| Delaware | | | 45-4247759 | |
| (State or Other Jurisdiction of Incorporation or Organization) | | | (I.R.S. Employer Identification No.) | |
| 1450 Brickell Avenue, 31st Floor Miami, Florida | | | 33131 | |
| (Address of Principal Executive Offices) | | | (Zip Code) | |
| Title of Each Class | | | Trading Symbol(s) | | | Name of Each Exchange on Which Registered | |
| Common Stock, par value $0.001 per share | | | WHF | | | The Nasdaq Stock Market LLC (Nasdaq Global Select Market) | |
| 6.50% Notes due 2025 | | | WHFBZ | | | The Nasdaq Stock Market LLC (Nasdaq Global Select Market) | |
| Large accelerated filer ☐ | | | Accelerated filer | |
| Non-accelerated filer | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
| | | Page | | |||
| | | | 1 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | December 31, 2019 | | December 31, 2018 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Investment Performance Rating | | Investments at Fair Value (Dollars in Millions) | | Percentage of Total Portfolio | | Investments at Fair Value (Dollars in Millions) | | Percentage of Total Portfolio | | | Investments at Fair Value (Dollars in Millions) | | Percentage of Total Portfolio | | Investments at Fair Value (Dollars in Millions) | | Percentage of Total Portfolio | | ||||||||||||||||||||||||||||||||
1 | | | $ | 13.4 | | | | | 2.3% | | | | $ | 29.5 | | | | | 6.3% | | | | | $ | 153.3 | | | | | 22.2% | | | | $ | 13.4 | | | | | 2.3% | | | ||||||||
2 | | | | 491.4 | | | | | 83.3 | | | | | 376.3 | | | | | 80.1 | | | | | | 422.1 | | | | | 61.1 | | | | | 491.4 | | | | | 83.3 | | | ||||||||
3 | | | | 77.2 | | | | | 13.1 | | | | | 63.7 | | | | | 13.6 | | | | | | 103.7 | | | | | 15.0 | | | | | 77.2 | | | | | 13.1 | | | ||||||||
4 | | | | — | | | | | 0.0 | | | | | 0.1 | | | | | 0.0 | | | | | | 4.0 | | | | | 0.6 | | | | | — | | | | | 0.0 | | | ||||||||
5 | | | | 7.7 | | | | | 1.3 | | | | | — | | | | | — | | | | | | 7.6 | | | | | 1.1 | | | | | 7.7 | | | | | 1.3 | | | ||||||||
Total Portfolio | | | $ | 589.7 | | | | | 100.0% | | | | $ | 469.6 | | | | | 100.0% | | | | | $ | 690.7 | | | | | 100.0% | | | | $ | 589.7 | | | | | 100.0% | | |
Incentive fee | = | (100% × “catch-up”) + (the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income |
Incentive fee | = | (100% × “catch-up”) + (the greater of 0% AND (20% × (Pre-Incentive Fee Net Investment Income – 2.1875%))) |
| | | | Income Related Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism | | | Capital Gains Related Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism | | | Incentive Fee Cap | | | Incentive Fees Paid and Deferred | |
| Year 1 | | | $8.0 million ($40.0 million multiplied by 20%) | | | None | | | $8.0 million (20% of Cumulative | | | Incentive fees of $8.0 million paid; no incentive fees deferred | |
| | | | Income Related Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism | | | Capital Gains Related Incentive Fee Accrued Before Application of Incentive Fee Cap and Deferral Mechanism | | | Incentive Fee Cap | | | Incentive Fees Paid and Deferred | |
| Year 2 | | | $8.0 million ($40.0 million multiplied by 20%) | | | $6.0 million (20% of $30.0 million) | | | $14.0 million (20% of Cumulative | | | Incentive fees of $14.0 million paid; no incentive fees deferred | |
| Year 3 | | | $8.0 million ($40.0 million multiplied by 20%) | | | None (20% of cumulative net capital gains of $25.0 million ($30.0 million in cumulative realized gains less $5.0 million in cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | $7.0 million (20% of Cumulative | | | Incentive fees of $7.0 million paid; $8.0 million of incentive fees accrued but payment restricted to $7.0 million by the Incentive Fee Cap; $1.0 million of incentive fees deferred | |
| Year 4 | | | $8.0 million ($40.0 million multiplied by 20%) | | | $0.2 million (20% of cumulative net capital gains of $31.0 million ($36.0 million cumulative realized capital gains less $5.0 million cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | $9.2 million (20% of Cumulative | | | Incentive fees of $9.2 million paid ($8.2 million of incentive fees accrued in Year 4 plus $1.0 million of deferred incentive fees); no incentive fees deferred | |
| | Assumed Return on Our Portfolio (Net of Expenses) | | | Assumed Return on Our Portfolio (Net of Expenses) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | -10% | | -5% | | 0% | | 5% | | 10% | | | -10% | | -5% | | 0% | | 5% | | 10% | | ||||||||||||||||||||||||||||||||||||||||
Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2019 (203.0%) (1) | | | | (22.8)% | | | | | (13.4)% | | | | | (4.0)% | | | | | 5.4% | | | | | 14.9% | | | ||||||||||||||||||||||||||||||||||||
Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2020 (180.2%) (1) | | | | (25.9)% | | | | | (14.9)% | | | | | (3.9)% | | | | | 7.2% | | | | | 18.2% | | | ||||||||||||||||||||||||||||||||||||
Corresponding return to common stockholder assuming 200% asset coverage (2) | | | | (29.8)% | | | | | (18.3)% | | | | | (6.7)% | | | | | 4.8% | | | | | 16.4% | | | | | | (23.6)% | | | | | (13.8)% | | | | | (4.0)% | | | | | 5.8% | | | | | 15.6% | | | ||||||||||
Corresponding return to common stockholder assuming 150% asset coverage (3) | | | | (44.3)% | | | | | (27.8)% | | | | | (11.3)% | | | | | 5.3% | | | | | 21.8% | | | | | | (36.3)% | | | | | (21.5)% | | | | | (6.7)% | | | | | 8.1% | | | | | 22.9% | | |
| | | | | | | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | | (Discount) of Low Sales Price to NAV(2) | | | Distributions Declared Per Share(3) | | ||||||||||||||||||
Period | | | NAV(1) | | | High | | | Low | | |||||||||||||||||||||||||||
Fiscal year ending December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter (through March 2, 2021) | | | | | * | | | | | $ | 14.79 | | | | | $ | 13.30 | | | | | | * | | | | | | * | | | | | $ | 0.355 | | |
Fiscal year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 15.22 | | | | | $ | 14.37 | | | | | $ | 9.90 | | | | | | (5.6)% | | | | | | (35.0)% | | | | | $ | 0.480 | | |
Third Quarter | | | | | 15.31 | | | | | | 10.98 | | | | | | 9.18 | | | | | | (28.3) | | | | | | (40.0) | | | | | | 0.355 | | |
Second Quarter | | | | | 14.61 | | | | | | 11.69 | | | | | | 6.15 | | | | | | (20.0) | | | | | | (57.9) | | | | | | 0.355 | | |
First Quarter | | | | | 13.86 | | | | | | 14.30 | | | | | | 6.08 | | | | | | (3.2) | | | | | | (56.1) | | | | | | 0.355 | | |
Fiscal year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 15.23 | | | | | $ | 14.35 | | | | | | 13.37 | | | | | | (5.8)% | | | | | | (12.2) | | | | | $ | 0.550 | | |
Third Quarter | | | | | 15.36 | | | | | | 14.27 | | | | | | 12.77 | | | | | | (7.1) | | | | | | (16.8) | | | | | | 0.355 | | |
Second Quarter | | | | | 15.38 | | | | | | 14.68 | | | | | | 13.75 | | | | | | (4.5) | | | | | | (10.6) | | | | | | 0.355 | | |
First Quarter | | | | | 15.33 | | | | | | 14.66 | | | | | | 12.90 | | | | | | (4.4) | | | | | | (15.9) | | | | | | 0.355 | | |
| Stockholder transaction expenses: | | | | | | | |
| Sales load (as a percentage of offering price) | | | | | —%(1) | | |
| Offering expenses (as a percentage of offering price) | | | | | —%(2) | | |
| Distribution reinvestment plan fees (per sales transaction fee) | | | | $ | 15 Transaction Fee(3) | | |
| Total stockholder transaction expenses (as a percentage of offering price) | | | | | —% | | |
| Annual expenses (as a percentage of net assets attributable to common stock): | | | | | | | |
| Base management fees | | | | | 3.98%(4) | | |
| Incentive fees payable under Investment Advisory Agreement (20% of Pre-Incentive Fee Net Investment Income and 20% of realized capital gains) | | | | | 2.42%(5) | | |
| Interest payments on borrowed funds | | | | | 4.19%(6) | | |
| Acquired fund fees and expenses | | | | | 2.51%(7)(8) | | |
| Other expenses | | | | | 1.38%(9) | | |
| Total annual expenses | | | | | 14.48% | | |
Stockholders would pay the following expenses on a $1,000 common stock investment: | | | 1 year | | | 3 years | | | 5 years | | | 10 years | | ||||||||||||
Assuming a 5% annual return (none of which is subject to the incentive fee) | | | | $ | 116 | | | | | $ | 325 | | | | | $ | 505 | | | | | $ | 855 | | |
Stockholders would pay the following expenses on a $1,000 common stock investment: | | | 1 year | | | 3 years | | | 5 years | | | 10 years | | ||||||||||||
Assuming a 5% annual return resulting entirely from net realized capital gains (which is subject to the incentive fee based on capital gains) | | | | $ | 126 | | | | | $ | 353 | | | | | $ | 549 | | | | | $ | 929 | | |
| | As of and for the years ended December 31, | | | As of and for the years ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
| | (In thousands, except per share data) | | | | | | | | (In thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total investment income | | | $ | 67,073 | | | | $ | 63,246 | | | | $ | 54,804 | | | | $ | 53,849 | | | | $ | 47,074 | | | | | $ | 61,699 | | | | $ | 67,073 | | | | $ | 63,246 | | | | $ | 54,804 | | | | $ | 53,849 | | | ||||||||||
Base management fees, net of fees waived | | | | 10,903 | | | | | 10,241 | | | | | 9,508 | | | | | 8,990 | | | | | 8,560 | | | | | | 12,464 | | | | | 10,903 | | | | | 10,241 | | | | | 9,508 | | | | | 8,990 | | | ||||||||||
Performance-based incentive fees | | | | 7,710 | | | | | 12,134 | | | | | 6,553 | | | | | 6,755 | | | | | 4,323 | | | | | | 7,619 | | | | | 7,710 | | | | | 12,134 | | | | | 6,553 | | | | | 6,755 | | | ||||||||||
All other expenses | | | | 16,451 | | | | | 14,929 | | | | | 12,531 | | | | | 11,093 | | | | | 13,436 | | | | | | 16,717 | | | | | 16,451 | | | | | 14,929 | | | | | 12,531 | | | | | 11,093 | | | ||||||||||
Net investment income before excise tax | | | | 32,009 | | | | | 25,942 | | | | | 26,212 | | | | | 27,011 | | | | | 20,755 | | | | | | 24,899 | | | | | 32,009 | | | | | 25,942 | | | | | 26,212 | | | | | 27,011 | | | ||||||||||
Excise tax | | | | 813 | | | | | 942 | | | | | — | | | | | — | | | | | — | | | | | | 742 | | | | | 813 | | | | | 942 | | | | | — | | | | | — | | | ||||||||||
Net investment income | | | | 31,196 | | | | | 25,000 | | | | | 26,212 | | | | | 27,011 | | | | | 20,755 | | | ||||||||||||||||||||||||||||||||||||
Net realized (gains) losses on investments and foreign currency transactions | | | | (408) | | | | | 32,734 | | | | | 108 | | | | | (478) | | | | | (379) | | | ||||||||||||||||||||||||||||||||||||
Net investment income after excise tax | | | | 24,157 | | | | | 31,196 | | | | | 25,000 | | | | | 26,212 | | | | | 27,011 | | | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on investments and foreign currency transactions | | | | 4,163 | | | | | (408) | | | | | 32,734 | | | | | 108 | | | | | (478) | | | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | | | | 53 | | | | | (433) | | | | | 8,128 | | | | | 4,796 | | | | | (23,204) | | | | | | 3,365 | | | | | 53 | | | | | (433) | | | | | 8,128 | | | | | 4,796 | | | ||||||||||
Net increase (decrease) in net assets resulting from operations | | | | 30,841 | | | | | 57,301 | | | | | 34,448 | | | | | 31,329 | | | | | (2,828) | | | ||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | | | | 31,685 | | | | | 30,841 | | | | | 57,301 | | | | | 34,448 | | | | | 31,329 | | | ||||||||||||||||||||||||||||||||||||
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net asset value | | | | 15.23 | | | | | 15.35 | | | | | 13.98 | | | | | 13.63 | | | | | 13.33 | | | | | | 15.23 | | | | | 15.23 | | | | | 15.35 | | | | | 13.98 | | | | | 13.63 | | | ||||||||||
Net investment income | | | | 1.52 | | | | | 1.22 | | | | | 1.36 | | | | | 1.48 | | | | | 1.36 | | | | | | 1.17 | | | | | 1.52 | | | | | 1.22 | | | | | 1.36 | | | | | 1.48 | | | ||||||||||
Net realized gains (losses) on investments and foreign currency transactions | | | | (0.02) | | | | | 1.59 | | | | | 0.01 | | | | | (0.02) | | | | | (0.02) | | | | | | 0.20 | | | | | (0.02) | | | | | 1.59 | | | | | 0.01 | | | | | (0.02) | | | ||||||||||
Net change in unrealized (depreciation) appreciation and foreign currency translation | | | | 0.00 | | | | | (0.02) | | | | | 0.40 | | | | | 0.26 | | | | | (1.45) | | | | | | 0.17 | | | | | 0.00 | | | | | (0.02) | | | | | 0.40 | | | | | 0.26 | | | ||||||||||
Net increase (decrease) in net assets resulting from operations | | | | 1.50 | | | | | 2.79 | | | | | 1.77 | | | | | 1.72 | | | | | (0.18) | | | ||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | | | | 1.55 | | | | | 1.50 | | | | | 2.79 | | | | | 1.77 | | | | | 1.72 | | | ||||||||||||||||||||||||||||||||||||
Per share distributions declared | | | | 1.62 | | | | | 1.42 | | | | | 1.42 | | | | | 1.42 | | | | | 1.42 | | | | | | 1.55 | | | | | 1.62 | | | | | 1.42 | | | | | 1.42 | | | | | 1.42 | | | ||||||||||
Dollar amount of distributions declared | | | | 33,182 | | | | | 29,165 | | | | | 27,573 | | | | | 25,992 | | | | | 22,455 | | | | | | 31,743 | | | | | 33,182 | | | | | 29,165 | | | | | 27,573 | | | | | 25,992 | | | ||||||||||
Balance Sheet data at period end: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Investments, at fair value | | | | 589,688 | | | | | 469,564 | | | | | 440,680 | | | | | 411,714 | | | | | 415,343 | | | | | | 690,735 | | | | | 589,688 | | | | | 469,564 | | | | | 440,680 | | | | | 411,714 | | | ||||||||||
Cash and cash equivalents | | | | 4,294 | | | | | 24,148 | | | | | 35,219 | | | | | 17,036 | | | | | 22,769 | | | | | | 8,062 | | | | | 4,294 | | | | | 24,148 | | | | | 35,219 | | | | | 17,036 | | | ||||||||||
Restricted cash and cash equivalents | | | | 23,252 | | | | | 9,584 | | | | | 3,717 | | | | | 11,858 | | | | | — | | | | | | 7,882 | | | | | 23,252 | | | | | 9,584 | | | | | 3,717 | | | | | 11,858 | | | ||||||||||
Other assets | | | | 13,990 | | | | | 10,799 | | | | | 5,915 | | | | | 5,626 | | | | | 3,599 | | | | | | 12,310 | | | | | 13,990 | | | | | 10,799 | | | | | 5,915 | | | | | 5,626 | | | ||||||||||
Total assets | | | | 631,224 | | | | | 514,095 | | | | | 485,531 | | | | | 446,234 | | | | | 441,711 | | | | | | 718,989 | | | | | 631,224 | | | | | 514,095 | | | | | 485,531 | | | | | 446,234 | | | ||||||||||
Total liabilities | | | | 318,269 | | | | | 198,799 | | | | | 198,579 | | | | | 196,845 | | | | | 197,659 | | | | | | 406,092 | | | | | 318,269 | | | | | 198,799 | | | | | 198,579 | | | | | 196,845 | | | ||||||||||
Total net assets | | | | 312,955 | | | | | 315,296 | | | | | 286,952 | | | | | 249,389 | | | | | 244,052 | | | | | | 312,897 | | | | | 312,955 | | | | | 315,296 | | | | | 286,952 | | | | | 249,389 | | | ||||||||||
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Weighted average effective yield on income producing debt investments (1) | | | | 10.4% | | | | | 11.9% | | | | | 11.9% | | | | | 11.8% | | | | | 11.8% | | | | | | 9.9% | | | | | 10.4% | | | | | 11.9% | | | | | 11.9% | | | | | 11.8% | | | ||||||||||
Weighted average effective yield on total portfolio, including equities (1) | | | | 9.9% | | | | | 11.8% | | | | | 11.4% | | | | | 11.1% | | | | | 11.0% | | | | | | 9.4% | | | | | 9.9% | | | | | 11.8% | | | | | 11.4% | | | | | 11.1% | | | ||||||||||
Number of portfolio investments at period end | | | | 66 | | | | | 53 | | | | | 43 | | | | | 37 | | | | | 35 | | | | | | 99 | | | | | 66 | | | | | 53 | | | | | 43 | | | | | 37 | | |
Class and Year | | | Total Amount Outstanding(1) | | | Asset Coverage per Unit(2) | | | Involuntary Liquidating Preference per Unit(3) | | | Average Market Value per Unit(4) | | ||||||||||||
Credit Facility(5) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 265,246 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019 | | | | | 238,917 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018 | | | | | 115,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
Fiscal 2017 | | | | | 155,000 | | | | | | 2,576 | | | | | | — | | | | | | N/A | | |
Fiscal 2016 | | | | | 155,000 | | | | | | 2,368 | | | | | | — | | | | | | N/A | | |
Fiscal 2015 | | | | | 102,000 | | | | | | 2,305 | | | | | | — | | | | | | N/A | | |
Fiscal 2014 | | | | | 105,500 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013 | | | | | 25,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012 | | | | | 51,250 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
2023 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 30,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2019 | | | | | 30,000 | | | | | | 2,047 | | | | | | — | | | | | | N/A | | |
Fiscal 2018 | | | | | 30,000 | | | | | | 2,792 | | | | | | — | | | | | | N/A | | |
2025 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 40,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2026 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2027 Private Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 10,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | N/A | | |
2025 Public Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2020 | | | | $ | 35,000 | | | | | $ | 1,813 | | | | | $ | — | | | | | | 1,029 | | |
Fiscal 2019 | | | | | 35,000 | | | | | | 2,047 | | | | | | — | | | | | | 1,049 | | |
Fiscal 2018 | | | | | 35,000 | | | | | | 2,792 | | | | | | — | | | | | | 982 | | |
2020 Notes(6) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2018 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | N/A | | |
Fiscal 2017 | | | | | 30,000 | | | | | | 2,576 | | | | | | — | | | | | | 1,026 | | |
Fiscal 2016 | | | | | 30,000 | | | | | | 2,368 | | | | | | — | | | | | | 1,005 | | |
Fiscal 2015 | | | | | 30,000 | | | | | | 2,305 | | | | | | — | | | | | | 1,010 | | |
Fiscal 2014 | | | | | 30,000 | | | | | | 2,183 | | | | | | — | | | | | | 1,006 | | |
Fiscal 2013 | | | | | 30,000 | | | | | | 3,064 | | | | | | — | | | | | | 982 | | |
Unsecured Term Loan(7) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiscal 2015 | | | | $ | 55,000 | | | | | $ | 2,305 | | | | | $ | — | | | | | | N/A | | |
Fiscal 2014 | | | | | 55,000 | | | | | | 2,183 | | | | | | — | | | | | | N/A | | |
Fiscal 2013 | | | | | 55,000 | | | | | | 3,064 | | | | | | — | | | | | | N/A | | |
Fiscal 2012 | | | | | 90,000 | | | | | | 2,622 | | | | | | — | | | | | | N/A | | |
| Total investments(1) | | | $ | 97,260 | | | | December 31, 2020 | | December 31, 2019 | | |||||||||
| Weighted average effective yield on total portfolio(2) | | | | 8.5% | | | ||||||||||||||
| Number of portfolio companies in STRS JV | | | | 10 | | | ||||||||||||||
| Largest portfolio company investment(1) | | | $ | 13,657 | | | ||||||||||||||
| Total of five largest portfolio company investments (1) | | | $ | 57,819 | | | ||||||||||||||
Total investments(1) | | | $ | 174,552 | | | | $ | 97,260 | | | ||||||||||
Weighted average effective yield on total portfolio(2) | | | | 7.9% | | | | | 8.5% | | | ||||||||||
Number of portfolio companies in STRS JV | | | | 20 | | | | | 10 | | | ||||||||||
Largest portfolio company investment(1) | | | $ | 13,511 | | | | $ | 13,657 | | | ||||||||||
Total of five largest portfolio company investments(1) | | | $ | 60,252 | | | | $ | 57,819 | | |
| | December 31, 2019 | | | | | December 31, 2020 | | December 31, 2019 | | |||||||||||||||||||||||||||||||
| | Amortized Cost | | Fair Value | | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | ||||||||||||||||||||||||||
First lien secured loans | | | $ | 96,910 | | | | $ | 97,260 | | | | | | $ | 176,716 | | | | $ | 174,552 | | | | $ | 96,910 | | | | $ | 97,260 | | | ||||||||
Total | | | $ | 96,910 | | | | $ | 97,260 | | | | | | $ | 176.716 | | | | $ | 174,552 | | | | $ | 96,910 | | | | $ | 97,260 | | |
| | December 31, 2019 | | | | | December 31, 2020 | | December 31, 2019 | | |||||||||||||||||||||||||||||||
Advertising | | | $ | 8,672 | | | | | 8.9% | | | | | | $ | 9,256 | | | | | 5.3% | | | | $ | 8,672 | | | | | 8.9% | | | ||||||||
Building Products | | | | 19,754 | | | | | 11.3 | | | | | — | | | | | — | | | ||||||||||||||||||||
Construction & Engineering | | | | 10,132 | | | | | 10.4 | | | | | | | 19,815 | | | | | 11.4 | | | | | 10,132 | | | | | 10.4 | | | ||||||||
Data Processing & Outsourced Services | | | | 11,130 | | | | | 6.4 | | | | | — | | | | | — | | | ||||||||||||||||||||
Diversified Support Services | | | | 10,497 | | | | | 10.8 | | | | | | | 10,230 | | | | | 5.9 | | | | | 10,497 | | | | | 10.8 | | | ||||||||
Environmental & Facilities Services | | | | 6,248 | | | | | 3.6 | | | | | — | | | | | — | | | ||||||||||||||||||||
Health Care Services | | | | 13,482 | | | | | 13.9 | | | | | | | — | | | | | — | | | | | 13,482 | | | | | 13.9 | | | ||||||||
Human Resource & Employment Services | | | | 11,549 | | | | | 6.6 | | | | | — | | | | | — | | | ||||||||||||||||||||
Industrial Machinery | | | | 9,990 | | | | | 10.3 | | | | | | | 9,886 | | | | | 5.7 | | | | | 9,990 | | | | | 10.3 | | | ||||||||
Insurance Brokers | | | | 10,051 | | | | | 10.3 | | | | | | | 7,838 | | | | | 4.5 | | | | | 10,051 | | | | | 10.3 | | | ||||||||
Internet & Direct Marketing Retail | | | | 13,657 | | | | | 14.1 | | | | | | | 13,511 | | | | | 7.7 | | | | | 13,657 | | | | | 14.1 | | | ||||||||
Investment Banking & Brokerage | | | | 11,076 | | | | | 6.3 | | | | | — | | | | | — | | | ||||||||||||||||||||
Packaged Foods & Meats | | | | 7,688 | | | | | 7.9 | | | | | | | 24,577 | | | | | 14.1 | | | | | 7,688 | | | | | 7.9 | | | ||||||||
Personal Products | | | | 4,781 | | | | | 4.9 | | | | | | | 4,232 | | | | | 2.4 | | | | | 4,781 | | | | | 4.9 | | | ||||||||
Systems Software | | | | 8,310 | | | | | 8.5 | | | | | | | 8,110 | | | | | 4.6 | | | | | 8,310 | | | | | 8.5 | | | ||||||||
Technology Hardware, Storage & Peripherals | | | | 7,340 | | | | | 4.2 | | | | | — | | | | | — | | | ||||||||||||||||||||
Total | | | $ | 97,260 | | | | | 100.00% | | | | | | $ | 174,552 | | | | | 100.0% | | | | $ | 97,260 | | | | | 100.0% | | |
| | December 31, 2019 | | December 31, 2018 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Investment Performance Rating | | Investments at Fair Value | | Percentage of Total Portfolio | | Investments at Fair Value | | Percentage of Total Portfolio | | | Investments at Fair Value | | Percentage of Total Portfolio | | Investments at Fair Value | | Percentage of Total Portfolio | | ||||||||||||||||||||||||||||||||
| | (Dollars in Millions) | | | | | | | (Dollars in Millions) | | | | (Dollars in Millions) | | | | | | | (Dollars in Millions) | | | | | | | ||||||||||||||||||||||||
1 | | | $ | 13.4 | | | | | 2.3% | | | | $ | 29.5 | | | | | 6.3% | | | | | $ | 153.3 | | | | | 22.2% | | | | $ | 13.4 | | | | | 2.3% | | | ||||||||
2 | | | | 491.4 | | | | | 83.3 | | | | | 376.3 | | | | | 80.1 | | | | | | 422.1 | | | | | 61.1 | | | | | 491.4 | | | | | 83.3 | | | ||||||||
3 | | | | 77.2 | | | | | 13.1 | | | | | 63.7 | | | | | 13.6 | | | | | | 103.7 | | | | | 15.0 | | | | | 77.2 | | | | | 13.1 | | | ||||||||
4 | | | | — | | | | | — | | | | | 0.1 | | | | | 0.0 | | | |||||||||||||||||||||||||||||
5 | | | | 7.7 | | | | | 1.3 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Total Portfolio | | | $ | 589.7 | | | | | 100.0% | | | | $ | 469.6 | | | | | 100.0% | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
Investment Performance Rating | | | Investments at Fair Value | | | Percentage of Total Portfolio | | | Investments at Fair Value | | | Percentage of Total Portfolio | | ||||||||||||
| | | (Dollars in Millions) | | | | | | | | | (Dollars in Millions) | | | | | | | | ||||||
4 | | | | | 4.0 | | | | | | 0.6 | | | | | | — | | | | | | — | | |
5 | | | | | 7.6 | | | | | | 1.1 | | | | | | 7.7 | | | | | | 1.3 | | |
Total Portfolio | | | | $ | 690.7 | | | | | | 100.0% | | | | | $ | 589.7 | | | | | | 100.0% | | |
|
| | Payments Due by Period | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | Less Than 1 Year | | 1 – 3 Years | | 3 – 5 Years | | More Than 5 Years | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 3 – 5 Years | | More Than 5 Years | | ||||||||||||||||||||||||||||||||||||||||
| | (Dollars in millions) | | | (Dollars in millions) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility | | | $ | 238.9 | | | | $ | — | | | | $ | — | | | | $ | 238.9 | | | | $ | — | | | | | $ | 265.2 | | | | $ | — | | | | $ | — | | | | $ | 265.2 | | | | $ | — | | | ||||||||||
Private Notes | | | | 30.0 | | | | | — | | | | | — | | | | | 30.0 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
2025 Notes | | | | 35.0 | | | | | — | | | | | — | | | | | — | | | | | 35.0 | | | ||||||||||||||||||||||||||||||||||||
2023 Private Notes | | | | 30.0 | | | | | — | | | | | — | | | | | 30.0 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
2025 Private Notes | | | | 40.0 | | | | | — | | | | | — | | | | | 40.0 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
2026 Private Notes | | | | 10.0 | | | | | — | | | | | — | | | | | 10.0 | | | | | —— | | | ||||||||||||||||||||||||||||||||||||
2027 Private Notes | | | | 10.0 | | | | | — | | | | | — | | | | | — | | | | | 10.0 | | | ||||||||||||||||||||||||||||||||||||
2025 Public Notes | | | | 35.0 | | | | | — | | | | | — | | | | | — | | | | | 35.0 | | | ||||||||||||||||||||||||||||||||||||
