| | | | ☒ | | | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
| | | | ☐ | | | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
| Commission File Number | | | Exact name of registrant as specified in its charter, address of principal executive office, telephone number and state or other jurisdiction of incorporation or organization | | | I.R.S. Employer Identification Number | |
| 814-01022 | | | Capitala Finance Corp. | | | 90-0945675 | |
| Title of Each Class | | | Trading symbol(s) | | | Name of Each Exchange on Which Registered | |
| Common Stock, par value $0.01 per share 5.75% Convertible Notes due 2022 6.00% Notes due 2022 | | | CPTA CPTAG CPTAL | | | NASDAQ Global Select Market NASDAQ Capital Market NASDAQ Global Select Market | |
| Large accelerated filer ☐ | | | Accelerated filer ☒ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☐ | |
| | | | Emerging growth company ☐ | |
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PART I | | | | | | | |
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PART II | | | | | | | |
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PART III | | | | | | | |
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PART IV | | | | | | | |
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Name and Address of Portfolio Company | | | Nature of Business | | | Type of Investment and General Terms(1)(2)(3)(4)(5) | | | % of Class Held | | | Cost (in thousands) | | | Fair Value (in thousands) | | |||||||||
3 Bridge Solutions, LLC 100 South Fifth Street Minneapolis, Minnesota 55402 | | | IT Consulting | | | First Lien Debt (10.7% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 12/4/22) | | | | | | | | | | $ | 13,274 | | | | | $ | 13,274 | | |
| | | | | | Preferred Units (965 units) | | | | | 3.2% | | | | | | 1,090 | | | | | | 499 | | |
| | | | | | Membership Units (39,000 units) | | | | | 3.3% | | | | | | 10 | | | | | | — | | |
Alternative Biomedical Solutions, LLC 1600 Wallace Drive Carrollton, Texas 75006 | | | Healthcare | | | First Lien Debt (8.0% Cash, 3.8% PIK, Due 12/18/22) | | | | | | | | | | | 5,331 | | | | | | 5,319 | | |
| | | | | | First Lien Debt (8.0% Cash, 3.8% PIK, Due 12/18/22)(6) | | | | | | | | | | | 13,125 | | | | | | 10,624 | | |
| | | | | | Membership Units (20,092 units) | | | | | 3.2% | | | | | | 800 | | | | | | — | | |
American Clinical Solutions, LLC 2424 N. Federal Highway Boca Raton, Florida 33431 | | | Healthcare | | | First Lien Debt (7.0% Cash, Due 12/31/22) | | | | | | | | | | | 3,500 | | | | | | 3,500 | | |
| | | | | | First Lien Debt (2.0% PIK, Due 12/31/22)(7) | | | | | | | | | | | 3,485 | | | | | | 3,485 | | |
Amerimark Direct, LLC 100 Nixon Lane Edison, New Jersey 08837 | | | Consumer Products | | | First Lien Debt (14.3% Cash, Due 9/8/21) | | | | | | | | | | | 15,974 | | | | | | 15,633 | | |
BigMouth, Inc 655 Winding Brook Drive Glastonbury, Connecticut 06033 | | | Consumer Products | | | First Lien Debt (10.3% Cash (1 month LIBOR + 8.5%, 0.5% Floor, Due 11/14/21)(8) | | | | | | | | | | | 857 | | | | | | 857 | | |
| | | | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 0.5% Floor, Due 11/14/21) | | | | | | | | | | | 8,784 | | | | | | 8,628 | | |
Bluestem Brands, Inc. 6509 Flying Cloud Drive Eden Prairie, Minnesota 55344 | | | Online Merchandise Retailer | | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.5%, 1.0% Floor), Due 11/7/20) | | | | | | | | | | | 3,529 | | | | | | 2,877 | | |
Burgaflex Holdings, LLC(21) 1101 Copper Avenue Fenton, Michigan 48430 | | | Automobile Part Manufacturer | | | First Lien Debt (12.0% Cash, 3.0% PIK, Due 3/23/21) | | | | | | | | | | | 14,421 | | | | | | 14,421 | | |
| | | | | | Common Stock Class B (1,085,073 shares) | | | | | 11.5% | | | | | | 362 | | | | | | 635 | | |
| | | | | | Common Stock Class A (1,253,198 shares) | | | | | 8.3% | | | | | | 1,504 | | | | | | — | | |
Name and Address of Portfolio Company | | | Nature of Business | | | Type of Investment and General Terms(1)(2)(3)(4)(5) | | | % of Class Held | | | Cost (in thousands) | | | Fair Value (in thousands) | | |||||||||
Burke America Parts Group, LLC 5852 W. 51st Street Chicago, Illinois 60638 | | | Home Repair Parts Manufacturer | | | Membership Units (14 units) | | | | | 1.8% | | | | | $ | 5 | | | | | $ | 2,489 | | |
CableOrganizer Acquisition, LLC 6250 NW 27th Way Ft. Lauderdale, Florida 33309 | | | Computer Supply Retail | | | First Lien Debt(9) | | | | | | | | | | | 1,532 | | | | | | 1,490 | | |
California Pizza Kitchen, Inc. 12181 Bluff Creek Drive Playa Vista, California 90094 | | | Restaurant | | | Second Lien Debt (11.9% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 8/23/23) | | | | | | | | | | | 4,927 | | | | | | 4,697 | | |
Capitala Senior Loan Fund II, LLC(22) 4201 Congress Street Charlotte, North Carolina 28209 | | | Investment Funds | | | Subordinated Debt (6.7% Cash (1 month LIBOR + 5.0%), Due 9/3/24) (11)(20) | | | | | | | | | | | — | | | | | | — | | |
| | | | | | Membership Units (80.0% ownership)(11)(19)(23) | | | | | 80.0% | | | | | | 13,600 | | | | | | 13,631 | | |
Chicken Soup for the Soul, LLC 132 East Putnam Avenue Cos Cob, Connecticut 06807 | | | Multi-platform Media and Consumer Products | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 1.5% Floor), Due 12/13/20) | | | | | | | | | | | 13,000 | | | | | | 13,000 | | |
Chief Fire Intermediate, Inc. 10 West Broad Street Mount Vernon, New York 10552 | | | Security System Services | | | First Lien Debt (8.7% Cash (1 month LIBOR + 7.0%, 1.6% Floor), Due 11/8/24) | | | | | | | | | | | 8,100 | | | | | | 8,100 | | |
| | | | | | Class A Preferred Units (34,740 units, 10.0% PIK Dividend)(10) | | | | | 6.2% | | | | | | 913 | | | | | | 913 | | |
| | | | | | Class B Common Units (3,510 units) | | | | | 0.8% | | | | | | — | | | | | | — | | |
City Gear, LLC(21) 4841 Summer Avenue Memphis, Tennessee 38122 | | | Footwear Retail | | | Membership Unit Warrants(9) | | | | | | | | | | | — | | | | | | 3,326 | | |
CIS Secure Computing, Inc. 21050 Ashburn Crossing Dr. Ashburn, Virginia 20147 | | | Government Services | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 1.0% Floor), 1.0% PIK, Due 9/14/22) | | | | | | | | | | | 9,389 | | | | | | 9,389 | | |
| | | | | | Common Stock (46,163 shares) | | | | | 4.0% | | | | | | 1,000 | | | | | | 1,890 | | |
Corporate Visions, Inc. 5455 Kietzke Lane Reno, Nevada 89511 | | | Sales & Marketing Services | | | Subordinated Debt (9.0% Cash, 2.0% PIK, Due 11/29/21) | | | | | | | | | | | 19,327 | | | | | | 18,962 | | |
| | | | | | Common Stock (15,750 shares) | | | | | 2.5% | | | | | | 1,575 | | | | | | 329 | | |
Currency Capital, LLC 12100 Wilshire Boulevard Los Angeles, California 90025 | | | Financial Services | | | First Lien Debt (13.7% Cash (1 month LIBOR + 12.0%, 0.5% Floor), 2.0% PIK, Due 1/2/20)(11) | | | | | | | | | | | 16,269 | | | | | | 16,269 | | |
| | | | | | Class A Preferred Units (2,000,000 units)(11) | | | | | 2.0% | | | | | | 2,000 | | | | | | 2,504 | | |
Eastport Holdings, LLC(21) 813 Ridge Lake Blvd. Memphis, Tennessee 38120 | | | Business Services | | | Subordinated Debt (14.9% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 12/29/21)(16) | | | | | | | | | | | 16,155 | | | | | | 16,500 | | |
| | | | | | Membership Units (22.9% ownership) | | | | | 22.9% | | | | | | 3,263 | | | | | | 17,822 | | |
Flavors Holdings, Inc. 300 Jefferson Street Camden, New Jersey 08104 | | | Food Product Manufacturer | | | First Lien Debt (7.7% Cash (3 month LIBOR + 5.8%, 1.0% Floor), Due 4/3/20) | | | | | | | | | | | 5,778 | | | | | | 5,767 | | |
| | | | | | Second Lien Debt (11.9% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 10/3/21) | | | | | | | | | | | 11,878 | | | | | | 11,842 | | |
Freedom Electronics, LLC 2205 May Ct. NW Kennesaw, Georgia 30144 | | | Electronic Machine Repair | | | First Lien Debt (8.7% Cash, Due 12/20/23)(6)(12) | | | | | | | | | | | 5,940 | | | | | | 5,940 | | |
| | | | | | Membership Units (181,818 units) | | | | | 0.6% | | | | | | 182 | | | | | | 160 | | |
GA Communications, Inc.(21) 2196 West Part Court Stone Mountain, Georgia 30087 | | | Advertising & Marketing Services | | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend)(10) | | | | | 8.3% | | | | | | 3,476 | | | | | | 3,761 | | |
| | | | | | Series B-1 Common Stock (200,000 shares) | | | | | 8.3% | | | | | | 2 | | | | | | 501 | | |
Name and Address of Portfolio Company | | | Nature of Business | | | Type of Investment and General Terms(1)(2)(3)(4)(5) | | | % of Class Held | | | Cost (in thousands) | | | Fair Value (in thousands) | | |||||||||
HUMC Opco, LLC 308 Willow Avenue Hoboken, New Jersey 07030 | | | Healthcare | | | First Lien Debt (9.0% Cash, Due 8/16/20) | | | | | | | | | | $ | 5,000 | | | | | $ | 5,000 | | |
Installs, LLC 241 Main Street Buffalo, New York 14203 | | | Logistics | | | First Lien Debt (9.3% Cash, Due 6/20/23)(6) | | | | | | | | | | | 2,924 | | | | | | 2,924 | | |
J5 Infrastructure Partners, LLC 2030 Main Street Irvine, California 92614 | | | Wireless Deployment Services | | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.5%, 1.8% Floor), Due 12/20/24)(13) | | | | | | | | | | | — | | | | | | — | | |
| | | | | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.5%, 1.8% Floor), Due 12/20/24) | | | | | | | | | | | 7,000 | | | | | | 7,000 | | |
Jurassic Quest Holdings, LLC 200 River Point Conroe, Texas 77304 | | | Entertainment | | | First Lien Debt (9.5% Cash (1 month LIBOR + 7.5%, 2.0% Floor), Due 5/1/24)(14) | | | | | | | | | | | 10,827 | | | | | | 10,827 | | |
| | | | | | Preferred Units (375,000 units) | | | | | 1.5% | | | | | | 388 | | | | | | 85 | | |
LJS Partners, LLC(21) 10350 Ormsby Park Place Louisville, Kentucky 40223 | | | QSR Franchisor | | | Preferred Units (92,924 units) | | | | | 9.8% | | | | | | 293 | | | | | | 372 | | |
| | | | | | Common Membership Units (2,593,234 units) | | | | | 8.5% | | | | | | 1,224 | | | | | | 1,509 | | |
MicroHoldco, LLC 1102 Windam Road South Windam, Connecticut 06266 | | | General Industrial | | | Preferred Units(9) | | | | | | | | | | | 838 | | | | | | 838 | | |
MMI Holdings, LLC(21) 325 McGill Avenue, Suite 195 Concord, North Carolina 28027 | | | Medical Device Distributor | | | First Lien Debt (12.0% Cash, Due 1/31/21)(16) | | | | | | | | | | | 2,600 | | | | | | 2,600 | | |
| | | | | | Subordinated Debt (6.0% Cash, Due 1/31/21)(16) | | | | | | | | | | | 388 | | | | | | 400 | | |
| | | | | | Preferred Units (1,000 units, 6.0% PIK Dividend)(10) | | | | | 100.0% | | | | | | 1,572 | | | | | | 1,710 | | |
| | | | | | Common Membership Units (45 units) | | | | | 5.0% | | | | | | — | | | | | | 194 | | |
Navis Holdings, Inc.(21) 113 Woodside Drive Lexington, North Carolina 27292 | | | Textile Equipment Manufacturer | | | First Lien Debt (11.0% Cash, Due 6/30/23)(16) | | | | | | | | | | | 10,100 | | | | | | 10,100 | | |
| | | | | | Class A Preferred Stock (1,000 shares, 10% Cash Dividend)(10) | | | | | 100.0% | | | | | | 1,000 | | | | | | 1,000 | | |
| | | | | | Common Stock (60,000 shares) | | | | | 13.8% | | | | | | — | | | | | | 464 | | |
Nth Degree Investment Group, LLC(21) 3237 Satellite Blvd Duluth, Georgia 30096 | | | Business Services | | | Membership Units (6,088,000 Units) | | | | | 5.6% | | | | | | 6,088 | | | | | | 6,088 | | |
Portrait Studio, LLC 2101 Cambridge Beltway Drive Charlotte, North Carolina 28273 | | | Professional and Personal Digital Imaging | | | First Lien Debt(9) | | | | | | | | | | | 510 | | | | | | 510 | | |
RAM Payment, LLC(21) 412 North Cedar Bluff Road Knoxville, Tennessee 37923 | | | Financial Services | | | First Lien Debt (10.0% Cash, Due 1/4/24) (6) | | | | | | | | | | | 9,019 | | | | | | 9,019 | | |
| | | | | | Preferred Units (86,000 units, 8.0% PIK Dividend)(10) | | | | | 6.1% | | | | | | 928 | | | | | | 1,725 | | |
Rapid Fire Protection, Inc. 1530 Samco Road Rapid City, South Dakota 57702 | | | Security System Services | | | First Lien Debt (9.2% Cash, Due 11/22/24)(6)(15) | | | | | | | | | | | 6,550 | | | | | | 6,550 | | |
| | | | | | Common Stock (363 shares) | | | | | 3.6% | | | | | | 500 | | | | | | 500 | | |
Seitel, Inc. 10811 South Westview Circle Drive Houston, Texas 77043 | | | Data Services | | | First Lien Debt (10.0% Cash (1 month LIBOR + 8.3%, 1.0% Floor), Due 3/15/23) | | | | | | | | | | | 4,749 | | | | | | 4,749 | | |
Sequoia Healthcare Management, LLC 10 Exchange Place Jersey City, New Jersey 07032 | | | Healthcare Management | | | First Lien Debt (12.8% Cash, Due 6/26/20) | | | | | | | | | | | 12,744 | | | | | | 12,607 | | |
Name and Address of Portfolio Company | | | Nature of Business | | | Type of Investment and General Terms(1)(2)(3)(4)(5) | | | % of Class Held | | | Cost (in thousands) | | | Fair Value (in thousands) | | |||||||||
Sierra Hamilton Holdings Corporation(21) 900 Threadneedle Houston, Texas 77079 | | | Oil & Gas Engineering and Consulting Services | | | Second Lien Debt (15.0% PIK, Due 9/12/23) | | | | | | | | | | $ | 748 | | | | | $ | 748 | | |
| | | | | | Common Stock (15,068,000 shares) | | | | | 13.7% | | | | | | 6,958 | | | | | | 5,160 | | |
Sur La Table, Inc. 6100 4th Ave S Ste 500 Seattle, Washington 98108 | | | Retail | | | First Lien Debt (10.9% Cash (3 month LIBOR + 9.0%, 1.0% Floor), Due 7/31/22)(16)(17) | | | | | | | | | | | 10,528 | | | | | | 10,045 | | |
Taylor Precision Products, Inc. 2311 W. 22nd Street Oak Brook, Illinois 60523 | | | Household Product Manufacturer | | | Series C Preferred Stock (379 shares) | | | | | 8.3% | | | | | | 758 | | | | | | 758 | | |
U.S. BioTek Laboratories, LLC 16020 Linden Ave. N. Shoreline, Washington 98133 | | | Testing Laboratories | | | First Lien Debt (9.3% Cash, Due 12/14/23)(6)(12) | | | | | | | | | | | 6,930 | | | | | | 6,822 | | |
| | | | | | Class A Preferred Units (500 Units) | | | | | 2.5% | | | | | | 540 | | | | | | 204 | | |
| | | | | | Class C Units (500 Units) | | | | | 2.2% | | | | | | 1 | | | | | | — | | |
U.S. Well Services, Inc. 1360 Post Oak Boulevard Houston, Texas 77056 | | | Oil & Gas Services | | | Class A Common Stock (77,073 shares)(11)(18) | | | | | 0.1% | | | | | | 771 | | | | | | 146 | | |
| | | | | | Class B Common Stock (1,125,426 shares)(11)(18) | | | | | 1.6% | | | | | | 6,701 | | | | | | 2,127 | | |
V12 Holdings, Inc.(21) 141 West Front Street, Suite 410 Red Bank, New Jersey 07701 | | | Data Processing & Digital Marketing | | | Subordinated Debt(9) | | | | | | | | | | | 655 | | | | | | 708 | | |
Vology, Inc.(22) 15950 Bay Vista Dr. Clearwater, Florida 33760 | | | Information Technology | | | First Lien Debt (10.5% Cash (1 month LIBOR + 8.5%, 2.0% Floor), Due 12/31/21) | | | | | | | | | | | 3,877 | | | | | | 3,877 | | |
| | | | | | Class A Preferred Units (9,041,810 Units) | | | | | 51.6% | | | | | | 5,215 | | | | | | 5,215 | | |
| | | | | | Membership Units (5,363,982 Units) | | | | | 32.6% | | | | | | — | | | | | | — | | |
Xirgo Technologies, LLC 188 Camino Ruiz Camarillo, California 93012 | | | Information Technology | | | Membership Units (600,000 units) | | | | | 1.0% | | | | | | 600 | | | | | | 917 | | |
