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As Of Filer Filing For·On·As Docs:Size 5/11/20 BlackRock TCP Capital Corp. 10-Q 3/31/20 5:6.1M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.05M 2: EX-4.11 Instrument Defining the Rights of Security Holders HTML 18K -- exhibit411 3: EX-31.1 Certification -- §302 - SOA'02 HTML 10K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 10K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 9K
Document |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For
the Quarter Ended March 31, 2020 | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 |
(State
or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
2951 28th Street, Suite 1000 | |
(Address
of Principal Executive Offices) | (Zip Code) |
Common Stock, par value $0.001 per share | TCPC | NASDAQ
Global Select Market |
(Title of each class) | (Trading Symbol(s) ) | (Name of each exchange where registered) |
Large accelerated filer x | Accelerated
filer ¨ |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |
Item
1. | Financial Statements | |
Item
2. | ||
Item 3. | ||
Item
4. | ||
Part II. | Other Information | |
Item
1. | ||
Item 1A. | ||
Item
2. | ||
Item 3. | ||
Item
4. | ||
Item 5. | ||
Item
6. |
(unaudited) | |||||||
Assets | |||||||
Investments,
at fair value: | |||||||
Companies less than 5% owned (cost of $1,550,870,770 and $1,483,508,500, respectively) | $ | 1,468,734,301 | $ | 1,474,318,011 | |||
Companies 5% to 25% owned
(cost of $76,568,077 and $70,112,667, respectively) | 63,901,597 | 75,880,291 | |||||
Companies more than 25% owned (cost of $134,870,172 and $135,655,840, respectively) | 93,282,976 | 99,308,593 | |||||
Total
investments (cost of $1,762,309,019 and $1,689,277,007, respectively) | 1,625,918,874 | 1,649,506,895 | |||||
Cash and cash equivalents | 8,574,859 | 44,848,539 | |||||
Accrued
interest income: | |||||||
Companies less than 5% owned | 17,329,567 | 16,937,339 | |||||
Companies 5% to 25% owned | 729,805 | 665,165 | |||||
Companies
more than 25% owned | 349,945 | 305,721 | |||||
Deferred debt issuance costs | 5,073,471 | 5,476,382 | |||||
Receivable for investments sold | 510,570 | 1,316,667 | |||||
Prepaid
expenses and other assets | 4,917,342 | 3,012,488 | |||||
Total assets | 1,663,404,433 | 1,722,069,196 | |||||
Liabilities | |||||||
Debt,
net of unamortized issuance costs of $7,217,414 and $7,711,684, respectively | 965,458,014 | 907,802,387 | |||||
Management and advisory fees payable | 5,930,289 | 5,429,075 | |||||
Payable
for investments purchased | 4,825,000 | 13,057,446 | |||||
Interest payable | 4,424,813 | 10,837,121 | |||||
Payable to the Advisor | 1,344,290 | 1,591,651 | |||||
Incentive
compensation payable | — | 4,753,671 | |||||
Accrued expenses and other liabilities | 1,838,116 | 2,279,459 | |||||
Total liabilities | 983,820,522 | 945,750,810 | |||||
Commitments
and contingencies (Note 5) | |||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | |||
Composition
of net assets | |||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,766,912 and 58,766,426 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | $ | 57,767 | $ | 58,766 | |||
Paid-in
capital in excess of par | 991,283,210 | 997,379,362 | |||||
Distributable earnings (loss) | (311,757,066 | ) | (221,119,742 | ) | |||
Net assets | $ | 679,583,911 | $ | 776,318,386 | |||
Net
assets per share | $ | 11.76 | $ | 13.21 |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (A) | ||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||
Unanet,
Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,062,492 | $ | 4,691,321 | 0.28 | % | N | |||||||||||||||
Unanet,
Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 19,897,959 | 19,719,334 | 18,763,776 | 1.15 | % | N | |||||||||||||||||
Unanet,
Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 2,448,980 | 2,428,534 | 2,309,388 | 0.14 | % | K/N | |||||||||||||||||
27,210,360 | 25,764,485 | 1.57 | % | |||||||||||||||||||||||||||||
Airlines
| ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 741,844 | 738,535 | 737,393 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 866,823 | 862,956 | 861,622 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 976,276 | 971,922 | 970,419 | 0.06 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 712,097 | 708,921 | 707,825 | 0.04 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 763,101 | 759,247 | 758,523 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 795,798 | 791,779 | 791,023 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 1,172,238 | 1,166,318 | 1,165,205 | 0.07 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 554,752 | 551,836 | 551,423 | 0.03 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 530,051 | 527,266 | 526,871 | 0.03 | % | N | |||||||||||||||||
Mesa
Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 9/27/2023 | $ | 2,478,113 | 2,450,730 | 2,366,598 | 0.14 | % | N | ||||||||||||||||
Mesa
Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 6/5/2023 | $ | 20,134,665 | 19,926,465 | 19,349,413 | 1.18 | % | N | ||||||||||||||||
One
Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/27/2024 | $ | 19,750,000 | 19,469,804 | 19,335,250 | 1.18 | % | N | ||||||||||||||||
48,925,779 | 48,121,565 | 2.93 | % | |||||||||||||||||||||||||||||
Automobiles
| ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(M) | 0.25 | % | 5.75%
Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 38,966,342 | 38,882,813 | 36,823,193 | 2.25 | % | N | |||||||||||||||||
Autoalert,
LLC | First Lien Term Loan | LIBOR(M) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 15,420,901 | 15,342,948 | 14,572,751 | 0.89 | % | N | |||||||||||||||||
DealerFX,
Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25% Cash+2.00% PIK | 9.75 | % | 2/1/2023 | $ | 16,225,890 | 16,025,364 | 16,160,986 | 0.99 | % | N | |||||||||||||||||
70,251,125 | 67,556,930 | 4.13 | % | |||||||||||||||||||||||||||||
Building
Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 864,616 | 864,450 | 852,511 | 0.05 | % | N | ||||||||||||||||
Dodge
Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 34,974,960 | 34,968,028 | 34,485,310 | 2.11 | % | N | ||||||||||||||||
35,832,478 | 35,337,821 | 2.16 | % | |||||||||||||||||||||||||||||
Capital
Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 15,080,645 | 14,746,553 | 14,503,056 | 0.89 | % | N | ||||||||||||||||
HighTower
Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 6,169,355 | 6,064,200 | 5,933,069 | 0.36 | % | N | ||||||||||||||||
Pico
Quantitative Trading, LLC | First Lien Term Loan (1.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.25 | % | 8.75 | % | 2/7/2025 | $ | 21,791,007 | 20,850,269 | 20,592,502 | 1.26 | % | L | ||||||||||||||||
41,661,022 | 41,028,627 | 2.51 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY
Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 11,481,428 | 8,778,822 | 218,147 | 0.01 | % | B/C/E/N | |||||||||||||||||
AGY
Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,147,915 | 1,147,915 | 1,147,915 | 0.07 | % | B/N | |||||||||||||||||
AGY
Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,328,009 | 5,328,009 | 5,328,009 | 0.33 | % | B/N | |||||||||||||||||
AGY
Holding Corp. | Delayed Draw Term Loan A | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,191,316 | 1,144,606 | 1,191,318 | 0.07 | % | B/N | |||||||||||||||||
AGY
Holding Corp. | Sr Secured Term Loan A1 | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 249,123 | 224,211 | 249,123 | 0.02 | % | B/N | |||||||||||||||||
16,623,563 | 8,134,512 | 0.50 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 11/7/2026 | $ | — | $ | — | $ | (115,686 | ) | (0.01 | )% | K/N | |||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.24 | % | 11/7/2026 | $ | 6,519,608 | 6,460,124 | 6,134,951 | 0.38 | % | N | ||||||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.33 | % | 11/7/2026 | $ | 1,434,314 | 1,420,607 | 1,349,689 | 0.08 | % | N | ||||||||||||||||
Team
Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 7,220,080 | 7,121,555 | 6,880,737 | 0.42 | % | N | |||||||||||||||||
Team
Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 3,160,089 | 3,122,778 | 2,995,062 | 0.18 | % | N | |||||||||||||||||
Team
Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 13,167,038 | 13,022,266 | 12,548,187 | 0.77 | % | N | |||||||||||||||||
31,147,330 | 29,792,940 | 1.82 | % | |||||||||||||||||||||||||||||
Communications
Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,252,632 | 1,252,632 | 1,252,632 | 0.08 | % | L/N | |||||||||||||||||
Avanti
Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 291,730 | 249,246 | 291,730 | 0.02 | % | L/N | |||||||||||||||||
Avanti
Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,591,586 | 1,044,328 | 0.06 | % | C/E/G/H/N | ||||||||||||||||||
Avanti
Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 4,064,721 | 4,064,219 | 2,664,831 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,157,683 | 5,253,521 | 0.32 | % | |||||||||||||||||||||||||||||
Construction
and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 2,568,367 | 2,539,629 | 1,669,182 | 0.10 | % | N | ||||||||||||||||
Hylan
Datacom & Electrical, LLC | First Lien Term Loan (3.15% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 14,208,421 | 14,149,294 | 9,234,053 | 0.56 | % | L/N | ||||||||||||||||
16,688,923 | 10,903,235 | 0.66 | % | |||||||||||||||||||||||||||||
Construction
Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 6.75 | % | 7/3/2023 | $ | 6,561,998 | 6,497,633 | 6,617,775 | 0.40 | % | N | |||||||||||||||||
Consumer
Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 7.20 | % | 12/21/2021 | $ | 23,971,792 | 23,822,888 | 23,971,792 | 1.46 | % | N | ||||||||||||||||
Barri
Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 8.82 | % | 10/23/2024 | $ | 19,225,745 | 18,776,612 | 18,322,135 | 1.12 | % | N | ||||||||||||||||
Open
Lending, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 3/11/2027 | $ | 5,000,000 | 4,825,000 | 4,850,000 | 0.30 | % | N | ||||||||||||||||
47,424,500 | 47,143,927 | 2.88 | % | |||||||||||||||||||||||||||||
Diversified
Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,498,865 | 5,498,865 | 5,498,865 | 0.34 | % | B/N | |||||||||||||||||
Edmentum,
Inc. | First Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2021 | $ | 10,792,686 | 9,801,903 | 10,792,686 | 0.66 | % | B/N | |||||||||||||||||
Edmentum,
Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,429,803 | 8,429,803 | 8,429,803 | 0.52 | % | B/N | ||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 18,059,291 | 18,029,203 | 11,292,474 | 0.69 | % | B/N | ||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,755,736 | 3,755,736 | 3,755,736 | 0.23 | % | B/N | ||||||||||||||||||
Educationcity
Limited (Edmentum) | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 8/31/2020 | $ | 3,707,423 | 3,677,040 | 3,707,423 | 0.23 | % | N | |||||||||||||||||
Spark
Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | — | (28,700 | ) | (32,490 | ) | — | K/N | |||||||||||||||
Spark
Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | 22,330,697 | 21,662,773 | 21,591,551 | 1.32 | % | N | ||||||||||||||||
70,826,623 | 65,036,048 | 3.99 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th
Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 40,834,419 | $ | 40,834,418 | $ | 40,834,419 | 2.50 | % | E/F/N | |||||||||||||||
Aretec
Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.24 | % | 10/1/2026 | $ | 27,105,263 | 26,851,602 | 20,328,947 | 1.24 | % | G/N | |||||||||||||||||
Credit
Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.50 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 31,692,000 | 1.94 | % | H/I/N | |||||||||||||||||
GC
Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 18,931,720 | 18,591,397 | 18,360,659 | 1.12 | % | H/N | ||||||||||||||||
GC
Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 822,864 | 808,526 | 795,216 | 0.05 | % | H/N | ||||||||||||||||
RSB-160,
LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/20/2022 | $ | 2,333,333 | 2,302,395 | 2,366,000 | 0.14 | % | N | ||||||||||||||||
127,388,338 | 114,377,241 | 6.99 | % | |||||||||||||||||||||||||||||
Diversified
Telecommunication Services | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 14,941,671 | 14,720,283 | 15,031,321 | 0.91 | % | N | ||||||||||||||||
American
Broadband Holding Company | First Lien Incremental Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 1,244,358 | 1,244,358 | 1,251,824 | 0.08 | % | N | ||||||||||||||||
ECI
Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.45 | % | 9/29/2025 | $ | 24,840,563 | 24,664,685 | 23,673,057 | 1.45 | % | N | ||||||||||||||||
Aventiv
Technologies, Inc. (Securus) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 11/1/2025 | $ | 25,846,154 | 25,653,114 | 13,569,231 | 0.83 | % | N | ||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2023 | $ | 797,559 | 786,465 | 781,687 | 0.05 | % | N | ||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2020 | $ | 788,529 | 786,516 | 774,729 | 0.05 | % | N | ||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 10/31/2020 | $ | — | — | (71,755 | ) | — | K/N | ||||||||||||||||
Telarix,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 7,425,000 | 7,334,608 | 7,119,833 | 0.44 | % | N | ||||||||||||||||
Telarix,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 357,143 | 353,176 | 342,464 | 0.02 | % | N | ||||||||||||||||
75,543,205 | 62,472,391 | 3.83 | % | |||||||||||||||||||||||||||||
Electric
Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,479,533 | 0.09 | % | F/H/N | |||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 6,578,877 | 6,578,877 | 3,289,438 | 0.20 | % | C/F/H/N | ||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,129,936 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata,
Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.38 | % | 7/1/2020 | $ | 793,398 | 789,077 | 715,407 | 0.04 | % | L/N | |||||||||||||||||
17,810,611 | 7,614,314 | 0.46 | % | |||||||||||||||||||||||||||||
Electrical
Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 507,510 | 500,859 | 487,261 | 0.03 | % | N | |||||||||||||||||
TCFI
Amteck Holdings, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 8,413,638 | 8,302,037 | 8,077,934 | 0.49 | % | N | |||||||||||||||||
8,802,896 | 8,565,195 | 0.52 | % | |||||||||||||||||||||||||||||
Energy
Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 8.50 | % | 10.00 | % | 8/31/2021 | $ | 4,167,831 | 4,145,797 | 4,158,661 | 0.25 | % | L/N | ||||||||||||||||
GlassPoint
Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 1.06 | % | 11.44 | % | 12.94 | % | 8/31/2021 | $ | 2,276,123 | 2,190,099 | 2,222,407 | 0.14 | % | L/N | ||||||||||||||||
Sphera
Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.31 | % | 6/14/2022 | $ | 23,555,164 | 23,204,354 | 22,989,840 | 1.41 | % | N | ||||||||||||||||
29,540,250 | 29,370,908 | 1.80 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||
CAREATC,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 3/14/2024 | $ | 8,502,033 | $ | 8,358,936 | $ | 8,221,466 | 0.50 | % | N | ||||||||||||||
CAREATC,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.47 | % | 3/14/2024 | $ | 607,288 | 597,654 | 587,248 | 0.04 | % | K/N | ||||||||||||||||
Patient
Point Network Solutions, LLC | Sr Secured Revolver | PRIME | — | 6.50 | % | 9.75 | % | 6/26/2022 | $ | 440,474 | 437,894 | 428,582 | 0.03 | % | N | |||||||||||||||||
Patient
Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 1,222,894 | 1,213,925 | 1,189,876 | 0.07 | % | N | ||||||||||||||||
Patient
Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 6,344,935 | 6,307,776 | 6,173,622 | 0.38 | % | N | ||||||||||||||||
Sandata
Technologies, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.50 | % | 7/23/2024 | $ | 20,250,000 | 19,975,035 | 18,994,500 | 1.16 | % | N | ||||||||||||||||
Sandata
Technologies, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/23/2024 | $ | 2,250,000 | 2,220,849 | 2,110,500 | 0.13 | % | K/N | ||||||||||||||||
39,112,069 | 37,705,794 | 2.31 | % | |||||||||||||||||||||||||||||
Hotels,
Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80%
Cash+8.45% PIK | 11.25 | % | 1/26/2022 | $ | 24,981,214 | 24,701,568 | 21,496,335 | 1.32 | % | N | ||||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.71 | % | 12/20/2021 | $ | 5,663,543 | 5,663,543 | 5,043,385 | 0.31 | % | N | ||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,546,938 | 13,495,185 | 12,063,549 | 0.74 | % | N | ||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.21 | % | 12/20/2021 | $ | 671,356 | 668,989 | 597,842 | 0.04 | % | K/N | ||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 2,395,992 | 2,375,761 | 2,242,649 | 0.14 | % | N | |||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 142,889 | 142,000 | 133,744 | 0.01 | % | N | |||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.95 | % | 3/31/2022 | $ | 550,909 | 550,909 | 515,651 | 0.03 | % | N | ||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 1,027,397 | 1,021,439 | 961,644 | 0.06 | % | K/N | |||||||||||||||||
48,619,394 | 43,054,799 | 2.65 | % | |||||||||||||||||||||||||||||
Insurance
| ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | 4,526,042 | 4,453,012 | 4,368,988 | 0.27 | % | N | ||||||||||||||||
2-10
Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | — | (6,377 | ) | (14,458 | ) | — | K/N | |||||||||||||||
AmeriLife
Holdings, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.50 | % | 9.50 | % | 3/18/2028 | $ | 14,636,031 | 14,343,685 | 14,343,310 | 0.88 | % | N | ||||||||||||||||
Higginbotham
Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/19/2025 | $ | 28,000,000 | 27,806,105 | 26,460,000 | 1.62 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 5,245,714 | 5,228,521 | 5,196,405 | 0.32 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 1,692,857 | 1,688,306 | 1,676,944 | 0.10 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 5,935,629 | 5,922,605 | 5,879,834 | 0.36 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 3,879,054 | 3,866,313 | 3,842,591 | 0.24 | % | N | ||||||||||||||||
63,302,170 | 61,753,614 | 3.79 | % | |||||||||||||||||||||||||||||
Internet
Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.58 | % | 11/1/2025 | $ | 16,648,997 | 16,332,788 | 15,500,216 | 0.95 | % | N | ||||||||||||||||
Acquia
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 11/1/2025 | $ | — | (33,594 | ) | (124,462 | ) | (0.01 | )% | K/N | ||||||||||||||
Domo,
Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 5.63% Cash+2.50% PIK | 9.63 | % | 10/1/2022 | $ | 52,457,612 | 52,243,816 | 52,431,219 | 3.21 | % | L/N | |||||||||||||||||
FinancialForce.com,
Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(Q) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,550,190 | 28,308,000 | 1.73 | % | L/N | ||||||||||||||||
Foursquare
Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 2.19 | % | 7.25 | % | 9.44 | % | 10/1/2022 | $ | 33,750,000 | 33,473,792 | 33,918,750 | 2.08 | % | L/N | ||||||||||||||||
InMobi,
Inc. (Singapore) | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 8.25 | % | 9.63 | % | 5/22/2023 | $ | 30,906,865 | 30,745,904 | 30,906,865 | 1.89 | % | H/N | |||||||||||||||||
Persado,
Inc. | First Lien Delayed Term Loan (4.25% Exit Fee) | LIBOR(Q) | 1.80 | % | 7.00 | % | 8.80 | % | 2/1/2025 | $ | 10,538,494 | 10,403,930 | 10,468,237 | 0.64 | % | L/N | ||||||||||||||||
Quartz
Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 8.86 | % | 4/2/2027 | $ | 9,903,019 | 9,715,185 | 9,754,474 | 0.60 | % | N | |||||||||||||||||
ResearchGate
GmBH (Germany) | First Lien Term Loan | EURIBOR(M) | — | 8.25 | % | 8.55 | % | 5/22/2023 | € | 6,714,000 | 7,893,464 | 7,091,830 | 0.43 | % | D/H/L/N | |||||||||||||||||
188,325,475 | 188,255,129 | 11.52 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||
Live
Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(M) | 1.00 | % | 6.76 | % | 7.83 | % | 5/20/2025 | $ | 13,925,285 | $ | 13,672,271 | $ | 13,229,021 | 0.81 | % | N | ||||||||||||||
IT
Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | 11,812,993 | 11,605,658 | 11,269,595 | 0.69 | % | N | ||||||||||||||||
Apptio,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | — | (12,267 | ) | (35,385 | ) | — | K/N | |||||||||||||||
Donuts
Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.37 | % | 9/17/2023 | $ | 608,276 | 586,267 | 586,345 | 0.04 | % | N | ||||||||||||||||
Donuts
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.32 | % | 9/17/2023 | $ | 10,883,276 | 10,641,943 | 10,652,550 | 0.65 | % | N | ||||||||||||||||
Web.com
Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 8.95 | % | 10/11/2026 | $ | 21,466,800 | 21,228,480 | 16,600,920 | 1.02 | % | G/J | |||||||||||||||||
Xactly
Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 4,996,644 | 4,920,427 | 4,896,711 | 0.30 | % | N | ||||||||||||||||
Xactly
Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 2,726,918 | 2,695,367 | 2,672,380 | 0.16 | % | N | ||||||||||||||||
Xactly
Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 16,397,517 | 16,227,000 | 16,069,567 | 0.98 | % | N | ||||||||||||||||
Xactly
Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | — | (13,173 | ) | (28,110 | ) | — | K/N | |||||||||||||||
67,879,702 | 62,684,573 | 3.84 | % | |||||||||||||||||||||||||||||
Leisure
Products | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.63 | % | 6/15/2024 | $ | 55,556 | 54,729 | 50,511 | — | N | |||||||||||||||||
Blue
Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 6/15/2024 | $ | 111,111 | 108,671 | 95,978 | 0.01 | % | N | ||||||||||||||||
Blue
Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.82 | % | 6/15/2024 | $ | 1,504,611 | 1,481,487 | 1,367,992 | 0.08 | % | N | ||||||||||||||||
Machine
Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(Q) | 1.00 | % | 13.50 | % | 15.16 | % | 2/1/2021 | $ | 5,715,838 | 5,689,916 | 5,612,953 | 0.34 | % | L/N | ||||||||||||||||
7,334,803 | 7,127,434 | 0.43 | % | |||||||||||||||||||||||||||||
Media
| ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | — | (9,330 | ) | (41,400 | ) | — | K/N | ||||||||||||||||
Bisnow,
LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | 10,449,384 | 10,349,000 | 10,088,880 | 0.62 | % | N | |||||||||||||||||
Khoros,
LLC (Lithium) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | — | (23,861 | ) | (75,368 | ) | — | K/N | |||||||||||||||
Khoros,
LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 7,131,905 | 7,027,393 | 6,860,893 | 0.42 | % | N | ||||||||||||||||
Khoros,
LLC (Lithium) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 20,884,731 | 20,642,106 | 20,091,111 | 1.23 | % | N | ||||||||||||||||
NEP
II, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.45 | % | 10/19/2026 | $ | 25,000,000 | 24,759,843 | 12,812,500 | 0.78 | % | G | |||||||||||||||||
Quora,
Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,543,121 | 12,709,103 | 0.78 | % | L/N | |||||||||||||||||
75,288,272 | 62,445,719 | 3.83 | % | |||||||||||||||||||||||||||||
Metal
and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(Q) | — | 6.50 | % | 7.76 | % | 12/13/2022 | $ | 4,875,310 | 4,843,543 | 4,265,896 | 0.26 | % | N | |||||||||||||||||
Oil,
Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Personal
Products | ||||||||||||||||||||||||||||||||
Olaplex, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2025 | $ | 1,340,000 | 1,314,356 | 1,247,540 | 0.08 | % | N | ||||||||||||||||
Olaplex,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2026 | $ | 13,660,000 | 13,398,537 | 12,717,460 | 0.78 | % | N | ||||||||||||||||
14,712,893 | 13,965,000 | 0.86 | % | |||||||||||||||||||||||||||||
Pharmaceuticals
| ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 12/4/2027 | $ | 15,441,176 | 15,143,538 | 13,125,000 | 0.80 | % | N | ||||||||||||||||
P&L
Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,623,333 | 8,432,764 | 8,278,400 | 0.51 | % | G/N | ||||||||||||||||
23,576,302 | 21,403,400 | 1.31 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||
Applause
App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | 20,772,306 | $ | 20,541,653 | $ | 20,356,860 | 1.24 | % | N | ||||||||||||||
Applause
App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | — | (14,980 | ) | (30,196 | ) | — | K/N | |||||||||||||||
CIBT
Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.20 | % | 6/1/2025 | $ | 7,611,914 | 7,553,720 | 5,328,340 | 0.33 | % | G/N | ||||||||||||||||
Discoverorg,
LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.50 | % | 10.08 | % | 2/1/2027 | $ | 15,000,000 | 14,814,437 | 13,650,000 | 0.84 | % | G/N | ||||||||||||||||
Dude
Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 588,772 | 545,351 | 487,209 | 0.03 | % | K/N | ||||||||||||||||
Dude
Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 16,927,201 | 16,577,841 | 16,148,550 | 0.99 | % | N | ||||||||||||||||
Dude
Solutions Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 2,233,091 | 2,183,170 | 2,130,368 | 0.13 | % | N | ||||||||||||||||
iCIMS,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | — | (7,292 | ) | (19,433 | ) | — | K/N | |||||||||||||||
iCIMS,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | 9,482,016 | 9,322,135 | 9,106,836 | 0.56 | % | N | ||||||||||||||||
Institutional
Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 9.57 | % | 3/5/2027 | $ | 5,820,856 | 5,659,794 | 4,511,164 | 0.28 | % | N | |||||||||||||||||
RigUp,
Inc. | First Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.00 | % | 8.50 | % | 3/1/2024 | $ | 19,333,333 | 18,758,439 | 18,753,333 | 1.15 | % | L/N | ||||||||||||||||
95,934,268 | 90,423,031 | 5.55 | % | |||||||||||||||||||||||||||||
Real
Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 2,310,027 | 2,282,306 | 2,188,058 | 0.13 | % | N | |||||||||||||||||
Florida
East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 872,116 | 866,435 | 826,068 | 0.05 | % | N | |||||||||||||||||
Space
Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 6.88 | % | 12/5/2023 | $ | 4,444,444 | 4,375,654 | 4,160,000 | 0.25 | % | N | |||||||||||||||||
Space
Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 12/5/2023 | $ | 277,778 | 273,672 | 260,000 | 0.02 | % | K/N | |||||||||||||||||
7,798,067 | 7,434,126 | 0.45 | % | |||||||||||||||||||||||||||||
Road
and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 5/15/2027 | $ | 19,382,324 | 19,019,738 | 17,269,651 | 1.06 | % | N | ||||||||||||||||
Software
| ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 2,125,754 | 2,080,618 | 2,022,761 | 0.12 | % | N | ||||||||||||||||
Certify,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 23,383,293 | 23,299,187 | 22,628,012 | 1.38 | % | N | ||||||||||||||||
Certify,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 159,432 | 143,621 | 125,101 | 0.01 | % | N | ||||||||||||||||
JAMF
Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 3,606,829 | 3,567,399 | 3,570,039 | 0.22 | % | N | ||||||||||||||||
JAMF
Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 14,160,797 | 13,993,233 | 14,016,357 | 0.86 | % | N | ||||||||||||||||
JAMF
Holdings, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | — | (13,110 | ) | (12,383 | ) | — | K/N | |||||||||||||||
Marketlive,
LLC (Kibo) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.08 | % | 12/18/2020 | $ | 5,063,792 | 4,996,869 | 4,825,794 | 0.30 | % | N | ||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.91 | % | 5/3/2025 | $ | 224,974 | 195,553 | 149,113 | 0.01 | % | N | ||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 14,399,654 | 14,148,558 | 13,766,069 | 0.83 | % | N | |||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | 1,194,139 | 1,173,466 | 1,141,066 | 0.07 | % | N | ||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Incremental Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | — | (14,061 | ) | (35,872 | ) | — | K/N | |||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 1,223,592 | 1,202,464 | 1,169,754 | 0.07 | % | N | |||||||||||||||||
Snow
