15) | Truck Trailer Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 10.05% | (L +8.25%) | 5/30/2017 | 4/21/2025 | 7,014 | 6,990 | 6,690 | 4.0 | |||||||||||||||||
United Biologics Holdings, LLC (4) (10) | Medical Laboratories | ||||||||||||||||||||||||
Preferred Equity (151,787 units) | 4/16/2013 | — | 9 | 15 | — | ||||||||||||||||||||
Warrants (29,374 units) | 7/26/2012 | 3/5/2022 | — | 82 | 7 | — | |||||||||||||||||||
— | 91 | 22 | — | ||||||||||||||||||||||
U.S. Anesthesia Partners (14) (15) | Freestanding Ambulatory Surgical and Emergency Centers | ||||||||||||||||||||||||
Senior Secured Loan | 4.80% | (L +3.00%) | 6/24/2019 | 6/23/2024 | 2,980 | 2,950 | 2,976 | 1.8 | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Professional Pipe Holdings, LLC (19) | Plumbing, Heating, and Air-Conditioning Contractors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan | 9.75% cash / 1.50% PIK | (L +8.75%) | 3/23/2018 | 3/23/2023 | $ | 6,263 | $ | 6,193 | $ | 6,086 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,414 Class A units) (10) | 3/23/2018 | 1,414 | 1,208 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6,263 | 7,607 | 7,294 | 4.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TalentSmart Holdings, LLC (20) | Professional and Management Development Training | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (1,595,238 Class A shares) (10) (13) | 10/11/2019 | 1,595 | 1,306 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TRS Services, LLC (4)(20) | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (1,937,191 Class A units), 11% PIK | 12/10/2014 | — | 915 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (3,000,000 units) (10) | 12/10/2014 | 572 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
572 | 915 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
TTG Healthcare, LLC (20) | Diagnostic Imaging Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan (4) | 8.50% | (L +7.50%) | 3/1/2019 | 11/28/2025 | 19,603 | 19,409 | 19,530 | 12.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity ( 2,309 Class B units) (10) (13) | 3/1/2019 | 2,309 | 4,077 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19,603 | 21,718 | 23,607 | 14.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 67,226 | $ | 86,484 | $ | 102,846 | 64.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Control Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MTE Holding Corp. (4)(19) | Travel Trailer and Camper Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | 11.00% cash / 5.00% PIK | (L +10.00%) | 11/25/2015 | 11/25/2021 | 7,842 | 7,842 | 7,822 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (554 shares) (10) | 11/25/2015 | 3,069 | 2,990 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7,842 | 10,911 | 10,812 | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investment | $ | 7,842 | $ | 10,911 | $ | 10,812 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 455,383 | $ | 461,023 | $ | 442,323 | 278.3 | % |
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Verifone Intermediate Holdings, Inc. (14) (15) | Other Commercial and Service Industry Machinery Manufacturing | ||||||||||||||||||||||||
Senior Secured Loan | 5.90% | (L +4.00%) | 6/24/2019 | 8/20/2025 | $ | 258 | $ | 252 | $ | 256 | 0.2 | % | |||||||||||||
Wastebuilt Environmental Solutions, LLC (4) | Industrial Supplies Merchant Wholesalers | ||||||||||||||||||||||||
Senior Secured Loan | 10.69% | (L +8.75%) | 10/11/2018 | 10/11/2024 | 7,000 | 6,883 | 6,584 | 4.0 | |||||||||||||||||
Total Debt and Equity Investments | $ | 372,094 | $ | 373,074 | $ | 350,925 | 210.7 | % | |||||||||||||||||
Structured Finance Note Investments (7) | |||||||||||||||||||||||||
Dryden 76 CLO, Ltd. | |||||||||||||||||||||||||
Subordinated Notes | 15.37% (9) | 9/27/2019 | 10/20/2032 | 2,750 | 2,491 | 2,509 | 1.5 | ||||||||||||||||||
Elevation CLO 2017-7, Ltd. | |||||||||||||||||||||||||
Subordinated Notes | 15.71% (9) | 2/6/2019 | 7/15/2030 | 10,000 | 7,485 | 6,559 | 3.9 | ||||||||||||||||||
Flatiron CLO 18, Ltd. | |||||||||||||||||||||||||
Subordinated Notes | 16.68% (9) | 1/2/2019 | 4/17/2031 | 9,680 | 7,355 | 7,345 | 4.4 | ||||||||||||||||||
THL Credit Wind River 2019‐3 CLO Ltd. | |||||||||||||||||||||||||
Subordinated Notes | 12.33% (9) | 4/5/2019 | 4/15/2031 | 7,000 | 5,796 | 5,197 | 3.1 | ||||||||||||||||||
Total Structured Finance Note Investments | $ | 29,430 | $ | 23,127 | $ | 21,610 | 12.9 | % | |||||||||||||||||
Total Non-control/Non-affiliate Investments | $ | 401,524 | $ | 396,201 | $ | 372,535 | 223.6 | % | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Affiliate Investments | |||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC | Software Publishers | ||||||||||||||||||||||||
Senior Secured Loan | 9.44% cash / 1.00% PIK | (L +7.50%) | 3/13/2018 | 3/12/2023 | $ | 21,373 | $ | 21,176 | $ | 20,099 | 12.1 | % | |||||||||||||
Common Equity (2,547,250 units) (10) (13) | 3/13/2018 | — | 2,547 | 1,044 | 0.6 | ||||||||||||||||||||
21,373 | 23,723 | 21,143 | 12.7 | ||||||||||||||||||||||
Chemical Resources Holdings, Inc. | Custom Compounding of Purchased Resins | ||||||||||||||||||||||||
Senior Secured Loan (4)(8) | 9.82% | (L +7.89%) | 1/25/2019 | 1/25/2024 | 13,743 | 13,592 | 13,746 | 8.2 | |||||||||||||||||
Common Equity (1,832 Class A shares) (10) (13) | 1/25/2019 | 1,813 | 2,662 | 1.6 | |||||||||||||||||||||
13,743 | 15,405 | 16,408 | 9.8 | ||||||||||||||||||||||
Contract Datascan Holdings, Inc. (4) | Office Machinery and Equipment Rental and Leasing | ||||||||||||||||||||||||
Subordinated Loan | 12.00% | N/A | 8/5/2015 | 2/5/2021 | 8,000 | 7,995 | 8,000 | 4.8 | |||||||||||||||||
Preferred Equity (3,061 Series A shares) 10% PIK (10) | 8/5/2015 | 5,599 | 5,671 | 3.4 | |||||||||||||||||||||
Common Equity (11,273 shares) (10) | 6/28/2016 | 104 | 671 | 0.4 | |||||||||||||||||||||
8,000 | 13,698 | 14,342 | 8.6 | ||||||||||||||||||||||
DRS Imaging Services, LLC | Data Processing, Hosting, and Related Services | ||||||||||||||||||||||||
Senior Secured Loan (4) (8) | 11.21% | (L +9.27%) | 3/8/2018 | 11/20/2023 | 10,741 | 10,670 | 10,569 | 6.3 | |||||||||||||||||
Common Equity (1,135 units) (10) (13) | 3/8/2018 | 1,135 | 1,331 | 0.8 | |||||||||||||||||||||
10,741 | 11,805 | 11,900 | 7.1 | ||||||||||||||||||||||
Master Cutlery, LLC (4) (6) (10) | Sporting and Recreational Goods and Supplies Merchant Wholesalers | ||||||||||||||||||||||||
Subordinated Loan (11) | 13.00% | N/A | 4/17/2015 | 4/17/2020 | 5,947 | 4,764 | 255 | 0.2 | |||||||||||||||||
Preferred Equity (3,723 Series A units), 8% PIK | 4/17/2015 | — | 3,483 | — | — | ||||||||||||||||||||
Common Equity (15,564 units) | 4/17/2015 | — | — | — | — | ||||||||||||||||||||
5,947 | 8,247 | 255 | 0.2 | ||||||||||||||||||||||
NeoSystems Corp. (4) (10) | Other Accounting Services | ||||||||||||||||||||||||
Preferred Equity (521,962 convertible shares) 10% PIK | 8/14/2014 | — | 1,698 | 2,250 | 1.4 | ||||||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Pfanstiehl Holdings, Inc. (4) | Pharmaceutical Preparation Manufacturing | ||||||||||||||||||||||||
Subordinated Loan | 10.50% | N/A | 1/1/2014 | 9/29/2022 | $ | 3,788 | $ | 3,807 | $ | 3,788 | 2.3 | % | |||||||||||||
Common Equity (400 Class A shares) | 1/1/2014 | — | 217 | 11,979 | 7.2 | ||||||||||||||||||||
3,788 | 4,024 | 15,767 | 9.5 | ||||||||||||||||||||||
Professional Pipe Holdings, LLC | Plumbing, Heating, and Air-Conditioning Contractors | ||||||||||||||||||||||||
Senior Secured Loan | 10.55% cash / 1.50% PIK | (L +9.27%) | 3/23/2018 | 3/23/2023 | 7,099 | 7,008 | 7,170 | 4.3 | |||||||||||||||||
Common Equity (1,414 Class A units) (10) | 3/23/2018 | — | 1,414 | 2,413 | 1.4 | ||||||||||||||||||||
7,099 | 8,422 | 9,583 | 5.7 | ||||||||||||||||||||||
TalentSmart Holdings, LLC | Professional and Management Development Training | ||||||||||||||||||||||||
Senior Secured Loan (4) | 8.50% | (L +6.75%) | 10/11/2019 | 10/11/2024 | 10,000 | 9,833 | 9,833 | 5.9 | |||||||||||||||||
Senior Secured Loan (Revolver) (5) (18) | 8.50% | (L +6.75%) | 10/11/2019 | 10/11/2024 | 250 | 242 | 242 | 0.1 | |||||||||||||||||
Common Equity (1,500 Class A shares) (10) (13) | 10/11/2019 | — | 1,500 | 1,500 | 0.9 | ||||||||||||||||||||
10,250 | 11,575 | 11,575 | 6.9 | ||||||||||||||||||||||
TRS Services, LLC (4) (11) | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | ||||||||||||||||||||||||
Senior Secured Loan | 10.55% cash / 1.00% PIK | (L +8.75%) | 12/10/2014 | 3/16/2020 | 14,624 | 14,615 | 14,623 | 8.8 | |||||||||||||||||
Preferred Equity (329,266 Class AA units), 15% PIK (10) | 6/30/2016 | — | 545 | 547 | 0.3 | ||||||||||||||||||||
Preferred Equity (3,000,000 Class A units), 11% PIK (10) | 12/10/2014 | — | 3,374 | 3,095 | 1.9 | ||||||||||||||||||||
Common Equity (3,000,000 units) (10) | 12/10/2014 | — | 572 | — | — | ||||||||||||||||||||
14,624 | 19,106 | 18,265 | 11.0 | ||||||||||||||||||||||
TTG Healthcare, LLC | Diagnostic Imaging Centers | ||||||||||||||||||||||||
Senior Secured Loan (4) | 10.71% | (L +9.00%) | 3/1/2019 | 3/1/2024 | 12,103 | 11,938 | 11,767 | 7.1 | |||||||||||||||||
Preferred Equity ( 2,309 Class B units) (10) (13) | 3/1/2019 | 2,309 | 2,424 | 1.5 | |||||||||||||||||||||
12,103 | 14,247 | 14,191 | 8.6 | ||||||||||||||||||||||
Total Affiliate Investments | $ | 107,668 | $ | 131,950 | $ | 135,679 | 81.5 | % | |||||||||||||||||
Portfolio Company (1) Investment Type | Industry | Interest Rate (2) | Spread Above Index (2) | Initial Acquisition Date | Maturity | Principal Amount | Amortized Cost | Fair Value (3) | Percent of Net Assets | ||||||||||||||||
Control Investment | |||||||||||||||||||||||||
MTE Holding Corp. (4) | Travel Trailer and Camper Manufacturing | ||||||||||||||||||||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.) | 10.26% cash / 4.50% PIK | (L +8.50%) | 11/25/2015 | 11/25/2020 | $ | 7,464 | $ | 7,451 | $ | 7,464 | 4.5 | % | |||||||||||||
Common Equity (554 shares) | 11/25/2015 | — | 3,069 | 1,253 | 0.8 | ||||||||||||||||||||
7,464 | 10,520 | 8,717 | 5.3 | ||||||||||||||||||||||
Total Control Investment | $ | 7,464 | $ | 10,520 | $ | 8,717 | 5.3 | % | |||||||||||||||||
Total Investments | $ | 516,656 | $ | 538,671 | $ | 516,931 | 310.4 | % |
Portfolio Company | Reported Interest Rate | Interest Rate per Credit Agreement | Additional Interest per Annum | ||
Carolina Lubes, Inc. | 9.83% | 9.35% | 0.48% | ||
Chemical Resources Holdings, Inc. | 9.82% | 7.93% | 1.89% | ||
DRS Imaging Services, LLC | 11.21% | 9.94% | 1.27% | ||
Milrose Consultants, LLC | 8.14% | 7.44% | 0.70% | ||
OnSite Care, PLLC | 9.49% | 7.96% | 1.53% |
Portfolio Company | Reported Interest Rate | Interest Rate per Credit Agreement | Additional Interest per Annum | ||||||||||||||
Chemical Resources Holdings, Inc. | 9.17% | 7.50% | 1.67% | ||||||||||||||
Milrose Consultants, LLC | 7.62% | 7.00% | 0.62% | ||||||||||||||
SourceHOV Tax, Inc. | 7.61% | 7.00% | 0.61% |
Portfolio Company | Investment Type | Range of PIK Option | Range of Cash Option | Maximum PIK Rate Allowed | ||||||||||||||||||||||
Community Intervention Services, Inc. | Subordinated Loan | 0% or 6.00% | 13.00% or 7.00% | 6.00% | ||||||||||||||||||||||
Eblens Holdings, Inc. | Subordinated Loan | 0% or 1.00% | 13.00% or 12.00% | 1.00% | ||||||||||||||||||||||
Master Cutlery, LLC | 0% to 13.00% | 13.00% to 0% | 13.00% | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Base management fees | $ | 1,871 | $ | 2,164 | $ | 5,759 | $ | 6,062 | |||||||
Incentive fees: | |||||||||||||||
Income Incentive Fee | 234 | 1,214 | 1,332 | 3,622 | |||||||||||
Incentive fee waiver | — | — | (441 | ) | — | ||||||||||
Administration fee expense | 436 | 396 | 1,456 | 1,250 | |||||||||||
Distributions paid to affiliates | 501 | 1,002 | 2,004 | 3,005 |
Percentage of Total | Percentage of Total | ||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | ||||||||||||||
Senior secured debt investments (1) | $ | 356,599 | 73.7 | % | 237.9 | % | $ | 336,960 | 73.8 | % | 224.7 | % | |||||||
Subordinated debt investments | 57,103 | 11.8 | 38.1 | 31,564 | 6.9 | 21.1 | |||||||||||||
Preferred equity | 18,878 | 3.9 | 12.6 | 11,875 | 2.6 | 7.9 | |||||||||||||
Common equity, warrants and other | 15,220 | 3.1 | 10.2 | 43,398 | 9.5 | 28.9 | |||||||||||||
Total debt and equity investments | 447,800 | 92.5 | 298.8 | 423,797 | 92.8 | 282.6 | |||||||||||||
Structured Finance Notes | 36,260 | 7.5 | 24.2 | 32,531 | 7.2 | 21.8 | |||||||||||||
Total investments | $ | 484,060 | 100.0 | % | 323.0 | % | $ | 456,328 | 100.0 | % | 304.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Base management fees | $ | 1,876 | $ | 1,869 | $ | 3,710 | $ | 3,888 | |||||||||||||||
Incentive fees: | |||||||||||||||||||||||
Income Incentive Fee | 809 | 215 | 809 | 1,098 | |||||||||||||||||||
Incentive fee waiver | — | — | — | (441) | |||||||||||||||||||
Administration fee expense | 439 | 500 | 1,007 | 1,020 | |||||||||||||||||||
Distributions paid to affiliates | 668 | 503 | 1,276 | 1,510 |
Percentage of Total | Percentage of Total | ||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | ||||||||||||||||||||||||||||||
Senior secured debt investments (1) | $ | 331,982 | 70.8 | % | 184.4 | % | $ | 317,648 | 65.6 | % | 176.5 | % | |||||||||||||||||||||||
Subordinated debt investments | 37,944 | 8.1 | 21.1 | 17,207 | 3.6 | 9.6 | |||||||||||||||||||||||||||||
Preferred equity | 16,232 | 3.5 | 9.0 | 12,289 | 2.5 | 6.8 | |||||||||||||||||||||||||||||
Common equity, warrants and other | 14,887 | 3.2 | 8.3 | 68,637 | 14.2 | 38.1 | |||||||||||||||||||||||||||||
Total debt and equity investments | 401,045 | 85.6 | 222.8 | 415,781 | 85.9 | 231.0 | |||||||||||||||||||||||||||||
Structured Finance Notes | 67,532 | 14.4 | 37.5 | 68,245 | 14.1 | 37.9 | |||||||||||||||||||||||||||||
Total investments | $ | 468,577 | 100.0 | % | 260.3 | % | $ | 484,026 | 100.0 | % | 268.9 | % |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||
United States of America | $ | 441,902 | $ | 418,055 | $ | 505,235 | $ | 484,946 | United States of America | $ | 390,122 | $ | 404,749 | $ | 399,278 | $ | 380,004 | |||||||||||||||||||||
Canada | 1,923 | 1,830 | 3,559 | 3,605 | Canada | 5,980 | 6,072 | 1,921 | 1,905 | |||||||||||||||||||||||||||||
Cayman Islands1 | 36,260 | 32,531 | 23,127 | 21,610 | Cayman Islands1 | 67,532 | 68,245 | 55,860 | 56,425 | |||||||||||||||||||||||||||||
Ireland | — | — | 1,897 | 1,906 | ||||||||||||||||||||||||||||||||||
France | France | 993 | 995 | — | — | |||||||||||||||||||||||||||||||||
Luxembourg | 1,981 | 1,934 | 2,843 | 2,843 | Luxembourg | 1,975 | 1,980 | 1,976 | 1,997 | |||||||||||||||||||||||||||||
Switzerland | 1,994 | 1,978 | 2,010 | 2,021 | Switzerland | 1,975 | 1,985 | 1,988 | 1,992 | |||||||||||||||||||||||||||||
Total investments | $ | 484,060 | $ | 456,328 | $ | 538,671 | $ | 516,931 | Total investments | $ | 468,577 | $ | 484,026 | $ | 461,023 | $ | 442,323 |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||