| | | | | | | | | | | | | | | | $ | 353,881 | | | | | $ | 362,532 | | |
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| Investment Rating | | | Summary Description | |
| 1 | | | In general, the investment may be performing above our internal expectations. Full return of principal and interest is expected. Capital gain is expected. | |
| 2 | | | In general, the investment may be performing within our internal expectations, and potential risks to the applicable investment are considered to be neutral or favorable compared to any potential risks at the time of the original investment. All new investments are initially given this rating. | |
| 3 | | | In general, the investment may be performing below our internal expectations and therefore, investments in this category may require closer internal monitoring; however, the valuation team believes that no loss of investment return (interest and/or dividends) or principal is expected. The investment also may be out of compliance with certain financial covenants. | |
| 4 | | | In general, the investment may be performing below internal expectations and quantitative or qualitative risks may have increased substantially since the original investment. Loss of some or all principal is expected. | |
| 5 | | | In general, the investment may be performing substantially below our internal expectations and a number of quantitative or qualitative risks may have increased substantially since the original investment. Loss of some or all principal is expected. | |
Investment Rating | | | As of December 31, 2018 | | As of December 31, 2017 | | | | As of December 31, 2019 | | As of December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||
| Investments at Fair Value | | Percentage of Total Investments | | Investments at Fair Value | | Percentage of Total Investments | | | Investments at Fair Value | | Percentage of Total Investments | | Investments at Fair Value | | Percentage of Total Investments | | |||||||||||||||||||||||||||||||||
1 | | | $ | 171,829 | | | | | 38.3% | | | | $ | 191,204 | | | | | 38.2% | | | | | $ | 85,688 | | | | | 23.6% | | | | $ | 171,829 | | | | | 38.3% | | | ||||||||
2 | | | | 194,411 | | | | | 43.3 | | | | | 186,445 | | | | | 37.3 | | | | | | 219,855 | | | | | 60.7 | | | | | 194,411 | | | | | 43.3 | | | ||||||||
3 | | | | 73,325 | | | | | 16.3 | | | | | 97,309 | | | | | 19.5 | | | | | | 56,989 | | | | | 15.7 | | | | | 73,325 | | | | | 16.3 | | | ||||||||
4 | | | | 9,362 | | | | | 2.1 | | | | | 24,981 | | | | | 5.0 | | | | | | — | | | | | — | | | | | 9,362 | | | | | 2.1 | | | ||||||||
5 | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Total | | | $ | 448,927 | | | | | 100.0% | | | | $ | 499,939 | | | | | 100.0% | | | | | $ | 362,532 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | |
| | | | Income Related Incentive Fee Accrued Before Application of Deferral Mechanism | | | Capital Gains Related Incentive Fee Accrued Before Application of Deferral Mechanism | | | Incentive Fee Calculations | | | Incentive Fees Paid and Deferred | |
| Year 1 | | | $8.0 million ($40.0 million multiplied by 20%) | | | None | | | $8.0 million | | | Incentive fees of $8.0 million paid; no incentive fees deferred | |
| Year 2 | | | $8.0 million ($40.0 million multiplied by 20%) | | | $6.0 million (20% of $30.0 million) | | | $14.0 million | | | 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 the sum of (a) our pre-incentive fee net investment income, (b) our net unrealized appreciation or depreciation during such period and (c) our net realized capital gains or losses during Year 3) | | | Incentive fees of $7.0 million paid; $8.0 million of incentive fees accrued but payment restricted to $7.0 million; $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) | | | $8.2 million | | | 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(1) (net of expenses) | | | (10.0)% | | | (5.0)% | | | 0.0% | | | 5.0% | | | 10.0% | | |||||||||||||||
Corresponding net return to common stockholder | | | | | (40.0)% | | | | | | (24.7)% | | | | | | (9.5)% | | | | | | 5.8% | | | | | | 21.1% | | |
| | | NAV Per Share(1) | | | Sales Price | | | Premium or (Discount) of High Sales Price to NAV(2) | | | Premium or (Discount) of Low Sales Price to NAV(2) | | | Declared Distributions Per Share(3) | | |||||||||||||||||||||
Fiscal Year Ended | | | High | | | Low | | ||||||||||||||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter (through February 27, 2020) | | | | $ | * | | | | | $ | 9.20 | | | | | $ | 7.69 | | | | | | * | | | | | | * | | | | | $ | 0.25 | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 9.14 | | | | | $ | 9.12 | | | | | $ | 8.07 | | | | | | (0.2)% | | | | | | (11.7)% | | | | | $ | 0.25 | | |
Third Quarter | | | | $ | 9.40 | | | | | $ | 9.99 | | | | | $ | 7.34 | | | | | | 6.3% | | | | | | (21.9)% | | | | | $ | 0.25 | | |
Second Quarter | | | | $ | 9.55 | | | | | $ | 9.69 | | | | | $ | 7.97 | | | | | | 1.5% | | | | | | (16.5)% | | | | | $ | 0.25 | | |
First Quarter | | | | $ | 11.61 | | | | | $ | 8.74 | | | | | $ | 6.83 | | | | | | (24.7)% | | | | | | (41.2)% | | | | | $ | 0.25 | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 11.88 | | | | | $ | 8.80 | | | | | $ | 6.46 | | | | | | (25.9)% | | | | | | (45.6)% | | | | | $ | 0.25 | | |
Third Quarter | | | | $ | 12.71 | | | | | $ | 9.05 | | | | | $ | 8.29 | | | | | | (28.8)% | | | | | | (34.8)% | | | | | $ | 0.25 | | |
Second Quarter | | | | $ | 13.71 | | | | | $ | 8.60 | | | | | $ | 7.66 | | | | | | (37.3)% | | | | | | (44.1)% | | | | | $ | 0.25 | | |
First Quarter | | | | $ | 13.66 | | | | | $ | 8.15 | | | | | $ | 6.88 | | | | | | (40.3)% | | | | | | (49.6)% | | | | | $ | 0.25 | | |
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 2, 2019 | | | January 24, 2019 | | | January 30, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | February 20, 2019 | | | February 27, 2019 | | | | | 0.0833 | | |
January 2, 2019 | | | March 21, 2019 | | | March 28, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | April 22, 2019 | | | April 29, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | May 23, 2019 | | | May 30, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | June 20, 2019 | | | June 27, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | July 23, 2019 | | | July 30, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | August 22, 2019 | | | August 29, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | September 20, 2019 | | | September 27, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | October 22, 2019 | | | October 29, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | November 22, 2019 | | | November 29, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | December 23, 2019 | | | December 30, 2019 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2019 | | | | | | | | | | $ | 1.00 | | |
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 2, 2018 | | | January 22, 2018 | | | January 30, 2018 | | | | $ | 0.0833 | | |
January 2, 2018 | | | February 20, 2018 | | | February 27, 2018 | | | | | 0.0833 | | |
January 2, 2018 | | | March 23, 2018 | | | March 29, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | April 19, 2018 | | | April 27, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | May 22, 2018 | | | May 30, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | June 20, 2018 | | | June 28, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | July 23, 2018 | | | July 30, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | August 23, 2018 | | | August 30, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | September 20, 2018 | | | September 27, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | October 23, 2018 | | | October 30, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | November 21, 2018 | | | November 29, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | December 20, 2018 | | | December 28, 2018 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2018 | | | | | | | | | | $ | 1.00 | | |
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 3, 2017 | | | January 20, 2017 | | | January 30, 2017 | | | | $ | 0.1300 | | |
January 3, 2017 | | | February 20, 2017 | | | February 27, 2017 | | | | | 0.1300 | | |
January 3, 2017 | | | March 23, 2017 | | | March 30, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | April 19, 2017 | | | April 27, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | May 23, 2017 | | | May 29, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | June 21, 2017 | | | June 29, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | July 21, 2017 | | | July 28, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | August 23, 2017 | | | August 30, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | September 20, 2017 | | | September 28, 2017 | | | | | 0.1300 | | |
October 2, 2017 | | | October 23, 2017 | | | October 30, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | November 21, 2017 | | | November 29, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | December 20, 2017 | | | December 28, 2017 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2017 | | | | | | | | | | $ | 1.42 | | |
| Stockholder transaction expenses: | | | | | | | |
| Sales load (as a percentage of offering price) | | | | | N/A(1) | | |
| Offering expenses borne by us (as a percentage of offering price) | | | | | N/A(2) | | |
| Dividend reinvestment plan fees (per sales transaction fee) | | | | $ | 15.00(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 fee | | | | | 4.79%(4) | | |
| Incentive fees payable from Net Investment Income | | | | | 0.90%(5) | | |
| Incentive fee payable from Capital Gains | | | | | —%(5) | | |
| Interest payments on borrowed funds | | | | | 8.43%(6) | | |
| Other expenses | | | | | 3.20%(7) | | |
| Acquired funds fees and expenses | | | | | 0.14%(8) | | |
| Total annual expenses | | | | | 17.46%(9) | | |
| | | 1 Year | | | 3 Years | | | 5 Years | | | 10 Years | | ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return | | | | $ | 166 | | | | | $ | 442 | | | | | $ | 658 | | | | | $ | 1,013 | | |
| | | 1 Year | | | 3 Years | | | 5 Years | | | 10 Years | | ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return | | | | $ | 176 | | | | | $ | 464 | | | | | $ | 684 | | | | | $ | 1,033 | | |
| | As of and for the year ended December 31, | | | As of and for the years ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||||||||||
Consolidated statements of operations data: | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total investment income | | | $ | 47,293 | | | | $ | 51,089 | | | | $ | 68,312 | | | | $ | 63,976 | | | | $ | 49,528 | | | | | $ | 44,035 | | | | $ | 47,293 | | | | $ | 51,089 | | | | $ | 68,312 | | | | $ | 63,976 | | | ||||||||||
Total expenses, net of fee waivers | | | | 31,271 | | | | | 35,565 | | | | | 39,272 | | | | | 38,649 | | | | | 29,562 | | | | | | 30,992 | | | | | 31,271 | | | | | 35,565 | | | | | 39,272 | | | | | 38,649 | | | ||||||||||
Net investment income | | | | 16,022 | | | | | 15,524 | | | | | 29,040 | | | | | 25,327 | | | | | 19,966 | | | | | | 13,043 | | | | | 16,022 | | | | | 15,524 | | | | | 29,040 | | | | | 25,327 | | | ||||||||||
Net realized gain (loss) from investments | | | | (34,804) | | | | | (24,189) | | | | | (22,766) | | | | | 5,436 | | | | | 832 | | | ||||||||||||||||||||||||||||||||||||
Net realized (loss) gain from investments | | | | (19,756) | | | | | (34,804) | | | | | (24,189) | | | | | (22,766) | | | | | 5,436 | | | ||||||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and written call option | | | | 840 | | | | | 2,970 | | | | | 2,878 | | | | | (16,913) | | | | | (24,238) | | | | | | (20,306) | | | | | 840 | | | | | 2,970 | | | | | 2,878 | | | | | (16,913) | | | ||||||||||
Tax benefit (provision) | | | | 1,916 | | | | | (1,289) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (16,026) | | | | $ | (6,984) | | | | $ | 9,152 | | | | $ | 13,850 | | | | $ | (3,440) | | | ||||||||||||||||||||||||||||||||||||
Tax (provision) benefit | | | | (628) | | | | | 1,916 | | | | | (1,289) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | | | $ | (27,647) | | | | $ | (16,026) | | | | $ | (6,984) | | | | $ | 9,152 | | | | $ | 13,850 | | | ||||||||||||||||||||||||||||||||||||
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net investment income | | | $ | 1.00 | | | | $ | 0.98 | | | | $ | 1.84 | | | | $ | 1.67 | | | | $ | 1.54 | | | | | $ | 0.81 | | | | $ | 1.00 | | | | $ | 0.98 | | | | $ | 1.84 | | | | $ | 1.67 | | | ||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (1.00) | | | | $ | (0.44) | | | | $ | 0.58 | | | | $ | 0.91 | | | | $ | (0.27) | | | ||||||||||||||||||||||||||||||||||||
Net (decrease) increase in net assets resulting from operations | | | $ | (1.72) | | | | $ | (1.00) | | | | $ | (0.44) | | | | $ | 0.58 | | | | $ | 0.91 | | | ||||||||||||||||||||||||||||||||||||
Distributions declared | | | $ | 1.00 | | | | $ | 1.42 | | | | $ | 1.80 | | | | $ | 2.38 | | | | $ | 1.88 | | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.42 | | | | $ | 1.80 | | | | $ | 2.38 | | | ||||||||||
Net asset value per share | | | $ | 11.88 | | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | | $ | 18.56 | | | | | $ | 9.14 | | | | $ | 11.88 | | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | ||||||||||
Consolidated statements of assets and liabilities data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total assets | | | $ | 493,165 | | | | $ | 534,595 | | | | $ | 584,415 | | | | $ | 632,818 | | | | $ | 539,864 | | | | | $ | 427,337 | | | | $ | 493,165 | | | | $ | 534,595 | | | | $ | 584,415 | | | | $ | 632,818 | | | ||||||||||
Total net assets | | | $ | 190,644 | | | | $ | 221,887 | | | | $ | 250,582 | | | | $ | 268,802 | | | | $ | 240,837 | | | | | $ | 148,113 | | | | $ | 190,644 | | | | $ | 221,887 | | | | $ | 250,582 | | | | $ | 268,802 | | | ||||||||||
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total return(1) | | | | 12.14% | | | | | (35.68)% | | | | | 24.07% | | | | | (20.43)% | | | | | (0.85)% | | | | | | 37.75% | | | | | 12.14% | | | | | (35.68)% | | | | | 24.07% | | | | | (20.43)% | | | ||||||||||
Number of portfolio company investments at year end | | | | 44 | | | | | 47 | | | | | 53 | | | | | 57 | | | | | 52 | | | | | | 43 | | | | | 44 | | | | | 47 | | | | | 53 | | | | | 57 | | | ||||||||||
Total portfolio investments for the year | | | $ | 107,802 | ��� | | | $ | 82,750 | | | | $ | 120,844 | | | | $ | 260,640 | | | | $ | 216,276 | | | | | $ | 77,831 | | | | $ | 107,802 | | | | $ | 82,750 | | | | $ | 120,844 | | | | $ | 260,640 | | | ||||||||||
Investment repayments for the year | | | $ | 123,517 | | | | $ | 115,810 | | | | $ | 163,564 | | | | $ | 142,713 | | | | $ | 80,197 | | | | | $ | 128,122 | | | | $ | 123,517 | | | | $ | 115,810 | | | | $ | 163,564 | | | | $ | 142,713 | | |
| | | Investments at Amortized Cost | | | Percentage of Total | | | Investments at Fair Value | | | Percentage of Total | | ||||||||||||