Software AB | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 10,373,317 | 10,195,940 | 10,236,389 | 0.63 | % | N | ||||||||||||||||
Snow
Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 11,543,865 | 11,326,462 | 11,391,486 | 0.70 | % | N | ||||||||||||||||
Snow
Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 4,360,548 | 4,289,518 | 4,302,989 | 0.26 | % | N | ||||||||||||||||
Winshuttle,
LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.42 | % | 9.42 | % | 8/9/2024 | $ | 13,972,844 | 13,629,530 | 13,106,528 | 0.80 | % | N | ||||||||||||||||
104,215,247 | 102,403,203 | 6.26 | % | |||||||||||||||||||||||||||||
Specialty
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 8.84 | % | 10.46 | % | 9/12/2022 | $ | 6,132,194 | 6,047,422 | 6,187,383 | 0.38 | % | N | ||||||||||||||||
Technology
Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 5/1/2022 | $ | — | (8,437 | ) | (11,411 | ) | — | K/N | |||||||||||||||
Pulse
Secure, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.61 | % | 5/1/2022 | $ | 11,082,466 | 11,008,729 | 10,988,265 | 0.66 | % | N | ||||||||||||||||
TierPoint,
LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 9.50 | % | 5/5/2025 | $ | 2,322,000 | 2,302,698 | 2,275,560 | 0.14 | % | |||||||||||||||||
13,302,990 | 13,252,414 | 0.80 | % |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.38 | % | 12/28/2023 | $ | 18,857,986 | $ | 18,750,498 | $ | 18,876,844 | 1.15 | % | N | ||||||||||||||
PSEB,
LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 10.50 | % | 10/12/2023 | $ | 10,793,402 | 10,563,596 | 10,771,815 | 0.66 | % | N | |||||||||||||||||
PSEB,
LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 10/12/2023 | $ | 39,305,971 | 38,478,947 | 40,013,478 | 2.44 | % | N | ||||||||||||||||
WH
Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 8.25 | % | 7/16/2025 | $ | 27,664,640 | 27,400,966 | 26,115,420 | 1.60 | % | N | ||||||||||||||||
WH
Buyer, LLC (Anne Klein) | First Lien Incremental Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 9.26 | % | 7/16/2025 | $ | 5,307,692 | 5,255,062 | 5,010,462 | 0.31 | % | |||||||||||||||||
100,449,069 | 100,788,019 | 6.16 | % | |||||||||||||||||||||||||||||
Thrifts
and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.15 | % | 4/17/2024 | $ | 24,764,798 | 24,626,784 | 25,012,446 | 1.53 | % | N | ||||||||||||||||
Home
Partners of America, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.85 | % | 10/13/2022 | $ | 2,857,143 | 2,829,339 | 2,820,000 | 0.17 | % | N | ||||||||||||||||
27,456,123 | 27,832,446 | 1.70 | % | |||||||||||||||||||||||||||||
Tobacco
Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00% Cash+1.50% PIK | 11.25 | % | 8/2/2023 | $ | 26,354,167 | 26,126,494 | 25,827,083 | 1.58 | % | N | |||||||||||||||||
Total
Debt Investments - 224.0% of Net Assets | 1,627,984,533 | 1,522,035,073 | 93.12 | % | ||||||||||||||||||||||||||||
Equity
Securities | ||||||||||||||||||||||||||||||||
Airlines
| ||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 3,714,085 | 0.24 | % | C/N | |||||||||||||||||||||||||
United
N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,105,126 | 2,025,233 | 0.12 | % | E/F/N | |||||||||||||||||||||||||
2,960,439 | 5,739,318 | 0.36 | % | |||||||||||||||||||||||||||||
Capital
Markets | ||||||||||||||||||||||||||||||||
Pico Quantitative Trading, LLC | Warrants to Purchase Membership Units (144A) | 2/7/2030 | 287 | 645,121 | 634,065 | 0.04 | % | C/E/N | ||||||||||||||||||||||||
Chemicals
| ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||||||
KAGY
Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | — | — | B/C/E/N | ||||||||||||||||||||||||||
1,091,200 | — | — | ||||||||||||||||||||||||||||||
Communications
Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 3,301 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified
Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 16 | — | B/C/E/N | ||||||||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | — | — | B/C/E/N | |||||||||||||||||||||||||
680,227 | 16 | — | ||||||||||||||||||||||||||||||
Diversified
Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 27,887,607 | 1.72 | % | E/F/N | |||||||||||||||||||||||||
Conventional
Lending TCP Holdings, LLC | Membership Units | 15,769,948 | 15,769,948 | 14,192,953 | 0.87 | % | E/F/I/N | |||||||||||||||||||||||||
GACP
I, LP (Great American Capital) | Membership Units | 1,757,364 | 1,757,364 | 2,774,710 | 0.17 | % | E/I/N | |||||||||||||||||||||||||
GACP
II, LP (Great American Capital) | Membership Units | 20,338,470 | 20,338,470 | 21,172,740 | 1.30 | % | E/I/N | |||||||||||||||||||||||||
60,065,198 | 66,028,010 | 4.06 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | %
of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Diversified
Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 662,497 | 0.04 | % | C/D/E/H/N | |||||||||||||||||||||||
Electric
Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Conergy
Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Utilidata,
Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 52,000 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 52,000 | — | ||||||||||||||||||||||||||||||
Electrical
Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Series A Preferred Units | 8,020,824 | 7,511,391 | 7,459,366 | 0.47 | % | C/N | |||||||||||||||||||||||||
TCFI
Amteck Holdings, LLC | Common Units | 362,513 | 395,336 | 206,632 | 0.01 | % | C/N | |||||||||||||||||||||||||
7,906,727 | 7,665,998 | 0.48 | % | |||||||||||||||||||||||||||||
Electronic
Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Energy
Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,448,000 | 754,005 | 107,200 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Internet
Software and Services | ||||||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | 511,349 | 108,061 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
FinancialForce.com,
Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 247,600 | 0.02 | % | C/E/N | ||||||||||||||||||||||||
Foursquare
Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 992,250 | 0.06 | % | C/E/N | ||||||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 83,361 | 0.01 | % | C/E/H/N | ||||||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 278,852 | 0.02 | % | C/E/H/N | ||||||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 333,107 | 0.02 | % | C/E/H/N | ||||||||||||||||||||||||
ResearchGate
Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 140,000 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||||||
Snaplogic,
Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,900,000 | 0.31 | % | C/E/N | ||||||||||||||||||||||||
2,258,677 | 7,083,231 | 0.46 | % | |||||||||||||||||||||||||||||
IT
Services | ||||||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 45,271 | — | C/E/N | ||||||||||||||||||||||||||
Life
Sciences Tools and Services | ||||||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 439,869 | 0.03 | % | C/E/N | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | %
of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Media
| ||||||||||||||||||||||||||||
NEG
Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 6,172,630 | 0.38 | % | B/C/E/N | |||||||||||||||||||
NEG
Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 288,567 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG
Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 291,430 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora,
Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 59,401 | — | C/E/N | |||||||||||||||||||||
Shop
Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
SoundCloud,
Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,143 | — | C/E/H/N | |||||||||||||||||||||
3,791,301 | 6,857,171 | 0.42 | % | |||||||||||||||||||||||||
Oil,
Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore
Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,901,552 | 0.24 | % | B/C/E/N | |||||||||||||||||||||
Professional
Services | ||||||||||||||||||||||||||||
Anacomp,
Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,443,857 | 0.09 | % | C/E/F/N | |||||||||||||||||||||
Semiconductors
and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto
Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 1,557,149 | 0.11 | % | C/E/N | ||||||||||||||||||||
Nanosys,
Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 816,398 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 2,373,547 | 0.16 | % | |||||||||||||||||||||||||
Software
| ||||||||||||||||||||||||||||
Actifio,
Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 340,492 | 0.02 | % | C/E/N | ||||||||||||||||||||
Tradeshift,
Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 506,406 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 846,898 | 0.05 | % | |||||||||||||||||||||||||
Total
Equity Securities - 15.3% of Nets Assets | 134,324,486 | 103,883,801 | 6.36 | % | ||||||||||||||||||||||||
Total
Investments - 239.3% of Net Assets | $ | 1,762,309,019 | $ | 1,625,918,874 | ||||||||||||||||||||||||
Cash
and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Cash
and Cash Equivalents | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Total
Cash and Investments - 240.5% of Net Assets | $ | 1,634,493,733 | 100.00 | % | M |
(A) | Debt
investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income
producing. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as
defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such
acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly
traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In
addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (A) | ||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||
Unanet,
Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,059,515 | $ | 5,135,971 | 0.30 | % | N | |||||||||||||||
Unanet,
Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 19,897,959 | 19,710,909 | 19,919,847 | 1.18 | % | N | |||||||||||||||||
Unanet,
Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | — | (21,632 | ) | — | — | K/N | |||||||||||||||||
24,748,792 | 25,055,818 | 1.48 | % | |||||||||||||||||||||||||||||
Airlines
| ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 801,784 | 797,527 | 801,784 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 942,947 | 937,941 | 942,947 | 0.06 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 1,066,574 | 1,060,912 | 1,066,574 | 0.06 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 768,185 | 764,107 | 768,185 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 817,276 | 812,522 | 817,276 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 853,632 | 848,667 | 853,632 | 0.05 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 1,272,196 | 1,264,796 | 1,272,196 | 0.08 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 581,841 | 578,354 | 581,841 | 0.03 | % | N | |||||||||||||||||
Mesa
Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 554,715 | 551,390 | 554,715 | 0.03 | % | N | |||||||||||||||||
Mesa
Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(M) | — | 5.25 | % | 7.00 | % | 9/27/2023 | $ | 2,655,121 | 2,623,792 | 2,620,870 | 0.15 | % | N | |||||||||||||||||
Mesa
Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(M) | — | 5.00 | % | 6.75 | % | 6/5/2023 | $ | 21,683,485 | 21,440,802 | 21,653,129 | 1.28 | % | N | |||||||||||||||||
One
Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/27/2024 | $ | 12,500,000 | 12,187,500 | 12,250,000 | 0.72 | % | N | ||||||||||||||||
43,868,310 | 44,183,149 | 2.61 | % | |||||||||||||||||||||||||||||
Automobiles
| ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 0.25 | % | 5.75%
Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 38,966,342 | 38,845,649 | 39,356,005 | 2.32 | % | N | |||||||||||||||||
Autoalert,
LLC | First Lien Term Loan | LIBOR(Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 15,420,901 | 15,313,907 | 15,575,110 | 0.92 | % | N | |||||||||||||||||
DealerFX,
Inc. | First Lien Term Loan | LIBOR(Q) | — | 6.25% Cash+2.00% PIK | 10.25 | % | 2/1/2023 | $ | 16,183,673 | 15,965,712 | 16,345,510 | 0.96 | % | N | ||||||||||||||||||
70,125,268 | 71,276,625 | 4.20 | % | |||||||||||||||||||||||||||||
Building
Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 875,631 | 875,023 | 875,106 | 0.05 | % | N | ||||||||||||||||
Dodge
Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 35,420,561 | 35,395,034 | 35,399,308 | 2.09 | % | N | ||||||||||||||||
36,270,057 | 36,274,414 | 2.14 | % | |||||||||||||||||||||||||||||
Capital
Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 15,080,645 | 14,733,952 | 15,082,153 | 0.89 | % | N | ||||||||||||||||
HighTower
Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 6,169,355 | 6,059,721 | 6,169,972 | 0.36 | % | N | ||||||||||||||||
20,793,673 | 21,252,125 | 1.25 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY
Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 10,315,515 | 8,778,822 | 3,708,428 | 0.22 | % | B/C/E/N | |||||||||||||||||
AGY
Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,114,120 | 1,114,120 | 1,114,120 | 0.07 | % | B/N | |||||||||||||||||
AGY
Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,171,151 | 5,171,151 | 5,171,151 | 0.31 | % | B/N | |||||||||||||||||
15,064,093 | 9,993,699 | 0.60 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | $ | — | $ | (13,529 | ) | — | K/N | ||||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | — | (17,647 | ) | — | K/N | ||||||||||||||||
Kellermeyer
Bergensons Services, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | 6,535,948 | 6,472,583 | 6,477,124 | 0.38 | % | N | ||||||||||||||||
Team
Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 7,220,080 | 7,114,156 | 7,172,428 | 0.42 | % | N | |||||||||||||||||
Team
Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 1,228,924 | 1,189,152 | 1,205,750 | 0.07 | % | N | |||||||||||||||||
Team
Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 13,167,038 | 13,012,854 | 13,080,136 | 0.77 | % | N | |||||||||||||||||
27,788,745 | 27,904,262 | 1.64 | % | |||||||||||||||||||||||||||||
Communications
Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,214,371 | 1,214,371 | 1,214,371 | 0.07 | % | L/N | |||||||||||||||||
Avanti
Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 282,820 | 238,768 | 282,820 | 0.02 | % | L/N | |||||||||||||||||
Avanti
Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,591,586 | 1,074,115 | 0.06 | % | C/E/G/H/N | ||||||||||||||||||
Avanti
Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 4,064,721 | 4,064,219 | 2,740,841 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,108,944 | 5,312,147 | 0.31 | % | |||||||||||||||||||||||||||||
Construction
and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 2,536,311 | 2,502,108 | 2,090,739 | 0.12 | % | N | ||||||||||||||||
Hylan
Datacom & Electrical, LLC | First Lien Term Loan (5.4% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 14,031,084 | 13,959,042 | 11,566,142 | 0.67 | % | L/N | ||||||||||||||||
16,461,150 | 13,656,881 | 0.79 | % | |||||||||||||||||||||||||||||
Construction
Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 7.25 | % | 7/3/2023 | $ | 6,682,556 | 6,612,301 | 6,652,484 | 0.39 | % | N | |||||||||||||||||
Consumer
Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 8.24 | % | 12/21/2021 | $ | 23,971,792 | 23,800,742 | 23,749,039 | 1.40 | % | N | ||||||||||||||||
Barri
Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.54 | % | 10/23/2024 | $ | 19,346,662 | 18,873,298 | 19,031,311 | 1.12 | % | N | ||||||||||||||||
42,674,040 | 42,780,350 | 2.52 | % | |||||||||||||||||||||||||||||
Diversified
Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,235,973 | 5,235,973 | 5,235,978 | 0.31 | % | B/N | |||||||||||||||||
Edmentum,
Inc. | First Lien Term Loan B | LIBOR(Q) | — | 8.50 | % | 10.43 | % | 6/9/2021 | $ | 10,740,023 | 9,566,580 | 10,740,023 | 0.63 | % | B/N | |||||||||||||||||
Edmentum,
Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,281,653 | 8,281,653 | 8,281,661 | 0.49 | % | B/N | ||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 17,609,276 | 17,536,516 | 17,609,276 | 1.04 | % | B/N | ||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,675,888 | 3,675,888 | 3,675,888 | 0.22 | % | B/N | ||||||||||||||||||
Spark
Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | — | (30,874 | ) | (38,827 | ) | — | K/N | |||||||||||||||
Spark
Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | 22,934,229 | 22,203,944 | 22,062,728 | 1.30 | % | N | ||||||||||||||||
66,469,680 | 67,566,727 | 3.99 | % | |||||||||||||||||||||||||||||
Diversified
Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 40,834,419 | 40,834,418 | 40,834,419 | 2.41 | % | E/F/N/O | |||||||||||||||||
Aretec
Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 10.05 | % | 10/1/2026 | $ | 27,105,263 | 26,845,399 | 26,788,945 | 1.58 | % | G | |||||||||||||||||
Credit
Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.45 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 37,604,800 | 2.22 | % | H/I/N | |||||||||||||||||
GC
Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 18,979,469 | 18,625,118 | 18,629,867 | 1.10 | % | H/N | ||||||||||||||||
GC
Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 824,958 | 810,028 | 809,366 | 0.05 | % | H/N | ||||||||||||||||
RSB-160,
LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.90 | % | 7/20/2022 | $ | 2,333,333 | 2,299,659 | 2,335,900 | 0.14 | % | N | ||||||||||||||||
127,414,622 | 127,003,297 | 7.50 | % |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
American
Broadband Holding Company | First Lien Term Loan | LIBOR(M) | 1.25 | % | 7.25 | % | 9.05 | % | 10/25/2022 | $ | 15,395,873 | $ | 15,151,000 | $ | 15,796,166 | 0.93 | % | N | ||||||||||||||
ECI
Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.94 | % | 9/29/2025 | $ | 24,840,563 | 24,660,905 | 24,571,540 | 1.45 | % | |||||||||||||||||
Securus
Technologies, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.05 | % | 11/1/2025 | $ | 25,846,154 | 25,648,456 | 12,509,538 | 0.74 | % | |||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2023 | $ | 799,588 | 787,670 | 796,310 | 0.05 | % | N | ||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2020 | $ | 525,686 | 519,722 | 522,453 | 0.03 | % | N | ||||||||||||||||
TPC
Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 10/31/2020 | $ | — | — | (16,811 | ) | — | K/N | ||||||||||||||||
Telarix,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 7,443,750 | 7,348,457 | 7,349,959 | 0.43 | % | N | ||||||||||||||||
Telarix,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 178,571 | 174,365 | 174,071 | 0.01 | % | N | ||||||||||||||||
74,290,575 | 61,703,226 | 3.64 | % | |||||||||||||||||||||||||||||
Electric
Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,207,785 | 0.07 | % | F/H/N | |||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 6,578,877 | 6,578,877 | 3,289,438 | 0.19 | % | C/F/H/N | ||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,208,823 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata,
Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.81 | % | 7/1/2020 | $ | 1,033,398 | 1,024,722 | 942,562 | 0.06 | % | L/N | |||||||||||||||||
18,046,256 | 7,648,608 | 0.45 | % | |||||||||||||||||||||||||||||
Electrical
Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 497,143 | 490,068 | 497,143 | 0.03 | % | N | |||||||||||||||||
TCFI
Amteck Holdings, LLC | First Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 16,237,115 | 16,003,295 | 16,237,115 | 0.96 | % | N | |||||||||||||||||
16,493,363 | 16,734,258 | 0.99 | % | |||||||||||||||||||||||||||||
Energy
Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 12/31/2020 | $ | 4,167,831 | 4,147,728 | 3,999,033 | 0.24 | % | L/N | |||||||||||||||||
GlassPoint
Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 11.44 | % | 13.38 | % | 12/31/2020 | $ | 2,276,123 | 2,204,998 | 2,226,731 | 0.13 | % | L/N | |||||||||||||||||
Sphera
Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.81 | % | 6/14/2022 | $ | 23,614,465 | 23,255,646 | 23,371,236 | 1.38 | % | N | ||||||||||||||||
29,608,372 | 29,597,000 | 1.75 | % | |||||||||||||||||||||||||||||
Health
Care Technology | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | 8,502,033 | 8,351,441 | 8,483,328 | 0.50 | % | N | |||||||||||||||||
CAREATC,
Inc. | Sr Secured Revolver | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | — | (10,223 | ) | (1,336 | ) | — | K/N | ||||||||||||||||
Patient
Point Network Solutions, LLC | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 264,285 | 261,418 | 262,347 | 0.02 | % | N | ||||||||||||||||
Patient
Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 1,239,799 | 1,229,504 | 1,234,344 | 0.07 | % | N | ||||||||||||||||
Patient
Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 6,432,648 | 6,389,679 | 6,404,344 | 0.38 | % | N | ||||||||||||||||
Sandata
Technologies, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | 20,250,000 | 19,961,722 | 19,942,200 | 1.18 | % | N | |||||||||||||||||
Sandata
Technologies, LLC | Sr Secured Revolver | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | — | (30,795 | ) | (34,200 | ) | — | K/N | ||||||||||||||||
36,152,746 | 36,291,027 | 2.15 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Hotels,
Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80%
Cash+8.45% PIK | 13.25 | % | 1/26/2022 | $ | 24,564,304 | $ | 24,250,372 | $ | 22,591,790 | 1.33 | % | N | ||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 5,678,264 | 5,678,264 | 5,735,615 | 0.34 | % | N | ||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,583,579 | 13,524,243 | 13,720,773 | 0.81 | % | N | ||||||||||||||||
Pegasus
Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | — | (2,686 | ) | — | — | K/N | ||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 2,395,992 | 2,373,398 | 2,443,913 | 0.14 | % | N | |||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 142,889 | 141,895 | 145,747 | 0.01 | % | N | |||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.44 | % | 3/31/2022 | $ | 550,909 | 550,909 | 561,927 | 0.03 | % | N | ||||||||||||||||
VSS-Southern
Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | — | (6,733 | ) | — | — | K/N | |||||||||||||||||
46,509,662 | 45,199,765 | 2.66 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10
Holdco, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | 4,537,500 | 4,461,178 | 4,479,420 | 0.26 | % | N | |||||||||||||||||
2-10
Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | — | (6,724 | ) | (5,333 | ) | — | K/N | ||||||||||||||||
Higginbotham
Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/19/2025 | $ | 28,000,000 | 27,801,191 | 27,860,000 | 1.64 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 5,318,571 | 5,296,361 | 5,295,702 | 0.31 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 1,714,286 | 1,708,138 | 1,706,914 | 0.10 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 6,020,424 | 6,002,687 | 5,994,536 | 0.35 | % | N | ||||||||||||||||
IAS
Investco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 3,934,469 | 3,918,004 | 3,917,550 | 0.23 | % | N | ||||||||||||||||
49,180,835 | 49,248,789 | 2.89 | % | |||||||||||||||||||||||||||||
Internet
and Catalog Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First
Lien Last Out B-2 Term Loan | LIBOR(M) | — | 6.76 | % | 8.56 | % | 5/20/2025 | $ | 13,960,362 | 13,698,968 | 13,635,085 | 0.79 | % | N | |||||||||||||||||
Internet
Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | 16,648,997 | 16,321,473 | 16,345,985 | 0.96 | % | N | |||||||||||||||||
Acquia
Inc. | Sr Secured Revolver | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | — | (35,084 | ) | (32,829 | ) | — | K/N | ||||||||||||||||
Domo,
Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(M) | — | 5.63% Cash+2.50% PIK | 9.94 | % | 10/1/2022 | $ | 52,127,502 | 51,828,896 | 51,270,531 | 3.03 | % | L/N | ||||||||||||||||||
FinancialForce.com,
Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(Q) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,522,676 | 28,464,800 | 1.68 | % | L/N | ||||||||||||||||
Foursquare
Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 7.25 | % | 9.19 | % | 10/1/2022 | $ | 33,750,000 | 33,445,277 | 33,237,000 | 1.96 | % | L/N | |||||||||||||||||
InMobi,
Inc. (Singapore) | First Lien Term Loan | LIBOR(Q) | 1.37 | % | 8.13 | % | 10.06 | % | 9/30/2021 | $ | 30,906,865 | 30,717,380 | 30,545,254 | 1.80 | % | H/N | ||||||||||||||||
Quartz
Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 9.71 | % | 4/2/2027 | $ | 9,903,019 | 9,708,757 | 9,878,261 | 0.58 | % | N | |||||||||||||||||
ResearchGate
GmBH (Germany) | First Lien Term Loan (4.0% Exit Fee) | EURIBOR(M) | — | 8.55 | % | 8.55 | % | 10/1/2022 | € | 7,500,000 | 7,856,974 | 7,952,439 | 0.47 | % | D/H/L/N | |||||||||||||||||
177,366,349 | 177,661,441 | 10.48 | % | |||||||||||||||||||||||||||||
IT
Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | 11,812,993 | 11,598,319 | 11,567,282 | 0.68 | % | N | ||||||||||||||||
Apptio,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | — | (12,904 | ) | (16,000 | ) | — | K/N | |||||||||||||||
Donuts
Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 8.15 | % | 9/17/2023 | $ | 373,849 | 350,320 | 364,746 | 0.02 | % | N | ||||||||||||||||
Donuts
Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.19 | % | 9/17/2023 | $ | 10,910,690 | 10,653,623 | 10,814,676 | 0.64 | % | N | ||||||||||||||||
Web.com
Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 9.49 | % | 10/11/2026 | $ | 16,280,678 | 16,166,395 | 15,715,983 | 0.93 | % | G/J | |||||||||||||||||
Xactly
Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 4,996,644 | 4,913,115 | 4,990,148 | 0.29 | % | N | ||||||||||||||||
Xactly
Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 2,726,918 | 2,692,315 | 2,723,373 | 0.16 | % | N | ||||||||||||||||
Xactly
Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 16,397,517 | 16,210,453 | 16,376,200 | 0.97 | % | N | ||||||||||||||||
Xactly
Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | — | (14,579 | ) | (1,827 | ) | — | K/N | |||||||||||||||
62,557,057 | 62,534,581 | 3.69 | % |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||
Blue
Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.76 | % | 6/15/2024 | $ | 55,556 | $ | 54,693 | $ | 53,556 | — | N | |||||||||||||||
Blue
Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 111,111 | 108,557 | 105,111 | 0.01 | % | N | ||||||||||||||||
Blue
Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 1,504,611 | 1,480,597 | 1,450,445 | 0.09 | % | N | ||||||||||||||||
Machine
Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(M) | — | 13.50 | % | 15.20 | % | 2/1/2021 | $ | 5,672,712 | 5,637,816 | 5,588,188 | 0.33 | % | L/N | |||||||||||||||||
7,281,663 | 7,197,300 | 0.43 | % | |||||||||||||||||||||||||||||
Media
| ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | — | (10,270 | ) | — | — | K/N | |||||||||||||||||
Bisnow,
LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | 10,557,386 | 10,446,491 | 10,628,121 | 0.63 | % | N | |||||||||||||||||
Khoros,
LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (7,100 | ) | (5,736 | ) | — | K/N | |||||||||||||||
Khoros,
LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (19,127 | ) | (19,255 | ) | — | K/N | |||||||||||||||
Khoros,
LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 7,131,905 | 7,016,707 | 7,042,043 | 0.42 | % | N | ||||||||||||||||
Khoros,
LLC (Lithium) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 20,884,731 | 20,616,273 | 20,621,583 | 1.22 | % | N | ||||||||||||||||
NEP
II, Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.00 | % | 8.80 | % | 10/19/2026 | $ | 25,000,000 | 24,753,355 | 22,687,500 | 1.34 | % | G | |||||||||||||||||
Quora,
Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,528,197 | 12,709,103 | 0.75 | % | L/N | |||||||||||||||||
75,324,526 | 73,663,359 | 4.36 | % | |||||||||||||||||||||||||||||
Metal
and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(M) | — | 6.50 | % | 8.35 | % | 12/13/2022 | $ | 4,943,976 | 4,909,287 | 4,845,097 | 0.29 | % | ||||||||||||||||||
Oil,
Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.88 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Pharmaceuticals
| ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.70 | % | 12/6/2027 | $ | 15,441,176 | 15,133,798 | 15,363,971 | 0.91 | % | N | ||||||||||||||||
P&L
Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,645,000 | 8,447,637 | 8,601,775 | 0.51 | % | G/N | ||||||||||||||||
23,581,435 | 23,965,746 | 1.42 | % | |||||||||||||||||||||||||||||
Professional
Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First
Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | 20,772,306 | 20,522,294 | 20,851,241 | 1.23 | % | N | ||||||||||||||||
Applause
App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | — | (16,489 | ) | — | — | K/N | ||||||||||||||||
CIBT
Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.69 | % | 6/1/2025 | $ | 7,611,914 | 7,551,528 | 7,155,199 | 0.42 | % | G/N | ||||||||||||||||
Discoverorg,
LLC | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 10.19 | % | 2/1/2027 | $ | 15,000,000 | 14,795,054 | 15,075,000 | 0.89 | % | G | |||||||||||||||||
Dude
Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | — | (45,365 | ) | (40,404 | ) | — | K/N | |||||||||||||||
Dude
Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | 16,927,201 | 16,566,086 | 16,617,434 | 0.98 | % | N | ||||||||||||||||
iCIMS,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | — | (7,699 | ) | (11,385 | ) | — | K/N | |||||||||||||||
iCIMS,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | 9,482,016 | 9,315,912 | 9,262,034 | 0.55 | % | N | ||||||||||||||||
Institutional
Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 3/5/2026 | $ | 5,820,856 | 5,658,368 | 5,588,022 | 0.33 | % | N | |||||||||||||||||
STG-Fairway
Acquisitions, Inc.(First Advantage) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.25 | % | 11.05 | % | 6/30/2023 | $ | 31,000,000 | 30,701,658 | 31,000,000 | 1.83 | % | N | ||||||||||||||||
105,041,347 | 105,497,141 | 6.23 | % | |||||||||||||||||||||||||||||
Real
Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 2,321,694 | 2,289,777 | 2,310,086 | 0.14 | % | N | |||||||||||||||||
Florida
East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 876,520 | 869,946 | 872,138 | 0.05 | % | N | |||||||||||||||||
Space
Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | 4,444,444 | 4,371,064 | 4,371,111 | 0.26 | % | N | |||||||||||||||||
Space
Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | — | (4,371 | ) | (4,583 | ) | — | K/N | ||||||||||||||||
7,526,416 | 7,548,752 | 0.45 | % | |||||||||||||||||||||||||||||
Road
and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.04 | % | 5/15/2027 | $ | 19,382,324 | 19,008,604 | 18,796,978 | 1.11 | % | N |
Issuer | Instrument | Ref | Floor | Spread | Total
Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt
Investments (continued) | ||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Certify,
Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 1,594,315 | $ | 1,547,623 | $ | 1,537,877 | 0.09 | % | N | |||||||||||||||||
Certify,
Inc. | First Lien Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 23,383,293 | 23,292,776 | 22,969,408 | 1.36 | % | N | |||||||||||||||||||
Certify,
Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 159,432 | 143,495 | 140,619 | 0.01 | % | N | |||||||||||||||||||
JAMF
Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 3,606,829 | 3,563,940 | 3,606,829 | 0.21 | % | N | |||||||||||||||||||
JAMF
Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 14,160,797 | 13,978,598 | 14,160,797 | 0.84 | % | N | |||||||||||||||||||
JAMF
Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 7.00% | 8.80% | 11/13/2022 | $ | — | (14,355 | ) | — | — | K/N | |||||||||||||||||||
Marketlive,
LLC (Kibo) | First Lien Term Loan | LIBOR(Q) | — | 8.00% | 9.91% | 12/18/2020 | $ | 5,076,516 | 4,988,719 | 4,989,707 | 0.29 | % | N | |||||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00% | 6.50% | 8.60% | 5/3/2025 | $ | 224,401 | 193,557 | 190,964 | 0.01 | % | N | |||||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00% | 5.50% Cash+1.00% PIK | 8.72% | 5/3/2025 | $ | 14,362,948 | 14,098,242 | 14,084,307 | 0.82 | % | N | |||||||||||||||||||
Rhode
Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00% | 6.50% | 8.30% | 5/3/2025 | $ | 689,257 | 667,641 | 665,857 | 0.04 | % | N | |||||||||||||||||||
Snow
Software AB | First Lien Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 13,081,645 | 12,846,264 | 12,860,565 | 0.76 | % | N | |||||||||||||||||||
Snow
Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 14,557,807 | 14,269,367 | 14,311,780 | 0.84 | % | N | |||||||||||||||||||
Snow
Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 1,744,219 | 1,668,977 | 1,670,526 | 0.10 | % | N | |||||||||||||||||||
Winshuttle,
LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00% | 8.42% | 10.22% | 8/9/2024 | $ | 14,007,952 | 13,649,539 | 13,665,177 | 0.81 | % | N | |||||||||||||||||||
104,894,383 | 104,854,413 | 6.18 | % | |||||||||||||||||||||||||||||
Specialty
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.84 | % | 10.54 | % | 9/12/2022 | $ | 6,410,930 | 6,314,032 | 6,404,519 | 0.38 | % | N | ||||||||||||||||
Technology
Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | — | (9,446 | ) | (3,893 | ) | — | K/N | |||||||||||||||
Pulse
Secure, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | 11,142,879 | 11,057,992 | 11,110,565 | 0.66 | % | N | ||||||||||||||||
TierPoint,
LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 5/5/2025 | $ | 2,880,000 | 2,854,404 | 2,558,405 | 0.15 | % | |||||||||||||||||
13,902,950 | 13,665,077 | 0.81 | % | |||||||||||||||||||||||||||||
Textiles,
Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.55 | % | 9/29/2025 | $ | 11,967,243 | 11,888,882 | 11,987,228 | 0.71 | % | |||||||||||||||||
Kenneth
Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.50 | % | 12/28/2023 | $ | 23,528,829 | 23,383,523 | 23,507,653 | 1.39 | % | N | ||||||||||||||||
PSEB,
LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 12.00 | % | 10/12/2023 | $ | 10,793,402 | 10,549,564 | 10,793,402 | 0.64 | % | N | |||||||||||||||||
PSEB,
LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.91 | % | 10/12/2023 | $ | 39,823,155 | 38,936,624 | 39,624,039 | 2.34 | % | N | ||||||||||||||||
WH
Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 6.75 | % | 8.75 | % | 7/16/2025 | $ | 27,664,640 | 27,395,096 | 27,410,125 | 1.62 | % | N | ||||||||||||||||
112,153,689 | 113,322,447 | 6.70 | % | |||||||||||||||||||||||||||||
Thrifts
and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.93 | % | 4/17/2024 | $ | 24,826,865 | 24,672,974 | 25,571,671 | 1.51 | % | N | ||||||||||||||||
Home
Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | — | — | — | — | N | |||||||||||||||||
Home
Partners of America, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | 2,857,143 | 2,826,874 | 2,857,145 | 0.17 | % | N | ||||||||||||||||
27,499,848 | 28,428,816 | 1.68 | % | |||||||||||||||||||||||||||||
Tobacco
Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(M) | 1.50 | % | 7.00 | % | 8.90 | % | 8/2/2023 | $ | 26,315,789 | 26,067,931 | 26,202,632 | 1.55 | % | N | ||||||||||||||||
Total
Debt Investments | 1,564,445,871 | 1,535,193,938 | 90.60 | % | ||||||||||||||||||||||||||||
Equity
Securities | ||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Epic
Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 6,333,559 | 0.38 | % | C/N | |||||||||||||||||||||||||
United
N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,165,433 | 2,300,366 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
United
N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,225,361 | 2,347,314 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
5,246,107 | 10,981,239 | 0.66 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | %
of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Chemicals
| ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | $ | — | $ | — | — | B/C/E/N | ||||||||||||||||||||||||
KAGY
Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | — | — | B/C/E/N | ||||||||||||||||||||||||||
1,091,200 | — | — | ||||||||||||||||||||||||||||||
Communications
Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 3,523 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified
Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,433,968 | 0.08 | % | B/C/E/N | |||||||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | 7,084,470 | 0.42 | % | B/C/E/N | ||||||||||||||||||||||||
680,227 | 8,518,438 | 0.50 | % | |||||||||||||||||||||||||||||
Diversified
Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 31,682,859 | 1.87 | % | E/F/N/O | |||||||||||||||||||||||||
Conventional
Lending TCP Holdings, LLC | Membership Units | 14,269,948 | 14,269,948 | 14,269,948 | 0.84 | % | E/F/I/N | |||||||||||||||||||||||||
GACP
I, LP (Great American Capital) | Membership Units | 1,772,812 | 1,772,812 | 2,384,330 | 0.14 | % | E/I/N | |||||||||||||||||||||||||
GACP
II, LP (Great American Capital) | Membership Units | 18,039,482 | 18,039,482 | 18,764,975 | 1.11 | % | E/I/N | |||||||||||||||||||||||||
56,281,658 | 67,102,112 | 3.96 | % | |||||||||||||||||||||||||||||
Diversified
Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 95,280 | 0.01 | % | C/D/E/H/N | |||||||||||||||||||||||||
Electric
Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Conergy
Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Kawa
Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||||||
Utilidata,
Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 29,070 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 29,070 | — | ||||||||||||||||||||||||||||||
Electronic
Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | — | C/E/N | |||||||||||||||||||||||||
Energy
Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 113,280 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
GlassPoint
Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,048,000 | 505,450 | 579,992 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
754,005 | 693,272 | 0.04 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | %
of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Internet Software and Services
| ||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | $ | 511,349 | $ | 509,086 | 0.03 | % | C/E/N | ||||||||||||||||||
FinancialForce.com,
Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 271,044 | 0.02 | % | C/E/N | ||||||||||||||||||||
Foursquare
Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 347,063 | 0.02 | % | C/E/N | ||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 180,797 | 0.01 | % | C/E/H/N | ||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 396,397 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
InMobi,
Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 335,614 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
ResearchGate
Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 205,018 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||
Snaplogic,
Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,600,000 | 0.27 | % | C/E/N | ||||||||||||||||||||
2,258,677 | 6,845,019 | 0.40 | % | |||||||||||||||||||||||||
IT
Services | ||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 47,518 | — | C/E/N | ||||||||||||||||||||||
Life
Sciences Tools and Services | ||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 526,350 | 0.03 | % | C/E/N | |||||||||||||||||||||
Media
| ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,925,847 | 0.41 | % | B/C/E/N | |||||||||||||||||||||
NEG
Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 391,407 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG
Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 395,290 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora,
Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 64,803 | — | C/E/N | |||||||||||||||||||||
Shop
Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
SoundCloud,
Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,143 | — | C/E/H/N | |||||||||||||||||||||
3,791,301 | 7,822,490 | 0.45 | % | |||||||||||||||||||||||||
Oil,
Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 2,476,881 | 0.15 | % | B/C/E/N | |||||||||||||||||||||
Professional
Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,167,641 | 0.07 | % | C/E/F/N | |||||||||||||||||||||
Findly
Talent, LLC | Membership Units | 708,229 | 230,938 | 123,939 | 0.01 | % | C/E/N | |||||||||||||||||||||
STG-Fairway
Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 5,380,520 | 0.32 | % | C/E/N | |||||||||||||||||||||
27,267,418 | 6,672,100 | 0.40 | % | |||||||||||||||||||||||||
Semiconductors
and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 667,570 | 0.04 | % | C/E/N | ||||||||||||||||||||
Nanosys,
Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 838,607 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 1,506,177 | 0.09 | % | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | %
of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Software
| ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | $ | 188,770 | $ | 469,687 | 0.03 | % | C/E/N | ||||||||||||||||||
Tradeshift,
Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 523,801 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 993,488 | 0.06 | % | |||||||||||||||||||||||||
Total
Equity Securities | 124,831,136 | 114,312,957 | 6.75 | % | ||||||||||||||||||||||||
Total
Investments | $ | 1,689,277,077 | $ | 1,649,506,895 | ||||||||||||||||||||||||
Cash
and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Cash
and Cash Equivalents | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Total
Cash and Investments | $ | 1,694,355,434 | 100.00 | % | M | |||||||||||||||||||||||
(A) | Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting
securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing. |
(D) | Investment denominated in foreign currency. Cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted
security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S.