Administrative and Support and Waste Management and Remediation Services | ||||||||||||||||||||||||||||||||||||||
Convention and Trade Show Organizers | $ | 214 | — | % | 0.1 | % | $ | 28 | — | % | — | % | ||||||||||||||||||||||||||
Landscaping Services | 4,639 | 1.0 | 2.6 | 4,639 | 1.0 | 2.6 | ||||||||||||||||||||||||||||||||
Security Systems Services (except Locksmiths) | 9,799 | 2.1 | % | 5.4 | 9,945 | 2.1 | 5.6 | |||||||||||||||||||||||||||||||
Arts, Entertainment, and Recreation | ||||||||||||||||||||||||||||||||||||||
Other Amusement and Recreation Industries | 20,973 | 4.5 | 11.7 | 20,992 | 4.3 | 11.7 | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Electrical Contractors and Other Wiring Installation Contractors | 17,793 | 3.8 | 9.9 | 12,563 | 2.6 | 7.0 | ||||||||||||||||||||||||||||||||
New Single-Family Housing Construction (except For-Sale Builders) | 842 | 0.2 | 0.5 | 835 | 0.2 | 0.5 | ||||||||||||||||||||||||||||||||
Plumbing, Heating, and Air-Conditioning Contractors | 7,106 | 1.5 | 3.9 | 6,367 | 1.3 | 3.5 | ||||||||||||||||||||||||||||||||
Water and Sewer Line and Related Structures Construction | 628 | 0.1 | 0.3 | 628 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||||
Education Services | ||||||||||||||||||||||||||||||||||||||
Colleges, Universities, and Professional Schools | — | — | — | 6,120 | 1.3 | 3.4 | ||||||||||||||||||||||||||||||||
Professional and Management Development Training | 1,595 | 0.3 | 0.9 | 1,011 | 0.2 | 0.6 | ||||||||||||||||||||||||||||||||
Finance and Insurance | ||||||||||||||||||||||||||||||||||||||
Health Care and Social Assistance | ||||||||||||||||||||||||||||||||||||||
Child Day Care Services | 6,318 | 1.3 | 3.5 | 5,823 | 1.2 | 3.2 | ||||||||||||||||||||||||||||||||
Diagnostic Imaging Centers | 21,627 | 4.6 | 12.0 | 23,652 | 4.8 | 13.1 | ||||||||||||||||||||||||||||||||
Home Health Care Services | 4,206 | 0.9 | 2.3 | 4,250 | 0.9 | 2.3 | ||||||||||||||||||||||||||||||||
Medical Laboratories | 91 | — | 0.1 | 17 | — | — | ||||||||||||||||||||||||||||||||
Offices of Physicians, Mental Health Specialists | 10,810 | 2.3 | 6.0 | 10,886 | 2.2 | 6.0 | ||||||||||||||||||||||||||||||||
Percentage of Total | Percentage of Total | |||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||
Administrative and Support and Waste Management and Remediation Services | ||||||||||||||||||||
Convention and Trade Show Organizers | $ | 214 | — | % | 0.1 | % | $ | 210 | — | % | 0.1 | % | ||||||||
Security Systems Services (except Locksmiths) | 6,533 | 1.3 | % | 4.4 | 4,657 | 1.0 | 3.2 | |||||||||||||
Arts, Entertainment, and Recreation | ||||||||||||||||||||
Other Amusement and Recreation Industries | 20,953 | 4.3 | 14.0 | 19,673 | 4.3 | 13.2 | ||||||||||||||
Construction | ||||||||||||||||||||
Electrical Contractors and Other Wiring Installation Contractors | 17,700 | 3.7 | 11.8 | 14,457 | 3.2 | 9.6 | ||||||||||||||
Plumbing, Heating, and Air-Conditioning Contractors | 8,525 | 1.8 | 5.7 | 7,860 | 1.7 | 5.2 | ||||||||||||||
Education Services | ||||||||||||||||||||
Colleges, Universities, and Professional Schools | — | — | — | 3,356 | 0.7 | 2.2 | ||||||||||||||
Professional and Management Development Training | 11,762 | 2.4 | 7.8 | 11,305 | 2.5 | 7.5 | ||||||||||||||
Finance and Insurance | ||||||||||||||||||||
Direct Health and Medical Insurance Carriers | 396 | 0.1 | 0.3 | 405 | 0.1 | 0.3 | ||||||||||||||
Insurance Agencies and Brokerages | 9,537 | 2.0 | 6.4 | 8,951 | 2.0 | 6.0 | ||||||||||||||
Health Care and Social Assistance | ||||||||||||||||||||
Child Day Care Services | 5,180 | 1.1 | 3.5 | 4,948 | 1.1 | 3.3 | ||||||||||||||
Diagnostic Imaging Centers | 14,278 | 2.9 | 9.5 | 15,658 | 3.4 | 10.4 | ||||||||||||||
Home Health Care Services | 13,636 | 2.8 | 9.1 | 13,766 | 3.0 | 9.1 | ||||||||||||||
Medical Laboratories | 91 | — | 0.1 | 44 | — | — | ||||||||||||||
Offices of Physicians, Mental Health Specialists | 20,721 | 4.3 | 13.8 | 20,163 | 4.4 | 13.5 | ||||||||||||||
Outpatient Mental Health and Substance Abuse Centers | 11,614 | 2.4 | 7.7 | 3,951 | 0.9 | 2.6 | ||||||||||||||
Information |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||
Outpatient Mental Health and Substance Abuse Centers | $ | 4,851 | 1.0 | % | 2.7 | % | $ | 4,829 | 1.0 | % | 2.7 | % | ||||||||||||||||||||||||||
Information | ||||||||||||||||||||||||||||||||||||||
All Other Publishers | 1,994 | 0.4 | 1.1 | 2,001 | 0.4 | 1.1 | ||||||||||||||||||||||||||||||||
All Other Telecommunications | 872 | 0.2 | 0.5 | 862 | 0.2 | 0.5 | ||||||||||||||||||||||||||||||||
Cable and Other Subscription Programming | 2,922 | 0.6 | 1.6 | 2,926 | 0.6 | 1.6 | ||||||||||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | 6,126 | 1.3 | 3.4 | 6,251 | 1.3 | 3.5 | ||||||||||||||||||||||||||||||||
Directory and Mailing List Publishers | 2,257 | 0.5 | 1.3 | 2,351 | 0.5 | 1.3 | ||||||||||||||||||||||||||||||||
Internet Publishing and Broadcasting and Web Search Portals | 2,003 | 0.4 | 1.1 | 2,007 | 0.4 | 1.1 | ||||||||||||||||||||||||||||||||
Motion Picture and Video Production | 3,439 | 0.7 | 1.9 | 3,483 | 0.7 | 1.9 | ||||||||||||||||||||||||||||||||
Software Publishers | 27,687 | 5.9 | 15.4 | 15,054 | 3.1 | 8.4 | ||||||||||||||||||||||||||||||||
Television Broadcasting | 1,967 | 0.4 | 1.1 | 1,199 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||
Manufacturing | ||||||||||||||||||||||||||||||||||||||
Commercial Printing (except Screen and Books) | 4,795 | 1.0 | 2.7 | 4,821 | 1.0 | 2.7 | ||||||||||||||||||||||||||||||||
Current-Carrying Wiring Device Manufacturing | 5,526 | 1.2 | 3.1 | 5,537 | 1.1 | 3.1 | ||||||||||||||||||||||||||||||||
Custom Compounding of Purchased Resins | 15,462 | 3.3 | 8.6 | 17,356 | 3.6 | 9.6 | ||||||||||||||||||||||||||||||||
Other Aircraft Parts and Auxiliary Equipment Manufacturing | 500 | 0.1 | 0.3 | 87 | — | — | ||||||||||||||||||||||||||||||||
Fabricated Pipe and Pipe Fitting Manufacturing | 2,544 | 0.5 | 1.4 | 2,584 | 0.5 | 1.4 | ||||||||||||||||||||||||||||||||
Metal Can Manufacturing | 1,225 | 0.3 | 0.7 | 1,225 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||
Motor Vehicle Body Manufacturing | 1,465 | 0.3 | 0.8 | 1,460 | 0.3 | 0.8 | ||||||||||||||||||||||||||||||||
Other Commercial and Service Industry Machinery Manufacturing | 1,817 | 0.4 | 1.0 | 1,803 | 0.4 | 1.0 | ||||||||||||||||||||||||||||||||
Pharmaceutical Preparation Manufacturing | 2,192 | 0.5 | 1.2 | 51,221 | 10.5 | 28.5 | ||||||||||||||||||||||||||||||||
Pump and Pumping Equipment Manufacturing | 1,501 | 0.3 | 0.8 | 1,300 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||
Travel Trailer and Camper Manufacturing | 11,057 | 2.4 | 6.1 | 12,062 | 2.5 | 6.7 | ||||||||||||||||||||||||||||||||
Truck Trailer Manufacturing | 747 | 0.2 | 0.4 | 749 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||
Unlaminated Plastics Profile Shape Manufacturing | 9,099 | 1.9 | 5.1 | 9,099 | 1.9 | 5.1 | ||||||||||||||||||||||||||||||||
Other Services (except Public Administration) | ||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 572 | 0.1 | 0.3 | 867 | 0.2 | 0.5 | ||||||||||||||||||||||||||||||||
Professional, Scientific, and Technical Services | ||||||||||||||||||||||||||||||||||||||
Administrative Management and General Management Consulting Services | 22,388 | 4.8 | 12.4 | 23,026 | 4.7 | 12.8 | ||||||||||||||||||||||||||||||||
All Other Professional, Scientific, and Technical Services | 2,241 | 0.5 | 1.2 | 2,297 | 0.5 | 1.3 | ||||||||||||||||||||||||||||||||
Management Consulting Services | 749 | 0.2 | 0.4 | 752 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||
Marketing Consulting Services | 5,201 | 1.1 | 2.9 | 5,286 | 1.1 | 2.9 | ||||||||||||||||||||||||||||||||
Other Accounting Services | 21,699 | 4.6 | 12.1 | 22,979 | 4.7 | 12.8 |
Percentage of Total | Percentage of Total | |||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||
Data Processing, Hosting, and Related Services | 11,705 | 2.4 | 7.8 | 12,320 | 2.7 | 8.2 | ||||||||||||||
Software Publishers | 29,980 | 6.2 | 19.9 | 18,041 | 4.0 | 12.1 | ||||||||||||||
Television Broadcasting | 1,982 | 0.4 | 1.3 | 1,554 | 0.3 | 1.0 | ||||||||||||||
Manufacturing | ||||||||||||||||||||
Commercial Printing (except Screen and Books) | 4,786 | 1.0 | 3.2 | 4,549 | 1.0 | 3.0 | ||||||||||||||
Custom Compounding of Purchased Resins | 15,433 | 3.2 | 10.3 | 16,332 | 3.6 | 10.9 | ||||||||||||||
Other Aircraft Parts and Auxiliary Equipment Manufacturing | 5,426 | 1.1 | 3.6 | 4,696 | 1.0 | 3.1 | ||||||||||||||
Other Commercial and Service Industry Machinery Manufacturing | 1,965 | 0.4 | 1.3 | 1,934 | 0.4 | 1.3 | ||||||||||||||
Pharmaceutical Preparation Manufacturing | 5,999 | 1.2 | 4.0 | 37,698 | 8.3 | 25.2 | ||||||||||||||
Plastics Plumbing Fixture Manufacturing | 1,473 | 0.3 | 1.0 | 1,479 | 0.3 | 1.0 | ||||||||||||||
Pump and Pumping Equipment Manufacturing | 1,501 | 0.3 | 1.0 | 1,220 | 0.3 | 0.8 | ||||||||||||||
Semiconductor and Related Device Manufacturing | 471 | 0.1 | 0.3 | 502 | 0.1 | 0.3 | ||||||||||||||
Travel Trailer and Camper Manufacturing | 10,811 | 2.2 | 7.2 | 8,084 | 1.8 | 5.4 | ||||||||||||||
Truck Trailer Manufacturing | 6,987 | 1.4 | 4.7 | 6,915 | 1.5 | 4.6 | ||||||||||||||
Unlaminated Plastics Profile Shape Manufacturing | 8,046 | 1.7 | 5.4 | 7,795 | 1.7 | 5.2 | ||||||||||||||
Other Services (except Public Administration) | ||||||||||||||||||||
Automotive Oil Change and Lubrication Shops | 19,767 | 4.1 | 13.2 | 19,575 | 4.3 | 13.2 | ||||||||||||||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 851 | 0.2 | 0.6 | 811 | 0.2 | 0.5 | ||||||||||||||
Diet and Weight Reducing Centers | 485 | 0.1 | 0.3 | 485 | 0.1 | 0.3 | ||||||||||||||
Professional, Scientific, and Technical Services | ||||||||||||||||||||
Administrative Management and General Management Consulting Services | 25,134 | 5.2 | 16.8 | 25,095 | 5.5 | 16.8 | ||||||||||||||
All Other Professional, Scientific, and Technical Services | 1,923 | 0.4 | 1.3 | 1,830 | 0.4 | 1.2 | ||||||||||||||
Other Accounting Services | 14,663 | 3.0 | 9.8 | 15,422 | 3.4 | 10.3 | ||||||||||||||
Other Computer Related Services | 16,746 | 3.5 | 11.2 | 15,806 | 3.5 | 10.6 | ||||||||||||||
Public Administration | ||||||||||||||||||||
Other Justice, Public Order, and Safety Activities | 703 | 0.1 | 0.5 | 696 | 0.2 | 0.5 | ||||||||||||||
Real Estate and Rental and Leasing | ||||||||||||||||||||
Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing | 499 | 0.1 | 0.3 | 497 | 0.1 | 0.3 | ||||||||||||||
Office Machinery and Equipment Rental and Leasing | 13,964 | 2.9 | 9.3 | 10,265 | 2.2 | 6.8 | ||||||||||||||
Retail Trade | ||||||||||||||||||||
Cosmetics, Beauty Supplies, and Perfume Stores | 7,868 | 1.6 | 5.2 | 7,796 | 1.7 | 5.2 |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||
Other Computer Related Services | $ | 15,076 | 3.2 | % | 8.4 | % | $ | 15,260 | 3.2 | % | 8.5 | % | ||||||||||||||||||||||||||
Public Administration | ||||||||||||||||||||||||||||||||||||||
Other Justice, Public Order, and Safety Activities | 703 | 0.2 | 0.4 | 342 | 0.1 | 0.2 | ||||||||||||||||||||||||||||||||
Real Estate and Rental and Leasing | ||||||||||||||||||||||||||||||||||||||
Office Machinery and Equipment Rental and Leasing | 5,953 | 1.3 | 3.3 | 2,828 | 0.6 | 1.6 | ||||||||||||||||||||||||||||||||
Retail Trade | ||||||||||||||||||||||||||||||||||||||
Automotive Parts and Accessories Stores | 1,710 | 0.4 | 1.0 | 1,730 | 0.4 | 1.0 | ||||||||||||||||||||||||||||||||
Cosmetics, Beauty Supplies, and Perfume Stores | 1,533 | 0.3 | 0.9 | 1,530 | 0.3 | 0.9 | ||||||||||||||||||||||||||||||||
Electronic Shopping and Mail-Order Houses | 4,958 | 1.1 | 2.8 | 4,998 | 1.0 | 2.8 | ||||||||||||||||||||||||||||||||
Shoe store | 9,784 | 2.1 | 5.4 | 8,552 | 1.8 | 4.8 | ||||||||||||||||||||||||||||||||
Sporting Goods Stores | 5,709 | 1.2 | 3.2 | 5,746 | 1.2 | 3.2 | ||||||||||||||||||||||||||||||||
All Other General Merchandise Stores | 499 | 0.1 | 0.3 | 1,308 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||||
Transportation and Warehousing | ||||||||||||||||||||||||||||||||||||||
Freight Transportation Arrangement | 1,966 | 0.4 | 1.1 | 1,972 | 0.4 | 1.1 | ||||||||||||||||||||||||||||||||
Scheduled Passenger Air Transportation | 360 | 0.1 | 0.2 | 380 | 0.1 | 0.2 | ||||||||||||||||||||||||||||||||
Taxi Service | 1,975 | 0.4 | 1.1 | 1,980 | 0.4 | 1.1 | ||||||||||||||||||||||||||||||||
Wholesale Trade | ||||||||||||||||||||||||||||||||||||||
Business to Business Electronic Markets | 2,883 | 0.6 | 1.6 | 2,875 | 0.6 | 1.6 | ||||||||||||||||||||||||||||||||
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | 4,706 | 1.0 | 2.6 | 4,698 | 1.0 | 2.6 | ||||||||||||||||||||||||||||||||
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | 16,424 | 3.5 | 9.1 | 16,566 | 3.4 | 9.2 | ||||||||||||||||||||||||||||||||
Drugs and Druggists' Sundries Merchant Wholesalers | 5,675 | 1.2 | 3.2 | 5,736 | 1.2 | 3.2 | ||||||||||||||||||||||||||||||||
General Line Grocery Merchant Wholesalers | 273 | 0.1 | 0.2 | 283 | 0.1 | 0.2 | ||||||||||||||||||||||||||||||||
Industrial Machinery and Equipment Merchant Wholesalers | 9,691 | 2.1 | 5.4 | 9,549 | 2.0 | 5.3 | ||||||||||||||||||||||||||||||||
Motor Vehicle Parts (Used) Merchant Wholesalers | 15,260 | 3.3 | 8.5 | 15,437 | 3.2 | 8.6 | ||||||||||||||||||||||||||||||||
Sporting and Recreational Goods and Supplies Merchant Wholesalers | 8,208 | 1.8 | 4.6 | 687 | 0.1 | 0.4 | ||||||||||||||||||||||||||||||||
Stationary & Office Supply Merchant Wholesaler | 16,160 | 3.4 | 9.0 | 94 | — | 0.1 | ||||||||||||||||||||||||||||||||
Total debt and equity investments | $ | 401,045 | 85.5 | % | 222.8 | % | $ | 415,781 | 85.9 | % | 231.0 | % | ||||||||||||||||||||||||||
Structured Finance Notes | 67,532 | 14.5 | 37.5 | 68,245 | 14.1 | 37.9 | ||||||||||||||||||||||||||||||||
Total investments | $ | 468,577 | 100.0 | % | 260.3 | % | $ | 484,026 | 100.0 | % | 268.9 | % |
Percentage of Total | Percentage of Total | |||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||
Shoe store | 9,742 | 2.0 | 6.5 | 5,351 | 1.2 | 3.6 | ||||||||||||||
Sporting Goods Stores | 2,911 | 0.6 | 1.9 | 2,942 | 0.6 | 2.0 | ||||||||||||||
All Other General Merchandise Stores | 5,292 | 1.1 | 3.5 | 4,780 | 1.0 | 3.2 | ||||||||||||||
Transportation and Warehousing | ||||||||||||||||||||
Scheduled Passenger Air Transportation | 495 | 0.1 | 0.3 | 504 | 0.1 | 0.3 | ||||||||||||||
Taxi Service | 1,981 | 0.4 | 1.3 | 1,934 | 0.4 | 1.3 | ||||||||||||||
Wholesale Trade | ||||||||||||||||||||
Business to Business Electronic Markets | 2,895 | 0.6 | 1.9 | 2,768 | 0.6 | 1.8 | ||||||||||||||
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | 1,959 | 0.4 | 1.3 | 1,939 | 0.4 | 1.3 | ||||||||||||||
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | 16,590 | 3.4 | 11.1 | 17,122 | 3.8 | 11.5 | ||||||||||||||
General Line Grocery Merchant Wholesalers | 460 | 0.1 | 0.3 | 468 | 0.1 | 0.3 | ||||||||||||||
Industrial Machinery and Equipment Merchant Wholesalers | 9,696 | 2.0 | 6.5 | 9,060 | 2.0 | 6.0 | ||||||||||||||