First Lien Debt | | | | $ | 252,174 | | | | | | 54.9% | | | | | $ | 237,570 | | | | | | 48.7% | | |
Second Lien Debt | | | | | 33,040 | | | | | | 7.2 | | | | | | 32,495 | | | | | | 6.7 | | |
Subordinated Debt | | | | | 72,562 | | | | | | 15.8 | | | | | | 73,113 | | | | | | 15.0 | | |
Equity and Warrants | | | | | 48,594 | | | | | | 10.6 | | | | | | 92,054 | | | | | | 18.9 | | |
Capitala Senior Loan Fund II, LLC | | | | | 13,600 | | | | | | 3.0 | | | | | | 13,695 | | | | | | 2.8 | | |
Cash and Cash Equivalents | | | | | 39,295 | | | | | | 8.5 | | | | | | 39,295 | | | | | | 7.9 | | |
Total | | | | $ | 459,265 | | | | | | 100.0% | | | | | $ | 488,222 | | | | | | 100.0% | | |
|
| | | Investments at Amortized Cost | | | Percentage of Total | | | Investments at Fair Value | | | Percentage of Total | | ||||||||||||
First Lien Debt | | | | $ | 235,646 | | | | | | 66.6% | | | | | $ | 231,203 | | | | | | 63.8% | | |
Second Lien Debt | | | | | 17,553 | | | | | | 5.0 | | | | | | 17,287 | | | | | | 4.7 | | |
Subordinated Debt | | | | | 36,526 | | | | | | 10.3 | | | | | | 36,570 | | | | | | 10.1 | | |
Equity and Warrants | | | | | 50,556 | | | | | | 14.3 | | | | | | 63,841 | | | | | | 17.6 | | |
Capitala Senior Loan Fund II, LLC | | | | | 13,600 | | | | | | 3.8 | | | | | | 13,631 | | | | | | 3.8 | | |
Total | | | | $ | 353,881 | | | | | | 100.0% | | | | | $ | 362,532 | | | | | | 100.0% | | |
| | Investments at Amortized Cost | | Percentage of Total | | Investments at Fair Value | | Percentage of Total | | | Investments at Amortized Cost | | Percentage of Total | | Investments at Fair Value | | Percentage of Total | | ||||||||||||||||||||||||||||||||
First Lien Debt | | | $ | 257,147 | | | | | 51.8% | | | | $ | 243,489 | | | | | 45.8% | | | | | $ | 252,174 | | | | | 60.0% | | | | $ | 237,570 | | | | | 52.9% | | | ||||||||
Second Lien Debt | | | | 32,465 | | | | | 6.6 | | | | | 30,794 | | | | | 5.8 | | | | | | 33,040 | | | | | 7.9 | | | | | 32,495 | | | | | 7.2 | | | ||||||||
Subordinated Debt | | | | 120,235 | | | | | 24.2 | | | | | 103,385 | | | | | 19.5 | | | | | | 72,562 | | | | | 17.3 | | | | | 73,113 | | | | | 16.3 | | | ||||||||
Equity and Warrants | | | | 55,180 | | | | | 11.1 | | | | | 122,271 | | | | | 23.0 | | | | | | 48,594 | | | | | 11.6 | | | | | 92,054 | | | | | 20.5 | | | ||||||||
Cash and Cash Equivalents | | | | 31,221 | | | | | 6.3 | | | | | 31,221 | | | | | 5.9 | | | |||||||||||||||||||||||||||||
Capitala Senior Loan Fund II, LLC | | | | 13,600 | | | | | 3.2 | | | | | 13,695 | | | | | 3.1 | | | |||||||||||||||||||||||||||||
Total | | | $ | 496,248 | | | | | 100.0% | | | | $ | 531,160 | | | | | 100.0% | | | | | $ | 419,970 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | |
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||
| | 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 | | ||||||||||||||||||||||||||||||||
Business Services | | | $ | 57,946 | | | | | 12.9% | | | | $ | 70,122 | | | | | 14.0% | | | | | $ | 40,410 | | | | | 11.2% | | | | $ | 57,946 | | | | | 12.9% | | | ||||||||
Financial Services | | | | 29,517 | | | | | 8.1 | | | | | 21,666 | | | | | 4.8 | | | |||||||||||||||||||||||||||||
Healthcare | | | | 27,928 | | | | | 7.7 | | | | | 16,972 | | | | | 3.8 | | | |||||||||||||||||||||||||||||
Consumer Products | | | | 27,746 | | | | | 6.2 | | | | | 29,612 | | | | | 5.9 | | | | | | 25,118 | | | | | 6.9 | | | | | 27,746 | | | | | 6.2 | | | ||||||||
Information Technology | | | | 25,232 | | | | | 5.6 | | | | | 24,761 | | | | | 5.0 | | | |||||||||||||||||||||||||||||
Financial Services | | | | 21,666 | | | | | 4.8 | | | | | 26,920 | | | | | 5.4 | | | |||||||||||||||||||||||||||||
Sales & Marketing Services | | | | 19,496 | | | | | 4.3 | | | | | 17,388 | | | | | 3.5 | | | | | | 19,291 | | | | | 5.3 | | | | | 19,496 | | | | | 4.3 | | | ||||||||
Telecommunications | | | | 18,000 | | | | | 4.0 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Food Product Manufacturer | | | | 17,335 | | | | | 3.9 | | | | | 16,222 | | | | | 3.2 | | | | | | 17,609 | | | | | 4.9 | | | | | 17,335 | | | | | 3.9 | | | ||||||||
Healthcare | | | | 16,972 | | | | | 3.8 | | | | | 21,368 | | | | | 4.3 | | | |||||||||||||||||||||||||||||
Industrial Equipment Rental | | | | 16,327 | | | | | 3.6 | | | | | 15,603 | | | | | 3.1 | | | |||||||||||||||||||||||||||||
Security System Services | | | | 16,063 | | | | | 4.4 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Automobile Part Manufacturer | | | | 15,056 | | | | | 4.2 | | | | | 14,384 | | | | | 3.2 | | | |||||||||||||||||||||||||||||
IT Consulting | | | | 15,233 | | | | | 3.4 | | | | | 12,231 | | | | | 2.4 | | | | | | 13,773 | | | | | 3.8 | | | | | 15,233 | | | | | 3.4 | | | ||||||||
Retail | | | | 14,979 | | | | | 3.3 | | | | | 15,000 | | | | | 3.0 | | | |||||||||||||||||||||||||||||
Building Products | | | | 14,833 | | | | | 3.3 | | | | | 17,879 | | | | | 3.6 | | | |||||||||||||||||||||||||||||
Automobile Part Manufacturer | | | | 14,384 | | | | | 3.2 | | | | | 9,285 | | | | | 1.9 | | | |||||||||||||||||||||||||||||
Investment Funds | | | | 13,631 | | | | | 3.8 | | | | | 13,695 | | | | | 3.0 | | | |||||||||||||||||||||||||||||
Multi-platform media and consumer products | | | | 13,000 | | | | | 3.6 | | | | | 13,000 | | | | | 2.9 | | | |||||||||||||||||||||||||||||
Healthcare Management | | | | 13,792 | | | | | 3.1 | | | | | 9,014 | | | | | 1.8 | | | | | | 12,607 | | | | | 3.5 | | | | | 13,792 | | | | | 3.1 | | | ||||||||
Investment Funds | | | | 13,695 | | | | | 3.0 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Multi-Platform Media and Consumer Products | | | | 13,000 | | | | | 2.9 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Textile Equipment Manufacturer | | | | 12,848 | | | | | 2.8 | | | | | 12,505 | | | | | 2.5 | | | | | | 11,564 | | | | | 3.2 | | | | | 12,848 | | | | | 2.8 | | | ||||||||
Government Services | | | | 12,109 | | | | | 2.7 | | | | | 10,320 | | | | | 2.1 | | | | | | 11,279 | | | | | 3.1 | | | | | 12,109 | | | | | 2.7 | | | ||||||||
Entertainment | | | | 10,912 | | | | | 3.0 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Retail | | | | 10,045 | | | | | 2.8 | | | | | 14,979 | | | | | 3.3 | | | |||||||||||||||||||||||||||||
Information Technology | | | | 10,009 | | | | | 2.8 | | | | | 25,232 | | | | | 5.6 | | | |||||||||||||||||||||||||||||
Testing laboratories | | | | 7,026 | | | | | 1.9 | | | | | 7,503 | | | | | 1.7 | | | |||||||||||||||||||||||||||||
Wireless Deployment Services | | | | 7,000 | | | | | 1.9 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Electronic Machine Repair | | | | 6,100 | | | | | 1.7 | | | | | 6,432 | | | | | 1.4 | | | |||||||||||||||||||||||||||||
Oil & Gas Engineering and Consulting Services | | | | 5,908 | | | | | 1.6 | | | | | 6,854 | | | | | 1.5 | | | |||||||||||||||||||||||||||||
Medical Device Distributor | | | | 4,904 | | | | | 1.4 | | | | | 4,797 | | | | | 1.1 | | | |||||||||||||||||||||||||||||
Data Services | | | | 4,749 | | | | | 1.3 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Restaurant | | | | 4,697 | | | | | 1.3 | | | | | 4,903 | | | | | 1.1 | | | |||||||||||||||||||||||||||||
Advertising & Marketing Services | | | | 4,262 | | | | | 1.2 | | | | | 8,712 | | | | | 1.9 | | | |||||||||||||||||||||||||||||
Footwear Retail | | | | 3,326 | | | | | 0.9 | | | | | 3,184 | | | | | 0.7 | | | |||||||||||||||||||||||||||||
Logistics | | | | 2,924 | | | | | 0.8 | | | | | 2,984 | | | | | 0.7 | | | |||||||||||||||||||||||||||||
Online Merchandise Retailer | | | | 2,877 | | | | | 0.8 | | | | | 3,499 | | | | | 0.8 | | | |||||||||||||||||||||||||||||
Home Repair Parts Manufacturer | | | | 2,489 | | | | | 0.7 | | | | | 1,722 | | | | | 0.4 | | | |||||||||||||||||||||||||||||
Oil & Gas Services | | | | 2,273 | | | | | 0.6 | | | | | 9,861 | | | | | 2.2 | | | |||||||||||||||||||||||||||||
QSR Franchisor | | | | 1,881 | | | | | 0.5 | | | | | 3,018 | | | | | 0.7 | | | |||||||||||||||||||||||||||||
Computer Supply Retail | | | | 10,597 | | | | | 2.4 | | | | | 12,551 | | | | | 2.5 | | | | | | 1,490 | | | | | 0.4 | | | | | 10,597 | | | | | 2.4 | | | ||||||||
Oil & Gas Services | | | | 9,861 | | | | | 2.2 | | | | | 27,774 | | | | | 5.6 | | | |||||||||||||||||||||||||||||
General Industrial | | | | 838 | | | | | 0.2 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Household Product Manufacturer | | | | 758 | | | | | 0.2 | | | | | 758 | | | | | 0.2 | | | |||||||||||||||||||||||||||||
Data Processing & Digital Marketing | | | | 708 | | | | | 0.2 | | | | | 742 | | | | | 0.2 | | | |||||||||||||||||||||||||||||
Professional and Personal Digital Imaging | | | | 510 | | | | | 0.1 | | | | | 6,674 | | | | | 1.5 | | | |||||||||||||||||||||||||||||
Telecommunications | | | | — | | | | | — | | | | | 18,000 | | | | | 4.0 | | | |||||||||||||||||||||||||||||
Industrial Equipment Rental | | | | — | | | | | — | | | | | 16,327 | | | | | 3.6 | | | |||||||||||||||||||||||||||||
Building Products | | | | — | | | | | — | | | | | 14,833 | | | | | 3.3 | | | |||||||||||||||||||||||||||||
Conglomerate | | | | 9,004 | | | | | 2.0 | | | | | 7,645 | | | | | 1.5 | | | | | | — | | | | | — | | | | | 9,004 | | | | | 2.0 | | | ||||||||
Advertising & Marketing Services | | | | 8,712 | | | | | 1.9 | | | | | 5,157 | | | | | 1.0 | | | |||||||||||||||||||||||||||||
Testing Laboratories | | | | 7,503 | | | | | 1.7 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Oil & Gas Engineering and Consulting Services | | | | 6,854 | | | | | 1.5 | | | | | 8,528 | | | | | 1.7 | | | |||||||||||||||||||||||||||||
Professional and Personal Digital Imaging | | | | 6,674 | | | | | 1.5 | | | | | 8,810 | | | | | 1.8 | | | |||||||||||||||||||||||||||||
Electronic Machine Repair | | | | 6,432 | | | | | 1.4 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Produce Distribution | | | | 6,210 | | | | | 1.4 | | | | | 6,170 | | | | | 1.2 | | | | | | — | | | | | — | | | | | 6,210 | | | | | 1.4 | | | ||||||||
Farming | | | | 5,880 | | | | | 1.3 | | | | | 5,581 | | | | | 1.1 | | | | | | — | | | | | — | | | | | 5,880 | | | | | 1.3 | | | ||||||||
Restaurant | | | | 4,903 | | | | | 1.1 | | | | | 4,880 | | | | | 1.0 | | | |||||||||||||||||||||||||||||
Total | | | $ | 362,532 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | |||||||||||||||||||||||||||||
| |
| | | December 31, 2018 | | | December 31, 2017 | | ||||||||||||||||||
| | | Investments at Fair Value | | | Percentage of Total Portfolio | | | Investments at Fair Value | | | Percentage of Total Portfolio | | ||||||||||||
Medical Device Distributor | | | | $ | 4,797 | | | | | | 1.1% | | | | | $ | 4,713 | | | | | | 0.9% | | |
Online Merchandise Retailer | | | | | 3,499 | | | | | | 0.8 | | | | | | 3,755 | | | | | | 0.8 | | |
Footwear Retail | | | | | 3,184 | | | | | | 0.7 | | | | | | 17,748 | | | | | | 3.6 | | |
QSR Franchisor | | | | | 3,018 | | | | | | 0.7 | | | | | | 7,650 | | | | | | 1.5 | | |
Logistics | | | | | 2,984 | | | | | | 0.7 | | | | | | — | | | | | | — | | |
Home Repair Parts Manufacturer | | | | | 1,722 | | | | | | 0.4 | | | | | | 2,767 | | | | | | 0.6 | | |
Household Product Manufacturer | | | | | 758 | | | | | | 0.2 | | | | | | 1,316 | | | | | | 0.3 | | |
Data Processing & Digital Marketing | | | | | 742 | | | | | | 0.2 | | | | | | 1,035 | | | | | | 0.2 | | |
Specialty Retail | | | | | — | | | | | | — | | | | | | 20,713 | | | | | | 4.1 | | |
Fuel Transportation Services | | | | | — | | | | | | — | | | | | | 11,588 | | | | | | 2.3 | | |
Transportation | | | | | — | | | | | | — | | | | | | 11,560 | | | | | | 2.3 | | |
Refrigeration/HVAC Services | | | | | — | | | | | | — | | | | | | 8,736 | | | | | | 1.7 | | |
Bowling Products | | | | | — | | | | | | — | | | | | | 7,186 | | | | | | 1.4 | | |
Consumer Electronics | | | | | — | | | | | | — | | | | | | 3,498 | | | | | | 0.7 | | |
Replacement Window Manufacturer | | | | | — | | | | | | — | | | | | | 1,880 | | | | | | 0.4 | | |
In-Home Healthcare Services | | | | | — | | | | | | — | | | | | | 174 | | | | | | 0.1 | | |
Automotive Chemicals & Lubricants | | | | | — | | | | | | — | | | | | | 101 | | | | | | 0.0 | | |
Retail Display & Security Services | | | | | — | | | | | | — | | | | | | 100 | | | | | | 0.0 | | |
Dental Practice Management | | | | | — | | | | | | — | | | | | | 93 | | | | | | 0.0 | | |
Total | | | | $ | 448,927 | | | | | | 100.0% | | | | | $ | 499,939 | | | | | | 100.0% | | |
|
| | At December 31, 2018 | | At December 31, 2017 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||
| | 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 | | ||||||||||||||||||||||||||||||||
South | | | $ | 224,856 | | | | | 50.1% | | | | $ | 254,829 | | | | | 51.0% | | | | | $ | 165,963 | | | | | 45.8% | | | | $ | 224,856 | | | | | 50.1% | | | ||||||||
Northeast | | | | 71,184 | | | | | 19.6 | | | | | 66,303 | | | | | 14.8 | | | |||||||||||||||||||||||||||||
West | | | | 70,102 | | | | | 19.3 | | | | | 77,353 | | | | | 17.2 | | | |||||||||||||||||||||||||||||
Midwest | | | | 77,537 | | | | | 17.3 | | | | | 84,832 | | | | | 17.0 | | | | | | 55,283 | | | | | 15.3 | | | | | 77,537 | | | | | 17.3 | | | ||||||||
West | | | | 77,353 | | | | | 17.2 | | | | | 107,835 | | | | | 21.5 | | | |||||||||||||||||||||||||||||
Northeast | | | | 66,303 | | | | | 14.8 | | | | | 44,428 | | | | | 8.9 | | | |||||||||||||||||||||||||||||
International | | | | 2,878 | | | | | 0.6 | | | | | 8,015 | | | | | 1.6 | | | | | | — | | | | | — | | | | | 2,878 | | | | | 0.6 | | | ||||||||
Total | | | $ | 448,927 | | | | | 100.0% | | | | $ | 499,939 | | | | | 100.0% | | | | | $ | 362,532 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | ||||||||
|
| Investment Rating | | | Definition | |
| 1 | | | In general, the investment may be performing above our internal expectations. Full return of principal and interest is expected. Capital gain is expected. | |
| 2 | | | In general, the investment may be performing within our internal expectations, and potential risks to the applicable investment are considered to be neutral or favorable compared to any potential risks at the time of the original investment. All new investments are initially given this rating. | |
| 3 | | | In general, the investment may be performing below our internal expectations and therefore, investments in this category may require closer internal monitoring; however, the valuation team believes that no loss of investment return (interest and/or dividends) or principal is expected. The investment also may be out of compliance with certain financial covenants. | |
| 4 | | | In general, the investment may be performing below internal expectations and quantitative or qualitative risks may have increased substantially since the original investment. Loss of some or all principal is expected. | |
| 5 | | | In general, the investment may be performing substantially below our internal expectations and a number of quantitative or qualitative risks may have increased substantially since the original investment. Loss of some or all principal is expected. | |