company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment
Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition
is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All
cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
(O) | 36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC. |
Three
Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Investment income | |||||||
Interest income (excluding PIK): | |||||||
Companies
less than 5% owned | $ | 35,989,337 | $ | 42,956,654 | |||
Companies 5% to 25% owned | 552,275 | 729,267 | |||||
Companies
more than 25% owned | 1,676,256 | 896,257 | |||||
PIK interest income: | |||||||
Companies less than 5% owned | 1,411,631 | 1,678,016 | |||||
Companies
5% to 25% owned | 1,002,130 | 716,626 | |||||
Dividend income: | |||||||
Companies more than 25% owned | 428,419 | 480,404 | |||||
Lease
income: | |||||||
Companies more than 25% owned | 38,136 | 74,457 | |||||
Other income: | |||||||
Companies
less than 5% owned | 153,014 | 8,848 | |||||
Total investment income | 41,251,198 | 47,540,529 | |||||
Operating
expenses | |||||||
Interest and other debt expenses | 10,955,646 | 10,687,633 | |||||
Management and advisory fees | 6,117,043 | 6,034,741 | |||||
Administrative
expenses | 539,947 | 599,559 | |||||
Legal fees, professional fees and due diligence expenses | 498,410 | 437,137 | |||||
Director fees | 232,232 | 188,798 | |||||
Insurance
expense | 175,080 | 127,328 | |||||
Custody fees | 111,667 | 99,609 | |||||
Incentive fee | — | 5,353,416 | |||||
Other
operating expenses | 568,249 | 692,210 | |||||
Total operating expenses | 19,198,274 | 24,220,431 | |||||
Net
investment income | 22,052,924 | 23,320,098 | |||||
Realized and unrealized gain (loss) on investments and foreign currency | |||||||
Net
realized gain (loss): | |||||||
Investments in companies less than 5% owned | 4,794,459 | (300,322 | ) | ||||
Investments in companies 5% to 25% owned | — | 43,320 | |||||
Investments
in companies more than 25% owned | 162,012 | — | |||||
Net realized gain (loss) | 4,956,471 | (257,002 | ) | ||||
Change
in net unrealized appreciation/depreciation | (96,490,806 | ) | 1,058,724 | ||||
Net realized and unrealized gain (loss) | (91,534,335 | ) | 801,722 | ||||
Net
increase (decrease) in net assets resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Basic and diluted earnings (loss) per common share | $ | (1.18 | ) | $ | 0.41 | ||
Basic
and diluted weighted average common shares outstanding | 58,668,432 | 58,767,442 |
Common
Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
Balance
at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231 | ) | $ | 830,474,727 | |||||||||
Issuance
of common stock from dividend reinvestment plan | 193 | — | 2,738 | — | 2,738 | ||||||||||||||
Repurchase
of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||
Net
investment income | — | — | — | 23,320,098 | 23,320,098 | ||||||||||||||
Net
realized and unrealized gain | — | — | — | 801,722 | 801,722 | ||||||||||||||
Regular
dividends paid to common shareholders | — | — | — | (21,155,619 | ) | (21,155,619 | ) | ||||||||||||
Balance
at March 31, 2019 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030 | ) | $ | 833,317,987 | |||||||||
Common
Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
Balance
at December 31, 2019 | 58,766,426 | $ | 58,766 | $ | 997,379,362 | $ | (221,119,742 | ) | $ | 776,318,386 | |||||||||
Issuance
of common stock from dividend reinvestment plan | 486 | 1 | 3,038 | — | 3,039 | ||||||||||||||
Repurchase
of common stock | (1,000,000 | ) | (1,000 | ) | (6,099,190 | ) | — | (6,100,190 | ) | ||||||||||
Net
investment income | — | — | — | 22,052,924 | 22,052,924 | ||||||||||||||
Net
realized and unrealized loss | — | — | — | (91,534,335 | ) | (91,534,335 | ) | ||||||||||||
Regular
dividends paid to common shareholders | — | — | — | (21,155,913 | ) | (21,155,913 | ) | ||||||||||||
Balance
at March 31, 2020 | 57,766,912 | $ | 57,767 | $ | 991,283,210 | $ | (311,757,066 | ) | $ | 679,583,911 |
Three
Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Adjustments
to reconcile net increase (decrease) in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities: | |||||||
Net realized gain (loss) | (4,956,471 | ) | 257,002 | ||||
Change in net unrealized appreciation/depreciation of investments | 96,620,032 | (1,058,816 | ) | ||||
Net
amortization of investment discounts and premiums | (1,987,612 | ) | (2,950,121 | ) | |||
Amortization of original issue discount on convertible debt | 296,039 | 305,838 | |||||
Interest
and dividend income paid in kind | (2,413,761 | ) | (2,394,642 | ) | |||
Amortization of deferred debt issuance costs | 897,181 | 906,641 | |||||
Changes in assets and
liabilities: | |||||||
Purchases of investment securities | (140,555,042 | ) | (147,747,739 | ) | |||
Proceeds from sales, maturities and pay downs of investments | 76,880,873 | 146,351,859 | |||||
Decrease
(increase) in accrued interest income - companies less than 5% owned | (392,228 | ) | 312,309 | ||||
Increase in accrued interest income - companies 5% to 25% owned | (64,640 | ) | (428,392 | ) | |||
Increase
in accrued interest income - companies more than 25% owned | (44,224 | ) | (43,989 | ) | |||
Decrease (increase) in receivable for investments sold | 806,097 | (433,969 | ) | ||||
Decrease
(increase) in prepaid expenses and other assets | (1,904,854 | ) | 3,037,679 | ||||
Increase (decrease) in payable for investments purchased | (8,232,446 | ) | 9,810,755 | ||||
Decrease
in incentive compensation payable | (4,753,671 | ) | (486,930 | ) | |||
Decrease in interest payable | (6,412,308 | ) | (2,956,112 | ) | |||
Decrease in payable to the Advisor | (247,361 | ) | (499,446 | ) | |||
Increase
(decrease) in management and advisory fees payable | 501,214 | (5,247,344 | ) | ||||
Decrease in accrued expenses and other liabilities | (441,343 | ) | (246,499 | ) | |||
Net
cash provided by (used in) operating activities | (65,885,936 | ) | 20,609,904 | ||||
Financing activities | |||||||
Borrowings | 118,085,624 | 95,000,000 | |||||
Repayments
of debt | (61,220,304 | ) | (95,500,000 | ) | |||
Dividends paid to common shareholders | (21,155,913 | ) | (21,155,619 | ) | |||
Repurchase of common shares | (6,100,190 | ) | (125,679 | ) | |||
Proceeds
from shares issued in connection with dividend reinvestment plan | 3,039 | 2,738 | |||||
Net cash provided by (used in) financing activities | 29,612,256 | (21,778,560 | ) | ||||
Net
decrease in cash and cash equivalents (including restricted cash) | (36,273,680 | ) | (1,168,656 | ) | |||
Cash and cash equivalents (including restricted cash) at beginning of period | 44,848,539 | 27,920,402 | |||||
Cash
and cash equivalents (including restricted cash) at end of period | $ | 8,574,859 | $ | 26,751,746 | |||
Supplemental cash flow information | |||||||
Interest
payments | $ | 15,823,217 | $ | 12,233,405 | |||
Excise tax payments | $ | — | $ | — |
Level | Basis
for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | |||||||
2 | Other
direct and indirect observable market inputs * | 37,017,320 | — | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,408,564,028 | 76,453,725 | 100,870,636 | ||||||||||
3 | Advisor
valuations with significant unobservable inputs | — | — | 3,013,165 | ||||||||||
Total | $ | 1,445,581,348 | $ | 76,453,725 | $ | 103,883,801 |
* | For
example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation
Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | $ | 1,216,821,170 | Income approach | Discount
rate | 6.6% - 51.3% (10.6%) | |||||
117,413,619 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
1,544,362 | Market
comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||
72,784,877 | Market comparable companies | EBITDA multiples | 5.4x
- 12.6x (10.7x) | |||||||
Other Corporate Debt | 31,692,000 | Income approach | Discount rate | 23.8% (23.8%) | ||||||
40,834,419 | Market
comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
3,709,159 | Market comparable companies | Revenue multiples | 4.4x
(4.4x) | |||||||
218,147 | Market comparable companies | EBITDA multiples | 6.9x (6.9x) | |||||||
Equity | 9,484,599 | Income
approach | Discount rate | 5.9% - 10.5% (9.5%) | ||||||
14,900,721 | Market quotations | Indicative bid/ask quotes | 1
(1) | |||||||
11,781,481 | Option Pricing Model | EBITDA/Revenue multiples | 1.0x - 24.5x (4.0x) | |||||||
Implied
volatility | 30.0% - 200.0% (40.7%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.8
years - 5.0 years (2.1 years) | |||||||||
1,447,158 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (1.1x) | |||||||
14,434,785 | Market
comparable companies | EBITDA multiples | 2.5x - 12.6x (6.0x) | |||||||
27,887,607 | Market comparable companies | Book value multiples | 1.3x
(1.3x) | |||||||
23,947,450 | Other * | N/A | N/A | |||||||
$ | 1,588,901,554 |
* | Fair
value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date. |
† | Weighted by fair value |
Input | Impact
to Value if Input Increases | Impact to Value if Input Decreases | ||
Discount rate | Decrease | Increase | ||
Revenue multiples | Increase | Decrease | ||
EBITDA
multiples | Increase | Decrease | ||
Book value multiples | Increase | Decrease | ||
Implied volatility | Increase | Decrease | ||
Term | Increase | Decrease | ||
Yield | Increase | Decrease |
Independent
Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | |||||
Net
realized and unrealized gains (losses) | (51,401,936 | ) | (9,508,878 | ) | (15,833,406 | ) | |||||
Acquisitions * | 115,437,916 | 10,752 | 12,517,409 | ||||||||
Dispositions | (44,598,972 | ) | (10,752 | ) | (7,808,196 | ) | |||||
Transfers
into Level 3 † | 83,790,120 | — | — | ||||||||
Transfers out of Level 3 ‡ | (7,155,199 | ) | — | — | |||||||
Ending
balance | $ | 1,408,564,028 | $ | 76,453,725 | $ | 100,870,636 | |||||
Net
change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (51,186,966 | ) | $ | (9,508,879 | ) | $ | (15,671,067 | ) |
* | Includes
payments received in kind and accretion of original issue and market discounts |
† | Comprised of five investments that were transferred from Level 2 due to reduced trading volumes |
‡ | Comprised of one investment that was transferred to Level 2 due to increased observable market activity |
Advisor
Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 2,318,128 | |||||
Net
realized and unrealized gains (losses) | — | — | 818,977 | ||||||||
Dispositions | — | — | (123,940 | ) | |||||||
Ending
balance | $ | — | $ | — | $ | 3,013,165 | |||||
Net
change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | 818,977 |
Level | Basis
for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | |||||||
2 | Other
direct and indirect observable market inputs * | 136,739,236 | — | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,312,492,099 | 85,962,603 | 111,994,829 | ||||||||||
3 | Advisor
valuations with significant unobservable inputs | — | — | 2,318,128 | ||||||||||
Total | $ | 1,449,231,335 | $ | 85,962,603 | $ | 114,312,957 |
* | For
example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation
Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | $ | 1,147,288,529 | Income approach | Discount
rate | 6.7% - 46.3% (9.9%) | |||||
96,585,498 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
24,268,604 | Market
comparable companies | Revenue multiples | 3.6x - 4.4x (3.6x) | |||||||
44,349,468 | Market comparable companies | EBITDA multiples | 6.5x
- 14.3x (10.8x) | |||||||
Other Corporate Debt | 37,604,800 | Income approach | Discount rate | 12.3% (12.3%) | ||||||
40,834,419 | Market
comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
3,814,956 | Market comparable companies | Revenue multiples | 4.4x
(4.4x) | |||||||
3,708,428 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||
Equity | 4,647,680 | Income
approach | Discount rate | 3.6% - 3.7% (3.7%) | ||||||
14,412,746 | Market quotations | Indicative bid/ask quotes | 1
(1) | |||||||
18,048,138 | Option Pricing Model | EBITDA/Revenue multiples | 1.2x - 27.2x (8.3x) | |||||||
Implied
volatility | 30.0% - 200.0% (27.4%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.5
years - 3.5 years (1.4 years) | |||||||||
2,012,088 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.0x) | |||||||
22,360,141 | Market
comparable companies | EBITDA multiples | 2.5x - 14.3x (9.1x) | |||||||
31,682,859 | Market comparable companies | Book value multiples | 1.3x
(1.3x) | |||||||
21,149,305 | Other * | N/A | N/A | |||||||
$ | 1,512,767,659 |
* | Fair
value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date. |
† | Weighted by fair value |
Independent
Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | |||||
Net
realized and unrealized gains (losses) | (2,867,511 | ) | 1,436,695 | 1,858,671 | |||||||
Acquisitions * | 146,325,834 | 759,965 | 6,001,046 | ||||||||
Dispositions | (141,013,918 | ) | — | (5,305,256 | ) | ||||||
Transfers
into Level 3 † | 9,339,062 | — | — | ||||||||
Reclassification within Level 3 ‡ | — | — | (814,640 | ) | |||||||
Ending
balance | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | |||||
Net
change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (1,316,000 | ) | $ | 1,436,695 | $ | 1,858,671 |
* | Includes
payments received in kind and accretion of original issue and market discounts |
† | Comprised of one investment that was transferred from Level 2 due to reduced trading volumes |
‡ | Comprised of one investment that was reclassified to Advisor Valuation |
Advisor
Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net
realized and unrealized gains (losses) | — | — | 45,781 | ||||||||
Dispositions | — | — | (43,297 | ) | |||||||
Reclassification
within Level 3 * | — | — | 814,640 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,341,267 | |||||
Net
change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | 28,739 |
* | Comprised
of one investment that was reclassified from Independent Third-Party Valuation |
Tax basis of investments | $ | 1,762,309,019 | |
Unrealized appreciation | $ | 27,320,266 | |
Unrealized depreciation | (163,710,411 | ) | |
Net
unrealized depreciation | $ | (136,390,145 | ) |
Maturity | Rate | Carrying
Value* | Available | Total Capacity | |||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | ||||||
TCPC
Funding Facility | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | |||||||||
SBA
Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||
2022
Convertible Notes ($140 million par) | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | ||||||||||
2022 Notes ($175
million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | ||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | ||||||||||
Total
leverage | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||
