ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR |
Delaware | 47-2039472 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
330 Madison Avenue, New York, New York | 10017 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
None | N/A | N/A |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||||||||||
Non-accelerated filer | ý | Smaller reporting company | ¨ | |||||||||||
Emerging growth company | ¨ | |||||||||||||
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Investments at fair value (amortized cost of $377,494 and $272,996, respectively) | $ | 381,054 | $ | 275,084 | |||
Cash | 5,556 | 6,593 | |||||
Restricted cash | 16,317 | 19,575 | |||||
Collateral deposits for foreign currency forward contracts | 400 | — | |||||
Deferred offering costs | — | 68 | |||||
Interest and dividend income receivable | 2,838 | 1,557 | |||||
Principal receivable | 113 | 2,521 | |||||
Advisor transition costs reimbursement receivable | 280 | — | |||||
Unrealized appreciation on foreign currency forward contracts | 9 | — | |||||
Prepaid and deferred expenses | 23 | 34 | |||||
Total assets | $ | 406,590 | $ | 305,432 | |||
Liabilities | |||||||
Credit facility payable, net of financing costs | $ | 148,865 | $ | 124,505 | |||
Payable for investments purchased | 4,930 | 1,093 | |||||
Accrued investment advisory fee | 617 | 489 | |||||
Accrued performance-based incentive fee | 1,156 | 536 | |||||
Unrealized depreciation on foreign currency forward contracts | 394 | 8 | |||||
Payable to related party | 25 | 33 | |||||
Trustees fees payable | 50 | — | |||||
Accrued professional services fees | 537 | 436 | |||||
Accrued advisor transition costs | 333 | — | |||||
Accounts payable, accrued expenses and other liabilities | 316 | 266 | |||||
Total liabilities | 157,223 | 127,366 | |||||
Commitments and contingencies (Note 8. Commitments and Contingencies) | |||||||
Net Assets | $ | 249,367 | $ | 178,066 | |||
Components of Net Assets: | |||||||
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 29,151,096 and 21,016,797 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | $ | 29 | $ | 21 | |||
Paid-in-capital in excess of par value | 245,788 | 176,411 | |||||
Accumulated distributions in excess of net investment income | (1,501 | ) | (445 | ) | |||
Accumulated undistributed net realized gain | 1,876 | — | |||||
Net unrealized appreciation | 3,175 | 2,079 | |||||
Net assets | $ | 249,367 | $ | 178,066 | |||
Net asset value per Common Share | $ | 8.55 | $ | 8.47 |
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Investments at fair value (amortized cost of $110,456 and $125,563, respectively) | $ | 108,751 | $ | 124,139 | |||||||
Cash and cash equivalents | 18,781 | 4,556 | |||||||||
Restricted cash | 12,384 | 24,648 | |||||||||
Interest and dividend income receivable | 943 | 936 | |||||||||
Principal receivable | 111 | 4,747 | |||||||||
Receivable from related parties | 3 | 25 | |||||||||
Prepaid expenses and other assets | 517 | 192 | |||||||||
Total assets | $ | 141,490 | $ | 159,243 | |||||||
Liabilities | |||||||||||
Unrealized depreciation on foreign currency forward contracts | $ | 26 | $ | 280 | |||||||
Accrued management fee | 411 | 769 | |||||||||
Payable to related parties | 60 | 61 | |||||||||
Accounts payable, accrued expenses and other liabilities | 1,184 | 853 | |||||||||
Total liabilities | 1,681 | 1,963 | |||||||||
Commitments and contingencies (Note 8. Commitments and Contingencies) | |||||||||||
Net Assets | $ | 139,809 | $ | 157,280 | |||||||
Components of Net Assets: | |||||||||||
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 25,594,125 and 25,594,125 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | $ | 26 | $ | 26 | |||||||
Paid-in-capital in excess of par value | 151,241 | 169,019 | |||||||||
Accumulated loss, net of distributions | (11,458) | (11,765) | |||||||||
Net assets | $ | 139,809 | $ | 157,280 | |||||||
Net asset value per Common Share | $ | 5.46 | $ | 6.15 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2022 | 2021 | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||
Investment Income | Investment Income | |||||||||||||||||||||||||
Interest income | $ | 8,318 | $ | 3,503 | $ | 21,577 | $ | 7,117 | Interest income | $ | 2,345 | $ | 4,910 | |||||||||||||
PIK interest income | PIK interest income | 79 | 97 | |||||||||||||||||||||||
Dividend income | — | — | — | 37 | Dividend income | 179 | 12 | |||||||||||||||||||
Fee income | 13 | 204 | 671 | 221 | Fee income | 552 | 125 | |||||||||||||||||||
Total investment income | 8,331 | 3,707 | 22,248 | 7,375 | Total investment income | 3,155 | 5,144 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Interest expense | 1,703 | 998 | 4,807 | 1,928 | ||||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||
Interest expense and other financing costs | Interest expense and other financing costs | — | 950 | |||||||||||||||||||||||
Management fee | Management fee | 648 | 1,397 | |||||||||||||||||||||||
Administrative services | 44 | 32 | 141 | 82 | Administrative services | 42 | 43 | |||||||||||||||||||
Related party reimbursements | 105 | 98 | 328 | 286 | ||||||||||||||||||||||
Investment advisory fee | 1,986 | 1,025 | 5,620 | 2,142 | ||||||||||||||||||||||
Performance-based incentive fee | 201 | 43 | 620 | 43 | ||||||||||||||||||||||
Custody services | 24 | 18 | 68 | 47 | Custody services | 21 | 24 | |||||||||||||||||||
Trustees fees | 112 | 101 | 372 | 264 | Trustees fees | 70 | 83 | |||||||||||||||||||
Related party reimbursements | Related party reimbursements | 60 | 132 | |||||||||||||||||||||||
Professional services fees | 229 | 253 | 765 | 812 | Professional services fees | 191 | 201 | |||||||||||||||||||
Insurance | 36 | 35 | 106 | 107 | ||||||||||||||||||||||
Organizational expenses | — | — | — | 228 | ||||||||||||||||||||||
Advisor transition costs | 662 | — | 662 | — | ||||||||||||||||||||||
Other expenses | 29 | 21 | 85 | 52 | Other expenses | 71 | 68 | |||||||||||||||||||
Total expenses before advisor transition costs reimbursement | 5,131 | 2,624 | 13,574 | 5,991 | ||||||||||||||||||||||
Reimbursement of advisor transition costs | (662 | ) | — | (662 | ) | — | ||||||||||||||||||||
Total expenses | 4,469 | 2,624 | 12,912 | 5,991 | Total expenses | 1,103 | 2,898 | |||||||||||||||||||
Net investment income | 3,862 | 1,083 | 9,336 | 1,384 | Net investment income | 2,052 | 2,246 | |||||||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||||||||||
Realized and unrealized gains (losses): | Realized and unrealized gains (losses): | |||||||||||||||||||||||||
Net realized gains (losses) on: | Net realized gains (losses) on: | |||||||||||||||||||||||||
Investments | 491 | 467 | 3,021 | 474 | Investments | 629 | 454 | |||||||||||||||||||
Foreign currency forward contracts | (410 | ) | — | (1,029 | ) | — | Foreign currency forward contracts | (125) | (1,024) | |||||||||||||||||
Foreign currency transactions | (5 | ) | — | (116 | ) | — | Foreign currency transactions | (34) | (32) | |||||||||||||||||
Net realized gains | 76 | 467 | 1,876 | 474 | ||||||||||||||||||||||
Net realized gains (losses) | Net realized gains (losses) | 470 | (602) | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
Investments | 1,097 | 4,131 | 1,473 | 5,391 | Investments | (281) | 7,319 | |||||||||||||||||||
Foreign currency forward contracts | (217 | ) | — | (377 | ) | — | Foreign currency forward contracts | 254 | 980 | |||||||||||||||||
Net change in unrealized appreciation | 880 | 4,131 | 1,096 | 5,391 | ||||||||||||||||||||||
Foreign currency transactions | Foreign currency transactions | (2) | (1) | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | Net change in unrealized appreciation (depreciation) | (29) | 8,298 | |||||||||||||||||||||||
Net realized and unrealized gains | 956 | 4,598 | 2,972 | 5,865 | Net realized and unrealized gains | 441 | 7,696 | |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 4,818 | $ | 5,681 | $ | 12,308 | $ | 7,249 | Net increase in net assets resulting from operations | $ | 2,493 | $ | 9,942 | |||||||||||||
Per Common Share information: | Per Common Share information: | |||||||||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.13 | $ | 0.08 | $ | 0.35 | $ | 0.14 | Net investment income per Common Share outstanding - basic and diluted | $ | 0.08 | $ | 0.09 | |||||||||||||
Earnings per Common Share - basic and diluted (Note 9. Earnings Per Common Share) | $ | 0.16 | $ | 0.40 | $ | 0.46 | $ | 0.71 | ||||||||||||||||||
Weighted average Common Shares outstanding (basic and diluted) | 29,214,286 | 14,367,189 | 26,976,497 | 10,219,786 | ||||||||||||||||||||||
Distributions per Common Share | $ | 0.16 | $ | 0.17 | $ | 0.38 | $ | 0.22 | ||||||||||||||||||
Earnings per Common Share outstanding - basic and diluted | Earnings per Common Share outstanding - basic and diluted | $ | 0.10 | $ | 0.38 | |||||||||||||||||||||
Weighted average Common Shares outstanding - basic and diluted | Weighted average Common Shares outstanding - basic and diluted | 25,594,125 | 26,144,459 | |||||||||||||||||||||||
Distribution per Common Share outstanding | Distribution per Common Share outstanding | $ | 0.78 | $ | 0.10 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operations | |||||||
Net investment income | $ | 9,336 | $ | 1,384 | |||
Net realized gains | 1,876 | 474 | |||||
Net change in unrealized appreciation | 1,096 | 5,391 | |||||
Net increase in net assets resulting from operations | 12,308 | 7,249 | |||||
Shareholder distributions: | |||||||
Distributions from net investment income | (9,336 | ) | (1,399 | ) | |||
Distributions in excess of net investment income | (1,056 | ) | (1,707 | ) | |||
Net decrease in net assets resulting from shareholder distributions | (10,392 | ) | (3,106 | ) | |||
Capital share transactions: | |||||||
Issuance of Common Shares | 70,676 | 88,869 | |||||
Repurchase of Common Shares | (1,291 | ) | — | ||||
Net increase in net assets resulting from capital share transactions | 69,385 | 88,869 | |||||
Total increase in net assets | 71,301 | 93,012 | |||||
Net assets at beginning of period | 178,066 | 46,704 | |||||
Net assets at end of period | $ | 249,367 | $ | 139,716 | |||
Capital share activity: | |||||||
Common Shares outstanding at the beginning of the period | 21,016,797 | 5,840,060 | |||||
Common Shares issued from subscriptions | 8,285,299 | 10,980,584 | |||||
Repurchase of Common Shares outstanding | (151,000 | ) | — | ||||
Common Shares outstanding at the end of the period | 29,151,096 | 16,820,644 | |||||
Accumulated distributions in excess of net investment income | $ | (1,501 | ) | $ | (1,707 | ) |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | |||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
Balance at December 31, 2021 | 25,594,125 | $ | 26 | $ | 169,019 | $ | (11,765) | $ | 157,280 | ||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||
Net investment income | — | — | — | 2,052 | 2,052 | ||||||||||||||||||||||||
Net realized gains | — | — | — | 470 | 470 | ||||||||||||||||||||||||
Net change in unrealized depreciation | — | — | — | (29) | (29) | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 2,493 | 2,493 | ||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (2,186) | (2,186) | ||||||||||||||||||||||||
Distributions representing a return of capital | — | — | (17,778) | — | (17,778) | ||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | (17,778) | (2,186) | (19,964) | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | — | (17,778) | 307 | (17,471) | ||||||||||||||||||||||||
Balance at March 31, 2022 | 25,594,125 | $ | 26 | $ | 151,241 | $ | (11,458) | $ | 139,809 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | |||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
Balance at December 31, 2020 | 26,272,618 | $ | 26 | $ | 223,462 | $ | (24,763) | $ | 198,725 | ||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||
Net investment income | — | — | — | 2,246 | 2,246 | ||||||||||||||||||||||||
Net realized losses | — | — | — | (602) | (602) | ||||||||||||||||||||||||
Net change in unrealized appreciation | — | — | — | 8,298 | 8,298 | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 9,942 | 9,942 | ||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (2,581) | (2,581) | ||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (2,581) | (2,581) | ||||||||||||||||||||||||
Capital share transactions: | |||||||||||||||||||||||||||||
Repurchase of Common Shares | (678,493) | — | (5,278) | — | (5,278) | ||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (678,493) | — | (5,278) | — | (5,278) | ||||||||||||||||||||||||
Net increase (decrease) for the period | (678,493) | — | (5,278) | 7,361 | 2,083 | ||||||||||||||||||||||||
Balance at March 31, 2021 | 25,594,125 | $ | 26 | $ | 218,184 | $ | (17,402) | $ | 200,808 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net increase in net assets resulting from operations | $ | 12,308 | $ | 7,249 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |||||||
Paid-in-kind income | (169 | ) | (37 | ) | |||
Amortization of premium/accretion on investments, net | (941 | ) | (393 | ) | |||
Proceeds from sales of investments | 51,037 | 37,488 | |||||
Proceeds from paydowns on investments | 55,061 | 22,154 | |||||
Purchase of investments | (206,464 | ) | (195,614 | ) | |||
Net realized gain on investments | (3,021 | ) | (474 | ) | |||
Net change in unrealized appreciation on investments | (1,473 | ) | (5,391 | ) | |||
Net change in unrealized depreciation on foreign currency forward contracts | 377 | — | |||||
Amortization of deferred financing costs | 360 | 342 | |||||
(Increase) decrease in operating assets: | |||||||
Deferred offering costs | 68 | — | |||||
Interest and dividend income receivable | (1,281 | ) | (842 | ) | |||
Principal receivable | 2,408 | 23 | |||||
Advisor transition costs reimbursement receivable | (280 | ) | — | ||||
Prepaid and deferred expenses | 11 | (119 | ) | ||||
Increase (decrease) in operating liabilities: | |||||||
Payable for investments purchased | 3,837 | (4,230 | ) | ||||
Accrued investment advisory fee | 128 | 206 | |||||
Accrued performance-based incentive fee | 620 | 43 | |||||
Payable to related party | (8 | ) | 19 | ||||
Accrued professional services fees | 101 | 212 | |||||
Trustees fees payable | 50 | 45 | |||||
Accrued advisor transition costs | 333 | — | |||||
Accounts payable, accrued expenses and other liabilities | 50 | 79 | |||||
Net cash used in operating activities | (86,888 | ) | (139,240 | ) | |||
Financing activities | |||||||
Issuance of Common Shares | 70,676 | 88,869 | |||||
Repurchase of Common Shares | (1,291 | ) | — | ||||
Credit facility borrowings | 24,000 | 58,000 | |||||
Payment of financing costs | — | (219 | ) | ||||
Distributions paid | (10,392 | ) | (3,106 | ) | |||
Net cash provided by financing activities | 82,993 | 143,544 | |||||
Net increase (decrease) in restricted and unrestricted cash | (3,895 | ) | 4,304 | ||||
Restricted and unrestricted cash, beginning of period | 26,168 | 9,925 | |||||
Restricted and unrestricted cash, end of period | $ | 22,273 | $ | 14,229 | |||
Reconciliation of restricted and unrestricted cash | |||||||
Cash | 5,556 | 5,464 | |||||
Restricted cash | 16,317 | 8,765 | |||||
Collateral deposits for foreign currency forward contracts | 400 | — | |||||
Total restricted and unrestricted cash | $ | 22,273 | $ | 14,229 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest | $ | 4,360 | $ | 1,468 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net increase in net assets resulting from operations | $ | 2,493 | $ | 9,942 | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | |||||||||||
Capitalized paid-in-kind income | (165) | (78) | |||||||||
Amortization of premium/accretion of discount, net | (159) | (254) | |||||||||
Proceeds from sales of investments | 7,718 | 7,975 | |||||||||
Proceeds from paydowns on investments | 9,584 | 32,862 | |||||||||
Net receipt of settlement of derivatives | 373 | 370 | |||||||||
Net payment of settlement of derivatives | (498) | (1,394) | |||||||||
Net realized losses on derivatives | 125 | 1,024 | |||||||||
Purchases of investments | (1,242) | (1,685) | |||||||||
Net realized losses on investments | (629) | (454) | |||||||||
Net change in unrealized (appreciation) depreciation on investments | 281 | (7,319) | |||||||||
Net change in unrealized appreciation on foreign currency forward contracts | (254) | (980) | |||||||||
Amortization of deferred financing costs | — | 94 | |||||||||
(Increase) decrease in operating assets: | |||||||||||
Interest and dividend income receivable | (7) | 399 | |||||||||
Principal receivable | 4,636 | (2,288) | |||||||||
Receivable from related parties | 22 | 27 | |||||||||
Prepaid expenses and other assets | (325) | 65 | |||||||||
Increase (decrease) in operating liabilities: | |||||||||||
Accrued management fee | (358) | (41) | |||||||||
Payable to related parties | (1) | (13) | |||||||||
Collateral payable for foreign currency forward contracts | — | 260 | |||||||||
Accounts payable, accrued expenses and other liabilities | 331 | 177 | |||||||||