| | As of December 31, 2018 | | As of December 31, 2017 | | | As of December 31, 2019 | | As of December 31, 2018 | | ||||||||||||||||||||||||||||||||||||||||
Investment Rating | | Investments at Fair Value | | Percentage of Total Investments | | Investments at Fair Value | | Percentage of Total Investments | | | Investments at Fair Value | | Percentage of Total Investments | | Investments at Fair Value | | Percentage of Total Investments | | ||||||||||||||||||||||||||||||||
1 | | | $ | 171,829 | | | | | 38.3% | | | | $ | 191,204 | | | | | 38.2% | | | | | $ | 85,688 | | | | | 23.6% | | | | $ | 171,829 | | | | | 38.3% | | | ||||||||
2 | | | | 194,411 | | | | | 43.3 | | | | | 186,445 | | | | | 37.3 | | | | | | 219,855 | | | | | 60.7 | | | | | 194,411 | | | | | 43.3 | | | ||||||||
3 | | | | 73,325 | | | | | 16.3 | | | | | 97,309 | | | | | 19.5 | | | | | | 56,989 | | | | | 15.7 | | | | | 73,325 | | | | | 16.3 | | | ||||||||
4 | | | | 9,362 | | | | | 2.1 | | | | | 24,981 | | | | | 5.0 | | | | | | — | | | | | — | | | | | 9,362 | | | | | 2.1 | | | ||||||||
5 | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Total | | | $ | 448,927 | | | | | 100.0% | | | | $ | 499,939 | | | | | 100.0% | | | | | $ | 362,532 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | ||||||||
|
| | December 31, 2018 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||
First lien loans(1) | | | $ | 10,000 | | | | | $ | 28,396 | | | | $ | 10,000 | | | |||
Weighted average current interest rate on first lien loans | | | | 7.6% | | | | | | 6.4% | | | | | 7.6% | | | |||
Number of borrowers in CSLF II | | | | 2 | | | ||||||||||||||
Number of portfolio companies | | | | 5 | | | | | 2 | | | |||||||||
Largest portfolio company investment(1) | | | $ | 5,550 | | | | | $ | 7,443 | | | | $ | 5,550 | | | |||
Total of five largest portfolio company investments(1)(2) | | | $ | 10,000 | | | | | $ | 28,396 | | | | $ | 10,000 | | |
Portfolio Company | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | ||||||||||||||||||||||||||||
Investments in Non-Controlled, Non-Affiliated Portfolio Companies | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Investments at Fair Value | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Freedom Electronics, LLC | | Electronics | | First Lien Debt (7.0% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | $ | 5,445 | | | | $ | 5,445 | | | | $ | 5,445 | | | ||||||||||||||||||||||||||||||
Installs, LLC | | Logistics | | First Lien Debt (5.8% Cash (1 month LIBOR + 4.0%, 1.8% Floor), Due 6/20/23) | | | | 7,443 | | | | | 7,443 | | | | | 7,443 | | | ||||||||||||||||||||||||||||||
RAM Payment, LLC | | Financial Services | | First Lien Debt (6.7% Cash (1 month LIBOR + 5.0%, 1.5% Floor), Due 1/4/24) | | | | 6,653 | | | | | 6,653 | | | | | 6,653 | | | ||||||||||||||||||||||||||||||
Rapid Fire Protection, Inc.(1) | | Security System Services | | First Lien Debt (5.5% Cash (1 month LIBOR + 3.8%, 1.8% Floor), Due 11/22/24) | | | | 4,400 | | | | | 4,400 | | | | | 4,400 | | | ||||||||||||||||||||||||||||||
U.S. BioTek Laboratories, LLC | | Testing Laboratories | | First Lien Debt (7.8% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | $ | 4,500 | | | | $ | 4,500 | | | | $ | 4,500 | | | | Testing Laboratories | | First Lien Debt (7.0% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | | 4,455 | | | | | 4,455 | | | | | 4,455 | | | ||||||||||
Freedom Electronics, LLC | | Electronics | | First Lien Debt (7.5% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | | 5,500 | | | | | 5,500 | | | | | 5,500 | | | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS IN NON-CONTROLLED, NON-AFFILIATED PORTFOLIO COMPANIES | | | | | | | $ | 10,000 | | | | $ | 10,000 | | | | $ | 10,000 | | | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | | | | | | | $ | 28,396 | | | | $ | 28,396 | | | | $ | 28,396 | | |
Portfolio Company | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | |||||||||
Investments at Fair Value | | | | | | | |||||||||||||||||||
Freedom Electronics, LLC | | | Electronics | | | First Lien Debt (7.5% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | | $ | 5,500 | | | | | $ | 5,500 | | | | | $ | 5,500 | | |
U.S. BioTek Laboratories, LLC | | | Testing Laboratories | | | First Lien Debt (7.8% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | | | 4,500 | | | | | | 4,500 | | | | | | 4,500 | | |
TOTAL INVESTMENTS | | | | | | | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | $ | 10,000 | | |
| | As of December 31, 2018 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | |||
Investments at fair value | | | | | | | ||||||||||||||
Non-control/non-affiliate investments (amortized cost of $10,000) | | | $ | 10,000 | | | ||||||||||||||
Investments at fair value (amortized cost of $28,396 and $10,000, respectively) | | | $ | 28,396 | | | | $ | 10,000 | | | |||||||||
Cash and cash equivalents | | | | 7,100 | | | | | | 704 | | | | | 7,100 | | | |||
Interest receivable | | | | 31 | | | | | | 151 | | | | | 31 | | | |||
Other assets | | | | 7 | | | | | — | | | |||||||||
Total assets | | | $ | 17,131 | | | | | $ | 29,258 | | | | $ | 17,131 | | | |||
LIABILITIES | | | | | | | | | | | | | | | | | | |||
Credit facility (net of deferred financing costs of $621 and $0, respectively) | | | $ | 12,079 | | | | $ | — | | | |||||||||
Interest and financing fees payable | | | | 113 | | | | | — | | | |||||||||
Accounts payable | | | $ | 12 | | | | | | 27 | | | | | 12 | | | |||
Total liabilities | | | $ | 12 | | | | | $ | 12,219 | | | | $ | 12 | | | |||
NET ASSETS | | | | | | | | | | | | | | | | | | |||
Partners’ capital | | | $ | 17,119 | | | ||||||||||||||
Members’ capital | | | $ | 17,039 | | | | $ | 17,119 | | | |||||||||
Total net assets | | | $ | 17,119 | | | | | $ | 17,039 | | | | $ | 17,119 | | | |
| | | For the period from December 20, 2018 (commencement of operations) to December 31, 2018 | | |||
INVESTMENT INCOME | | | | | | | |
From non-controlled, non-affiliated investments: | | | | | | | |
Interest income | | | | $ | 31 | | |
Fee income | | | | | 100 | | |
Total investment income | | | | $ | 131 | | |
EXPENSES | | | | | | | |
General and administrative expenses | | | | $ | 12 | | |
Total expenses | | | | $ | 12 | | |
NET INVESTMENT INCOME | | | | $ | 119 | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 119 | | |
|
| | | For the Year Ended December 31, 2019 | | | For the period from December 20, 2018 (commencement of operations) to December 31, 2018 | | ||||||
INVESTMENT INCOME | | | | | | | | | | | | | |
Interest income | | | | $ | 1,372 | | | | | $ | 31 | | |
Fee income | | | | | 175 | | | | | | 100 | | |
Total investment income | | | | $ | 1,547 | | | | | $ | 131 | | |
EXPENSES | | | | | | | | | | | | | |
Interest and financing expenses | | | | $ | 151 | | | | | $ | — | | |
General and administrative expenses | | | | | 176 | | | | | | 12 | | |
Total expenses | | | | $ | 327 | | | | | $ | 12 | | |
NET INVESTMENT INCOME | | | | $ | 1,220 | | | | | $ | 119 | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 1,220 | | | | | $ | 119 | | |
| | For the Year Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||||||
Total investment income | | | $ | 47,293 | | | | $ | 51,089 | | | | $ | 68,312 | | | | | $ | 44,035 | | | | $ | 47,293 | | | |||||
Total expenses, net of incentive fee waivers | | | | 31,271 | | | | | 35,565 | | | | | 39,272 | | | ||||||||||||||||
Total expenses, net of incentive fee waiver | | | | 30,992 | | | | | 31,271 | | | |||||||||||||||||||||
Net investment income | | | | 16,022 | | | | | 15,524 | | | | | 29,040 | | | | | | 13,043 | | | | | 16,022 | | | |||||
Total realized loss on investments | | | | (34,804) | | | | | (24,189) | | | | | (22,766) | | | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments | | | | (5,955) | | | | | 7,049 | | | | | 5,594 | | | ||||||||||||||||
Net unrealized appreciation (depreciation) on Written Call Option | | | | 6,795 | | | | | (4,079) | | | | | (2,716) | | | ||||||||||||||||
Net realized loss on investments | | | | (19,756) | | | | | (34,804) | | | |||||||||||||||||||||
Net unrealized depreciation on investments | | | | (20,306) | | | | | (5,955) | | | |||||||||||||||||||||
Net unrealized appreciation on Written Call Option | | | | — | | | | | 6,795 | | | |||||||||||||||||||||
Tax benefit (provision) | | | | 1,916 | | | | | (1,289) | | | | | — | | | | | | (628) | | | | | 1,916 | | | |||||
Net increase (decrease) in net assets resulting from operations | | | $ | (16,026) | | | | $ | (6,984) | | | | $ | 9,152 | | | ||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations | | | $ | (27,647) | | | | $ | (16,026) | | |
| | For the Year Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||||||
Interest income | | | $ | 40,357 | | | | $ | 40,462 | | | | $ | 54,990 | | | | | $ | 36,106 | | | | $ | 40,357 | | | |||||
Fee income | | | | 2,044 | | | | | 2,027 | | | | | 4,118 | | | | | | 1,470 | | | | | 2,044 | | | |||||
Payment-in-kind interest and dividend income | | | | 4,348 | | | | | 7,143 | | | | | 6,300 | | | | | | 2,962 | | | | | 4,348 | | | |||||
Dividend income | | | | 397 | | | | | 1,221 | | | | | 2,792 | | | | | | 3,299 | | | | | 397 | | | |||||
Other Income | | | | — | | | | | 125 | | | | | 85 | | | ||||||||||||||||
Interest from cash and cash equivalents | | | | 147 | | | | | 111 | | | | | 27 | | | | | | 198 | | | | | 147 | | | |||||
Total investment income | | | $ | 47,293 | | | | $ | 51,089 | | | | $ | 68,312 | | | | | $ | 44,035 | | | | $ | 47,293 | | | |||||
|
| | For the Year Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2019 | | 2018 | | ||||||||||||||||||||
Interest and financing expenses | | | $ | 17,283 | | | | $ | 18,825 | | | | $ | 19,711 | | | | | $ | 17,121 | | | | $ | 17,283 | | | |||||
Loss on extinguishment of debt | | | | — | | | | | 2,732 | | | | | — | | | ||||||||||||||||
Base management fee | | | | 9,049 | | | | | 9,780 | | | | | 10,588 | | | | | | 7,967 | | | | | 9,049 | | | |||||
Incentive fees, net of incentive fee waiver | | | | 244 | | | | | 350 | | | | | 5,169 | | | | | | 1,209 | | | | | 244 | | | |||||
General and administrative expenses | | | | 4,695 | | | | | 3,878 | | | | | 3,804 | | | | | | 4,695 | | | | | 4,695 | | | |||||
Total expenses, net of fee waivers | | | $ | 31,271 | | | | $ | 35,565 | | | | $ | 39,272 | | | ||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total expenses, net of incentive fee waiver | | | $ | 30,992 | | | | $ | 31,271 | | |
| | | As of | | |||||||||
Balance Sheets – AAE Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 7,277 | | | | | $ | 6,712 | | |
Noncurrent assets | | | | | 22,994 | | | | | | 27,668 | | |
Total assets | | | | $ | 30,271 | | | | | $ | 34,380 | | |
Current liabilities | | | | $ | 53,939 | | | | | $ | 2,897 | | |
Noncurrent liabilities | | | | | 2,122 | | | | | | 51,428 | | |
Total liabilities | | | | $ | 56,061 | | | | | $ | 54,325 | | |
Total deficit | | | | $ | (25,790) | | | | | $ | (19,945) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – AAE Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 27,162 | | | | | $ | 26,677 | | | | | $ | 28,352 | | |
Cost of goods sold | | | | | 20,098 | | | | | | 20,265 | | | | | | 22,402 | | |
Gross profit | | | | $ | 7,064 | | | | | $ | 6,412 | | | | | $ | 5,950 | | |
Other expenses | | | | $ | 12,768 | | | | | $ | 11,916 | | | | | $ | 11,812 | | |
Net loss before income taxes | | | | | (5,704) | | | | | | (5,504) | | | | | | (5,862) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (5,704) | | | | | $ | (5,504) | | | | | $ | (5,862) | | |
|
| | | As of | | |||||||||
Balance Sheets – CableOrganizer Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 2,987 | | | | | $ | 5,182 | | |
Noncurrent assets | | | | | 8,459 | | | | | | 8,354 | | |
Total assets | | | | $ | 11,446 | | | | | $ | 13,536 | | |
Current liabilities | | | | $ | 13,094 | | | | | $ | 5,205 | | |
Noncurrent liabilities | | | | | — | | | | | | 12,346 | | |
Total liabilities | | | | $ | 13,094 | | | | | $ | 17,551 | | |
Total deficit | | | | $ | (1,648) | | | | | $ | (4,015) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – CableOrganizer Acquisition, LLC. | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 18,115 | | | | | $ | 27,133 | | | | | $ | 23,277 | | |
Cost of goods sold | | | | | 12,183 | | | | | | 19,819 | | | | | | 15,715 | | |
Gross profit | | | | $ | 5,932 | | | | | $ | 7,314 | | | | | $ | 7,562 | | |
Other expenses | | | | $ | 7,960 | | | | | $ | 10,690 | | | | | $ | 10,344 | | |
Net loss before income taxes | | | | | (2,028) | | | | | | (3,376) | | | | | | (2,782) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (2,028) | | | | | $ | (3,376) | | | | | $ | (2,782) | | |
|
| | | As of | | |||||||||
Balance Sheets – Eastport Holdings, LLC | | | August 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 99,483 | | | | | $ | 94,396 | | |
Noncurrent assets | | | | | 185,292 | | | | | | 180,266 | | |
Total assets | | | | $ | 284,775 | | | | | $ | 274,662 | | |
Current liabilities | | | | $ | 163,085 | | | | | $ | 153,182 | | |
Noncurrent liabilities | | | | | 60,939 | | | | | | 56,272 | | |
Total liabilities | | | | $ | 224,024 | | | | | $ | 209,454 | | |
Total equity | | | | $ | 60,751 | | | | | $ | 65,208 | | |
|
| | | For the eight months ended August 31, 2018 | | | For the year ended | | ||||||||||||
Statements of Operations – Eastport Holdings, LLC | | | December 31, 2017 | | | December 31, 2016 | | ||||||||||||
Net sales | | | | $ | 373,943 | | | | | $ | 510,400 | | | | | $ | 499,986 | | |
Cost of goods sold | | | | | 267,395 | | | | | | 364,605 | | | | | | 377,036 | | |
Gross profit | | | | $ | 106,548 | | | | | $ | 145,795 | | | | | $ | 122,950 | | |
Other expenses | | | | $ | 103,811 | | | | | $ | 135,597 | | | | | $ | 111,677 | | |
Net income before income taxes | | | | | 2,737 | | | | | | 10,198 | | | | | | 11,273 | | |
Income tax provision | | | | | 335 | | | | | | 278 | | | | | | — | | |
Net income | | | | $ | 2,402 | | | | | $ | 9,920 | | | | | $ | 11,273 | | |
|
| | | As of | | |||||||||
Balance Sheets – Micro Precision, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 5,880 | | | | | $ | 6,187 | | |
Noncurrent assets | | | | | 19,436 | | | | | | 15,864 | | |
Total assets | | | | $ | 25,316 | | | | | $ | 22,051 | | |
Current liabilities | | | | $ | 7,712 | | | | | $ | 6,511 | | |
Noncurrent liabilities | | | | | 13,961 | | | | | | 15,790 | | |
Total liabilities | | | | $ | 21,673 | | | | | $ | 22,301 | | |
Total equity (deficit) | | | | $ | 3,643 | | | | | $ | (250) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – Micro Precision, LLC | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 12,083 | | | | | $ | 14,053 | | | | | $ | 17,788 | | |
Cost of goods sold | | | | | 6,595 | | | | | | 8,677 | | | | | | 12,183 | | |
Gross profit | | | | $ | 5,488 | | | | | $ | 5,376 | | | | | $ | 5,605 | | |
Other expenses | | | | $ | 5,562 | | | | | $ | 6,590 | | | | | $ | 6,836 | | |
Net loss before income taxes | | | | | (74) | | | | | | (1,214) | | | | | | (1,231) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (74) | | | | | $ | (1,214) | | | | | $ | (1,231) | | |