Total contractual obligations | | | $ | 303.9 | | | | $ | — | | | | $ | — | | | | $ | 268.9 | | | | $ | 35.0 | | | | | $ | 390.2 | | | | $ | — | | | | $ | — | | | | $ | 345.2 | | | | $ | 45.0 | | |
Basis point Increase (Decrease) | | | Increase (Decrease) in Interest Income | | | Increase (Decrease) in Interest Expense | | | Net Increase (Decrease) | | |||||||||
(100) | | | | $ | (4,588) | | | | | | (2,389) | | | | | | (2,199) | | |
100 | | | | | 6,225 | | | | | | 2,389 | | | | | | 3,836 | | |
200 | | | | | 12,127 | | | | | | 4,778 | | | | | | 7,347 | | |
300 | | | | | 18,028 | | | | | | 7,167 | | | | | | 10,861 | | |
400 | | | | | 23,930 | | | | | | 9,557 | | | | | | 14,373 | | |
500 | | | | | 29,832 | | | | | | 11,946 | | | | | | 17,886 | | |
Basis point Increase (Decrease) | | | Increase (Decrease) in Interest Income | | | Increase (Decrease) in Interest Expense | | | Net Increase (Decrease) | | |||||||||
(100) | | | | $ | (616) | | | | | | (632) | | | | | | 16 | | |
100 | | | | | 2,541 | | | | | | 2,652 | | | | | | (111) | | |
200 | | | | | 9,207 | | | | | | 5,305 | | | | | | 3,902 | | |
300 | | | | | 16,125 | | | | | | 7,957 | | | | | | 8,168 | | |
400 | | | | | 23,043 | | | | | | 10,610 | | | | | | 12,433 | | |
500 | | | | | 29,962 | | | | | | 13,262 | | | | | | 16,700 | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | |
| | | December 31, 2019 | | | December 31, 2018 | | ||||||
Assets | | | | ||||||||||
Investments, at fair value | | | | ||||||||||
Non-controlled/non-affiliate company investments | | | | $ | 546,744 | | | | | $ | 459,399 | | |
Non-controlled affiliate company investments | | | | | 9,651 | | | | | | 10,165 | | |
Controlled affiliate company investments | | | | | 33,293 | | | | | | — | | |
Total investments, at fair value (amortized cost $597,725 and $477,839, respectively) | | | | | 589,688 | | | | | | 469,564 | | |
Cash and cash equivalents | | | | | 4,294 | | | | | | 24,148 | | |
Restricted cash and cash equivalents | | | | | 23,252 | | | | | | 9,584 | | |
Interest receivable | | | | | 6,010 | | | | | | 4,616 | | |
Amounts receivable on unsettled investment transactions | | | | | 360 | | | | | | 5,608 | | |
Prepaid expenses and other receivables | | | | | 7,620 | | | | | | 575 | | |
Total assets | | | | $ | 631,224 | | | | | $ | 514,095 | | |
Liabilities | | | | | | | | | | | | | |
Debt | | | | $ | 298,924 | | | | | $ | 175,953 | | |
Distributions payable | | | | | 7,294 | | | | | | 7,294 | | |
Management fees payable | | | | | 8,290 | | | | | | 11,193 | | |
Amounts payable on unsettled investment transactions | | | | | — | | | | | | 445 | | |
Interest payable | | | | | 1,674 | | | | | | 1,562 | | |
Accounts payable and accrued expenses | | | | | 1,944 | | | | | | 2,322 | | |
Advances received from unfunded credit facilities | | | | | 143 | | | | | | 30 | | |
Total liabilities | | | | | 318,269 | | | | | | 198,799 | | |
Commitments and contingencies (See Note 7) | | | | | | | | | | | | | |
Net assets | | | | | | | | | | | | | |
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | | | | | 21 | | | | | | 21 | | |
Paid-in capital in excess of par | | | | | 300,744 | | | | | | 301,557 | | |
Accumulated undistributed (overdistributed) earnings | | | | | 12,190 | | | | | | 13,718 | | |
Total net assets | | | | | 312,955 | | | | | | 315,296 | | |
Total liabilities and total net assets | | | | $ | 631,224 | | | | | $ | 514,095 | | |
Number of shares outstanding | | | | | 20,546,032 | | | | | | 20,546,032 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.35 | | |
| | | Years ended December 31, | | |||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Investment income | | | | | | | | | | | | | | | | | | | |
From non-controlled/non-affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 56,566 | | | | | $ | 56,208 | | | | | $ | 49,233 | | |
Fee income | | | | | 8,398 | | | | | | 4,906 | | | | | | 2,858 | | |
From non-controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Dividend income | | | | | 1,173 | | | | | | 2,132 | | | | | | 2,713 | | |
From controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 936 | | | | | | — | | | | | | — | | |
Total investment income | | | | | 67,073 | | | | | | 63,246 | | | | | | 54,804 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | 13,468 | | | | | | 11,599 | | | | | | 9,811 | | |
Base management fees | | | | | 11,300 | | | | | | 10,511 | | | | | | 9,508 | | |
Performance-based incentive fees | | | | | 7,710 | | | | | | 12,134 | | | | | | 6,553 | | |
Administrative service fees | | | | | 646 | | | | | | 684 | | | | | | 696 | | |
General and administrative expenses | | | | | 2,337 | | | | | | 2,646 | | | | | | 2,024 | | |
Total expenses, before fees waived | | | | | 35,461 | | | | | | 37,574 | | | | | | 28,592 | | |
Base management fees waived | | | | | (397) | | | | | | (270) | | | | | | — | | |
Total expenses, net of fees waived | | | | | 35,064 | | | | | | 37,304 | | | | | | 28,592 | | |
Net investment income before excise tax | | | | | 32,009 | | | | | | 25,942 | | | | | | 26,212 | | |
Excise tax | | | | | 813 | | | | | | 942 | | | | | | — | | |
Net investment income after excise tax | | | | | 31,196 | | | | | | 25,000 | | | | | | 26,212 | | |
Realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | | | | | | | | | | | | | | | |
Net realized gains (losses) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | (409) | | | | | | (216) | | | | | | 108 | | |
Non-controlled affiliate company investments | | | | | — | | | | | | 32,950 | | | | | | — | | |
Foreign currency transactions | | | | | 1 | | | | | | — | | | | | | — | | |
Net realized gains (losses) | | | | | (408) | | | | | | 32,734 | | | | | | 108 | | |
Net change in unrealized appreciation (depreciation) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | 388 | | | | | | (5,136) | | | | | | (1,620) | | |
Non-controlled affiliate company investments | | | | | (514) | | | | | | 4,703 | | | | | | 9,748 | | |
Controlled affiliate company investments | | | | | 363 | | | | | | — | | | | | | — | | |
Translation of assets and liabilities in foreign currencies | | | | | (184) | | | | | | — | | | | | | — | | |
Net change in unrealized appreciation (depreciation) | | | | | 53 | | | | | | (433) | | | | | | 8,128 | | |
Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | (355) | | | | | | 32,301 | | | | | | 8,236 | | |
Net increase in net assets resulting from operations | | | | $ | 30,841 | | | | | $ | 57,301 | | | | | $ | 34,448 | | |
Per Common Share Data | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per common share | | | | $ | 1.50 | | | | | $ | 2.79 | | | | | $ | 1.77 | | |
Dividends and distributions declared per common share | | | | $ | 1.62 | | | | | $ | 1.42 | | | | | $ | 1.42 | | |
Basic and diluted weighted average common shares outstanding | | | | | 20,546,032 | | | | | | 20,538,971 | | | | | | 19,433,003 | | |
| | | Common Stock | | | Paid-in Capital in Excess of Par | | | Accumulated Undistributed (Overdistributed) Earnings | | | Total Net Assets | | ||||||||||||||||||
| | | Shares | | | Par amount | | ||||||||||||||||||||||||
Balance at December 31, 2016 | | | | | 18,303,890 | | | | | $ | 18 | | | | | $ | 272,242 | | | | | $ | (22,871) | | | | | $ | 249,389 | | |
Stock issued in connection with public offering | | | | | 2,200,000 | | | | | | 2 | | | | | | 30,285 | | | | | | — | | | | | | 30,287 | | |
Stock issued in connection with distribution reinvestment plan | | | | | 28,058 | | | | | | — | | | | | | 401 | | | | | | — | | | | | | 401 | | |
Net increase in net assets resulting from operations: | | ||||||||||||||||||||||||||||||
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 26,212 | | | | | | 26,212 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 108 | | | | | | 108 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 8,128 | | | | | | 8,128 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (27,573) | | | | | | (27,573) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (636) | | | | | | 636 | | | | | | — | | |
Balance at December 31, 2017 | | | | | 20,531,948 | | | | | | 20 | | | | | | 302,292 | | | | | | (15,360) | | | | | | 286,952 | | |
Stock issued in connection with distribution reinvestment plan | | | | | 14,084 | | | | | | 1 | | | | | | 207 | | | | | | — | | | | | | 208 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 32,734 | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (433) | | | | | | (433) | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (29,165) | | | | | | (29,165) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (942) | | | | | | 942 | | | | | | — | | |
Balance at December 31, 2018 | | | ��� | | 20,546,032 | | | | | $ | 21 | | | | | | 301,557 | | | | | | 13,718 | | | | | | 315,296 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 31,196 | | | | | | 31,196 | | |
Net realized gains (losses) on investments and foreign currency transactions | | | | | — | | | | | | — | | | | | | — | | | | | | (408) | | | | | | (408) | | |
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | 53 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (33,182) | | | | | | (33,182) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (813) | | | | | | 813 | | | | | | — | | |
Balance at December 31, 2019 | | | | | 20,546,032 | | | | | $ | 21 | | | | | $ | 300,744 | | | | | $ | 12,190 | | | | | $ | 312,955 | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | $ | 623,777 | | | | | $ | 546,744 | | |
Non-controlled affiliate company investments | | | | | 15,717 | | | | | | 9,651 | | |
Controlled affiliate company investments | | | | | 51,241 | | | | | | 33,293 | | |
Total investments, at fair value (amortized cost $695,429 and $597,725, respectively) | | | | | 690,735 | | | | | | 589,688 | | |
Cash and cash equivalents | | | | | 8,062 | | | | | | 4,294 | | |
Restricted cash and cash equivalents | | | | | 7,549 | | | | | | 23,252 | | |
Restricted foreign currency (cost of $319) | | | | | 333 | | | | | | — | | |
Interest and dividend receivable | | | | | 6,532 | | | | | | 6,010 | | |
Amounts receivable on unsettled investment transactions | | | | | 4,717 | | | | | | 360 | | |
Prepaid expenses and other receivables | | | | | 1,061 | | | | | | 7,620 | | |
Total assets | | | | $ | 718,989 | | | | | $ | 631,224 | | |
Liabilities | | | | | | | | | | | | | |
Debt | | | | $ | 384,880 | | | | | $ | 298,924 | | |
Distributions payable | | | | | 7,294 | | | | | | 7,294 | | |
Management fees payable | | | | | 3,354 | | | | | | 3,060 | | |
Incentive fees payable | | | | | 6,117 | | | | | | 5,230 | | |
Amounts payable on unsettled investment transactions | | | | | 497 | | | | | | — | | |
Interest payable | | | | | 1,870 | | | | | | 1,674 | | |
Accounts payable and accrued expenses | | | | | 1,708 | | | | | | 1,944 | | |
Advances received from unfunded credit facilities | | | | | 372 | | | | | | 143 | | |
Total liabilities | | | | | 406,092 | | | | | | 318,269 | | |
Commitments and contingencies (See Note 8) | | | | | | | | | | | | | |
Net assets | | | | | | | | | | | | | |
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | | | | | 21 | | | | | | 21 | | |
Paid-in capital in excess of par | | | | | 300,002 | | | | | | 300,744 | | |
Accumulated undistributed (overdistributed) earnings | | | | | 12,874 | | | | | | 12,190 | | |
Total net assets | | | | | 312,897 | | | | | | 312,955 | | |
Total liabilities and total net assets | | | | $ | 718,989 | | | | | $ | 631,224 | | |
Number of shares outstanding | | | | | 20,546,032 | | | | | | 20,546,032 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.23 | | |
| | | Years ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Investment income | | | | | | | | | | | | | | | | | | | |
From non-controlled/non-affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 54,039 | | | | | $ | 56,566 | | | | | $ | 56,208 | | |
Fee income | | | | | 1,988 | | | | | | 8,398 | | | | | | 4,906 | | |
Dividend income | | | | | 133 | | | | | | — | | | | | | — | | |
From non-controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Dividend income | | | | | 1,183 | | | | | | 1,173 | | | | | | 2,132 | | |
From controlled affiliate company investments | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 2,595 | | | | | | 936 | | | | | | — | | |
Dividend income | | | | | 1,761 | | | | | | — | | | | | | — | | |
Total investment income | | | | | 61,699 | | | | | | 67,073 | | | | | | 63,246 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | 13,125 | | | | | | 13,468 | | | | | | 11,599 | | |
Base management fees | | | | | 12,464 | | | | | | 11,300 | | | | | | 10,511 | | |
Performance-based incentive fees | | | | | 7,619 | | | | | | 7,710 | | | | | | 12,134 | | |
Administrative service fees | | | | | 683 | | | | | | 646 | | | | | | 684 | | |
General and administrative expenses | | | | | 2,909 | | | | | | 2,337 | | | | | | 2,646 | | |
Total expenses, before fees waived | | | | | 36,800 | | | | | | 35,461 | | | | | | 37,574 | | |
Base management fees waived | | | | | — | | | | | | (397) | | | | | | (270) | | |
Total expenses, net of fees waived | | | | | 36,800 | | | | | | 35,064 | | | | | | 37,304 | | |
Net investment income before excise tax | | | | | 24,899 | | | | | | 32,009 | | | | | | 25,942 | | |
Excise tax | | | | | 742 | | | | | | 813 | | | | | | 942 | | |
Net investment income after excise tax | | | | | 24,157 | | | | | | 31,196 | | | | | | 25,000 | | |
Realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | | | | | | | | | | | | | | | |
Net realized gains (losses) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | 4,118 | | | | | | (409) | | | | | | (216) | | |
Non-controlled affiliate company investments | | | | | — | | | | | | — | ��� | | | | | 32,950 | | |
Foreign currency transactions | | | | | 70 | | | | | | 1 | | | | | | — | | |
Foreign currency forward contracts | | | | | (25) | | | | | | — | | | | | | — | | |
Net realized gains (losses) | | | | | 4,163 | | | | | | (408) | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) | | | | | | | | | | | | | | | | | | | |
Non-controlled/non-affiliate company investments | | | | | 4,685 | | | | | | 388 | | | | | | (5,136) | | |
Non-controlled affiliate company investments | | | | | (878) | | | | | | (514) | | | | | | 4,703 | | |
Controlled affiliate company investments | | | | | (464) | | | | | | 363 | | | | | | — | | |
Translation of assets and liabilities in foreign currencies | | | | | 22 | | | | | | (184) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) | | | | | 3,365 | | | | | | 53 | | | | | | (433) | | |
Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | 7,528 | | | | | | (355) | | | | | | 32,301 | | |
Net increase in net assets resulting from operations | | | | $ | 31,685 | | | | | $ | 30,841 | | | | | $ | 57,301 | | |
Per Common Share Data | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per common share | | | | $ | 1.55 | | | | | $ | 1.50 | | | | | $ | 2.79 | | |
Dividends and distributions declared per common share | | | | $ | 1.55 | | | | | $ | 1.62 | | | | | $ | 1.42 | | |
Basic and diluted weighted average common shares outstanding | | | | | 20,546,032 | | | | | | 20,546,032 | | | | | | 20,538,971 | | |
| | | Common Stock | | | Paid-in Capital in Excess of Par | | | Accumulated Undistributed (Overdistributed) Earnings | | | Total Net Assets | | ||||||||||||||||||
| | | Shares | | | Par amount | | ||||||||||||||||||||||||
Balance at December 31, 2017 | | | | | 20,531,948 | | | | | $ | 20 | | | | | $ | 302,292 | | | | | $ | (15,360) | | | | | $ | 286,952 | | |
Stock issued in connection with distribution reinvestment plan | | | | | 14,084 | | | | | | 1 | | | | | | 207 | | | | | | — | | | | | | 208 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | 25,000 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 32,734 | | | | | | 32,734 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (433) | | | | | | (433) | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (29,165) | | | | | | (29,165) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (942) | | | | | | 942 | | | | | | — | | |
Balance at December 31, 2018 | | | | | 20,546,032 | | | | | | 21 | | | | | | 301,557 | | | | | | 13,718 | | | | | | 315,296 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 31,196 | | | | | | 31,196 | | |
Net realized gains (losses) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (408) | | | | | | (408) | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | 53 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (33,182) | | | | | | (33,182) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (813) | | | | | | 813 | | | | | | — | | |
Balance at December 31, 2019 | | | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,744 | | | | | | 12,190 | | | | | | 312,955 | | |
Net increase in net assets resulting from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income after excise tax | | | | | — | | | | | | — | | | | | | — | | | | | | 24,157 | | | | | | 24,157 | | |
Net realized gains (losses) on investments and foreign currency transactions | | | | | — | | | | | | — | | | | | | — | | | | | | 4,163 | | | | | | 4,163 | | |
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | | | — | | | | | | — | | | | | | — | | | | | | 3,365 | | | | | | 3,365 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (31,743) | | | | | | (31,743) | | |
Tax reclassification of stockholders’ equity | | | | | — | | | | | | — | | | | | | (742) | | | | | | 742 | | | | | | — | | |
Balance at December 31, 2020 | | | | | 20,546,032 | | | | | $ | 21 | | | | | | 300,002 | | | | | | 12,874 | | | | | | 312,897 | | |
| | Years ended December 31, | | | Years ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net increase in net assets resulting from operations | | | $ | 30,841 | | | | $ | 57,301 | | | | $ | 34,448 | | | | | $ | 31,685 | | | | $ | 30,841 | | | | $ | 57,301 | | | ||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Paid-in-kind income | | | | (2,141) | | | | | (584) | | | | | (662) | | | | | | (1,210) | | | | | (2,141) | | | | | (584) | | | ||||||
Net realized gains (losses) on investments and foreign currency transactions | | | | 408 | | | | | (32,734) | | | | | (108) | | | ||||||||||||||||||||||
Net unrealized (appreciation) depreciation on investments and foreign currency translation | | | | (53) | | | | | 433 | | | | | (8,128) | | | ||||||||||||||||||||||
Net realized (gains) losses on investments | | | | (4,118) | | | | | 408 | | | | | (32,734) | | | ||||||||||||||||||||||
Net unrealized (appreciation) depreciation on investments | | | | (3,343) | | | | | (237) | | | | | 433 | | | ||||||||||||||||||||||
Net unrealized appreciation on translation of assets and liabilities in foreign currencies | | | | (22) | | | | | 184 | | | | | — | | | ||||||||||||||||||||||
Accretion of discount | | | | (4,431) | | | | | (4,740) | | | | | (3,073) | | | | | | (3,434) | | | | | (4,431) | | | | | (4,740) | | | ||||||
Amortization of deferred financing costs | | | | 998 | | | | | 1,155 | | | | | 817 | | | | | | 1,055 | | | | | 998 | | | | | 1,155 | | | ||||||
Acquisition of investments | | | | (360,070) | | | | | (277,035) | | | | | (137,641) | | | | | | (302,729) | | | | | (360,070) | | | | | (277,035) | | | ||||||
Acquisition of interests in STRS JV | | | | (3,090) | | | | | — | | | | | — | | | | | | — | | | | | (3,090) | | | | | — | | | ||||||
Proceeds from principal payments and sales of portfolio investments | | | | 191,870 | | | | | 285,776 | | | | | 120,646 | | | | | | 133,419 | | | | | 191,870 | | | | | 285,776 | | | ||||||
Proceeds from sales of portfolio investments to STRS JV | | | | 57,568 | | | | | — | | | | | — | | | | | | 80,369 | | | | | 57,568 | | | | | — | | | ||||||
Net changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest receivable | | | | (402) | | | | | (661) | | | | | (1,056) | | | ||||||||||||||||||||||
Interest and dividend receivable | | | | (522) | | | | | (402) | | | | | (661) | | | ||||||||||||||||||||||
Prepaid expenses and other receivables | | | | (7,045) | | | | | (390) | | | | | 669 | | | | | | 6,560 | | | | | (7,045) | | | | | (390) | | | ||||||
Amounts receivable on unsettled investment transactions | | | | 4,255 | | | | | (3,833) | | | | | 98 | | | | | | (4,357) | | | | | 4,255 | | | | | (3,833) | | | ||||||
Amounts payable on unsettled investment transactions | | | | (445) | | | | | 445 | | | | | (995) | | | | | | 497 | | | | | (445) | | | | | 445 | | | ||||||
Management fees payable | | | | (2,903) | | | | | 3,345 | | | | | 2,372 | | | | | | 294 | | | | | 515 | | | | | 168 | | | ||||||
Incentive fees payable | | | | 887 | | | | | (3,418) | | | | | 3,177 | | | ||||||||||||||||||||||
Accounts payable and accrued expenses | | | | (563) | | | | | 1,621 | | | | | (357) | | | | | | (52) | | | | | (563) | | | | | 1,621 | | | ||||||
Interest payable | | | | 112 | | | | | 1,035 | | | | | 47 | | | | | | 196 | | | | | 112 | | | | | 1,035 | | | ||||||
Advances received from unfunded credit facilities | | | | 113 | | | | | (62) | | | | | 92 | | | | | | 229 | | | | | 113 | | | | | (62) | | | ||||||
Net cash provided by (used in) operating activities | | | | (94,978) | | | | | 31,072 | | | | | 7,169 | | | | | | (64,596) | | | | | (94,978) | | | | | 31,072 | | | ||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Proceeds from sales of common stock, net of underwriting costs | | | | — | | | | | — | | | | | 30,287 | | | ||||||||||||||||||||||
Proceeds from notes issued | | | | — | | | | | 65,000 | | | | | — | | | | | | 60,000 | | | | | — | | | | | 65,000 | | | ||||||
Borrowings | | | | 176,017 | | | | | 100,400 | | | | | 102,567 | | | | | | 236,045 | | | | | 176,017 | | | | | 100,400 | | | ||||||
Repayments of debt | | | | (52,100) | | | | | (170,400) | | | | | (102,567) | | | | | | (209,895) | | | | | (52,100) | | | | | (170,400) | | | ||||||
Deferred financing costs | | | | (1,943) | | | | | (2,324) | | | | | (1,033) | | | | | | (1,427) | | | | | (1,943) | | | | | (2,324) | | | ||||||
Distributions paid to common stockholders, net of distributions reinvested | | | | (33,182) | | | | | (28,952) | | | | | (26,381) | | | | | | (31,743) | | | | | (33,182) | | | | | (28,952) | | | ||||||
Net cash provided by (used in) financing activities | | | | 88,792 | | | | | (36,276) | | | | | 2,873 | | | | | | 52,980 | | | | | 88,792 | | | | | (36,276) | | | ||||||
Effect of exchange rate changes on cash | | | | 14 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Net change in cash, cash equivalents and restricted cash | | | | (6,186) | | | | | (5,204) | | | | | 10,042 | | | | | | (11,602) | | | | | (6,186) | | | | | (5,204) | | | ||||||
Cash, cash equivalents and restricted cash at beginning of year | | | | 33,732 | | | | | 38,936 | | | | | 28,894 | | | | | | 27,546 | | | | | 33,732 | | | | | 38,936 | | | ||||||
Cash, cash equivalents and restricted cash at end of year | | | $ | 27,546 | | | | $ | 33,732 | | | | $ | 38,936 | | | | | $ | 15,944 | | | | $ | 27,546 | | | | $ | 33,732 | | | ||||||
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest paid | | | $ | 12,358 | | | | $ | 9,409 | | | | $ | 8,947 | | | | | $ | 11,888 | | | | $ | 12,358 | | | | $ | 9,409 | | | ||||||
Taxes, including excise tax, paid during the year | | | | 942 | | | | | — | | | | | — | | | | | | 833 | | | | | 942 | | | | | — | | | ||||||
Supplemental noncash disclosures: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Distributions declared | | | $ | 33,182 | | | | $ | 29,165 | | | | $ | 27,573 | | | | | $ | 31,743 | | | | $ | 33,182 | | | | $ | 29,165 | | | ||||||
Distributions reinvested | | | | — | | | | | 208 | | | | | 401 | | | | | | — | | | | | — | | | | | 208 | | | ||||||
Non-cash exchanges of investments | | | | 29,840 | | | | | — | | | | | — | | | | | $ | 28,103 | | | | | 29,840 | | | | | — | | |
| | | December 31, | | |||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Cash and cash equivalents | | | | $ | 4,294 | | | | | $ | 24,148 | | | | | $ | 35,219 | | |
Restricted cash | | | | | 23,252 | | | | | | 9,584 | | | | | | 3,717 | | |
Total cash, cash equivalents and restricted cash presented in consolidated statements of cash flows | | | | $ | 27,546 | | | | | $ | 33,732 | | | | | $ | 38,936 | | |
| | | December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Cash and cash equivalents | | | | $ | 8,062 | | | | | $ | 4,294 | | | | | $ | 24,148 | | |
Restricted cash and restricted foreign currency | | | | | 7,882 | | | | | | 23,252 | | | | | | 9,584 | | |
Total cash, cash equivalents and restricted cash presented in consolidated statements of cash flows | | | | $ | 15,944 | | | | | $ | 27,546 | | | | | $ | 33,732 | | |