Net cash provided by operating activities | 21,925 | 38,689 | |||||||||
Financing activities | |||||||||||
Repurchase of Common Shares | — | (5,278) | |||||||||
Credit facility repayments | — | (20,000) | |||||||||
Distributions paid | (19,964) | (2,581) | |||||||||
Net cash used in financing activities | (19,964) | (27,859) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 1,961 | 10,830 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 29,204 | 34,919 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 31,165 | $ | 45,749 | |||||||
Reconciliation of cash, cash equivalents and restricted cash | |||||||||||
Cash and cash equivalents | 18,781 | 8,312 | |||||||||
Restricted cash | 12,384 | 37,437 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 31,165 | $ | 45,749 | |||||||
Supplemental disclosure of cash flow information and non-cash financing activities: | |||||||||||
Cash paid for interest | $ | — | $ | 835 | |||||||
March 31, 2022 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt investments - 76.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corporation | (13) | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 11/17/2023 | $ | 4,127 | $ | 4,082 | $ | 3,918 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||
EnTrans International, LLC | (13) | Senior Secured Loans - First Lien | L+6.00% | 6.21% | 11/1/2024 | 6,812 | 6,078 | 6,674 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wesco Group | (13)(15) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 6/14/2024 | 1,217 | 1,211 | 1,214 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Automotive | 11,371 | 11,806 | 8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checkers Holdings Inc | (13) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 4/25/2024 | 1,119 | 719 | 999 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 719 | 999 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaver Brooks, Inc. | (13) | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,905 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Equipment | 2,000 | 1,905 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals | (13)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 4/29/2025 | 5,057 | 5,038 | 5,040 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 4/29/2025 | 229 | 174 | 177 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,212 | 5,217 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group Inc. | (13)(15) | Senior Secured Loans - First Lien | L+4.25% | 5.26% | 6/26/2026 | 973 | 963 | 964 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Chemicals, Plastics & Rubber | 6,175 | 6,181 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC | (13)(14)(15) | Senior Secured Loans - First Lien | L+6.75% | 8.25% | 1/31/2025 | 3,714 | 3,700 | 3,584 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Delayed Draw B) | (13)(14)(15) | Senior Secured Loans - First Lien | L+7.25% | 8.25% | 1/31/2025 | 545 | 542 | 526 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 1/31/2024 | 519 | 491 | 494 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,733 | 4,604 | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing, Inc. | (13) | Senior Secured Loans - First Lien | L+4.50% | 4.96% | 12/19/2025 | 3,929 | 3,620 | 3,745 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Non-Durable | 8,353 | 8,349 | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bioplan USA, Inc. | (13)(14) | Senior Secured Loans - First Lien | L+7.75% | 8.75% | 12/22/2023 | 4,870 | 4,494 | 4,487 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | CN(10)(11)(13) | Senior Secured Loans - First Lien | L+3.00% | 3.35% | 3/28/2025 | 1,935 | 1,860 | 1,897 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Containers, Packaging & Glass | 6,354 | 6,384 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
Debt investments - 152.6% | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
Advanced Integration Technology | (15) | Senior Secured Loans - First Lien | L+4.75% | 5.99% | 4/3/2023 | 8,915 | $ | 8,784 | $ | 8,893 | 3.6 | % | ||||||||||||
National Technical Systems | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.49% | 6/14/2021 | 3,488 | 3,458 | 3,400 | 1.4 | % | ||||||||||||||
Tronair, Inc | (15) | Senior Secured Loans - First Lien | L+4.75% | 6.06% | 9/8/2023 | 3,960 | 3,921 | 3,940 | 1.6 | % | ||||||||||||||
Tronair, Inc | (15) | Senior Secured Loans - Second Lien | L+8.75% | 10.06% | 9/6/2024 | 4,000 | 3,873 | 3,878 | 1.5 | % | ||||||||||||||
7,794 | 7,818 | 3.1 | % | |||||||||||||||||||||
Total Aerospace & Defense | 20,036 | 20,111 | 8.1 | % | ||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
Accuride Corp. | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.33% | 11/10/2023 | 11,910 | 11,506 | 12,104 | 4.8 | % | ||||||||||||||
Express Oil | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 8.07% | 6/14/2024 | 2,368 | 2,317 | 2,317 | 0.9 | % | ||||||||||||||
Express Oil (Delayed Draw) | (12)(13)(15) | Senior Secured Loans - First Lien | L+6.75% | 8.07% | 6/14/2024 | 779 | 771 | 761 | 0.3 | % | ||||||||||||||
Express Oil (Revolver) | (8)(12)(13)(15)(18) | Senior Secured Loans - First Lien | L+6.75% | N/A | 6/14/2022 | — | (29 | ) | (28 | ) | — | % | ||||||||||||
3,059 | 3,050 | 1.2 | % | |||||||||||||||||||||
Humanetics | (15) | Senior Secured Loans - First Lien | L+6.00% | 7.24% | 7/12/2022 | 8,543 | 8,344 | 8,402 | 3.4 | % | ||||||||||||||
Humanetics (Revolver) | (8)(12)(13)(15)(18) | Senior Secured Loans - First Lien | L+6.00% | N/A | 7/12/2022 | — | (9 | ) | (48 | ) | — | % | ||||||||||||
8,335 | 8,354 | 3.4 | % | |||||||||||||||||||||
Mavis Tire Supply LLC | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.49% | 11/2/2020 | 2,933 | 2,905 | 2,907 | 1.2 | % | ||||||||||||||
Total Automotive | 25,805 | 26,415 | 10.6 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
C-III Capital Partners | (11)(15) | Senior Secured Loans - First Lien | L+9.00% | 10.25% | 8/8/2021 | 2,545 | 2,463 | 2,523 | 1.0 | % | ||||||||||||||
Integro Insurance Brokers | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.83% | 10/28/2022 | 1,002 | 972 | 999 | 0.4 | % | ||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 3,435 | 3,522 | 1.4 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
Addo Foods Group | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+8.00% | 9.00% | 3/14/2024 | £10,000 | 12,144 | 13,057 | 5.2 | % | ||||||||||||||
Blue Harvest Fisheries | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.24% | 7/29/2022 | 6,809 | 6,723 | 6,726 | 2.7 | % | ||||||||||||||
Blue Harvest Fisheries | (14)(15) | Subordinated Debt | N/A | 10.00% | 7/29/2022 | 357 | 354 | 356 | 0.2 | % | ||||||||||||||
7,077 | 7,082 | 2.9 | % | |||||||||||||||||||||
Chef's Warehouse, Inc. | (11) | Senior Secured Loans - First Lien | L+4.75% | 5.99% | 6/22/2022 | 4,038 | 3,974 | 4,094 | 1.6 | % |
March 31, 2022 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Basic Energy Services Inc | (13)(18) | Senior Secured Bonds | N/A | N/A | 10/15/2023 | 4,475 | 1,926 | 90 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(14)(15) | Senior Secured Loans - First Lien | L+8.00% | 9.00% | 11/23/2025 | 516 | 280 | 513 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 2,206 | 603 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alegeus Technology LLC | (13)(15) | Senior Secured Loans - First Lien | L+8.25% | 9.25% | 9/5/2024 | 8,000 | 7,983 | 7,772 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Healthcare & Pharmaceuticals | 7,983 | 7,772 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASM Global | (13) | Senior Secured Loans - First Lien | L+2.50% | 2.83% | 1/23/2025 | 2,305 | 2,302 | 2,224 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 2,302 | 2,224 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (13)(14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 3,564 | 3,529 | 3,457 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (13)(14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 1,004 | 994 | 974 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Delayed Draw) | (13)(14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 138 | 138 | 134 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Revolver) | (9)(13)(14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 8/21/2025 | 834 | 765 | 791 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Metals & Mining | 5,426 | 5,356 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Nile, Inc. | (13) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 2/17/2023 | 4,650 | 4,624 | 4,564 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 3/12/2024 | 970 | 886 | 965 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13) | Senior Secured Loans - First Lien | N/A | N/A | 4/1/2024 | 126 | 126 | 126 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14) | Senior Secured Loans - Second Lien | L+10.75% | 11.75% | 10/01/24 | 1,260 | 1,883 | 1,039 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,895 | 2,130 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | 7,519 | 6,694 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.00% | 5.17% | 6/16/2025 | £ | 2,060 | 2,592 | 2,640 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.00% | 5.16% | 6/16/2025 | 890 | 864 | 867 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/16/2024 | — | (25) | (24) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,431 | 3,483 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
HealthChannels, Inc. | (13) | Senior Secured Loans - First Lien | L+4.50% | 4.60% | 4/3/2025 | 2,718 | 2,686 | 2,489 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management | (13)(15) | Senior Secured Loans - First Lien | S+6.00% | 7.00% | 3/2/2026 | 4,802 | 4,719 | 4,711 | 3.4 | % |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
CTI Foods | Senior Secured Loans - Second Lien | L+7.25% | 8.49% | 6/28/2021 | 5,000 | 4,689 | 4,069 | 1.6 | % | |||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 5.80% | 3/31/2023 | 1,000 | 991 | 991 | 0.4 | % | ||||||||||||||
Parts Town, LLC | (15) | Senior Secured Loans - First Lien | L+6.50% | 7.74% | 6/23/2022 | 6,930 | 6,930 | 6,930 | 2.8 | % | ||||||||||||||
Parts Town, LLC | (15) | Senior Secured Loans - First Lien | L+6.50% | 7.74% | 6/23/2022 | 1,493 | 1,479 | 1,493 | 0.6 | % | ||||||||||||||
Parts Town, LLC (Revolver) | (8)(12)(15)(13) | Senior Secured Loans - First Lien | L+6.50% | 7.74% | 6/23/2022 | 800 | 717 | 718 | 0.3 | % | ||||||||||||||
9,126 | 9,141 | 3.7 | % | |||||||||||||||||||||
Reddy Ice | Senior Secured Loans - First Lien | L+5.50% | 6.75% | 5/1/2019 | 3,625 | 3,514 | 3,576 | 1.4 | % | |||||||||||||||
Total Beverage, Food & Tobacco | 41,515 | 42,010 | 16.8 | % | ||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||
Endries Acquisition Holdings | (15) | Senior Secured Loans - First Lien | L+4.75% | 5.98% | 6/1/2023 | 625 | 619 | 619 | 0.3 | % | ||||||||||||||
Great Lakes Dredge and Dock | (11) | Senior Unsecured Debt | N/A | 8.00% | 5/15/2022 | 2,000 | 2,000 | 2,075 | 0.8 | % | ||||||||||||||
Total Capital Equipment | 2,619 | 2,694 | 1.1 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||
Ilpea Parent Inc | IT(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.74% | 3/31/2023 | 5,863 | 5,782 | 5,885 | 2.4 | % | ||||||||||||||
Total Chemicals, Plastics & Rubber | 5,782 | 5,885 | 2.4 | % | ||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||
CH2M | (15) | Senior Secured Bonds | N/A | 10.00% | 4/28/2020 | 12,000 | 12,000 | 13,020 | 5.2 | % | ||||||||||||||
Fiber Composites, LLC | (14)(15)(20) | Senior Unsecured Debt | N/A | 12.50% | 6/29/2022 | 5,458 | 5,333 | 5,453 | 2.2 | % | ||||||||||||||
GAL Manufacturing | (13)(15) | Senior Secured Loans - First Lien | L+4.25% | 5.58% | 6/26/2023 | 5,553 | 5,461 | 5,461 | 2.2 | % | ||||||||||||||
GAL Manufacturing | (13)(15) | Senior Secured Loans - Second Lien | L+8.25% | 9.58% | 6/26/2024 | 6,000 | 5,873 | 5,870 | 2.4 | % | ||||||||||||||
GAL Manufacturing (Revolver) | (8)(13)(15) | Senior Secured Loans - First Lien | L+4.25% | 5.58% | 6/26/2022 | 60 | 8 | 8 | — | % | ||||||||||||||
11,342 | 11,339 | 4.6 | % | |||||||||||||||||||||
Hayward Industries, Inc. | (13)(15) | Senior Secured Loans - Second Lien | L+8.25% | 9.49% | 7/18/2025 | 6,000 | 5,895 | 5,970 | 2.4 | % | ||||||||||||||
SRS Distribution Inc. | Senior Secured Loans - Second Lien | L+8.75% | 9.99% | 2/24/2023 | 6,790 | 6,710 | 6,985 | 2.8 | % | |||||||||||||||
Total Construction & Building | 41,280 | 42,767 | 17.2 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Implus Footcare, LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.08% | 4/30/2021 | 4,758 | 4,709 | 4,716 | 1.9 | % | ||||||||||||||
Implus Footcare, LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.01% | 4/30/2021 | 923 | 911 | 915 | 0.4 | % | ||||||||||||||
5,620 | 5,631 | 2.3 | % | |||||||||||||||||||||
Total Consumer Goods: Non-Durable | 5,620 | 5,631 | 2.3 | % | ||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 5.99% | 9/23/2021 | 5,526 | 5,014 | 5,511 | 2.2 | % | |||||||||||||||
March 31, 2022 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management (Delayed Draw) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 3/2/2026 | — | (22) | (21) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,697 | 4,690 | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2025 | 298 | 298 | 276 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC (Delayed Draw) | (13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2026 | 177 | 177 | 169 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2026 | 419 | 419 | 401 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/16/2026 | 2,801 | 2,768 | 2,675 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,662 | 3,521 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
YAK Access, LLC | (13) | Senior Secured Loans - Second Lien | L+10.00% | 10.95% | 7/10/2026 | 5,000 | 4,773 | 3,260 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Services: Business | 19,249 | 17,443 | 12.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/6/2024 | — | (13) | (6) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Term Loan) | (13)(15) | Senior Secured Loans - First Lien | L+4.25% | 4.76% | 9/4/2026 | 849 | 847 | 823 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
834 | 817 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | (13)(15) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 1/10/2025 | 4,900 | 4,863 | 4,875 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.00% | 8.25% | 12/3/2024 | 131 | 111 | 112 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,974 | 4,987 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (13)(15) | Senior Secured Loans - First Lien | L+4.50% | 4.68% | 4/28/2025 | 1,931 | 1,912 | 1,922 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (13)(15) | Senior Secured Loans - Second Lien | L+7.75% | 7.93% | 4/27/2026 | 462 | 456 | 459 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (13)(15) | Senior Secured Loans - First Lien | L+4.50% | 4.68% | 4/28/2025 | 3,048 | 3,024 | 3,035 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (13)(15) | Senior Secured Loans - Second Lien | L+7.75% | 7.93% | 4/27/2026 | 4,696 | 4,654 | 4,671 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
10,046 | 10,087 | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 7/8/2025 | — | — | (24) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. | (13)(15) | Senior Secured Loans - First Lien | L+8.50% | 9.75% | 7/8/2025 | 3,088 | 3,064 | 3,064 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,064 | 3,040 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind River Systems | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 06/24/24 | 1,267 | 1,254 | 1,265 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 20,172 | 20,196 | 14.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | (13) | Senior Secured Loans - First Lien | L+3.50% | 3.58% | 7/23/2025 | 2,180 | 2,173 | 2,119 | 1.5 | % |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - First Lien | L+4.50% | 5.83% | 5/26/2023 | 2,974 | 2,946 | 2,978 | 1.2 | % | ||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - Second Lien | L+8.50% | 9.83% | 11/26/2023 | 3,000 | 2,957 | 3,004 | 1.2 | % | ||||||||||||||
5,903 | 5,982 | 2.4 | % | |||||||||||||||||||||
Total Containers, Packaging & Glass | 10,917 | 11,493 | 4.6 | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
BreitBurn Energy Partners LP | (11)(15)(16) | Senior Secured Bonds | N/A | —% | 5/18/2020 | 3,250 | 3,153 | 2,990 | 1.2 | % | ||||||||||||||
Ferrellgas, LP | (11) | Senior Unsecured Debt | N/A | 6.50% | 5/1/2021 | 1,650 | 1,646 | 1,601 | 0.6 | % | ||||||||||||||
Ferrellgas, LP | (11) | Senior Unsecured Debt | N/A | 6.75% | 1/15/2022 | 2,950 | 2,867 | 2,862 | 1.1 | % | ||||||||||||||
Ferrellgas, LP | (11) | Senior Unsecured Debt | N/A | 6.75% | 6/15/2023 | 1,855 | 1,766 | 1,785 | 0.7 | % | ||||||||||||||
6,279 | 6,248 | 2.4 | % | |||||||||||||||||||||
Moss Creek Resources | (13)(15) | Senior Unsecured Debt | L+8.00% | 9.50% | 3/29/2022 | 9,333 | 9,139 | 9,217 | 3.7 | % | ||||||||||||||