Industrial Supplies Merchant Wholesalers | 6,901 | 1.4 | 4.6 | 5,402 | 1.2 | 3.6 | ||||||||||||||
Motor Vehicle Parts (Used) Merchant Wholesalers | 14,194 | 2.9 | 9.5 | 13,633 | 3.0 | 9.1 | ||||||||||||||
Sporting and Recreational Goods and Supplies Merchant Wholesalers | 8,247 | 1.7 | 5.5 | — | — | — | ||||||||||||||
Stationary & Office Supply Merchant Wholesaler | 16,129 | 3.3 | 10.8 | 7,093 | 1.6 | 4.7 | ||||||||||||||
Total debt and equity investments | $ | 447,800 | 92.2 | % | 298.7 | % | $ | 423,797 | 92.9 | % | 282.7 | % | ||||||||
Structured Finance Notes | 36,260 | 7.8 | 24.2 | 32,531 | 7.1 | 21.7 | ||||||||||||||
Total investments | $ | 484,060 | 100.0 | % | 322.9 | % | $ | 456,328 | 100.0 | % | 304.4 | % |
Percentage of Total | Percentage of Total | ||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | ||||||||||||||
Senior secured debt investments | $ | 421,970 | 78.3 | % | 253.2 | % | $ | 408,724 | 79.1 | % | 245.3 | % | |||||||
Subordinated debt investments | 56,731 | 10.5 | 34.0 | 43,091 | 8.3 | 25.9 | |||||||||||||
Preferred equity | 21,925 | 4.1 | 13.2 | 17,729 | 3.4 | 10.6 | |||||||||||||
Common equity, warrants and other | 14,919 | 2.8 | 9.0 | 25,777 | 5.0 | 15.5 | |||||||||||||
Total debt and equity investments | 515,545 | 95.7 | % | 309.4 | % | 495,321 | 95.8 | % | 297.3 | % | |||||||||
Structured Finance Notes | 23,126 | 4.3 | 14.0 | 21,610 | 4.2 | 12.9 | |||||||||||||
Total | $ | 538,671 | 100.0 | % | 323.4 | % | $ | 516,931 | 100.0 | % | 310.2 | % |
Percentage of Total | Percentage of Total | ||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | ||||||||||||||||||||||||||||||
Senior secured debt investments | $ | 325,647 | 70.6 | % | 204.9 | % | $ | 306,304 | 69.2 | % | 192.7 | % | |||||||||||||||||||||||
Subordinated debt investments | 45,409 | 9.8 | 28.6 | 15,067 | 3.4 | 9.5 | |||||||||||||||||||||||||||||
Preferred equity | 18,648 | 4.0 | 11.7 | 11,543 | 2.6 | 7.3 | |||||||||||||||||||||||||||||
Common equity, warrants and other | 15,459 | 3.4 | 9.7 | 52,984 | 12.0 | 33.3 | |||||||||||||||||||||||||||||
Total debt and equity investments | 405,163 | 87.8 | % | 254.9 | % | 385,898 | 87.2 | % | 242.8 | % | |||||||||||||||||||||||||
Structured Finance Notes | 55,860 | 12.2 | 35.1 | 56,425 | 12.8 | 35.5 | |||||||||||||||||||||||||||||
Total | $ | 461,023 | 100.0 | % | 290.0 | % | $ | 442,323 | 100.0 | % | 278.3 | % |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||
Administrative and Support and Waste Management and Remediation Services | ||||||||||||||||||||||||||||||||||||||
Convention and Trade Show Organizers | $ | 214 | — | % | 0.1 | % | $ | 210 | — | % | 0.1 | % | ||||||||||||||||||||||||||
Security Systems Services (except Locksmiths) | 6,531 | 1.4 | 4.1 | 3,487 | 0.8 | 2.2 | ||||||||||||||||||||||||||||||||
Arts, Entertainment, and Recreation | ||||||||||||||||||||||||||||||||||||||
Other Amusement and Recreation Industries | 20,967 | 4.5 | 13.3 | 19,973 | 4.5 | 12.6 | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Electrical Contractors and Other Wiring Installation Contractors | 17,837 | 3.9 | 11.2 | 13,137 | 3.0 | 8.3 | ||||||||||||||||||||||||||||||||
Plumbing, Heating, and Air-Conditioning Contractors | 7,607 | 1.7 | 4.8 | 7,294 | 1.6 | 4.6 | ||||||||||||||||||||||||||||||||
Education Services | ||||||||||||||||||||||||||||||||||||||
Colleges, Universities, and Professional Schools | — | — | — | 4,295 | 1.0 | 2.7 | ||||||||||||||||||||||||||||||||
Professional and Management Development Training | 1,595 | 0.3 | 1.0 | 1,306 | 0.3 | 0.8 | ||||||||||||||||||||||||||||||||
Finance and Insurance | ||||||||||||||||||||||||||||||||||||||
Insurance Agencies and Brokerages | 9,544 | 2.1 | 6.0 | 9,302 | 2.1 | 5.9 | ||||||||||||||||||||||||||||||||
Health Care and Social Assistance | ||||||||||||||||||||||||||||||||||||||
Child Day Care Services | 5,178 | 1.1 | 3.3 | 4,656 | 1.1 | 2.9 | ||||||||||||||||||||||||||||||||
Diagnostic Imaging Centers | 21,718 | 4.8 | 13.8 | 23,607 | 5.3 | 14.9 | ||||||||||||||||||||||||||||||||
Home Health Care Services | 4,199 | 0.9 | 2.6 | 4,250 | 1.0 | 2.7 | ||||||||||||||||||||||||||||||||
Medical Laboratories | 91 | — | 0.1 | 38 | — | — | ||||||||||||||||||||||||||||||||
Offices of Physicians, Mental Health Specialists | 21,013 | 4.6 | 13.2 | 20,802 | 4.7 | 13.1 | ||||||||||||||||||||||||||||||||
Outpatient Mental Health and Substance Abuse Centers | 11,615 | 2.5 | 7.3 | 4,105 | 0.9 | 2.6 | ||||||||||||||||||||||||||||||||
Percentage of Total | Percentage of Total | |||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||
Administrative and Support and Waste Management and Remediation Services | ||||||||||||||||||||
Convention and Trade Show Organizers | $ | 500 | 0.1 | % | 0.3 | % | $ | 1,490 | 0.3 | % | 0.9 | % | ||||||||
Security Systems Services (except Locksmiths) | 8,158 | 1.5 | 4.9 | 7,224 | 1.4 | 4.3 | ||||||||||||||
Temporary Help Services | 13,866 | 2.6 | 8.3 | 13,742 | 2.7 | 8.2 | ||||||||||||||
Arts, Entertainment, and Recreation | ||||||||||||||||||||
Other Amusement and Recreation Industries | 18,611 | 3.5 | 11.2 | 18,592 | 3.6 | 11.2 | ||||||||||||||
Construction | ||||||||||||||||||||
Electrical Contractors and Other Wiring Installation Contractors | 16,520 | 3.1 | 9.9 | 14,639 | 2.8 | 8.8 | ||||||||||||||
Plumbing, Heating, and Air-Conditioning Contractors | 8,422 | 1.6 | 5.1 | 9,583 | 1.9 | 5.8 | ||||||||||||||
Education Services | ||||||||||||||||||||
Colleges, Universities, and Professional Schools | — | — | — | — | — | — | ||||||||||||||
Professional and Management Development Training | 11,574 | 2.1 | 6.9 | 11,575 | 2.2 | 6.9 | ||||||||||||||
Finance and Insurance | ||||||||||||||||||||
Direct Health and Medical Insurance Carriers | 395 | 0.1 | 0.2 | 405 | 0.1 | 0.2 | ||||||||||||||
Insurance Agencies and Brokerages | 11,487 | 2.1 | 6.9 | 11,386 | 2.2 | 6.8 | ||||||||||||||
Health Care and Social Assistance | ||||||||||||||||||||
All Other Outpatient Care Centers | 2,001 | 0.4 | 1.2 | 2,015 | 0.4 | 1.2 | ||||||||||||||
Child Day Care Services | 8,126 | 1.5 | 4.9 | 8,266 | 1.6 | 5.0 | ||||||||||||||
Diagnostic Imaging Centers | 14,247 | 2.6 | 8.6 | 14,191 | 2.7 | 8.5 | ||||||||||||||
Freestanding Ambulatory Surgical and Emergency Centers | 2,950 | 0.5 | 1.8 | 2,976 | 0.6 | 1.8 | ||||||||||||||
General Medical and Surgical Hospitals | 2,612 | 0.5 | 1.6 | 2,632 | 0.5 | 1.6 | ||||||||||||||
Home Health Care Services | 16,627 | 3.1 | 10.0 | 16,236 | 3.1 | 9.7 | ||||||||||||||
Medical Laboratories | 91 | — | 0.1 | 22 | — | — | ||||||||||||||
Offices of Physicians, Mental Health Specialists | 20,047 | 3.6 | 12.0 | 19,945 | 3.8 | 12.0 | ||||||||||||||
Outpatient Mental Health and Substance Abuse Centers | 11,609 | 2.2 | 7.0 | 4,000 | 0.8 | 2.4 | ||||||||||||||
Residential Intellectual and Developmental Disability Facilities | 2,991 | 0.6 | 1.8 | 3,006 | 0.6 | 1.8 | ||||||||||||||
Information | ||||||||||||||||||||
Data Processing, Hosting, and Related Services | 11,805 | 2.2 | 7.1 | 11,900 | 2.3 | 7.1 | ||||||||||||||
Internet Publishing and Broadcasting and Web Search Portals | 1,969 | 0.4 | 1.2 | 1,992 | 0.4 | 1.2 | ||||||||||||||
Software Publishers | 41,054 | 7.5 | 24.5 | 38,373 | 7.3 | 22.9 | ||||||||||||||
Television Broadcasting | 1,997 | 0.4 | 1.2 | 1,997 | 0.4 | 1.1 |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||
Information | ||||||||||||||||||||||||||||||||||||||
Data Processing, Hosting, and Related Services | $ | 1,135 | 0.2 | % | 0.7 | % | $ | 1,749 | 0.4 | % | 1.1 | % | ||||||||||||||||||||||||||
Software Publishers | 28,799 | 6.3 | 18.2 | 16,104 | 3.6 | 10.0 | ||||||||||||||||||||||||||||||||
Television Broadcasting | 1,977 | 0.4 | 1.2 | 1,758 | 0.4 | 1.1 | ||||||||||||||||||||||||||||||||
Manufacturing | ||||||||||||||||||||||||||||||||||||||
Commercial Printing (except Screen and Books) | 4,789 | 1.0 | 3.0 | 4,812 | 1.1 | 3.0 | ||||||||||||||||||||||||||||||||
Custom Compounding of Purchased Resins | 15,444 | 3.3 | 9.7 | 17,164 | 3.9 | 10.8 | ||||||||||||||||||||||||||||||||
Other Aircraft Parts and Auxiliary Equipment Manufacturing | 5,431 | 1.2 | 3.4 | 4,275 | 1.0 | 2.7 | ||||||||||||||||||||||||||||||||
Other Commercial and Service Industry Machinery Manufacturing | 1,925 | 0.4 | 1.2 | 1,936 | 0.4 | 1.2 | ||||||||||||||||||||||||||||||||
Pharmaceutical Preparation Manufacturing | 2,205 | 0.5 | 1.4 | 38,213 | 8.7 | 24.1 | ||||||||||||||||||||||||||||||||
Pump and Pumping Equipment Manufacturing | 1,501 | 0.3 | 0.9 | 1,281 | 0.3 | 0.8 | ||||||||||||||||||||||||||||||||
Semiconductor and Related Device Manufacturing | 399 | 0.1 | 0.3 | 434 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||||
Travel Trailer and Camper Manufacturing | 10,911 | 2.4 | 6.9 | 10,812 | 2.4 | 6.8 | ||||||||||||||||||||||||||||||||
Truck Trailer Manufacturing | 8,118 | 1.8 | 5.1 | 8,174 | 1.8 | 5.1 | ||||||||||||||||||||||||||||||||
Unlaminated Plastics Profile Shape Manufacturing | 8,922 | 1.9 | 5.6 | 8,818 | 2.0 | 5.5 | ||||||||||||||||||||||||||||||||
Other Services (except Public Administration) | ||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 572 | 0.1 | 0.4 | 915 | 0.2 | 0.6 | ||||||||||||||||||||||||||||||||
Diet and Weight Reducing Centers | 477 | 0.1 | 0.3 | 479 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||||
Professional, Scientific, and Technical Services | ||||||||||||||||||||||||||||||||||||||
Administrative Management and General Management Consulting Services | 28,503 | 6.3 | 18.0 | 28,729 | 6.6 | 18.2 | ||||||||||||||||||||||||||||||||
All Other Professional, Scientific, and Technical Services | 1,921 | 0.4 | 1.2 | 1,905 | 0.4 | 1.2 | ||||||||||||||||||||||||||||||||
Marketing Consulting Services | 5,229 | 1.1 | 3.3 | 5,229 | 1.2 | 3.3 | ||||||||||||||||||||||||||||||||
Other Accounting Services | 21,621 | 4.7 | 13.7 | 22,238 | 5.0 | 14.0 | ||||||||||||||||||||||||||||||||
Other Computer Related Services | 16,247 | 3.5 | 10.2 | 16,000 | 3.6 | 10.1 | ||||||||||||||||||||||||||||||||
Public Administration | ||||||||||||||||||||||||||||||||||||||
Other Justice, Public Order, and Safety Activities | 703 | 0.2 | 0.4 | 676 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||
Real Estate and Rental and Leasing | ||||||||||||||||||||||||||||||||||||||
Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing | 496 | 0.1 | 0.3 | 499 | 0.1 | 0.3 | ||||||||||||||||||||||||||||||||
Office Machinery and Equipment Rental and Leasing | 5,953 | 1.3 | 3.7 | 2,736 | 0.6 | 1.7 | ||||||||||||||||||||||||||||||||
Retail Trade | ||||||||||||||||||||||||||||||||||||||
Cosmetics, Beauty Supplies, and Perfume Stores | 6,738 | 1.5 | 4.2 | 6,701 | 1.5 | 4.2 |
Percentage of Total | Percentage of Total | |||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||
Wired Telecommunications Carriers | 1,972 | 0.4 | 1.2 | 1,980 | 0.4 | 1.2 | ||||||||||||||
Manufacturing | ||||||||||||||||||||
Commercial Printing (except Screen and Books) | $ | 4,778 | 0.9 | % | 2.9 | % | $ | 4,591 | 0.9 | % | 2.8 | % | ||||||||
Custom Compounding of Purchased Resins | 15,405 | 2.9 | 9.2 | 16,408 | 3.2 | 9.8 | ||||||||||||||
Motor Vehicle Body Manufacturing | 1,970 | 0.4 | 1.2 | 1,997 | 0.4 | 1.2 | ||||||||||||||
Other Aircraft Parts and Auxiliary Equipment Manufacturing | 5,412 | 1.0 | 3.2 | 4,213 | 0.8 | 2.5 | ||||||||||||||
Other Commercial and Service Industry Machinery Manufacturing | 2,229 | 0.4 | 1.3 | 2,262 | 0.4 | 1.4 | ||||||||||||||
Pharmaceutical and Medicine Manufacturing | 853 | 0.2 | 0.5 | 853 | 0.2 | 0.5 | ||||||||||||||
Pharmaceutical Preparation Manufacturing | 7,931 | 1.5 | 4.8 | 19,694 | 3.8 | 11.8 | ||||||||||||||
Plastics Plumbing Fixture Manufacturing | 1,484 | 0.3 | 0.9 | 1,498 | 0.3 | 0.9 | ||||||||||||||
Pump and Pumping Equipment Manufacturing | 1,501 | 0.3 | 0.9 | 1,607 | 0.3 | 1.0 | ||||||||||||||
Travel Trailer and Camper Manufacturing | 10,520 | 2.0 | 6.3 | 8,717 | 1.7 | 5.2 | ||||||||||||||
Truck Trailer Manufacturing | 6,990 | 1.3 | 4.2 | 6,690 | 1.3 | 4.0 | ||||||||||||||
Unlaminated Plastics Profile Shape Manufacturing | 10,046 | 1.9 | 6.0 | 9,959 | 1.9 | 6.0 | ||||||||||||||
Other Services (except Public Administration) | ||||||||||||||||||||
Automotive Oil Change and Lubrication Shops | 20,165 | 3.6 | 12.1 | 20,458 | 3.9 | 12.3 | ||||||||||||||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 19,106 | 3.4 | 11.5 | 18,265 | 3.5 | 11.0 | ||||||||||||||
Communication Equipment Repair and Maintenance | 4,493 | 0.8 | 2.7 | 4,512 | 0.9 | 2.7 | ||||||||||||||
Professional, Scientific, and Technical Services | ||||||||||||||||||||
Administrative Management and General Management Consulting Services | 17,496 | 3.2 | 10.5 | 17,492 | 3.4 | 10.5 | ||||||||||||||
Advertising Agencies | 1,987 | 0.4 | 1.2 | 2,001 | 0.4 | 1.2 | ||||||||||||||
All Other Professional, Scientific, and Technical Services | 1,925 | 0.4 | 1.2 | 1,925 | 0.4 | 1.2 | ||||||||||||||
Other Accounting Services | 1,698 | 0.3 | 1.0 | 2,250 | 0.4 | 1.4 | ||||||||||||||
Other Computer Related Services | 18,242 | 3.4 | 10.9 | 18,353 | 3.6 | 11.0 | ||||||||||||||
Testing Laboratories | 1,987 | 0.4 | 1.2 | 2,004 | 0.4 | 1.2 | ||||||||||||||
Public Administration | ||||||||||||||||||||
Other Justice, Public Order, and Safety Activities | 9,846 | 1.8 | 5.9 | 407 | 0.1 | 0.2 | ||||||||||||||
Public Finance Activities | 1,941 | 0.4 | 1.2 | 2,007 | 0.4 | 1.2 | ||||||||||||||
Real Estate and Rental and Leasing | ||||||||||||||||||||
Office Machinery and Equipment Rental and Leasing | 13,698 | 2.5 | 8.2 | 14,342 | 2.8 | 8.6 |
Percentage of Total | Percentage of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Total | Percentage of Total | Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Amortized Cost | Net Assets | Fair Value | Fair Value | Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail Trade | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cosmetics, Beauty Supplies, and Perfume Stores | $ | 6,419 | 1.2 | % | 3.9 | % | $ | 6,363 | 1.2 | % | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Shoe Store | 9,675 | 1.8 | 5.8 | 9,917 | 1.9 | 6.0 | Shoe Store | 9,748 | 2.1 | 6.1 | 4,368 | 1.0 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||
Sporting Goods Stores | 1,921 | 0.4 | 1.2 | 1,983 | 0.4 | 1.2 | Sporting Goods Stores | $ | 2,907 | 0.6 | % | 1.8 | % | $ | 2,968 | 0.7 | % | 1.9 | % | |||||||||||||||||||||||||||||||||||||||