Investment Type(1) | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(10) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(11) | | Fair Value As A Percentage of Net Assets | | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(10) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(11) | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Fluent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.00% (0.50% Floor) | | 8.80% | | | | 03/26/18 | | | | | 03/26/24 | | | | | 9,337 | | | | $ | 9,337 | | | | $ | 9,337 | | | | | 2.98% | | | | L+ 7.00% (0.50% Floor) | | 7.50% | | | | 03/26/18 | | | | | 03/27/23 | | | | | 7,453 | | | | $ | 7,453 | | | | $ | 7,453 | | | | | 2.38% | | | ||||||||||||||||
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.50% (1.00% Floor) | | 8.50% | | | | 08/21/20 | | | | | 10/11/24 | | | | | 7,744 | | | | | 7,603 | | | | | 7,706 | | | | | 2.46 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 15,197 | | | | | 15,056 | | | | | 15,159 | | | | | 4.84 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Bad Boy Mowers Acquisition, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 5.75% (1.00% Floor) | | 7.38% | | | | 12/19/19 | | | | | 12/06/25 | | | | | 10,385 | | | | | 10,073 | | | | | 10,073 | | | | | 3.22 | | | | L+ 5.75% (1.00% Floor) | | 6.75% | | | | 12/19/19 | | | | | 12/06/25 | | | | | 9,294 | | | | | 9,062 | | | | | 9,201 | | | | | 2.94 | | | ||||||||||||||||
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Access USA Shipping, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 8.00% (1.00% Floor) | | 9.80% | | | | 02/08/19 | | | | | 02/08/24 | | | | | 5,651 | | | | | 5,581 | | | | | 5,600 | | | | | 1.79 | | | | L+ 8.00% (1.50% Floor) | | 9.50% | | | | 02/08/19 | | | | | 02/08/24 | | | | | 5,359 | | | | | 5,309 | | | | | 5,359 | | | | | 1.71 | | | ||||||||||||||||
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Connexity, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 8.50% (1.50% Floor) | | 10.00% | | | | 05/21/20 | | | | | 05/21/25 | | | | | 10,863 | | | | | 10,577 | | | | | 10,863 | | | | | 3.47 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Newscycle Solutions, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.00% (1.00% Floor) | | 8.00% | | | | 06/14/19 | | | | | 12/29/22 | | | | | 3,245 | | | | | 3,209 | | | | | 3,194 | | | | | 1.02 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan(7) | | L+ 7.00% (1.00% Floor) | | 8.00% | | | | 06/14/19 | | | | | 12/29/22 | | | | | 181 | | | | | 179 | | | | | 177 | | | | | 0.06 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
TaxSlayer LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.00% (1.00% Floor) | | 8.80% | | | | 06/14/19 | | | | | 12/29/22 | | | | | 5,263 | | | | | 5,174 | | | | | 5,136 | | | | | 1.64 | | | | L+ 6.50% (1.00% Floor) | | 7.50% | | | | 12/31/20 | | | | | 12/31/26 | | | | | 14,452 | | | | | 14,163 | | | | | 14,163 | | | | | 4.53 | | | ||||||||||||||||
First Lien Secured Revolving Loan (7) | | L+ 6.50% (1.00% Floor) | | 9.77% | | | | 06/14/19 | | | | | 12/29/22 | | | | | 265 | | | | | 262 | | | | | 259 | | | | | 0.08 | | | | L+ 6.50% (1.00% Floor) | | 7.50% | | | | 12/31/20 | | | | | 12/31/26 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | 5,528 | | | | | 5,436 | | | | | 5,395 | | | | | 1.72 | | | | | | | | | | | | | | | | | | | | 28,741 | | | | | 28,128 | | | | | 28,397 | | | | | 9.08 | | | ||||||||||||||||
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Team Car Care Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan(12) | | base rate+ 7.99% (1.00% Floor) | | 10.05% | | | | 02/26/18 | | | | | 02/26/23 | | | | | 16,722 | | | | | 16,485 | | | | | 16,722 | | | | | 5.34 | | | | Base rate+ 8.00% (1.00% Floor) | | 9.00% | | | | 02/26/18 | | | | | 02/23/23 | | | | | 16,168 | | | | | 16,011 | | | | | 15,820 | | | | | 5.06 | | | ||||||||||||||||
BW Gas & Convenience Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.25% (1.00% Floor) | | 8.00% | | | | 11/15/19 | | | | | 11/18/24 | | | | | 8,500 | | | | | 8,164 | | | | | 8,168 | | | | | 2.61 | | | | L+ 6.25% (0.00% Floor) | | 6.40% | | | | 11/15/19 | | | | | 11/18/24 | | | | | 6,319 | | | | | 6,121 | | | | | 6,319 | | | | | 2.02 | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | 25,222 | | | | | 24,649 | | | | | 24,890 | | | | | 7.95 | | | | | | | | | | | | | | | | | | | | 22,487 | | | | | 22,132 | | | | | 22,139 | | | | | 7.08 | | | ||||||||||||||||
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% (1.50% Floor) | | 7.87% | | | | 08/14/18 | | | | | 02/25/22 | | | | | 5,405 | | | | | 5,299 | | | | | 5,405 | | | | | 1.73 | | | | P+7.50% (2.00% Floor) | | 10.75% | | | | 08/14/18 | | | | | 02/25/22 | | | | | 5,075 | | | | | 5,022 | | | | | 4,844 | | | | | 1.55 | | | ||||||||||||||||
Rural Media Group, Inc. | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.71% (1.00% Floor) | | 9.64% | | | | 12/29/17 | | | | | 12/29/22 | | | | | 7,133 | | | | | 7,050 | | | | | 6,991 | | | | | 2.23 | | | | L+ 6.50% (1.00% Floor) | | 7.50% | | | | 12/15/20 | | | | | 11/24/25 | | | | | 10,078 | | | | | 9,878 | | | | | 9,879 | | | | | 3.16 | | | ||||||||||||||||
First Lien Secured Revolving Loan(7) | | L+ 6.50% (1.00% Floor) | | 7.50% | | | | 12/15/20 | | | | | 11/05/25 | | | | | 332 | | | | | 325 | | | | | 325 | | | | | 0.10 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
LHS Borrower, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.75% (1.00% Floor) | | 7.75% | | | | 09/30/20 | | | | | 09/30/25 | | | | | 9,689 | | | | | 9,483 | | | | | 9,543 | | | | | 3.05 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan (7) | | L+ 6.75% (1.00% Floor) | | 7.75% | | | | 09/30/20 | | | | | 09/30/25 | | | | | — | | | | | — | | | | | 4 | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 12,538 | | | | | 12,349 | | | | | 12,396 | | | | | 3.96 | | | | | | | | | | | | | | | | | | | | 20,099 | | | | | 19,686 | | | | | 19,751 | | | | | 6.31 | | | ||||||||||||||||
Cable & Satellite | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bulk Midco, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | P+ 6.27% (2.25% Floor) | | 11.02% | | | | 06/08/18 | | | | | 06/08/23 | | | | | 15,000 | | | | | 14,845 | | | | | 14,250 | | | | | 4.45 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Communications Equipment | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.50% (0.00% Floor) | | 8.44% | | | | 03/15/19 | | | | | 04/29/24 | | | | | 4,875 | | | | | 4,749 | | | | | 4,857 | | | | | 1.55 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Data Processing & Outsourced Services | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FPT Operating Company, LLC/ TLabs Operating Company, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 8.25% (1.00% Floor) | | 9.94% | | | | 06/07/19 | | | | | 06/07/24 | | | | | 24,907 | | | | | 24,685 | | | | | 24,284 | | | | | 7.76 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Geo Logic Systems Ltd.(5) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan(13) | | C+ 6.25% (1.00% Floor) | | 8.26% | | | | 12/19/19 | | | | | 12/19/24 | | | | | 21,718 | | | | | 16,231 | | | | | 16,415 | | | | | 5.25 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan(7) (13) | | C+ 6.25% (1.00% Floor) | | 8.26% | | | | 12/19/19 | | | | | 12/19/24 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 46,625 | | | | | 40,916 | | | | | 40,699 | | | | | 13.01 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Department Stores | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Mills Fleet Farm Group, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 9.04% (0.75% PIK) | | | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 14,883 | | | | | $ | 14,591 | | | | | $ | 13,544 | | | | | | 4.33% | | |
Distributors | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Crown Brands, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | 5,727 | | | | | | 5,610 | | | | | | 5,596 | | | | | | 1.79 | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,727 | | | | | | 5,610 | | | | | | 5,594 | | | | | | 1.79 | | |
Diversified Chemicals | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Sklar Holdings, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.99% (1.00% PIK) | | | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,731 | | | | | | 2.79 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.99% (1.00% PIK) | | | | | 11/13/19 | | | | | | 05/13/20 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,733 | | | | | | 2.79 | | |
Diversified Support Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
ImageOne Industries, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 10.00% (1.00% Floor) | | | 11.80% (4.00% PIK) | | | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 7,261 | | | | | | 7,097 | | | | | | 6,898 | | | | | | 2.20 | | |
First Lien Secured Revolving Loan(4) | | | L+ 10.00% (1.00% Floor) | | | 11.94% (4.00% PIK) | | | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 525 | | | | | | 525 | | | | | | 525 | | | | | | 0.17 | | |
NNA Services, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 7.00% (1.50% Floor) | | | 8.84% | | | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 9,889 | | | | | | 9,739 | | | | | | 9,889 | | | | | | 3.16 | | |
| | | | | | | | | | | | | | | | | | | | | | | 17,675 | | | | | | 17,361 | | | | | | 17,312 | | | | | | 5.53 | | |
Education Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
EducationDynamics, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 9.42% | | | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 11,750 | | | | | | 11,520 | | | | | | 11,519 | | | | | | 3.68 | | |
Environmental & Facilities Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
WH Lessor Corp. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
Food Retail | | | | | | | | | | ||||||||||||||||||||||||||||||||||
AG Kings Holdings, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan(8) | | | P+ 11.00% (2.25% Floor) | | | 15.75% (2.00% PIK) | | | | | 08/10/16 | | | | | | 08/10/21 | | | | | | 13,250 | | | | | | 12,837 | | | | | | 7,668 | | | | | | 2.45 | | |
Health Care Facilities | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Grupo HIMA San Pablo, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan A | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 3,276 | | | | | | 1.05 | | |
First Lien Secured Term Loan B | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 11,484 | | | | | | 3.67 | | |
Second Lien Secured Term Loan(8) | | | N/A | | | 15.75% (2.00% PIK) | | | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 18,394 | | | | | | 18,390 | | | | | | 14,760 | | | | | | 4.72 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(15) | | | L+ 7.19% (1.00% Floor) | | | 8.19% | | | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | $ | 14,890 | | | | | $ | 14,250 | | | | | | 4.55% | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ribbon Communications Operating Company, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(5) | | | L+ 7.50% (0.00% Floor) | | | 7.65% | | | | | 08/14/20 | | | | | | 03/03/26 | | | | | | 12,438 | | | | | | 12,002 | | | | | | 12,313 | | | | | | 3.94% | | |
Sorenson Communications, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (0.00% Floor) | | | 6.75% | | | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 3,462 | | | | | | 3,393 | | | | | | 3,457 | | | | | | 1.10 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,900 | | | | | | 15,395 | | | | | | 15,770 | | | | | | 5.04 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlas Intermediate Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 05/26/20 | | | | | | 02/13/26 | | | | | | 15,073 | | | | | | 14,259 | | | | | | 14,922 | | | | | | 4.77 | | |
Road Safety Services, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 12/31/20 | | | | | | 09/18/23 | | | | | | 4,550 | | | | | | 4,459 | | | | | | 4,461 | | | | | | 1.43 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 12/31/20 | | | | | | 09/18/23 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 0.01 | | |
Tensar Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 11/20/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | | | | | 2.18 | | |
| | | | | | | | | | | | | | | | | | | | | | | 26,623 | | | | | | 25,547 | | | | | | 26,229 | | | | | | 8.39 | | |
Construction Materials | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Claridge Products and Equipment, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | 7.50% | | | | | 12/30/20 | | | | | | 12/29/25 | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 12/30/20 | | | | | | 12/29/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,000 | | | | | | 7,840 | | | | | | 7,840 | | | | | | 2.51 | | |
Consumer Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Maxitransfers Blocker Corp | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.00% (1.00% Floor) | | | 10.00% | | | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 8,869 | | | | | | 8,668 | | | | | | 8,668 | | | | | | 2.77 | | |
First Lien Secured Revolving Loan(4) | | | L+ 9.00% (1.00% Floor) | | | 10.00% | | | | | 10/07/20 | | | | | | 10/07/25 | | | | | | 1,038 | | | | | | 1,014 | | | | | | 1,014 | | | | | | 0.32 | | |
| | | | | | | | | | | | | | | | | | | | | | | 9,907 | | | | | | 9,682 | | | | | | 9,682 | | | | | | 3.09 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | P+12.50% (0.75% Floor) | | | 15.75% (1.50% PIK) | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | 8,000 | | | | | | 7,295 | | | | | | 7,763 | | | | | | 2.48 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TLabs Operating Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.25% (0.50% PIK) | | | | | 12/23/16 | | | | | | 06/07/24 | | | | | | 24,467 | | | | | | 24,225 | | | | | | 23,460 | | | | | | 7.50 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13) | | | C +6.25% (1.00% Floor) | | | 7.25% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 6,709 | | | | | | 5,035 | | | | | | 5,164 | | | | | | 1.65 | | |
First Lien Secured Revolving Loan(7)(13) | | | C +6.25% (1.00% Floor) | | | 7.25% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,176 | | | | | | 36,555 | | | | | | 36,385 | | | | | | 11.63 | | |
|
Investment Type(1) | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(10) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(11) | | Fair Value As A Percentage of Net Assets | | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(10) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(11) | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% (1.00% Floor) | | 7.00% | | | | 10/24/18 | | | | | 10/24/24 | | | | | 13,543 | | | | $ | 13,292 | | | | $ | 13,272 | | | | | 4.24% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Secured Term Loan (20) | | L+ 10.50% (1.50% Floor) | | 12.00% | | | | 12/15/20 | | | | | 01/08/26 | | | | | 4,526 | | | | | 4,420 | | | | | 3,621 | | | | | 1.16 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Secured Delayed Draw Loan (20) | | L+ 10.50% (1.50% Floor) | | 12.00% | | | | 12/15/20 | | | | | 01/08/26 | | | | | 671 | | | | | 671 | | | | | 537 | | | | | 0.17 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 5,197 | | | | | 5,091 | | | | | 4,158 | | | | | 1.33 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% (1.00% Floor) | | 7.00% | | | | 11/13/19 | | | | | 05/13/23 | | | | | 8,882 | | | | | 8,718 | | | | | 8,834 | | | | | 2.82 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 10.00% (1.00% Floor) | | 11.00% (4.00% PIK) | | | | 01/11/18 | | | | | 01/11/23 | | | | | 6,564 | | | | | 6,422 | | | | | 6,564 | | | | | 2.10 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan (4)(7) | | L+ 10.00% (1.00% Floor) | | 11.00% (4.00% PIK) | | | | 07/22/19 | | | | | 12/12/22 | | | | | 379 | | | | | 379 | | | | | 379 | | | | | 0.12 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
NNA Services, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.00% (1.50% Floor) | | 8.50% | | | | 10/16/18 | | | | | 10/16/23 | | | | | 13,353 | | | | | 13,178 | | | | | 13,284 | | | | | 4.25 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 20,296 | | | | | 19,979 | | | | | 20,227 | | | | | 6.47 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.75% (1.00% Floor) | | 8.75% | | | | 11/26/19 | | | | | 11/26/24 | | | | | 13,649 | | | | | 13,428 | | | | | 13,612 | | | | | 4.35 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan(4)(8) | | P+ 11.00% (0.75% Floor) | | 16.25% (2.00% PIK) | | | | 8/10/16 | | | | | 08/10/21 | | | | | 21,755 | | | | | 8,612 | | | | | 7,600 | | | | | 2.43 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Superpriority Secured Debtor-In-Possession Term Loan (4)(18) | | L+ 10.00% (1.00% Floor) | | 11.00% | | | | 08/26/20 | | | | | 02/08/21 | | | | | 14,222 | | | | | 5,663 | | | | | 14,222 | | | | | 4.55 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 35,977 | | | | | 14,275 | | | | | 21,822 | | | | | 6.98 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Epiphany Dermatology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.50% (1.00% Floor) | | 8.50% | | | | 12/04/20 | | | | | 12/01/25 | | | | | 3,500 | | | | | 3,414 | | | | | 3,414 | | | | | 1.09 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan (7) | | L+ 7.50% (1.00% Floor) | | 8.50% | | | | 12/04/20 | | | | | 12/01/25 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Delayed Draw Loan (7) | | L+ 7.50% (1.00% Floor) | | 8.50% | | | | 12/04/20 | | | | | 12/01/25 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan A | | L+ 9.00% | | 9.22% | | | | 05/15/19 | | | | | 04/30/19 | | | | | 3,855 | | | | | 3,855 | | | | | 2,613 | | | | | 0.84 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan B | | L+ 9.00% (1.50% Floor) | | 10.50% | | | | 02/01/13 | | | | | 04/30/19 | | | | | 13,511 | | | | | 13,511 | | | | | 9,161 | | | | | 2.93 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Second Lien Secured Term Loan(8) | | N/A | | 15.75% (2.00% PIK) | | | | 02/01/13 | | | | | 07/31/18 | | | | | 1,028 | | | | | 1,024 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 21,894 | | | | | 21,804 | | | | | 15,188 | | | | | 4.86 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
CHS Therapy, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan A | | L+ 8.50% (1.50% Floor) | | 10.44% | | | | 06/14/19 | | | | | 06/14/24 | | | | | 7,615 | | | | $ | 7,486 | | | | $ | 7,615 | | | | | 2.43% | | | | L+ 7.75% (1.50% Floor) | | 9.25% | | | | 06/14/19 | | | | | 06/14/24 | | | | | 7,422 | | | | | 7,325 | | | | | 7,422 | | | | | 2.37 | | | ||||||||||||||||
Lab Logistics, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.50% (1.00% Floor) | | 8.56% | | | | 10/16/19 | | | | | 09/25/23 | | | | | 107 | | | | | 106 | | | | | 106 | | | | | 0.03 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Delayed Draw Loan (7) | | L+ 6.50% (1.00% Floor) | | 8.44% | | | | 10/16/19 | | | | | 09/25/23 | | | | | 5,289 | | | | | 5,251 | | | | | 5,251 | | | | | 1.68 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
PMA Holdco, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.75% (1.00% Floor) | | 9.69% (2.00% PIK) | | | | 06/28/18 | | | | | 06/28/23 | | | | | 12,784 | | | | | 12,595 | | | | | 12,720 | | | | | 4.06 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 25,795 | | | | | 25,438 | | | | | 25,692 | | | | | 8.20 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Home Furnishings | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sure Fit Home Products, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 9.75% (1.00% Floor) | | 11.70% | | | | 10/26/18 | | | | | 07/13/22 | | | | | 5,250 | | | | | 5,178 | | | | | 5,040 | | | | | 1.61 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Human Resources & Employment Services | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pluto Acquisition Topco, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.31% (1.50% Floor) | | 8.23% | | | | 01/31/19 | | | | | 01/31/24 | | | | | 12,354 | | | | | 12,152 | | | | | 12,354 | | | | | 3.95 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interactive Media & Services | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What If Media Group, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.00% (1.00% Floor) | | 8.80% | | | | 10/02/19 | | | | | 10/02/24 | | | | | 12,919 | | | | | 12,673 | | | | | 12,673 | | | | | 4.05 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Potpourri Group, Inc. | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 8.25% (1.50% Floor) | | 9.94% | | | | 07/03/19 | | | | | 07/03/24 | | | | | 18,763 | | | | | 18,385 | | | | | 18,424 | | | | | 5.89 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Banking & Brokerage | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arcole Acquisition Corp(5) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan A | | L+ 8.25% (1.00% Floor) | | 10.16% | | | | 11/29/18 | | | | | 11/30/23 | | | | | 5,231 | | | | | 5,156 | | | | | 4,968 | | | | | 1.59 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan B | | L+ 14.50% (1.00% Floor) | | 16.41% (1.50% PIK) | | | | 11/29/18 | | | | | 11/30/23 | | | | | 1,805 | | | | | 1,779 | | | | | 1,777 | | | | | 0.57 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.50% (1.00% Floor) | | 8.30% | | | | 02/28/19 | | | | | 02/28/24 | | | | | 16,190 | | | | | 16,055 | | | | | 16,190 | | | | | 5.17 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 23,226 | | | | | 22,990 | | | | | 22,935 | | | | | 7.33 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
IT Consulting & Other Services | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AST-Applications Software Technology LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 8.00% (1.00% Floor) | | 9.80% (1.00% PIK) | | | | 01/10/17 | | | | | 01/10/23 | | | | | 4,236 | | | | | 4,187 | | | | | 4,236 | | | | | 1.35 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leisure Facilities | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Honors Holdings, LLC | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.86% (1.00% Floor) | | 8.74% | | | | 09/06/19 | | | | | 09/06/24 | | | | | 9,405 | | | | | 9,264 | | | | | 9,305 | | | | | 2.97 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Delayed Draw Loan | | L+ 6.00% (1.00% Floor) | | 7.90% | | | | 09/06/19 | | | | | 09/06/24 | | | | | 4,662 | | | | | 4,616 | | | | | 4,612 | | | | | 1.47 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lift Brands, Inc. | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 7.50% (1.00% Floor) | | 9.44% (0.50% PIK) | | | | 04/16/18 | | | | | 04/16/23 | | | | | 10,532 | | | | | 10,387 | | | | | 10,038 | | | | | 3.21 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Revolving Loan (7) | | P+ 6.00% (2.76% Floor) | | 10.75% | | | | 04/16/18 | | | | | 04/16/23 | | | | | 158 | | | | | 156 | | | | | 131 | | | | | 0.04 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | 24,757 | | | | | 24,423 | | | | | 24,086 | | | | | 7.69 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan C | | L+ 7.75% (1.50% Floor) | | 9.25% | | | | 10/07/20 | | | | | 06/14/24 | | | | | 912 | | | | ��� | 895 | | | | | 895 | | | | | 0.29 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Office Services & Supplies | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Empire Office, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.75% (1.50% Floor) | | | 8.55% | | | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 12,224 | | | | | $ | 12,015 | | | | | $ | 12,029 | | | | | | 3.84% | | |
Other Diversified Financial Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Sigue Corporation(4) | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Second Lien Secured Term Loan(4) | | | L+ 12.00% (1.00% Floor) | | | 13.94% | | | | | 12/27/13 | | | | | | 05/01/20 | | | | | | 24,904 | | | | | | 24,905 | | | | | | 24,655 | | | | | | 7.88 | | |
Packaged Foods & Meats | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Lenny & Larry’s, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 7.97% (1.00% Floor) | | | 9.71% (1.18% PIK) | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 12,293 | | | | | | 12,128 | | | | | | 11,924 | | | | | | 3.81 | | |
Research & Consulting Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Nelson Worldwide, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 9.25% (1.00% Floor) | | | 11.23% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 13,603 | | | | | | 13,397 | | | | | | 13,263 | | | | | | 4.24 | | |
ALM Media, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 15,750 | | | | | | 15,441 | | | | | | 15,441 | | | | | | 4.93 | | |
| | | | | | | | | | | | | | | | | | | | | | | 29,353 | | | | | | 28,838 | | | | | | 28,704 | | | | | | 9.17 | | |
Restaurants | | | | | | | | | | ||||||||||||||||||||||||||||||||||
LS GFG Holdings Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.00% (0.00% Floor) | | | 7.80% | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 10,237 | | | | | | 9,977 | | | | | | 9,717 | | | | | | 3.10 | | |
Specialized Consumer Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
True Blue Car Wash, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,375 | | | | | | 1.40 | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | — | | | | | | — | | | | | | (20) | | | | | | (0.01) | | |
| | | | | | | | | | | | | | | | | | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,355 | | | | | | 1.39 | | |
Specialty Chemicals | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Flexitallic Group SAS | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,750 | | | | | | 11,461 | | | | | | 11,463 | | | | | | 3.66 | | |
Specialized Finance | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Golden Pear Funding Assetco, LLC(5) | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 12.19% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 17,500 | | | | | | 17,232 | | | | | | 17,500 | | | | | | 5.59 | | |
Oasis Legal Finance, LLC(5) | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 12.44% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 20,000 | | | | | | 19,841 | | | | | | 20,000 | | | | | | 6.39 | | |
WHF STRS Ohio Senior Loan Fund LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Subordinated Note(4)(5)(7)(14)(15) | | | L+ 6.50% | | | 8.16% | | | | | 07/19/19 | | | | | | NA | | | | | | 26,344 | | | | | | 26,344 | | | | | | 26,344 | | | | | | 8.42 | | |
| | | | | | | | | | | | | | | | | | | | | | | 63,844 | | | | | | 63,417 | | | | | | 63,844 | | | | | | 20.40 | | |
Systems Software | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Vero Parent, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.91% | | | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 20,000 | | | | | | 18,014 | | | | | | 19,025 | | | | | | 6.08 | | |
Trading Companies & Distributors | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Vessco Holdings, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 6.50% (1.50% Floor) | | | 8.41% | | | | | 08/22/19 | | | | | | 08/22/24 | | | | | | 19,067 | | | | | | 18,713 | | | | | | 18,696 | | | | | | 5.97 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Ivy Rehab Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/24 | | | | | | 8,855 | | | | | $ | 8,682 | | | | | $ | 8,682 | | | | | | 2.77% | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.75% (1.00% Floor) | | | 7.75% | | | | | 12/04/20 | | | | | | 12/04/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lab Logistics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 10/16/19 | | | | | | 11/19/25 | | | | | | 709 | | | | | | 693 | | | | | | 694 | | | | | | 0.22 | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,236 | | | | | | 5,209 | | | | | | 5,236 | | | | | | 1.67 | | |
PG Dental New Jersey Parent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.75% (1.00% Floor) | | | 8.75% | | | | | 11/25/20 | | | | | | 11/25/25 | | | | | | 16,170 | | | | | | 15,813 | | | | | | 15,814 | | | | | | 5.05 | | |
First Lien Secured Revolving Loan (7) | | | L+ 7.75% (1.00% Floor) | | | 8.75% | | | | | 11/25/20 | | | | | | 11/25/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 39,304 | | | | | | 38,617 | | | | | | 38,743 | | | | | | 12.37 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8) | | | L+ 9.75% (1.00% Floor) | | | 10.75% | | | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,229 | | | | | | 5,111 | | | | | | 4,019 | | | | | | 1.28 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,594 | | | | | | 12,405 | | | | | | 12,594 | | | | | | 4.02 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.50% | | | | | 08/28/20 | | | | | | 08/28/25 | | | | | | 10,669 | | | | | | 10,421 | | | | | | 10,563 | | | | | | 3.38 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.00% (1.50% Floor) | | | 9.50% | | | | | 08/28/20 | | | | | | 02/28/21 | | | | | | — | | | | | | — | | | | | | 8 | | | | | | — | | |
Luxury Brand Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/04/20 | | | | | | 06/04/26 | | | | | | 6,000 | | | | | | 5,882 | | | | | | 5,882 | | | | | | 1.88 | | |
Potpourri Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.50% Floor) | | | 9.75% | | | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,390 | | | | | | 18,099 | | | | | | 18,238 | | | | | | 5.83 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,059 | | | | | | 34,402 | | | | | | 34,691 | | | | | | 11.09 | | |
Investment Banking & brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.25% (1.00% Floor) | | | 8.25% | | | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 13,598 | | | | | | 13,512 | | | | | | 13,598 | | | | | | 4.35 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.00% (1.00% PIK) | | | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,019 | | | | | | 3,988 | | | | | | 4,019 | | | | | | 1.28 | | |
RCKC Acquisitions LLC (dba KSM Consulting LLC) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | 11,378 | | | | | | 11,150 | | | | | | 11,150 | | | | | | 3.56 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/26 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.25% (1.00% Floor) | | | 7.25% | | | | | 12/31/20 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,397 | | | | | | 15,138 | | | | | | 15,169 | | | | | | 4.84 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Technology Hardware, Storage & Peripherals | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Source Code Midco, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 10.18% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 23,566 | | | | | $ | 23,112 | | | | | $ | 23,566 | | | | | | 7.53% | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 591,199 | | | | | | 575,686 | | | | | | 566,374 | | | | | | 180.94 | | |
Equity Investments | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Advertising | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9) | | | N/A | | | N/A | | | | | 11/28/17 | | | | | | N/A | | | | | | 187 | | | | | | 560 | | | | | | 467 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Quest Events, LLC Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | 276 | | | | | | 0.09 | | |
ImageOne Industries, LLC Common A Units(4) | | | N/A | | | N/A | | | | | 09/20/19 | | | | | | N/A | | | | | | 149 | | | | | | — | | | | | | 48 | | | | | | 0.02 | | |
Health Care Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Lab Logistics Preferred Units | | | N/A | | | N/A | | | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
PMA Holdco, LLC Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 06/28/28 | | | | | | 8 | | | | | | — | | | | | | 461 | | | | | | 0.15 | | |
| | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | 857 | | | | | | 1,318 | | | | | | 0.42 | | |
Other Diversified Financial Services | | | | | | | | | | ||||||||||||||||||||||||||||||||||
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | | — | | | | | | — | | | | | | — | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
Specialized Finance | | | | | | | | | | ||||||||||||||||||||||||||||||||||
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 08/13/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,651 | | | | | | 3.08 | | |
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(14) | | | N/A | | | N/A | | | | | 07/19/19 | | | | | | N/A | | | | | | 6,586 | | | | | | 6,586 | | | | | | 6,949 | | | | | | 2.22 | | |
Trading Companies & Distributors | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Vessco Holdings, LLC(4) | | | N/A | | | N/A | | | | | 08/22/19 | | | | | | N/A | | | | | | 489 | | | | | | 800 | | | | | | 800 | | | | | | 0.26 | | |
Trucking | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Europcar Mobility Group(5) | | | N/A | | | N/A | | | | | 10/31/19 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | 0.03 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 17,903 | | | | | | 22,039 | | | | | | 23,314 | | | | | | 7.46 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | 609,102 | | | | | $ | 597,725 | | | | | $ | 589,688 | | | | | | 188.40% | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(16) | | | L+ 7.97% (1.00% Floor) | | | 8.97% (0.50% PIK) | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,427 | | | | | $ | 9,278 | | | | | $ | 8,296 | | | | | | 2.65% | | |
First Lien Secured Delayed Draw Loan(16) | | | L+ 7.61% (1.00% Floor) | | | 8.61% (0.50% PIK) | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,643 | | | | | | 4,597 | | | | | | 4,086 | | | | | | 1.31 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 3.25% (1.00% Floor) | | | 4.25% | | | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 5,659 | | | | | | 5,580 | | | | | | 5,569 | | | | | | 1.78 | | |
First Lien Secured Term Loan B | | | N/A | | | 9.50% (9.50% PIK) | | | | | 06/29/20 | | | | | | 06/29/25 | | | | | | 1,164 | | | | | | 1,138 | | | | | | 1,133 | | | | | | 0.36 | | |
First Lien Secured Term Loan C(9) | | | N/A | | | 9.50% (9.50% PIK) | | | | | 06/29/20 | | | | | | NA | | | | | | 1,268 | | | | | | 1,265 | | | | | | 1,265 | | | | | | 0.40 | | |
| | | | | | | | | | | | | | | | | | | | | | | 22,161 | | | | | | 21,858 | | | | | | 20,349 | | | | | | 6.50 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% (1.50% Floor) | | | 8.25% | | | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 10,736 | | | | | | 10,595 | | | | | | 10,489 | | | | | | 3.35 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry's, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17) | | | L+ 7.94% (1.00% Floor) | | | 8.94% (1.17% PIK) | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 11,304 | | | | | | 11,200 | | | | | | 10,811 | | | | | | 3.46 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inspired Beauty Brands, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/30/20 | | | | | | 12/31/25 | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.00% (1.00% Floor) | | | 8.00% | | | | | 12/30/20 | | | | | | 12/31/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 11,500 | | | | | | 11,270 | | | | | | 11,270 | | | | | | 3.60 | | |
Property & Casualty Insurance | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Policy Services Company, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 03/06/20 | | | | | | 05/31/24 | | | | | | 6,240 | | | | | | 5,987 | | | | | | 6,115 | | | | | | 1.95 | | |
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comniscient Technologies LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 10/13/20 | | | | | | 10/13/25 | | | | | | 6,962 | | | | | | 6,830 | | | | | | 6,830 | | | | | | 2.18 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.50% (1.00% Floor) | | | 8.50% | | | | | 10/13/20 | | | | | | 10/13/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nelson Worldwide, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.25% (1.00% Floor) | | | 10.25% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 11,593 | | | | | | 11,477 | | | | | | 11,362 | | | | | | 3.63 | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 14,962 | | | | | | 14,728 | | | | | | 14,439 | | | | | | 4.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 33,517 | | | | | | 33,035 | | | | | | 32,631 | | | | | | 10.42 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.00% (1.00% PIK) | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 11,240 | | | | | | 10,442 | | | | | | 9,779 | | | | | | 3.13 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.12% (1.00% Floor) | | | 8.12% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,349 | | | | | | 4,283 | | | | | | 4,349 | | | | | | 1.39 | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.12% (1.00% Floor) | | | 8.12% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 2,014 | | | | | | 1,997 | | | | | | 2,014 | | | | | | 0.64 | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,363 | | | | | | 6,280 | | | | | | 6,363 | | | | | | 2.03 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 11.50% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 10,938 | | | | | $ | 10,810 | | | | | $ | 10,938 | | | | | | 3.50% | | |
Oasis Legal Finance, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 11.75% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 12,500 | | | | | | 12,446 | | | | | | 12,500 | | | | | | 3.99 | | |
WHF STRS Ohio Senior Loan Fund LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subordinated Note(4)(5)(7)(9)(14) | | | L+ 6.50% | | | 6.65% | | | | | 07/19/19 | | | | | | N/A | | | | | | 41,073 | | | | | | 41,073 | | | | | | 41,073 | | | | | | 13.13 | | |
| | | | | | | | | | | | | | | | | | | | | | | 64,511 | | | | | | 64,329 | | | | | | 64,511 | | | | | | 20.62 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 7.50% | | | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,632 | | | | | | 11,389 | | | | | | 10,818 | | | | | | 3.46 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.00% | | | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 7,074 | | | | | | 6,613 | | | | | | 7,074 | | | | | | 2.26 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.25% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 22,322 | | | | | | 22,022 | | | | | | 22,322 | | | | | | 7.13 | | |
Telestream Holdings Corporation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.75% (1.00% Floor) | | | 9.75% | | | | | 10/15/20 | | | | | | 10/15/25 | | | | | | 14,037 | | | | | | 13,608 | | | | | | 13,769 | | | | | | 4.40 | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.75% (1.00% Floor) | | | 9.75% | | | | | 10/15/20 | | | | | | 10/15/25 | | | | | | — | | | | | | — | | | | | | 15 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 36,359 | | | | | | 35,630 | | | | | | 36,106 | | | | | | 11.54 | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 694,114 | | | | | | 658,704 | | | | | | 657,249 | | | | | | 210.03 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Escalon Services Inc Warrants(4) | | | N/A | | | N/A | | | | | 12/04/20 | | | | | | N/A | | | | | | 709 | | | | | | 476 | | | | | | 476 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | — | | | | | | — | | |
ImageOne Industries, LLC Common A Units(4) | | | N/A | | | N/A | | | | | 09/20/19 | | | | | | N/A | | | | | | 225 | | | | | | — | | | | | | 14 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 542 | | | | | | 317 | | | | | | 14 | | | | | | — | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units(4) | | | N/A | | | N/A | | | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC Shares(4) | | | N/A | | | N/A | | | | | 08/28/20 | | | | | | N/A | | | | | | 1,100 | | | | | | 1,100 | | | | | | 1,265 | | | | | | 0.40 | | |
Ross-Simons Topco, LP Preferred Units(4) | | | N/A | | | N/A | | | | | 12/04/20 | | | | | | N/A | | | | | | 600 | | | | | | 600 | | | | | | 600 | | | | | | 0.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 1,700 | | | | | | 1,700 | | | | | | 1,865 | | | | | | 0.59 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp. Shares(4)(5)(6)(19) | | | N/A | | | N/A | | | | | 10/01/20 | | | | | | N/A | | | | | | — | | | | | | 6,944 | | | | | | 6,448 | | | | | | 2.06 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Keras Holdings, LLC Shares(dba KSM Consulting LLC)(4) | | | N/A | | | N/A | | | | | 12/31/20 | | | | | | N/A | | | | | | 496 | | | | | | 496 | | | | | | 496 | | | | | | 0.16 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Class A Common Stock(4) | | | N/A | | | N/A | | | | | 06/29/20 | | | | | | N/A | | | | | | 2 | | | | | | 1,955 | | | | | | 282 | | | | | | 0.09 | | |
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Warrants(4) | | | N/A | | | N/A | | | | | 06/29/20 | | | | | | 06/28/28 | | | | | | 1 | | | | | | 793 | | | | | | 114 | | | | | | 0.04 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | 2,748 | | | | | | 396 | | | | | | 0.13 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,498 | | | | | | 1.12 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,269 | | | | | | 2.96 | | |
WHF STRS Ohio Senior Loan Fund LLC Interests(4)(5)(7)(14) | | | N/A | | | N/A | | | | | 07/19/19 | | | | | | N/A | | | | | | 10,268 | | | | | | 10,268 | | | | | | 10,167 | | | | | | 3.25 | | |
| | | | | | | | | | | | | | | | | | | | | | | 20,268 | | | | | | 20,297 | | | | | | 19,436 | | | | | | 6.21 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 23,885 | | | | | | 36,725 | | | | | | 33,486 | | | | | | 10.69 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | 717,999 | | | | | $ | 695,429 | | | | | $ | 690,735 | | | | | | 220.72% | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC First Lien Secured Term Loan | | | L+ 7.00% (0.50% Floor) | | | 8.80% | | | | | 03/26/18 | | | | | | 03/26/24 | | | | | | 9,337 | | | | | $ | 9,337 | | | | | $ | 9,337 | | | | | | 2.98% | | |
Agricultural & Farm Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bad Boy Mowers Acquisition, LLC First Lien Secured Term Loan | | | L+ 5.75% (1.00% Floor) | | | 7.38% | | | | | 12/19/19 | | | | | | 12/06/25 | | | | | | 10,385 | | | | | | 10,073 | | | | | | 10,073 | | | | | | 3.22 | | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Access USA Shipping, LLC First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.80% | | | | | 02/08/19 | | | | | | 02/08/24 | | | | | | 5,651 | | | | | | 5,581 | | | | | | 5,600 | | | | | | 1.79 | | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Newscycle Solutions, Inc. First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.80% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 5,263 | | | | | | 5,174 | | | | | | 5,136 | | | | | | 1.64 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 9.77% | | | | | 06/14/19 | | | | | | 12/29/22 | | | | | | 265 | | | | | | 262 | | | | | | 259 | | | | | | 0.08 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,528 | | | | | | 5,436 | | | | | | 5,395 | | | | | | 1.72 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC First Lien Secured Term Loan(12) | | | base rate+ 7.99% (1.00% Floor) | | | 10.05% | | | | | 02/26/18 | | | | | | 02/26/23 | | | | | | 16,722 | | | | | | 16,485 | | | | | | 16,722 | | | | | | 5.34 | | |
BW Gas & Convenience Holdings, LLC First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 8.00% | | | | | 11/15/19 | | | | | | 11/18/24 | | | | | | 8,500 | | | | | | 8,164 | | | | | | 8,168 | | | | | | 2.61 | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,222 | | | | | | 24,649 | | | | | | 24,890 | | | | | | 7.95 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC First Lien Secured Term Loan | | | L+ 6.00% (1.50% Floor) | | | 7.87% | | | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 5,405 | | | | | | 5,299 | | | | | | 5,405 | | | | | | 1.73 | | |
Rural Media Group, Inc. First Lien Secured Term Loan(16) | | | L+ 7.71% (1.00% Floor) | | | 9.64% | | | | | 12/29/17 | | | | | | 12/29/22 | | | | | | 7,133 | | | | | | 7,050 | | | | | | 6,991 | | | | | | 2.23 | | |
| | | | | | | | | | | | | | | | | | | | | | | 12,538 | | | | | | 12,349 | | | | | | 12,396 | | | | | | 3.96 | | |
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC First Lien Secured Term Loan(16) | | | P+ 6.27% (2.25% Floor) | | | 11.02% | | | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | | 14,845 | | | | | | 14,250 | | | | | | 4.45 | | |
Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sorenson Communications, LLC First Lien Secured Term Loan | | | L+ 6.50% (0.00% Floor) | | | 8.44% | | | | | 03/15/19 | | | | | | 04/29/24 | | | | | | 4,875 | | | | | | 4,749 | | | | | | 4,857 | | | | | | 1.55 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ TLabs Operating Company, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 9.94% | | | | | 06/07/19 | | | | | | 06/07/24 | | | | | | 24,907 | | | | | | 24,685 | | | | | | 24,284 | | | | | | 7.76 | | |
Geo Logic Systems Ltd.(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(13) | | | C+ 6.25% (1.00% Floor) | | | 8.26% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | 21,718 | | | | | | 16,231 | | | | | | 16,415 | | | | | | 5.25 | | |
First Lien Secured Revolving Loan(7)(13) | | | C+ 6.25% (1.00% Floor) | | | 8.26% | | | | | 12/19/19 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 46,625 | | | | | | 40,916 | | | | | | 40,699 | | | | | | 13.01 | | |
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 9.04% (0.75% PIK) | | | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 14,883 | | | | | | 14,591 | | | | | | 13,544 | | | | | | 4.33% | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crown Brands, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | 5,727 | | | | | $ | 5,610 | | | | | $ | 5,596 | | | | | | 1.79% | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 8.00% (1.50% Floor) | | | 9.80% | | | | | 01/28/19 | | | | | | 01/25/24 | | | | | | — | | | | | | — | | | | | | (2) | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,727 | | | | | | 5,610 | | | | | | 5,594 | | | | | | 1.79 | | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sklar Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | 7.99% | | | | | 11/13/19 | | | | | | 05/13/23 | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,731 | | | | | | 2.79 | | |
| | | (1.00% Floor) | | | (1.00% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.99% (1.00% PIK) | | | | | 11/13/19 | | | | | | 05/13/20 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,902 | | | | | | 8,731 | | | | | | 8,733 | | | | | | 2.79 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 10.00% (1.00% Floor) | | | 11.80% (4.00% PIK) | | | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 7,261 | | | | | | 7,097 | | | | | | 6,898 | | | | | | 2.20 | | |
First Lien Secured Revolving Loan(4) | | | L+ 10.00% (1.00% Floor) | | | 11.94% (4.00% PIK) | | | | | 07/22/19 | | | | | | 12/12/22 | | | | | | 525 | | | | | | 525 | | | | | | 525 | | | | | | 0.17 | | |
NNA Services, LLC First Lien Secured Term Loan | | | L+ 7.00% (1.50% Floor) | | | 8.84% | | | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 9,889 | | | | | | 9,739 | | | | | | 9,889 | | | | | | 3.16 | | |
| | | | | | | | | | | | | | | | | | | | | | | 17,675 | | | | | | 17,361 | | | | | | 17,312 | | | | | | 5.53 | | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 9.42% | | | | | 11/26/19 | | | | | | 11/26/24 | | | | | | 11,750 | | | | | | 11,520 | | | | | | 11,519 | | | | | | 3.68 | | |
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% (1.00% Floor) | | | 7.79% | | | | | 12/26/19 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 6,458 | | | | | | 6,330 | | | | | | 6,329 | | | | | | 2.02 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8)(19) | | | P+ 11.00% (2.25% Floor) | | | 15.75% (2.00% PIK) | | | | | 08/10/16 | | | | | | 08/10/21 | | | | | | 13,250 | | | | | | 12,837 | | | | | | 7,668 | | | | | | 2.45 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 05/15/19 | | | | | | 04/30/19 | | | | | | 3,855 | | | | | | 3,855 | | | | | | 3,276 | | | | | | 1.05 | | |
First Lien Secured Term Loan B | | | L+ 9.00% (1.50% Floor) | | | 10.94% | | | | | 02/01/13 | | | | | | 04/30/19 | | | | | | 13,511 | | | | | | 13,511 | | | | | | 11,484 | | | | | | 3.67 | | |
Second Lien Secured Term Loan(8) | | | N/A | | | 15.75% (2.00% PIK) | | | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 18,394 | | | | | | 18,390 | | | | | | 14,760 | | | | | | 4.72 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CHS Therapy, LLC First Lien Secured Term Loan A | | | L+ 8.50% (1.50% Floor) | | | 10.44% | | | | | 06/14/19 | | | | | | 06/14/24 | | | | | | 7,615 | | | | | | 7,486 | | | | | | 7,615 | | | | | | 2.43 | | |
Lab Logistics, LLC First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.56% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 107 | | | | | | 106 | | | | | | 106 | | | | | | 0.03 | | |
First Lien Secured Delayed Draw Loan(7) | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 10/16/19 | | | | | | 09/25/23 | | | | | | 5,289 | | | | | | 5,251 | | | | | | 5,251 | | | | | | 1.68 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
PMA Holdco, LLC First Lien Secured Term Loan | | | L+ 7.75% (1.00% Floor) | | | 9.69% (2.00% PIK) | | | | | 06/28/18 | | | | | | 06/28/23 | | | | | | 12,784 | | | | | $ | 12,595 | | | | | $ | 12,720 | | | | | | 4.06% | | |
| | | | | | | | | | | | | | | | | | | | | | | 25,795 | | | | | | 25,438 | | | | | | 25,692 | | | | | | 8.20 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC First Lien Secured Term Loan | | | L+ 9.75% (1.00% Floor) | | | 11.70% | | | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,250 | | | | | | 5,178 | | | | | | 5,040 | | | | | | 1.61 | | |
Human Resources & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC First Lien Secured Term Loan(18) | | | L+ 6.31% (1.50% Floor) | | | 8.23% | | | | | 01/31/19 | | | | | | 01/31/24 | | | | | | 12,354 | | | | | | 12,152 | | | | | | 12,354 | | | | | | 3.95 | | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 8.80% | | | | | 10/02/19 | | | | | | 10/02/24 | | | | | | 12,919 | | | | | | 12,673 | | | | | | 12,673 | | | | | | 4.05 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Potpourri Group, Inc. First Lien Secured Term Loan | | | L+ 8.25% (1.50% Floor) | | | 9.94% | | | | | 07/03/19 | | | | | | 07/03/24 | | | | | | 18,763 | | | | | | 18,385 | | | | | | 18,424 | | | | | | 5.89 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Acquisition Corp(5) First Lien Secured Term Loan A | | | L+ 8.25% (1.00% Floor) | | | 10.16% | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 5,231 | | | | | | 5,156 | | | | | | 4,968 | | | | | | 1.59 | | |