Penn Virginia | (11)(12)(13)(15) | Senior Secured Loans - Second Lien | L+7.00% | 8.34% | 9/29/2022 | 3,000 | 2,940 | 2,940 | 1.2 | % | ||||||||||||||
Total Energy: Oil & Gas | 21,511 | 21,395 | 8.5 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Alltech | (15) | Subordinated Debt | L+7.25% | 8.49% | 7/9/2023 | 14,376 | 14,198 | 14,203 | 5.7 | % | ||||||||||||||
Alltech | (15) | Subordinated Debt | L+7.25% | 8.25% | 7/9/2023 | €601 | 619 | 702 | 0.3 | % | ||||||||||||||
14,817 | 14,905 | 6.0 | % | |||||||||||||||||||||
Hanger, Inc. | (11)(15) | Senior Unsecured Debt | N/A | 11.50% | 8/1/2019 | 4,000 | 3,950 | 4,150 | 1.6 | % | ||||||||||||||
WIRB-Copernicus Group | (15) | Senior Secured Loans - Second Lien | L+9.00% | 10.30% | 8/15/2023 | 8,000 | 7,861 | 7,908 | 3.2 | % | ||||||||||||||
WIRB-Copernicus Group | (15) | Senior Secured Loans - Second Lien | L+9.00% | 10.33% | 8/15/2023 | 4,000 | 3,947 | 3,954 | 1.6 | % | ||||||||||||||
11,808 | 11,862 | 4.8 | % | |||||||||||||||||||||
Total Healthcare & Pharmaceuticals | 30,575 | 30,917 | 12.4 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||
Bay Club Company | Senior Secured Loans - First Lien | L+6.50% | 7.74% | 8/24/2022 | 7,660 | 7,482 | 7,774 | 3.1 | % | |||||||||||||||
Welcome Break | UK(10)(11)(15) | Senior Secured Loans - Second Lien | L+8.00% | 8.29% | 1/26/2023 | £5,989 | 7,378 | 7,920 | 3.2 | % | ||||||||||||||
Total Hotel, Gaming & Leisure | 14,860 | 15,694 | 6.3 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - First Lien | L+5.75% | 7.05% | 9/9/2022 | 6,930 | 6,861 | 6,863 | 2.7 | % | ||||||||||||||
Boats Group (Revolver) | (8)(13)(15)(18) | Senior Secured Loans - First Lien | L+5.75% | N/A | 8/10/2021 | — | (100 | ) | (99 | ) | — | % | ||||||||||||
6,761 | 6,764 | 2.7 | % |
March 31, 2022 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | (13)(15) | Senior Secured Loans - Second Lien | L+7.50% | 7.58% | 7/23/2026 | 2,500 | 2,482 | 2,413 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Telecommunications | 4,655 | 4,532 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BHI Energy | (13)(15) | Senior Secured Loans - Second Lien | L+8.75% | 9.75% | 2/28/2025 | 6,000 | 5,942 | 5,895 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Electric | 5,942 | 5,895 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 110,426 | $ | 106,339 | 76.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity investments - 1.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(15) | Equity/Other | N/A | N/A | 203,022 | — | 166 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | — | 166 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13) | Equity/Other | N/A | N/A | 53,097 | — | 90 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | — | 90 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource | (13)(15) | Equity/Other | N/A | N/A | 952,410 | — | 476 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Wolfhound Parent Inc. (Warrants) | (13)(15)(16) | Equity/Other | N/A | N/A | 1,975 | 30 | 1,559 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit (Warrants) | (13)(15) | Equity/Other | N/A | N/A | 96,480 | — | 121 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 30 | 2,156 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity Investments | $ | 30 | $ | 2,412 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments - 77.8% | $ | 110,456 | $ | 108,751 | 77.8 | % |
March 31, 2022 (in thousands) | ||||||||||||||||||||||||||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 4/14/2022 | $ | 3,056 | £ | 2,346 | — | $ | (25) | — | % | ||||||||||||||||||||||||||||
JPMorgan Chase Bank | 4/14/2022 | £ | 295 | $ | 388 | — | $ | (1) | — | % | ||||||||||||||||||||||||||||
$ | (26) | — | % |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Dominion Web Solutions | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.48% | 6/15/2024 | 5,640 | 5,640 | 5,546 | 2.2 | % | ||||||||||||||
Dominion Web Solutions (Revolver) | (8)(13)(15)(18) | Senior Secured Loans - First Lien | L+6.25% | N/A | 6/15/2023 | — | (49 | ) | (49 | ) | — | % | ||||||||||||
5,591 | 5,497 | 2.2 | % | |||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 12,352 | 12,261 | 4.9 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
ProQuest LLC | (15) | Senior Secured Loans - Second Lien | L+9.00% | 10.24% | 12/15/2022 | 787 | 772 | 764 | 0.3 | % | ||||||||||||||
Total Media: Broadcasting & Subscription | 772 | 764 | 0.3 | % | ||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||
New Day Aluminum LLC | (14)(15)(21) | Senior Secured Bonds | N/A | 10.00% | 10/28/2020 | 23 | 1 | 14 | — | % | ||||||||||||||
Total Metals & Mining | 1 | 14 | — | % | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Belk Inc. | Senior Secured Loans - First Lien | L+4.75% | 6.05% | 12/12/2022 | 2,281 | 2,077 | 1,919 | 0.8 | % | |||||||||||||||
Blue Nile Inc. | (15) | Senior Secured Loans - First Lien | L+6.50% | 7.83% | 2/17/2023 | 11,850 | 11,522 | 11,909 | 4.8 | % | ||||||||||||||
Med Intermediate (MyEyeDr) | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.49% | 8/14/2021 | 4,804 | 4,766 | 4,837 | 1.9 | % | ||||||||||||||
Med Intermediate (MyEyeDr) (Delayed Draw) | (8)(12)(15) | Senior Secured Loans - First Lien | L+6.25% | 7.49% | 8/16/2021 | 139 | 116 | 150 | 0.1 | % | ||||||||||||||
Med Intermediate (MyEyeDr) (Term Loan B) | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.49% | 8/16/2021 | 1,256 | 1,241 | 1,265 | 0.5 | % | ||||||||||||||
6,123 | 6,252 | 2.5 | % | |||||||||||||||||||||
Pet Holdings ULC | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.80% | 6/23/2022 | 4,455 | 4,394 | 4,455 | 1.8 | % | ||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(8)(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.79% | 6/23/2022 | 375 | 375 | 375 | 0.1 | % | ||||||||||||||
4,769 | 4,830 | 1.9 | % | |||||||||||||||||||||
Toys R Us (DIP) | (12)(13) | Senior Secured Loans - First Lien | L+6.75% | 8.07% | 1/22/2019 | 2,000 | 1,990 | 2,040 | 0.8 | % | ||||||||||||||
Total Retail | 26,481 | 26,950 | 10.8 | % | ||||||||||||||||||||
Technology | ||||||||||||||||||||||||
ACA Compliance Group | (15) | Senior Secured Loans - First Lien | L+4.75% | 5.99% | 1/30/2021 | 998 | 988 | 999 | 0.4 | % | ||||||||||||||
Advanced Computer Software | UK(10)(11) | Senior Secured Loans - First Lien | L+5.50% | 6.82% | 3/18/2022 | 742 | 722 | 736 | 0.3 | % | ||||||||||||||
Advanced Computer Software | UK(10)(11) | Senior Secured Loans - Second Lien | L+9.50% | 10.81% | 1/31/2023 | 6,000 | 5,546 | 5,625 | 2.2 | % | ||||||||||||||
6,268 | 6,361 | 2.5 | % | |||||||||||||||||||||
Advicent Solutions | (15) | Senior Secured Loans - First Lien | L+8.25% | 9.55% | 2/28/2022 | 7,144 | 6,982 | 7,105 | 2.8 | % |
Coupon Rate | PIK Component | Cash Component | PIK Option | |||||||||||
Bioplan USA, Inc. | L+7.75% | 0.50 | % | L+7.25% | The Portfolio Company may elect PIK up to 0.50%. | |||||||||
Galls LLC | L+6.75% | 0.50 | % | L+6.25% | The Portfolio Company may elect PIK up to 0.50%. | |||||||||
Galls LLC | L+7.25% | 0.50 | % | L+6.75% | The Portfolio Company may elect PIK up to 0.50%. | |||||||||
Permian Production Partners | L+8.00% | 2.00 | % | L+6.00% | The Portfolio Company may elect PIK up to 2.00%. | |||||||||
Polyvision Corp. | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. (Delayed Draw) | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. (Revolver) | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Save-A-Lot | L+7.00% | 7.00 | % | L+0.00% | The Portfolio Company may elect PIK up to 7.00%. | |||||||||
Save-A-Lot | L+10.75% | 10.75 | % | L+0.00% | The Portfolio Company may elect PIK up to 10.75% |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Alegeus Technology LLC | (15) | Senior Secured Loans - First Lien | L+5.00% | 6.26% | 4/28/2023 | 998 | 988 | 988 | 0.4 | % | ||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.22% | 6/2/2024 | £2,300 | 2,912 | 3,023 | 1.2 | % | ||||||||||||||
Cologix Holdings | Senior Secured Loans - Second Lien | L+7.00% | 8.24% | 3/20/2025 | 3,000 | 2,970 | 3,035 | 1.2 | % | |||||||||||||||
Cvent, Inc. | Senior Secured Loans - First Lien | L+4.00% | 5.24% | 11/29/2023 | 5,373 | 5,320 | 5,440 | 2.2 | % | |||||||||||||||
Cvent, Inc. | (15) | Senior Secured Loans - Second Lien | L+10.00% | 11.24% | 5/29/2024 | 5,385 | 5,101 | 5,204 | 2.1 | % | ||||||||||||||
10,421 | 10,644 | 4.3 | % | |||||||||||||||||||||
Epicor Software Cop. | (15) | Senior Secured Bonds | L+8.25% | 9.40% | 5/21/2023 | 5,000 | 4,881 | 4,885 | 2.0 | % | ||||||||||||||
Greenway Health, LLC | Senior Secured Loans - First Lien | L+4.25% | 5.58% | 2/16/2024 | 7,980 | 7,906 | 8,020 | 3.2 | % | |||||||||||||||
Lytx, Inc. | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.99% | 8/31/2023 | 6,632 | 6,474 | 6,470 | 2.6 | % | ||||||||||||||
Lytx, Inc. (Revolver) | (8)(12)(13)(15)(18) | Senior Secured Loans - First Lien | L+6.75% | N/A | 8/31/2022 | — | (45 | ) | (45 | ) | — | % | ||||||||||||
6,429 | 6,425 | 2.6 | % | |||||||||||||||||||||
�� | ||||||||||||||||||||||||
Ministry Brands | (13)(15) | Senior Secured Loans - First Lien | L+5.00% | 6.23% | 12/2/2022 | 976 | 966 | 971 | 0.4 | % | ||||||||||||||
Ministry Brands (Delayed Draw) | (8)(12)(13)(15) | Senior Secured Loans - First Lien | L+5.00% | 6.20% | 12/2/2022 | 519 | 516 | 515 | 0.2 | % | ||||||||||||||
Ministry Brands (Delayed Draw) | (13)(15) | Senior Secured Loans - First Lien | P+5.00% | 8.25% | 12/2/2022 | 53 | 53 | 53 | — | % | ||||||||||||||
1,535 | 1,539 | 0.6 | % | |||||||||||||||||||||
Onyx CenterSource | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.09% | 12/20/2021 | 7,179 | 7,150 | 7,150 | 2.9 | % | ||||||||||||||
Onyx CenterSource (Revolver) | (8)(12)(13)(15) | Senior Secured Loans - First Lien | L+6.75% | 8.09% | 12/20/2021 | 44 | 3 | 9 | — | % | ||||||||||||||
7,153 | 7,159 | 2.9 | % | |||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.49% | 1/18/2023 | 4,366 | 4,306 | 4,308 | 1.7 | % | ||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - Second Lien | L+9.75% | 10.99% | 7/27/2023 | 4,388 | 4,324 | 4,329 | 1.7 | % | ||||||||||||||
8,630 | 8,637 | 3.4 | % | |||||||||||||||||||||
PluralSight Holdings | (13)(15) | Senior Secured Loans - First Lien | L+8.50% | 9.84% | 6/12/2023 | 5,794 | 5,694 | 5,694 | 2.3 | % | ||||||||||||||
PluralSight Holdings (Revolver) | (8)(12)(13)(15)(18) | Senior Secured Loans - First Lien | L+8.50% | N/A | 6/12/2022 | — | (30 | ) | (29 | ) | — | % | ||||||||||||
5,664 | 5,665 | 2.3 | % | |||||||||||||||||||||
Tritech Software Systems | (15) | Senior Secured Loans - First Lien | L+4.50% | 5.80% | 4/3/2023 | 5,686 | 5,633 | 5,633 | 2.3 | % | ||||||||||||||
Tritech Software Systems | (15) | Senior Secured Loans - Second Lien | L+8.50% | 9.80% | 10/17/2023 | 6,000 | 5,951 | 5,951 | 2.4 | % | ||||||||||||||
11,584 | 11,584 | 4.7 | % | |||||||||||||||||||||
Total Technology | 85,311 | 86,069 | 34.5 | % |
September 30, 2017 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Telecommunications | ||||||||||||||||||||||||
Eco-Site (Delayed Draw) | (8)(12)(13)(15) | Senior Secured Loans - First Lien | L+8.00% | 9.29% | 2/3/2022 | 9,643 | 9,472 | 9,450 | 3.8 | % | ||||||||||||||
Total Telecommunications | 9,472 | 9,450 | 3.8 | % | ||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||
BHI Energy | (13)(15) | Senior Secured Loans - Second Lien | L+8.75% | 9.98% | 2/25/2025 | 6,000 | 5,880 | 5,970 | 2.4 | % | ||||||||||||||
Moxie Liberty LLC | Senior Secured Loans - First Lien | L+6.50% | 7.83% | 8/21/2020 | 2,959 | 2,902 | 2,646 | 1.1 | % | |||||||||||||||
Moxie Patriot LLC | (15) | Senior Secured Loans - First Lien | L+5.75% | 7.08% | 12/21/2020 | 631 | 612 | 590 | 0.2 | % | ||||||||||||||
MRP Generation Holdings LLC | (11)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.33% | 10/18/2022 | 4,950 | 4,691 | 4,678 | 1.9 | % | ||||||||||||||
Panda Hummel LLC | Senior Secured Loans - First Lien | L+6.00% | 7.24% | 10/27/2022 | 655 | 634 | 606 | 0.2 | % | |||||||||||||||
PrimeLine Utility Services | (13)(14)(15)(22) | Senior Unsecured Debt | N/A | 16.00% | 6/1/2020 | 2,108 | 2,076 | 2,075 | 0.8 | % | ||||||||||||||
Total Utilities: Electric | 16,795 | 16,565 | 6.6 | % | ||||||||||||||||||||
Total Debt Investments | $ | 375,139 | $ | 380,607 | 152.6 | % | ||||||||||||||||||
Equity investments - 0.2% | ||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
Blue Harvest Fisheries (Closed End Units) | (13)(15)(17) | Equity and Other | N/A | N/A | — | $ | 13 | $ | 13 | — | % | |||||||||||||
Total Beverage, Food & Tobacco | 13 | 13 | — | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
BreitBurn Energy Partners LP (Preferred Equity) | (9)(11)(13)(15)(17) | Equity and Other | N/A | —% | 251 | $ | 1,886 | $ | — | — | % | |||||||||||||
SandRidge Energy Inc. (Common Equity) | (11)(13)(17) | Equity and Other | N/A | N/A | 22 | 456 | 434 | 0.2 | % | |||||||||||||||
Total Energy: Oil & Gas | 2,342 | 434 | 0.2 | % | ||||||||||||||||||||
Total Equity Investments | $ | 2,355 | $ | 447 | 0.2 | % | ||||||||||||||||||
Total Investments - 152.8% | (19) | $ | 377,494 | $ | 381,054 | 152.8 | % |
September 30, 2017 (in thousands) | |||||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||
Foreign Currency Forward Contracts (19) | |||||||||||||||||
JPMorgan Chase Bank | 10/12/2017 | $713 | €595 | $ | — | $ | 9 | — | % | ||||||||
JPMorgan Chase Bank | 10/12/2017 | $23,810 | €18,056 | — | $ | (394 | ) | (0.2 | )% |
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt investments - 78.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corporation | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 11/17/2023 | $ | 4,511 | $ | 4,457 | $ | 4,368 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
EnTrans International, LLC | (13) | Senior Secured Loans - First Lien | L+6.00% | 6.08% | 11/1/2024 | 6,916 | 6,105 | 6,542 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wesco Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 6/14/2024 | 1,217 | 1,210 | 1,214 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Automotive | 11,772 | 12,124 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gladman Developments Ltd. | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 9.62% | 8/16/2024 | £ | 2,086 | 2,637 | 2,772 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 2,637 | 2,772 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checkers Holdings Inc | (13) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 4/25/2024 | 1,122 | 721 | 965 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 721 | 965 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaver Brooks, Inc. | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,955 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Equipment | 2,000 | 1,955 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals | (15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 4/29/2025 | 5,070 | 5,049 | 5,051 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 4/29/2025 | — | (59) | (55) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,990 | 4,996 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group Inc. | (15) | Senior Secured Loans - First Lien | L+4.25% | 4.47% | 6/26/2026 | 975 | 965 | 966 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC (Revolver) | (9)(11)(13)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 7/24/2024 | 238 | 193 | 197 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC | (11)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 7/23/2025 | 6,850 | 6,732 | 6,787 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,925 | 6,984 | 4.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Chemicals, Plastics & Rubber | 12,880 | 12,946 | 8.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC | (14)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 1/31/2025 | 3,718 | 3,702 | 3,588 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Delayed Draw B) | (14)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 1/31/2025 | 545 | 543 | 526 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 7.75% | 1/31/2024 | 344 | 313 | 317 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,558 | 4,431 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing, Inc. | (13) | Senior Secured Loans - First Lien | L+4.50% | 4.60% | 12/19/2025 | 3,939 | 3,609 | 3,830 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Non-Durable | 8,167 | 8,261 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass |
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Bioplan USA, Inc. | (14) | Senior Secured Loans - First Lien | L+7.75% | 8.75% | 12/22/2023 | 4,876 | 4,451 | 4,635 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | CN(10)(11) | Senior Secured Loans - First Lien | L+3.00% | 3.35% | 3/28/2025 | 1,940 | 1,859 | 1,911 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Containers, Packaging & Glass | 6,310 | 6,546 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Energy Services Inc | (13)(18) | Senior Secured Bonds | N/A | N/A | 10/15/2023 | 4,475 | 2,041 | 313 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(14)(15) | Senior Secured Loans - First Lien | L+8.00% | 9.00% | 11/23/2025 | 750 | 390 | 693 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 2,431 | 1,006 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alegeus Technologies LLC | (15) | Senior Secured Loans - First Lien | L+8.25% | 9.25% | 9/5/2024 | 8,000 | 7,974 | 7,844 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Healthcare & Pharmaceuticals | 7,974 | 7,844 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASM Global | Senior Secured Loans - First Lien | L+2.50% | 2.62% | 1/23/2025 | 2,311 | 2,309 | 2,252 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 2,309 | 2,252 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 3,564 | 3,529 | 3,457 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 1,004 | 994 | 974 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Delayed Draw) | (14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 2/21/2026 | 138 | 138 | 134 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Revolver) | (9)(13)(14)(15) | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 8/21/2025 | 739 | 669 | 693 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Metals & Mining | 5,330 | 5,258 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Nile, Inc. | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 2/17/2023 | 4,650 | 4,618 | 4,555 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 3/12/2024 | 973 | 887 | 995 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14) | Senior Secured Loans - Second Lien | L+10.75% | 11.75% | 10/1/2024 | 1,227 | 1,912 | 1,056 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,799 | 2,051 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | 7,417 | 6,606 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.00% | 5.17% | 6/16/2025 | £ | 2,060 | 2,589 | 2,697 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.00% | 5.16% | 6/16/2025 | 890 | 862 | 862 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/16/2024 | — | (27) | (27) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,424 | 3,532 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
HealthChannels, Inc. | Senior Secured Loans - First Lien | L+4.50% | 4.60% | 4/3/2025 | 2,725 | 2,692 | 2,504 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal Amount / No. Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
Debt investments - 154.3% | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
Advanced Integration Technology | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 7/22/2021 | 7,980 | $ | 7,757 | $ | 8,020 | 4.5 | % | |||||||||||||
National Technical Systems, Inc. | (17) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 6/14/2021 | 4,092 | 4,052 | 3,990 | 2.2 | % | ||||||||||||||
National Technical Systems, Inc. (Delayed Draw) | (8)(17)(20) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 6/11/2021 | 765 | — | (19 | ) | — | % | |||||||||||||
4,052 | 3,971 | 2.2 | % | |||||||||||||||||||||
StandardAero | Subordinated Debt | N/A | 10.00% | 7/15/2023 | 2,380 | 2,367 | 2,505 | 1.4 | % | |||||||||||||||
Tronair Inc. | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 9/8/2023 | 3,960 | 3,922 | 3,940 | 2.2 | % | |||||||||||||||
Tronair Inc. | (17) | Senior Secured Loans - Second Lien | L+8.75% | 9.75% | 9/6/2024 | 4,000 | 3,864 | 3,864 | 2.2 | % | ||||||||||||||
7,786 | 7,804 | 4.4 | % | |||||||||||||||||||||
Total Aerospace & Defense | 21,962 | 22,300 | 12.5 | % | ||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
Accuride Corp. | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 11/10/2023 | 12,000 | 11,580 | 11,760 | 6.7 | % | |||||||||||||||
BBB Industries, Inc. | (17) | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 11/3/2021 | 4,975 | 4,871 | 4,984 | 2.8 | % | ||||||||||||||
Humanetics | (12)(17) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 7/12/2022 | 8,605 | 8,380 | 8,441 | 4.7 | % | ||||||||||||||
Humanetics (Revolver) | (8)(12)(13)(17)(20) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 7/12/2022 | 400 | (10 | ) | (8 | ) | — | % | ||||||||||||
8,370 | 8,433 | 4.7 | % | |||||||||||||||||||||
Mavis Tire Supply LLC | (17) | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 11/2/2020 | 2,955 | 2,921 | 2,923 | 1.6 | % | ||||||||||||||
Total Automotive | 27,742 | 28,100 | 15.8 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
C-III Capital Partners | (11)(17) | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 8/8/2021 | 3,120 | 3,076 | 3,077 | 1.7 | % | ||||||||||||||
C-III Capital Partners | (11)(17) | Senior Secured Loans - First Lien | L+7.92% | 8.92% | 8/8/2021 | 4,680 | 4,504 | 4,507 | 2.5 | % | ||||||||||||||
7,580 | 7,584 | 4.2 | % | |||||||||||||||||||||
Integro Insurance Brokers | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/28/2022 | 2,771 | 2,674 | 2,743 | 1.5 | % | |||||||||||||||
Integro Insurance Brokers (Delayed Draw) | Senior Secured Loans - First Lien | L+5.75% | 6.50% | 10/7/2022 | 150 | 145 | 149 | 0.1 | % | |||||||||||||||
2,819 | 2,892 | 1.6 | % | |||||||||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 10,399 | 10,476 | 5.8 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
Blue Harvest Fisheries | (17) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 7/29/2022 | 6,866 | 6,769 | 6,770 | 3.8 | % | ||||||||||||||
Blue Harvest Fisheries | (13)(15)(17) | Subordinated Debt | N/A | 10.00% | 8/17/2036 | 337 | 337 | 337 | 0.2 | % | ||||||||||||||
7,106 | 7,107 | 4.0 | % | |||||||||||||||||||||
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management | (15) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 3/2/2026 | 4,728 | 4,645 | 4,634 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management (Delayed Draw) | (9)(15) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 3/2/2026 | 86 | 62 | 62 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,707 | 4,696 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2025 | 298 | 298 | 275 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC (Delayed Draw) | (15) | Senior Secured Loans - First Lien | N/A | N/A | 10/4/2026 | 177 | 177 | 169 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2026 | 420 | 420 | 402 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/16/2026 | 2,808 | 2,775 | 2,682 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,670 | 3,528 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
YAK Access, LLC | Senior Secured Loans - Second Lien | L+10.00% | 10.13% | 7/10/2026 | 5,000 | 4,762 | 3,350 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Services: Business | 19,255 | 17,610 | 11.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+4.25% | 4.43% | 9/6/2024 | 129 | 116 | 122 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Term Loan) | (15) | Senior Secured Loans - First Lien | L+4.25% | 4.43% | 9/4/2026 | 851 | 849 | 844 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
965 | 966 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | (15) | Senior Secured Loans - First Lien | L+7.25% | 8.25% | 1/10/2025 | 4,900 | 4,861 | 4,873 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+7.25% | 8.25% | 12/3/2024 | 131 | 109 | 110 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,970 | 4,983 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 6.31% | 6/8/2024 | £ | 2,638 | 3,365 | 3,570 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+7.00% | 7.03% | 6/8/2024 | £ | 338 | 426 | 914 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,791 | 4,484 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.00% | 4.18% | 4/28/2025 | 1,931 | 1,910 | 1,922 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 7.93% | 4/27/2026 | 462 | 456 | 459 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.00% | 4.18% | 4/28/2025 | 3,048 | 3,022 | 3,034 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 7.93% | 4/27/2026 | 4,696 | 4,652 | 4,669 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
10,040 | 10,084 | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal Amount / No. Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Bumble Bee Seafoods | (13)(15) | Subordinated Debt | N/A | 9.63% | 3/15/2018 | 1,240 | 1,231 | 1,206 | 0.7 | % | ||||||||||||||
Chefs' Warehouse, Inc. | (11) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 6/22/2022 | 3,893 | 3,830 | 3,919 | 2.2 | % | ||||||||||||||
Chefs' Warehouse, Inc.(Delayed Draw) | (11) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 6/22/2022 | 179 | 169 | 181 | 0.1 | % | ||||||||||||||
3,999 | 4,100 | 2.3 | % | |||||||||||||||||||||
CTI Foods | Senior Secured Loans - Second Lien | L+7.25% | 8.25% | 6/28/2021 | 5,000 | 4,640 | 4,550 | 2.6 | % | |||||||||||||||
Give & Go Prepared Foods Corp. | CN(10)(11) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 7/12/2023 | 7,980 | 7,829 | 8,010 | 4.5 | % | ||||||||||||||
KeHE Distributors, LLC | Senior Secured Bonds | N/A | 7.63% | 8/15/2021 | 500 | 494 | 497 | 0.3 | % | |||||||||||||||
Parts Town, LLC | (17) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 6/23/2022 | 6,983 | 6,983 | 6,983 | 3.9 | % | ||||||||||||||
Parts Town, LLC (Revolver) | (8)(13)(14)(17) | Senior Secured Loans - First Lien | P+5.50% | 7.50% | 6/23/2022 | 1,000 | 5 | 5 | — | % | ||||||||||||||
6,988 | 6,988 | 3.9 | % | |||||||||||||||||||||
Reddy Ice | (14) | Senior Secured Loans - First Lien | L+5.50% | 6.75% | 5/1/2019 | 3,654 | 3,493 | 3,584 | 2.0 | % | ||||||||||||||
Total Beverage, Food & Tobacco | 35,780 | 36,042 | 20.3 | % | ||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||
Fiber Composites LLC | (15)(17)(22) | Senior Unsecured Debt | 12.50% | 12.50% | 6/29/2022 | 5,430 | 5,321 | 5,410 | 3.0 | % | ||||||||||||||
Generation Brands | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 6/7/2022 | 4,975 | 4,930 | 4,997 | 2.8 | % | |||||||||||||||
SiteOne Landscape Supply, Inc. | Senior Secured Loans - First Lien | L+4.50% | 5.50% | 4/29/2022 | 4,963 | 4,914 | 5,012 | 2.8 | % | |||||||||||||||
SRS Distribution Inc. | Senior Secured Loans - Second Lien | L+8.75% | 9.75% | 2/24/2023 | 5,000 | 4,907 | 5,167 | 2.9 | % | |||||||||||||||
Total Construction & Building | 20,072 | 20,586 | 11.5 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Implus Footcare, LLC | (17) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 4/30/2021 | 4,925 | 4,865 | 4,872 | 2.7 | % | ||||||||||||||
Implus Footcare, LLC | (17) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 4/30/2021 | 955 | 941 | 953 | 0.5 | % | ||||||||||||||
5,806 | 5,825 | 3.2 | % | |||||||||||||||||||||
Total Consumer Goods: Non-Durable | 5,806 | 5,825 | 3.2 | % | ||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 9/23/2021 | 5,960 | 5,310 | 5,766 | 3.2 | % | |||||||||||||||
Pelican Products, Inc. | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 4/10/2020 | 5,018 | 4,833 | 5,002 | 2.8 | % | |||||||||||||||
Total Containers, Packaging & Glass | 10,143 | 10,768 | 6.0 | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
BreitBurn Energy Partners LP | (11)(17)(18) | Senior Secured Bonds | N/A | —% | 5/18/2020 | 3,250 | 3,152 | 3,023 | 1.7 | % | ||||||||||||||
Ferrellgas, L.P. | (11) | Senior Unsecured Debt | N/A | 6.50% | 5/1/2021 | 350 | 330 | 347 | 0.2 | % | ||||||||||||||
Ferrellgas, L.P. | (11) | Senior Unsecured Debt | N/A | 6.75% | 1/15/2022 | 1,800 | 1,707 | 1,782 | 1.0 | % | ||||||||||||||
Ferrellgas, L.P. | (11) | Senior Unsecured Debt | N/A | 6.75% | 6/15/2023 | 1,355 | 1,254 | 1,331 | 0.7 | % | ||||||||||||||
3,291 | 3,460 | 1.9 | % |
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 934 | 932 | 925 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 497 | 496 | 492 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 180 | 180 | 178 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,608 | 1,595 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. | (15) | Senior Secured Loans - First Lien | L+8.50% | 9.75% | 7/8/2025 | 3,097 | 3,072 | 3,072 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 7/8/2025 | — | — | (26) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,072 | 3,046 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind River Systems | (15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 6/24/2024 | 1,284 | 1,270 | 1,276 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 25,716 | 26,434 | 17.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - First Lien | L+3.50% | 3.58% | 7/23/2025 | 2,186 | 2,179 | 2,164 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | (15) | Senior Secured Loans - Second Lien | L+7.50% | 7.58% | 7/23/2026 | 2,500 | 2,481 | 2,431 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Telecommunications | 4,660 | 4,595 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BHI Energy | (15) | Senior Secured Loans - Second Lien | L+8.75% | 9.75% | 2/28/2025 | 6,000 | 5,938 | 5,895 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Electric | 5,938 | 5,895 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 125,517 | $ | 123,069 | 78.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity investments - 0.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chef's Holdings Inc. | (13)(15)(16) | Equity and Other | N/A | N/A | 128 | $ | 16 | $ | 6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 16 | 6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(15) | Equity and Other | N/A | N/A | 203,022 | — | 243 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | — | 243 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13) | Equity and Other | N/A | N/A | 53,097 | — | 173 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | — | 173 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource | (13)(15) | Equity and Other | N/A | N/A | 952,410 | — | 476 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Wolfhound Parent Inc. (Warrants) | (13)(15)(16) | Equity and Other | N/A | N/A | 1,975 | 30 | 51 | — | % |
December 31, 2016 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal Amount / No. Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
SandRidge Energy Inc. | (11)(13) | Subordinated Debt | N/A | —% | 10/3/2020 | 226 | 254 | 282 | 0.2 | % | ||||||||||||||
Total Energy: Oil & Gas | 6,697 | 6,765 | 3.8 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Alltech | (16)(17) | Subordinated Debt | L+6.75% | 7.75% | 7/9/2023 | 15,003 | 14,799 | 14,805 | 8.3 | % | ||||||||||||||
American Academy Holdings, LLC | (17) | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 5/17/2021 | 4,484 | 4,444 | 4,445 | 2.5 | % | ||||||||||||||
Hanger, Inc. | (11) | Senior Unsecured Debt | N/A | 11.50% | 8/1/2019 | 4,000 | 3,929 | 4,000 | 2.2 | % | ||||||||||||||
WIRB-Copernicus Group | (17) | Senior Secured Loans - Second Lien | L+9.00% | 10.00% | 8/12/2022 | 8,000 | 7,850 | 7,849 | 4.4 | % | ||||||||||||||
Total Healthcare & Pharmaceuticals | 31,022 | 31,099 | 17.4 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||
Bay Club Company | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 8/24/2022 | 6,517 | 6,330 | 6,574 | 3.7 | % | |||||||||||||||
Bay Club Company (Bridge Loan) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 8/24/2017 | 1,450 | 1,430 | 1,443 | 0.8 | % | |||||||||||||||
7,760 | 8,017 | 4.5 | % | |||||||||||||||||||||
Total Hotel, Gaming & Leisure | 7,760 | 8,017 | 4.5 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
Dominion Marine Media | (17) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 9/9/2022 | 7,000 | 6,922 | 6,922 | 3.9 | % | ||||||||||||||
Dominion Marine Media (Revolver) | (8)(12)(13)(17)(20) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 8/10/2021 | 1,000 | (118 | ) | (11 | ) | — | % | ||||||||||||
6,804 | 6,911 | 3.9 | % | |||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 6,804 | 6,911 | 3.9 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
ProQuest LLC | Senior Secured Loans - Second Lien | L+9.00% | 10.00% | 12/15/2022 | 1,312 | 1,286 | 1,273 | 0.7 | % | |||||||||||||||
Media: Broadcasting & Subscription | 1,286 | 1,273 | 0.7 | % | ||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||
New Day Aluminum LLC | (15)(17)(23) | Senior Secured Bonds | N/A | 10.00% | 10/28/2020 | 24 | — | 24 | — | % | ||||||||||||||
Total Metals & Mining | — | 24 | — | % | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Belk Inc. | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 12/12/2022 | 4,464 | 3,987 | 3,865 | 2.2 | % | |||||||||||||||
Med Intermediate (MyEyeDr) | (17) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 8/14/2021 | 4,841 | 4,796 | 4,803 | 2.7 | % | ||||||||||||||
Med Intermediate (MyEyeDr) (Delayed Draw) | (8)(12)(17)(20) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 8/16/2021 | 1,631 | (24 | ) | (13 | ) | — | % | ||||||||||||
Med Intermediate (MyEyeDr) (Term Loan B) | (17) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 8/16/2021 | 1,269 | 1,248 | 1,256 | 0.7 | % | ||||||||||||||
6,020 | 6,046 | 3.4 | % | |||||||||||||||||||||