Supermarkets and Other Grocery (except Convenience) Stores | 1,081 | 0.2 | 0.6 | 1,094 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other General Merchandise Stores | 5,402 | 1.0 | 3.2 | 5,020 | 1.0 | 3.0 | All Other General Merchandise Stores | 5,252 | 1.1 | 3.3 | 5,060 | 1.1 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation and Warehousing | Transportation and Warehousing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Warehousing and Storage | 13,790 | 2.6 | 8.3 | 14,165 | 2.7 | 8.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Passenger Air Transportation | Scheduled Passenger Air Transportation | 495 | 0.1 | 0.3 | 520 | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Taxi Service | 1,990 | 0.4 | 1.2 | 1,990 | 0.4 | 1.2 | Taxi Service | 1,976 | 0.4 | 1.2 | 1,997 | 0.5 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | Wholesale Trade | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business to Business Electronic Markets | 3,920 | 0.7 | 2.4 | 3,960 | 0.8 | 2.4 | Business to Business Electronic Markets | 2,891 | 0.6 | 1.8 | 2,875 | 0.6 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | 3,955 | 0.7 | 2.4 | 3,976 | 0.8 | 2.4 | Computer and Computer Peripheral Equipment and Software Merchant Wholesalers | 1,955 | 0.4 | 1.2 | 1,942 | 0.4 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers | 16,392 | 3.6 | 10.3 | 16,777 | 3.8 | 10.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Line Grocery Merchant Wholesalers | General Line Grocery Merchant Wholesalers | 275 | 0.1 | 0.2 | 284 | 0.1 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial Machinery and Equipment Merchant Wholesalers | 9,700 | 1.8 | 5.8 | 9,662 | 1.9 | 5.8 | Industrial Machinery and Equipment Merchant Wholesalers | 9,696 | 2.1 | 6.1 | 9,179 | 2.1 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||
Industrial Supplies Merchant Wholesalers | 6,883 | 1.3 | 4.1 | 6,584 | 1.3 | 4.0 | Industrial Supplies Merchant Wholesalers | 6,908 | 1.5 | 4.3 | 5,476 | 1.2 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||
Motor Vehicle Parts (Used) Merchant Wholesalers | 13,119 | 2.4 | 7.9 | 13,119 | 2.5 | 7.9 | Motor Vehicle Parts (Used) Merchant Wholesalers | 14,167 | 3.1 | 8.9 | 13,581 | 3.1 | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||
Other Grocery and Related Products Merchant Wholesalers | 1,995 | 0.4 | 1.2 | 2,003 | 0.4 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sporting and Recreational Goods and Supplies Merchant Wholesalers | 8,247 | 1.5 | 4.9 | 255 | — | 0.2 | Sporting and Recreational Goods and Supplies Merchant Wholesalers | 8,247 | 1.8 | 5.2 | 346 | 0.1 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Stationery and Office Supplies Merchant Wholesalers | 16,113 | 3.0 | 9.7 | 14,559 | 2.8 | 8.7 | Stationery and Office Supplies Merchant Wholesalers | 16,129 | 3.5 | 10.1 | 2,426 | 0.5 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||
Total debt and equity investments | $ | 515,545 | 95.7 | % | 309.4 | % | $ | 495,321 | 95.8 | % | 297.3 | % | Total debt and equity investments | $ | 405,163 | 87.9 | % | 254.9 | % | $ | 385,898 | 87.2 | % | 242.8 | % | |||||||||||||||||||||||||||||||||
Structured Finance Notes | 23,126 | 4.3 | 14.0 | 21,610 | 4.2 | 12.9 | Structured Finance Notes | 55,860 | 12.1 | 35.1 | 56,425 | 12.8 | 35.5 | |||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 538,671 | 100.0 | % | 323.4 | % | $ | 516,931 | 100.0 | % | 310.2 | % | Total investments | $ | 461,023 | 100.0 | % | 290.0 | % | $ | 442,323 | 100.0 | % | 278.3 | % |
Security | Level 1 | Level 2 | Level 3 | Fair Value at June 30, 2021 | ||||||||||||||||||||||
Debt investments | $ | — | $ | 66,139 | $ | 268,716 | $ | 334,855 | ||||||||||||||||||
Equity investments | — | — | 80,926 | 80,926 | ||||||||||||||||||||||
Structured Finance Notes | — | — | 68,245 | 68,245 | ||||||||||||||||||||||
$ | — | $ | 66,139 | $ | 417,887 | $ | 484,026 |
Security | Level 1 | Level 2 | Level 3 | Fair Value at September 30, 2020 | ||||||||||||
Debt investments | $ | — | $ | 23,547 | $ | 344,977 | $ | 368,524 | ||||||||
Equity investments | — | — | 55,273 | 55,273 | ||||||||||||
Structured Finance Notes | — | — | 32,531 | 32,531 | ||||||||||||
$ | — | $ | 23,547 | $ | 432,781 | $ | 456,328 |
Security | Level 1 | Level 2 | Level 3 | Fair Value at December 31, 2019 | ||||||||||||
Debt investments | $ | — | $ | 74,666 | $ | 377,149 | $ | 451,815 | ||||||||
Equity investments | — | — | 43,506 | 43,506 | ||||||||||||
Structured Finance Notes | — | — | 21,610 | 21,610 | ||||||||||||
$ | — | $ | 74,666 | $ | 442,265 | $ | 516,931 |
Security | Level 1 | Level 2 | Level 3 | Fair Value at December 31, 2020 | ||||||||||||||||||||||
Debt investments | $ | — | $ | 22,226 | $ | 299,145 | $ | 321,371 | ||||||||||||||||||
Equity investments | — | — | 64,527 | 64,527 | ||||||||||||||||||||||
Structured Finance Notes | — | — | 56,425 | 56,425 | ||||||||||||||||||||||
$ | — | $ | 22,226 | $ | 420,097 | $ | 442,323 |
Fair Value at September 30, 2020 | Valuation technique | Unobservable inputs | Range (Weighted average) | ||||||
Debt investments: | |||||||||
Senior secured | $ | 287,788 | Discounted cash flow | Discount rates | 7.28% - 24.42% (10.43%) | ||||
Senior secured | 13,961 | Market approach | EBITDA multiples | 8.50x - 8.50x (8.50x) | |||||
Senior secured | 11,664 | Market approach | Revenue multiples | 1.27x - 1.27x (1.27x) | |||||
Subordinated | 19,120 | Discounted cash flow | Discount rates | 10.92% - 24.50% (19.61%) | |||||
Subordinated | 12,444 | Market approach | EBITDA multiples | 3.87x - 7.5x (5.94x) | |||||
Subordinated | — | Market approach | Revenue multiples | 0.10x - 0.18x (0.14x) | |||||
Structured Finance Notes | |||||||||
Subordinated notes (3) | 30,925 | Discounted cash flow | Discount rates | 20.00% - 24.50% (21.92%) | |||||
Constant Default Rate(1) | 2.00% - 2.00% (2.00%) | ||||||||
Constant Default Rate(2) | 3.00% - 3.00% (3.00%) | ||||||||
Recovery Rate | 60.00% - 60.00% (60.00%) | ||||||||
Mezzanine debt | 1,606 | Discounted cash flow | Discount rates | 8.60% - 10.50% (9.79%) | |||||
Constant Default Rate(1) | 0.00% - 2.00% (1.01%) | ||||||||
Constant Default Rate(2) | 3.00% - 3.00% (3.00%) | ||||||||
Recovery Rate | 60.00% - 60.00% (60.00%) | ||||||||
Equity investments: | |||||||||
Preferred equity | 10,827 | Market approach | EBITDA multiples | 6.50x - 8.50x (7.29x) | |||||
Preferred equity | 1,048 | Market approach | Revenue multiples | 0.18x - 1.42x (0.87x) | |||||
Common equity, warrants and other | 43,382 | Market approach | EBITDA multiples | 3.75x - 11.00x (7.98x) | |||||
Common equity, warrants and other | 16 | Market approach | Revenue multiples | 0.18x - 1.42x (0.39x) | |||||
$ | 432,781 |
Fair Value at June 30, 2021 | Valuation technique | Unobservable inputs | Range (Weighted average) | ||||||||||||||||||||
Debt investments: | |||||||||||||||||||||||
Senior secured | $ | 220,384 | Discounted cash flow | Discount rates | 5.27% - 14.74% (9.18%) | ||||||||||||||||||
Senior secured | 19,407 | Market approach | Revenue multiples | 0.52x - 0.70x (0.58x) | |||||||||||||||||||
Senior secured | 11,718 | Market approach | Transaction Price | ||||||||||||||||||||
Subordinated | 16,426 | Discounted cash flow | Discount rates | 17.49% - 20.69% (19.13%) | |||||||||||||||||||
Subordinated | 94 | Market approach | EBITDA multiples | 3.86x - 3.86x (3.86x) | |||||||||||||||||||
Subordinated | 687 | Market approach | Revenue multiples | 0.27x - 0.27x (0.27x) | |||||||||||||||||||
Structured Finance Notes | |||||||||||||||||||||||
Subordinated notes (3) | 65,452 | Discounted cash flow | Discount rates | 8.00% - 17.50% (13.41%) | |||||||||||||||||||
Constant Default Rate(1) | 0.00% - 2.00% (1.78%) | ||||||||||||||||||||||
Constant Default Rate(2) | 2.00% - 2.00% (2.00%) | ||||||||||||||||||||||
Recovery rate | 60.00% - 60.00% (60.00%) | ||||||||||||||||||||||
Mezzanine debt | 2,793 | Discounted cash flow | Discount Margin | 7.25% - 8.70% (7.81%) | |||||||||||||||||||
Constant Default Rate(1) | 0.00% - 3.00% (1.65%) | ||||||||||||||||||||||
Constant Default Rate(2) | 2.00% - 3.00% (2.36%) | ||||||||||||||||||||||
Recovery rate | 60.00% - 60.00% (60.00%) | ||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Preferred equity | 11,382 | Market approach | EBITDA multiples | 6.50x - 8.00x (7.30x) | |||||||||||||||||||
Preferred equity | 907 | Market approach | Revenue multiples | 0.15x - 3.00x (0.95x) | |||||||||||||||||||
Common equity, warrants and other | 68,545 | Market approach | EBITDA multiples | 3.75x - 12.27x (8.11x) | |||||||||||||||||||
Common equity, warrants and other | 92 | Market approach | Revenue multiples | 0.15x - 3.25x (3.08x) | |||||||||||||||||||
$ | 417,887 |
Fair Value at December 31, 2019 | Valuation technique | Unobservable inputs | Range (Weighted average) | ||||||
Debt investments: | |||||||||
Senior secured | $ | 295,835 | Discounted cash flow | Discount rates | 5.64% - 17.42% (11.17%) | ||||
Senior secured | 15,031 | Market approach | EBITDA multiples | 8.09x - 13.22x (13.08x) | |||||
Senior secured | 23,193 | Market approach | Transaction Price | ||||||
Subordinated | 35,371 | Discounted cash flow | Discount rates | 6.38% - 18.86% (14.32%) | |||||
Subordinated | 7,464 | Market approach | EBITDA multiples | 4.75x - 6.35x (6.35x) | |||||
Subordinated | 255 | Market approach | Revenue multiple | ||||||
Structured Finance Notes: | |||||||||
Subordinated Notes(2) | 21,610 | Discounted cash flow | Discount rates | 14.50% - 19.50% (17.16%) | |||||
Constant default rate(1) | 1.26% - 1.40% (1.33%) | ||||||||
Recovery rate | 69.30% - 70.00% (69.70%) | ||||||||
Equity investments: | |||||||||
Preferred equity | 13,185 | Market approach | EBITDA multiples | 6.25x - 13.22x (4.96x) | |||||
Preferred equity | 2,424 | Market approach | Revenue multiples | 0.23x - 9.58x (9.58x) | |||||
Preferred equity | 2,120 | Market approach | Recurring monthly revenue | 40.00x - 40.00x (40.00x) | |||||
Common equity, warrants and other | 22,788 | Market approach | EBITDA multiples | 4.50x - 13.22x (13.03x) | |||||
Common equity, warrants and other | 1,489 | Market approach | Revenue multiples | 0.23x - 7.00x (7.00x) | |||||
Common equity, warrants and other | 1,500 | Transaction Price | |||||||
$ | 442,265 |
Fair Value at December 31, 2020 | Valuation technique | Unobservable inputs | Range (Weighted average) | ||||||||||||||||||||
Debt investments: | |||||||||||||||||||||||
Senior secured | $ | 256,042 | Discounted cash flow | Discount rates | 6.30% - 24.43% (10.18%) | ||||||||||||||||||
Senior secured | 12,668 | Market approach | EBITDA multiples | 8.50x - 8.50x (8.50x) | |||||||||||||||||||
Senior secured | 9,257 | Market approach | Revenue multiples | 0.86x - 0.86x (0.86x) | |||||||||||||||||||
Senior secured | 6,111 | Market approach | Transaction Price | ||||||||||||||||||||
Subordinated | 7,822 | Discounted cash flow | Discount rates | 17.83% - 17.83% (17.83%) | |||||||||||||||||||
Subordinated | 6,794 | Market approach | EBITDA multiples | 7.05x - 9.10x (7.78x) | |||||||||||||||||||
Subordinated | 451 | Market approach | Revenue multiples | 0.10x - 0.20x (0.18x) | |||||||||||||||||||
Structured Finance Notes: | |||||||||||||||||||||||
Subordinated notes(1) | 54,724 | Discounted cash flow | Discount rates | 15.00% - 19.50% (17.79%) | |||||||||||||||||||
Constant default rate | 0.00% - 2.00% (1.63%) | ||||||||||||||||||||||
Constant default rate after 6 months | 2.00% - 2.00% (2.00%) | ||||||||||||||||||||||
Recovery rate | 60.00% - 60.00% (60.00%) | ||||||||||||||||||||||
Mezzanine debt | 1,701 | Discounted cash flow | Discount Margin | 7.25% - 9.45% (8.58%) | |||||||||||||||||||
Constant default rate | 0.00% - 2.00% (1.01%) | ||||||||||||||||||||||
Constant default rate after 9 months | 2.00% - 3.00% (2.49%) | ||||||||||||||||||||||
Recovery rate | 60.00% - 60.00% (60.00%) | ||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Preferred equity | 10,395 | Market approach | EBITDA multiples | 4.73x - 8.50x (7.37x) | |||||||||||||||||||
Preferred equity | 1,148 | Market approach | Revenue multiples | 0.20x - 1.56x (0.96x) | |||||||||||||||||||
Common equity and warrants | 52,969 | Market approach | EBITDA multiples | 3.75x - 11.50x (8.10x) | |||||||||||||||||||
Common equity and warrants | 15 | Market approach | Revenue multiples | 0.20x - 1.56x (0.47x) | |||||||||||||||||||
$ | 420,097 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Senior Secured Debt Investments | Subordinated Debt Investments | Preferred Equity | Common Equity, Warrants and Other | Structured Finance Notes | Total | ||||||||||||||||||||||||||||||
Level 3 assets, January 1, 2021 | $ | 284,078 | $ | 15,067 | $ | 11,543 | $ | 52,984 | $ | 56,425 | $ | 420,097 | |||||||||||||||||||||||
Net realized loss on investments | (321) | (7,548) | (3,093) | — | — | (10,962) | |||||||||||||||||||||||||||||
Net unrealized appreciation on investments | 3,672 | 9,605 | 3,734 | 15,653 | 148 | 32,812 | |||||||||||||||||||||||||||||
Amortization of Net Loan Fees | 1,061 | 43 | — | — | 46 | 1,150 | |||||||||||||||||||||||||||||
Accretion of interest income on structured-finance notes | — | — | — | — | 4,670 | 4,670 | |||||||||||||||||||||||||||||
Capitalized PIK interest and dividends | 679 | 222 | 105 | — | — | 1,006 | |||||||||||||||||||||||||||||
Amendment fees | (97) | — | — | — | — | (97) | |||||||||||||||||||||||||||||
Purchase and origination of portfolio investments | 53,718 | — | — | — | 21,912 | 75,630 | |||||||||||||||||||||||||||||
Proceeds from principal payments on portfolio investments | (81,523) | (91) | — | — | (8,600) | (90,214) | |||||||||||||||||||||||||||||
Sale and redemption of portfolio investments | (8,863) | (91) | — | — | — | (8,954) | |||||||||||||||||||||||||||||
Proceeds from distributions received from portfolio investments | — | — | — | — | (6,356) | (6,356) | |||||||||||||||||||||||||||||
Transfers out of Level 3 | (895) | — | — | — | — | (895) | |||||||||||||||||||||||||||||
Level 3 assets, June 30, 2021 | $ | 251,509 | $ | 17,207 | $ | 12,289 | $ | 68,637 | $ | 68,245 | $ | 417,887 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Senior Secured Debt Investments | Subordinated Debt Investments | Preferred Equity | Common Equity, Warrants and Other | Structured Finance Notes | Total | ||||||||||||||||||
Level 3 assets, January 1, 2020 | $ | 334,059 | $ | 43,090 | $ | 17,729 | $ | 25,777 | $ | 21,610 | $ | 442,265 | |||||||||||
Net realized gain (loss) on investments | (9,396 | ) | — | 51 | (497 | ) | — | (9,842 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) on investments | (5,039 | ) | (11,895 | ) | (2,808 | ) | 17,320 | (2,211 | ) | (4,633 | ) | ||||||||||||
Amortization of Net Loan Fees | 854 | 16 | — | — | — | 870 | |||||||||||||||||
Accretion of interest income on structured-finance notes | — | — | — | — | 4,141 | 4,141 | |||||||||||||||||
Capitalized PIK interest and dividends | 859 | 375 | 388 | — | — | 1,622 | |||||||||||||||||
Amendment fees | (9 | ) | (22 | ) | — | — | — | (31 | ) | ||||||||||||||
Purchase and origination of portfolio investments | 57,261 | — | 160 | 95 | 13,605 | 71,121 | |||||||||||||||||
Proceeds from principal payments on portfolio investments | (54,157 | ) | — | — | — | — | (54,157 | ) | |||||||||||||||
Sale and redemption of portfolio investments | (9,717 | ) | — | (3,645 | ) | — | — | (13,362 | ) | ||||||||||||||
Proceeds from distributions received from portfolio investments | — | — | — | — | (4,614 | ) | (4,614 | ) | |||||||||||||||
Conversion from debt investment to equity investment (Note 4) | (703 | ) | — | — | 703 | — | — | ||||||||||||||||