|
| | | As of | | |||||||||
Balance Sheets – Navis Holdings, Inc. | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 5,868 | | | | | $ | 4,723 | | |
Noncurrent assets | | | | | 5,145 | | | | | | 2,162 | | |
Total assets | | | | $ | 11,013 | | | | | $ | 6,885 | | |
Current liabilities | | | | $ | 5,542 | | | | | $ | 2,463 | | |
Noncurrent liabilities | | | | | 8,060 | | | | | | 6,738 | | |
Total liabilities | | | | $ | 13,602 | | | | | $ | 9,201 | | |
Total deficit | | | | $ | (2,589) | | | | | $ | (2,316) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – Navis Holdings, Inc. | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 14,305 | | | | | $ | 13,947 | | | | | $ | 17,803 | | |
Cost of goods sold | | | | | 8,456 | | | | | | 8,729 | | | | | | 10,933 | | |
Gross profit | | | | $ | 5,849 | | | | | $ | 5,218 | | | | | $ | 6,870 | | |
Other expenses | | | | $ | 5,977 | | | | | $ | 4,684 | | | | | $ | 5,070 | | |
Net income (loss) before income taxes | | | | | (128) | | | | | | 534 | | | | | | 1,800 | | |
Income tax provision | | | | | 20 | | | | | | 1,185 | | | | | | 701 | | |
Net income (loss) | | | | $ | (148) | | | | | $ | (651) | | | | | $ | 1,099 | | |
|
| | Contractual Obligations Payments Due by Period | | | Contractual Obligations Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 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 | | Total | | ||||||||||||||||||||||||||||||||||||||||
SBA Debentures | | | $ | — | | | | $ | 80,700 | | | | $ | 85,000 | | | | $ | — | | | | $ | 165,700 | | | | | $ | 19,000 | | | | $ | 106,000 | | | | $ | 25,000 | | | | $ | — | | | | $ | 150,000 | | | ||||||||||
2022 Notes | | | | — | | | | | — | | | | | 75,000 | | | | | — | | | | | 75,000 | | | | | | — | | | | | 75,000 | | | | | — | | | | | — | | | | | 75,000 | | | ||||||||||
2022 Convertible Notes | | | | — | | | | | — | | | | | 52,088 | | | | | — | | | | | 52,088 | | | | | | — | | | | | 52,088 | | | | | — | | | | | — | | | | | 52,088 | | | ||||||||||
Credit Facility | | | | — | | | | $ | 10,000 | | | | | — | | | | | — | | | | $ | 10,000 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Total Contractual Obligations | | | $ | — | | | | $ | 90,700 | | | | $ | 212,088 | | | | $ | — | | | | $ | 302,788 | | | | | $ | 19,000 | | | | $ | 233,088 | | | | $ | 25,000 | | | | $ | — | | | | $ | 277,088 | | | ||||||||||
|
Class and Year | | | Total Amount Outstanding Exclusive of Treasury Securities(1)(6) | | | Assets Coverage Per Unit(2)(6) | | | Involuntary Liquidation Preference per Unit(3) | | | Average Market Value per Unit(4) | | ||||||||||||
| | | (in thousands) | | | | | ||||||||||||||||||
Capitala Finance Corp. | | | | | | | | | | | | | | | | ||||||||||
Credit Facility(5) | | | | | | | | | | | | | | | | ||||||||||
2019 | | | | $ | — | | | | | $ | 2,200 | | | | | | — | | | | | | N/A | | |
2018 | | | | | 10,000 | | | | | | 2,400 | | | | | | — | | | | | | N/A | | |
2017 | | | | | 9,000 | | | | | | 2,600 | | | | | | — | | | | | | N/A | | |
2016 | | | | | 44,000 | | | | | | 2,600 | | | | | | — | | | | | | N/A | | |
2015 | | | | | 70,000 | | | | | | 2,500 | | | | | | — | | | | | | N/A | | |
2014 | | | | | — | | | | | | 1,800 | | | | | | — | | | | | | N/A | | |
2022 Notes | | | | | | | | | | | | | | | | ||||||||||
2019 | | | | $ | 75,000 | | | | | $ | 2,200 | | | | | | — | | | | | $ | 1,000 | | |
2018 | | | | | 75,000 | | | | | | 2,400 | | | | | | — | | | | | | 996 | | |
2017 | | | | | 75,000 | | | | | | 2,600 | | | | | | — | | | | | | 1,014 | | |
2022 Convertible Notes | | | | | | | | | | | | | | | | ||||||||||
2019 | | | | $ | 52,088 | | | | | $ | 2,200 | | | | | | — | | | | | $ | 994 | | |
2018 | | | | | 52,088 | | | | | | 2,400 | | | | | | — | | | | | | 984 | | |
2017 | | | | | 52,088 | | | | | | 2,600 | | | | | | — | | | | | | 1,001 | | |
SBA-guaranteed debentures | | | | | | | | | | | | | | | | ||||||||||
2019 | | | | $ | 150,000 | | | | | | N/A | | | | | | — | | | | | | N/A | | |
2018 | | | | | 165,700 | | | | | | N/A | | | | | | — | | | | | | N/A | | |
2017 | | | | | 170,700 | | | | | | N/A | | | | | | — | | | | | | N/A | | |
2016 | | | | | 170,700 | | | | | | N/A | | | | | | — | | | | | | N/A | | |
2015 | | | | | 184,200 | | | | | | N/A | | | | | | — | | | | | | N/A | | |
2014 | | | | | 192,200 | | | | | $ | 1,800 | | | | | | — | | | | | | N/A | | |
2013 | | | | | 202,200 | | | | | | 2,300 | | | | | | — | | | | | | N/A | | |
Class and Year | | | Total Amount Outstanding Exclusive of Treasury Securities(1)(6) | | | Assets Coverage Per Unit(2)(6) | | | Involuntary Liquidation Preference per Unit(3) | | | Average Market Value per Unit(4) | | ||||||||||||
| | | (in thousands) | | | | | ||||||||||||||||||
2021 Notes | | | | | | | | | | | | | | | | ||||||||||
2016 | | | | $ | 113,438 | | | | | $ | 2,600 | | | | | | — | | | | | $ | 1,006 | | |
2015 | | | | | 113,438 | | | | | | 2,500 | | | | | | — | | | | | | 1,020 | | |
2014 | | | | | 113,438 | | | | | | 1,800 | | | | | | — | | | | | | 1,036 | | |
Fund II SBA-guaranteed debentures | | | | | | | | | | ||||||||||||||||
2012 | | | | $ | 52,200 | | | | | $ | 2,000 | | | | | | — | | | | | | N/A | | |
2011 | | | | | 52,200 | | | | | | 1,600 | | | | | | — | | | | | | N/A | | |
2010 | | | | | 36,500 | | | | | | 1,600 | | | | | | — | | | | | | N/A | | |
Fund III SBA-guaranteed debentures | | | | | | | | | | ||||||||||||||||
2012 | | | | $ | 125,000 | | | | | $ | 1,700 | | | | | | — | | | | | | N/A | | |
2011 | | | | | 90,000 | | | | | | 1,700 | | | | | | — | | | | | | N/A | | |
2010 | | | | | 33,000 | | | | | | 1,900 | | | | | | — | | | | | | N/A | | |
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 2, 2019 | | | January 24, 2019 | | | January 30, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | February 20, 2019 | | | February 27, 2019 | | | | | 0.0833 | | |
January 2, 2019 | | | March 21, 2019 | | | March 28, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | April 22, 2019 | | | April 29, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | May 23, 2019 | | | May 30, 2019 | | | | | 0.0833 | | |
April 1, 2019 | | | June 20, 2019 | | | June 27, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | July 23, 2019 | | | July 30, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | August 22, 2019 | | | August 29, 2019 | | | | | 0.0833 | | |
July 1, 2019 | | | September 20, 2019 | | | September 27, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | October 22, 2019 | | | October 29, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | November 22, 2019 | | | November 29, 2019 | | | | | 0.0833 | | |
October 1, 2019 | | | December 23, 2019 | | | December 30, 2019 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2019 | | | | | | | | | | $ | 1.00 | | |
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 2, 2018 | | | January 22, 2018 | | | January 30, 2018 | | | | $ | 0.0833 | | |
January 2, 2018 | | | February 20, 2018 | | | February 27, 2018 | | | | | 0.0833 | | |
January 2, 2018 | | | March 23, 2018 | | | March 29, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | April 19, 2018 | | | April 27, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | May 22, 2018 | | | May 30, 2018 | | | | | 0.0833 | | |
April 2, 2018 | | | June 20, 2018 | | | June 28, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | July 23, 2018 | | | July 30, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | August 23, 2018 | | | August 30, 2018 | | | | | 0.0833 | | |
July 2, 2018 | | | September 20, 2018 | | | September 27, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | October 23, 2018 | | | October 30, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | November 21, 2018 | | | November 29, 2018 | | | | | 0.0833 | | |
October 1, 2018 | | | December 20, 2018 | | | December 28, 2018 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2018 | | | | | | | | | | $ | 1.00 | | |
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 3, 2017 | | | January 20, 2017 | | | January 30, 2017 | | | | $ | 0.1300 | | |
January 3, 2017 | | | February 20, 2017 | | | February 27, 2017 | | | | | 0.1300 | | |
January 3, 2017 | | | March 23, 2017 | | | March 30, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | April 19, 2017 | | | April 27, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | May 23, 2017 | | | May 29, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | June 21, 2017 | | | June 29, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | July 21, 2017 | | | July 28, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | August 23, 2017 | | | August 30, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | September 20, 2017 | | | September 28, 2017 | | | | | 0.1300 | | |
October 2, 2017 | | | October 23, 2017 | | | October 30, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | November 21, 2017 | | | November 29, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | December 20, 2017 | | | December 28, 2017 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2017 | | | | | | | | | | $ | 1.42 | | |
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 4, 2016 | | | January 22, 2016 | | | January 28, 2016 | | | | $ | 0.1567 | | |
January 4, 2016 | | | February 19, 2016 | | | February 26, 2016 | | | | | 0.1567 | | |
January 4, 2016 | | | March 22, 2016 | | | March 30, 2016 | | | | | 0.1567 | | |
April 1, 2016 | | | April 22, 2016 | | | April 28, 2016 | | | | | 0.1567 | | |
April 1, 2016 | | | May 23, 2016 | | | May 30, 2016 | | | | | 0.1567 | | |
April 1, 2016 | | | June 21, 2016 | | | June 29, 2016 | | | | | 0.1567 | | |
July 1, 2016 | | | July 22, 2016 | | | July 29, 2016 | | | | | 0.1567 | | |
July 1, 2016 | | | August 22, 2016 | | | August 30, 2016 | | | | | 0.1567 | | |
July 1, 2016 | | | September 22, 2016 | | | September 29, 2016 | | | | | 0.1567 | | |
September 22, 2016 | | | October 21, 2016 | | | October 28, 2016 | | | | | 0.1300 | | |
September 22, 2016 | | | November 21, 2016 | | | November 29, 2016 | | | | | 0.1300 | | |
September 22, 2016 | | | December 21, 2016 | | | December 29, 2016 | | | | | 0.1300 | | |
Total Distributions Declared and Distributed for 2016 | | | | | | | | | | $ | 1.80 | | |
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | |||
January 3, 2017 | | | January 20, 2017 | | | January 30, 2017 | | | | $ | 0.1300 | | |
January 3, 2017 | | | February 20, 2017 | | | February 27, 2017 | | | | | 0.1300 | | |
January 3, 2017 | | | March 23, 2017 | | | March 30, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | April 19, 2017 | | | April 27, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | May 23, 2017 | | | May 29, 2017 | | | | | 0.1300 | | |
April 3, 2017 | | | June 21, 2017 | | | June 29, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | July 21, 2017 | | | July 28, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | August 23, 2017 | | | August 30, 2017 | | | | | 0.1300 | | |
July 3, 2017 | | | September 20, 2017 | | | September 28, 2017 | | | | | 0.1300 | | |
October 2, 2017 | | | October 23, 2017 | | | October 30, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | November 21, 2017 | | | November 29, 2017 | | | | | 0.0833 | | |
October 2, 2017 | | | December 20, 2017 | | | December 28, 2017 | | | | | 0.0833 | | |
Total Distributions Declared and Distributed for 2017 | | | | | | | | | | $ | 1.42 | | |
Date Declared | | | Record Date | | | Payment Date | | | Distributions per Share | | |||
January 2, 2019 | | | January 24, 2019 | | | January 30, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | February 20, 2019 | | | February 27, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | March 21, 2019 | | | March 28, 2019 | | | | $ | 0.0833 | | |
Date Declared | | | Record Date | | | Payment Date | | | Distributions per Share | | |||
January 2, 2020 | | | January 24, 2020 | | | January 30, 2020 | | | | $ | 0.0833 | | |
January 2, 2020 | | | February 20, 2020 | | | February 27, 2020 | | | | $ | 0.0833 | | |
January 2, 2020 | | | March 23, 2020 | | | March 30, 2020 | | | | $ | 0.0833 | | |
Basis Point Change | | Increase (decrease) in interest income | | (Increase) decrease in interest expense | | Increase (decrease) in net income | | | Increase (decrease) in interest income | | (Increase) decrease in interest expense | | Increase (decrease) in net income | | ||||||||||||||||||||||||
Up 300 basis points | | | $ | 6,043 | | | | $ | (300) | | | | $ | 5,743 | | | | | $ | 5,444 | | | | $ | — | | | | $ | 5,444 | | | ||||||
Up 200 basis points | | | $ | 4,044 | | | | $ | (200) | | | | $ | 3,844 | | | | | $ | 3,611 | | | | $ | — | | | | $ | 3,611 | | | ||||||
Up 100 basis points | | | $ | 2,022 | | | | $ | (100) | | | | $ | 1,922 | | | | | $ | 1,777 | | | | $ | — | | | | $ | 1,777 | | | ||||||
Down 100 basis points | | | $ | (1,915) | | | | $ | 100 | | | | $ | (1,815) | | | | | $ | (1,050) | | | | $ | — | | | | $ | (1,050) | | | ||||||
Down 200 basis points | | | $ | (2,857) | | | | $ | 200 | | | | $ | (2,657) | | | | | $ | (1,187) | | | | $ | — | | | | $ | (1,187) | | | ||||||
Down 300 basis points | | | $ | (2,909) | | | | $ | 250 | | | | $ | (2,659) | | | | | $ | (1,187) | | | | $ | — | | | | $ | (1,187) | | |
| | | Page | | |||
| | | | F-1 | | | |
| | | | F-2 | | | |
Audited Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | | |
| | As of | | | As of | | ||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Investments at fair value | | | | | | | | | | | | | | | | | | | | | | | ||||
Non-control/non-affiliate investments (amortized cost of $280,114 and $298,132, respectively) | | | $ | 286,843 | | | | $ | 288,374 | | | |||||||||||||||
Affiliate investment (amortized cost of $72,300 and $77,336, respectively) | | | | 92,939 | | | | | 103,957 | | | |||||||||||||||
Control investments (amortized cost of $67,556 and $89,559, respectively) | | | | 69,145 | | | | | 107,608 | | | |||||||||||||||
Total investments at fair value (amortized cost of $419,970 and $465,027, respectively) | | | | 448,927 | | | | | 499,939 | | | |||||||||||||||
Non-control/non-affiliate investments (amortized cost of $250,433 and $280,114, respectively) | | | $ | 241,046 | | | | $ | 286,843 | | | |||||||||||||||
Affiliate investments (amortized cost of $80,756 and $72,300, respectively) | | | | 98,763 | | | | | 92,939 | | | |||||||||||||||
Control investments (amortized cost of $22,692 and $67,556, respectively) | | | | 22,723 | | | | | 69,145 | | | |||||||||||||||
Total investments at fair value (amortized cost of $353,881 and $419,970, respectively) | | | | 362,532 | | | | | 448,927 | | | |||||||||||||||
Cash and cash equivalents | | | | 39,295 | | | | | 31,221 | | | | | | 62,321 | | | | | 39,295 | | | ||||
Interest and dividend receivable | | | | 3,778 | | | | | 2,976 | | | | | | 1,745 | | | | | 3,778 | | | ||||
Due from related parties | | | | — | | | | | 95 | | | |||||||||||||||
Prepaid expenses | | | | 454 | | | | | 309 | | | | | | 624 | | | | | 454 | | | ||||
Deferred tax asset, net | | | | 628 | | | | | — | | | | | | — | | | | | 628 | | | ||||