Pet Holdings ULC | CN(10)(11) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 6/1/2023 | 4,489 | 4,419 | 4,506 | 2.5 | % | ||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(8)(10)(11) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 6/1/2023 | 500 | — | 2 | — | % | ||||||||||||||
4,419 | 4,508 | 2.5 | % |
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit (Warrants) | (13)(15) | Equity and Other | N/A | N/A | 96,480 | — | 121 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 30 | 648 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity Investments | $ | 46 | $ | 1,070 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments - 78.9% | $ | 125,563 | $ | 124,139 | 78.9 | % |
December 31, 2021 (in thousands) | ||||||||||||||||||||||||||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1/14/2022 | $ | 1,189 | € | 1,055 | — | $ | (12) | — | % | ||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1/14/2022 | $ | 11,387 | £ | 8,609 | — | $ | (268) | (0.2) | % | ||||||||||||||||||||||||||||
$ | (280) | (0.2) | % |
December 31, 2016 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal Amount / No. Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Total Retail | 14,426 | 14,419 | 8.1 | % | ||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
MDC Partners Inc. | (11) | Subordinated Debt | N/A | 6.50% | 5/1/2024 | 925 | 816 | 833 | 0.5 | % | ||||||||||||||
Ryan LLC | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 8/7/2020 | 1,989 | 1,966 | 1,978 | 1.1 | % | |||||||||||||||
Total Services: Business | 2,782 | 2,811 | 1.6 | % | ||||||||||||||||||||
Technology | ||||||||||||||||||||||||
Advanced Computer Software | UK(10)(11) | Senior Secured Loans - Second Lien | L+9.50% | 10.50% | 1/31/2023 | 4,100 | 3,734 | 3,726 | 2.1 | % | ||||||||||||||
Cvent, Inc. | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 6/16/2023 | 5,400 | 5,340 | 5,468 | 3.1 | % | |||||||||||||||
Cvent, Inc. | (17) | Senior Secured Loans - Second Lien | L+10.00% | 11.00% | 5/29/2024 | 5,385 | 5,070 | 5,184 | 2.9 | % | ||||||||||||||
10,410 | 10,652 | 6.0 | % | |||||||||||||||||||||
Epicor Software Corp. | (17) | Senior Secured Bonds | L+8.25% | 9.25% | 5/21/2023 | 5,000 | 4,869 | 4,885 | 2.7 | % | ||||||||||||||
GlobalLogic Holdings Inc. | Senior Secured Loans - First Lien | L+4.50% | 5.50% | 6/30/2022 | 857 | 844 | 858 | 0.5 | % | |||||||||||||||
Greenway Health, LLC | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 11/4/2020 | 4,812 | 4,636 | 4,788 | 2.7 | % | |||||||||||||||
Greenway Health, LLC | Senior Secured Loans - Second Lien | L+8.25% | 9.25% | 11/4/2021 | 5,000 | 4,791 | 4,875 | 2.7 | % | |||||||||||||||
9,427 | 9,663 | 5.4 | % | |||||||||||||||||||||
Onyx CenterSource | (17) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 12/20/2021 | 7,233 | 7,199 | 7,199 | 4.1 | % | ||||||||||||||
Onyx CenterSource (Revolver) | (8)(13)(17)(20) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 12/20/2021 | 329 | (41 | ) | (2 | ) | — | % | ||||||||||||
7,158 | 7,197 | 4.1 | % | |||||||||||||||||||||
Planview, Inc. | (17) | Senior Secured Loans - Second Lien | L+9.50% | 10.50% | 8/9/2022 | 8,000 | 7,848 | 7,852 | 4.4 | % | ||||||||||||||
QLIK Technologies Inc. | (11)(17) | Senior Secured Loans - First Lien | L+8.25% | 9.25% | 8/22/2022 | 7,980 | 7,820 | 7,835 | 4.4 | % | ||||||||||||||
TIBCO Software Inc. | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 12/4/2020 | 1,714 | 1,721 | 1,724 | 1.0 | % | |||||||||||||||
TIBCO Software Inc. | Subordinated Debt | N/A | 11.38% | 12/1/2021 | 660 | 670 | 660 | 0.4 | % | |||||||||||||||
2,391 | 2,384 | 1.4 | % | |||||||||||||||||||||
Total Technology | 54,501 | 55,052 | 31.0 | % | ||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||
Moxie Liberty LLC | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 8/21/2020 | 2,981 | 2,910 | 2,948 | 1.7 | % | |||||||||||||||
Moxie Patriot LLC | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 12/21/2020 | 636 | 613 | 633 | 0.4 | % | |||||||||||||||
3,523 | 3,581 | 2.1 | % | |||||||||||||||||||||
MRP Generation Holdings LLC | (11) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 10/18/2022 | 4,988 | 4,695 | 4,950 | 2.8 | % | ||||||||||||||
Panda Hummel LLC | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 10/27/2022 | 2,700 | 2,605 | 2,604 | 1.5 | % | |||||||||||||||
Terraform Global Operating LLC | (11) | Senior Secured Bonds | N/A | 9.75% | 8/15/2022 | 3,000 | 2,890 | 3,202 | 1.8 | % | ||||||||||||||
Total Utilities: Electric | 13,713 | 14,337 | 8.2 | % | ||||||||||||||||||||
Total Debt Investments | $ | 270,895 | $ | 274,805 | 154.3 | % |
December 31, 2016 (in thousands) | ||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal Amount / No. Shares (6) | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||||||||
Equity Investments - 0.2% | ||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
Blue Harvest Fisheries (Closed End Units) | (13)(17)(19) | Equity and Other | N/A | N/A | — | 13 | 13 | — | % | |||||||||||||||
Total Beverage, Food & Tobacco | 13 | 13 | — | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
BreitBurn Energy Partners LP (Preferred Equity) | (9)(11)(13)(17)(19) | Equity and Other | N/A | 8.00% | 251 | 1,886 | 40 | — | % | |||||||||||||||
SandRidge Energy Inc. (Common Equity) | (11)(13)(19) | Equity and Other | N/A | N/A | 10 | 202 | 226 | 0.2 | % | |||||||||||||||
Total Energy: Oil & Gas | 2,088 | 266 | — | % | ||||||||||||||||||||
Total Equity Investments | $ | 2,101 | $ | 279 | — | % | ||||||||||||||||||
TOTAL INVESTMENTS - 154.5% | (21) | $ | 272,996 | $ | 275,084 | 154.3 | % |
December 31, 2016 (in thousands) | |||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) | Fair Value | % of Net Assets | |||||||||
Foreign Currency Forward Contracts (21) | |||||||||||||||
JPMorgan Chase Bank | 1/12/2017 | $615 | €592 | $ | (8 | ) | — | % |
Coupon Rate | PIK Component | Cash Component | PIK Option | ||||||
L+7.75% | ||
% | |||
The |
0.50 | % | L+6.25% | The | |||||||||||
Galls LLC | L+6.75% | 0.50 | % | L+6.25% | The Portfolio Company may elect PIK up to 0.50%. | |||||||||
Gladman Developments Ltd. | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75%. | |||||||||
Permian Production Partners | L+8.00% | 2.00 | % | L+6.00% | The Portfolio Company may elect PIK up to 2.00%. | |||||||||
Polyvision Corp. | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. (Delayed Draw) | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Polyvision Corp. (Revolver) | L+7.50% | 1.00 | % | L+6.50% | The Portfolio Company may elect PIK up to 1.00%. | |||||||||
Save-A-Lot | L+7.00% | 7.00 | % | L+0.00% | The Portfolio Company may elect PIK up to 7.00%. | |||||||||
Save-A-Lot | L+10.75% | 10.75 | % | L+0.00% | The Portfolio Company may elect PIK up to 10.75%. |
September 30, 2017 | ||||||||||
Investments at Amortized Cost | Investments at Fair Value | Percentage of Portfolio at Fair Value | ||||||||
Senior secured loans - first lien | $ | 228,489 | $ | 231,843 | 60.8 | % | ||||
Senior secured loans - second lien | 82,667 | 83,376 | 21.9 | |||||||
Senior secured bonds | 20,035 | 20,909 | 5.5 | |||||||
Senior unsecured debt | 28,777 | 29,218 | 7.7 | % | ||||||
Total senior debt | $ | 359,968 | $ | 365,346 | 95.9 | % | ||||
Subordinated debt | 15,171 | 15,261 | 4.0 | |||||||
Equity and other | 2,355 | 447 | 0.1 | |||||||
Total investments | $ | 377,494 | $ | 381,054 | 100.0 | % |
December 31, 2016 | ||||||||||
Investments at Amortized Cost | Investments at Fair Value | Percentage of Portfolio at Fair Value | ||||||||
Senior secured loans - first lien | $ | 182,485 | $ | 185,336 | 67.4 | % | ||||
Senior secured loans - second lien | 43,990 | 44,340 | 16.1 | |||||||
Senior secured bonds | 11,405 | 11,631 | 4.2 | |||||||
Senior unsecured debt | 12,541 | 12,870 | 4.7 | |||||||
Total senior debt | $ | 250,421 | $ | 254,177 | 92.4 | % | ||||
Subordinated debt | 20,474 | 20,628 | 7.5 | |||||||
Equity and other | 2,101 | 279 | 0.1 | |||||||
Total investments | $ | 272,996 | $ | 275,084 | 100.0 | % |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | ||||||||||||||||||||||||||||||
Senior secured loans - first lien | $ | 86,310 | $ | 86,607 | 79.7 | % | $ | 101,275 | $ | 102,941 | 82.9 | % | |||||||||||||||||||||||
Senior secured loans - second lien | 20,190 | 17,737 | 16.3 | 20,201 | 17,860 | 14.4 | |||||||||||||||||||||||||||||
Senior secured bonds | 3,926 | 1,995 | 1.8 | 4,041 | 2,268 | 1.8 | |||||||||||||||||||||||||||||
Total senior debt | $ | 110,426 | $ | 106,339 | 97.8 | % | $ | 125,517 | $ | 123,069 | 99.1 | % | |||||||||||||||||||||||
Equity and other | 30 | 2,412 | 2.2 | 46 | 1,070 | 0.9 | |||||||||||||||||||||||||||||
Total investments | $ | 110,456 | $ | 108,751 | 100.0 | % | $ | 125,563 | $ | 124,139 | 100.0 | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Industry Classification | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | ||||||||||||||||||||||||||||||||
Technology | $ | 20,202 | $ | 22,352 | 20.6 | % | $ | 25,746 | $ | 27,082 | 21.8 | % | ||||||||||||||||||||||||||
Services: Business | 19,249 | 17,443 | 16.0 | 19,255 | 17,610 | 14.2 | ||||||||||||||||||||||||||||||||
Automotive | 11,371 | 11,806 | 10.9 | 11,772 | 12,124 | 9.8 | ||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | 8,353 | 8,349 | 7.7 | 8,167 | 8,261 | 6.7 | ||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | 7,983 | 7,772 | 7.1 | 7,974 | 7,844 | 6.3 | ||||||||||||||||||||||||||||||||
Retail | 7,519 | 6,784 | 6.2 | 7,417 | 6,779 | 5.5 | ||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | 6,354 | 6,384 | 5.9 | 6,310 | 6,546 | 5.3 | ||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | 6,175 | 6,181 | 5.7 | 12,880 | 12,946 | 10.4 | ||||||||||||||||||||||||||||||||
Utilities: Electric | 5,942 | 5,895 | 5.4 | 5,938 | 5,895 | 4.7 | ||||||||||||||||||||||||||||||||
Metals & Mining | 5,426 | 5,356 | 4.9 | 5,330 | 5,258 | 4.2 | ||||||||||||||||||||||||||||||||
Telecommunications | 4,655 | 4,532 | 4.2 | 4,660 | 4,595 | 3.7 | ||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | 2,302 | 2,224 | 2.0 | 2,309 | 2,252 | 1.8 | ||||||||||||||||||||||||||||||||
Energy: Oil & Gas | 2,206 | 769 | 0.7 | 737 | 971 | 0.8 | ||||||||||||||||||||||||||||||||
Capital Equipment | 2,000 | 1,905 | 1.8 | 2,000 | 1,955 | 1.6 | ||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 719 | 999 | 0.9 | 2,431 | 1,249 | 1.0 | ||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | — | — | — | 2,637 | 2,772 | 2.2 | ||||||||||||||||||||||||||||||||
Total investments | $ | 110,456 | $ | 108,751 | 100.0 | % | $ | 125,563 | $ | 124,139 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||
Industry Classification | Investments at Amortized Cost | Investments at Fair Value | Percentage of Portfolio at Fair Value | Investments at Amortized Cost | Investments at Fair Value | Percentage of Portfolio at Fair Value | ||||||||||||||||
Technology | $ | 85,311 | $ | 86,069 | 22.6 | % | $ | 54,501 | $ | 55,052 | 20.0 | % | ||||||||||
Construction & Building | 41,280 | 42,767 | 11.2 | 20,072 | 20,586 | 7.5 | ||||||||||||||||
Beverage, Food & Tobacco | 41,528 | 42,023 | 11.0 | 35,793 | 36,055 | 13.1 | ||||||||||||||||
Healthcare & Pharmaceuticals | 30,575 | 30,917 | 8.1 | 31,022 | 31,099 | 11.3 | ||||||||||||||||
Retail | 26,481 | 26,950 | 7.1 | 14,426 | 14,419 | 5.3 | ||||||||||||||||
Automotive | 25,805 | 26,415 | 7.0 | 27,742 | 28,100 | 10.2 | ||||||||||||||||
Energy: Oil & Gas | 23,853 | 21,829 | 5.7 | 8,785 | 7,031 | 2.6 | ||||||||||||||||
Aerospace & Defense | 20,036 | 20,111 | 5.3 | 21,962 | 22,300 | 8.1 | ||||||||||||||||
Utilities: Electric | 16,795 | 16,565 | 4.4 | 13,713 | 14,337 | 5.2 | ||||||||||||||||
Hotel, Gaming & Leisure | 14,860 | 15,694 | 4.1 | 7,760 | 8,017 | 2.9 | ||||||||||||||||
Media: Advertising, Printing & Publishing | 12,352 | 12,261 | 3.2 | 6,804 | 6,911 | 2.5 | ||||||||||||||||
Containers, Packaging & Glass | 10,917 | 11,493 | 3.0 | 10,143 | 10,768 | 3.9 | ||||||||||||||||
Telecommunications | 9,472 | 9,450 | 2.5 | — | — | — | ||||||||||||||||
Chemicals, Plastics & Rubber | 5,782 | 5,885 | 1.5 | — | — | — | ||||||||||||||||
Consumer Goods: Non-Durable | 5,620 | 5,631 | 1.5 | 5,806 | 5,825 | 2.1 | ||||||||||||||||
Banking, Finance, Insurance & Real Estate (1) | 3,435 | 3,522 | 0.9 | 10,399 | 10,476 | 3.8 | ||||||||||||||||
Capital Equipment | 2,619 | 2,694 | 0.7 | — | — | — | ||||||||||||||||
Media: Broadcasting & Subscription | 772 | 764 | 0.2 | 1,286 | 1,273 | 0.5 | ||||||||||||||||
Metals & Mining | 1 | 14 | — | — | 24 | — | ||||||||||||||||
Services: Business | — | — | — | 2,782 | 2,811 | 1.0 | ||||||||||||||||
Total | $ | 377,494 | $ | 381,054 | 100.0 | % | $ | 272,996 | $ | 275,084 | 100.0 | % |
Geographic Dispersion | March 31, 2022 | December 31, 2021 | ||||||||||||
United States of America | 95.0 | % | 89.8 | % | ||||||||||
United Kingdom | 3.0 | 8.7 | ||||||||||||
Canada | 2.0 | 1.5 | ||||||||||||
Total investments | 100.0 | % | 100.0 | % |
Geographic Dispersion | September 30, 2017 | December 31, 2016 | ||||
United States of America | 89.2 | % | 94.1 | % | ||
United Kingdom | 8.0 | 1.4 | ||||
Italy | 1.5 | — | ||||
Canada | 1.3 | 4.5 | ||||
Total investments | 100.0 | % | 100.0 | % |
September 30, 2017 | ||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||
EUR | October 12, 2017 | Unrealized appreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 595 | $ | 713 | $ | 704 | $ | 9 | |||||||||||
GBP | October 12, 2017 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 18,056 | 23,810 | 24,204 | (394 | ) | |||||||||||||
Total | $ | 24,523 | $ | 24,908 | $ | (385 | ) |
Debt Investments Denominated in Foreign Currencies As of September 30, 2017 | Hedges As of September 30, 2017 | |||||||||||||||||||
Par Value in Local Currency | Par Value in U.S. Dollars | Fair Value in U.S. Dollars | Foreign Currency Hedge Notional Amount in Local Currency | Hedges' Notional Value at Period End | ||||||||||||||||
EUR | € | 601 | $ | 627 | $ | 702 | € | 595 | $ | 704 | ||||||||||
GBP | £ | 18,289 | 22,912 | 24,000 | £ | 18,056 | 24,204 | |||||||||||||
Total | $ | 23,539 | $ | 24,702 | $ | 24,908 |
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||||||||||||||||||||||||
GBP | April 14, 2022 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 2,346 | $ | 3,056 | $ | 3,081 | $ | (25) | |||||||||||||||||||||||||||||||||
GBP | April 14, 2022 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 388 | 387 | 388 | (1) | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,443 | $ | 3,469 | $ | (26) |
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
EUR | January 12, 2017 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | €592 Sold | $ | 616 | $ | 624 | $ | (8 | ) | EUR | January 14, 2022 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 1,055 | $ | 1,189 | $ | 1,201 | $ | (12) | |||||||||||||||||||||||||||||||||||||||||
GBP | GBP | January 14, 2022 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 8,609 | 11,387 | 11,655 | (268) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,576 | $ | 12,856 | $ | (280) |
Debt Investments Denominated in Foreign Currencies As of December 31, 2016 | Hedges As of December 31, 2016 | |||||||||||||||||||
Par Value in Local Currency | Par Value in U.S. Dollars | Fair Value in U.S. Dollars | Foreign Currency Hedge Notional Amount in Local Currency | Hedges' Notional Value at Period End | ||||||||||||||||
EUR | € | 601 | $ | 627 | $ | 624 | € | 592 | $ | 624 | ||||||||||
Total | $ | 627 | $ | 624 | $ | 624 |
For the Three Months Ended March 31, | ||||||||||||||||||||
Statement Location | 2022 | 2021 | ||||||||||||||||||
Net realized losses | ||||||||||||||||||||
Foreign currency forward contracts | Net realized losses on foreign currency forward contracts | $ | (125) | $ | (1,024) | |||||||||||||||
Net change in unrealized appreciation | ||||||||||||||||||||
Foreign currency forward contracts | Net change in unrealized appreciation on foreign currency forward contracts | 254 | 980 | |||||||||||||||||
Net realized and unrealized gains (losses) on foreign currency forward contracts | $ | 129 | $ | (44) |
Three Months Ended | Nine Months Ended | |||||||||
Statement Location | September 30, 2017 | September 30, 2017 | ||||||||
Net realized gains (losses) | ||||||||||
Foreign currency forward contracts | Net realized losses on foreign currency forward contracts | $ | (410 | ) | $ | (1,029 | ) | |||
Net unrealized gains (losses) | ||||||||||
Foreign currency forward contracts | Net change in unrealized depreciation on foreign currency forward contracts | (217 | ) | (377 | ) | |||||
Net realized and unrealized losses on foreign currency forward contracts | $ | (627 | ) | $ | (1,406 | ) |
As of | Counterparty | Gross Derivative Assets in Statement of Assets and Liabilities | Gross Derivative Liabilities in Statement of Assets and Liabilities | Collateral Pledged (Received) | Net position of Derivative Assets, Liabilities and Pledged Collateral | |||||||||||||||||||||||||||
March 31, 2022 | JP Morgan Chase Bank, N.A. | $ | — | $ | (26) | $ | — | $ | (26) | |||||||||||||||||||||||
December 31, 2021 | JP Morgan Chase Bank, N.A. | $ | — | $ | (280) | $ | — | $ | (280) |
September 30, 2017 | ||||||||||||||||