Unamortized
issuance costs | (7,217,414 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 965,458,014 |
* | Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As
of March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
** | In April 2020,
the maturity was extended to May 6, 2024 |
Maturity | Rate | Carrying
Value* | Available | Total Capacity | ||||||||||||
SVCP Facility | 2023 | L+2.00% | † | $ | 108,497,620 | $ | 161,502,380 | $ | 270,000,000 | |||||||
TCPC
Funding Facility | 2023 | L+2.00% | ‡ | 158,000,000 | 142,000,000 | 300,000,000 | ||||||||||
SBA
Debentures | 2024−2029 | 2.63 | % | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||
2022
Convertible Notes ($140 million par) | 2022 | 4.625 | % | 138,584,313 | — | 138,584,313 | ||||||||||
2022
Notes ($175 million par) | 2022 | 4.125 | % | 174,649,566 | — | 174,649,566 | ||||||||||
2024
Notes ($200 million par) | 2024 | 3.900 | % | 197,782,572 | — | 197,782,572 | ||||||||||
Total
leverage | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | |||||||||||
Unamortized
issuance costs | (7,711,684 | ) | ||||||||||||||
Debt, net of unamortized issuance costs | $ | 907,802,387 |
* | Except
for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average
interest rate, excluding fees of 0.36% or 0.35% |
Three
Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Interest expense | $ | 9,706,948 | $ | 9,583,131 | |||
Amortization
of deferred debt issuance costs | 897,181 | 906,641 | |||||
Commitment fees | 351,517 | 197,861 | |||||
Total | $ | 10,955,646 | $ | 10,687,633 |
2019
Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||
Principal amount of debt | N/A | $ | 140,000,000 | N/A | $ | 140,000,000 | |||||
Original
issue discount, net of accretion | N/A | (1,260,143 | ) | N/A | (1,415,687 | ) | |||||
Carrying value of debt | N/A | $ | 138,739,857 | N/A | $ | 138,584,313 |
Three Months Ended March 31, | |||||||||||||
2020 | 2019 | ||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||||
Stated
interest expense | N/A | $ | 1,618,750 | $ | 1,417,500 | $ | 1,618,750 | ||||||
Amortization
of original issue discount | N/A | 155,544 | 127,540 | 147,869 | |||||||||
Total interest expense | N/A | $ | 1,774,294 | $ | 1,545,040 | $ | 1,766,619 |
2022
Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | $ | 200,000,000 | |||||||
Original
issue discount, net of accretion | (318,710 | ) | (2,108,659 | ) | (350,434 | ) | (2,217,428 | ) | |||||||
Carrying value of debt | $ | 174,681,290 | $ | 197,891,341 | $ | 174,649,566 | $ | 197,782,572 |
Three Months Ended March 31, | |||||||||||||
2020 | 2019 | ||||||||||||
2022
Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||
Stated interest expense | $ | 1,804,688 | $ | 1,950,000 | $ | 1,804,688 | N/A | ||||||
Amortization
of original issue discount | 31,725 | 108,770 | 30,430 | N/A | |||||||||
Total interest expense | $ | 1,836,413 | $ | 2,058,770 | $ | 1,835,118 | N/A |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
$ | 18,500,000 | 3.02 | % | 0.36 | % | |||||||
9,500,000 | 2.52 | % | 0.36 | % | ||||||||
10,800,000 | 2.83 | % | 0.36 | % | ||||||||
4,000,000 | 2.51 | % | 0.36 | % | ||||||||
18,200,000 | 2.05 | % | 0.36 | % | ||||||||
14,000,000 | 2.52 | % | 0.36 | % | ||||||||
8,000,000 | 3.19 | % | 0.35 | % | ||||||||
15,000,000 | 3.55 | % | 0.35 | % | ||||||||
40,000,000 | 2.28 | % | 0.35 | % | ||||||||
$ | 138,000,000 | 2.63 | % | * |
* | Weighted-average
interest rate |
Unfunded
Balances | ||||||||||
Issuer | Maturity | |||||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | |||||
Acquia
Inc. | 11/1/2025 | 1,803,792 | 1,803,792 | |||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | 1,509,820 | |||||||
Apptio,
Inc. | 1/10/2025 | 769,231 | 769,231 | |||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 3,193,208 | |||||||
Bisnow,
LLC | 9/21/2022 | 1,200,000 | 1,200,000 | |||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 55,556 | 55,556 | |||||||
CAREATC,
Inc. | 3/14/2024 | N/A | 607,288 | |||||||
Certify, Inc. | 2/28/2024 | 1,966,322 | 2,497,761 | |||||||
Donuts
Inc. | 9/17/2023 | 426,207 | 660,634 | |||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 1,619,124 | 2,207,896 | |||||||
Edmentum,
Inc. | 6/9/2020 | N/A | 205,642 | |||||||
Home Partners of America, Inc. | 10/13/2022 | N/A | 2,142,857 | |||||||
iCIMS,
Inc. | 9/12/2024 | 490,735 | 490,735 | |||||||
JAMF Holdings, Inc. | 11/13/2022 | 1,214,052 | 1,214,052 | |||||||
Kellermeyer
Bergensons Services, LLC | 11/7/2026 | 1,960,784 | 3,464,052 | |||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||
Patient
Point Network Solutions, LLC | 6/26/2022 | N/A | 176,190 | |||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | N/A | 671,356 | |||||||
Persado,
Inc. | 2/1/2025 | 3,512,831 | N/A | |||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | 1,342,516 | |||||||
ResearchGate
GmBH | 10/1/2022 | 8,286,000 | 8,286,000 | |||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,326,925 | 2,016,078 | |||||||
RigUp,
Inc. | 3/1/2024 | 9,666,667 | N/A | |||||||
Sandata Technologies, LLC | 7/23/2024 | N/A | 2,250,000 | |||||||
Snow
Software AB | 4/17/2024 | N/A | 2,616,329 | |||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | N/A | 277,778 | |||||||
Spark
Networks, Inc. | 7/1/2023 | 1,005,887 | 1,005,887 | |||||||
Team Software, Inc. | 9/17/2023 | 351,121 | 2,282,287 | |||||||
Telarix,
Inc. | 11/19/2023 | N/A | 178,571 | |||||||
TPC Intermediate Holdings, LLC | 5/15/2020 | 4,100,294 | 4,363,137 | |||||||
Unanet,
Inc. | 5/31/2024 | 2,525,510 | 4,974,490 | |||||||
VSS-Southern Holdings, LLC | 3/31/2022 | N/A | 1,027,397 | |||||||
Xactly
Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | |||||||
Total Unfunded Balances | $ | 53,132,114 | $ | 57,296,072 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average
Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
Date Declared | Record
Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
Regular | $ | 0.36 | $ | 21,155,913 |
Date Declared | Record Date | Payment Date | Type | Amount
Per Share | Total Amount | |||||||||
Regular | $ | 0.36 | $ | 21,155,619 |
Shares Repurchased | Price Per Share | Total
Cost | |||||||
Company Repurchase Plan | 1,000,000 | $ | 6.10 | * | $ | 6,100,190 |
* | Weighted-average
price per share |
Shares
Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* | Weighted-average
price per share |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net increase (decrease)
in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Weighted average shares outstanding | 58,668,432 | 58,767,442 | |||||
Earnings
(loss) per share | $ | (1.18 | ) | $ | 0.41 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Per
Common Share | |||||||
Per share NAV at beginning of period | $ | 13.21 | $ | 14.13 | |||
Investment
operations: | |||||||
Net investment income | 0.38 | 0.40 | |||||
Net realized and unrealized losses | (1.56 | ) | 0.01 | ||||
Total
from investment operations | (1.18 | ) | 0.41 | ||||
Repurchase of common stock | 0.09 | — | |||||
Distributions
to common shareholders | (0.36 | ) | (0.36 | ) | |||
Per share NAV at end of period | $ | 11.76 | $ | 14.18 | |||
Per
share market price at end of period | $ | 6.25 | $ | 14.18 | |||
Total return based on market value (1), (2) | (53.0 | )% | 11.5 | % | |||
Total
return based on net asset value (1), (3) | (8.3 | )% | 2.9 | % | |||
Shares outstanding at end of period | 57,766,912 | 58,765,800 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Ratios
to average common equity: (4) | |||||||
Net investment income | 11.7 | % | 13.3 | % | |||
Expenses excluding incentive compensation | 10.2 | % | 9.1 | % | |||
Expenses
including incentive compensation | 10.2 | % | 9.7 | % | |||
Ending common shareholder equity | $ | 679,583,911 | $ | 833,317,987 | |||
Portfolio
turnover rate | 4.7 | % | 9.1 | % | |||
Weighted-average leverage outstanding | $ | 934,766,749 | $ | 808,228,913 | |||
Weighted-average
interest rate on leverage | 4.2 | % | 4.8 | % | |||
Weighted-average number of common shares | 58,668,432 | 58,767,442 | |||||
Average
leverage per share | $ | 15.93 | $ | 13.75 |
(1) | Not annualized. |
(2) | Total
return based on market value equals the change in ending market value per share during the period |
(3) | Total return based on net asset value equals the change in net asset value per share during the period plus |
(4) | Annualized,
except for incentive compensation. |
Security | Dividends
or Interest (2) | Fair Value at December 31, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair
Value at March 31, 2020 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY
Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | — | 3,708,428 | — | (3,490,281 | ) | — | — | 218,147 | ||||||||||||||||||||
AGY
Holding Corp., Senior Secured Delayed Draw Term Loan A, 12%, due 9/15/20 | 24,344 | — | 46,712 | 1,144,606 | — | 1,191,318 | ||||||||||||||||||||||
AGY
Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 33,806 | 1,114,120 | — | — | 33,795 | — | 1,147,915 | |||||||||||||||||||||
AGY
Holding Corp., Senior Secured Term Loan A1, 12%, due 9/15/20 | 166 | — | 24,912 | 224,211 | — | 249,123 | ||||||||||||||||||||||
AGY
Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 156,911 | 5,171,151 | — | — | 156,858 | — | 5,328,009 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Class A Common Units | — | 1,433,968 | — | (1,433,952 | ) | — | — | 16 | ||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 495,420 | 17,609,276 | — | (6,809,489 | ) | 492,687 | — | 11,292,474 | ||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 80,131 | 3,675,888 | — | — | 79,848 | — | 3,755,736 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | 7,084,470 | — | (7,084,470 | ) | — | — | — | ||||||||||||||||||||
Edmentum,
Inc., Junior Revolving Facility, 5%, due 6/9/20 | 68,690 | 5,235,978 | — | (5 | ) | 262,892 | — | 5,498,865 | ||||||||||||||||||||
Edmentum,
Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 461,515 | 10,740,023 | — | (182,660 | ) | 235,323 | — | 10,792,686 | ||||||||||||||||||||
Edmentum,
Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 148,296 | 8,281,661 | — | (8 | ) | 148,150 | — | 8,429,803 | ||||||||||||||||||||
Educationcity
Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 | 40,718 | — | — | 30,383 | 3,677,040 | — | 3,707,423 | |||||||||||||||||||||
Iracore
International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 44,408 | 1,635,903 | — | — | — | — | 1,635,903 | |||||||||||||||||||||
Iracore
Investments Holdings, Inc., Class A Common Stock | — | 2,476,881 | — | 1,424,671 | — | — | 3,901,552 | |||||||||||||||||||||
KAGY
Holding Company, Inc., Series A Preferred Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,925,848 | — | (753,218 | ) | — | — | 6,172,630 | ||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 391,407 | — | (102,840 | ) | — | — | 288,567 | ||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 395,290 | — | (103,860 | ) | — | — | 291,430 | ||||||||||||||||||||
Total | $ | 1,554,405 | $ | 75,880,292 | $ | — | $ | (18,434,105 | ) | $ | 6,455,410 | $ | — | $ | 63,901,597 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions
include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends
or Interest (2) | Fair Value at December 31, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair
Value at March 31, 2020 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 428,419 | $ | 31,682,859 | $ | — | $ | (3,795,252 | ) | $ | — | $ | — | $ | 27,887,607 | |||||||||||||
36th
Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 1,225,033 | 40,834,419 | — | — | — | — | 40,834,419 | |||||||||||||||||||||
Anacomp,
Inc., Class A Common Stock | — | 1,167,640 | — | 276,216 | — | — | 1,443,856 | |||||||||||||||||||||
Conergy
Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 44,222 | 1,207,786 | — | 271,747 | — | — | 1,479,533 | |||||||||||||||||||||
Conergy
Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy
Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional
Lending TCP Holdings, LLC, Membership Units | 407,000 | 14,269,948 | — | (1,576,995 | ) | 1,500,000 | — | 14,192,953 | ||||||||||||||||||||
Kawa
Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 3,289,438 | — | — | — | — | 3,289,438 | |||||||||||||||||||||
Kawa
Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa
Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,208,823 | — | (78,887 | ) | — | — | 2,129,936 | ||||||||||||||||||||
Kawa
Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United
N659UA-767, LLC (Aircraft Trust Holding Company) | 26,635 | 2,300,366 | — | (214,824 | ) | — | (60,308 | ) | 2,025,234 | |||||||||||||||||||
United
N661UA-767, LLC (Aircraft Trust Holding Company) | 11,502 | 2,347,314 | 162,012 | (121,954 | ) | — | (2,387,372 | ) | — | |||||||||||||||||||
Total | $ | 2,142,811 | $ | 99,308,593 | $ | 162,012 | $ | (5,239,949 | ) | $ | 1,500,000 | $ | (2,447,680 | ) | $ | 93,282,976 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions
include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends
or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair
Value at December 31, 2019 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY
Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 545,334 | 9,777,740 | — | (6,752,077 | ) | 682,765 | — | 3,708,428 | ||||||||||||||||||||
AGY
Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 128,644 | 1,049,147 | — | — | 64,973 | — | 1,114,120 | |||||||||||||||||||||
AGY
Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 597,096 | 4,869,577 | — | — | 301,574 | — | 5,171,151 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Class A Common Units | — | — | — | 1,433,968 | — | — | 1,433,968 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,864,600 | 11,152,078 | — | 4,621,493 | 1,835,705 | — | 17,609,276 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 304,833 | 3,375,453 | — | — | 300,435 | — | 3,675,888 | |||||||||||||||||||||
Edmentum
Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | 7,084,470 | — | — | 7,084,470 | |||||||||||||||||||||
Edmentum,
Inc., Junior Revolving Facility, 5%, due 6/9/20 | 217,659 | 1,153,076 | — | — | 6,149,380 | (2,066,478 | ) | 5,235,978 | ||||||||||||||||||||
Edmentum,
Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 1,327,742 | 6,187,478 | — | 262,555 | 4,289,990 | — | 10,740,023 | |||||||||||||||||||||
Edmentum,
Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 569,374 | 7,719,069 | — | — | 562,592 | — | 8,281,661 | |||||||||||||||||||||
Edmentum,
Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 | 194,184 | — | — | — | 3,644,068 | (3,644,068 | ) | — | ||||||||||||||||||||
Educationcity
Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 | 77,673 | — | — | — | 1,457,627 | (1,457,627 | ) | — | ||||||||||||||||||||
EPMC
HoldCo, LLC, Membership Units | — | 26,254 | 43,320 | (26,254 | ) | — | (43,320 | ) | — | |||||||||||||||||||
Green
Biologics, Inc., Common Stock | — | 3,670,777 | (20,524,650 | ) | 14,851,816 | 2,006,277 | (4,220 | ) | — | |||||||||||||||||||
Iracore
International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 220,506 | 1,900,733 | — | — | — | (264,830 | ) | 1,635,903 | ||||||||||||||||||||
Iracore
Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | 1,101,638 | — | — | 2,476,881 | |||||||||||||||||||||
KAGY
Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | (969,224 | ) | — | — | — | ||||||||||||||||||||
NEG
Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 101,051 | 1,574,099 | — | — | 84,863 | (1,658,962 | ) | — | ||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 382,762 | — | — | 6,925,848 | |||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | 27,107 | — | — | 391,406 | |||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | 27,376 | — | — | 395,290 | |||||||||||||||||||||
NEG
Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | 809,444 | (1,118,110 | ) | — | (809,444 | ) | — | |||||||||||||||||||
Total | $ | 6,148,696 | $ | 63,193,357 | $ | (19,671,886 | ) | $ | 20,927,520 | $ | 21,380,249 | $ | (9,948,949 | ) | $ | 75,880,291 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions
include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends
or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair
Value at December 31, 2019 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 2,392,274 | $ | 18,931,734 | $ | — | $ | 6,296,773 | $ | 6,454,352 | $ | — | $ | 31,682,859 | ||||||||||||||
36th
Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,874,967 | 27,839,419 | — | — | 12,995,000 | — | 40,834,419 | |||||||||||||||||||||
Anacomp,
Inc., Class A Common Stock | — | 1,418,746 | — | (251,106 | ) | — | — | 1,167,640 | ||||||||||||||||||||
Conergy
Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 177,381 | 1,773,807 | — | (566,022 | ) | — | — | 1,207,785 | ||||||||||||||||||||
Conergy
Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy
Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional
Lending TCP Holdings, LLC, Membership Units | 981,790 | — | — | — | 14,269,948 | — | 14,269,948 | |||||||||||||||||||||
Kawa
Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 11,682,923 | — | (816,391 | ) | — | (7,577,094 | ) | 3,289,438 | |||||||||||||||||||
Kawa
Solar Holdings Limited, Ordinary Shares | — | — | — | (578,646 | ) | — | 578,646 | — | ||||||||||||||||||||
Kawa
Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | (134,800 | ) | — | (578,645 | ) | 2,208,824 | |||||||||||||||||||
Kawa
Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United
N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 2,826,708 | — | (164,500 | ) | — | (361,842 | ) | 2,300,366 | |||||||||||||||||||
United
N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 2,896,083 | — | (165,139 | ) | — | (383,630 | ) | 2,347,314 | |||||||||||||||||||
Total | $ | 7,724,239 | $ | 70,291,689 | $ | — | $ | 3,620,169 | $ | 33,719,300 | $ | (8,322,565 | ) | $ | 99,308,593 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions
include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto
Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Envigo
RMS Holding Corp., Common Stock | 6/3/19 | |
Fidelis (SVC) LLC, Series C Preferred Units | 12/31/19 | |
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
GACP
I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi,
Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Nanosys, Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |
Pico
Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units | 2/7/20 | |
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock | 11/7/19 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic,
Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata,
Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto Technologies Corporation, Warrants to
Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Envigo
RMS Holding Corp., Common Stock | 6/3/19 | |
Fidelis (SVC) LLC, Series C Preferred Units | 12/31/19 | |
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |
Foursquare
Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint
Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Nanosys,
Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock | 11/7/19 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic,
Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift,
Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
• | our,
or our portfolio companies’, future business, operations, operating results or prospects; |
• | the return or impact of current and future investments; |
• | the impact of a protracted decline in the liquidity of credit markets on our business; |
• | the
impact of fluctuations in interest rates on our business; |
• | the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies; |
• | our contractual arrangements and relationships with third parties; |
• | the
general economy and its impact on the industries in which we invest; |
• | the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; |
• | our expected financings and investments; |
• | the
adequacy of our financing resources and working capital; |
• | the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments; |
• | the timing of cash flows, if any, from the operations of our portfolio companies; |
• | the
timing, form and amount of any dividend distributions; and |
• | our ability to maintain our qualification as a regulated investment company and as a business development company. |
• | our organization; |
• | calculating our net asset value (including the cost and expenses
of any independent valuation firms); |
• | interest payable on debt, if any, incurred to finance our investments; |
• | costs of future offerings of our common stock and other securities, if any; |
• | the
base management fee and any incentive compensation; |
• | dividends and distributions on our preferred shares, if any, and common shares; |
• | administration
fees payable under the administration agreement; |
• | fees payable to third parties relating to, or associated with, making investments; |
• | transfer agent and custodial fees; |
• | registration
fees; |
• | listing fees; |
• | taxes; |
• | director fees and expenses; |
• | costs
of preparing and filing reports or other documents with the SEC; |
• | costs of any reports, proxy statements or other notices to our stockholders, including printing costs; |
• | our fidelity bond; |
• | directors
and officers/errors and omissions liability insurance, and any other insurance premiums; |
• | indemnification payments; |
• | direct costs and expenses of administration, including audit and legal costs; and |
• | all
other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs. |
• | The
investment professionals of the Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors. |
• | Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed
with senior management of the Advisor. |
• | The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Advisor in good faith in accordance with our valuation policy without the employment of an independent valuation firm. |
• | The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments
in our portfolio in good faith based on the input of the Advisor, the respective independent valuation firms (to the extent applicable) and the audit committee of the board of directors. |
Industry | Percent
of Total Investments | ||
Internet Software and Services | 12.0 | % | |
Diversified Financial Services | 11.1 | % | |
Software | 6.4 | % | |
Textiles,
Apparel and Luxury Goods | 6.2 | % | |
Professional Services | 5.7 | % | |
Media | 4.3 | % | |
Automobiles | 4.2 | % | |
Diversified
Consumer Services | 4.0 | % | |
Diversified Telecommunication Services | 3.9 | % | |
IT Services | 3.8 | % | |
Insurance | 3.8 | % | |
Airlines | 3.3 | % | |
Consumer
Finance | 2.9 | % | |
Hotels, Restaurants and Leisure | 2.6 | % | |
Capital Markets | 2.6 | % | |
Health Care Technology | 2.3 | % | |
Building
Products | 2.2 | % | |
Commercial Services and Supplies | 1.8 | % | |
Energy Equipment and Services | 1.8 | % | |
Thrifts and Mortgage Finance | 1.7 | % | |
Tobacco
Related | 1.6 | % | |
Aerospace and Defense | 1.6 | % | |
Pharmaceuticals | 1.3 | % | |
Road and Rail | 1.1 | % | |
Electrical
Equipment | 1.0 | % | |
Other | 6.8 | % | |
Total | 100.0 | % |
2020 | 2019 | ||||||
Shares
Issued | 486 | 193 | |||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
2020 | 2019 | ||||||
Shares
Repurchased | 1,000,000 | 9,000 | |||||
Price Per Share * | $ | 6.10 | $ | 13.96 | |||
Total
Cost | $ | 6,100,190 | $ | 125,679 |
* | Weighted-average price per share |
Maturity | Rate | Carrying
Value* | Available | Total Capacity | |||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | ||||||
TCPC
Funding Facility | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | |||||||||
SBA
Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||
2022
Convertible Notes ($140 million par) | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | ||||||||||
2022 Notes ($175
million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | ||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | ||||||||||
Total
leverage | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||
Unamortized
issuance costs | (7,217,414 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 965,458,014 |
* | Except
for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average
interest rate, excluding fees of 0.36% or 0.35% |
** | In April 2020, the maturity was extended to May 6, 2024 |
Date Declared | Record Date | Payment
Date | Type | Amount Per Share | Total Amount | |||||||||
Regular | $ | 0.36 | $ | 21,155,913 |
Date
Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
Regular | $ | 0.36 | $ | 21,155,619 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average
Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
• | 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year; |
• | 98.2%
of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and |
• | certain undistributed amounts from previous years on which we paid no U.S. federal income tax. |
• | Each of the Company, TCPC Funding, and the SBIC has entered into an investment management agreement with the Advisor. |
• | The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator
may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor. |
• | We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant
to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock" and "TCP." |
Basis
Point Change | Interest income | Interest Expense | Net Investment Income | |||||||||
Up 300 basis points | $ | 43,928,868 | $ | (9,700,844 | ) | $ | 34,228,024 | |||||
Up
200 basis points | 28,390,955 | (6,467,229 | ) | 21,923,726 | ||||||||
Up 100 basis points | 13,136,788 | (3,233,615 | ) | 9,903,173 | ||||||||
Down
100 basis points | (5,420,996 | ) | 3,233,615 | (2,187,381 | ) | |||||||
Down 200 basis points | (5,832,005 | ) | 3,564,737 | (2,267,268 | ) | |||||||
Down
300 basis points | (5,946,845 | ) | 3,564,737 | (2,382,108 | ) |
• | sudden, unexpected and/or severe declines in the market price of our securities or net asset value; |
• | inability
of the Company to accurately or reliably value its portfolio; |
• | inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends
to our common stockholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; |
• | inability of the Company to pay any dividends and distributions or service its debt; |
• | inability of the Company to maintain
its status as a regulated investment company under the Code; |
• | potentially severe, sudden and unexpected declines in the value of our investments; |
• | increased risk of default or bankruptcy by the companies in which we invest; |
• | increased risk of companies in which we invest being unable to weather
an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; |
• | reduced economic demand resulting from mass employee layoffs or furloughs in response to governmental action taken to slow the spread of COVID-19, which could impact the continued viability of the companies in which we invest; |
• | companies in which we invest being disproportionally impacted by governmental action aimed at slowing the spread of COVID-19 or mitigating its economic effects; |
• | limited
availability of new investment opportunities; and |
• | general threats to the Company’s ability to continue investment operations and to operate successfully as a business development company. |
Item
2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Item
5. | Other Information. |
Number | Description | |
3.1 | ||
3.2 | ||
3.3 | ||
4.11 | ||
31.1 | ||
31.2 | ||
32.1 |
(1) | Incorporated by reference to Exhibit (a)(2) to the
Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011 |
(2) |
(3) |
Date: May 11, 2020 | ||
By: | ||
Name: | ||
Title: | Chief Executive Officer | |
Date: May 11, 2020 | ||
By: | /s/ Paul L. Davis | |
Name: | ||
Title: | Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/1/29 | ||||
9/1/28 | ||||
3/1/28 | ||||
9/1/27 | ||||
9/1/26 | ||||
3/1/26 | ||||
9/1/25 | ||||
3/1/25 | ||||
9/1/24 | ||||
8/23/24 | ||||
5/6/24 | ||||
5/31/23 | ||||
5/6/23 | ||||
8/11/22 | ||||
3/1/22 | ||||
2/28/22 | ||||
9/1/21 | ||||
6/30/20 | ||||
6/16/20 | ||||
Filed on: | 5/11/20 | 8-K | ||
5/10/20 | ||||
4/30/20 | ||||
4/1/20 | DEF 14A | |||
For Period end: | 3/31/20 | |||
3/17/20 | 4 | |||
3/11/20 | 4 | |||
2/26/20 | 10-K, 8-K, PRE 14A | |||
2/20/20 | ||||
12/31/19 | 10-K | |||
12/15/19 | ||||
11/26/19 | 8-K | |||
11/7/19 | ||||
11/4/19 | ||||
9/25/19 | ||||
8/23/19 | 8-K, POS EX | |||
8/6/19 | ||||
6/15/19 | ||||
6/3/19 | ||||
5/7/19 | DEFA14A | |||
5/6/19 | ||||
3/31/19 | 10-Q | |||
3/29/19 | ||||
3/15/19 | ||||
2/28/19 | 10-K, 8-K, PRE 14A | |||
2/9/19 | 8-K | |||
2/8/19 | 8-K, DEF 14A, PRE 14A, SC 13G/A | |||
12/31/18 | 10-K | |||
11/7/18 | ||||
9/19/18 | ||||
8/17/18 | ||||
8/2/18 | 8-K, 8-K/A | |||
8/1/18 | 3 | |||
7/31/18 | 8-K | |||
3/23/18 | ||||
3/21/18 | ||||
2/26/18 | ||||
1/29/18 | SC 13G/A | |||
1/1/18 | ||||
12/31/17 | 10-K, 10-K/A | |||
11/3/17 | POS EX | |||
9/20/17 | ||||
8/4/17 | 497, 497AD | |||
9/21/16 | ||||
8/30/16 | 8-K | |||
3/23/16 | ||||
9/23/15 | ||||
7/13/15 | APP ORDR | |||
3/25/15 | ||||
2/24/15 | ||||
9/24/14 | ||||
6/11/14 | ||||
4/22/14 | ||||
1/1/13 | ||||
4/3/12 | 8-A12B, EFFECT, TH | |||
4/2/12 | CORRESP, N-2/A, N-54A, N-8F | |||
5/13/11 | N-2/A | |||
3/31/10 | N-30B-2, N-Q | |||
List all Filings |