First Lien Secured Term Loan B | | | L+ 14.50% (1.00% Floor) | | | 16.41% (1.50% PIK) | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 1,805 | | | | | | 1,779 | | | | | | 1,777 | | | | | | 0.57 | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.30% | | | | | 02/28/19 | | | | | | 02/28/24 | | | | | | 16,190 | | | | | | 16,055 | | | | | | 16,190 | | | | | | 5.17 | | |
| | | | | | | | | | | | | | | | | | | | | | | 23,226 | | | | | | 22,990 | | | | | | 22,935 | | | | | | 7.33 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology LLC First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 9.80% (1.00% PIK) | | | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,236 | | | | | | 4,187 | | | | | | 4,236 | | | | | | 1.35 | | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Honors Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(17) | | | L+ 6.86% (1.00% Floor) | | | 8.74% | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 9,405 | | | | | | 9,264 | | | | | | 9,305 | | | | | | 2.97 | | |
First Lien Secured Delayed Draw Loan(17) | | | L+ 6.00% (1.00% Floor) | | | 7.90% | | | | | 09/06/19 | | | | | | 09/06/24 | | | | | | 4,662 | | | | | | 4,616 | | | | | | 4,612 | | | | | | 1.47 | | |
Lift Brands, Inc. First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 9.44% (0.50% PIK) | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 10,532 | | | | | | 10,387 | | | | | | 10,038 | | | | | | 3.21 | | |
First Lien Secured Revolving Loan(7) | | | P+ 6.00% (2.76% Floor) | | | 10.75% | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 158 | | | | | | 156 | | | | | | 131 | | | | | | 0.04 | | |
| | | | | | | | | | | | | | | | | | | | | | | 24,757 | | | | | | 24,423 | | | | | | 24,086 | | | | | | 7.69 | | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empire Office, Inc. First Lien Secured Term Loan | | | L+ 6.75% (1.50% Floor) | | | 8.55% | | | | | 04/12/19 | | | | | | 04/12/24 | | | | | | 12,224 | | | | | | 12,015 | | | | | | 12,029 | | | | | | 3.84 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sigue Corporation Second Lien Secured Term Loan(4) | | | L+ 12.00% (1.00% Floor) | | | 13.94% | | | | | 12/27/13 | | | | | | 05/01/20 | | | | | | 24,904 | | | | | | 24,905 | | | | | | 24,655 | | | | | | 7.88 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry’s, LLC First Lien Secured Term Loan(18) | | | L+ 7.97% (1.00% Floor) | | | 9.71% (1.18% PIK) | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 12,293 | | | | | | 12,128 | | | | | | 11,924 | | | | | | 3.81 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nelson Worldwide, LLC First Lien Secured Term Loan | | | L+ 9.25% (1.00% Floor) | | | 11.23% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 13,603 | | | | | $ | 13,397 | | | | | $ | 13,263 | | | | | | 4.24% | | |
ALM Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 11/25/19 | | | | | | 11/25/24 | | | | | | 15,750 | | | | | | 15,441 | | | | | | 15,441 | | | | | | 4.93 | | |
| | | | | | | | | | | | | | | | | | | | | | | 29,353 | | | | | | 28,838 | | | | | | 28,704 | | | | | | 9.17 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. First Lien Secured Term Loan | | | L+ 6.00% (0.00% Floor) | | | 7.80% | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 10,237 | | | | | | 9,977 | | | | | | 9,717 | | | | | | 3.10 | | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
True Blue Car Wash, LLC First Lien Secured Term Loan | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,375 | | | | | | 1.40 | | |
First Lien Secured Revolving Loan(7) | | | L+ 8.12% (1.00% Floor) | | | 9.91% | | | | | 10/17/19 | | | | | | 10/17/24 | | | | | | — | | | | | | — | | | | | | (20) | | | | | | (0.01) | | |
| | | | | | | | | | | | | | | | | | | | | | | 4,461 | | | | | | 4,375 | | | | | | 4,355 | | | | | | 1.39 | | |
Specialty Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Flexitallic Group SAS First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 8.44% | | | | | 10/28/19 | | | | | | 10/29/26 | | | | | | 11,750 | | | | | | 11,461 | | | | | | 11,463 | | | | | | 3.66 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5) Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 12.19% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 17,500 | | | | | | 17,232 | | | | | | 17,500 | | | | | | 5.59 | | |
Oasis Legal Finance, LLC(5) Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 12.44% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 20,000 | | | | | | 19,841 | | | | | | 20,000 | | | | | | 6.39 | | |
WHF STRS Ohio Senior Loan Fund LLC Subordinated Note(4)(5)(7)(14)(15) | | | L+ 6.50% | | | 8.16% | | | | | 07/19/19 | | | | | | NA | | | | | | 26,344 | | | | | | 26,344 | | | | | | 26,344 | | | | | | 8.42 | | |
| | | | | | | | | | | | | | | | | | | | | | | 63,844 | | | | | | 63,417 | | | | | | 63,844 | | | | | | 20.40 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vero Parent, Inc. First Lien Secured Term Loan | | | L+ 6.00% (1.00% Floor) | | | 7.91% | | | | | 11/06/19 | | | | | | 08/16/24 | | | | | | 20,000 | | | | | | 18,014 | | | | | | 19,025 | | | | | | 6.08 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC First Lien Secured Term Loan | | | L+ 6.50% (1.50% Floor) | | | 8.41% | | | | | 08/22/19 | | | | | | 08/22/24 | | | | | | 19,067 | | | | | | 18,713 | | | | | | 18,696 | | | | | | 5.97 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 10.18% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 23,566 | | | | | | 23,112 | | | | | | 23,566 | | | | | | 7.53% | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 591,199 | | | | | | 575,686 | | | | | | 566,374 | | | | | | 180.94 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9) | | | N/A | | | N/A | | | | | 11/28/17 | | | | | | N/A | | | | | | 187 | | | | | | 560 | | | | | | 467 | | | | | | 0.15 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | 276 | | | | | | 0.09 | | |
ImageOne Industries, LLC Common A Units(4) | | | N/A | | | N/A | | | | | 09/20/19 | | | | | | N/A | | | | | | 149 | | | | | | — | | | | | | 48 | | | | | | 0.02 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics Preferred Units | | | N/A | | | N/A | | | | | 10/29/19 | | | | | | N/A | | | | | | 2 | | | | | | 857 | | | | | | 857 | | | | | | 0.27 | | |
PMA Holdco, LLC Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 06/28/28 | | | | | | 8 | | | | | | — | | | | | | 461 | | | | | | 0.15 | | |
| | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | 857 | | | | | | 1,318 | | | | | | 0.42 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | $ | — | | | | | $ | — | | | | | | —% | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | 12/28/25 | | | | | | 22 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
| | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | 2,890 | | | | | | 3,721 | | | | | | 1.19 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 06/10/14 | | | | | | 08/31/22 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,651 | | | | | | 3.08 | | |
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(14) | | | N/A | | | N/A | | | | | 07/19/19 | | | | | | N/A | | | | | | 6,586 | | | | | | 6,586 | | | | | | 6,949 | | | | | | 2.22 | | |
Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessco Holdings, LLC(4) | | | N/A | | | N/A | | | | | 08/22/19 | | | | | | N/A | | | | | | 489 | | | | | | 800 | | | | | | 800 | | | | | | 0.26 | | |
Trucking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Europcar Mobility Group(5) | | | N/A | | | N/A | | | | | 10/31/19 | | | | | | 12/31/22 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | 0.03 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 17,903 | | | | | | 22,039 | | | | | | 23,314 | | | | | | 7.46 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | 609,102 | | | | | $ | 597,725 | | | | | $ | 589,688 | | | | | | 188.40% | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (0.50% Floor) | | | 9.52% | | | | | 03/26/18 | | | | | | 03/27/23 | | | | | | 10,771 | | | | | $ | 10,771 | | | | | $ | 10,771 | | | | | | 3.42% | | |
Outcome Health | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.50% (1.00% Floor) | | | 12.31% (3.00% PIK) | | | | | 12/22/16 | | | | | | 12/22/21 | | | | | | 7,943 | | | | | | 7,581 | | | | | | 6,408 | | | | | | 2.03 | | |
| | | | | | | | | | | | | | | | | | | | | | | 18,714 | | | | | | 18,352 | | | | | | 17,179 | | | | | | 5.45 | | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(12) | | | base rate+ 7.99% (1.00% Floor) | | | 10.54% | | | | | 02/26/18 | | | | | | 02/23/23 | | | | | | 17,183 | | | | | | 16,862 | | | | | | 16,840 | | | | | | 5.34 | | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alpha Media, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% (1.00% Floor) | | | 9.00% | | | | | 08/14/18 | | | | | | 02/25/22 | | | | | | 10,877 | | | | | | 10,546 | | | | | | 10,493 | | | | | | 3.33 | | |
Multicultural Radio Broadcasting, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 10.52% | | | | | 12/28/17 | | | | | | 12/28/22 | | | | | | 17,882 | | | | | | 17,597 | | | | | | 17,739 | | | | | | 5.63 | | |
Rural Media Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.86% (1.00% Floor) | | | 10.38% | | | | | 12/29/17 | | | | | | 12/29/22 | | | | | | 7,000 | | | | | | 6,888 | | | | | | 6,860 | | | | | | 2.18 | | |
| | | | | | | | | | | | | | | | | | | | | | | 35,759 | | | | | | 35,031 | | | | | | 35,092 | | | | | | 11.14 | | |
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.33% (1.00% Floor) | | | 10.10% | | | | | 06/08/18 | | | | | | 06/08/23 | | | | | | 15,000 | | | | | | 14,801 | | | | | | 14,700 | | | | | | 4.66 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FPT Operating Company, LLC/ TLabs Operating Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% (1.00% Floor) | | | 10.60% | | | | | 12/23/16 | | | | | | 12/23/21 | | | | | | 25,394 | | | | | | 25,096 | | | | | | 24,707 | | | | | | 7.84 | | |
Department Stores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% (1.00% Floor) | | | 8.77% | | | | | 10/24/18 | | | | | | 10/24/24 | | | | | | 15,000 | | | | | | 14,708 | | | | | | 14,707 | | | | | | 4.66 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Account Control Technology Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.75% (1.00% Floor) | | | 11.28% | | | | | 04/28/17 | | | | | | 04/28/22 | | | | | | 3,933 | | | | | | 3,857 | | | | | | 3,920 | | | | | | 1.24 | | |
ImageOne Industries, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 10.00% (1.00% Floor) | | | 12.52% (2.00% PIK) | | | | | 01/11/18 | | | | | | 01/11/23 | | | | | | 7,264 | | | | | | 7,082 | | | | | | 6,683 | | | | | | 2.12 | | |
NNA Services, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% | | | 9.80% | | | | | 10/16/18 | | | | | | 10/16/23 | | | | | | 10,434 | | | | | | 10,234 | | | | | | 10,202 | | | | | | 3.24 | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | 8.81% | | | | | 12/28/18 | | | | | | 12/28/24 | | | | | | 10,942 | | | | | $ | 10,724 | | | | | $ | 10,724 | | | | | | 3.40% | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.00% | | | 8.81% | | | | | 12/28/18 | | | | | | 12/28/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | 32,573 | | | | | | 31,897 | | | | | | 31,529 | | | | | | 10.00 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AG Kings Holdings, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.95% (1.00% Floor) | | | 12.75% | | | | | 08/10/16 | | | | | | 08/10/21 | | | | | | 13,031 | | | | | $ | 12,737 | | | | | $ | 11,076 | | | | | | 3.51% | | |
Crews of California, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 11.00% (1.00% Floor) | | | 13.44% (1.00% PIK) | | | | | 11/20/14 | | | | | | 11/20/19 | | | | | | 10,354 | | | | | | 10,320 | | | | | | 10,251 | | | | | | 3.25 | | |
First Lien Secured Revolving Loan | | | L+ 11.00% (1.00% Floor) | | | 13.44% (1.00% PIK) | | | | | 06/05/15 | | | | | | 11/20/19 | | | | | | 5,171 | | | | | | 5,148 | | | | | | 5,120 | | | | | | 1.62 | | |
First Lien Secured Delayed Draw Loan | | | L+ 11.00% (1.00% Floor) | | | 13.44% (1.00% PIK) | | | | | 03/27/15 | | | | | | 11/20/19 | | | | | | 2,974 | | | | | | 2,961 | | | | | | 2,944 | | | | | | 0.93 | | |
| | | | | | | | | | | | | | | | | | | | | | | 31,530 | | | | | | 31,166 | | | | | | 29,391 | | | | | | 9.31 | | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Grupo HIMA San Pablo, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.00% (1.50% Floor) | | | 11.52% | | | | | 04/01/18 | | | | | | 05/31/19 | | | | | | 14,065 | | | | | | 14,065 | | | | | | 11,955 | | | | | | 3.79 | | |
Second Lien Secured Term Loan(8) | | | N/A | | | 15.75% (2.00% PIK) | | | | | 02/01/13 | | | | | | 07/31/18 | | | | | | 1,028 | | | | | | 1,024 | | | | | | 103 | | | | | | 0.03 | | |
| | | | | | | | | | | | | | | | | | | | | | | 15,093 | | | | | | 15,089 | | | | | | 12,058 | | | | | | 3.82 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PMA Holdco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.50% (1.00% Floor) | | | 10.30% | | | | | 06/28/18 | | | | | | 06/28/23 | | | | | | 14,875 | | | | | | 14,591 | | | | | | 14,577 | | | | | | 4.62 | | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sure Fit Home Products, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 9.50% (1.00% Floor) | | | 12.31% | | | | | 10/26/18 | | | | | | 07/13/22 | | | | | | 5,530 | | | | | | 5,424 | | | | | | 5,392 | | | | | | 1.71 | | |
Internet Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clarus Commerce, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.42% (1.00% Floor) | | | 10.95% | | | | | 03/09/18 | | | | | | 03/09/23 | | | | | | 17,100 | | | | | | 16,930 | | | | | | 17,100 | | | | | | 5.42 | | |
Internet Software & Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
London Trust Media Incorporated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 10.53% | | | | | 02/01/18 | | | | | | 02/01/23 | | | | | | 10,925 | | | | | | 10,791 | | | | | | 10,816 | | | | | | 3.43 | | |
StackPath, LLC & Highwinds Capital, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 9.50% (1.00% Floor) | | | 12.33% | | | | | 02/03/17 | | | | | | 02/02/24 | | | | | | 18,000 | | | | | | 17,673 | | | | | | 14,760 | | | | | | 4.68 | | |
| | | | | | | | | | | | | | | | | | | | | | | 28,925 | | | | | | 28,464 | | | | | | 25,576 | | | | | | 8.11 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien First Out Secured Term Loan | | | L+ 8.02% (1.00% Floor) | | | 10.54% | | | | | 05/05/17 | | | | | | 05/05/22 | | | | | | 12,488 | | | | | | 12,300 | | | | | | 12,726 | | | | | | 4.04 | | |
First Lien Last Out Secured Term Loan | | | L+ 12.00% (1.00% Floor) | | | 14.52% | | | | | 05/05/17 | | | | | | 05/05/22 | | | | | | 4,625 | | | | | | 4,555 | | | | | | 4,713 | | | | | | 1.49 | | |
| | | | | | | | | | | | | | | | | | | | | | | 17,113 | | | | | | 16,855 | | | | | | 17,439 | | | | | | 5.53 | | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AST-Applications Software Technology LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.00% (1.00% Floor) | | | 10.52% (1.00% PIK) | | | | | 01/10/17 | | | | | | 01/10/23 | | | | | | 4,214 | | | | | | 4,148 | | | | | | 4,088 | | | | | | 1.30 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Planet Fit Indy 10 LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Incremental Term Loan | | | L+ 7.25% (1.00% Floor) | | | 10.04% | | | | | 11/30/17 | | | | | | 03/07/22 | | | | | | 9,892 | | | | | $ | 9,735 | | | | | $ | 9,841 | | | | | | 3.12% | | |
First Lien Initial Delayed Draw Loan | | | L+ 7.25% (1.00% Floor) | | | 9.82% | | | | | 11/30/17 | | | | | | 03/07/22 | | | | | | 6,183 | | | | | | 6,163 | | | | | | 6,153 | | | | | | 1.95 | | |
First Lien Initial Term Loan | | | L+ 7.25% (1.00% Floor) | | | 10.02% | | | | | 11/30/17 | | | | | | 03/07/22 | | | | | | 130 | | | | | | 129 | | | | | | 130 | | | | | | 0.04 | | |
Lift Brands, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% (1.00% Floor) | | | 9.80% | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 10,858 | | | | | | 10,663 | | | | | | 10,433 | | | | | | 3.31 | | |
First Lien Secured Revolving Loan(7) | | | L+ 7.00% (1.00% Floor) | | | 9.09% | | | | | 04/16/18 | | | | | | 04/16/23 | | | | | | 128 | | | | | | 126 | | | | | | 110 | | | | | | 0.03 | | |
Honors Holdings, LLC (Orange Theory) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.94% (0.00% Floor) | | | 11.37% | | | | | 07/17/18 | | | | | | 07/17/23 | | | | | | 7,500 | | | | | | 7,398 | | | | | | 7,355 | | | | | | 2.33 | | |
| | | | | | | | | | | | | | | | | | | | | | | 34,691 | | | | | | 34,214 | | | | | | 34,022 | | | | | | 10.78 | | |
Oil & Gas Exploration & Production | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Caelus Energy Alaska O3, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 7.50% | | | 10.30% | | | | | 04/04/14 | | | | | | 04/15/20 | | | | | | 17,342 | | | | | | 16,876 | | | | | | 17,342 | | | | | | 5.50 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Acquisition Corp(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan A | | | L+ 7.25% (1.00% Floor) | | | 9.96% | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 7,588 | | | | | | 7,451 | | | | | | 7,448 | | | | | | 2.36 | | |
First Lien Secured Term Loan B | | | L+ 14.50% (1.00% Floor) | | | 17.21% (1.50% PIK) | | | | | 11/29/18 | | | | | | 11/30/23 | | | | | | 1,870 | | | | | | 1,837 | | | | | | 1,836 | | | | | | 0.58 | | |
Sigue Corporation(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 12.00% (1.00% Floor) | | | 14.80% | | | | | 12/27/13 | | | | | | 09/30/19 | | | | | | 24,904 | | | | | | 24,904 | | | | | | 24,344 | | | | | | 7.72 | | |
| | | | | | | | | | | | | | | | | | | | | | | 34,362 | | | | | | 34,192 | | | | | | 33,628 | | | | | | 10.66 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry’s, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.84% (1.00% Floor) | | | 9.29% | | | | | 05/15/18 | | | | | | 05/15/23 | | | | | | 13,449 | | | | | | 13,214 | | | | | | 12,777 | | | | | | 4.05 | | |
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nelson Worldwide, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.75% (1.00% Floor) | | | 11.16% | | | | | 01/09/18 | | | | | | 01/09/23 | | | | | | 14,303 | | | | | | 14,016 | | | | | | 13,903 | | | | | | 4.41 | | |
Restaurants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LS GFG Holdings Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | 8.47% | | | | | 11/30/18 | | | | | | 11/19/25 | | | | | | 10,340 | | | | | | 10,033 | | | | | | 10,020 | | | | | | 3.18 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Golden Pear Funding Assetco, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.50% (1.00% Floor) | | | 12.85% | | | | | 09/20/18 | | | | | | 03/20/24 | | | | | | 17,500 | | | | | | 17,168 | | | | | | 17,150 | | | | | | 5.44 | | |
Oasis Legal Finance, LLC(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 10.75% (1.00% Floor) | | | 13.10% | | | | | 09/09/16 | | | | | | 03/09/22 | | | | | | 20,000 | | | | | | 19,768 | | | | | | 20,000 | | | | | | 6.34 | | |
| | | | | | | | | | | | | | | | | | | | | | | 37,500 | | | | | | 36,936 | | | | | | 37,150 | | | | | | 11.78 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Source Code Midco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.75% (1.00% Floor) | | | 11.28% | | | | | 05/04/18 | | | | | | 05/04/23 | | | | | | 14,182 | | | | | | 13,874 | | | | | | 13,898 | | | | | | 4.41 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(10) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(11) | | | Fair Value As A Percentage of Net Assets | | ||||||||||||||||||
Trucking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunteck / TTS Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Lien Secured Term Loan | | | L+ 9.00% (1.00% Floor) | | | 11.79% | | | | | 12/15/16 | | | | | | 06/15/22 | | | | | | 3,500 | | | | | $ | 3,462 | | | | | $ | 3,468 | | | | | | 1.10% | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | | | | | | 473,672 | | | | | | 466,231 | | | | | | 456,583 | | | | | | 144.78 | | |
Equity Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9) | | | N/A | | | N/A | | | | | 11/28/17 | | | | | | 12/08/25 | | | | | | 187 | | | | | | 560 | | | | | | 706 | | | | | | 0.22% | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Units(4) | | | N/A | | | N/A | | | | | 12/28/18 | | | | | | 12/08/25 | | | | | | 317 | | | | | | 317 | | | | | | 317 | | | | | | 0.10 | | |
Food Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crews of California, Inc. | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Warrants(4) | | | N/A | | | N/A | | | | | 11/20/14 | | | | | | 12/31/24 | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | |
Nicholas & Associates, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Warrants(4) | | | N/A | | | N/A | | | | | 11/20/14 | | | | | | 12/31/24 | | | | | | 2 | | | | | | — | | | | | | 131 | | | | | | 0.04 | | |
Pinnacle Management Group, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Warrants(4) | | | N/A | | | N/A | | | | | 11/20/14 | | | | | | 12/31/24 | | | | | | 2 | | | | | | — | | | | | | 131 | | | | | | 0.04 | | |
RC3 Enterprises, LLC | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Warrants(4) | | | N/A | | | N/A | | | | | 11/20/14 | | | | | | 12/31/24 | | | | | | 2 | | | | | | — | | | | | | 131 | | | | | | 0.04 | | |
| | | | | | | | | | | | | | | | | | | | | | | 6 | | | | | | — | | | | | | 399 | | | | | | 0.12 | | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PMA Holdco, LLC Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | N/A | | | | | | 8 | | | | | | — | | | | | | 393 | | | | | | 0.12 | | |
Other Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RCS Creditor Trust Class B Units(4)(6) | | | N/A | | | N/A | | | | | 10/01/17 | | | | | | N/A | | | | | | 143 | | | | | | — | | | | | | 535 | | | | | | 0.17 | | |
SFS Global Holding Company Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | N/A | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sigue Corporation Warrants(4) | | | N/A | | | N/A | | | | | 06/28/18 | | | | | | N/A | | | | | | 7 | | | | | | 702 | | | | | | 901 | | | | | | 0.29 | | |
| | | | | | | | | | | | | | | | | | | | | | | 150 | | | | | | 702 | | | | | | 1,436 | | | | | | 0.46 | | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units(4)(5)(6) | | | N/A | | | N/A | | | | | 08/13/14 | | | | | | 06/13/20 | | | | | | 10,000 | | | | | | 10,029 | | | | | | 9,630 | | | | | | 3.05 | | |
Trucking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fox Rent A Car, Inc. Warrants(4) | | | N/A | | | N/A | | | | | 10/26/16 | | | | | | N/A | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 0.03 | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | | | | | | 10,668 | | | | | | 11,608 | | | | | | 12,981 | | | | | | 4.10 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | $ | 484,340 | | | | | $ | 477,839 | | | | | $ | 469,564 | | | | | | 148.88% | | |
|
Risk exposure category | | | For the yearended December 31, 2020 | | | For the year ended December 31, 2019 | | ||||||
Foreign exchange | | | | $ | (25) | | | | | $ | — | | |
Risk exposure category | | | For the year ended December 31, 2020 | | | For the year ended December 31, 2019 | | ||||||
Foreign exchange | | | | $ | — | | | | | $ | — | | |
| | December 31, 2019 | | December 31, 2018 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
| | Cost | | Fair Value | | Cost | | Fair Value | | | Cost | | Fair Value | | Cost | | Fair Value | | ||||||||||||||||||||||||||||||||
First lien secured loans | | | $ | 486,340 | | | | $ | 477,875 | | | | $ | 365,356 | | | | $ | 359,416 | | | | | $ | 588,260 | | | | $ | 588,580 | | | | $ | 486,340 | | | | $ | 477,875 | | | ||||||||
Second lien secured loans | | | | 63,002 | | | | | 62,155 | | | | | 100,875 | | | | | 97,167 | | | | | | 29,371 | | | | | 27,596 | | | | | 63,002 | | | | | 62,155 | | | ||||||||
Subordinated Note to STRS JV | | | | 26,344 | | | | | 26,344 | | | | | — | | | | | — | | | | | | 41,073 | | | | | 41,073 | | | | | 26,344 | | | | | 26,344 | | | ||||||||
Equity (excluding STRS JV) | | | | 15,453 | | | | | 16,365 | | | | | 11,608 | | | | | 12,981 | | | | | | 26,457 | | | | | 23,319 | | | | | 15,453 | | | | | 16,365 | | | ||||||||
Equity in STRS JV | | | | 6,586 | | | | | 6,949 | | | | | — | | | | | — | | | | | | 10,268 | | | | | 10,167 | | | | | 6,586 | | | | | 6,949 | | | ||||||||
Total | | | $ | 597,725 | | | | $ | 589,688 | | | | $ | 477,839 | | | | $ | 469,564 | | | | | $ | 695,429 | | | | $ | 690,735 | | | | $ | 597,725 | | | | $ | 589,688 | | |
| | December 31, 2019 | | December 31, 2018 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Advertising | | | $ | 9,804 | | | | | 1.76% | | | | $ | 17,885 | | | | | 3.81% | | | | | $ | 15,159 | | | | | 2.37% | | | | $ | 9,804 | | | | | 1.76% | | | ||||||||