Counterparty | Gross Derivative Liabilities in Statement of Assets and Liabilities | Gross Derivative Assets in Statement of Assets and Liabilities | Collateral Pledged (1) | Net position of Derivative Assets, Liabilities and Pledged Collateral | ||||||||||||
JP Morgan Chase Bank, N.A. | $ | (394 | ) | $ | 9 | $ | 385 | $ | — |
March 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Investments | |||||||||||||||||||||||
Senior secured loans - first lien | $ | — | $ | 37,714 | $ | 48,893 | $ | 86,607 | |||||||||||||||
Senior secured loans - second lien | — | 4,299 | 13,438 | 17,737 | |||||||||||||||||||
Senior secured bonds | — | 1,995 | — | 1,995 | |||||||||||||||||||
Total senior debt | $ | — | $ | 44,008 | $ | 62,331 | $ | 106,339 | |||||||||||||||
Equity and other | — | 90 | 2,322 | 2,412 | |||||||||||||||||||
Total investments | $ | — | $ | 44,098 | $ | 64,653 | $ | 108,751 | |||||||||||||||
Percentage | 0.0 | % | 40.5 | % | 59.5 | % | 100.0 | % | |||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (26) | $ | — | $ | (26) |
September 30, 2017 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||||||||
Senior secured loans - first lien | $ | — | $ | 41,756 | $ | 190,087 | $ | 231,843 | Senior secured loans - first lien | $ | — | $ | 38,280 | $ | 64,661 | $ | 102,941 | |||||||||||||||||||||
Senior secured loans - second lien | — | 19,714 | 63,662 | 83,376 | Senior secured loans - second lien | — | 3,350 | 14,510 | 17,860 | |||||||||||||||||||||||||||||
Senior secured bonds | — | — | 20,909 | 20,909 | Senior secured bonds | — | 2,268 | — | 2,268 | |||||||||||||||||||||||||||||
Senior unsecured debt | — | $ | 8,323 | $ | 20,895 | $ | 29,218 | |||||||||||||||||||||||||||||||
Total senior debt | — | $ | 69,793 | $ | 295,553 | $ | 365,346 | Total senior debt | $ | — | $ | 43,898 | $ | 79,171 | $ | 123,069 | ||||||||||||||||||||||
Subordinated debt | — | — | 15,261 | 15,261 | ||||||||||||||||||||||||||||||||||
Equity and other | 434 | — | 13 | 447 | Equity and other | — | 173 | 897 | 1,070 | |||||||||||||||||||||||||||||
Total investments | $ | 434 | $ | 69,793 | $ | 310,827 | $ | 381,054 | Total investments | $ | — | $ | 44,071 | $ | 80,068 | $ | 124,139 | |||||||||||||||||||||
Percentage | 0.1 | % | 18.3 | % | 81.6 | % | 100.0 | % | Percentage | 0.0 | % | 35.5 | % | 64.5 | % | 100.0 | % | |||||||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (394 | ) | $ | — | $ | (394 | ) | Foreign currency forward contracts | $ | — | $ | (280) | $ | — | $ | (280) | |||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 9 | $ | — | $ | 9 |
December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | |||||||||||||||
Senior secured loans - first lien | $ | — | $ | 105,423 | $ | 79,913 | $ | 185,336 | |||||||
Senior secured loans - second lien | — | 19,590 | 24,750 | 44,340 | |||||||||||
Senior secured bonds | — | 3,699 | 7,932 | 11,631 | |||||||||||
Senior unsecured debt | — | 7,460 | 5,410 | 12,870 | |||||||||||
Total senior debt | — | 136,172 | 118,005 | 254,177 | |||||||||||
Subordinated debt | — | 5,486 | 15,142 | 20,628 | |||||||||||
Equity and other | 226 | — | 53 | 279 | |||||||||||
Total investments | $ | 226 | $ | 141,658 | $ | 133,200 | $ | 275,084 | |||||||
Percentage | 0.1 | % | 51.5 | % | 48.4 | % | 100.0 | % | |||||||
Derivative Instruments | |||||||||||||||
Foreign currency forward contracts | $ | — | $ | (8 | ) | $ | — | $ | (8 | ) |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average Input Value | Range (3) | Impact to Valuation from an Increase in Input (4) | |||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | $ | 48,380 | Yield analysis | Yield | 8.12% | 5.30% - 12.85% | Decrease | ||||||||||||||||||||||||||||
Senior Secured Loans - Second Lien | $ | 11,025 | Yield analysis | Yield | 10.00% | 9.00% - 10.00% | Decrease | ||||||||||||||||||||||||||||
Equity/Other | $ | 476 | Transacted value | Potential Transaction | 50.00% | 50.00% | Increase | ||||||||||||||||||||||||||||
$ | 166 | Market comparable | Cash Flow Multiple | 5x | 5x | Increase | |||||||||||||||||||||||||||||
Market comparable | Oil production multiple (5) | 28043x | 28043x | Increase | |||||||||||||||||||||||||||||||
Market comparable | Oil reserve multiple (6) | 12.3x | 12.3x | Increase | |||||||||||||||||||||||||||||||
$ | 1,559 | Market comparable | EBITDA multiple | 10.1x | 10.1x | Increase | |||||||||||||||||||||||||||||
Market comparable | Discount Rate | 25.00% | 25.00% | Decrease | |||||||||||||||||||||||||||||||
$ | 121 | Discounted cash flow | EBITDA multiple | 10.6x | 10.6x | Increase | |||||||||||||||||||||||||||||
Discounted cash flow | Discount Rate | 20.00% | 20.00% | Decrease | |||||||||||||||||||||||||||||||
Total | $ | 61,727 |
September 30, 2017 | |||||||||
Asset Category | No. of Investment Positions | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||
Senior secured loans - first lien | 36 | $ | 123,885 | Transacted value | Cost (5) | 98.50 | 98.50 | Increase | |
Transacted value | Price | 100 | 100 | Increase | |||||
Yield analysis | Yield | 8.19% | 5.92% - 12.44% | Decrease | |||||
Senior secured loans - second lien | 9 | $ | 47,954 | Transacted value | Cost (5) | 98.00 | 98.00 | Increase | |
Yield analysis | Yield | 10.32% | 8.59% - 11.97% | Decrease | |||||
Senior secured bonds | 4 | $ | 17,919 | Transacted value | Price | 110.00 | 110.00 | Increase | |
Yield analysis | Yield | 9.98% | 9.94% - 10.00% | Decrease | |||||
Market comparable | EBITDA multiple | 9.3x | 9.3x | Increase | |||||
Senior unsecured debt | 3 | $ | 16,745 | Yield analysis | Yield | 11.57% | 9.85% - 16.73% | Decrease | |
Subordinated debt | 3 | $ | 15,261 | Transacted value | Cost (5) | 100.00 | 100.00 | Increase | |
Yield analysis | Yield | 8.74% | 8.52% - 8.75% | Decrease | |||||
Equity and other | 1 | $ | 13 | Transacted value | Cost (5) | $1.00 | $1.00 | Increase | |
Total | 56 | $ | 221,777 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average Input Value | Range (3) | Impact to Valuation from an Increase in Input (4) | |||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | $ | 61,459 | Yield analysis | Yield | 7.30% | 4.49% - 12.89% | Decrease | ||||||||||||||||||||||||||||
$ | 914 | Transacted value | Potential Transaction | 200.00 | 200.00 | Increase | |||||||||||||||||||||||||||||
Discounted cash flow | EBITDA multiple | 11.0x | 11.0x | Increase | |||||||||||||||||||||||||||||||
Senior Secured Loans - Second Lien | $ | 11,023 | Yield analysis | Yield | 8.97% | 8.25% - 9.60% | Decrease | ||||||||||||||||||||||||||||
Equity/Other | $ | 476 | Transacted value | Potential Transaction | 50.00% | 50.00% | Increase | ||||||||||||||||||||||||||||
$ | 243 | Market comparable | Cash Flow Multiple | 3.0x | 3.0x | Increase | |||||||||||||||||||||||||||||
Market comparable | Oil production multiple (5) | 22301x | 22301x | Increase | |||||||||||||||||||||||||||||||
Market comparable | Oil reserve multiple (6) | 10.1x | 10.1x | Increase | |||||||||||||||||||||||||||||||
$ | 51 | Market comparable | EBITDA multiple | 21.5x | 21.5x | Increase | |||||||||||||||||||||||||||||
Market comparable | Discount Rate | 25.00% | 25.00% | Decrease | |||||||||||||||||||||||||||||||
$ | 6 | Discounted cash flow | Discount Rate | 25.00% | 25.00% | Decrease | |||||||||||||||||||||||||||||
Discounted cash flow | Terminal EBITDA Multiple | 5.8x | 5.8x | Increase | |||||||||||||||||||||||||||||||
$ | 121 | Discounted cash flow | EBITDA multiple | 10.6x | 10.6x | Increase | |||||||||||||||||||||||||||||
Discounted cash flow | Discount Rate | 20.00% | 20.00% | Decrease | |||||||||||||||||||||||||||||||
Total | $ | 74,293 |
December 31, 2016 | |||||||||
Asset Category | No. of Investment Positions | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||
Senior secured loans - first lien | 22 | $ | 74,929 | Yield analysis | Yield | 7.75% | 6.49% - 10.20% | Decrease | |
Transacted value | Cost (5) | 99.53 | 99.53 | Increase | |||||
Market comparables | EBITDA multiple | 16.3x | 16.3x | Increase | |||||
Senior secured loans - second lien | 4 | $ | 24,750 | Yield analysis | Yield | 10.89% | 10.40% -11.85% | Decrease | |
Market comparables | EBITDA multiple | 6.2x | 6.2x | Increase | |||||
Senior secured bonds | 3 | $ | 4,909 | Yield analysis | Yield | 9.72% | 9.72% | Decrease | |
Liquidation Analysis | Liquidation value | N/A | N/A | Increase | |||||
Senior unsecured debt | 1 | $ | 5,410 | Yield analysis | Yield | 12.59% | 12.59% | Decrease | |
Subordinated debt | 2 | $ | 15,142 | Transacted value | Cost (5) | 98.67 | 98.64-100.00 | Increase | |
Equity and other | 2 | $ | 53 | Transacted value | Cost (5) | 1.00 | 1.00 | Increase | |
Market and income approach | Company specific risk premium | 515.60% | 515.60% | Decrease | |||||
Option valuation model | Volatility | 163.18% | 163.18% | Increase | |||||
Total | 33 | $ | 125,193 |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Equity and Other | Total | ||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | 64,661 | $ | 14,510 | $ | 897 | $ | 80,068 | |||||||||||||||||||||||||||||||||
Additions (1) | 1,224 | — | — | 1,224 | |||||||||||||||||||||||||||||||||||||
Sales and repayments (2) | (16,648) | — | (2) | (16,650) | |||||||||||||||||||||||||||||||||||||
Net realized gains (losses) (3) | 635 | — | (14) | 621 | |||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (4) | (1,030) | (25) | 1,441 | 386 | |||||||||||||||||||||||||||||||||||||
Net discount accretion | 51 | 8 | — | 59 | |||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (5) | — | (1,055) | — | (1,055) | |||||||||||||||||||||||||||||||||||||
Fair value balance as of March 31, 2022 | $ | 48,893 | $ | 13,438 | $ | 2,322 | $ | 64,653 | |||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of March 31, 2022 | $ | (156) | $ | (25) | $ | 1,431 | $ | 1,250 |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Unsecured Debt | Equity and Other | Total | |||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | $ | 167,513 | $ | 19,622 | $ | 2,128 | $ | 2,205 | $ | 191,468 | |||||||||||||||||||||||||||||||
Additions (1) | 1,736 | 31 | — | — | 1,767 | ||||||||||||||||||||||||||||||||||||
Sales and repayments (2) | (34,240) | — | (2,118) | (1,650) | (38,008) | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses) (3) | 1,291 | — | 21 | (793) | 519 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (4) | (716) | 85 | (29) | 1,496 | 836 | ||||||||||||||||||||||||||||||||||||
Net discount accretion | 114 | (49) | (2) | — | 63 | ||||||||||||||||||||||||||||||||||||
Transfers into Level 3 (5) | 4,986 | 2,700 | — | — | 7,686 | ||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (6) | (5,239) | (1,770) | — | — | (7,009) | ||||||||||||||||||||||||||||||||||||
Fair value balance as of March 31, 2021 | $ | 135,445 | $ | 20,619 | $ | — | $ | 1,258 | $ | 157,322 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation on investments held as of March 31, 2021 | $ | 372 | $ | 85 | $ | — | $ | 1,496 | $ | 1,953 |
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Bonds | Senior Unsecured Debt | Subordinated Debt | Equity and Other | Total | ||||||||||||||||||||||
Balance as of July 1, 2017 | $ | 124,215 | $ | 47,717 | $ | 19,900 | $ | 16,655 | $ | 15,210 | $ | 52 | $ | 223,749 | ||||||||||||||
Additions (1) | 11,805 | 14,715 | — | 106 | 18 | — | 26,644 | |||||||||||||||||||||
Net realized gains (2) | 297 | 17 | — | — | — | — | 314 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (3) | (60 | ) | 438 | 1,006 | (40 | ) | 27 | (39 | ) | 1,332 | ||||||||||||||||||
Sales and repayments (4) | (14,565 | ) | (457 | ) | — | — | — | — | (15,022 | ) | ||||||||||||||||||
Net discount accretion | 150 | 34 | 3 | 24 | 6 | — | 217 | |||||||||||||||||||||
Investment position reclassification | — | — | — | — | — | |||||||||||||||||||||||
Transfers into Level 3 (5) (6) | 68,245 | 1,198 | — | 4,150 | — | — | — | 73,593 | ||||||||||||||||||||
Fair value balance as of September 30, 2017 | $ | 190,087 | $ | 63,662 | $ | 20,909 | $ | 20,895 | $ | 15,261 | $ | 13 | $ | 310,827 | ||||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017 | $ | 141 | $ | 438 | $ | 1,006 | $ | (40 | ) | $ | 27 | $ | (39 | ) | $ | 1,533 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Bonds | Senior Unsecured Debt | Subordinated Debt | Equity and Other | Total | |||||||||||||||||||||
Balance as of January 1, 2017 | $ | 79,913 | $ | 24,750 | $ | 7,932 | $ | 5,410 | $ | 15,142 | $ | 53 | $ | 133,200 | |||||||||||||
Additions (1) | 107,203 | 45,109 | 12,000 | 13,803 | 17 | — | 178,132 | ||||||||||||||||||||
Net realized gains (2) | 1,003 | 293 | — | 26 | — | — | 1,322 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (3) | 1,291 | 807 | 964 | 237 | 83 | (40 | ) | 3,342 | |||||||||||||||||||
Sales and repayments (4) | (39,002 | ) | (8,656 | ) | — | (2,632 | ) | — | — | (50,290 | ) | ||||||||||||||||
Net discount accretion | 372 | 86 | 13 | 51 | 19 | — | 541 | ||||||||||||||||||||
Transfers into Level 3 (5) (6) | 39,307 | 1,273 | — | 4,000 | — | — | 44,580 | ||||||||||||||||||||
Fair value balance as of September 30, 2017 | $ | 190,087 | $ | 63,662 | $ | 20,909 | $ | 20,895 | $ | 15,261 | $ | 13 | $ | 310,827 | |||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017 | $ | 1,400 | $ | 807 | $ | 964 | $ | 237 | $ | 83 | $ | (40 | ) | $ | 3,451 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Bonds | Senior Unsecured Debt | Subordinated Debt | Equity and Other | Total | |||||||||||||||||||||
Balance as of July 1, 2016 | $ | 27,583 | $ | — | $ | 6,258 | $ | — | $ | — | $ | 40 | $ | 33,881 | |||||||||||||
Additions (1) | 49,445 | 19,540 | — | — | — | — | 68,985 | ||||||||||||||||||||
Net realized gains (2) | 9 | — | — | — | — | — | 9 | ||||||||||||||||||||
Net change in unrealized appreciation on investments (3) | 265 | 3 | 1,387 | — | — | — | 1,655 | ||||||||||||||||||||
Sales or repayments (4) | (537 | ) | — | — | — | — | — | (537 | ) | ||||||||||||||||||
Net discount accretion | 27 | 5 | 3 | — | — | — | 35 | ||||||||||||||||||||
Fair value balance as of September 30, 2016 | $ | 76,792 | $ | 19,548 | $ | 7,648 | $ | — | $ | — | $ | 40 | $ | 104,028 | |||||||||||||
Change in net unrealized appreciation on investments held as of September 30, 2016 | $ | 255 | $ | 3 | $ | 1,387 | $ | — | $ | — | $ | — | $ | 1,645 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Bonds | Senior Unsecured Debt | Subordinated Debt | Equity and Other | Total | |||||||||||||||||||||
Balance as of January 1, 2016 | $ | 21,200 | $ | 1,576 | $ | 6,827 | $ | — | $ | — | $ | 471 | $ | 30,074 | |||||||||||||
Additions (1) | 60,297 | 19,540 | — | — | — | 37 | 79,874 | ||||||||||||||||||||
Net realized gains (2) | 188 | — | — | — | — | — | 188 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (3) | 53 | 3 | 821 | — | — | (468 | ) | 409 | |||||||||||||||||||
Sales and repayments (4) | (9,969 | ) | — | — | — | — | — | (9,969 | ) | ||||||||||||||||||
Net discount accretion | 60 | 5 | — | — | — | — | 65 | ||||||||||||||||||||
Transfers out of Level 3 (5) (6) | — | (1,576 | ) | — | — | — | — | (1,576 | ) | ||||||||||||||||||
Transfers into Level 3 (5) (7) | 4,963 | — | — | — | — | — | 4,963 | ||||||||||||||||||||
Fair value balance as of September 30, 2016 | $ | 76,792 | $ | 19,548 | $ | 7,648 | $ | — | $ | — | $ | 40 | $ | 104,028 | |||||||||||||
Change in net unrealized (depreciation) on investments held as of September 30, 2016 | $ | 187 | $ | 3 | $ | 821 | $ | — | $ | — | $ | (468 | ) | $ | 543 |
(i)The |
Related Party (1) (2) | For the Three Months Ended March 31, | |||||||||||||||||||
Source Agreement & Description | 2022 | 2021 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||
Guggenheim | Investment Advisory Agreement - management fee | $ | 648 | $ | 1,397 | |||||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | 60 | 132 | |||||||||||||||||
Income: | ||||||||||||||||||||
Guggenheim | Share on capital structuring fees and administrative agency fees | 3 | 8 | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
Related Party | Source Agreement & Description | 2017 | 2016 | 2017 | 2016 | |||||||||||||
CCA & Guggenheim | Prior Investment Advisory Agreement - investment advisory fee (1) | $ | 1,595 | $ | 1,025 | $ | 5,229 | $ | 2,142 | |||||||||
Guggenheim | Interim Investment Advisory Agreement - investment advisory fee (1) | 391 | — | 391 | — | |||||||||||||
CCA & Guggenheim | Prior Administrative Services Agreement - expense reimbursement | 80 | 98 | 303 | 286 | |||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | 25 | — | 25 | — | |||||||||||||
GCIF-I | Net Issuance (Repurchase) of Common Shares | (7 | ) | 5,666 | 20,523 | 13,208 | ||||||||||||
GCIF 2016T | Net Issuance (Repurchase) of Common Shares | 592 | 32,946 | 48,862 | 75,661 | |||||||||||||
CCA & Guggenheim | O&O Agreement - organization cost reimbursements | — | — | — | 228 | |||||||||||||
Trustees | Amended and Restated Bylaws - trustee fees and expenses (2) | 112 | 101 | 372 | 264 | |||||||||||||
Guggenheim | Co-Investment Exemptive Relief Order - Reimbursement of capital structuring fees | — | 157 | 315 | 157 | |||||||||||||