Transfers out of Level 3 | (599 | ) | — | — | — | — | (599 | ) | |||||||||||||||
Level 3 assets, September 30, 2020 | $ | 313,413 | $ | 31,564 | $ | 11,875 | $ | 43,398 | $ | 32,531 | $ | 432,781 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Senior Secured Debt Investments | Subordinated Debt Investments | Preferred Equity | Common Equity, Warrants and Other | Structured Finance Notes | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets, January 1, 2020 | Level 3 assets, January 1, 2020 | $ | 334,059 | $ | 43,090 | $ | 17,729 | $ | 25,777 | $ | 21,610 | $ | 442,265 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Debt Investments | Subordinated Debt Investments | Preferred Equity | Common Equity, Warrants and Other | Structured Finance Notes | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets, January 1, 2019 | $ | 319,017 | $ | 44,540 | $ | 14,613 | $ | 18,627 | $ | — | $ | 396,797 | ||||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments | 186 | — | (900 | ) | — | — | (714 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized loss on investments | Net realized loss on investments | (9,217) | — | — | — | — | (9,217) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (7,551 | ) | (709 | ) | 1,885 | 3,025 | (1,172 | ) | (4,522 | ) | Net unrealized appreciation (depreciation) on investments | (10,855) | (7,590) | (2,668) | 5,986 | (3,707) | (18,834) | |||||||||||||||||||||||||||||||||||||||||
Amortization of Net Loan Fees | 724 | 64 | — | — | — | 788 | Amortization of Net Loan Fees | 642 | — | — | — | — | 642 | |||||||||||||||||||||||||||||||||||||||||||||
Accretion of interest income on structured-finance notes | — | — | — | — | 2,001 | 2,001 | Accretion of interest income on structured-finance notes | — | — | — | — | 2,626 | 2,626 | |||||||||||||||||||||||||||||||||||||||||||||
Capitalized PIK interest and dividends | 338 | 274 | 659 | — | — | 1,271 | Capitalized PIK interest and dividends | 586 | 255 | 341 | — | — | 1,182 | |||||||||||||||||||||||||||||||||||||||||||||
Amendment fees | — | (90 | ) | — | — | — | (90 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase and origination of portfolio investments | 90,782 | — | 2,309 | 1,813 | 23,341 | 118,245 | Purchase and origination of portfolio investments | 48,678 | — | — | 95 | 12,791 | 61,564 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from principal payments on portfolio investments | (30,750 | ) | — | — | — | — | (30,750 | ) | Proceeds from principal payments on portfolio investments | (50,158) | — | — | — | — | (50,158) | |||||||||||||||||||||||||||||||||||||||||||
Sale and redemption of portfolio investments | (30,316 | ) | — | — | — | — | (30,316 | ) | Sale and redemption of portfolio investments | (9,696) | — | (3,645) | — | — | (13,341) | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from distributions received from portfolio investments | — | — | — | — | (1,976 | ) | (1,976 | ) | Proceeds from distributions received from portfolio investments | — | — | — | — | (3,290) | (3,290) | |||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (628 | ) | — | — | — | — | (628 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets, September 30, 2019 | $ | 341,802 | $ | 44,079 | $ | 18,566 | $ | 23,465 | $ | 22,194 | $ | 450,106 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion from debt investment to equity investment (Note 4) | Conversion from debt investment to equity investment (Note 4) | (703) | — | — | 703 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in to Level 3 | Transfers in to Level 3 | 2,915 | — | — | — | — | 2,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 assets, June 30, 2020 | Level 3 assets, June 30, 2020 | $ | 306,251 | $ | 35,755 | $ | 11,757 | $ | 32,561 | $ | 30,030 | $ | 416,354 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Senior secured debt investments | $ | 2,796 | $ | (22,112) | |||||||
Subordinated debt investments | 2,071 | (7,590) | |||||||||
Preferred equity | 737 | (2,666) | |||||||||
Common equity, warrants and other | 15,653 | 5,986 | |||||||||
Structured Finance Notes | 160 | (3,707) | |||||||||
Net unrealized appreciation (depreciation) on investments held | $ | 21,417 | $ | (30,089) |
Nine Months Ended September 30, | |||||||
2020 | 2019 | ||||||
Senior secured debt investments | $ | (15,145 | ) | $ | (7,993 | ) | |
Subordinated debt investments | (11,899 | ) | (709 | ) | |||
Preferred equity | (2,801 | ) | 1,074 | ||||
Common equity, warrants and other | 18,310 | 3,025 | |||||
Structured Finance Notes | (2,212 | ) | (1,172 | ) | |||
Net unrealized depreciation on investments held | $ | (13,747 | ) | $ | (5,775 | ) |
As of September 30, 2020 | As of December 31, 2019 | As of June 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Description | Carrying Value | Fair Value | Carrying Value | Fair Value | Description | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | PWB Credit Facility | $ | — | $ | — | $ | 600 | $ | 600 | |||||||||||||||||||||
BNP Facility | 24,650 | 24,650 | 56,450 | 56,450 | BNP Facility | 24,050 | 24,050 | 31,450 | 31,450 | |||||||||||||||||||||||||||||
Unsecured Notes Due September 2023 | 24,035 | 24,500 | — | — | Unsecured Notes Due September 2023 | 24,269 | 25,500 | 24,106 | 25,100 | |||||||||||||||||||||||||||||
Unsecured Notes Due April 2025 | 48,826 | 46,260 | 48,634 | 50,600 | Unsecured Notes Due April 2025 | — | — | 48,891 | 48,800 | |||||||||||||||||||||||||||||
Unsecured Notes Due October 2025 | 47,277 | 45,749 | 47,093 | 49,282 | Unsecured Notes Due October 2025 | — | — | 47,339 | 47,069 | |||||||||||||||||||||||||||||
Unsecured Notes Due February 2026 | Unsecured Notes Due February 2026 | 121,685 | 123,149 | — | — | |||||||||||||||||||||||||||||||||
Unsecured Notes Due October 2026 | 52,544 | 48,262 | 52,325 | 54,282 | Unsecured Notes Due October 2026 | 52,764 | 54,977 | 52,617 | 51,066 | |||||||||||||||||||||||||||||
SBA-guaranteed debentures | 127,355 | 142,003 | 147,976 | 155,562 | SBA-guaranteed debentures | 94,640 | 99,857 | 104,182 | 116,172 | |||||||||||||||||||||||||||||
Total debt, at fair value | $ | 324,687 | $ | 331,424 | $ | 352,478 | $ | 366,176 | Total debt, at fair value | $ | 317,408 | $ | 327,533 | $ | 309,185 | $ | 320,257 |
June 30, 2021 | |||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 (1) | Total | |||||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
BNP Facility | — | — | 24,050 | 24,050 | |||||||||||||||||||
Unsecured Notes Due September 2023 | 25,500 | — | — | 25,500 | |||||||||||||||||||
Unsecured Notes Due February 2026 | — | — | 123,149 | 123,149 | |||||||||||||||||||
Unsecured Notes Due October 2026 | 54,977 | — | — | 54,977 | |||||||||||||||||||
SBA-guaranteed debentures | — | — | 99,857 | 99,857 | |||||||||||||||||||
Total debt, at fair value | $ | 80,477 | $ | — | $ | 247,056 | $ | 327,533 |
September 30, 2020 | |||||||||||||||
Description | Level 1 | Level 2 | Level 3 (1) | Total | |||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | |||||||
BNP Facility | — | — | 24,650 | 24,650 | |||||||||||
Unsecured Notes Due September 2023 | 24,500 | — | — | 24,500 | |||||||||||
Unsecured Notes Due April 2025 | 46,260 | — | — | 46,260 | |||||||||||
Unsecured Notes Due October 2025 | 45,749 | — | — | 45,749 | |||||||||||
Unsecured Notes Due October 2026 | 48,262 | — | — | 48,262 | |||||||||||
SBA-guaranteed debentures | — | — | 142,003 | 142,003 | |||||||||||
Total debt, at fair value | $ | 164,771 | $ | — | $ | 166,653 | $ | 331,424 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 (1) | Total | Description | Level 1 | Level 2 | Level 3 (1) | Total | |||||||||||||||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | PWB Credit Facility | $ | — | $ | — | $ | 600 | $ | 600 | |||||||||||||||||||||
BNP Facility | — | — | 56,450 | 56,450 | BNP Facility | — | — | 31,450 | 31,450 | |||||||||||||||||||||||||||||
Unsecured Notes Due September 2023 | Unsecured Notes Due September 2023 | 25,100 | — | — | 25,100 | |||||||||||||||||||||||||||||||||
Unsecured Notes Due April 2025 | 50,600 | — | — | 50,600 | Unsecured Notes Due April 2025 | 48,800 | — | — | 48,800 | |||||||||||||||||||||||||||||
Unsecured Notes Due October 2025 | 49,282 | — | — | 49,282 | Unsecured Notes Due October 2025 | 47,069 | — | — | 47,069 | |||||||||||||||||||||||||||||
Unsecured Notes Due October 2026 | 54,282 | — | — | 54,282 | Unsecured Notes Due October 2026 | 51,066 | — | — | 51,066 | |||||||||||||||||||||||||||||
SBA-guaranteed debentures | — | — | 155,562 | 155,562 | SBA-guaranteed debentures | — | — | 116,172 | 116,172 | |||||||||||||||||||||||||||||
Total debt, at fair value | $ | 154,164 | $ | — | $ | 212,012 | $ | 366,176 | Total debt, at fair value | $ | 172,035 | $ | — | $ | 148,222 | $ | 320,257 |
As of September 30, 2020 | As of December 31, 2019 | ||||||||||||||
Description | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | |||||||
BNP Facility | 24,650 | 24,650 | 56,450 | 56,450 | |||||||||||
Unsecured Notes Due September 2023 | 24,035 | 24,500 | — | — | |||||||||||
Unsecured Notes Due April 2025 | 48,826 | 46,260 | 48,634 | 50,600 | |||||||||||
Unsecured Notes Due October 2025 | 47,277 | 45,749 | 47,093 | 49,282 | |||||||||||
Unsecured Notes Due October 2026 | 52,544 | 48,262 | 52,325 | 54,282 | |||||||||||
SBA-guaranteed debentures | 127,355 | 142,003 | 147,976 | 155,562 | |||||||||||
Total debt, at fair value | $ | 324,687 | $ | 331,424 | $ | 352,478 | $ | 366,176 |
Name of Portfolio Company | Investment Type | Commitment | ||||
A&A Transfer, LLC | Senior Secured Loan (Revolver) | $ | 2,136 | |||
Carolina Lubes, Inc. | Senior Secured Loan (Revolver) | 2,920 | ||||
Inergex Holdings, LLC | Senior Secured Loan (Revolver) | 2,344 | ||||
$ | 7,400 |
Name of Portfolio Company | Investment Type | Commitment | ||||||||||||
A&A Transfer, LLC | Senior Secured Loan (Revolver) | $ | 1,709 | |||||||||||
Convergint Technologies | Senior Secured Loan (Delayed Draw) | 101 | ||||||||||||
I&I Sales Group, LLC | Senior Secured Loan (Revolver) | 156 | ||||||||||||
Inergex Holdings, LLC | Senior Secured Loan (Revolver) | 2,813 | ||||||||||||
Baymark Health Services, Inc. | Senior Secured Loan (Delayed Draw) | 2,481 | ||||||||||||
RSA Security | Senior Secured Loan (Delayed Draw) | 1,898 | ||||||||||||
SourceHOV Tax, Inc. | Senior Secured Loan (Revolver) | 1,196 | ||||||||||||
SSJA Bariatric Management LLC | Senior Secured Loan (Revolver) | 667 | ||||||||||||
$ | 11,021 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
SBA Debentures | $ | 1,068 | $ | 1,295 | $ | 3,406 | $ | 3,843 | SBA Debentures | $ | 761 | $ | 1,114 | $ | 1,595 | $ | 2,338 | |||||||||||||||||||||
PWB Credit Facility | 285 | 802 | 1,276 | 1,896 | PWB Credit Facility | 13 | 702 | 53 | 991 | |||||||||||||||||||||||||||||
Unsecured Notes | 2,662 | 1,726 | 7,867 | 5,178 | Unsecured Notes | 3,024 | 2,590 | 6,526 | 5,205 | |||||||||||||||||||||||||||||
BNP Facility | 433 | 641 | 1,752 | 647 | BNP Facility | 443 | 525 | 892 | 1,319 | |||||||||||||||||||||||||||||
Total interest expense | $ | 4,448 | $ | 4,464 | $ | 14,301 | $ | 11,564 | Total interest expense | $ | 4,241 | $ | 4,931 | $ | 9,066 | $ | 9,853 | |||||||||||||||||||||
Average dollar borrowings | $ | 332,733 | $ | 325,127 | $ | 354,078 | $ | 293,442 | Average dollar borrowings | $ | 336,929 | $ | 359,640 | $ | 344,005 | $ | 364,867 | |||||||||||||||||||||
Weighted average interest rate | 5.36 | % | 4.93 | % | 5.36 | % | 4.92 | % | Weighted average interest rate | 5.05 | % | 5.26 | % | 5.31 | % | 5.23 | % |
Payments due by period | ||||||||||||||||||||||||||||||||
Total | Less than year | 1-3 years (1) | 4-5 years (1) | After 5 years (1) | ||||||||||||||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Unsecured Notes | 204,325 | — | 25,000 | 125,000 | 54,325 | |||||||||||||||||||||||||||
SBA Debentures | 95,505 | — | 7,000 | 88,505 | — | |||||||||||||||||||||||||||
BNP Facility | 24,050 | — | — | 24,050 | — | |||||||||||||||||||||||||||
Total | $ | 323,880 | $ | — | $ | 32,000 | $ | 237,555 | $ | 54,325 |
Payments due by period | ||||||||||||||||||||
Total | Less than year | 1-3 years (1) | 4-5 years (1) | After 5 years (1) | ||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unsecured Notes | 177,850 | — | 25,000 | 50,000 | 102,850 | |||||||||||||||
SBA Debentures | 128,770 | — | 14,000 | 114,770 | — | |||||||||||||||
BNP Facility | 24,650 | — | — | 24,650 | — | |||||||||||||||
Total | $ | 331,270 | $ | — | $ | 39,000 | $ | 189,420 | $ | 102,850 |
September 30, 2020 | December 31, 2019 | ||||||
Tax-basis amortized cost of investments | $ | 478,907 | $ | 531,781 | |||
Tax-basis gross unrealized appreciation on investments | 41,994 | 24,326 | |||||
Tax-basis gross unrealized depreciation on investments | (64,573 | ) | (39,176 | ) | |||
Tax-basis net unrealized depreciation on investments | (22,579 | ) | (14,850 | ) | |||
Fair value of investments | $ | 456,328 | $ | 516,931 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Per share operating performance: | |||||||||||||||||||||||
Net asset value per share at beginning of period | $ | 11.96 | $ | 9.71 | $ | 11.85 | $ | 12.46 | |||||||||||||||
Net investment income (4) | 0.24 | 0.19 | 0.43 | 0.49 | |||||||||||||||||||
Net realized loss on non-control/non-affiliate investments (4) | (0.81) | (0.08) | (0.80) | (0.75) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes (4) | 1.34 | 0.52 | 1.44 | (1.17) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on affiliate investments (4) | 0.85 | (0.07) | 1.00 | (0.28) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on control investment (4) | 0.05 | 0.01 | 0.08 | (0.11) | |||||||||||||||||||
Loss on extinguishment of debt (4) | — | — | (0.17) | (0.01) | |||||||||||||||||||
Total from operations | 1.67 | 0.57 | 1.98 | (1.83) | |||||||||||||||||||
Distributions | (0.22) | (0.17) | (0.42) | (0.51) | |||||||||||||||||||
Issuance of common stock (10) | 0.01 | (0.01) | 0.01 | (0.02) | |||||||||||||||||||
Net asset value per share at end of period | $ | 13.42 | $ | 10.10 | $ | 13.42 | $ | 10.10 | |||||||||||||||
Per share market value, end of period | $ | 9.96 | $ | 4.52 | $ | 9.96 | $ | 4.52 | |||||||||||||||
Total return based on market value (1)(9) | 15.9 | % | 15.2 | % | 45.6 | % | (54.5) | % | |||||||||||||||
Total return based on net asset value (2)(9) | 14.7 | % | 7.9 | % | 18.4 | % | (8.9) | % | |||||||||||||||
Shares outstanding at end of period | 13,415,235 | 13,399,694 | 13,415,235 | 13,399,694 | |||||||||||||||||||
Weighted average shares outstanding | 13,411,998 | 13,392,608 | 13,410,524 | 13,384,808 | |||||||||||||||||||
Ratio/Supplemental Data (in thousands except ratios) | |||||||||||||||||||||||
Average net asset value (3) | $ | 170,232 | $ | 132,690 | $ | 166,473 | $ | 144,002 | |||||||||||||||
Net asset value at end of period | $ | 179,993 | $ | 135,397 | $ | 179,993 | $ | 135,397 | |||||||||||||||
Net investment income | $ | 3,235 | $ | 2,607 | $ | 5,785 | $ | 6,579 | |||||||||||||||