Agricultural & Farm Machinery | | | | 10,073 | | | | | 1.81 | | | | | — | | | | | — | | | | | | 9,201 | | | | | 1.44 | | | | | 10,073 | | | | | 1.81 | | | ||||||||
Air Freight & Logistics | | | | 5,600 | | | | | 1.01 | | | | | — | | | | | — | | | | | | 5,359 | | | | | 0.84 | | | | | 5,600 | | | | | 1.01 | | | ||||||||
Application Software | | | | 5,395 | | | | | 0.97 | | | | | — | | | | | — | | | | | | 28,397 | | | | | 4.43 | | | | | 5,395 | | | | | 0.97 | | | ||||||||
Auto Parts & Equipment | | | | — | | | | | — | | | | | 16,840 | | | | | 3.59 | | | |||||||||||||||||||||||||||||
Automotive Retail | | | | 24,890 | | | | | 4.47 | | | | | — | | | | | — | | | | | | 22,139 | | | | | 3.46 | | | | | 24,890 | | | | | 4.47 | | | ||||||||
Broadcasting | | | | 12,396 | | | | | 2.23 | | | | | 35,092 | | | | | 7.47 | | | | | | 4,844 | | | | | 0.76 | | | | | 12,396 | | | | | 2.23 | | | ||||||||
Building Products | | | | 19,751 | | | | | 3.09 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Cable & Satellite | | | | 14,250 | | | | | 2.56 | | | | | 14,700 | | | | | 3.13 | | | | | | 14,250 | | | | | 2.23 | | | | | 14,250 | | | | | 2.56 | | | ||||||||
Communications Equipment | | | | 4,857 | | | | | 0.87 | | | | | — | | | | | — | | | | | | 15,770 | | | | | 2.47 | | | | | 4,857 | | | | | 0.87 | | | ||||||||
Construction & Engineering | | | | 26,229 | | | | | 4.09 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Construction Material | | | | 7,840 | | | | | 1.23 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Consumer Finance | | | | 9,682 | | | | | 1.51 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Data Processing & Outsourced Services | | | | 40,699 | | | | | 7.32 | | | | | 24,707 | | | | | 5.26 | | | | | | 36,861 | | | | | 5.76 | | | | | 40,699 | | | | | 7.32 | | | ||||||||
Department Stores | | | | 13,544 | | | | | 2.43 | | | | | 14,707 | | | | | 3.13 | | | | | | 13,272 | | | | | 2.08 | | | | | 13,544 | | | | | 2.43 | | | ||||||||
Distributors | | | | 5,594 | | | | | 1.01 | | | | | | | | | | | | | | | | 4,158 | | | | | 0.65 | | | | | 5,594 | | | | | 1.01 | | | ||||||||
Diversified Chemicals | | | | 8,733 | | | | | 1.57 | | | | | — | | | | | — | | | | | | 8,834 | | | | | 1.38 | | | | | 8,733 | | | | | 1.57 | | | ||||||||
Diversified Support Services | | | | 17,636 | | | | | 3.17 | | | | | 31,846 | | | | | 6.78 | | | | | | 20,241 | | | | | 3.17 | | | | | 17,636 | | | | | 3.17 | | | ||||||||
Education Services | | | | 11,519 | | | | | 2.07 | | | | | — | | | | | — | | | | | | 13,612 | | | | | 2.13 | | | | | 11,519 | | | | | 2.07 | | | ||||||||
Environmental & Facilities Services | | | | 6,329 | | | | | 1.14 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 6,329 | | | | | 1.14 | | | ||||||||
Food Retail | | | | 7,668 | | | | | 1.38 | | | | | 29,790 | | | | | 6.34 | | | | | | 21,822 | | | | | 3.41 | | | | | 7,668 | | | | | 1.38 | | | ||||||||
Health Care Facilities | | | | 14,760 | | | | | 2.65 | | | | | 12,058 | | | | | 2.57 | | | | | | 15,188 | | | | | 2.37 | | | | | 14,760 | | | | | 2.65 | | | ||||||||
Health Care Services | | | | 27,010 | | | | | 4.85 | | | | | 14,970 | | | | | 3.19 | | | | | | 39,600 | | | | | 6.19 | | | | | 27,010 | | | | | 4.85 | | | ||||||||
Home Furnishings | | | | 5,040 | | | | | 0.91 | | | | | 5,392 | | | | | 1.15 | | | | | | 4,019 | | | | | 0.63 | | | | | 5,040 | | | | | 0.91 | | | ||||||||
Human Resource & Employment Services | | | | 12,354 | | | | | 2.22 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 12,354 | | | | | 2.22 | | | ||||||||
Interactive Media & Services | | | | 12,673 | | | | | 2.28 | | | | | — | | | | | — | | | | | | 12,594 | | | | | 1.97 | | | | | 12,673 | | | | | 2.28 | | | ||||||||
Internet & Direct Marketing Retail | | | | 18,424 | | | | | 3.31 | | | | | 17,100 | | | | | 3.64 | | | | | | 36,556 | | | | | 5.72 | | | | | 18,424 | | | | | 3.31 | | | ||||||||
Internet Software & Services | | | | — | | | | | — | | | | | 25,576 | | | | | 5.45 | | | |||||||||||||||||||||||||||||
Investment Banking & Brokerage | | | | 22,935 | | | | | 4.12 | | | | | 17,439 | | | | | 3.71 | | | | | | 20,046 | | | | | 3.14 | | | | | 22,935 | | | | | 4.12 | | | ||||||||
IT Consulting & Other Services | | | | 4,236 | | | | | 0.76 | | | | | 4,088 | | | | | 0.87 | | | | | | 15,665 | | | | | 2.45 | | | | | 4,236 | | | | | 0.76 | | | ||||||||
Leisure Facilities | | | | 24,086 | | | | | 4.33 | | | | | 34,022 | | | | | 7.25 | | | | | | 20,745 | | | | | 3.24 | | | | | 24,086 | | | | | 4.33 | | | ||||||||
Office Services & Supplies | | | | 12,029 | | | | | 2.16 | | | | | — | | | | | — | | | | | | 10,489 | | | | | 1.64 | | | | | 12,029 | | | | | 2.16 | | | ||||||||
Oil & Gas Exploration & Production | | | | — | | | | | — | | | | | 17,342 | | | | | 3.69 | | | |||||||||||||||||||||||||||||
Other Diversified Financial Services | | | | 28,376 | | | | | 5.10 | | | | | 35,064 | | | | | 7.47 | | | | | | 3,498 | | | | | 0.55 | | | | | 28,376 | | | | | 5.10 | | | ||||||||
Packaged Foods & Meats | | | | 11,924 | | | | | 2.14 | | | | | 12,777 | | | | | 2.72 | | | | | | 10,811 | | | | | 1.69 | | | | | 11,924 | | | | | 2.14 | | | ||||||||
Personal Products | | | | 11,270 | | | | | 1.76 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Property & Casualty Insurance | | | | 6,115 | | | | | 0.96 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Research & Consulting Services | | | | 28,704 | | | | | 5.16 | | | | | 13,903 | | | | | 2.96 | | | | | | 32,631 | | | | | 5.10 | | | | | 28,704 | | | | | 5.16 | | | ||||||||
Restaurants | | | | 9,717 | | | | | 1.75 | | | | | 10,020 | | | | | 2.13 | | | | | | 9,779 | | | | | 1.53 | | | | | 9,717 | | | | | 1.75 | | | ||||||||
Specialized Consumer Services | | | | 4,355 | | | | | 0.78 | | | | | — | | | | | — | | | | | | 6,363 | | | | | 1.00 | | | | | 4,355 | | | | | 0.78 | | | ||||||||
Specialized Finance | | | | 47,151 | | | | | 8.47 | | | | | 46,780 | | | | | 9.97 | | | | | | 32,707 | | | | | 5.11 | | | | | 47,151 | | | | | 8.47 | | | ||||||||
Specialty Chemicals | | | | 11,463 | | | | | 2.06 | | | | | — | | | | | — | | | | | | 10,818 | | | | | 1.69 | | | | | 11,463 | | | | | 2.06 | | | ||||||||
Systems Software | | | | 19,025 | | | | | 3.42 | | | | | — | | | | | — | | | | | | 7,074 | | | | | 1.11 | | | | | 19,025 | | | | | 3.42 | | | ||||||||
Technology Hardware, Storage & Peripherals | | | | 23,566 | | | | | 4.24 | | | | | 13,898 | | | | | 2.96 | | | | | | 36,106 | | | | | 5.65 | | | | | 23,566 | | | | | 4.24 | | | ||||||||
Trading Companies & Distributors | | | | 19,496 | | | | | 3.50 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 19,496 | | | | | 3.50 | | | ||||||||
Trucking | | | | 84 | | | | | 0.02 | | | | | 3,568 | | | | | 0.76 | | | | | | — | | | | | — | | | | | 84 | | | | | 0.02 | | | ||||||||
Total | | | $ | 556,395 | | | | | 100.00% | | | | $ | 469,564 | | | | | 100.00% | | | | | $ | 639,495 | | | | | 100.00% | | | | $ | 556,395 | | | | | 100.00% | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units | | | | | Equity | | | | | $ | 1,173 | | | | | $ | 9,630 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | 9,651 | | |
RCS Creditor Trust Class B Units | | | | | Equity | | | | | | — | | | | | | 535 | | | | | | — | | | | | | — | | | | | | — | | | | | | (535) | | | | | | — | | |
Total Non-controlled affiliates | | | | | | | | | | $ | 1,173 | | | | | $ | 10,165 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (514) | | | | | $ | 9,651 | | |
|
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | |||||||||||||||||||||
Controlled affiliates WHF STRS Ohio Senior Loan Fund LLC*. | | | Subordinated Note | | | | $ | 936 | | | | | $ | — | | | | | $ | 26,344 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 26,344 | | |
WHF STRS Ohio Senior Loan Fund LLC*. | | | Equity | | | | | — | | | | | | — | | | | | | 6,586 | | | | | | — | | | | | | — | | | | | | 363 | | | | | | 6,949 | | |
Total Controlled affiliates | | | | | | | $ | 936 | | | | | $ | — | | | | | $ | 32,930 | | | | | $ | — | | | | | $ | — | | | | | $ | 363 | | | | | $ | 33,293 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2019 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2020 | | ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corp Shares | | | | | Equity | | | | | $ | 114 | | | | | $ | — | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (496) | | | | | $ | 6,448 | | |
NMFC Senior Loan | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Program I LLC Units | | | | | Equity | | | | | | 1,069 | | | | | | 9,651 | | | | | | — | | | | | | — | | | | | | — | | | | | | (382) | | | | | | 9,269 | | |
Total Non-controlled | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
affiliates | | | | | | | | | | $ | 1,183 | | | | | $ | 9,651 | | | | | $ | 6,944 | | | | | $ | — | | | | | $ | — | | | | | $ | (878) | | | | | $ | 15,717 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2019 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2020 | | |||||||||||||||||||||
Controlled affiliates WHF STRS Ohio Senior Loan Fund LLC* | | | Subordinate Note | | | | $ | 2,595 | | | | | $ | 26,344 | | | | | $ | 14,729 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 41,073 | | |
WHF STRS Ohio Senior Loan Fund LLC*. | | | Equity | | | | | 1,761 | | | | | | 6,949 | | | | | | 3,682 | | | | | | — | | | | | | — | | | | | | (464) | | | | | | 10,167 | | |
Total Controlled affiliates | | | | | | | $ | 4,356 | | | | | | 33,293 | | | | | $ | 18,411 | | | | | $ | — | | | | | $ | — | | | | | $ | (464) | | | | | $ | 51,240 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2017 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2018 | | ||||||||||||||||||||||||
Aretec Group, Inc. | | | | | Equity | | | | | $ | — | | | | | $ | 17,314 | | | | | $ | — | | | | | $ | (53,734) | | | | | $ | 33,041 | | | | | $ | 3,379 | | | | | $ | — | | |
NMFC Senior Loan Program I LLC Units | | | | | Equity | | | | | | 2,132 | | | | | | 18,504 | | | | | | — | | | | | | (10,000) | | | | | | (91) | | | | | | 1,217 | | | | | | 9,630 | | |
RCS Creditor Trust Class B Units | | | | | Equity | | | | | | — | | | | | | 428 | | | | | | — | | | | | | — | | | | | | — | | | | | | 107 | | | | | | 535 | | |
Total | | | | | | | | | | $ | 2,132 | | | | | $ | 36,246 | | | | | $ | — | | | | | $ | (63,734) | | | | | $ | 32,950 | | | | | $ | 4,703 | | | | | $ | 10,165 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | ||||||||||||||||||||||||
Non-controlled affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NMFC Senior Loan Program I LLC Units | | | | | Equity | | | | | $ | 1,173 | | | | | $ | 9,630 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | 9,651 | | |
RCS Creditor Trust Class B Units | | | | | Equity | | | | | | — | | | | | | 535 | | | | | | — | | | | | | — | | | | | | — | | | | | | (535) | | | | | | — | | |
Total Non-controlled affiliates | | | | | | | | | | $ | 1,173 | | | | | $ | 10,165 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (514) | | | | | $ | 9,651 | | |
Affiliated Person(1) | | | Type of Asset | | | Amount of dividends and interest included in income | | | Beginning Fair Value at December 31, 2018 | | | Purchases | | | Sales | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Ending Fair Value at December 31, 2019 | | |||||||||||||||||||||
Controlled affiliates WHF STRS Ohio Senior Loan Fund LLC* | | | Subordinated Note | | | | $ | 936 | | | | | $ | — | | | | | $ | 26,344 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 26,344 | | |
WHF STRS Ohio Senior Loan Fund LLC*. | | | Equity | | | | | — | | | | | | — | | | | | | 6,586 | | | | | | — | | | | | | — | | | | | | 363 | | | | | | 6,949 | | |
Total Controlled affiliates | | | | | | | $ | 936 | | | | | $ | — | | | | | $ | 32,930 | | | | | $ | — | | | | | $ | — | | | | | $ | 363 | | | | | $ | 33,293 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 8,753 | | | | | $ | 8,620 | | | | | $ | 8,710 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 10/21/19 | | | | | | 10/11/24 | | | | | | 545 | | | | | | 537 | | | | | | 546 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 9,298 | | | | | | 9,157 | | | | | | 9,256 | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Drew Foam Companies Inc | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/24/25 | | | | | | 10,079 | | | | | $ | 9,883 | | | | | $ | 9,882 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 11/09/20 | | | | | | 11/05/25 | | | | | | 332 | | | | | | 325 | | | | | | 325 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LHS Borrower, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | 9,689 | | | | | | 9,478 | | | | | | 9,543 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 10/09/20 | | | | | | 09/30/25 | | | | | | — | | | | | | — | | | | | | 4 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 20,100 | | | | | | 19,686 | | | | | | 19,754 | | |
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,483 | | | | | | 6,482 | | | | | | 6,389 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/13/19 | | | | | | 09/01/22 | | | | | | 6,713 | | | | | | 6,711 | | | | | | 6,610 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.25% | | | | | 7.25% | | | | | | 12/31/19 | | | | | | 09/01/22 | | | | | | — | | | | | | — | | | | | | (13) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tensar Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 7.75% | | | | | | 11/24/20 | | | | | | 08/20/25 | | | | | | 7,000 | | | | | | 6,829 | | | | | | 6,829 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 20,196 | | | | | | 20,022 | | | | | | 19,815 | | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Geo Logic Systems Ltd. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(7) | | | L+ 6.24% | | | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,133 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan(7) | | | L+ 6.24% | | | | | 7.25% | | | | | | 01/22/20 | | | | | | 12/19/24 | | | | | | — | | | | | | — | | | | | | (3) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 14,466 | | | | | | 10,894 | | | | | | 11,130 | | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 11,649 | | | | | | 11,490 | | | | | | 9,470 | | |
| | | (1.00% Floor) | | | | | (3.50% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 12/28/24 | | | | | | 935 | | | | | | 922 | | | | | | 760 | | |
| | | (1.00% Floor) | | | | | (3.50% PIK) | | | | | | | | | | | | | | | | | | 12,584 | | | | | | 12,412 | | | | | | 10,230 | | |
|
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
WH Lessor Corp. | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 01/22/20 | | | | | | 11/24/25 | | | | | | 6,259 | | | | | $ | 6,155 | | | | | $ | 6,239 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 01/22/20 | | | | | | 12/26/24 | | | | | | — | | | | | | — | | | | | | 9 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 6,259 | | | | | | 6,155 | | | | | | 6,248 | | |
Human Resource & Employment Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pluto Acquisition Topco, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan(8) | | | L+ 6.31% | | | | | 7.81% | | | | | | 05/19/20 | | | | | | 01/31/24 | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | 11,549 | | | | | | 11,405 | | | | | | 11,549 | | |
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan B | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 7,269 | | | | | | 7,154 | | | | | | 7,088 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan C | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 06/28/26 | | | | | | 2,870 | | | | | | 2,825 | | | | | | 2,798 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 10,139 | | | | | | 9,979 | | | | | | 9,886 | | |
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 11/05/19 | | | | | | 11/05/24 | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 7,838 | | | | | | 7,718 | | | | | | 7,838 | | |
Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.50% | | | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,501 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 5.50% | | | | | 6.50% | | | | | | 07/19/19 | | | | | | 07/01/25 | | | | | | — | | | | | | — | | | | | | 10 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 13,577 | | | | | | 13,373 | | | | | | 13,511 | | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOUR Intermediate Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 7.00% | | | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 8,194 | | | | | | 8,059 | | | | | | 8,194 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 7.00% | | | | | 8.00% | | | | | | 05/19/20 | | | | | | 05/15/25 | | | | | | 2,882 | | | | | | 2,859 | | | | | | 2,882 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 11,076 | | | | | | 10,918 | | | | | | 11,076 | | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mikawaya Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% | | | | | 7.00% | | | | | | 02/18/20 | | | | | | 01/29/25 | | | | | | 3,057 | | | | | | 3,007 | | | | | | 3,057 | | |
| | | (1.25% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 5.75% | | | | | 6.75% | | | | | | 10/21/19 | | | | | | 06/28/25 | | | | | | 7,728 | | | | | | 7,606 | | | | | | 7,265 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1) | | | Spread Above Index(2) | | | Interest Rate(3) | | | Acquisition Date(4) | | | Maturity Date | | | Principal/ Share Amount | | | Amortized Cost | | | Fair Value(5) | | ||||||||||||||||||
Stella & Chewy's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | 5,312 | | | | | $ | 5,206 | | | | | $ | 5,206 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan(6) | | | L+ 6.50% | | | | | 7.50% | | | | | | 12/29/20 | | | | | | 12/16/25 | | | | | | — | | | | | | — | | | | | | — | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Westrock Coffee Company, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 8.25% | | | | | 9.75% | | | | | | 03/20/20 | | | | | | 02/28/25 | | | | | | 9,234 | | | | | | 9,137 | | | | | | 9,049 | | |
| | | (1.50% Floor) | | | | | (1.00% PIK) | | | | | | | | | | | | | | | | | | 25,331 | | | | | | 24,956 | | | | | | 24,577 | | |
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,345 | | |
| | | (1.00% Floor) | | | | | (0.50% PIK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Revolving Loan | | | L+ 6.50% | | | | | 7.50% | | | | | | 10/21/19 | | | | | | 08/13/24 | | | | | | — | | | | | | — | | | | | | (113) | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 4,828 | | | | | | 4,734 | | | | | | 4,232 | | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.00% | | | | | 7.00% | | | | | | 07/19/19 | | | | | | 05/01/24 | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | 8,110 | | | | | | 8,001 | | | | | | 8,110 | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PS Lightwave, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Term Loan | | | L+ 6.75% | | | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,334 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Secured Delayed Draw Loan | | | L+ 6.75% | | | | | 8.25% | | | | | | 05/19/20 | | | | | | 03/10/25 | | | | | | — | | | | | | — | | | | | | 6 | | |
| | | (1.50% Floor) | | | | | | | | | | | | | | | | | | | | | | | 7,435 | | | | | | 7,306 | | | | | | 7,340 | | |
Total Investments | | | | | | | | | | | | | | | | | | | | | | | | | | 182,786 | | | | | $ | 176,716 | | | | | $ | 174,552 | | |
|
Investment Type(1) | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(4) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(5) | | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(4) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(5) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
North America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
SmartSign Holdings LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 10.19% | | | | | 10/21/19 | | | | | 10/11/24 | | | | | 8,841 | | | | $ | 8,672 | | | | $ | 8,672 | | | | L+ 6.00% | | | | 10.19% | | | | | 10/21/19 | | | | | 10/11/24 | | | | | 8,841 | | | | $ | 8,672 | | | | $ | 8,672 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Revolving Loan | | L+ 6.00% | | | | 10.19% | | | | | 10/21/19 | | | | | 10/11/24 | | | | | — | | | | | — | | | | | — | | | | L+ 6.00% | | | | 10.19% | | | | | 10/21/19 | | | | | 10/11/24 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 8,841 | | | | | 8,672 | | | | | 8,672 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 8,841 | | | | | 8,672 | | | | | 8,672 | | | ||||||||||||||
Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
SFP Holding, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 9,932 | | | | | 9,927 | | | | | 9,932 | | | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 9,932 | | | | | 9,927 | | | | | 9,932 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Delayed Draw Loan | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 85 | | | | | 84 | | | | | 85 | | | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 85 | | | | | 84 | | | | | 85 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Delayed Draw Loan | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 12/14/20 | | | | | — | | | | | — | | | | | 47 | | | | L+ 6.25% | | | | 8.14% | | | | | 12/13/19 | | | | | 12/14/20 | | | | | — | | | | | — | | | | | 47 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Revolving Loan | | L+ 6.25% | | | | 8.41% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 61 | | | | | 61 | | | | | 68 | | | | L+ 6.25% | | | | 8.41% | | | | | 12/13/19 | | | | | 09/01/22 | | | | | 61 | | | | | 61 | | | | | 68 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,078 | | | | | 10,072 | | | | | 10,132 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,078 | | | | | 10,072 | | | | | 10,132 | | | ||||||||||||||
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Quest Events, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 12/28/24 | | | | | 10,833 | | | | | 10,634 | | | | | 10,508 | | | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 12/28/24 | | | | | 10,833 | | | | | 10,634 | | | | | 10,508 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Revolving Loan | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 12/28/24 | | | | | — | | | | | — | | | | | (11) | | | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 12/28/24 | | | | | — | | | | | — | | | | | (11) | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,833 | | | | | 10,634 | | | | | 10,497 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,833 | | | | | 10,634 | | | | | 10,497 | | | ||||||||||||||
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Akumin Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 05/31/24 | | | | | 13,632 | | | | | 13,392 | | | | | 13,482 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 13,632 | | | | | 13,392 | | | | | 13,482 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan B | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 06/28/26 | | | | | 7,343 | | | | | 7,206 | | | | | 7,183 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan C | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 06/28/26 | | | | | 2,870 | | | | | 2,816 | | | | | 2,807 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,213 | | | | | 10,022 | | | | | 9,990 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Type(1) | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(4) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(5) | | | Spread Above Index(2) | | Interest Rate(3) | | Acquisition Date(4) | | Maturity Date | | Principal/ Share Amount | | Amortized Cost | | Fair Value(5) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Akumin Corp. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 05/31/24 | | | | | 13,632 | | | | | 13,392 | | | | | 13,482 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 13,632 | | | | | 13,392 | | | | | 13,482 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Industrial Machinery | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
FR Flow Control CB LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan B | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 06/28/26 | | | | | 7,343 | | | | | 7,206 | | | | | 7,183 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
First Lien Secured Term Loan C | | L+ 6.00% | | | | 7.94% | | | | | 07/19/19 | | | | | 06/28/26 | | | | | 2,870 | | | | | 2,816 | | | | | 2,807 | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,213 | | | | | 10,022 | | | | | 9,990 | | | |||||||||||||||||||||||||||||||||||||||||||||||
Insurance Brokers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
SelectQuote, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.70% | | | | | 11/05/19 | | | | | 11/05/24 | | | | | 10,250 | | | | | 10,051 | | | | | 10,051 | | | | L+ 6.00% | | | | 7.70% | | | | | 11/05/19 | | | | | 11/05/24 | | | | | 10,250 | | | | | 10,051 | | | | | 10,051 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,250 | | | | | 10,051 | | | | | 10,051 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 10,250 | | | | | 10,051 | | | | | 10,051 | | | ||||||||||||||