WPC & Guggenheim | Advisor Transition Costs - Transition costs in connection with investment advisor changes, proxy statement, and shareholder meeting | 662 | — | 662 | — |
Hamilton Credit Facility - Borrowing Summary | ||||||||||||||||||||||||||||||||||||||
As of | Principal Amount Committed | Principal Amount Outstanding | Carrying Value (1) | Interest Rate (2) | Maturity Date | Maturity Term | ||||||||||||||||||||||||||||||||
December 31, 2021 | $ | — | $ | — | $ | — | 2.62 | % | 12/29/22 | 1.0 | years |
Hamilton Credit Facility - Borrowing Summary | |||||||||||||||||||||
As of | Total Principal Amount Committed | Principal Amount Outstanding | Carrying Value (1) | Interest Rate (2) | Maturity Date | Maturity Term | |||||||||||||||
September 30, 2017 | $ | 175,000 | $ | 150,000 | $ | 148,865 | 3.97 | % | December 17, 2019 | 2.2 | years | ||||||||||
December 31, 2016 | $ | 175,000 | $ | 126,000 | $ | 124,505 | 3.64 | % | December 17, 2019 | 3.0 | years |
For the Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Stated interest expense | $ | — | $ | 807 | ||||||||||
Unused/undrawn fees | — | 49 | ||||||||||||
Amortization of deferred financing costs | — | 94 | ||||||||||||
Total interest expense and other financing costs | $ | — | $ | 950 | ||||||||||
Average borrowings | $ | — | $ | 118,667 | ||||||||||
Weighted average interest rate (1) | — | % | 2.89 | % | ||||||||||
Amortized financing costs | — | % | 0.32 | % | ||||||||||
Total borrowing cost | — | % | 3.21 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Stated interest expense | $ | 1,511 | $ | 675 | $ | 4,052 | $ | 1,324 | ||||||||
Unused/undrawn fees | 69 | 206 | 395 | 262 | ||||||||||||
Amortization of deferred financing costs | 123 | 117 | 360 | 342 | ||||||||||||
Total interest expense | $ | 1,703 | $ | 998 | $ | 4,807 | $ | 1,928 | ||||||||
Annualized weighted average interest rate(1) | 3.9 | % | 3.4 | % | 3.8 | % | 3.2 | % | ||||||||
Average borrowings | $ | 150,000 | $ | 79,250 | $ | 140,400 | $ | 55,100 |
Total Unfunded Commitments | |||||||||||||||||
Category / Portfolio Company (1) | March 31, 2022 | December 31, 2021 | |||||||||||||||
Aceto Chemical (Revolver) | $ | 571 | $ | 800 | |||||||||||||
Alexander Mann Solutions (Revolver) (2) | 446 | 446 | |||||||||||||||
Allvue Systems (Revolver) | 132 | 3 | |||||||||||||||
Apptio, Inc. (Revolver) | 196 | 196 | |||||||||||||||
Galls LLC (Revolver) | 93 | 268 | |||||||||||||||
Hersha Hospitality Management (Delayed Draw) | 1,106 | 1,106 | |||||||||||||||
Polyvision Corp. (Revolver) | 96 | 189 | |||||||||||||||
PSI Services LLC (Revolver) | — | — | (3) | ||||||||||||||
Seal For Life Industries US LLC (Revolver) | — | 412 | |||||||||||||||
Wide Orbit (Revolver) | 293 | 293 | |||||||||||||||
Total Unfunded Commitments | $ | 2,933 | $ | 3,713 |
Total Unfunded Commitments | ||||||||
Category / Portfolio Company (1) | September 30, 2017 | December 31, 2016 | ||||||
Boats Group (Revolver) | $ | 1,000 | $ | 1,000 | ||||
Dominion Web Solutions (Revolver) | 346 | — | ||||||
Eco-Site (Delayed Draw) | 3,214 | — | ||||||
Express Oil (Delayed Draw) | 24 | — | ||||||
Express Oil (Revolver) | 241 | — | ||||||
GAL Manufacturing (Revolver) | 373 | — | ||||||
Grinding Media Inc. | — | 6,200 | ||||||
Humanetics (Revolver) | 400 | 400 | ||||||
Lytx (Revolver) | 368 | — | ||||||
Med Intermediate (Delayed Draw) | 1,493 | 1,631 | ||||||
Ministry Brands (Delayed Draw) | 135 | — | ||||||
Onyx CenterSource (Revolver) | 285 | 329 | ||||||
National Technical Systems, Inc. (Delayed Draw) | — | 765 | ||||||
Parts Town, LLC (Revolver) | 200 | 900 | ||||||
Pet Holdings ULC (Delayed Draw) | 125 | 500 | ||||||
PluralSight Holdings (Revolver) | 250 | — | ||||||
Total Unfunded Commitments | $ | 8,454 | $ | 11,725 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net increase in net assets resulting from operations | $ | 4,818 | $ | 5,681 | $ | 12,308 | $ | 7,249 | ||||||||
Weighted average Common Shares outstanding (basic and diluted) | 29,214,286 | 14,367,189 | 26,976,497 | 10,219,786 | ||||||||||||
Earnings per Common Share - basic and diluted (1) | $ | 0.16 | $ | 0.40 | $ | 0.46 | $ | 0.71 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||
Net asset value, beginning of period | $ | 6.15 | $ | 7.56 | |||||||
Net investment income (1) | 0.08 | 0.09 | |||||||||
Net realized gains (losses) (1) | 0.02 | (0.02) | |||||||||
Net change in unrealized appreciation (depreciation) (2) | (0.01) | 0.32 | |||||||||
Net increase resulting from operations | 0.09 | 0.39 | |||||||||
Distributions to Common Shareholders (3) | |||||||||||
Distributions from net investment income | (0.09) | (0.10) | |||||||||
Distribution representing return of capital | (0.69) | — | |||||||||
Net decrease resulting from distributions | (0.78) | (0.10) | |||||||||
Net asset value, end of period | $ | 5.46 | $ | 7.85 | |||||||
INVESTMENT RETURNS | |||||||||||
Total investment return (4) | 1.63 | % | 5.04 | % | |||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||
Net assets, end of period | $ | 139,809 | $ | 200,808 | |||||||
Average net assets (5) | $ | 148,879 | $ | 201,965 | |||||||
Common Shares outstanding, end of period | 25,594,125 | 25,594,125 | |||||||||
Weighted average Common Shares outstanding | 25,594,125 | 26,144,459 | |||||||||
Ratios-to-average net assets: (5) | |||||||||||
Total expenses | 0.74 | % | 1.43 | % | |||||||
Net investment income | 1.38 | % | 1.11 | % | |||||||
Average outstanding borrowings (5) | $ | — | $ | 118,667 | |||||||
Portfolio turnover rate (5) (6) | 1.10 | % | 0.60 | % | |||||||
Asset coverage ratio (7) | — | 2.83 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
PER COMMON SHARE OPERATING PERFORMANCE (1) | |||||||
Net asset value, beginning of period | $ | 8.47 | $ | 8.00 | |||
Net investment income | 0.35 | 0.14 | |||||
Net realized gains | 0.07 | 0.05 | |||||
Net change in unrealized appreciation (2) | 0.04 | 0.34 | |||||
Net increase resulting from operations | 0.46 | 0.53 | |||||
Distributions to Common Shareholders (3) | |||||||
Distributions from net investment income | (0.35 | ) | (0.14 | ) | |||
Distributions in excess of net investment income | (0.03 | ) | (0.08 | ) | |||
Net decrease resulting from distributions | (0.38 | ) | (0.22 | ) | |||
Net asset value, end of period | $ | 8.55 | $ | 8.31 | |||
INVESTMENT RETURNS | |||||||
Total investment return (4) | 5.49 | % | 6.64 | % | |||
RATIOS/SUPPLEMENTAL DATA | |||||||
Net assets, end of period | $ | 249,367 | $ | 139,716 | |||
Average net assets (5) | $ | 229,306 | $ | 83,661 | |||
Common Shares outstanding, end of period | 29,151,096 | 16,820,644 | |||||
Weighted average Common Shares outstanding | 26,976,497 | 10,219,786 | |||||
Ratios-to-average net assets: (5) | |||||||
Operating expenses | 5.92 | % | 7.16 | % | |||
Effect of advisor transition costs reimbursement | (0.29 | )% | — | % | |||
Net expenses | 5.63 | % | 7.16 | % | |||
Net investment income | 4.07 | % | 1.65 | % | |||
Average outstanding borrowings (5) | $ | 140,400 | $ | 55,100 | |||
Portfolio turnover rate (5) (6) | 31 | % | 46 | % | |||
Asset coverage ratio (7) | 2.66 | 2.44 |
(5)The computation of average net assets, average outstanding borrowings and average value of portfolio securities during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period. (6)Portfolio turnover is calculated as the lesser of (i) purchases of portfolio securities or (ii) the aggregate total of sales of portfolio securities plus any repayments received divided by the monthly average of the value of investment portfolio owned by the Master Fund during the period. (7)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total senior securities issued at the end of the period, divided by (ii) total senior securities at the end of the period. |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Cash Distribution | ||||||||||||||||||||||
For Calendar Year 2022 | ||||||||||||||||||||||||||
February 1 | February 3 | $ | 0.78000 | $ | 0.78000 | $ | 19,964 | |||||||||||||||||||
$ | 0.78000 | $ | 19,964 | |||||||||||||||||||||||
For Calendar Year 2021 | ||||||||||||||||||||||||||
January 4 | January 6 | $ | 0.03069 | $ | 0.03069 | $ | 807 | |||||||||||||||||||
February 2 | February 4 | 0.03376 | 0.03376 | 887 | ||||||||||||||||||||||
March 1 | March 2 | 0.03376 | 0.03376 | 887 | ||||||||||||||||||||||
$ | 0.09821 | $ | 2,581 |
Three Months Ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
Per Share | Amount | Allocation | Per Share | Amount | Allocation | ||||||||||||
Total Declared Distributions | $ | 0.16 | $ | 4,600 | 100.0 | % | $ | 0.17 | $ | 2,756 | 100.0 | % | |||||
From net investment income | 0.13 | 3,862 | 84.0 | 0.08 | 1,083 | 39.3 | |||||||||||
Distributions in excess of net investment income | 0.03 | 738 | 16.0 | 0.09 | 1,673 | 60.7 |
Nine Months Ended September 30, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
Per Share | Amount | Allocation | Per Share | Amount | Allocation | ||||||||||||
Total Declared Distributions | $ | 0.38 | $ | 10,392 | 100.0 | % | $ | 0.22 | $ | 3,106 | 100.0 | % | |||||
From net investment income | 0.35 | 9,336 | 89.8 | 0.14 | 1,399 | 45.0 | |||||||||||
Distributions in excess of net investment income | 0.03 | 1,056 | 10.2 | 0.08 | 1,707 | 55.0 |
Noted Information | GCIF (Master Fund) | GCIF 2016 T | GCIF 2019 | |||||||||||||||||
Number of Portfolio Companies at beginning of Year | 34 | — | — | |||||||||||||||||
Number of Portfolio Companies at end of Period | 29 | — | — | |||||||||||||||||
YTD Portfolio sales and repayments | $ | 17,302 | $ | — | $ | — | ||||||||||||||
YTD Liquidating Distributions Paid | $ | (19,964) | $ | (14,342) | $ | (3,941) | ||||||||||||||
YTD Percentage of December 31, 2021 NAV Distributed | 12.69 | % | 13.41 | % | 12.24 | % | ||||||||||||||
Net Assets at beginning of Year | $ | 157,280 | $ | 106,886 | $ | 32,183 | ||||||||||||||
Net Assets at end of Period | $ | 139,809 | $ | 94,055 | $ | 28,639 |
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Total assets | $ | 141,490 | $ | 159,243 | |||||||
Adjusted total assets (total assets net of payable for investments purchased) | $ | 141,490 | $ | 159,243 | |||||||
Investments in portfolio companies, at fair value | $ | 108,751 | $ | 124,139 | |||||||
Net assets | $ | 139,809 | $ | 157,280 | |||||||
Net asset value per Common Share | $ | 5.46 | $ | 6.15 | |||||||
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Average net assets | $ | 148,879 | $ | 201,965 | |||||||
Average borrowings | $ | — | $ | 118,667 | |||||||
Cost of investments purchased | $ | 1,242 | $ | 1,685 | |||||||
Sales of investments | $ | 7,718 | $ | 7,975 | |||||||
Principal payments | $ | 9,584 | $ | 32,862 | |||||||
Net investment income | $ | 2,052 | $ | 2,246 | |||||||
Net realized gains (losses) | $ | 470 | $ | (602) | |||||||
Net change in unrealized appreciation (depreciation) | $ | (29) | $ | 8,298 | |||||||
Net increase in net assets resulting from operations | $ | 2,493 | $ | 9,942 | |||||||
Total distributions to shareholders | $ | 19,964 | $ | 2,581 | |||||||
Net investment income per Common Share - basic and diluted | $ | 0.08 | $ | 0.09 | |||||||
Earnings per Common Share - basic and diluted | $ | 0.10 | $ | 0.38 | |||||||
Distributions per Common Share | $ | 0.78 | $ | 0.10 |
As of | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Total assets | $ | 406,590 | $ | 305,432 | |||
Adjusted total assets (total assets net of payable for investments purchased) | $ | 401,660 | $ | 304,339 | |||
Investments in portfolio companies, at fair value | $ | 381,054 | $ | 275,084 | |||
Borrowings | $ | 150,000 | $ | 126,000 | |||
Net assets | $ | 249,367 | $ | 178,066 | |||
Net asset value per Common Share | $ | 8.55 | $ | 8.47 | |||
Leverage ratio (borrowings/adjusted total assets) | 37.3 | % | 41.4 | % |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Average net assets | $ | 229,306 | $ | 83,661 | |||
Average borrowings | $ | 140,400 | $ | 55,100 | |||
Cost of investments purchased | $ | 206,464 | $ | 195,614 | |||
Sales of investments | $ | 51,037 | $ | 37,488 | |||
Principal payments | $ | 55,061 | $ | 22,154 | |||
Net investment income | $ | 9,336 | $ | 1,384 | |||
Net realized gains | $ | 1,876 | $ | 474 | |||
Net change in unrealized appreciation | $ | 1,096 | $ | 5,391 | |||
Net increase in net assets resulting from operations | $ | 12,308 | $ | 7,249 | |||
Total distributions to shareholders | $ | 10,392 | $ | 3,106 | |||
Net investment income per Common Share - basic and diluted | $ | 0.35 | $ | 0.14 | |||
Earnings per Common Share - basic and diluted | $ | 0.46 | $ | 0.71 | |||
Distributions per Common Share | $ | 0.38 | $ | 0.22 |
For the Three Months Ended March 31, | ||||||||||||||||||||
2022 | ||||||||||||||||||||
Investment activity segmented by access channel: | Amount | Percentage | ||||||||||||||||||
Direct originations | $ | 127 | 100.0 | % | ||||||||||||||||
Syndicated transactions | — | — | % | |||||||||||||||||
Total investment commitments entered during the period | $ | 127 | 100.0 | % |
For the Three Months Ended March 31, | |||||
2022 | |||||
Portfolio companies at beginning of period | 34 | ||||
Number of added portfolio companies | — | ||||
Number of exited portfolio companies | (5) | ||||
Portfolio companies at period end | 29 | ||||
Number of debt investments at period end | 51 | ||||
Number of equity/other investments at period end | 5 |
Three Months Ended | Nine Months Ended | ||||||
September 30, 2017 | September 30, 2017 | ||||||
Investment activity segmented by access channel: | |||||||
Direct origination | $ | 18,443 | $ | 146,955 | |||
Primary issuance | 14,091 | 46,009 | |||||
Secondary market transactions | — | 13,500 | |||||
Total investment activity | 32,534 | 206,464 | |||||
Investments sold or repaid | (29,993 | ) | (106,098 | ) | |||
Net investment activity | $ | 2,541 | $ | 100,366 | |||
Portfolio companies at beginning of period | 67 | 55 | |||||
Number of added portfolio companies | 5 | 28 | |||||
Number of exited portfolio companies | (4 | ) | (15 | ) | |||
Portfolio companies at period end | 68 | 68 | |||||
Number of debt investments at period end | 96 | 96 | |||||
Number of equity/other investments at period end | 3 | 3 |
Balance as of January 1, 2022 | Purchases | Sales and Repayments | Other Changes in Fair Value (1) | Balance as of March 31, 2022 | |||||||||||||||||||||||||
Senior secured loans - first lien | $ | 102,941 | $ | 1,242 | $ | (17,185) | $ | (391) | $ | 86,607 | |||||||||||||||||||
Senior secured loans - second lien | 17,860 | — | — | (123) | 17,737 | ||||||||||||||||||||||||
Senior secured bonds | 2,268 | — | (115) | (158) | 1,995 | ||||||||||||||||||||||||
Total senior debt | $ | 123,069 | $ | 1,242 | $ | (17,300) | $ | (672) | $ | 106,339 | |||||||||||||||||||
Equity and other | 1,070 | — | (2) | 1,344 | 2,412 | ||||||||||||||||||||||||
Total | $ | 124,139 | $ | 1,242 | $ | (17,302) | $ | 672 | $ | 108,751 |
Balance as of January 1, 2017 | Purchases | Sales and Repayments | Other Changes in Fair Value (1) | Balance as of September 30, 2017 | |||||||||||||||
Senior secured loan - first lien | $ | 185,336 | $ | 124,159 | $ | (80,579 | ) | $ | 2,927 | $ | 231,843 | ||||||||
Senior secured loan - second lien | 44,340 | 51,643 | (13,655 | ) | 1,048 | 83,376 | |||||||||||||
Senior secured bond | 11,631 | 12,000 | (3,841 | ) | 1,119 | 20,909 | |||||||||||||
Senior unsecured debt | 12,870 | 18,662 | (2,633 | ) | 319 | 29,218 | |||||||||||||
Total senior debt | $ | 254,177 | $ | 206,464 | $ | (100,708 | ) | $ | 5,413 | $ | 365,346 | ||||||||
Subordinated debt | 20,628 | — | (5,390 | ) | 23 | 15,261 | |||||||||||||
Equity and other | 279 | — | — | 168 | 447 | ||||||||||||||
Total | $ | 275,084 | $ | 206,464 | $ | (106,098 | ) | $ | 5,604 | $ | 381,054 |
As of | |||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Weighted average purchase price of debt investments (1) | 94.3 | % | 94.7 | % | |||||||||||||
Weighted average duration of debt investments (2) | 0.1 | years | 0.7 | years | |||||||||||||
Debt investments on non-accrual status as a percentage of amortized cost of total debt investments | 1.7 | % | 1.6 | % | |||||||||||||
Debt investments on non-accrual status as a percentage of fair value of total debt investments | 0.1 | % | 0.3 | % | |||||||||||||
Number of debt investments on non-accrual status | 1 | 1 | |||||||||||||||
Floating interest rate debt investments: | |||||||||||||||||
Percent of debt portfolio (3) | 98.1 | % | 98.2 | % | |||||||||||||
Percent of floating rate debt investments with interest rate floors (3) | 98.0 | % | 98.2 | % | |||||||||||||
Weighted average interest rate floor | 0.7 | % | 0.8 | % | |||||||||||||
Weighted average coupon spread to base interest rate | 616 | bps | 617 | bps | |||||||||||||
3-month LIBOR | 96 | bps | 21 | bps | |||||||||||||
Fixed interest rate debt investments: | |||||||||||||||||
Percent of debt portfolio (3) | 1.9 | % | 1.8 | % | |||||||||||||
Weighted average coupon rate | 7.5 | % | 6.8 | % | |||||||||||||
Weighted average years to maturity | 0.9 | years | 1.2 | years | |||||||||||||