Ratio of total expenses, net to average net assets (5)(7) | 19.2 | % | 25.2 | % | 19.4 | % | 24.0 | % | |||||||||||||||
Ratio of total expenses and loss on extinguishment of debt to average net assets(5)(11) | 19.2 | % | 25.2 | % | 20.7 | % | 24.1 | % | |||||||||||||||
Ratio of net investment income to average net assets (5)(8) | 7.6 | % | 7.9 | % | 7.0 | % | 9.1 | % | |||||||||||||||
Ratio of loss on extinguishment of debt to average net assets(9) | — | % | — | % | 1.4 | % | 0.1 | % | |||||||||||||||
Portfolio turnover (6) | 12.7 | % | 1.6 | % | 25.3 | % | 15.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Per share operating performance: | |||||||||||||||
Net asset value per share at beginning of period | $ | 10.10 | $ | 12.95 | $ | 12.46 | $ | 13.10 | |||||||
Net investment income (4) | 0.20 | 0.36 | 0.69 | 1.09 | |||||||||||
Net realized loss on non-control/non-affiliate investments (4) | — | — | (0.74 | ) | (0.06 | ) | |||||||||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes (4) | 0.35 | (0.49 | ) | (0.82 | ) | (0.72 | ) | ||||||||
Net unrealized appreciation on affiliate investments (4) | 0.75 | 0.36 | 0.47 | 0.40 | |||||||||||
Net unrealized appreciation (depreciation) on control investment (4) | 0.04 | (0.10 | ) | (0.07 | ) | (0.05 | ) | ||||||||
Loss on extinguishment of debt (4) | (0.01 | ) | — | (0.03 | ) | — | |||||||||
Loss on impairment of goodwill (4) | (0.08 | ) | — | (0.08 | ) | — | |||||||||
Total from operations | 1.25 | 0.13 | (0.58 | ) | 0.66 | ||||||||||
Distributions | (0.17 | ) | (0.34 | ) | (0.68 | ) | (1.02 | ) | |||||||
Issuance of common stock (10) | — | — | (0.02 | ) | — | ||||||||||
Net asset value per share at end of period | $ | 11.18 | $ | 12.74 | $ | 11.18 | $ | 12.74 | |||||||
Per share market value, end of period | $ | 4.71 | $ | 11.61 | $ | 4.71 | $ | 11.61 | |||||||
Total return based on market value (1)(9) | 8.0 | % | (0.4 | )% | (50.9 | )% | 19.3 | % | |||||||
Total return based on net asset value (2)(9) | 14.7 | % | 1.3 | % | 4.5 | % | 5.9 | % | |||||||
Shares outstanding at end of period | 13,406,402 | 13,371,451 | 13,406,402 | 13,371,451 | |||||||||||
Weighted average shares outstanding | 13,399,767 | 13,366,515 | 13,389,830 | 13,361,757 | |||||||||||
Ratio/Supplemental Data (in thousands except ratios) | |||||||||||||||
Average net asset value (3) | $ | 142,655 | $ | 171,769 | $ | 145,480 | $ | 173,211 | |||||||
Net asset value at end of period | $ | 149,912 | $ | 170,406 | $ | 149,912 | $ | 170,406 | |||||||
Net investment income | $ | 2,712 | $ | 4,853 | $ | 9,291 | $ | 14,541 | |||||||
Ratio of total expenses, net to average net assets (5)(7) | 21.8 | % | 21.0 | % | 23.0 | % | 18.9 | % | |||||||
Ratio of total expenses, and losses on impairment of goodwill and extinguishment of debt to average net assets(5) | 22.7 | % | — | % | 23.9 | % | — | % | |||||||
Ratio of net investment income to average net assets (5)(8) | 7.6 | % | 11.3 | % | 8.5 | % | 11.2 | % | |||||||
Ratio of goodwill impairment loss to average net assets(9) | 0.8 | % | — | % | 0.7 | % | — | % | |||||||
Ratio of loss on extinguishment of debt to average net assets(9) | 0.1 | % | — | % | 0.2 | % | — | % | |||||||
Portfolio turnover (6) | 1.6 | % | 4.5 | % | 17.3 | % | 13.9 | % |
Date Declared | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | ||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
March 5, 2019 | March 22, 2019 | March 29, 2019 | $ | 0.34 | $ | 4,497 | 3,797 | $ | 45 | |||||||||||
April 30, 2019 | June 21, 2019 | June 28, 2019 | 0.34 | 4,479 | 5,327 | 64 | ||||||||||||||
August 2, 2019 | September 23, 2019 | September 30, 2019 | 0.34 | 4,488 | 4,990 | 58 | ||||||||||||||
$ | 1.02 | $ | 13,464 | $ | 14,114 | $ | 167 | |||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
March 11, 2020 | March 24, 2020 | March 31, 2020 | $ | 0.34 | $ | 4,484 | 15,693 | $ | 64 | |||||||||||
May 4, 2020 | June 23, 2020 | June 30, 2020 | 0.17 | 2,244 | 7,165 | 32 | ||||||||||||||
July 28, 2020 | September 23, 2020 | September 30, 2020 | 0.17 | 2,246 | 6,708 | 32 | ||||||||||||||
$ | 0.68 | $ | 8,974 | $ | 29,566 | $ | 128 |
Date Declared | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
March 11, 2020 | March 24, 2020 | March 31, 2020 | $ | 0.34 | $ | 4,484 | 15,693 | $ | 64 | |||||||||||||||||||||||||||||
May 4, 2020 | June 23, 2020 | June 30, 2020 | 0.17 | 2,244 | 7,165 | 32 | ||||||||||||||||||||||||||||||||
$ | 0.51 | $ | 6,728 | $ | 22,858 | $ | 96 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
March 2, 2021 | March 24, 2021 | March 31, 2021 | $ | 0.20 | $ | 2,655 | 3,103 | $ | 27 | |||||||||||||||||||||||||||||
May 11, 2021 | June 23, 2021 | June 30, 2021 | 0.22 | 2,918 | 3,273 | 33 | ||||||||||||||||||||||||||||||||
$ | 0.42 | $ | 5,573 | $ | 6,376 | $ | 60 |
Period | Total Number of Shares Purchased | Cost of Shares Purchased | Average Price Paid Per Share | |||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||
January 1, 2020 through March 31, 2020 | — | $ | — | $ | — | |||||||||||||||
April 1, 2020 through June 30, 2020 | — | $ | — | $ | — | |||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
January 1, 2021 through March 31, 2021 | 700 | $ | 5 | $ | 6.70 | |||||||||||||||
April 1, 2021 through June 30, 2021 | — | $ | — | $ | — |
Period Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Name of Portfolio Company | Investment Type (1) | Net Realized Gain (Loss) | Net change in unrealized appreciation/(depreciation) | Interest & PIK Interest | Dividends | Fees | Total Income (2) | December 31, 2019, Fair Value | Gross Additions (3) | Gross Reductions (4) | September 30, 2020, Fair Value (5) | |||||||||||||||||||||||||||||||
Control Investment | ||||||||||||||||||||||||||||||||||||||||||
MTE Holding Corp. | Subordinated Loan | $ | — | $ | (129 | ) | $ | 884 | $ | — | $ | 49 | $ | 933 | $ | 7,464 | $ | 291 | $ | (129 | ) | $ | 7,626 | |||||||||||||||||||
Common Equity | — | (795 | ) | — | — | — | — | 1,253 | — | (795 | ) | 458 | ||||||||||||||||||||||||||||||
— | (924 | ) | 884 | — | 49 | 933 | 8,717 | 291 | (924 | ) | 8,084 | |||||||||||||||||||||||||||||||
Total Control Investment | — | (924 | ) | 884 | — | 49 | 933 | 8,717 | 291 | (924 | ) | 8,084 | ||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC | Senior Secured Loan | — | (8,252 | ) | 572 | — | — | 572 | 20,099 | 70 | (8,505 | ) | 11,664 | |||||||||||||||||||||||||||||
Common Equity (6) | — | (1,044 | ) | — | — | — | — | 1,044 | — | (1,044 | ) | — | ||||||||||||||||||||||||||||||
— | (9,296 | ) | 572 | — | — | 572 | 21,143 | 70 | (9,549 | ) | 11,664 | |||||||||||||||||||||||||||||||
Chemical Resources Holdings, Inc. | Senior Secured Loan | — | 83 | 1,024 | — | — | 1,024 | 13,746 | 111 | 13,857 | ||||||||||||||||||||||||||||||||
Common Equity (6) | — | (187 | ) | — | — | — | — | 2,662 | — | (187 | ) | 2,475 | ||||||||||||||||||||||||||||||
— | (104 | ) | 1,024 | — | — | 1,024 | 16,408 | 111 | (187 | ) | 16,332 | |||||||||||||||||||||||||||||||
Contract Datascan Holdings, Inc. | Subordinated Loan | — | (311 | ) | 783 | — | — | 783 | 8,000 | 17 | (311 | ) | 7,706 | |||||||||||||||||||||||||||||
Preferred Equity (7) | — | (3,397 | ) | 250 | — | — | 250 | 5,671 | 250 | (3,398 | ) | 2,523 | ||||||||||||||||||||||||||||||
Common Equity (6) | — | (635 | ) | — | — | — | — | 671 | — | (635 | ) | 36 | ||||||||||||||||||||||||||||||
— | (4,343 | ) | 1,033 | — | — | 1,033 | 14,342 | 267 | (4,344 | ) | 10,265 | |||||||||||||||||||||||||||||||
DRS Imaging Services, LLC | Senior Secured Loan | — | 157 | 884 | — | — | 884 | 10,569 | 172 | (115 | ) | 10,626 | ||||||||||||||||||||||||||||||
Common Equity (6) | — | 363 | — | — | — | — | 1,331 | 363 | 1,694 | |||||||||||||||||||||||||||||||||
— | 520 | 884 | — | — | 884 | 11,900 | 535 | (115 | ) | 12,320 | ||||||||||||||||||||||||||||||||
Master Cutlery, LLC | Subordinated Loan (6) | — | (255 | ) | — | — | — | — | 255 | — | (255 | ) | — | |||||||||||||||||||||||||||||
Preferred Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Common Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | (255 | ) | — | — | — | — | 255 | — | (255 | ) | — | |||||||||||||||||||||||||||||||
NeoSystems Corp. | Preferred Equity (7) | — | (133 | ) | 133 | — | — | 133 | 2,250 | 133 | (133 | ) | 2,250 | |||||||||||||||||||||||||||||
Period Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Portfolio Company | Investment Type (1) | Net Realized Gain (Loss) | Net change in unrealized appreciation/(depreciation) | Interest & PIK Interest | Dividends | Fees | Total Income (2) | December 31, 2020, Fair Value | Gross Additions (3) | Gross Reductions (4) | June 30, 2021, Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Control Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MTE Holding Corp. | Subordinated Loan | $ | — | $ | 20 | $ | 689 | $ | — | $ | — | $ | 689 | $ | 7,822 | $ | 218 | $ | (52) | $ | 7,988 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity | — | 1,084 | — | 136 | — | 136 | 2,990 | 1,084 | — | 4,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 1,104 | 689 | 136 | — | 825 | 10,812 | 1,302 | (52) | 12,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investment | — | 1,104 | 689 | 136 | — | 825 | 10,812 | 1,302 | (52) | 12,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3rd Rock Gaming Holdings, LLC | Senior Secured Loan | — | (46) | 14 | — | — | 14 | 9,258 | 13 | (2,296) | 6,975 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | (46) | 14 | — | — | 14 | 9,258 | 13 | (2,296) | 6,975 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemical Resources Holdings, Inc. | Senior Secured Loan | — | 194 | 644 | — | — | 644 | 13,744 | 212 | 13,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | (20) | — | — | — | — | 3,420 | — | (20) | 3,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 174 | 644 | — | — | 644 | 17,164 | 212 | (20) | 17,356 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Datascan Holdings, Inc. | Preferred Equity (7) | — | 97 | — | — | — | — | 2,690 | 97 | — | 2,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | (5) | — | — | — | — | 46 | — | (5) | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 92 | — | — | — | — | 2,736 | 97 | (5) | 2,828 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DRS Imaging Services, LLC | Common Equity (6) | — | (490) | — | — | — | — | 1,749 | — | (490) | 1,259 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Master Cutlery, LLC | Subordinated Loan (6) | — | 380 | — | — | — | — | 346 | 380 | (39) | 687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 380 | — | — | — | — | 346 | 380 | (39) | 687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NeoSystems Corp. | Preferred Equity (7) | — | 899 | — | 106 | — | 106 | 2,250 | 1,005 | — | 3,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pfanstiehl Holdings, Inc | Common Equity | — | 13,015 | — | — | — | — | 36,221 | 13,015 | — | 49,236 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Name of Portfolio Company | Investment Type (1) | Net Realized Gain (Loss) | Net change in unrealized appreciation/(depreciation) | Interest & PIK Interest | Dividends | Fees | Total Income (2) | December 31, 2019, Fair Value | Gross Additions (3) | Gross Reductions (4) | September 30, 2020, Fair Value (5) | |||||||||||||||||||||||||||||||
Pfanstiehl Holdings, Inc | Subordinated Loan | $ | — | $ | 19 | $ | 168 | $ | — | $ | — | $ | 168 | $ | 3,788 | $ | 21 | $ | (21 | ) | $ | 3,788 | ||||||||||||||||||||
Common Equity | — | 19,953 | 100 | 100 | — | 200 | 11,979 | 19,953 | — | 31,932 | ||||||||||||||||||||||||||||||||
— | 19,972 | 268 | 100 | — | 368 | 15,767 | 19,974 | (21 | ) | 35,720 | ||||||||||||||||||||||||||||||||
Professional Pipe Holdings, LLC | Senior Secured Loan | — | (424 | ) | 643 | 643 | 7,170 | 103 | (424 | ) | 6,849 | |||||||||||||||||||||||||||||||
Common Equity (6) | — | (1,402 | ) | — | — | — | — | 2,413 | — | (1,402 | ) | 1,011 | ||||||||||||||||||||||||||||||
— | (1,826 | ) | 643 | — | — | 643 | 9,583 | 103 | (1,826 | ) | 7,860 | |||||||||||||||||||||||||||||||
TalentSmart Holdings, LLC | Senior Secured Loan | — | 227 | 668 | — | — | 668 | 9,833 | 256 | (188 | ) | 9,901 | ||||||||||||||||||||||||||||||
Senior Secured Loan (Revolver) | — | 11 | 33 | — | — | 33 | 242 | 262 | 504 | |||||||||||||||||||||||||||||||||
Common Equity (6) | — | (695 | ) | — | — | — | — | 1,500 | 95 | (695 | ) | 900 | ||||||||||||||||||||||||||||||
— | (457 | ) | 701 | — | — | 701 | 11,575 | 613 | (883 | ) | 11,305 | |||||||||||||||||||||||||||||||
TRS Services, Inc. | Senior Term Loan | — | (8 | ) | 81 | — | 7 | 88 | 14,623 | 9 | (14,632 | ) | — | |||||||||||||||||||||||||||||
Preferred Equity (Class AA units) (7) | — | (2 | ) | 6 | — | — | 6 | 547 | 5 | (552 | ) | — | ||||||||||||||||||||||||||||||
Preferred Equity (Class A units) (6) | — | 811 | — | — | — | — | 3,095 | 811 | (3,095 | ) | 811 | |||||||||||||||||||||||||||||||
Common Equity (6) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
— | 801 | 87 | — | 7 | 94 | 18,265 | 825 | (18,279 | ) | 811 | ||||||||||||||||||||||||||||||||
TTG Healthcare, LLC | Senior Secured Loan | — | 397 | 981 | — | 9 | 990 | 11,767 | 427 | — | 12,194 | |||||||||||||||||||||||||||||||
Preferred Equity (6) | — | 1,040 | — | — | — | — | 2,424 | 1,040 | — | 3,464 | ||||||||||||||||||||||||||||||||
— | 1,437 | 981 | — | 9 | 990 | 14,191 | 1,467 | — | 15,658 | |||||||||||||||||||||||||||||||||
Total Affiliate Investments | — | 6,316 | 6,326 | 100 | 16 | 6,442 | 135,679 | 24,098 | (35,592 | ) | 124,185 | |||||||||||||||||||||||||||||||
Total Control and Affiliate Investments | $ | — | $ | 5,392 | $ | 7,210 | $ | 100 | $ | 65 | $ | 7,375 | $ | 144,396 | $ | 24,389 | $ | (36,516 | ) | $ | 132,269 |
Period Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Portfolio Company | Investment Type (1) | Net Realized Gain (Loss) | Net change in unrealized appreciation/(depreciation) | Interest & PIK Interest | Dividends | Fees | Total Income (2) | December 31, 2020, Fair Value | Gross Additions (3) | Gross Reductions (4) | June 30, 2021, Fair Value (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional Pipe Holdings, LLC | Senior Secured Loan | $ | — | $ | (67) | $ | 358 | $ | — | $ | — | $ | 358 | $ | 6,086 | $ | 65 | $ | (633) | $ | 5,518 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | (359) | — | — | — | — | 1,208 | — | (359) | 849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | (426) | 358 | — | — | 358 | 7,294 | 65 | (992) | 6,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TalentSmart Holdings, LLC | Common Equity (6) | — | (295) | — | — | — | — | 1,306 | — | (295) | 1,011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRS Services, Inc. | Preferred Equity (6) | — | (48) | — | — | — | — | 915 | — | (48) | 867 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity (6) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | (48) | — | — | — | — | 915 | — | (48) | 867 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TTG Healthcare, LLC | Senior Secured Loan | — | 173 | 844 | — | 37 | 881 | 19,530 | 180 | (98) | 19,612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity (6) | — | (37) | — | — | — | — | 4,077 | — | (37) | 4,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 136 | 844 | — | 37 | 881 | 23,607 | 180 | (135) | 23,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | — | 13,391 | 1,860 | 106 | 37 | 2,003 | 102,846 | 14,967 | (4,320) | 113,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control and Affiliate Investments | $ | — | $ | 14,495 | $ | 2,549 | $ | 242 | $ | 37 | $ | 2,828 | $ | 113,658 | $ | 16,269 | $ | (4,372) | $ | 125,555 |