Other assets | | | | 83 | | | | | 55 | | | | | | 115 | | | | | 83 | | | ||||
Total assets | | | $ | 493,165 | | | | $ | 534,595 | | | | | $ | 427,337 | | | | $ | 493,165 | | | ||||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
SBA debentures (net of deferred financing cost of $1,688 and $2,300, respectively) | | | $ | 164,012 | | | | $ | 168,400 | | | |||||||||||||||
2022 Notes (net of deferred financing cost of $1,987 and $2,496, respectively) | | | | 73,013 | | | | | 72,504 | | | |||||||||||||||
2022 Convertible Notes (net of deferred financing cost of $1,259 and $1,583, respectively) | | | | 50,829 | | | | | 50,505 | | | |||||||||||||||
Credit Facility (net of deferred financing cost of $983 and $1,293, respectively) | | | | 9,017 | | | | | 7,707 | | | |||||||||||||||
SBA Debentures (net of deferred financing costs of $1,006 and $1,688, respectively) | | | $ | 148,994 | | | | $ | 164,012 | | | |||||||||||||||
2022 Notes (net of deferred financing costs of $1,447 and $1,987, respectively) | | | | 73,553 | | | | | 73,013 | | | |||||||||||||||
2022 Convertible Notes (net of deferred financing costs of $916 and $1,259, respectively) | | | | 51,172 | | | | | 50,829 | | | |||||||||||||||
Credit Facility (net of deferred financing costs of $1,165 and $983, respectively) | | | | (1,165) | | | | | 9,017 | | | |||||||||||||||
Management and incentive fees payable | | | | 2,487 | | | | | 2,172 | | | | | | 3,713 | | | | | 2,487 | | | ||||
Interest and financing fees payable | | | | 3,063 | | | | | 3,141 | | | | | | 2,439 | | | | | 3,063 | | | ||||
Trade settlement payable | | | | — | | | | | 175 | | | |||||||||||||||
Deferred tax liability, net | | | | — | | | | | 1,289 | | | |||||||||||||||
Written call option at fair value (proceeds of $0 and $20, respectively) | | | | — | | | | | 6,815 | | | |||||||||||||||
Accounts payable and accrued expenses | | | | 100 | | | | | — | | | | | | 518 | | | | | 100 | | | ||||
Total liabilities | | | $ | 302,521 | | | | $ | 312,708 | | | | | $ | 279,224 | | | | $ | 302,521 | | | ||||
Commitments and contingencies (Note 2) | | | | | | | | | | | | | | | | | | | | | | | ||||
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Common stock, par value $.01, 100,000,000 common shares authorized, 16,051,547 and $15,951,231 common shares issued and outstanding, respectively | | | $ | 161 | | | | $ | 160 | | | |||||||||||||||
Common stock, par value $0.01, 100,000,000 common shares authorized, 16,203,769 and 16,051,547 common shares issued and outstanding, respectively | | | $ | 162 | | | | $ | 161 | | | |||||||||||||||
Additional paid in capital | | | | 241,757 | | | | | 241,027 | | | | | | 237,886 | | | | | 241,757 | | | ||||
Total distributable loss | | | | (51,274) | | | | | (19,300) | | | | | | (89,935) | | | | | (51,274) | | | ||||
Total net assets | | | $ | 190,644 | | | | $ | 221,887 | | | | | $ | 148,113 | | | | $ | 190,644 | | | ||||
Total liabilities and net assets | | | $ | 493,165 | | | | $ | 534,595 | | | | | $ | 427,337 | | | | $ | 493,165 | | | ||||
Net asset value per share | | | $ | 11.88 | | | | $ | 13.91 | | | | | $ | 9.14 | | | | $ | 11.88 | | |
| | For the Year Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest and fee income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliate investments | | | $ | 27,754 | | | | $ | 31,084 | | | | $ | 42,667 | | | | | $ | 27,659 | | | | $ | 27,754 | | | | $ | 31,084 | | | ||||||
Affiliate investments | | | | 7,945 | | | | | 4,509 | | | | | 5,723 | | | | | | 8,351 | | | | | 7,945 | | | | | 4,509 | | | ||||||
Control investments | | | | 6,702 | | | | | 6,896 | | | | | 10,718 | | | | | | 1,566 | | | | | 6,702 | | | | | 6,896 | | | ||||||
Total interest and fee income | | | | 42,401 | | | | | 42,489 | | | | | 59,108 | | | | | | 37,576 | | | | | 42,401 | | | | | 42,489 | | | ||||||
Payment-in-kind interest and dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliate investments | | | | 2,248 | | | | | 4,503 | | | | | 4,965 | | | | | | 1,721 | | | | | 2,248 | | | | | 4,503 | | | ||||||
Affiliate investments | | | | 1,251 | | | | | 1,898 | | | | | 383 | | | | | | 869 | | | | | 1,251 | | | | | 1,898 | | | ||||||
Control investments | | | | 849 | | | | | 742 | | | | | 952 | | | | | | 372 | | | | | 849 | | | | | 742 | | | ||||||
Total payment-in-kind interest and dividend income | | | | 4,348 | | | | | 7,143 | | | | | 6,300 | | | | | | 2,962 | | | | | 4,348 | | | | | 7,143 | | | ||||||
Dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliate investments | | | | 59 | | | | | 225 | | | | | 263 | | | | | | 1,345 | | | | | 59 | | | | | 225 | | | ||||||
Affiliate investments | | | | 238 | | | | | 641 | | | | | 115 | | | | | | 50 | | | | | 238 | | | | | 641 | | | ||||||
Control investments | | | | 100 | | | | | 355 | | | | | 2,414 | | | | | | 1,904 | | | | | 100 | | | | | 355 | | | ||||||
Total dividend income | | | | 397 | | | | | 1,221 | | | | | 2,792 | | | | | | 3,299 | | | | | 397 | | | | | 1,221 | | | ||||||
Other income | | | | — | | | | | 125 | | | | | 85 | | | | | | — | | | | | — | | | | | 125 | | | ||||||
Interest income from cash and cash equivalents | | | | 147 | | | | | 111 | | | | | 27 | | | | | | 198 | | | | | 147 | | | | | 111 | | | ||||||
Total investment income | | | | 47,293 | | | | | 51,089 | | | | | 68,312 | | | | | | 44,035 | | | | | 47,293 | | | | | 51,089 | | | ||||||
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest and financing expenses | | | | 17,283 | | | | | 18,825 | | | | | 19,711 | | | | | | 17,121 | | | | | 17,283 | | | | | 18,825 | | | ||||||
Loss on extinguishment of debt | | | | — | | | | | 2,732 | | | | | — | | | | | | — | | | | | — | | | | | 2,732 | | | ||||||
Base management fee | | | | 9,049 | | | | | 9,780 | | | | | 10,588 | | | | | | 7,967 | | | | | 9,049 | | | | | 9,780 | | | ||||||
Incentive fees | | | | 244 | | | | | 1,308 | | | | | 6,842 | | | | | | 1,497 | | | | | 244 | | | | | 1,308 | | | ||||||
General and administrative expenses | | | | 4,695 | | | | | 3,878 | | | | | 3,804 | | | | | | 4,695 | | | | | 4,695 | | | | | 3,878 | | | ||||||
Expenses before incentive fee waiver | | | | 31,271 | | | | | 36,523 | | | | | 40,945 | | | | | | 31,280 | | | | | 31,271 | | | | | 36,523 | | | ||||||
Incentive fee waiver (See Note 6) | | | | — | | | | | (958) | | | | | (1,673) | | | | | | (288) | | | | | — | | | | | (958) | | | ||||||
Total expenses, net of fee waivers | | | | 31,271 | | | | | 35,565 | | | | | 39,272 | | | ||||||||||||||||||||||
Total expenses, net of incentive fee waiver | | | | 30,992 | | | | | 31,271 | | | | | 35,565 | | | ||||||||||||||||||||||
NET INVESTMENT INCOME | | | | 16,022 | | | | | 15,524 | | | | | 29,040 | | | | | | 13,043 | | | | | 16,022 | | | | | 15,524 | | | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND WRITTEN CALL OPTION: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliate investments | | | | (15,714) | | | | | (6,682) | | | | | 1,261 | | | | | | 16,529 | | | | | (15,714) | | | | | (6,682) | | | ||||||
Affiliate investments | | | | 2,920 | | | | | 4,926 | | | | | (24,172) | | | | | | 2,288 | | | | | 2,920 | | | | | 4,926 | | | ||||||
Control investments | | | | (22,010) | | | | | (22,433) | | | | | 145 | | | | | | (38,573) | | | | | (22,010) | | | | | (22,433) | | | ||||||
Net realized loss on investments | | | | (34,804) | | | | | (24,189) | | | | | (22,766) | | | | | | (19,756) | | | | | (34,804) | | | | | (24,189) | | | ||||||
Net unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliate investments | | | | 16,487 | | | | | (11,577) | | | | | (11,661) | | | | | | (16,116) | | | | | 16,487 | | | | | (11,577) | | | ||||||
Affiliate investments | | | | (5,982) | | | | | 4,436 | | | | | 4,124 | | | | | | (2,632) | | | | | (5,982) | | | | | 4,436 | | | ||||||
Control investments | | | | (16,460) | | | | | 14,190 | | | | | 13,131 | | | | | | (1,558) | | | | | (16,460) | | | | | 14,190 | | | ||||||
Net unrealized appreciation (depreciation) on investments | | | | (5,955) | | | | | 7,049 | | | | | 5,594 | | | | | | (20,306) | | | | | (5,955) | | | | | 7,049 | | | ||||||
Net unrealized appreciation (depreciation) on written call option | | | | 6,795 | | | | | (4,079) | | | | | (2,716) | | | | | | — | | | | | 6,795 | | | | | (4,079) | | | ||||||
Net realized and unrealized loss on investments and written call option | | | | (33,964) | | | | | (21,219) | | | | | (19,888) | | | | | | (40,062) | | | | | (33,964) | | | | | (21,219) | | | ||||||
Tax benefit (provision) | | | | 1,916 | | | | | (1,289) | | | | | — | | | | | | (628) | | | | | 1,916 | | | | | (1,289) | | | ||||||
Total net realized and unrealized loss on investments and written call option, net of taxes | | | | (32,048) | | | | | (22,508) | | | | | (19,888) | | | | | | (40,690) | | | | | (32,048) | | | | | (22,508) | | | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $ | (16,026) | | | | $ | (6,984) | | | | $ | 9,152 | | | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC AND DILUTED | | | $ | (1.00) | | | | $ | (0.44) | | | | $ | 0.58 | | | ||||||||||||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $ | (27,647) | | | | $ | (16,026) | | | | $ | (6,984) | | | ||||||||||||||||||||||
NET DECREASE IN NET ASSETS PER SHARE RESULTING FROM OPERATIONS – BASIC AND DILUTED | | | $ | (1.72) | | | | $ | (1.00) | | | | $ | (0.44) | | | ||||||||||||||||||||||
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – BASIC AND DILUTED | | | | 15,993,436 | | | | | 15,903,167 | | | | | 15,819,175 | | | | | | 16,117,719 | | | | | 15,993,436 | | | | | 15,903,167 | | | ||||||
DISTRIBUTIONS PAID PER SHARE | | | $ | 1.00 | | | | $ | 1.42 | | | | $ | 1.80 | | | | | $ | 1.00 | | | | $ | 1.00 | | | | $ | 1.42 | | |
| | | Common Stock | | | Additional Paid in Capital | | | Total Distributable Earnings (Loss) | | | Total | | ||||||||||||||||||
| | | Number of Shares | | | Par Value | | ||||||||||||||||||||||||
BALANCE, December 31, 2015 | | | | | 15,777,345 | | | | | $ | 158 | | | | | $ | 239,104 | | | | | $ | 29,540 | | | | | $ | 268,802 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 29,040 | | | | | | 29,040 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (22,766) | | | | | | (22,766) | | |
Net unrealized appreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 5,594 | | | | | | 5,594 | | |
Net unrealized depreciation on written call option | | | | | — | | | | | | — | | | | | | — | | | | | | (2,716) | | | | | | (2,716) | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 90,700 | | | | | | 1 | | | | | | 1,102 | | | | | | — | | | | | | 1,103 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (28,475) | | | | | | (28,475) | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (22) | | | | | | 22 | | | | | | — | | |
BALANCE, December 31, 2016 | | | | | 15,868,045 | | | | | $ | 159 | | | | | $ | 240,184 | | | | | $ | 10,239 | | | | | $ | 250,582 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 15,524 | | | | | | 15,524 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (24,189) | | | | | | (24,189) | | |
Net unrealized appreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 7,049 | | | | | | 7,049 | | |
Net unrealized depreciation on written call option | | | | | — | | | | | | — | | | | | | — | | | | | | (4,079) | | | | | | (4,079) | | |
Tax provision | | | | | — | | | | | | — | | | | | | — | | | | | | (1,289) | | | | | | (1,289) | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 83,186 | | | | | | 1 | | | | | | 864 | | | | | | — | | | | | | 865 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (22,576) | | | | | | (22,576) | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (21) | | | | | | 21 | | | | | | — | | |
BALANCE, December 31, 2017 | | | | | 15,951,231 | | | | | $ | 160 | | | | | $ | 241,027 | | | | | $ | (19,300) | | | | | $ | 221,887 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 16,022 | | | | | | 16,022 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (34,804) | | | | | | (34,804) | | |
Net unrealized depreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (5,955) | | | | | | (5,955) | | |
Net unrealized appreciation on written call option | | | | | — | | | | | | — | | | | | | — | | | | | | 6,795 | | | | | | 6,795 | | |
Tax benefit | | | | | — | | | | | | — | | | | | | — | | | | | | 1,916 | | | | | | 1,916 | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 100,316 | | | | | | 1 | | | | | | 768 | | | | | | — | | | | | | 769 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (15,986) | | | | | | (15,986) | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (38) | | | | | | 38 | | | | | | — | | |
BALANCE, December 31, 2018 | | | | | 16,051,547 | | | | | $ | 161 | | | | | $ | 241,757 | | | | | $ | (51,274) | | | | | $ | 190,644 | | |
|
| | | Common Stock | | | Additional Paid in Capital | | | Total Distributable Loss | | | Total | | ||||||||||||||||||
For the Years Ended December 31, 2017, 2018, and 2019 | | | Number of Shares | | | Par Value | | ||||||||||||||||||||||||
BALANCE, December 31, 2016 | | | | | 15,868,045 | | | | | $ | 159 | | | | | $ | 240,184 | | | | | $ | 10,239 | | | | | $ | 250,582 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 15,524 | | | | | | 15,524 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (24,189) | | | | | | (24,189) | | |
Net unrealized appreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | 7,049 | | | | | | 7,049 | | |
Net unrealized depreciation on written call option | | | | | — | | | | | | — | | | | | | — | | | | | | (4,079) | | | | | | (4,079) | | |
Tax provision | | | | | — | | | | | | — | | | | | | — | | | | | | (1,289) | | | | | | (1,289) | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 83,186 | | | | | | 1 | | | | | | 864 | | | | | | — | | | | | | 865 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (22,576) | | | | | | (22,576) | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (21) | | | | | | 21 | | | | | | — | | |
BALANCE, December 31, 2017 | | | | | 15,951,231 | | | | | $ | 160 | | | | | $ | 241,027 | | | | | $ | (19,300) | | | | | $ | 221,887 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 16,022 | | | | | | 16,022 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (34,804) | | | | | | (34,804) | | |
Net unrealized depreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (5,955) | | | | | | (5,955) | | |
Net unrealized appreciation on written call option | | | | | — | | | | | | — | | | | | | — | | | | | | 6,795 | | | | | | 6,795 | | |
Tax benefit | | | | | — | | | | | | — | | | | | | — | | | | | | 1,916 | | | | | | 1,916 | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 100,316 | | | | | | 1 | | | | | | 768 | | | | | | — | | | | | | 769 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (15,986) | | | | | | (15,986) | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (38) | | | | | | 38 | | | | | | — | | |
BALANCE, December 31, 2018 | | | | | 16,051,547 | | | | | $ | 161 | | | | | $ | 241,757 | | | | | $ | (51,274) | | | | | $ | 190,644 | | |