Weighted average effective yields | |||||||||||||||||
Senior secured loans - first lien (4) | 8.2 | % | 8.0 | % | |||||||||||||
Senior secured loans - second lien (4) | 8.3 | % | 8.1 | % | |||||||||||||
Senior secured bonds (4) | 4.0 | % | 3.9 | % | |||||||||||||
Total debt investments (4) | 8.0 | % | 7.9 | % | |||||||||||||
Total investments (5) | 8.0 | % | 7.9 | % |
As of | |||||||||
September 30, 2017 | December 31, 2016 | ||||||||
Weighted average portfolio company EBITDA (1) | $ | 89,338 | $ | 99,760 | |||||
Median portfolio company EBITDA(1) | $ | 65,500 | $ | 84,450 | |||||
Weighted average purchase price of investments (2) | 96.7 | % | 97.0 | % | |||||
Weighted average duration of debt investments (3) | 0.4 | years | 0.6 | years | |||||
Debt investments on non-accrual status as a percentage of amortized cost | 0.8 | % | 1.2 | % | |||||
Debt investments on non-accrual status as a percentage of fair value | 0.8 | % | 1.1 | % | |||||
Number of Debt investments on non-accrual status | 1 | 1 | |||||||
Floating interest rate debt investments: | |||||||||
Percent of debt portfolio (4) | 90.4 | % | 90.7 | % | |||||
Percent of floating rate debt investments with interest rate floors (4) | 97.0 | % | 100.0 | % | |||||
Weighted average interest rate floor | 1.0 | % | 1.0 | % | |||||
Weighted average coupon spread to base interest rate | 691 | bps | 654 | bps |
Fixed interest rate debt investments: | |||||||
Percent of debt portfolio (4) | 9.6 | % | 9.3 | % | |||
Weighted average coupon rate | 10.0 | % | 9.8 | % | |||
Weighted average years to maturity | 3.4 | years | 4.9 | years | |||
Weighted average effective yields: (5) | |||||||
Senior secured loans - first lien | 8.0 | % | 7.5 | % | |||
Senior secured loans - second lien | 10.5 | % | 10.8 | % | |||
Senior secured bonds | 8.4 | % | 7.0 | % | |||
Senior unsecured debt | 10.7 | % | 11.5 | % | |||
Subordinated debt | 8.8 | % | 8.5 | % | |||
Total debt portfolio | 8.8 | % | 8.2 | % |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Maturity Year | Principal Amount | Percentage of Portfolio | Principal Amount | Percentage of Portfolio | ||||||||||||||||||||||||||||
2022 | $ | — | — | % | $ | 1,611 | 1.2 | % | ||||||||||||||||||||||||
2023 | 20,123 | 17.4 | 20,513 | 15.6 | ||||||||||||||||||||||||||||
2024 | 21,420 | 18.5 | 28,066 | 21.4 | ||||||||||||||||||||||||||||
2025 | 46,781 | 40.4 | 53,603 | 40.9 | ||||||||||||||||||||||||||||
2026 | 27,384 | 23.7 | 27,409 | 20.9 | ||||||||||||||||||||||||||||
Total | $ | 115,708 | 100.0 | % | $ | 131,202 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||
Maturity Year | Principal Amount | Percentage of Portfolio | Principal Amount | Percentage of Portfolio | ||||||||||
2017 | $ | — | — | % | $ | 1,450 | 0.5 | % | ||||||
2018 | — | — | 1,240 | 0.4 | ||||||||||
2019 | 9,625 | 2.5 | 7,654 | 2.8 | ||||||||||
2020 | 23,903 | 6.2 | 23,606 | 8.5 | ||||||||||
2021 | 39,594 | 10.2 | 66,021 | 23.7 | ||||||||||
2022 | 101,436 | 26.2 | 106,021 | 38.1 | ||||||||||
2023 | 149,358 | 38.6 | 62,183 | 22.3 | ||||||||||
2024 | 47,588 | 12.3 | 10,310 | 3.7 | ||||||||||
2025 | 15,000 | 3.9 | — | — | ||||||||||
2036 | 337 | 0.1 | — | — | ||||||||||
Total | $ | 386,841 | 100.0 | % | $ | 278,485 | 100.0 | % |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Total investment income | $ | 3,155 | $ | 5,144 | |||||||
Total expenses | 1,103 | 2,898 | |||||||||
Net investment income | 2,052 | 2,246 | |||||||||
Net realized gains (losses) | 470 | (602) | |||||||||
Net change in unrealized appreciation (depreciation) | (29) | 8,298 | |||||||||
Net increase in net assets resulting from operations | $ | 2,493 | $ | 9,942 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Total investment income | $ | 8,331 | $ | 3,707 | $ | 22,248 | $ | 7,375 | ||||||||
Total expenses | 4,469 | 2,624 | 12,912 | 5,991 | ||||||||||||
Net investment income | 3,862 | 1,083 | 9,336 | 1,384 | ||||||||||||
Net realized gains | 76 | 467 | 1,876 | 474 | ||||||||||||
Net change in unrealized appreciation | 880 | 4,131 | 1,096 | 5,391 | ||||||||||||
Net increase in net assets resulting from operations | $ | 4,818 | $ | 5,681 | $ | 12,308 | $ | 7,249 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest income on debt securities: | |||||||||||
Cash interest | $ | 2,186 | $ | 4,656 | |||||||
PIK interest | 79 | 97 | |||||||||
Net accretion/amortization of discounts/premiums | 159 | 254 | |||||||||
Total interest on debt securities | 2,424 | 5,007 | |||||||||
PIK dividend | 179 | 12 | |||||||||
Total interest and dividend income | $ | 2,603 | $ | 5,019 | |||||||
Average Investments at cost | $ | 110,942 | $ | 272,591 | |||||||
Average Income Generating Investments at cost (1) | $ | 108,790 | $ | 252,805 | |||||||
Income return (2) | 2.39 | % | 1.99 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest income on debt securities: | ||||||||||||||||
Cash interest | $ | 7,815 | $ | 3,301 | $ | 20,467 | $ | 6,724 | ||||||||
PIK interest | 169 | — | $ | 169 | — | |||||||||||
Net accretion/amortization of discounts/premiums | 334 | 202 | 941 | 393 | ||||||||||||
Total interest on debt securities | $ | 8,318 | $ | 3,503 | $ | 21,577 | $ | 7,117 | ||||||||
Dividend income | — | — | — | 37 | ||||||||||||
Fee income | 13 | 204 | 671 | 221 | ||||||||||||
Total investment income | $ | 8,331 | $ | 3,707 | $ | 22,248 | $ | 7,375 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Capital structuring fees | $ | — | $ | 157 | $ | 315 | $ | 157 | ||||||||
Amendment/consent fees | — | 16 | 195 | 31 | ||||||||||||
Commitment fees/other | 13 | 31 | 161 | 33 | ||||||||||||
Total fee income | $ | 13 | $ | 204 | $ | 671 | $ | 221 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Administrative agency fees | $ | 3 | $ | 8 | |||||||
Amendment fees and other | 549 | 117 | |||||||||
Total fee income | $ | 552 | $ | 125 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Fixed operating expenses: | |||||||||||
Related party reimbursements (1) | $ | 60 | $ | 132 | |||||||
Trustees fees | 70 | 83 | |||||||||
Professional services fees (2) | 191 | 201 | |||||||||
Other expenses | 71 | 68 | |||||||||
Total fixed operating expenses | 392 | 484 | |||||||||
Variable operating expenses: | |||||||||||
Interest expense (3) | — | 950 | |||||||||
Administrative services (4) | 42 | 43 | |||||||||
Management fee | 648 | 1,397 | |||||||||
Custody services | 21 | 24 | |||||||||
Total variable operating expenses | 711 | 2,414 | |||||||||
Performance-dependent expenses: | |||||||||||
Performance-based incentive fee (before fee waiver) | — | — | |||||||||
Total performance-dependent expenses | — | — | |||||||||
Total expenses before incentive fee waiver and advisor transition costs reimbursement | $ | 1,103 | $ | 2,898 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Fixed operating expenses: | ||||||||||||||||
Related party reimbursements | $ | 105 | $ | 98 | $ | 328 | $ | 286 | ||||||||
Trustees fees | 112 | 101 | 372 | 264 | ||||||||||||
Professional services fees (1) | 229 | 253 | 765 | 812 | ||||||||||||
Insurance | 36 | 35 | 106 | 107 | ||||||||||||
Other expenses | 29 | 21 | 85 | 52 | ||||||||||||
Total fixed operating expenses | 511 | 508 | 1,656 | 1,521 | ||||||||||||
Variable operating expenses: | ||||||||||||||||
Interest expense | 1,703 | 998 | 4,807 | 1,928 | ||||||||||||
Administrative services (2) | 44 | 32 | 141 | 82 | ||||||||||||
Investment advisory fee | 1,986 | 1,025 | 5,620 | 2,142 | ||||||||||||
Custody services | 24 | 18 | 68 | 47 | ||||||||||||
Organizational expenses | — | — | — | 228 | ||||||||||||
Total variable operating expenses | 3,757 | 2,073 | 10,636 | 4,427 | ||||||||||||
Performance dependent expenses: | ||||||||||||||||
Performance-based incentive fee | 201 | 43 | 620 | 43 | ||||||||||||
Total performance dependent expenses | 201 | 43 | 620 | 43 | ||||||||||||
Total operating expenses | $ | 4,469 | $ | 2,624 | $ | 12,912 | $ | 5,991 |
Three Months Ended September 30, | Nine Months Ended September 30, | For the Three Months Ended March 31, | |||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2022 | 2021 | ||||||||||||||||||||||
Investments | $ | 491 | $ | 467 | $ | 3,021 | $ | 474 | Investments | $ | 629 | $ | 454 | ||||||||||||||
Foreign currency forward contract | (410 | ) | — | (1,029 | ) | — | |||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | (125) | (1,024) | ||||||||||||||||||||||||
Foreign currency transactions | (5 | ) | — | (116 | ) | — | Foreign currency transactions | (34) | (32) | ||||||||||||||||||
Net realized gains | $ | 76 | $ | 467 | $ | 1,876 | $ | 474 | |||||||||||||||||||
Net realized gains (losses) | Net realized gains (losses) | $ | 470 | $ | (602) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Investments | $ | 1,097 | $ | 4,131 | $ | 1,473 | $ | 5,391 | ||||||||
Foreign currency forward contract | (217 | ) | — | (377 | ) | — | ||||||||||
Net change in unrealized appreciation | $ | 880 | $ | 4,131 | $ | 1,096 | $ | 5,391 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Investments | $ | (281) | $ | 7,319 | |||||||
Foreign currency forward contracts | 254 | 980 | |||||||||
Foreign currency transactions | (2) | (1) | |||||||||
Net change in unrealized appreciation (depreciation) | $ | (29) | $ | 8,298 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Unrealized appreciation on all investments (1) | $ | 1,807 | $ | 9,901 | |||||||
Unrealized depreciation on all investments (1) | (2,088) | (2,582) | |||||||||
Total net change in unrealized appreciation (depreciation) on all investments | $ | (281) | $ | 7,319 | |||||||
Unrealized appreciation on Level 3 investments only (1) | $ | 1,572 | $ | 3,129 | |||||||
Unrealized depreciation on Level 3 investments only (1) | (1,187) | (2,294) | |||||||||
Total net change in unrealized appreciation on Level 3 investments only | $ | 385 | $ | 835 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Unrealized appreciation on investments (1) | $ | 1,766 | $ | 4,876 | $ | 5,217 | $ | 6,409 | ||||||||
Unrealized depreciation on investments (1) | (669 | ) | (745 | ) | (3,744 | ) | (1,018 | ) | ||||||||
Total net change in unrealized appreciation on investments | $ | 1,097 | $ | 4,131 | $ | 1,473 | $ | 5,391 | ||||||||
Unrealized appreciation on Level 3 investments | $ | 2,178 | $ | 1,768 | $ | 4,607 | $ | 1,194 | ||||||||
Unrealized depreciation on Level 3 investments | (846 | ) | (113 | ) | (1,265 | ) | (783 | ) | ||||||||
Total net change in unrealized appreciation on Level 3 investments | $ | 1,332 | $ | 1,655 | $ | 3,342 | $ | 411 |
Total Investment Return-Net Asset Value(1) | Total Investment Return-Net Asset Value(1) | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Since Commencement | For the Three Months Ended March 31, | Since Commencement | ||||||||||||||||||||||||||||||||||||||||
Company | Date Operations Commenced (2) | 2017 | 2016 | Cumulative | Annualized | Company | Date Operations Commenced (2) | 2022 | 2021 | Cumulative | Annualized | ||||||||||||||||||||||||||||||||
Guggenheim Credit Income Fund | December 19, 2014 | 5.49 | % | 6.64 | % | 6.02 | % | 2.11 | % | Guggenheim Credit Income Fund | 12/19/2014 | 1.63 | % | 5.04 | % | 38.87 | % | 4.60 | % |
(1)Total |
For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Source of Distribution (1) | Distribution Amount | Percentage | Distribution Amount | Percentage | ||||||||||
Net investment income (before reimbursements) | $ | 8,674 | 83.5 | % | $ | 1,384 | 44.6 | % | ||||||
Book-to-tax differences | (547 | ) | (5.3 | ) | 203 | 6.5 | ||||||||
Short-term capital gains | 1,603 | 15.4 | 473 | 15.2 | ||||||||||
Long-term capital gains | — | — | % | — | — | |||||||||
Reimbursement of advisor transition cost | 662 | 6.4 | % | — | — | |||||||||
Other (2) | — | — | % | 1,046 | 33.7 | % | ||||||||
Total Distributions | $ | 10,392 | 100.0 | % | $ | 3,106 | 100.0 | % |
As of | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents | $ | 18,781 | $ | 4,556 | ||||||||||
Restricted cash (1) | 12,384 | 24,648 | ||||||||||||
Principal receivable | 111 | 4,747 | ||||||||||||
Unfunded investment commitments | (2,933) | (3,713) | ||||||||||||
Other net working capital (2) | (709) | (722) | ||||||||||||
Total operational liquidity | $ | 27,634 | $ | 29,516 |
March 31, 2022 | ||||||||||||||||||||||||||||||||
Total | < 1 year | 1-3 years | 3-5 years | > 5 years | ||||||||||||||||||||||||||||
Financings-Hamilton Credit Facility: | ||||||||||||||||||||||||||||||||
Debt - principal repayment | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Interest on borrowings (1) (2) | — | — | — | — | — | |||||||||||||||||||||||||||
Undrawn fees | — | — | — | — | — | |||||||||||||||||||||||||||
Unused commitment fee (1) | — | — | — | — | — | |||||||||||||||||||||||||||
Total - Financings | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Liquidation of Feeder Funds' Investments: | ||||||||||||||||||||||||||||||||
GCIF 2016T (3) | $ | 93,199 | $ | 93,199 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
GCIF 2019 (3) | 27,566 | — | — | 27,566 | — | |||||||||||||||||||||||||||
Total Liquidation of Feeder Funds' Investments | $ | 120,765 | $ | 93,199 | $ | — | $ | 27,566 | $ | — |
September 30, 2017 | ||||||||||||||||||||
Total | < 1 year | 1-3 years | 3-5 years | > 5 years | ||||||||||||||||
Financings-Hamilton Credit Facility: | ||||||||||||||||||||
Debt - principal | $ | 150,000 | $ | — | $ | 150,000 | $ | — | $ | — | ||||||||||
Interest on borrowings (1) (2) | 13,349 | 6,038 | 7,311 | — | — | |||||||||||||||
Unused fee commitment | 307 | 254 | 53 | — | — | |||||||||||||||
Total - Financings | $ | 163,656 | $ | 6,292 | $ | 157,364 | $ | — | $ | — | ||||||||||
Feeder Fund Liquidity: | ||||||||||||||||||||
GCIF 2016T (3) | $ | 161,126 | $ | — | $ | — | $ | 161,126 | $ | — | ||||||||||
GCIF-I (3) | 40,717 | — | — | — | 40,717 | |||||||||||||||
Total Feeder Fund Liquidity | $ | 201,843 | $ | — | $ | — | $ | 161,126 | $ | 40,717 |
As of | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Investments classified as Level 3 fair value | $ | 64,653 | $ | 80,068 | |||||||
Total investments at fair value | $ | 108,751 | $ | 124,139 | |||||||
Total assets | $ | 141,490 | $ | 159,243 | |||||||
Percentage of investment portfolio classified as Level 3 fair value | 59.5 | % | 64.5 | % | |||||||
Percentage of total assets classified as Level 3 fair value | 45.7 | % | 50.3 | % |
September 30, 2017 | December 31, 2016 | ||||||
Investments classified as Level 3 fair value | $ | 310,827 | $ | 133,200 | |||
Total fair value of investment portfolio | $ | 381,054 | $ | 275,084 | |||
Total assets | $ | 406,590 | $ | 305,432 | |||
% of investment portfolio classified as Level 3 fair value | 81.6 | % | 48.4 | % | |||
% of total assets classified as Level 3 fair value | 76.4 | % | 43.6 | % |
March 31, 2022 | March 31, 2021 | ||||||||||
Fair Value of Level 3 Investments at Period End | $ | 64,653 | $ | 157,322 | |||||||
Fair Value Assuming a 5% Increase in Value | 67,886 | 165,188 | |||||||||
Increase in unrealized appreciation | 3,233 | 7,866 | |||||||||
(Increase) in management fees (1) | (14) | (34) | |||||||||
(Increase) in performance based incentive fee (2) | (647) | (1,573) | |||||||||
Increase in net assets resulting from operations | $ | 2,572 | $ | 6,259 | |||||||
Weighted average Common Shares outstanding (basic and diluted) | 25,594,125 | 26,144,459 | |||||||||
Common Shares outstanding at the end of the Period | 25,594,125 | 25,594,125 | |||||||||
Increase in earnings per Common Share | $ | 0.10 | $ | 0.24 | |||||||
Increase in net asset value per Common Share | $ | 0.10 | $ | 0.24 |
Basis Points (bps) Increase | Annualized Interest Income Increase (Decrease) | Annualized Net Increase (Decrease) | Net Increase (Decrease) per Share | |||||||||||||||||||||||
+50 bps | 481 | 481 | 0.02 | |||||||||||||||||||||||
+100 bps | 1,007 | 1,007 | 0.04 | |||||||||||||||||||||||
+150 bps | 1,553 | 1,553 | 0.06 | |||||||||||||||||||||||
+200 bps | 2,099 | 2,099 | 0.08 |
Basis Points (bps) Increase | Annualized Interest Income | Annualized Interest Expense | Annualized Net Increase | |||||||||
+ 50 bps | $ | 1,556 | $ | 750 | $ | 806 | ||||||
+100 bps | 3,101 | 1,500 | 1,601 | |||||||||
+150 bps | 4,652 | 2,250 | 2,402 | |||||||||
+200 bps | 6,203 | 3,000 | 3,203 |
Period | Total Number of Shares Purchased | Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||
July 1, 2017 to July 31, 2017 | — | — | — | — | ||||
August 1, 2017 to August 31, 2017 | — | — | — | — | ||||
September 1, 2017 to September 30, 2017 | 151,000 | $8.55 | 151,000 | — | ||||
Total | 151,000 | 151,000 | — |
Date: | By: | /s/ Matthew S. Bloom | |||||||||
MATTHEW S. BLOOM | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | By: | /s/ | |||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
3.1 | |||||||||
3.2 | |||||||||
3.3 | |||||||||
3.4 | |||||||||
10.1 | |||||||||
10.2 | |||||||||
10.3 | |||||||||
10.4 | |||||||||
10.5 | |||||||||
10.6 | |||||||||
10.7 | |||||||||
10.8 | |||||||||
10.9 | |||||||||
10.10 | |||||||||
10.11 | |||||||||
10.12 | |||||||||
14.1 | ||||||||
31.1 | ||||||||
31.2 | |||||||||
32 |