June 30, 2021 | March 31, 2021 | |||||||||||||
Net asset value per common share | $ | 13.42 | $ | 11.96 |
September 30, 2020 | December 31, 2019 | |||||||
Net asset value per common share | $ | 11.18 | $ | 12.46 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | June 30, 2021 | March 31, 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Net investment income per common share | $ | 0.20 | $ | 0.36 | $ | 0.69 | $ | 1.09 | Net investment income per common share | $ | 0.24 | $ | 0.19 | $ | 0.43 | $ | 0.49 | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per common share | 1.25 | 0.13 | (0.58 | ) | 0.66 | Net increase (decrease) in net assets resulting from operations per common share | 1.67 | 0.31 | 1.98 | (1.83) | ||||||||||||||||||||||||||||||||
Distributions paid per common share | 0.17 | 0.34 | 0.68 | 1.02 | Distributions paid per common share | 0.22 | 0.2 | 0.42 | 0.51 |
Investment Type | Fair Value at June 30, 2021 | Range of Fair Value | ||||||||||||||||||
Low-end | High-end | |||||||||||||||||||
Debt investments: | ||||||||||||||||||||
Senior secured | $ | 305,930 | $ | 302,945 | $ | 309,024 | ||||||||||||||
Senior secured (valued at Transaction Prices) | 11,718 | 11,718 | 11,718 | |||||||||||||||||
Subordinated | 17,207 | 16,701 | 17,713 | |||||||||||||||||
Structured Finance Notes: | ||||||||||||||||||||
Subordinated notes | 65,452 | $ | 63,588 | 67,318 | ||||||||||||||||
Mezzanine debt | 2,793 | 2,746 | 2,840 | |||||||||||||||||
Equity investments: | ||||||||||||||||||||
Preferred equity | 12,289 | 10,877 | 13,648 | |||||||||||||||||
Common equity, warrants and other | 68,637 | 64,369 | 74,436 | |||||||||||||||||
$ | 484,026 | $ | 472,944 | $ | 496,697 |
Investment Type | Fair Value at September 30, 2020 | Range of Fair Value | ||||||||||
Low-end | High-end | |||||||||||
Debt investments: | ||||||||||||
Senior secured | $ | 336,960 | $ | 331,668 | $ | 342,307 | ||||||
Subordinated | 31,564 | 29,486 | 33,725 | |||||||||
Structured Finance Notes: | ||||||||||||
Subordinated notes | 30,925 | $ | 28,914 | 32,936 | ||||||||
Mezzanine debt | 1,606 | 1,564 | 1,648 | |||||||||
Equity investments: | ||||||||||||
Preferred equity | 11,875 | 10,555 | 13,005 | |||||||||
Common equity, warrants and other | 43,398 | 39,635 | 47,330 | |||||||||
$ | 456,328 | $ | 441,822 | $ | 470,951 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
OFS Capital Corporation (Parent) | $ | 172,281 | $ | 160,426 | $ | 190,627 | $ | 172,249 | |||||||||||||||
SBIC I LP | 176,405 | 203,295 | 191,192 | 190,573 | |||||||||||||||||||
OFSCC-FS | 109,785 | 109,776 | 67,781 | 68,037 | |||||||||||||||||||
OFSCC-MB | 10,106 | 10,529 | 11,423 | 11,464 | |||||||||||||||||||
Total investments | $ | 468,577 | $ | 484,026 | $ | 461,023 | $ | 442,323 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
OFS Capital Corporation (Parent) | $ | 175,926 | $ | 152,578 | $ | 181,980 | $ | 169,230 | |||||||
SBIC I LP | 235,639 | 232,218 | 256,858 | 246,371 | |||||||||||
OFSCC-FS | 61,525 | 61,090 | 88,458 | 88,936 | |||||||||||
OFSCC-MB | 10,970 | 10,442 | 11,375 | 12,394 | |||||||||||
Total investments | $ | 484,060 | $ | 456,328 | $ | 538,671 | $ | 516,931 |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yield Range | Senior Secured | Subordinated | Structured Finance | Senior Secured | Subordinated | Structured Finance | Yield Range | Senior Secured | Subordinated | Structured Finance | Senior Secured | Subordinated | Structured Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Notes | Total | Debt | Notes | Total | Debt | Debt | Notes | Total | Debt | Debt | Notes | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 8% | 15.0 | % | — | % | — | % | 12.6 | % | 20.1 | % | — | % | — | % | 17.3 | % | Less than 8% | 45.5 | % | — | % | — | % | 35.8 | % | 29.5 | % | — | % | 1.4 | % | 24.0 | % | ||||||||||||||||||||||||||||||||||
8% - 10% | 62.2 | — | 4.3 | 52.5 | 21.5 | — | — | 18.5 | 8% - 10% | 40.9 | — | 1.4 | 32.5 | 52.0 | — | 1.4 | 42.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10% - 12% | 20.2 | 13.3 | — | 17.8 | 48.8 | 8.6 | — | 42.7 | 10% - 12% | 10.5 | — | 9.8 | 9.9 | 13.5 | — | — | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12% - 14% | 1.2 | 59.6 | 19.8 | 7.1 | 8.4 | 38.3 | 25.1 | 12.0 | 12% - 14% | 3.1 | 53.2 | 24.5 | 8.9 | 3.4 | 53.6 | 12.5 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 14% | 1.4 | 27.1 | 75.9 | 10.0 | 1.2 | 53.1 | 74.9 | 9.5 | Greater than 14% | — | 46.8 | 64.3 | 12.9 | 1.6 | 46.4 | 84.7 | 15.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||
Weighted average yield - performing debt and Structured Finance Note investments (2) | 9.05 | % | 12.97 | % | 17.62 | % | 10.10 | % | 9.80 | % | 13.52 | % | 15.13 | % | 10.40 | % | Weighted average yield - performing debt and Structured Finance Note investments (2) | 8.08 | % | 14.06 | % | 16.52 | % | 9.77 | % | 8.92 | % | 14.88 | % | 16.56 | % | 10.27 | % | ||||||||||||||||||||||||||||||||||
Weighted average yield - total debt and Structured Finance Note investments (3) | 8.51 | % | 6.49 | % | 17.62 | % | 8.99 | % | 9.57 | % | 10.57 | % | 15.13 | % | 9.94 | % | Weighted average yield - total debt and Structured Finance Note investments (3) | 7.66 | % | 6.32 | % | 16.52 | % | 8.91 | % | 8.38 | % | 5.53 | % | 16.56 | % | 9.15 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Senior secured debt investments (1) | $ | 331,982 | $ | 317,648 | $ | 325,647 | $ | 306,304 | |||||||||||||||
Subordinated debt investments | 37,944 | 17,207 | 45,409 | 15,067 | |||||||||||||||||||
Preferred equity | 16,232 | 12,289 | 18,648 | 11,543 | |||||||||||||||||||
Common equity, warrants and other | 14,887 | 68,637 | 15,459 | 52,984 | |||||||||||||||||||
Total Portfolio Company Investments | $ | 401,045 | $ | 415,781 | $ | 405,163 | $ | 385,898 | |||||||||||||||
Total number of portfolio companies | 75 | 75 | 62 | 62 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Senior secured debt investments (1) | $ | 356,599 | $ | 336,960 | $ | 421,970 | $ | 408,724 | |||||||
Subordinated debt investments | 57,103 | 31,564 | 56,731 | 43,091 | |||||||||||
Preferred equity | 18,878 | 11,875 | 21,925 | 17,729 | |||||||||||
Common equity, warrants and other | 15,220 | 43,398 | 14,919 | 25,777 | |||||||||||
Total Portfolio Company Investments | $ | 447,800 | $ | 423,797 | $ | 515,545 | $ | 495,321 | |||||||
Total number of portfolio companies | 65 | 65 | 85 | 85 |
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Up to $4,000 | $ | 49,367 | 13.3 | % | $ | 30,427 | 8.2 | % | $ | 49,644 | 14.8 | % | $ | 33,149 | 10.3 | % | |||||||||||||||||||||||||||||||
$4,001 to $7,000 | 79,557 | 21.5 | 72,030 | 19.4 | 81,400 | 24.3 | 68,939 | 21.5 | |||||||||||||||||||||||||||||||||||||||
$7,001 to $10,000 | 36,549 | 9.9 | 51,874 | 14.0 | 35,920 | 10.7 | 43,735 | 13.6 | |||||||||||||||||||||||||||||||||||||||
$10,001 to $13,000 | 10,810 | 2.9 | 21,013 | 5.7 | 23,318 | 7.0 | 33,470 | 10.4 | |||||||||||||||||||||||||||||||||||||||
Greater than $13,000 | 193,643 | 52.4 | 195,711 | 52.7 | 144,573 | 43.2 | 142,078 | 44.2 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 369,926 | 100.0 | % | $ | 371,055 | 100.0 | % | $ | 334,855 | 100.0 | % | $ | 321,371 | 100.0 | % |
Amortized Cost | Fair Value | ||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Up to $4,000 | $ | 35,578 | 8.6 | % | $ | 77,809 | 16.3 | % | $ | 34,702 | 9.4 | % | $ | 75,033 | 16.6 | % | |||||||||||
$4,001 to $7,000 | 60,870 | 14.7 | 71,558 | 14.9 | 65,175 | 17.7 | 68,806 | 15.2 | |||||||||||||||||||
$7,001 to $10,000 | 76,075 | 18.4 | 95,567 | 20.0 | 67,664 | 18.4 | 77,978 | 17.3 | |||||||||||||||||||
$10,001 to $13,000 | 66,259 | 16.0 | 54,273 | 11.3 | 55,136 | 15.0 | 53,903 | 11.9 | |||||||||||||||||||
Greater than $13,000 | 174,920 | 42.3 | 179,494 | 37.5 | 145,847 | 39.5 | 176,095 | 39.0 | |||||||||||||||||||
Total | $ | 413,702 | 100.0 | % | $ | 478,701 | 100.0 | % | $ | 368,524 | 100.0 | % | $ | 451,815 | 100.0 | % |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||
Debt Investments | Equity Investments | Debt Investments | Equity Investments | Debt Investments | Equity Investments | Debt Investments | Equity Investments | |||||||||||||||||||||||||||||||||||
Investments in new portfolio companies | $ | 1.5 | $ | — | $ | 43.8 | $ | — | Investments in new portfolio companies | $ | 26.5 | $ | — | $ | 62.8 | $ | — | |||||||||||||||||||||||||
Investments in existing portfolio companies | Investments in existing portfolio companies | |||||||||||||||||||||||||||||||||||||||||
Follow-on investments | 7.6 | — | 17.7 | 0.1 | Follow-on investments | 18.0 | — | 44.2 | — | |||||||||||||||||||||||||||||||||
Restructured investments | — | 0.2 | — | 0.9 | Restructured investments | — | — | — | — | |||||||||||||||||||||||||||||||||
Delayed draw and revolver funding | — | — | 5.7 | — | Delayed draw and revolver funding | — | — | — | — | |||||||||||||||||||||||||||||||||
Total investments in existing portfolio companies | 7.6 | 0.2 | 23.4 | 1.0 | Total investments in existing portfolio companies | 18.0 | — | 44.2 | — | |||||||||||||||||||||||||||||||||
Total investments in new and existing portfolio companies | $ | 9.1 | $ | 0.2 | $ | 67.2 | $ | 1.0 | Total investments in new and existing portfolio companies | $ | 44.5 | $ | — | $ | 107.0 | $ | — | |||||||||||||||||||||||||
Number of new portfolio company investments | 3 | — | 13 | — | Number of new portfolio company investments | 13 | — | 31 | — | |||||||||||||||||||||||||||||||||
Number of existing portfolio company investments | 1 | 3 | 16 | 6 | Number of existing portfolio company investments | 8 | — | 17 | — | |||||||||||||||||||||||||||||||||
Proceeds/redemptions from principal payments/ equity investments | 3.8 | — | 60.1 | — | Proceeds/redemptions from principal payments/ equity investments | 52.2 | — | 100.8 | — | |||||||||||||||||||||||||||||||||
Proceeds from investments sold or redeemed | 1.9 | — | 63.8 | 3.6 | Proceeds from investments sold or redeemed | 9.7 | — | 10.3 | — | |||||||||||||||||||||||||||||||||
Total proceeds from principal payments, equity distributions and investments sold | $ | 5.7 | $ | — | $ | 123.9 | $ | 3.6 | Total proceeds from principal payments, equity distributions and investments sold | $ | 61.9 | $ | — | $ | 111.1 | $ | — |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||
Debt Investments | Equity Investments | Debt Investments | Equity Investments | |||||||||||||||||||||||
Investments in new portfolio companies | $ | 2.4 | $ | — | $ | 42.3 | $ | — | ||||||||||||||||||
Investments in existing portfolio companies | ||||||||||||||||||||||||||
Follow-on investments | 0.5 | — | 10.1 | 0.1 | ||||||||||||||||||||||
Restructured investments | — | — | — | 0.7 | ||||||||||||||||||||||
Delayed draw and revolver funding | 4.3 | — | 5.7 | — | ||||||||||||||||||||||
Total investments in existing portfolio companies | 4.8 | — | 15.8 | 0.8 | ||||||||||||||||||||||
Total investments in new and existing portfolio companies | $ | 7.2 | $ | — | $ | 58.1 | $ | 0.8 | ||||||||||||||||||
Number of new portfolio company investments | 5 | — | 10 | — | ||||||||||||||||||||||
Number of existing portfolio company investments | 4 | 1 | 15 | 3 | ||||||||||||||||||||||
Proceeds/distributions from principal payments/ equity investments | 19.1 | — | 56.3 | — | ||||||||||||||||||||||
Proceeds from investments sold or redeemed | 23.4 | — | 61.9 | 3.6 | ||||||||||||||||||||||
Total proceeds from principal payments, equity distributions and investments sold | $ | 42.5 | $ | — | $ | 118.2 | $ | 3.6 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||||
Debt Investments | Equity Investments | Debt Investments | Equity Investments | |||||||||||||
Investments in new portfolio companies | $ | 25.5 | $ | — | $ | 97.7 | $ | 4.1 | ||||||||
Investments in existing portfolio companies | ||||||||||||||||
Follow-on investments | 13.2 | — | 36.1 | — | ||||||||||||
Delayed draw and revolver funding | 0.2 | — | 8.4 | — | ||||||||||||
Total investments in existing portfolio companies | 13.4 | — | 44.5 | — | ||||||||||||
Total investments in new and existing portfolio companies | $ | 38.9 | $ | — | $ | 142.2 | $ | 4.1 | ||||||||
Number of new portfolio company investments | 4 | — | 29 | 2 | ||||||||||||
Number of existing portfolio company investments | 10 | — | 24 | — | ||||||||||||
Proceeds/distributions from principal payments/ equity investments | 21.5 | — | 30.8 | — | ||||||||||||
Proceeds from investments sold or redeemed | 0.1 | — | 30.4 | — | ||||||||||||
Total proceeds from principal payments, equity distributions and investments sold | $ | 21.6 | $ | — | $ | 61.2 | $ | — |
Debt Investments, at Fair Value | Debt Investments, at Fair Value | |||||||||||||||||||||||||||||||||||||||
Risk Category | September 30, 2020 | December 31, 2019 | Risk Category | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
1 (Low Risk) | $ | — | — | % | $ | — | — | % | 1 (Low Risk) | $ | — | — | % | $ | — | — | % | |||||||||||||||||||||||
2 (Below Average Risk) | 3,788 | 1.0 | 17,953 | 4.0 | 2 (Below Average Risk) | — | — | — | — | |||||||||||||||||||||||||||||||
3 (Average) | 290,014 | 78.7 | 387,654 | 85.8 | 3 (Average) | 309,149 | 92.3 | 263,934 | 82.2 | |||||||||||||||||||||||||||||||
4 (Special Mention) | 55,965 | 15.2 | 45,546 | 10.1 | 4 (Special Mention) | 17,950 | 5.4 | 45,302 | 14.1 | |||||||||||||||||||||||||||||||
5 (Substandard) | 18,757 | 5.1 | — | — | 5 (Substandard) | 6,975 | 2.1 | 11,684 | 3.6 | |||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | 662 | 0.1 | 6 (Doubtful) | 781 | 0.2 | 451 | 0.1 | |||||||||||||||||||||||||||||||
7 (Loss) | — | — | — | — | 7 (Loss) | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 368,524 | 100.0 | % | $ | 451,815 | 100.0 | % | $ | 334,855 | 100.0 | % | $ | 321,371 | 100.0 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Subordinated notes | $ | 64,901 | $ | 65,452 | $ | 54,280 | $ | 54,724 | |||||||||||||||
Mezzanine bonds | 2,631 | 2,793 | 1,580 | 1,701 | |||||||||||||||||||
Total Structured Finance Notes | $ | 67,532 | $ | 68,245 | $ | 55,860 | $ | 56,425 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Subordinated notes | $ | 34,694 | $ | 30,925 | $ | 23,127 | $ | 21,610 | |||||||
Mezzanine bonds | 1,566 | 1,606 | — | — | |||||||||||