Net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | 13,043 | | | | | | 13,043 | | |
Net realized loss on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (19,756) | | | | | | (19,756) | | |
Net unrealized depreciation on investments | | | | | — | | | | | | — | | | | | | — | | | | | | (20,306) | | | | | | (20,306) | | |
Tax provision | | | | | — | | | | | | — | | | | | | — | | | | | | (628) | | | | | | (628) | | |
Distributions to Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stock issued under dividend reinvestment plan | | | | | 152,222 | | | | | | 1 | | | | | | 1,225 | | | | | | — | | | | | | 1,226 | | |
Distributions declared | | | | | — | | | | | | — | | | | | | — | | | | | | (16,110) | | | | | | (16,110) | | |
Return of capital | | | | | — | | | | | | — | | | | | | (2,659) | | | | | | 2,659 | | | | | | — | | |
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles | | | | | — | | | | | | — | | | | | | (2,437) | | | | | | 2,437 | | | | | | — | | |
BALANCE, December 31, 2019 | | | | | 16,203,769 | | | | | $ | 162 | | | | | $ | 237,886 | | | | | $ | (89,935) | | | | | $ | 148,113 | | |
| | For the Year Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2019 | | 2018 | | 2017 | | ||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (16,026) | | | | $ | (6,984) | | | | $ | 9,152 | | | ||||||||||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Net decrease in net assets resulting from operations | | | $ | (27,647) | | | | $ | (16,026) | | | | $ | (6,984) | | | ||||||||||||||||||||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Purchase of investments | | | | (107,802) | | | | | (82,750) | | | | | (120,844) | | | | | | (77,831) | | | | | (107,802) | | | | | (82,750) | | | ||||||
Repayments and sales of investments | | | | 123,517 | | | | | 115,810 | | | | | 163,564 | | | | | | 128,122 | | | | | 123,517 | | | | | 115,810 | | | ||||||
Net realized loss on investments | | | | 34,804 | | | | | 24,189 | | | | | 22,766 | | | | | | 19,756 | | | | | 34,804 | | | | | 24,189 | | | ||||||
Net unrealized (appreciation) depreciation on investments | | | | 5,955 | | | | | (7,049) | | | | | (5,594) | | | | | | 20,306 | | | | | 5,955 | | | | | (7,049) | | | ||||||
Payment-in-kind interest and dividends | | | | (4,348) | | | | | (7,143) | | | | | (6,300) | | | | | | (2,962) | | | | | (4,348) | | | | | (7,143) | | | ||||||
Accretion of original issue discount on investments | | | | (1,114) | | | | | (1,357) | | | | | (2,775) | | | | | | (996) | | | | | (1,114) | | | | | (1,357) | | | ||||||
Proceeds (payments) from written call option | | | | (20) | | | | | — | | | | | 20 | | | ||||||||||||||||||||||
Payments from written call option | | | | — | | | | | (20) | | | | | — | | | ||||||||||||||||||||||
Net unrealized (appreciation) depreciation on written call option | | | | (6,795) | | | | | 4,079 | | | | | 2,716 | | | | | | — | | | | | (6,795) | | | | | 4,079 | | | ||||||
Amortization of deferred financing fees | | | | 1,885 | | | | | 2,100 | | | | | 2,149 | | | | | | 2,370 | | | | | 1,885 | | | | | 2,100 | | | ||||||
Loss on extinguishment of debt | | | | — | | | | | 2,732 | | | | | — | | | | | | — | | | | | — | | | | | 2,732 | | | ||||||
Tax provision (benefit) | | | | (1,916) | | | | | 1,289 | | | | | — | | | | | | 628 | | | | | (1,916) | | | | | 1,289 | | | ||||||
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest and dividend receivable | | | | (802) | | | | | 2,759 | | | | | (345) | | | | | | 2,033 | | | | | (802) | | | | | 2,759 | | | ||||||
Due from related parties | | | | 95 | | | | | 87 | | | | | 74 | | | | | | — | | | | | 95 | | | | | 87 | | | ||||||
Prepaid expenses | | | | (145) | | | | | 197 | | | | | (3) | | | | | | (170) | | | | | (145) | | | | | 197 | | | ||||||
Other assets | | | | (28) | | | | | 17 | | | | | 36 | | | | | | (32) | | | | | (28) | | | | | 17 | | | ||||||
Due to related parties | | | | — | | | | | (35) | | | | | 29 | | | | | | — | | | | | — | | | | | (35) | | | ||||||
Management and incentive fees payable | | | | 315 | | | | | (4,254) | | | | | 4,739 | | | | | | 1,226 | | | | | 315 | | | | | (4,254) | | | ||||||
Interest and financing fees payable | | | | (78) | | | | | 484 | | | | | (330) | | | | | | (624) | | | | | (78) | | | | | 484 | | | ||||||
Trade settlement payable | | | | — | | | | | (175) | | | | | 175 | | | ||||||||||||||||||||||
Accounts payable and accrued expenses | | | | 100 | | | | | (536) | | | | | 69 | | | | | | 418 | | | | | 100 | | | | | (536) | | | ||||||
Trade settlement payable | | | | (175) | | | | | 175 | | | | | — | | | ||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | | | | 27,422 | | | | | 43,810 | | | | | 69,123 | | | | | | 64,597 | | | | | 27,422 | | | | | 43,810 | | | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Paydowns on SBA debentures | | | | (5,000) | | | | | — | | | | | (13,500) | | | | | | (15,700) | | | | | (5,000) | | | | | — | | | ||||||
Proceeds from Credit Facility | | | | 31,000 | | | | | 9,000 | | | | | 29,000 | | | | | | 16,500 | | | | | 31,000 | | | | | 9,000 | | | ||||||
Payments to Credit Facility | | | | (30,000) | | | | | (44,000) | | | | | (55,000) | | | ||||||||||||||||||||||
Repayments on Credit Facility | | | | (26,500) | | | | | (30,000) | | | | | (44,000) | | | ||||||||||||||||||||||
Issuance of 2022 Notes | | | | — | | | | | 75,000 | | | | | — | | | | | | — | | | | | — | | | | | 75,000 | | | ||||||
Issuance of 2022 Convertible Notes | | | | — | | | | | 52,088 | | | | | — | | | | | | — | | | | | — | | | | | 52,088 | | | ||||||
Repayment of 2021 Notes | | | | — | | | | | (113,438) | | | | | — | | | | | | — | | | | | — | | | | | (113,438) | | | ||||||
Distributions paid to shareholders | | | | (15,217) | | | | | (21,711) | | | | | (27,372) | | | | | | (14,884) | | | | | (15,217) | | | | | (21,711) | | | ||||||
Deferred financing fees paid | | | | (131) | | | | | (5,809) | | | | | (75) | | | | | | (987) | | | | | (131) | | | | | (5,809) | | | ||||||
NET CASH USED IN FINANCING ACTIVITIES | | | | (19,348) | | | | | (48,870) | | | | | (66,947) | | | | | | (41,571) | | | | | (19,348) | | | | | (48,870) | | | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | | 8,074 | | | | | (5,060) | | | | | 2,176 | | | | | | 23,026 | | | | | 8,074 | | | | | (5,060) | | | ||||||
CASH AND CASH EQUIVALENTS, beginning of year | | | | 31,221 | | | | | 36,281 | | | | | 34,105 | | | | | | 39,295 | | | | | 31,221 | | | | | 36,281 | | | ||||||
CASH AND CASH EQUIVALENTS, end of year | | | $ | 39,295 | | | | $ | 31,221 | | | | $ | 36,281 | | | | | $ | 62,321 | | | | $ | 39,295 | | | | $ | 31,221 | | | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash paid for interest | | | $ | 14,139 | | | | $ | 15,503 | | | | $ | 17,591 | | | | | $ | 13,784 | | | | $ | 14,139 | | | | $ | 15,503 | | | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Distributions paid through dividend reinvestment plan share issuances | | | $ | 769 | | | | $ | 865 | | | | $ | 1,103 | | | | | $ | 1,226 | | | | $ | 769 | | | | $ | 865 | | |
Portfolio Company, Country(1),(2),(3),(4),(5) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Non-control/non-affiliated investments – 162.8% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliated investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
3 Bridge Solutions, LLC | | | IT Consulting | | | First Lien Debt (10.7% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 12/4/22) | | | | $ | 13,274 | | | | | $ | 13,274 | | | | | $ | 13,274 | | | | | | 9.0% | | |
3 Bridge Solutions, LLC | | | IT Consulting | | | Preferred Units (965 units) | | | | | | | | | | | 1,090 | | | | | | 499 | | | | | | 0.3% | | |
3 Bridge Solutions, LLC | | | IT Consulting | | | Membership Units (39,000 units) | | | | | | | | | | | 10 | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 14,374 | | | | | | 13,773 | | | | | | 9.3% | | |
Alternative Biomedical Solutions, LLC | | | Healthcare | | | First Lien Debt (8.0% Cash, 3.8% PIK, Due 12/18/22) | | | | | 5,491 | | | | | | 5,331 | | | | | | 5,319 | | | | | | 3.6% | | |
Alternative Biomedical Solutions, LLC | | | Healthcare | | | First Lien Debt (8.0% Cash, 3.8% PIK, Due 12/18/22)(6) | | | | | 13,125 | | | | | | 13,125 | | | | | | 10,624 | | | | | | 7.2% | | |
Alternative Biomedical Solutions, LLC | | | Healthcare | | | Membership Units (20,092 units) | | | | | | | | | | | 800 | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 19,256 | | | | | | 15,943 | | | | | | 10.8% | | |
American Clinical Solutions, LLC | | | Healthcare | | | First Lien Debt (7.0% Cash, Due 12/31/22) | | | | | 3,500 | | | | | | 3,500 | | | | | | 3,500 | | | | | | 2.3% | | |
American Clinical Solutions, LLC | | | Healthcare | | | First Lien Debt (2.0% PIK, Due 12/31/22)(7) | | | | | 6,000 | | | | | | 3,485 | | | | | | 3,485 | | | | | | 2.4% | | |
| | | | | | | | | | | | | | | | | 6,985 | | | | | | 6,985 | | | | | | 4.7% | | |
AmeriMark Direct, LLC | | | Consumer Products | | | First Lien Debt (14.3% Cash, Due 9/8/21) | | | | | 16,123 | | | | | | 15,974 | | | | | | 15,633 | | | | | | 10.6% | | |
| | | | | | | | | | | | | | | | | 15,974 | | | | | | 15,633 | | | | | | 10.6% | | |
BigMouth, Inc. | | | Consumer Products | | | First Lien Debt (10.3% Cash (1 month LIBOR + 8.5%, 0.5% Floor, Due 11/14/21)(8) | | | | | 857 | | | | | | 857 | | | | | | 857 | | | | | | 0.6% | | |
BigMouth, Inc. | | | Consumer Products | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 0.5% Floor, Due 11/14/21) | | | | | 8,784 | | | | | | 8,784 | | | | | | 8,628 | | | | | | 5.8% | | |
| | | | | | | | | | | | | | | | | 9,641 | | | | | | 9,485 | | | | | | 6.4% | | |
Bluestem Brands, Inc. | | | Online Merchandise Retailer | | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.5%, 1.0% Floor), Due 11/7/20) | | | | | 3,529 | | | | | | 3,529 | | | | | | 2,877 | | | | | | 1.9% | | |
| | | | | | | | | | | | | | | | | 3,529 | | | | | | 2,877 | | | | | | 1.9% | | |
Burke America Parts Group, LLC | | | Home Repair Parts Manufacturer | | | Membership Units (14 units) | | | | | | | | | | | 5 | | | | | | 2,489 | | | | | | 1.7% | | |
| | | | | | | | | | | | | | | | | 5 | | | | | | 2,489 | | | | | | 1.7% | | |
CableOrganizer Acquisition, LLC | | | Computer Supply Retail | | | First Lien Debt(9) | | | | | | | | | | | 1,532 | | | | | | 1,490 | | | | | | 1.0% | | |
| | | | | | | | | | | | | | | | | 1,532 | | | | | | 1,490 | | | | | | 1.0% | | |
California Pizza Kitchen, Inc. | | | Restaurant | | | Second Lien Debt (11.9% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 8/23/23) | | | | | 5,000 | | | | | | 4,927 | | | | | | 4,697 | | | | | | 3.2% | | |
| | | | | | | | | | | | | | | | | 4,927 | | | | | | 4,697 | | | | | | 3.2% | | |
Chicken Soup for the Soul, LLC | | | Multi-platform Media and Consumer Products | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 1.5% Floor), Due 12/13/20) | | | | | 13,000 | | | | | | 13,000 | | | | | | 13,000 | | | | | | 8.8% | | |
| | | | | | | | | | | | | | | | | 13,000 | | | | | | 13,000 | | | | | | 8.8% | | |
Chief Fire Intermediate, Inc. | | | Security System Services | | | First Lien Debt (8.7% Cash (1 month LIBOR + 7.0%, 1.6% Floor), Due 11/8/24) | | | | | 8,100 | | | | | | 8,100 | | | | | | 8,100 | | | | | | 5.5% | | |
Chief Fire Intermediate, Inc. | | | Security System Services | | | Class A Preferred Units (34,740 units, 10.0% PIK Dividend)(10) | | | | | | | | | | | 913 | | | | | | 913 | | | | | | 0.6% | | |
Portfolio Company, Country(1),(2),(3),(4),(5) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Chief Fire Intermediate, Inc. | | | Security System Services | | | Class B Common Units (3,510 units) | | | | | | | | | | $ | — | | | | | $ | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 9,013 | | | | | | 9,013 | | | | | | 6.1% | | |
CIS Secure Computing, Inc. | | | Government Services | | | First Lien Debt (10.2% Cash (1 month LIBOR + 8.5%, 1.0% Floor), 1.0% PIK, Due 9/14/22) | | | | $ | 9,389 | | | | | | 9,389 | | | | | | 9,389 | | | | | | 6.3% | | |
CIS Secure Computing, Inc. | | | Government Services | | | Common Stock (46,163 shares) | | | | | | | | | | | 1,000 | | | | | | 1,890 | | | | | | 1.3% | | |
| | | | | | | | | | | | | | | | | 10,389 | | | | | | 11,279 | | | | | | 7.6% | | |
Corporate Visions, Inc. | | | Sales & Marketing Services | | | Subordinated Debt (9.0% Cash, 2.0% PIK, Due 11/29/21) | | | | | 19,327 | | | | | | 19,327 | | | | | | 18,962 | | | | | | 12.8% | | |
Corporate Visions, Inc. | | | Sales & Marketing Services | | | Common Stock (15,750 shares) | | | | | | | | | | | 1,575 | | | | | | 329 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | | | | 20,902 | | | | | | 19,291 | | | | | | 13.0% | | |
Currency Capital, LLC | | | Financial Services | | | First Lien Debt (13.7% Cash (1 month LIBOR + 12.0%, 0.5% Floor), 2.0% PIK, Due 1/2/20)(11) | | | | | 16,269 | | | | | | 16,269 | | | | | | 16,269 | | | | | | 11.0% | | |
Currency Capital, LLC | | | Financial Services | | | Class A Preferred Units (2,000,000 units)(11) | | | | | | | | | | | 2,000 | | | | | | 2,504 | | | | | | 1.7% | | |
| | | | | | | | | | | | | | | | | 18,269 | | | | | | 18,773 | | | | | | 12.7% | | |
Flavors Holdings, Inc. | | | Food Product Manufacturer | | | First Lien Debt (7.7% Cash (3 month LIBOR + 5.8%, 1.0% Floor), Due 4/3/20) | | | | | 5,789 | | | | | | 5,778 | | | | | | 5,767 | | | | | | 3.9% | | |
Flavors Holdings, Inc. | | | Food Product Manufacturer | | | Second Lien Debt (11.9% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 10/3/21) | | | | | 12,000 | | | | | | 11,878 | | | | | | 11,842 | | | | | | 8.0% | | |
| | | | | | | | | | | | | | | | | 17,656 | | | | | | 17,609 | | | | | | 11.9% | | |
Freedom Electronics, LLC | | | Electronic Machine Repair | | | First Lien Debt (8.7% Cash, Due 12/20/23)(6)(12) | | | | | 5,940 | | | | | | 5,940 | | | | | | 5,940 | | | | | | 4.0% | | |
Freedom Electronics, LLC | | | Electronic Machine Repair | | | Membership Units (181,818 units) | | | | | | | | | | | 182 | | | | | | 160 | | | | | | 0.1% | | |
| | | | | | | | | | | | | | | | | 6,122 | | | | | | 6,100 | | | | | | 4.1% | | |
HUMC Opco, LLC | | | Healthcare | | | First Lien Debt (9.0% Cash, Due 8/16/20) | | | | | 5,000 | | | | | | 5,000 | | | | | | 5,000 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | | | | 5,000 | | | | | | 5,000 | | | | | | 3.4% | | |
Installs, LLC | | | Logistics | | | First Lien Debt (9.3% Cash, Due 6/20/23)(6) | | | | | 2,924 | | | | | | 2,924 | | | | | | 2,924 | | | | | | 2.0% | | |
| | | | | | | | | | | | | | | | | 2,924 | | | | | | 2,924 | | | | | | 2.0% | | |
J5 Infrastructure Partners, LLC | | | Wireless Deployment Services | | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.5%, 1.8% Floor), Due 12/20/24)(13) | | | | | — | | | | | | — | | | | | | — | | | | | | 0.0% | | |
J5 Infrastructure Partners, LLC | | | Wireless Deployment Services | | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.5%, 1.8% Floor), Due 12/20/24) | | | | | 7,000 | | | | | | 7,000 | | | | | | 7,000 | | | | | | 4.7% | | |