Internet & Direct Marketing Retail | | | | | | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||
Marlin DTC-LS Midco 2, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 07/01/25 | | | | | 13,715 | | | | | 13,463 | | | | | 13,644 | | | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 07/01/25 | | | | | 13,715 | | | | | 13,463 | | | | | 13,644 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Revolving Loan | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 07/01/25 | | | | | — | | | | | — | | | | | 13 | | | | L+ 6.00% | | | | 7.80% | | | | | 07/19/19 | | | | | 07/01/25 | | | | | — | | | | | — | | | | | 13 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 13,715 | | | | | 13,463 | | | | | 13,657 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 13,715 | | | | | 13,463 | | | | | 13,657 | | | ||||||||||||||
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Poultry Holdings, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 5.75% | | | | 7.55% | | | | | 10/21/19 | | | | | 06/28/25 | | | | | 7,807 | | | | | 7,656 | | | | | 7,688 | | | | L+ 5.75% | | | | 7.55% | | | | | 10/21/19 | | | | | 06/28/25 | | | | | 7,807 | | | | | 7,656 | | | | | 7,688 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 7,807 | | | | | 7,656 | | | | | 7,688 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 7,807 | | | | | 7,656 | | | | | 7,688 | | | ||||||||||||||
Personal Products | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Sunless, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.79% | | | | | 10/21/19 | | | | | 08/13/24 | | | | | 4,864 | | | | | 4,773 | | | | | 4,779 | | | | L+ 6.00% | | | | 7.79% | | | | | 10/21/19 | | | | | 08/13/24 | | | | | 4,864 | | | | | 4,773 | | | | | 4,779 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Revolving Loan | | L+ 6.00% | | | | 7.79% | | | | | 10/21/19 | | | | | 08/13/24 | | | | | — | | | | | — | | | | | 2 | | | | L+ 6.00% | | | | 7.79% | | | | | 10/21/19 | | | | | 08/13/24 | | | | | — | | | | | — | | | | | 2 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 4,864 | | | | | 4,773 | | | | | 4,781 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 4,864 | | | | | 4,773 | | | | | 4,781 | | | ||||||||||||||
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
arcserve (USA) LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
First Lien Secured Term Loan | | L+ 6.00% | | | | 7.91% | | | | | 07/19/19 | | | | | 05/01/24 | | | | | 8,321 | | | | | 8,175 | | | | | 8,310 | | | | L+ 6.00% | | | | 7.91% | | | | | 07/19/19 | | | | | 05/01/24 | | | | | 8,321 | | | | | 8,175 | | | | | 8,310 | | | ||||||||||||||
| | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 8,321 | | | | | 8,175 | | | | | 8,310 | | | | (1.00% Floor) | | | | | | | | | | | | | | | | | | | 8,321 | | | | | 8,175 | | | | | 8,310 | | | ||||||||||||||
Total Investments | | | | | | | | | | | | | | | | | | | | | 98,554 | | | | $ | 96,910 | | | | $ | 97,260 | | | | | | | | | | | | | | | | | | | | | | | 98,554 | | | | $ | 96,910 | | | | $ | 97,260 | | | |
| Selected Balance Sheet Information | | | | | | | |
| Assets: | | | | | | | |
| Investments, at fair value (amortized cost of $96,910) | | | | $ | 97,260 | | |
| Cash and cash equivalents | | | | | 1,552 | | |
| Other assets | | | | | 726 | | |
| Total assets | | | | $ | 99,538 | | |
| Liabilities: | | | | | | | |
| Credit facility | | | | | 42,773 | | |
| Note payable to members | | | | | 43,907 | | |
| Interest payable on credit facility | | | | | 179 | | |
| Interest payable on notes to members | | | | | 850 | | |
| Other liabilities | | | | | 248 | | |
| Total liabilities | | | | $ | 87,957 | | |
| Members’ equity | | | | | 11,581 | | |
| Total liabilities and members’ equity | | | | $ | 99,538 | | |
|
| Selected Statement of Operations Information | | | | | | | |
| Interest income | | | | $ | 2,936 | | |
| Total investment income | | | | $ | 2,936 | | |
| Interest expense on credit facility | | | | | 1,042 | | |
| Interest expense on notes to members | | | | | 1,422 | | |
| Administrative fee | | | | | 65 | | |
| Other expenses | | | | | 164 | | |
| Total expenses | | | | $ | 2,693 | | |
| Net investment income | | | | | 243 | | |
| Net realized gains on investments | | | | | 12 | | |
| Net change in unrealized appreciation on investments | | | | | 350 | | |
| Net increase in net assets resulting from operations | | | | $ | 605 | | |
Selected Balance Sheet Information | | | December 31, 2020 | | | December 31, 2019 | | ||||||
Assets: | | | | | | | | | | | | | |
Investments, at fair value (amortized cost of $176,716 and $96,910, respectively) | | | | $ | 174,552 | | | | | $ | 97,260 | | |
Cash and cash equivalents | | | | | 5,947 | | | | | | 1,552 | | |
Other assets | | | | | 883 | | | | | | 726 | | |
Total assets | | | | $ | 181,382 | | | | | $ | 99,538 | | |
Liabilities: | | | | | | | | | | | | | |
Credit facility | | | | $ | 94,260 | | | | | $ | 42,773 | | |
Note payable to members | | | | | 68,456 | | | | | | 43,907 | | |
Interest payable on credit facility | | | | | 189 | | | | | | 179 | | |
Interest payable on notes to members | | | | | 1,136 | | | | | | 850 | | |
Other liabilities | | | | | 396 | | | | | | 248 | | |
Total liabilities | | | | | 164,437 | | | | | | 87,957 | | |
Members’ equity | | | | | 16,945 | | | | | | 11,581 | | |
Total liabilities and members’ equity | | | | $ | 181,382 | | | | | $ | 99,538 | | |
Selected Statement of Operations Information | | | For the year ended December 31, 2020 | | | For the period July 19, 2019 (commencement of operations) through December31, 2019 | | ||||||
Interest income | | | | $ | 13,316 | | | | | $ | 2,936 | | |
Total investment income | | | | $ | 13,316 | | | | | $ | 2,936 | | |
Interest expense on credit facility | | | | | 3,256 | | | | | | 1,042 | | |
Interest expense on notes to members | | | | | 4,465 | | | | | | 1,422 | | |
Administrative fee | | | | | 308 | | | | | | 65 | | |
Other expenses | | | | | 317 | | | | | | 164 | | |
Total expenses | | | | $ | 8,346 | | | | | $ | 2,693 | | |
Net investment income | | | | | 4,970 | | | | | | 243 | | |
Net realized gains (losses) on investments | | | | | (10) | | | | | | 12 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | (2,799) | | | | | | 350 | | |
Net increase in net assets resulting from operations | | | | $ | 2,161 | | | | | $ | 605 | | |
| | Level 1 | | Level 2 | | Level 3 | | Total | | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||||||||||||||||||||||||||||||
First lien secured loans | | | $ | — | | | | $ | — | | | | $ | 477,875 | | | | $ | 477,875 | | | | | $ | — | | | | $ | — | | | | $ | 589,717 | | | | $ | 589,717 | | | ||||||||
Second lien secured loans | | | | — | | | | | — | | | | | 62,155 | | | | | 62,155 | | | | | | — | | | | | — | | | | | 27,059 | | | | | 27,059 | | | ||||||||
Subordinated Note to STRS JV | | | | — | | | | | — | | | | | 26,344 | | | | | 26,344 | | | | | | — | | | | | — | | | | | 41,073 | | | | | 41,073 | | | ||||||||
Equity (excluding STRS JV) | | | | 467 | | | | | — | | | | | 15,898 | | | | | 16,365 | | | | | | — | | | | | — | | | | | 22,719 | | | | | 22,719 | | | ||||||||
Equity in STRS JV(1) | | | | — | | | | | — | | | | | — | | | | | 6,949 | | | | | | — | | | | | — | | | | | — | | | | | 10,167 | | | ||||||||
Total investments | | | $ | 467 | | | | $ | — | | | | $ | 582,272 | | | | $ | 589,688 | | | | | $ | — | | | | $ | — | | | | $ | 680,568 | | | | | 690,735 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First lien secured loans | | | | $ | — | | | | | $ | — | | | | | $ | 359,416 | | | | | $ | 359,416 | | |
Second lien secured loans | | | | | — | | | | | | — | | | | | | 97,167 | | | | | | 97,167 | | |
Equity | | | | | 706 | | | | | | — | | | | | | 12,275 | | | | | | 12,981 | | |
Total investments | | | | $ | 706 | | | | | $ | — | | | | | $ | 468,858 | | | | | $ | 469,564 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First lien secured loans | | | | $ | — | | | | | $ | — | | | | | $ | 477,875 | | | | | $ | 477,875 | | |
Second lien secured loans | | | | | — | | | | | | — | | | | | | 62,155 | | | | | | 62,155 | | |
Subordinated Note to STRS JV | | | | | — | | | | | | — | | | | | | 26,344 | | | | | | 26,344 | | |
Equity (excluding STRS JV) | | | | | 467 | | | | | | — | | | | | | 15,898 | | | | | | 16,365 | | |
Equity in STRS JV(1) | | | | | — | | | | | | — | | | | | | — | | | | | | 6,949 | | |
Total investments | | | | $ | 467 | | | | | $ | — | | | | | $ | 582,272 | | | | | $ | 589,688 | | |
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Subordinated Unsecured Loans | | | Subordinated Notes to STRS JV | | | Equity | | | Total Investments | | ||||||||||||||||||
Fair value, beginning of period | | | | $ | 477,875 | | | | | $ | 62,155 | | | | | | — | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Funding of investments | | | | | 298,856 | | | | | | 850 | | | | | | 291 | | | | | | 14,729 | | | | | | 2,732 | | | | | | 317,458 | | |
Non-cash interest income | | | | | 1,170 | | | | | | 40 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,210 | | |
Accretion of discount | | | | | 3,055 | | | | | | 247 | | | | | | — | | | | | | — | | | | | | 132 | | | | | | 3,434 | | |
Proceeds from paydowns and sales | | | | | (188,017) | | | | | | (39,187) | | | | | | (291) | | | | | | — | | | | | | (3,989) | | | | | | (231,484) | | |
Conversions | | | | | (14,111) | | | | | | 4,419 | | | | | | — | | | | | | — | | | | | | 9,692 | | | | | | — | | |
Realized gains | | | | | 965 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,997 | | | | | | 3,962 | | |
Net unrealized (depreciation) appreciation | | | | | 8,787 | | | | | | (928) | | | | | | — | | | | | | — | | | | | | (4,143) | | | | | | 3,716 | | |
Fair value, end of period | | | | $ | 588,580 | | | | | $ | 27,596 | | | | | | — | | | | | $ | 41,073 | | | | | $ | 23,319 | | | | | $ | 680,568 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2020 | | | | $ | 8,627 | | | | | $ | (926) | | | | | $ | — | | | | | $ | — | | | | | $ | (4,059) | | | | | $ | 3,642 | | |
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Subordinated Notes to STRS JV | | | Equity | | | Total Investments | | |||||||||||||||
Fair value, beginning of period | | | | $ | 359,416 | | | | | $ | 97,167 | | | | | $ | — | | | | | $ | 12,275 | | | | | $ | 468,858 | | |
Funding of investments | | | | | 356,222 | | | | | | — | | | | | | 26,344 | | | | | | 3,846 | | | | | | 386,412 | | |
Non-cash interest income | | | | | 1,575 | | | | | | 567 | | | | | | — | | | | | | — | | | | | | 2,142 | | |
Accretion of discount | | | | | 3,690 | | | | | | 722 | | | | | | — | | | | | | 19 | | | | | | 4,431 | | |
Proceeds from paydowns and sales | | | | | (252,923) | | | | | | (24,691) | | | | | | — | | | | | | (1,660) | | | | | | (279,274) | | |
Lien priority conversion | | | | | 14,472 | | | | | | (14,472) | | | | | | — | | | | | | — | | | | | | — | | |
Realized losses | | | | | (2,051) | | | | | | — | | | | | | — | | | | | | 1,641 | | | | | | (410) | | |
Net unrealized (depreciation) appreciation | | | | | (2,526) | | | | | | 2,862 | | | | | | — | | | | | | (223) | | | | | | 113 | | |
Fair value, end of period | | | | $ | 477,875 | | | | | $ | 62,155 | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2019 | | | | $ | (5,273) | | | | | $ | 420 | | | | | $ | — | | | | | $ | 812 | | | | | $ | (4,041) | | |
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Equity | | | Total Investments | | ||||||||||||
Fair value, beginning of period | | | | $ | 230,261 | | | | | $ | 172,270 | | | | | $ | 37,328 | | | | | $ | 439,859 | | |
Funding of investments | | | | | 252,678 | | | | | | 23,207 | | | | | | 1,150 | | | | | | 277,035 | | |
Non-cash interest income | | | | | 584 | | | | | | — | | | | | | — | | | | | | 584 | | |
Accretion of discount | | | | | 3,432 | | | | | | 1,339 | | | | | | (31) | | | | | | 4,740 | | |
Proceeds from paydowns and sales | | | | | (123,753) | | | | | | (98,034) | | | | | | (63,865) | | | | | | (285,652) | | |
Realized gains | | | | | (371) | | | | | | — | | | | | | 32,981 | | | | | | 32,610 | | |
Net unrealized (depreciation) appreciation | | | | | (3,415) | | | | | | (1,615) | | | | | | 4,712 | | | | | | (318) | | |
Fair value, end of period | | | | $ | 359,416 | | | | | $ | 97,167 | | | | | $ | 12,275 | | | | | $ | 468,858 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2018 | | | | | (3,238) | | | | | | (1,081) | | | | | | 1,333 | | | | | | (2,986) | | |
|
| | | First Lien Secured Loans | | | Second Lien Secured Loans | | | Subordinated Notes to STRS JV | | | Equity | | | Total Investments | | |||||||||||||||
Fair value, beginning of period | | | | $ | 359,416 | | | | | $ | 97,167 | | | | | $ | — | | | | | $ | 12,275 | | | | | $ | 468,858 | | |
Funding of investments | | | | | 356,222 | | | | | | — | | | | | | 26,344 | | | | | | 3,846 | | | | | | 386,412 | | |
Non-cash interest income | | | | | 1,575 | | | | | | 567 | | | | | | — | | | | | | — | | | | | | 2,142 | | |
Accretion of discount | | | | | 3,690 | | | | | | 722 | | | | | | — | | | | | | 19 | | | | | | 4,431 | | |
Proceeds from paydowns and sales | | | | | (252,923) | | | | | | (24,691) | | | | | | — | | | | | | (1,660) | | | | | | (279,274) | | |
Lien priority conversion | | | | | 14,472 | | | | | | (14,472) | | | | | | — | | | | | | — | | | | | | — | | |
Realized losses | | | | | (2,051) | | | | | | — | | | | | | — | | | | | | 1,641 | | | | | | (410) | | |
Net unrealized (depreciation) appreciation | | | | | (2,526) | | | | | | 2,862 | | | | | | — | | | | | | (223) | | | | | | 113 | | |
Fair value, end of period | | | | $ | 477,875 | | | | | $ | 62,155 | | | | | $ | 26,344 | | | | | $ | 15,898 | | | | | $ | 582,272 | | |
Change in unrealized appreciation (depreciation) on investments still held as of December 31, 2019 | | | | $ | (5,273) | | | | | $ | 420 | | | | | $ | — | | | | | $ | 812 | | | | | $ | (4,041) | | |
Investment Type | | Fair Value at December 31, 2019 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average) | | | | Fair Value at December 31, 2020 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average) | | |||||||||||||||||||
First lien secured loans | | | $ | 204,908 | | | Discounted cash flows | | Discount rate | | 8.8% – 20.0% (10.9)% | | | | | $ | 391,704 | | | Discounted cash flows | | Discount rate | | 7.2% – 16.6% (9.7)% | | |||||||||||||
| | | | | | | | | Exit multiple | | 4.8x – 9.0x (7.3x) | | | | | | | | | | | | | | Exit EBITDA multiple | | 3.0x – 15.0x (7.5x) | | ||||||||||
| | | | 525 | | | Asset coverage and Recent transaction | | Transaction price | | 100.0 | | | | | | 11,774 | | | Guideline public companies | | LTM EBITDA multiple | | 6.3x | | |||||||||||||
| | | | 184,636 | | | Discounted cash flows and consensus market pricing or recent transaction | | Discount rate | | 6.2% – 11.2% (9.1)% | | | | | | 142,031 | | | Recent transaction | | Transaction price | | 97.0 – 99.0 (97.9) | | |||||||||||||
| | | | | | | | | Market quotes or transaction price | | 97.1 – 99.7 (98.2) | | | | | | | | | 20,870 | | | Discounted cash flows, recent transaction, guideline public companies and consensus market pricing | | Discount rate | | 7.1% – 16.5% (9.6)% | | ||||||||||
| | | | | | | | | Exit multiple | | 7.0x – 10.0x (8.2x) | | | | | | | | | | | | | | Market pricing | | 100.2 – 100.6 (100.4) | | ||||||||||
| | | | 22,429 | | | Guideline public companies | | Exit multiple | | 4.0x – 5.0x (4.6x) | | | | | | | | | | | Transaction price | | 100.0 | | |||||||||||||
| | | | 5,405 | | | Expected repayment | | Repayment price | | 100.0 | | | | | | | | | | | Exit EBITDA multiple | | 7.0x – 12.0x (9.3x) | | |||||||||||||
| | | | 59,972 | | | Consensus market pricing or recent transaction | | Market quotes or transaction price | | 95.1 – 98.0 (96.6) | | | | | | 22,201 | | | Other (asset coverage and expected repayment) | | — | | — | | |||||||||||||
| | | $ | 477,875 | | | | | | | | | | | | $ | 588,580 | | | | | | | | | |||||||||||||
Second lien secured loans | | | $ | 62,155 | | | Discounted cash flows | | Discount rate | | 12.0% – 1 8.5% (14.9)% | | | | | $ | 15,096 | | | Discounted cash flows | | Discount rate | | 12.1% – 20.9% (14.9)% | | |||||||||||||
| | | | | | | | | Exit multiple | | 6.0x | | | | | | | | | | | | | | Exit EBITDA multiple | | 6.5x | | ||||||||||
| | | $ | 62,155 | | | | | | | | | | | | | 12,500 | | | Other (expected repayment) | | — | | — | | |||||||||||||
| | | $ | 27,596 | | | | | | | | | ||||||||||||||||||||||||||
Subordinated Note to STRS JV | | | $ | 26,344 | | | Enterprise value | | — | | — | | | | | $ | 41,073 | | | Enterprise value | | — | | — | | |||||||||||||
| | | $ | 26,344 | | | | | | | | | | | | $ | 41,073 | | | | | | | | | |||||||||||||
Preferred Equity | | | $ | 1,133 | | | Similar transactions | | Transaction multiple | | 9.4x – 9.5x (9.5x) | | | | | $ | 857 | | | Similar transactions | | LTM EBITDA multiple | | 8.0x | | |||||||||||||
| | | $ | 1,133 | | | | | | | | | | | | | 600 | | | Recent transaction | | Transaction price | | $1.0/s | | |||||||||||||
| | | $ | 1,457 | | | | | | | | | ||||||||||||||||||||||||||
Common Equity | | | $ | 9,650 | | | Discounted cash flows | | Discount rate | | 9.1% | | | | | $ | 10,816 | | | Discounted cash flows | | Discount rate | | 12.5% – 19.8% (13.5)% | | |||||||||||||
| | | | | | | | | Exit EBITDA Multiple | | 6.7x – 8.6x (7.1x) | | ||||||||||||||||||||||||||
| | | | | | | | | Discount for lack of marketability | | 2.0% – 15.0% (3.8)% | | ||||||||||||||||||||||||||
| | | | 6,448 | | | Discounted cash flows and Guideline public companies | | Discount rate | | 15.5% | | ||||||||||||||||||||||||||
| | | | | | | | | Exit EBITDA Multiple | | 8.0x | | ||||||||||||||||||||||||||
| | | | | | | | | Discount for lack of marketability | | 10.0% | | ||||||||||||||||||||||||||
| | | | 14 | | | Similar transactions | | Exit EBITDA Multiple | | 6.0x | | ||||||||||||||||||||||||||
| | | | | | | | | Discount for lack of marketability | | 2.0% | | | | | | | | | | | | | | Discount for lack of marketability | | 15.0% | | ||||||||||
| | | | 849 | | | Similar transactions | | Transaction multiple | | 6.0x – 6.8x (6.8x) | | | | | | 496 | | | Recent transaction | | Transaction price | | $1.0/s | | |||||||||||||
| | | $ | 10,499 | | | | | | | | | | | | $ | 17,774 | | | | | | | | | |||||||||||||
Warrant | | | $ | 4,182 | | | Discounted cash flows and | | Discount rate | | 23.0% – 30.0% (23.8)% | | | | | $ | 3,612 | | | Discounted cash flows and | | Discount rate | | 19.1% – 24.7% (24.5)% | | |||||||||||||
| | | | | | | Option-pricing method | | Exit multiple | | 5.5x – 8.0x (5.8x) | | | | | | | | | | | Option-pricing method | | Exit EBITDA multiple | | 5.5x – 8.6x (5.6x) | | |||||||||||
| | | | | | | | | Volatility | | 1.3% – 2.2% (2.1)% | | | | | | | | | | | | | | Volatility | | 3.0% – 7.8% (3.2)% | | ||||||||||
| | | | | | | | | Discount for lack of marketability | | 10.0% – 13.0% (10.3)% | | | | | | | | | | | | | Discount for lack of marketability | | 10.0% – 15.0% (10.2)% | | |||||||||||
| | | $ | 4,182 | | | | | | | | | | | | | 476 | | | Recent transaction | | Transaction price | | $1.0/s | | |||||||||||||
Earnout and Holdback | | | $ | 84 | | | Discounted cash flows | | Discount rate | | 1.6% | | | |||||||||||||||||||||||||
| | | $ | 84 | | | | | | | | | | | | $ | 4,088 | | | | | | | | | |||||||||||||
Total Level 3 Investments | | | $ | 582,272 | | | | | | | | | | | | $ | 680,568 | | | | | | | | |
Investment Type | | Fair Value at December 31, 2018 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average) | | | Fair Value at December 31, 2019 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Average) | | ||||||||||||||
First lien secured loans | | | | $ | 107,291 | | | Discounted cash flows | | Discount rate | | 11.8% – 23.5% (15.2)% | | | | $ | 204,908 | | | Discounted cash flows | | Discount rate | | 8.8% – 20.0% (10.9)% | | |||||||
| | | | | | | | Exit multiple | | 4.5x – 7.0x (6.2x) | | |||||||||||||||||||||
| | | 11,955 | | | Market multiples | | Exit multiple | | 2.9x | | |||||||||||||||||||||
| | | 17,439 | | | Weighting of discounted cash | | Discount rate | | 10.5% – 14.9% (11.7)% | | |||||||||||||||||||||
| | | | | | cash flows and expected | | Repayment price | | 101.9 | | |||||||||||||||||||||
| | | | | | repayment price | | | | | | |||||||||||||||||||||
| | | | | | | | Exit multiple | | 4.5x | | |||||||||||||||||||||
| | | 222,731 | | | Weighting of discounted cash | | Discount rate | | 8.7% – 21.2% (11.5)% | | |||||||||||||||||||||
| | | | | | flows and consensus market | | Market quotes or | | 79.8 –100.0 (97.5) | | |||||||||||||||||||||
| | | | | | pricing or recent transaction | | transaction price | | | | |||||||||||||||||||||
| | | | | | | | Exit multiple | | 4.0x – 10.0x (7.2x) | | |||||||||||||||||||||
| | $ | 359,416 | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | Exit multiple | | 4.8x – 9.0x (7.3x) | | ||||||||||||||||||||
| | | | 525 | | | Asset coverage and Recent transaction | | Transaction price | | 100.0 | | ||||||||||||||||||||
| | | | 184,636 | | | Discounted cash flows and consensus market pricing or recent transaction | | Discount rate | | 6.2% – 11.2% (9.1)% | | ||||||||||||||||||||
| | | | | | | | | Market quotes or transaction price | | 97.1 – 99.7 (98.2) | | ||||||||||||||||||||
| | | | | | | | | Exit multiple | | 7.0x – 10.0x (8.2x) | | ||||||||||||||||||||
| | | | 22,429 | | | Guideline public companies | | Exit multiple | | 4.0x – 5.0x (4.6x) | | ||||||||||||||||||||
| | | | 5,405 | | | Expected repayment | | Repayment price | | 100.0 | | ||||||||||||||||||||
| | | | 59,972 | | | Consensus market pricing or recent transaction | | Market quotes or transaction price | | 95.1 – 98.0 (96.6) | | ||||||||||||||||||||
| | | $ | 477,875 | | | | | | | | | ||||||||||||||||||||
Second lien secured loans | | | | $ | 62,572 | | | Discounted cash flows | | Discount rate | | 12.9% – 21.6% (18.2)% | | | | $ | 62,155 | | | Discounted cash flows | | Discount rate | | 12.0% – 18.5% (14.9)% | | |||||||
| | | | | | | | Exit multiple | | 5.5x – 8.0x (6.6x) | | |||||||||||||||||||||
| | | 103 | | | Market multiples | | Exit multiple | | 2.9x | | |||||||||||||||||||||
| | | 17,150 | | | Weighting of discounted cash | | Discount rate | | 14.7% | | |||||||||||||||||||||
| | | | | | flows and consensus pricing or recent transaction | | Market quotes or transaction price | | 98.0 | | |||||||||||||||||||||
| | | 17,342 | | | Expected repayment | | Repayment price | | 100.0 | | |||||||||||||||||||||
| | $ | 97,167 | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | Exit multiple | | 6.0x | | ||||||||||||||||||||
| | | $ | 62,155 | | | | | | | | | ||||||||||||||||||||
Subordinated Note to STRS JV | | | $ | 26,344 | | | Enterprise value | | — | | — | | ||||||||||||||||||||
| | | $ | 26,344 | | | | | | | | | ||||||||||||||||||||
Preferred Equity | | | | $ | 317 | | | Market multiples | | Exit multiple | | 9.4x | | | | $ | 1,133 | | | Similar transactions | | Transaction multiple | | 9.4x – 9.5x (9.5x) | | |||||||
| | $ | 317 | | | | | | | | | |||||||||||||||||||||
| | | $ | 1,133 | | | | | | | | | ||||||||||||||||||||
Common Equity | | | | $ | 9,630 | | | | Weighting of discounted cash flows and recent transaction | | | Discount rate | | 10.2% | | | | $ | 9,650 | | | Discounted cash flows | | Discount rate | | 9.1% | | |||||
| | | | | | Transaction price | | 100.0 | | |||||||||||||||||||||||
| | | | | | | | Discount for lack of marketability | | 2.0% | | |||||||||||||||||||||
| | | 535 | | | Consensus pricing | | Market quotes | | $3.8/s | | |||||||||||||||||||||
| | $ | 10,165 | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | Discount for lack of marketability | | 2.0% | | ||||||||||||||||||||
| | | | 849 | | | Similar transactions | | Transaction multiple | | 6.0x – 6.8x (6.8x) | | ||||||||||||||||||||
| | | $ | 10,499 | | | | | | | | | ||||||||||||||||||||
Warrant | | | | $ | 1,693 | | | | Discounted cash flows and Option-pricing method | | | Discount rate | | 22.0% – 30.3% (25.1)% | | | | $ | 4,182 | | | Discounted cash flows and | | Discount rate | | 23.0% – 30.0% (23.8)% | | |||||
| | | | | | Exit multiple | | 4.8x – 8.0x (5.9x) | | |||||||||||||||||||||||
| | | | | | | | Volatility | | 2.3% – 25.0% (8.7)% | | |||||||||||||||||||||
| | | | | | | | Discount for lack of marketability | | 13.0% – 55.0% (22.9)% | | |||||||||||||||||||||
| | | 100 | | | Market multiples | | Exit multiple | | 5.5x | | |||||||||||||||||||||
| | | | | | | | Discount for lack of marketability | | 15.0% | | |||||||||||||||||||||
| | $ | 1,793 | | | | | | | | | |||||||||||||||||||||
| | | | | | | Option-pricing method | | Exit multiple | | 5.5x – 8.0x (5.8x) | | ||||||||||||||||||||
| | | | | | | | | Volatility | | 1.3% – 2.2% (2.1)% | | ||||||||||||||||||||
| | | | | | | | | Discount for lack of marketability | | 10.0% – 13.0% (10.3)% | | ||||||||||||||||||||