Total Structured Finance Notes | $ | 36,260 | $ | 32,531 | $ | 23,127 | $ | 21,610 |
Three Months Ended | Six Months Ended June 30, | ||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | 2021 | 2020 | ||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Cash interest income | $ | 6,972 | $ | 6,837 | $ | 13,809 | $ | 18,299 | |||||||||||||||
Net Loan Fee amortization | 857 | 573 | 1430 | 817 | |||||||||||||||||||
Accretion of interest income on Structured Finance Notes | 2,392 | 2,278 | 4,670 | 2,626 | |||||||||||||||||||
Other interest income | — | 12 | 12 | 54 | |||||||||||||||||||
Total interest income | 10,221 | 9,700 | 19,921 | 21,796 | |||||||||||||||||||
PIK income: | |||||||||||||||||||||||
PIK interest income | 397 | 440 | 837 | 829 | |||||||||||||||||||
Preferred equity PIK dividends | 59 | 47 | 106 | 343 | |||||||||||||||||||
Total PIK income | 456 | 487 | 943 | 1,172 | |||||||||||||||||||
Dividend income: | |||||||||||||||||||||||
Common and preferred equity cash dividends | 136 | — | 136 | 100 | |||||||||||||||||||
Total dividend income | 136 | — | 136 | 100 | |||||||||||||||||||
Fee income: | |||||||||||||||||||||||
Syndication fees | 439 | 217 | 656 | 378 | |||||||||||||||||||
Prepayment and other fees | 164 | 86 | 251 | 405 | |||||||||||||||||||
Total fee income | 603 | 304 | 907 | 783 | |||||||||||||||||||
Total investment income | 11,416 | 10,491 | 21,907 | 23,851 | |||||||||||||||||||
Total expenses, net | 8,181 | 7,941 | 16,122 | 17,272 | |||||||||||||||||||
Net investment income | 3,235 | 2,550 | 5,785 | 6,579 | |||||||||||||||||||
Net gain (loss) on investments | 19,206 | 3,923 | 23,129 | (30,932) | |||||||||||||||||||
Loss on extinguishment of debt | — | (2,299) | (2,299) | (149) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 22,441 | $ | 4,174 | $ | 26,615 | $ | (24,502) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Cash interest income (including accretion of interest on Structured Finance Notes) | $ | 9,781 | $ | 12,698 | $ | 30,706 | $ | 35,639 | |||||||
Net Loan Fee amortization | 142 | 382 | 959 | 788 | |||||||||||
Other interest income | — | 10 | 54 | 107 | |||||||||||
Total interest income | 9,923 | 13,090 | 31,719 | 36,534 | |||||||||||
PIK income: | |||||||||||||||
PIK interest income | 393 | 245 | 1,222 | 611 | |||||||||||
Preferred equity PIK dividends | 45 | 226 | 388 | 660 | |||||||||||
Total PIK income | 438 | 471 | 1,610 | 1,271 | |||||||||||
Dividend income: | |||||||||||||||
Common and preferred equity cash dividends | — | — | 100 | 262 | |||||||||||
Total dividend income | — | — | 100 | 262 | |||||||||||
Fee income: | |||||||||||||||
Management and syndication | 89 | 122 | 467 | 772 | |||||||||||
Prepayment and other fees | 37 | 175 | 442 | 264 | |||||||||||
Total fee income | 126 | 297 | 909 | 1,036 | |||||||||||
Total investment income | 10,487 | 13,858 | 34,338 | 39,103 | |||||||||||
Total expenses, net incentive fee waiver | 7,775 | 9,005 | 25,047 | 24,562 | |||||||||||
Net investment income | 2,712 | 4,853 | 9,291 | 14,541 | |||||||||||
Net gain (loss) on investments | 15,313 | (3,091 | ) | (15,619 | ) | (5,694 | ) | ||||||||
Loss on extinguishment of debt | (187 | ) | — | (336 | ) | — | |||||||||
Loss on impairment of goodwill | (1,077 | ) | — | (1,077 | ) | — | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 16,761 | $ | 1,762 | $ | (7,741 | ) | $ | 8,847 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | June 30, 2021 | March 31, 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Interest income and PIK interest income: | Interest income and PIK interest income: | |||||||||||||||||||||||||||||||||||||
Senior secured debt investments | $ | 7,583 | $ | 11,013 | $ | 25,667 | $ | 30,946 | Senior secured debt investments | $ | 7,580 | $ | 7,202 | $ | 14,782 | $ | 18,084 | |||||||||||||||||||||
Subordinated debt investments | 1,181 | 1,418 | 3,092 | 4,198 | Subordinated debt investments | 646 | 660 | 1,306 | 1,911 | |||||||||||||||||||||||||||||
Structured Finance Notes | 1,553 | 904 | 4,183 | 2,001 | Structured Finance Notes | 2,392 | 2,278 | 4,670 | 2,630 | |||||||||||||||||||||||||||||
Total interest income and PIK interest income | 10,317 | 13,335 | 32,942 | 37,145 | Total interest income and PIK interest income | 10,618 | 10,140 | 20,758 | 22,625 | |||||||||||||||||||||||||||||
Plus purchased premiums (less Net Loan Fees) accelerations | 38 | (130 | ) | (196 | ) | (118 | ) | |||||||||||||||||||||||||||||||
Less Net Loan Fees accelerations | Less Net Loan Fees accelerations | (551) | (342) | (893) | (235) | |||||||||||||||||||||||||||||||||
Recurring interest income and PIK interest income | $ | 10,355 | $ | 13,205 | $ | 32,746 | $ | 37,027 | Recurring interest income and PIK interest income | $ | 10,067 | $ | 9,798 | $ | 19,865 | $ | 22,390 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | June 30, 2021 | March 31, 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Interest expense | $ | 4,448 | $ | 4,464 | $ | 14,301 | $ | 11,564 | Interest expense | $ | 4,241 | $ | 4,825 | $ | 9,066 | $ | 9,853 | |||||||||||||||||||||
Management fee | 1,871 | 2,164 | 5,759 | 6,062 | Management fee | 1,876 | 1,834 | 3,710 | 3,888 | |||||||||||||||||||||||||||||
Incentive fee | 234 | 1,214 | 1,332 | 3,622 | Incentive fee | 809 | — | 809 | 1,098 | |||||||||||||||||||||||||||||
Professional fees | 422 | 510 | 1,530 | 1,413 | Professional fees | 489 | 387 | 876 | 1,108 | |||||||||||||||||||||||||||||
Administration fee | 436 | 396 | 1,456 | 1,250 | Administration fee | 439 | 568 | 1,007 | 1,020 | |||||||||||||||||||||||||||||
Other expenses | 364 | 257 | 1,110 | 651 | ||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 327 | 327 | 654 | 746 | |||||||||||||||||||||||||||||||||
Total expenses before incentive fee waiver | $ | 7,775 | $ | 9,005 | $ | 25,488 | $ | 24,562 | Total expenses before incentive fee waiver | 8,181 | 7,941 | 16,122 | 17,713 | |||||||||||||||||||||||||
Incentive fee waiver | — | — | (441 | ) | — | Incentive fee waiver | — | — | — | (441) | ||||||||||||||||||||||||||||
Total expenses, net of incentive fee waiver | $ | 7,775 | $ | 9,005 | $ | 25,047 | $ | 24,562 | Total expenses, net of incentive fee waiver | $ | 8,181 | $ | 7,941 | $ | 16,122 | $ | 17,272 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
SBA Debentures | $ | 1,068 | $ | 1,295 | $ | 3,406 | $ | 3,843 | |||||||
PWB Credit Facility | 285 | 802 | 1,276 | 1,896 | |||||||||||
Unsecured Notes | 2,662 | 1,726 | 7,867 | 5,178 | |||||||||||
BNP Facility | 433 | 641 | 1,752 | 647 | |||||||||||
Total interest expense (1) | $ | 4,448 | $ | 4,464 | $ | 14,301 | $ | 11,564 |
Three Months Ended | Six Months Ended June 30, | ||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | 2021 | 2020 | ||||||||||||||||||||
Senior secured debt | $ | 918 | $ | 3,880 | 4,796 | $ | (23,368) | ||||||||||||||||
Subordinated debt | 3,513 | (1,442) | 2,071 | (7,590) | |||||||||||||||||||
Preferred equity | (81) | 721 | 640 | (2,669) | |||||||||||||||||||
Common equity, warrants and other | 14,371 | 1,373 | 15,744 | 5,986 | |||||||||||||||||||
Structured Finance Notes | 690 | (543) | 147 | (3,707) | |||||||||||||||||||
Deferred income tax benefit (expense) | (205) | (66) | (269) | 416 | |||||||||||||||||||
Total net gain (loss) on investments | $ | 19,206 | $ | 3,923 | $ | 23,129 | $ | (30,932) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Senior secured debt | $ | 7,066 | $ | (3,981 | ) | $ | (16,428 | ) | $ | (7,364 | ) | ||||
Subordinated debt | (3,995 | ) | (921 | ) | (11,585 | ) | (709 | ) | |||||||
Preferred equity, net of taxes | (88 | ) | 2,396 | (2,336 | ) | 804 | |||||||||
Common equity, warrants and other | 10,837 | 797 | 16,942 | 2,747 | |||||||||||
Structured Finance Notes | 1,495 | (1,382 | ) | (2,212 | ) | (1,172 | ) | ||||||||
Total net gain (loss) on investments | $ | 15,315 | $ | (3,091 | ) | $ | (15,619 | ) | $ | (5,694 | ) |
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash from net investment income(1) | $ | 5,925 | $ | 4,245 | ||||||||||
Net (purchases and originations)/repayments and sales of portfolio investments(1) | (8,099) | 41,627 | ||||||||||||
Net cash provided by (used in) operating activities | (2,174) | 45,872 | ||||||||||||
Distributions paid to stockholders(2) | (5,573) | (6,728) | ||||||||||||
Net payments under lines of credit | (8,000) | (4,700) | ||||||||||||
Repayment of SBA debentures | (9,765) | (16,110) | ||||||||||||
Proceeds from unsecured notes offering, net of discounts | 121,791 | — | ||||||||||||
Redemption of unsecured notes | (98,525) | — | ||||||||||||
Other financing activities | (303) | — | ||||||||||||
Net cash used in financing activities | (375) | (27,538) | ||||||||||||
Increase (decrease) in cash | $ | (2,549) | $ | 18,334 |
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash from net investment income | $ | 1,614 | $ | 10,270 | ||||
Net (purchases and originations)/repayments and sales of portfolio investments | 40,881 | (105,619 | ) | |||||
Net cash provided by (used in) operating activities | 42,495 | (95,349 | ) | |||||
Distributions paid to stockholders(1) | (8,974 | ) | (13,464 | ) | ||||
Net borrowings under lines of credit | (31,800 | ) | 80,475 | |||||
Repayment of SBA debentures | (21,110 | ) | — | |||||
Proceeds from unsecured notes offering, net of discounts | 24,250 | — | ||||||
Other financing activities | (11 | ) | (1,860 | ) | ||||
Net cash provided by (used in) financing activities | (37,645 | ) | 65,151 | |||||
Increase (decrease) in cash | $ | 4,850 | $ | (30,198 | ) |
Period | Total Number of Shares Purchased | Cost of Shares Purchased | Average Price Paid Per Share | |||||||||||||||||
January 1, 2021 through March 31, 2021 | 700 | $ | 5 | $ | 6.70 | |||||||||||||||
April 1, 2021 through June 30, 2021 | — | $ | — | $ | — |
Payments due by period | ||||||||||||||||||||||||||||||||
Contractual Obligation (1) | Total | Less than year | 1-3 years (2) | 4-5 years (2) | After 5 years (2) | |||||||||||||||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Unsecured Notes | 204,325 | — | 25,000 | 125,000 | 54,325 | |||||||||||||||||||||||||||
SBA Debentures | 95,505 | — | 7,000 | 88,505 | — | |||||||||||||||||||||||||||
BNP Facility | 24,050 | — | — | 24,050 | — | |||||||||||||||||||||||||||
Total(3) | $ | 323,880 | $ | — | $ | 32,000 | $ | 237,555 | $ | 54,325 |
Payments due by period | ||||||||||||||||||||
Contractual Obligation (1) | Total | Less than year | 1-3 years (2) | 4-5 years (2) | After 5 years (2) | |||||||||||||||
PWB Credit Facility | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Unsecured Notes | 177,850 | — | 25,000 | 50,000 | 102,850 | |||||||||||||||
SBA Debentures | 128,770 | — | 14,000 | 114,770 | — | |||||||||||||||
BNP Facility | 24,650 | — | — | 24,650 | — | |||||||||||||||
Total | $ | 331,270 | $ | — | $ | 39,000 | $ | 189,420 | $ | 102,850 |
Basis point increase | Interest income | Interest expense | Net change | |||||||||||||||||
25 | $ | 48 | $ | (64) | $ | (16) | ||||||||||||||
50 | 121 | (125) | (4) | |||||||||||||||||
75 | 231 | (186) | 45 | |||||||||||||||||
100 | 609 | (247) | 362 | |||||||||||||||||
125 | 1,254 | (308) | 946 |
Basis point increase | Interest income | Interest expense | Net change | |||||||||
25 | $ | 16 | $ | (58 | ) | $ | (42 | ) | ||||
50 | 123 | (121 | ) | 2 | ||||||||
75 | 262 | (183 | ) | 79 | ||||||||
100 | 821 | (246 | ) | 575 | ||||||||
125 | 1,476 | (308 | ) | 1,168 |
Basis point decrease | Interest income | Interest expense | Net change | |||||||||
25 | $ | (518 | ) | $ | 63 | $ | (455 | ) | ||||
50 | n/m (1) | n/m (1) | n/m (1) | |||||||||
75 | n/m (1) | n/m (1) | n/m (1) | |||||||||
100 | n/m (1) | n/m (1) | n/m (1) | |||||||||
125 | n/m (1) | n/m (1) | n/m (1) |
Basis point decrease(1) | Interest income | Interest expense | Net change | |||||||||||||||||
25 | $ | (65) | $ | 41 | $ | (24) | ||||||||||||||
Period | Total Number of Shares Purchased (1) | Cost of Shares Purchased | Average Price Paid Per Share | Maximum Number (or Appropriate Dollar Value) of Shares that May Yet Be Purchased Under the Stock Repurchase Program | ||||||||||||||||||||||
May 22, 2018 through June 30, 2018 | — | $ | — | $ | — | $ | 10,000 | |||||||||||||||||||
July 1, 2018 through September 30, 2018 | — | — | — | 10,000 | ||||||||||||||||||||||
October 1, 2018 through December 31, 2018 | 300 | 3 | 10.29 | 9,997 | ||||||||||||||||||||||
January 1, 2019 through March 31, 2019 | — | — | — | 9,997 | ||||||||||||||||||||||
April 1, 2019 through June 30, 2019 | — | — | — | 9,997 | ||||||||||||||||||||||
July 1, 2019 through September 30, 2019 | — | — | — | 9,997 | ||||||||||||||||||||||
October 1, 2019 through December 31, 2019 | — | — | — | 9,997 | ||||||||||||||||||||||
January 1, 2020 through March 31, 2020 | — | — | — | 9,997 | ||||||||||||||||||||||
April 1, 2020 through June 30, 2020 | — | — | — | 9,997 | ||||||||||||||||||||||
July 1, 2020 through September 30, 2020 | — | — | — | 9,997 | ||||||||||||||||||||||
October 1, 2020 through December 31, 2020 | — | — | — | 9,997 | ||||||||||||||||||||||
January 1, 2021 through March 31, 2021 | 700 | 5 | 6.70 | 9,992 | ||||||||||||||||||||||
April 1, 2021 through June 30, 2021 | — | — | — | 9,992 |
Period | Total Number of Shares Purchased (1) | Cost of Shares Purchased | Average Price Paid Per Share | Maximum Number (or Appropriate Dollar Value) of Shares that May Yet Be Purchased Under the Stock Repurchase Program | |||||||||||
May 22, 2018 through June 30, 2018 | — | $ | — | $ | — | $ | 10,000 | ||||||||
July 1, 2018 through September 30, 2018 | — | $ | — | $ | — | $ | 10,000 | ||||||||
October 1, 2018 through December 31, 2018 | 300 | $ | 3 | $ | 10.29 | $ | 9,997 | ||||||||
January 1, 2019 through March 31, 2019 | — | $ | — | $ | — | $ | 9,997 | ||||||||
April 1, 2019 through June 30, 2019 | — | $ | — | $ | — | $ | 9,997 | ||||||||
July 1, 2019 through September 30, 2019 | — | $ | — | $ | — | $ | 9,997 | ||||||||
October 1, 2019 through December 31, 2019 | — | $ | — | $ | — | $ | 9,997 | ||||||||
January 1, 2020 through March 31, 2020 | — | $ | — | $ | — | $ | 9,997 | ||||||||
April 1, 2020 through June 30, 2020 | — | $ | — | $ | — | $ | 9,997 | ||||||||
July 1, 2020 through September 30, 2020 | — | $ | — | $ | — | $ | 9,997 |
Incorporated by Reference | |||||||||||||||||
Exhibit Number | Description | Form and SEC File No. | Filing Date with SEC | Filed with this 10-Q | |||||||||||||
3.1 | |||||||||||||||||
Form (333-166363) | |||||||||||||||||
3.2 | |||||||||||||||||
Form | |||||||||||||||||
3.3 | |||||||||||||||||
Form (333-166363) | |||||||||||||||||
31.1 | * | ||||||||||||||||
31.2 | * | ||||||||||||||||
32.1 | † | ||||||||||||||||
32.2 | † |
* | Filed herewith | ||||
† | Furnished herewith |
Dated: | OFS CAPITAL CORPORATION | |||||||
By: | /s/ Bilal Rashid | |||||||
Name: | Bilal Rashid | |||||||
Title: | Chief Executive Officer | |||||||
By: | /s/ Jeffrey A. Cerny | |||||||
Name: | Jeffrey A. Cerny | |||||||
Title: | Chief Financial Officer |