| | | $ | 4,182 | | | | | | | | | ||||||||||||||||||||
Earnout and Holdback | | | $ | 84 | | | Discounted cash flows | | Discount rate | | 1.6% | | ||||||||||||||||||||
| | | $ | 84 | | | | | | | | | ||||||||||||||||||||
Total Level 3 Investments | | | $ | 468,858 | | | | | | | | | | | $ | 582,272 | | | | | | | | |
| | | | | | | | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Fair Value Level | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | |||||||||||||||
JPM Credit Facility | | | | | 3 | | | | | $ | 265,246 | | | | | $ | 272,570 | | | | | $ | 238,917 | | | | | $ | 243,435 | | |
2023 Private Notes | | | | | 3 | | | | | | 30,000 | | | | | | 32,389 | | | | | | 30,000 | | | | | | 31,558 | | |
2025 Private Notes | | | | | 3 | | | | | | 40,000 | | | | | | 41,110 | | | | | | — | | | | | | — | | |
2026 Private Notes | | | | | 3 | | | | | | 10,000 | | | | | | 10,260 | | | | | | — | | | | | | — | | |
2027 Private Notes | | | | | 3 | | | | | | 10,000 | | | | | | 10,324 | | | | | | — | | | | | | — | | |
2025 Public Notes | | | | | 2 | | | | | | 35,000 | | | | | | 36,000 | | | | | | 35,000 | | | | | | 36,722 | | |
| | | | | | | | | | $ | 390,246 | | | | | $ | 402,653 | | | | | $ | 303,917 | | | | | $ | 311,715 | | |
| | | | | | | | | December 31, 2019 | | | December 31, 2018 | | ||||||||||||||||||
| | | Fair Value Level | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | |||||||||||||||
JPM Credit Facility | | | | | 3 | | | | | $ | 238,917 | | | | | $ | 243,435 | | | | | $ | 115,000 | | | | | $ | 116,759 | | |
Private Notes | | | | | 3 | | | | | | 30,000 | | | | | | 31,558 | | | | | | 30,000 | | | | | | 30,724 | | |
2025 Notes | | | | | 2 | | | | | | 35,000 | | | | | | 36,722 | | | | | | 35,000 | | | | | | 34,350 | | |
| | | | | | | | | | $ | 303,917 | | | | | $ | 311,715 | | | | | $ | 180,000 | | | | | $ | 181,833 | | |
| | | Maturity | | | Rate | | | Face Amount | | | Available | | ||||||||||||
JPM Credit Facility | | | | | 2024 | | | | | | L+2.50% | | | | | $ | 265,246 | | | | | $ | 19,754 | | |
2023 Private Notes | | | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | — | | |
2025 Private Notes | | | | | 2025 | | | | | | 5.375% | | | | | | 40,000 | | | | | | — | | |
2026 Private Notes | | | | | 2026 | | | | | | 5.375% | | | | | | 10,000 | | | | | | — | | |
2027 Private Notes | | | | | 2027 | | | | | | 5.625% | | | | | | 10,000 | | | | | | — | | |
2025 Public Notes | | | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | — | | |
Total debt | | | | | | | | | | | | | | | | | 390,246 | | | | | $ | 19,754 | | |
Debt issuance cost | | | | | | | | | | | | | | | | | (5,366) | | | | | | | | |
Total debt net issuance cost | | | | | | | | | | | | | | | | $ | 384,880 | | | | | | | | |
| | | Maturity | | | Rate | | | Face Amount | | | Available | | ||||||||||||
JPM Credit Facility | | | | | 2024 | | | | | | L+2.50% | | | | | $ | 238,917 | | | | | $ | 11,083 | | |
Private Notes | | | | | 2023 | | | | | | 6.0% | | | | | | 30,000 | | | | | | | | |
2025 Notes | | | | | 2025 | | | | | | 6.5% | | | | | | 35,000 | | | | | | | | |
Total debt | | | | | | | | | | | | | | | | | 303,917 | | | | | $ | 11,083 | | |
Debt issuance cost | | | | | | | | | | | | | | | | | (4,993) | | | | | | | | |
Total debt net issuance cost | | | | | | | | | | | | | | | | $ | 298,924 | | | | | | | | |
| | Maturity | | Rate | | Face Amount | | Available | | | Maturity | | Rate | | Face Amount | | Available | | ||||||||||||||||||||||||||||||||
JPM Credit Facility | | | | 2021 | | | | | L+2.75% | | | | $ | 115,000 | | | | $ | 85,000 | | | | | | 2024 | | | | | L+2.50% | | | | $ | 238,917 | | | | $ | 11,083 | | | ||||||||
Private Notes | | | | 2023 | | | | | 6.0% | | | | | 30,000 | | | | | — | | | |||||||||||||||||||||||||||||
2025 Notes | | | | 2025 | | | | | 6.5% | | | | | 35,000 | | | | | — | | | |||||||||||||||||||||||||||||
2023 Private Notes | | | | 2023 | | | | | 6.0% | | | | | 30,000 | | | | | — | | | |||||||||||||||||||||||||||||
2025 Public Notes | | | | 2025 | | | | | 6.5% | | | | | 35,000 | | | | | — | | | |||||||||||||||||||||||||||||
Total debt | | | | | | | | | | | | | | 180,000 | | | | | $ | 85,000 | | | | | | | | | | | | | | | | 303,917 | | | | $ | 11,083 | | | |||||||
Debt issuance cost | | | | | | | | | | | | | | (4,047) | | | | | | | | | | | | | | | | | | | | | (4,993) | | | | | | | | ||||||||
Total debt net issuance cost | | | | | | | | | | | | | $ | 175,953 | | | | | | | | | | | | | | | | | | | | $ | 298,924 | | | | | | | |
| | Unfunded Commitment as of | | | Unfunded Commitment as of | | ||||||||||||||||||||
| | December 31, 2019 | | December 31, 2018 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Revolving Loan Commitments: | | | | | | | | | | | | | | | | | | | | | | | ||||
BBQ Buyer, LLC | | | $ | 823 | | | | $ | — | | | |||||||||||||||
Claridge Products and Equipment, LLC | | | | 702 | | | | | — | | | |||||||||||||||
Comniscient Technologies LLC | | | | 341 | | | | | — | | | |||||||||||||||
Drew Foam Companies Inc | | | | 534 | | | | | — | | | |||||||||||||||
Epiphany Dermatology | | | | 438 | | | | | — | | | |||||||||||||||
Geo Logic Systems Ltd. | | | $ | 1,288 | | | | $ | — | | | | | | 321 | | | | | 994 | | | ||||
ImageOne Industries, LLC | | | | 408 | | | | | — | | | |||||||||||||||
Inspired Beauty Brands, Inc. | | | | 531 | | | | | — | | | |||||||||||||||
Ivy Rehab Holdings LLC | | | | 545 | | | | | — | | | |||||||||||||||
LHS Borrower, LLC | | | | 560 | | | | | — | | | |||||||||||||||
Lift Brands, Inc. | | | | 594 | | | | | 624 | | | | | | — | | | | | 594 | | | ||||
Newscycle Solutions, Inc. | | | | 36 | | | | | — | | | | | | 120 | | | | | 36 | | | ||||
PG Dental New Jersey Parent, LLC | | | | 1,166 | | | | | — | | | |||||||||||||||
Quest Events, LLC | | | | — | | | | | 935 | | | | | | — | | | | | — | | | ||||
RCKC Acquisitions LLC (dba KSM Consulting) | | | | 1,422 | | | | | — | | | |||||||||||||||
Road Safety Services, Inc. | | | | 875 | | | | | — | | | |||||||||||||||
TaxSlayer LLC | | | | 1,548 | | | | | — | | | |||||||||||||||
Telestream Holdings Corporation | | | | 1,324 | | | | | — | | | |||||||||||||||
WH Lessor Corp. | | | | 646 | | | | | — | | | | | | — | | | | | 646 | | | ||||
| | | | 2,564 | | | | | 1,559 | | | | | | 11,658 | | | | | 2,270 | | | ||||
Delayed Draw Loan Commitments: | | | | | | | | | | | | | | | | | | | | | | | ||||
Crown Brands LLC | | | | 850 | | | | | — | | | | | | — | | | | | 850 | | | ||||
Epiphany Dermatology | | | | 3,063 | | | | | — | | | |||||||||||||||
Ivy Rehab Holdings LLC | | | | 1,633 | | | | | — | | | |||||||||||||||
Lab Logistics, LLC | | | | 572 | | | | | — | | | | | | — | | | | | 572 | | | ||||
RCKC Acquisitions LLC (dba KSM Consulting) | | | | 3,200 | | | | | — | | | |||||||||||||||
Sklar Holdings, Inc. | | | | 3,039 | | | | | — | | | | | | — | | | | | 3,039 | | | ||||
True Blue Car Wash, LLC | | | | 2,031 | | | | | — | | | | | | — | | | | | 2,031 | | | ||||
| | | | 6,492 | | | | | — | | | | | | 7,896 | | | | | 6,492 | | | ||||
Total Unfunded Commitments | | | $ | 9,056 | | | | $ | 1,559 | | | | | $ | 19,554 | | | | $ | 8,762 | | |
| | Years Ended December 31, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
Per share data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net asset value, beginning of period | | | $ | 15.35 | | | | $ | 13.98 | | | | $ | 13.63 | | | | $ | 13.33 | | | | $ | 15.04 | | | | | $ | 15.23 | | | | | 15.35 | | | | $ | 13.98 | | | | $ | 13.63 | | | | $ | 13.33 | | | ||||||||||
Issuance of common stock | | | | — | | | | | — | | | | | — | | | | | — | | | | | (0.11) | | | ||||||||||||||||||||||||||||||||||||
Offering costs | | | | — | | | | | — | | | | | — | | | | | — | | | | | (0.07) | | | ||||||||||||||||||||||||||||||||||||
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net investment income | | | | 1.52 | | | | | 1.22 | | | | | 1.35 | | | | | 1.48 | | | | | 1.36 | | | | | | 1.18 | | | | | 1.52 | | | | | 1.22 | | | | | 1.35 | | | | | 1.48 | | | ||||||||||
Net realized and unrealized (losses) gains on investments and foreign currency | | | | (0.02) | | | | | 1.57 | | | | | 0.42 | | | | | 0.24 | | | | | (1.47) | | | | | | 0.37 | | | | | (0.02) | | | | | 1.57 | | | | | 0.42 | | | | | 0.24 | | | ||||||||||
Net increase in net assets resulting from operations | | | | 1.50 | | | | | 2.79 | | | | | 1.77 | | | | | 1.72 | | | | | (0.11) | | | | | | 1.55 | | | | | 1.50 | | | | | 2.79 | | | | | 1.77 | | | | | 1.72 | | | ||||||||||
Distributions declared | | | | (1.62) | | | | | (1.42) | | | | | (1.42) | | | | | (1.42) | | | | | (1.42) | | | | | | (1.55) | | | | | (1.62) | | | | | (1.42) | | | | | (1.42) | | | | | (1.42) | | | ||||||||||
Net asset value, end of period | | | $ | 15.23 | | | | $ | 15.35 | | | | $ | 13.98 | | | | $ | 13.63 | | | | $ | 13.33 | | | | | $ | 15.23 | | | | | 15.23 | | | | $ | 15.35 | | | | $ | 13.98 | | | | $ | 13.63 | | | ||||||||||
Total return based on market value(2) | | | | 9.72% | | | | | (5.22)% | | | | | 10.27% | | | | | 6.01% | | | | | (0.61)% | | | | | | (0.66)% | | | | | 9.72% | | | | | (5.22)% | | | | | 10.27% | | | | | 6.01% | | | ||||||||||
Total return based on net asset value | | | | 7.70% | | | | | 18.66% | | | | | 12.69% | | | | | 12.64% | | | | | (1.24)% | | | | | | 10.36% | | | | | 7.70% | | | | | 18.66% | | | | | 12.69% | | | | | 12.64% | | | ||||||||||
Net assets, end of period | | | $ | 312,955 | | | | $ | 315,296 | | | | $ | 286,952 | | | | $ | 249,389 | | | | $ | 244,052 | | | | | $ | 312,897 | | | | $ | 312,955 | | | | $ | 315,296 | | | | $ | 286,952 | | | | $ | 249,389 | | | ||||||||||
Per share market value at end of period | | | $ | 13.70 | | | | $ | 12.72 | | | | $ | 13.42 | | | | $ | 12.17 | | | | $ | 11.48 | | | | | $ | 13.61 | | | | $ | 13.70 | | | | $ | 12.72 | | | | $ | 13.42 | | | | $ | 12.17 | | | ||||||||||
Shares outstanding end of period | | | | 20,546,032 | | | | | 20,546,032 | | | | | 20,531,948 | | | | | 18,303,890 | | | | | 18,303,890 | | | | | | 20,546,032 | | | | | 20,546,032 | | | | | 20,546,032 | | | | | 20,531,948 | | | | | 18,303,890 | | | ||||||||||
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Ratio of expenses before incentive fees to average net assets (3)(4) | | | | 8.88% | | | | | 8.50% | | | | | 8.12% | | | | | 8.03% | | | | | 9.66% | | | | | | 9.78% | | | | | 8.88% | | | | | 8.50% | | | | | 8.12% | | | | | 8.03% | | | ||||||||||
Ratio of incentive fees to average net assets (3) | | | | 2.43% | | | | | 3.95% | | | | | 2.42% | | | | | 2.80% | | | | | 1.90% | | | | | | 2.49% | | | | | 2.43% | | | | | 3.95% | | | | | 2.42% | | | | | 2.80% | | | ||||||||||
Ratio of total expenses to average net assets (3)(4) | | | | 11.31% | | | | | 12.45% | | | | | 10.54% | | | | | 10.83% | | | | | 11.56% | | | | | | 12.27% | | | | | 11.31% | | | | | 12.45% | | | | | 10.54% | | | | | 10.83% | | | ||||||||||
Ratio of net investment income to average net assets (3)(4) | | | | 9.83% | | | | | 8.14% | | | | | 9.66% | | | | | 10.90% | | | | | 9.11% | | | | | | 7.90% | | | | | 9.83% | | | | | 8.14% | | | | | 9.66% | | | | | 10.90% | | | ||||||||||
Portfolio turnover ratio | | | | 48.15% | | | | | 57.74% | | | | | 27.96% | | | | | 29.38% | | | | | 32.97% | | | | | | 35.86% | | | | | 48.15% | | | | | 57.74% | | | | | 27.96% | | | | | 29.38% | | |
| | Years ended December 31, | | | Years ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | 30,841 | | | | $ | 57,301 | | | | $ | 34,448 | | | | | $ | 31,685 | | | | $ | 30,841 | | | | $ | 57,301 | | | ||||||
Change in net unrealized (appreciation) depreciation on investments and foreign currency | | | | (53) | | | | | 433 | | | | | (8,128) | | | | | | (3,365) | | | | | (53) | | | | | 433 | | | ||||||
Other book-to-tax differences | | | | 1,069 | | | | | 4,573 | | | | | (63) | | | | | | 3,140 | | | | | 1,069 | | | | | 4,573 | | | ||||||
Taxable income before deductions for distributions | | | $ | 31,857 | | | | $ | 62,307 | | | | $ | 26,257 | | | | | $ | 31,460 | | | | $ | 31,857 | | | | $ | 62,307 | | |
| | Years ended December 31, | | | Years ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary income | | | $ | 7,194 | | | | | 21.7% | | | | $ | 17,540 | | | | | 60.1% | | | | $ | 26,716 | | | | | 96.9% | | | | | $ | 26,420 | | | | | 83.2% | | | | $ | 7,194 | | | | | 21.7% | | | | $ | 17,540 | | | | | 60.1% | | | ||||||||||||
Return of capital | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Long-term capital gains | | | | 25,988 | | | | | 78.3% | | | | | 11,625 | | | | | 39.9% | | | | | 857 | | | | | 3.1% | | | | | | 5,323 | | | | | 16.8 | | | | | 25,988 | | | | | 78.3% | | | | | 11,625 | | | | | 39.9% | | | ||||||||||||
Total distributions | | | $ | 33,182 | | | | | 100.0% | | | | $ | 29,165 | | | | | 100.0% | | | | $ | 27,573 | | | | | 100.0% | | | | | $ | 31,743 | | | | | 100.0% | | | | | 33,182 | | | | | 100.0% | | | | $ | 29,165 | | | | | 100.0% | | |
| | December 31, | | | December 31, | | ||||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2017 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Ordinary income | | | $ | 24,548 | | | | $ | — | | | | $ | — | | | | | $ | 24,100 | | | | $ | 24,548 | | | | $ | — | | | ||||||
Accumulated capital and other losses | | | | — | | | | | 26,073 | | | | | — | | | | | | — | | | | | — | | | | | 26,073 | | | ||||||
Net unrealized (depreciation) appreciation on investments and foreign currency | | | | (12,358) | | | | | (12,355) | | | | | (8,256) | | | | | | (11,226) | | | | | (12,358) | | | | | (12,355) | | | ||||||
Distributions deferred | | | | — | | | | | — | | | | | (7,104) | | | | | | — | | | | | — | | | | | — | | | ||||||
Total (accumulated deficit) distributable earnings – tax basis | | | $ | 12,190 | | | | $ | 13,718 | | | | $ | (15,360) | | | | | $ | 12,874 | | | | $ | 12,190 | | | | $ | 13,718 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 17,411 | | | | | $ | 17,755 | | | | | $ | 15,984 | | | | | $ | 15,924 | | |
Net investment income after excise tax | | | | | 7,702 | | | | | | 8,655 | | | | | | 7,226 | | | | | | 7,611 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 1,059 | | | | | | (1,800) | | | | | | 993 | | | | | | (606) | | |
Net increase in net assets resulting from operations | | | | | 8,761 | | | | | | 6,855 | | | | | | 8,219 | | | | | | 7,005 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Earnings per share | | | | | 0.42 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.34 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.36 | | | | | $ | 15.38 | | | | | $ | 15.33 | | |
| | | 2018 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 16,671 | | | | | $ | 15,318 | | | | | $ | 14,654 | | | | | $ | 16,605 | | |
Net investment income after excise tax | | | | | 8,040 | | | | | | 3,777 (1) | | | | | | 4,607 | | | | | | 8,578 | | |
Net realized and unrealized (losses) gains on investments | | | | | (3,106) | | | | | | 15,685 | | | | | | 14,447 | | | | | | 5,275 | | |
Net increase in net assets resulting from operations | | | | | 4,934 | | | | | | 19,462 | | | | | | 19,054 | | | | | | 13,853 | | |
Earnings per share | | | | | 0.24 | | | | | | 0.95 | | | | | | 0.93 | | | | | | 0.67 | | |
Net asset value per share | | | | $ | 15.35 | | | | | $ | 15.46 | | | | | $ | 14.87 | | | | | $ | 14.30 | | |
| | | 2017 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 13,920 | | | | | $ | 13,024 | | | | | $ | 14,285 | | | | | $ | 13,575 | | |
Net investment income after excise tax | | | | | 6,804 | | | | | | 5,950 | | | | | | 6,936 | | | | | | 6,522 | | |
Net realized and unrealized gains on investments | | | | | 1,684 | | | | | | 3,106 | | | | | | 339 | | | | | | 3,107 | | |
Net increase in net assets resulting from operations | | | | | 8,488 | | | | | | 9,056 | | | | | | 7,275 | | | | | | 9,629 | | |
Earnings per share | | | | | 0.41 | | | | | | 0.45 | | | | | | 0.39 | | | | | | 0.53 | | |
Net asset value per share | | | | $ | 13.98 | | | | | $ | 13.92 | | | | | $ | 13.83 | | | | | $ | 13.80 | | |
| | | 2020 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 16,845 | | | | | $ | 16,497 | | | | | $ | 13,823 | | | | | $ | 14,533 | | |
Net investment income after excise tax | | | | | 6,883 | | | | | | 5,929 | | | | | | 5,240 | | | | | | 6,102 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 1,310 | | | | | | 15,704 | | | | | | 17,571 | | | | | | (27,058) | | |
Net increase (decrease) in net assets resulting from operations | | | | | 8,193 | | | | | | 21,634 | | | | | | 22,811 | | | | | | (20,956) | | |
Earnings (loss) per share | | | | | 0.40 | | | | | | 1.06 | | | | | | 1.11 | | | | | | (1.01) | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.31 | | | | | $ | 14.61 | | | | | $ | 13.86 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 17,411 | | | | | $ | 17,755 | | | | | $ | 15,984 | | | | | $ | 15,924 | | |
Net investment income after excise tax | | | | | 7,702 | | | | | | 8,655 | | | | | | 7,226 | | | | | | 7,611 | | |
Net realized and unrealized (losses) gains on investments and foreign currency | | | | | 1,059 | | | | | | (1,800) | | | | | | 993 | | | | | | (606) | | |
Net increase in net assets resulting from operations | | | | | 8,761 | | | | | | 6,855 | | | | | | 8,219 | | | | | | 7,005 | | |
Earnings per share | | | | | 0.42 | | | | | | 0.34 | | | | | | 0.41 | | | | | | 0.34 | | |
Net asset value per share | | | | $ | 15.23 | | | | | $ | 15.36 | | | | | $ | 15.38 | | | | | $ | 15.33 | | |
| | | 2018 | | |||||||||||||||||||||
| | | Q4 | | | Q3 | | | Q2 | | | Q1 | | ||||||||||||
Total investment income | | | | $ | 16,671 | | | | | $ | 15,318 | | | | | $ | 14,654 | | | | | $ | 16,605 | | |
Net investment income after excise tax | | | | | 8,040 | | | | | | 3,777(1) | | | | | | 4,607 | | | | | | 8,578 | | |
Net realized and unrealized (losses) gains on investments | | | | | (3,106) | | | | | | 15,685 | | | | | | 14,447 | | | | | | 5,275 | | |
Net increase in net assets resulting from operations | | | | | 4,934 | | | | | | 19,462 | | | | | | 19,054 | | | | | | 13,853 | | |
Earnings per share | | | | | 0.24 | | | | | | 0.95 | | | | | | 0.93 | | | | | | 0.67 | | |
Net asset value per share | | | | $ | 15.35 | | | | | $ | 15.46 | | | | | $ | 14.87 | | | | | $ | 14.30 | | |
Name | | Age | | Position | | Director Since | | Expiration of Term | | | Age | | Position | | Director Since | | Expiration of Term | | |||||||||||||||||
Interested Directors | | | | | | | | | | | | | | ||||||||||||||||||||||
John Bolduc | | | | 55 | | | Chairman of the Board of Directors | | | | 2012 | | | | | 2021 | | | | 56 | | Chairman of the Board of Directors | | 2012 | | 2021 | | ||||||||
Stuart Aronson | | | | 57 | | | Chief Executive Officer and Director | | | | 2017 | | | | | 2020 | | | | 58 | | Chief Executive Officer and Director | | 2017 | | 2023 | | ||||||||
Jay Carvell | | | | 54 | | | Director | | | | 2012 | | | | | 2020 | | | | 55 | | Director | | 2012 | | 2023 | | ||||||||
Independent Directors | | | | | | | | | | | | | | ||||||||||||||||||||||
Rick P. Frier | | | | 58 | | | Director, Chairman of the Compensation Committee | | | | 2016 | | | | | 2020 | | | | 59 | | Director, Chairman of the Compensation Committee | | 2016 | | 2023 | | ||||||||
Rick D. Puckett | | | | 66 | | | Director, Chairman of the Audit Committee | | | | 2012 | | | | | 2021 | | | | 67 | | Director, Chairman of the Audit Committee | | 2012 | | 2021 | | ||||||||
G. Stacy Smith | | | | 51 | | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | | | 2015 | | | | | 2022 | | | | 52 | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | 2015 | | 2022 | | ||||||||
Kevin F. Burke | | | | 66 | | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | | | 2017 | | | | | 2022 | | | | 67 | | Director, Co-Chairman of the Nominating and Corporate Governance Committee | | 2017 | | 2022 | |
Name | | | Age | | | Position | |
Joyson C. Thomas | | | | | Chief Financial Officer | | |
Marco Collazos | | | | | Chief Compliance Officer | |
Name | | | Aggregate Compensation from WhiteHorse Finance | | | Pension or Retirement Benefits Accrued as Part of Our Expenses(1) | | | Total Compensation from WhiteHorse Finance | | |||||||||
Independent Directors | | | | | |||||||||||||||
Kevin F. Burke | | | | $ | 88,500 | | | | | | — | | | | | $ | 88,500 | | |
Rick P. Frier | | | | | 88,500 | | | | | | — | | | | | | 88,500 | | |
Rick D. Puckett | | | | | 93,500 | | | | | | — | | | | | | 93,500 | | |
G. Stacy Smith | | | | | 88,500 | | | | | | — | | | | | | 88,500 | | |
Interested Directors | | | | | |||||||||||||||
Stuart Aronson | | | | | — | | | | | | — | | | | | | — | | |
John Bolduc | | | | | — | | | | | | — | | | | | | — | | |
Jay Carvell | | | | | — | | | | | | — | | | | | | — | | |
Name | | | Aggregate Fees Earned or Paid in Cash | | | Pension or Retirement Benefits Accrued as Part of Our Expenses(1) | | | Total Compensation from WhiteHorse Finance | | |||||||||
Independent Directors | | | | | | | | | | | | | | | | | | | |
Kevin F. Burke | | | | $ | 92,625 | | | | | | — | | | | | $ | 92,625 | | |
Rick P. Frier | | | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Rick D. Puckett | | | | | 97,625 | | | | | | — | | | | | | 97,625 | | |
G. Stacy Smith | | | | | 92,625 | | | | | | — | | | | | | 92,625 | | |
Interested Directors | | | | | | | | | | | | | | | | | | | |
Stuart Aronson | | | | | — | | | | | | — | | | | | | — | | |
John Bolduc | | | | | — | | | | | | — | | | | | | — | | |
Jay Carvell | | | | | — | | | | | | — | | | | | | — | | |
Name and Address | | Type of Ownership | | Shares Owned | | Percentage | | | Type of Ownership | | Shares Owned | | Percentage | | | ||||||||||||||||||||||||||
H.I.G. Bayside Debt & LBO Fund II, L.P.(1) | | | | Beneficial | | | | | 2,679,622 | | | | | 13.0% | | | |||||||||||||||||||||||||
H.I.G. Bayside Loan Opportunity Fund II, L.P.(1) | | | | Beneficial | | | | | 2,183,550 | | | | | 10.6% | | | |||||||||||||||||||||||||
H.I.G. Bayside Loan Opportunity Fund IV, L.P.(1) | | | | Beneficial | | | | | 4,863,172 | | | | | 23.7% | | | | ||||||||||||||||||||||||
Hamilton Lane Advisors, L.L.C.(2) | | | | Beneficial | | | | | 496,591 | | | | | 2.4% | | | | | | Beneficial | | | | | 496,591 | | | | | 2.4% | | | | ||||||||
Stuart Aronson(3) | | | | Beneficial | | | | | 18,000 | | | | | * | | | | | | Beneficial | | | | | 36,000 | | | | | * | | | | ||||||||
John Bolduc(3)(4) | | | | Beneficial | | | | | 191,975 | | | | | * | | | | | | Beneficial | | | | | 316,000 | | | | | 1.5% | | | | ||||||||
Jay Carvell(3) | | | | Beneficial | | | | | 15,629 | | | | | * | | | | | | Beneficial | | | | | 15,630 | | | | | * | | | | ||||||||
Sami Mnaymneh(5)(6) | | | | Beneficial | | | | | 5,176,731 | | | | | 25.2% | | | | | | Beneficial | | | | | 5,228,376 | | | | | 25.4% | | | | ||||||||
Anthony Tamer(5)(7) | | | | Beneficial | | | | | 5,165,155 | | | | | 25.1% | | | | | | Beneficial | | | | | 5,214,888 | | | | | 25.4% | | | | ||||||||
Kevin F. Burke(3) | | | | Beneficial | | | | | 7,530 | | | | | * | | | | | | Beneficial | | | | | 7,530 | | | | | * | | | | | |||||||
Rick P. Frier(3)(9) | | | | Beneficial | | | | | 3,700 | | | | | * | | | | | | Beneficial | | | | | 3,700 | | | | | * | | | | ||||||||
Rick D. Puckett(3)(8) | | | | Beneficial | | | | | 18,912 | | | | | * | | | | | | Beneficial | | | | | 19,912 | | | | | * | | | | ||||||||
G. Stacy Smith(3) | | | | Beneficial | | | | | 3,700 | | | | | * | | | | | | Beneficial | | | | | 3,700 | | | | | * | | | | ||||||||
Marco Collazos(3) | | | | Beneficial | | | | | — | | | | | * | | | | | | Beneficial | | | | | 10,000 | | | | | * | | | | ||||||||
Joyson C. Thomas(3) | | | | Beneficial | | | | | — | | | | | * | | | | | | Beneficial | | | | | 9,921 | | | | | * | | | | ||||||||
All officers and directors as a group (9 persons) | | | | Beneficial | | | | | 259,446 | | | | | 1.3% | | | | | | Beneficial | | | | | 422,393 | | | | | 2.1% | | | |
| | Years ended December 31, | | | Years ended December 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Audit Fees | | | $ | 411 | | | | $ | 380 | | | | | $ | 400 | | | | $ | 411 | | | ||||
Audit-Related Fees | | | | 55 | | | | | 50 | | | | | | — | | | | | 55 | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total Fees | | | $ | 466 | | | | $ | 430 | | | | | $ | 400 | | | | $ | 466 | | |
| Signature | | | Title | | | Date | |
| /s/ Stuart Aronson Stuart Aronson | | | Chief Executive Officer and Director (Principal Executive Officer) | | | March | |
| /s/ Joyson C. Thomas Joyson C. Thomas | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | March | |
| /s/ John Bolduc John Bolduc | | | Chairman of the Board of Directors | | | March | |
| /s/ Jay Carvell Jay Carvell | | | Director | | | March | |
| /s/ Kevin F. Burke Kevin F. Burke | | | Director | | | March | |
| /s/ Rick P. Frier Rick P. Frier | | | Director | | | March | |
| /s/ Rick D. Puckett Rick D. Puckett | | | Director | | | March | |
| /s/ G. Stacy Smith G. Stacy Smith | | | Director | | | March | |