| | | | | | | | | | | | | | | | | 7,000 | | | | | | 7,000 | | | | | | 4.7% | | |
Jurassic Quest Holdings, LLC | | | Entertainment | | | First Lien Debt (9.5% Cash (1 month LIBOR + 7.5%, 2.0% Floor), Due 5/1/24)(14) | | | | | 10,827 | | | | | | 10,827 | | | | | | 10,827 | | | | | | 7.3% | | |
Jurassic Quest Holdings, LLC | | | Entertainment | | | Preferred Units (375,000 units) | | | | | | | | | | | 388 | | | | | | 85 | | | | | | 0.1% | | |
| | | | | | | | | | | | | | | | | 11,215 | | | | | | 10,912 | | | | | | 7.4% | | |
MicroHoldco, LLC | | | General Industrial | | | Preferred Units(9) | | | | | | | | | | | 838 | | | | | | 838 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | | | | 838 | | | | | | 838 | | | | | | 0.6% | | |
|
Portfolio Company, Country(1),(2),(3),(4),(5) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Portrait Studio, LLC | | | Professional and Personal Digital Imaging | | | First Lien Debt(9) | | | | | | | | | | $ | 510 | | | | | $ | 510 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | | | | 510 | | | | | | 510 | | | | | | 0.3% | | |
Rapid Fire Protection, Inc. | | | Security System Services | | | First Lien Debt (9.2% Cash, Due 11/22/24) (6)(15) | | | | $ | 6,550 | | | | | | 6,550 | | | | | | 6,550 | | | | | | 4.4% | | |
Rapid Fire Protection, Inc. | | | Security System Services | | | Common Stock (363 shares) | | | | | | | | | | | 500 | | | | | | 500 | | | | | | 0.4% | | |
| | | | | | | | | | | | | | | | | 7,050 | | | | | | 7,050 | | | | | | 4.8% | | |
Seitel, Inc. | | | Data Services | | | First Lien Debt (10.0% Cash (1 month LIBOR + 8.3%, 1.0% Floor), Due 3/15/23) | | | | | 4,749 | | | | | | 4,749 | | | | | | 4,749 | | | | | | 3.2% | | |
| | | | | | | | | | | | | | | | | 4,749 | | | | | | 4,749 | | | | | | 3.2% | | |
Sequoia Healthcare Management, LLC | | | Healthcare Management | | | First Lien Debt (12.8% Cash, Due 6/26/20) | | | | | 12,744 | | | | | | 12,744 | | | | | | 12,607 | | | | | | 8.5% | | |
| | | | | | | | | | | | | | | | | 12,744 | | | | | | 12,607 | | | | | | 8.5% | | |
Sur La Table, Inc. | | | Retail | | | First Lien Debt (10.9% Cash (3 month LIBOR + 9.0%, 1.0% Floor), Due 7/31/22)(16)(17) | | | | | 10,528 | | | | | | 10,528 | | | | | | 10,045 | | | | | | 6.8% | | |
| | | | | | | | | | | | | | | | | 10,528 | | | | | | 10,045 | | | | | | 6.8% | | |
Taylor Precision Products, Inc. | | | Household Product Manufacturer | | | Series C Preferred Stock (379 shares) | | | | | | | | | | | 758 | | | | | | 758 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | | | | 758 | | | | | | 758 | | | | | | 0.5% | | |
U.S. BioTek Laboratories, LLC | | | Testing laboratories | | | First Lien Debt (9.3% Cash, Due 12/14/23)(6)(12) | | | | | 6,930 | | | | | | 6,930 | | | | | | 6,822 | | | | | | 4.6% | | |
U.S. BioTek Laboratories, LLC | | | Testing laboratories | | | Class A Preferred Units (500 Units) | | | | | | | | | | | 540 | | | | | | 204 | | | | | | 0.1% | | |
U.S. BioTek Laboratories, LLC | | | Testing laboratories | | | Class C Units (500 Units) | | | | | | | | | | | 1 | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 7,471 | | | | | | 7,026 | | | | | | 4.7% | | |
U.S. Well Services, Inc. | | | Oil & Gas Services | | | Class A Common Stock (77,073 shares) (11)(18) | | | | | | | | | | | 771 | | | | | | 146 | | | | | | 0.1% | | |
U.S. Well Services, Inc. | | | Oil & Gas Services | | | Class B Common Stock (1,125,426 shares)(11)(18) | | | | | | | | | | | 6,701 | | | | | | 2,127 | | | | | | 1.4% | | |
| | | | | | | | | | | | | | | | | 7,472 | | | | | | 2,273 | | | | | | 1.5% | | |
Xirgo Technologies, LLC | | | Information Technology | | | Membership Units (600,000 units) | | | | | | | | | | | 600 | | | | | | 917 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | | | | 600 | | | | | | 917 | | | | | | 0.6% | | |
Sub Total Non-control/non-affiliated investments – United States | | | | | | | | | | $ | 250,433 | | | | | $ | 241,046 | | | | | | 162.8% | | | ||||||
Affiliate Investments – 66.7% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Affiliate investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | First Lien Debt (12.0% Cash, 3.0% PIK, Due 3/23/21) | | | | $ | 14,421 | | | | | $ | 14,421 | | | | | $ | 14,421 | | | | | | 9.7% | | |
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | Common Stock Class B (1,085,073 shares) | | | | | | | | | | | 362 | | | | | | 635 | | | | | | 0.4% | | |
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | Common Stock Class A (1,253,198 shares) | | | | | | | | | | | 1,504 | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 16,287 | | | | | | 15,056 | | | | | | 10.1% | | |
City Gear, LLC | | | Footwear Retail | | | Membership Unit Warrants(9) | | | | | | | | | | | — | | | | | | 3,326 | | | | | | 2.2% | | |
| | | | | | | | | | | | | | | | | — | | | | | | 3,326 | | | | | | 2.2% | | |
Eastport Holdings, LLC | | | Business Services | | | Subordinated Debt (14.9% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 12/29/21)(16) | | | | | 16,500 | | | | | | 16,155 | | | | | | 16,500 | | | | | | 11.2% | | |
Eastport Holdings, LLC | | | Business Services | | | Membership Units (22.9% ownership) | | | | | | | | | | | 3,263 | | | | | | 17,822 | | | | | | 12.0% | | |
| | | | | | | | | | | | | | | | | 19,418 | | | | | | 34,322 | | | | | | 23.2% | | |
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Portfolio Company, Country(1),(2),(3),(4),(5) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
GA Communications, Inc. | | | Advertising & Marketing Services | | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend)(10) | | | | | | | | | | $ | 3,476 | | | | | $ | 3,761 | | | | | | 2.6% | | |
GA Communications, Inc. | | | Advertising & Marketing Services | | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | | | 2 | | | | | | 501 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | | | | 3,478 | | | | | | 4,262 | | | | | | 2.9% | | |
LJS Partners, LLC | | | QSR Franchisor | | | Preferred Units (92,924 units) | | | | | | | | | | | 293 | | | | | | 372 | | | | | | 0.3% | | |
LJS Partners, LLC | | | QSR Franchisor | | | Common Membership Units (2,593,234 units) | | | | | | | | | | | 1,224 | | | | | | 1,509 | | | | | | 1.0% | | |
| | | | | | | | | | | | | | | | | 1,517 | | | | | | 1,881 | | | | | | 1.3% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | First Lien Debt (12.0% Cash, Due 1/31/21)(16) | | | | $ | 2,600 | | | | | | 2,600 | | | | | | 2,600 | | | | | | 1.8% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Subordinated Debt (6.0% Cash, Due 1/31/21)(16) | | | | | 400 | | | | | | 388 | | | | | | 400 | | | | | | 0.3% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Preferred Units (1,000 units, 6.0% PIK Dividend)(10) | | | | | | | | | | | 1,572 | | | | | | 1,710 | | | | | | 1.1% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Common Membership Units (45 units) | | | | | | | | | | | — | | | | | | 194 | | | | | | 0.1% | | |
| | | | | | | | | | | | | | | | | 4,560 | | | | | | 4,904 | | | | | | 3.3% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | First Lien Debt (11.0% Cash, Due 6/30/23)(16) | | | | | 10,100 | | | | | | 10,100 | | | | | | 10,100 | | | | | | 6.8% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend)(10) | | | | | | | | | | | 1,000 | | | | | | 1,000 | | | | | | 0.7% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | Common Stock (60,000 shares) | | | | | | | | | | | — | | | | | | 464 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | | | | 11,100 | | | | | | 11,564 | | | | | | 7.8% | | |
Nth Degree Investment Group, LLC | | | Business Services | | | Membership Units (6,088,000 Units) | | | | | | | | | | | 6,088 | | | | | | 6,088 | | | | | | 4.1% | | |
| | | | | | | | | | | | | | | | | 6,088 | | | | | | 6,088 | | | | | | 4.1% | | |
RAM Payment, LLC | | | Financial Services | | | First Lien Debt (10.0% Cash, Due 1/4/24)(6) | | | | | 9,019 | | | | | | 9,019 | | | | | | 9,019 | | | | | | 6.1% | | |
RAM Payment, LLC | | | Financial Services | | | Preferred Units (86,000 units, 8.0% PIK Dividend)(10) | | | | | | | | | | | 928 | | | | | | 1,725 | | | | | | 1.2% | | |
| | | | | | | | | | | | | | | | | 9,947 | | | | | | 10,744 | | | | | | 7.3% | | |
Sierra Hamilton Holdings Corporation | | | Oil & Gas Engineering and Consulting Services | | | Second Lien Debt (15.0% PIK, Due 9/12/23) | | | | | 782 | | | | | | 748 | | | | | | 748 | | | | | | 0.5% | | |
Sierra Hamilton Holdings Corporation | | | Oil & Gas Engineering and Consulting Services | | | Common Stock (15,068,000 shares) | | | | | | | | | | | 6,958 | | | | | | 5,160 | | | | | | 3.5% | | |
| | | | | | | | | | | | | | | | | 7,706 | | | | | | 5,908 | | | | | | 4.0% | | |
V12 Holdings, Inc. | | | Data Processing & Digital Marketing | | | Subordinated Debt(9) | | | | | | | | | | | 655 | | | | | | 708 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | | | | 655 | | | | | | 708 | | | | | | 0.5% | | |
Sub Total Affiliate investments – United States | | | | | | | | | | $ | 80,756 | | | | | $ | 98,763 | | | | | | 66.7% | | | ||||||
Control Investments – 15.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Control investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capitala Senior Loan Fund II, LLC | | | Investment Funds | | | Subordinated Debt (6.7% Cash (1 month LIBOR + 5.0)%, Due 9/3/24)(11)(19) | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | 0.0% | | |
Capitala Senior Loan Fund II, LLC | | | Investment Funds | | | Membership Units (80.0% ownership) (11)(20)(21) | | | | | | | | | | | 13,600 | | | | | | 13,631 | | | | | | 9.2% | | |
| | | | | | | | | | | | | | | | | 13,600 | | | | | | 13,631 | | | | | | 9.2% | | |
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Portfolio Company, Country(1),(2),(3),(4),(5) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Vology, Inc. | | | Information Technology | | | First Lien Debt (10.5% Cash (1 month LIBOR + 8.5%, 2.0% Floor), Due 12/31/21) | | | | $ | 3,877 | | | | | $ | 3,877 | | | | | $ | 3,877 | | | | | | 2.6% | | |
Vology, Inc. | | | Information Technology | | | Class A Preferred Units (9,041,810 Units) | | | | | | | | | | | 5,215 | | | | | | 5,215 | | | | | | 3.5% | | |
Vology, Inc. | | | Information Technology | | | Membership Units (5,363,982 Units) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 9,092 | | | | | | 9,092 | | | | | | 6.1% | | |
Sub Total Control investments – United States | | | | | | | | | | $ | 22,692 | | | | | $ | 22,723 | | | | | | 15.3% | | | ||||||
TOTAL INVESTMENTS – 244.8% | | | | | | | | | | | | | | | | $ | 353,881 | | | | | $ | 362,532 | | | | | | 244.8% | | |
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Portfolio Company, Country(1),(2),(3),(4),(19) | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | ||||||||||||||||||||||||||||||||||||
Non-control/non-affiliated investments – 150.4% | Non-control/non-affiliated investments – 150.4% | | | | | | | | | | | | | | | | | | | | | | Non-control/non-affiliated investments – 150.4% | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Non-control/non-affiliated investments – United States | Non-control/non-affiliated investments – United States | | | | | | | | | | | | | | | | | | | | | | Non-control/non-affiliated investments – United States | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
3 Bridge Solutions, LLC | | IT Consulting | | First Lien Debt (11.3% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 12/4/22) | | | $ | 13,954 | | | | $ | 13,954 | | | | $ | 13,954 | | | | | 7.3% | | | | IT Consulting | | First Lien Debt (11.3% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 12/4/22) | | | $ | 13,954 | | | | $ | 13,954 | | | | $ | 13,954 | | | | | 7.3% | | | ||||||||||||
3 Bridge Solutions, LLC | | IT Consulting | | Preferred Units (965 units, 8.0% PIK)(5) | | | | | | | | | 1,049 | | | | | 1,049 | | | | | 0.6% | | | | IT Consulting | | Preferred Units (965 units, 8.0% PIK) (5) | | | | | | | | | 1,049 | | | | | 1,049 | | | | | 0.6% | | | ||||||||||||
3 Bridge Solutions, LLC | | IT Consulting | | Membership Units (39,000 units) | | | | | | | | | 10 | | | | | 230 | | | | | 0.1% | | | | IT Consulting | | Membership Units (39,000 units) | | | | | | | | | 10 | | | | | 230 | | | | | 0.1% | | | ||||||||||||
| | | | | | | | | | | | | 15,013 | | | | | 15,233 | | | | | 8.0% | | | | | | | | | | | | | | | 15,013 | | | | | 15,233 | | | | | 8.0% | | | ||||||||||||
Alternative Biomedical Solutions, LLC | | Healthcare | | First Lien Debt (9.5% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/18/22) | | | | 118 | | | | | 118 | | | | | 118 | | | | | 0.1% | | | | Healthcare | | First Lien Debt (9.5% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/18/22) | | | | 118 | | | | | 118 | | | | | 118 | | | | | 0.1% | | | ||||||||||||
Alternative Biomedical Solutions, LLC | | Healthcare | | First Lien Debt (12.4% Cash, Due 12/18/22)(6) | | | | 13,000 | | | | | 13,000 | | | | | 10,370 | | | | | 5.4% | | | | Healthcare | | First Lien Debt (12.4% Cash, Due 12/18/22)(6) | | | | 13,000 | | | | | 13,000 | | | | | 10,370 | | | | | 5.4% | | | ||||||||||||
Alternative Biomedical Solutions, LLC | | Healthcare | | Membership Units (20,092 units) | | | | | | | | | 800 | | | | | — | | | | | 0.0% | | | | Healthcare | | Membership Units (20,092 units) | | | | | | | | | 800 | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 13,918 | | | | | 10,488 | | | | | 5.5% | | | | | | | | | | | | | | | 13,918 | | | | | 10,488 | | | | | 5.5% | | | ||||||||||||
American Clinical Solutions, LLC | | Healthcare | | First Lien Debt (10.5% Cash, 2.0% PIK, Due 6/11/20)(7) | | | | 9,293 | | | | | 8,918 | | | | | 6,484 | | | | | 3.4% | | | | Healthcare | | First Lien Debt (10.5% Cash, 2.0% PIK, Due 6/11/20)(7) | | | | 9,293 | | | | | 8,918 | | | | | 6,484 | | | | | 3.4% | | | ||||||||||||
| | | | | | | | | | | | | 8,918 | | | | | 6,484 | | | | | 3.4% | | | | | | | | | | | | | | | 8,918 | | | | | 6,484 | | | | | 3.4% | | | ||||||||||||
AmeriMark Direct, LLC | | Consumer Products | | First Lien Debt (12.8% Cash, Due 9/8/21) | | | | 18,300 | | | | | 18,029 | | | | | 18,300 | | | | | 9.6% | | | | Consumer Products | | First Lien Debt (12.8% Cash, Due 9/8/21) | | | | 18,300 | | | | | 18,029 | | | | | 18,300 | | | | | 9.6% | | | ||||||||||||
| | | | | | | | | | | | | 18,029 | | | | | 18,300 | | | | | 9.6% | | | | | | | | | | | | | | | 18,029 | | | | | 18,300 | | | | | 9.6% | | | ||||||||||||
B&W Quality Growers, LLC | | Farming | | Membership Unit Warrants (91,739 Units) | | | | | | | | | — | | | | | 5,880 | | | | | 3.1% | | | | Farming | | Membership Unit Warrants (91,739 Units) | | | | | | | | | — | | | | | 5,880 | | | | | 3.1% | | | ||||||||||||
| | | | | | | | | | | | | — | | | | | 5,880 | | | | | 3.1% | | | | | | | | | | | | | | | — | | | | | 5,880 | | | | | 3.1% | | | ||||||||||||
BigMouth, Inc. | | Consumer Products | | First Lien Debt (14.3% Cash, Due 11/14/21)(6) | | | | 9,094 | | | | | 9,094 | | | | | 9,094 | | | | | 4.8% | | | | Consumer Products | | First Lien Debt (14.3% Cash, Due 11/14/21)(6) | | | | 9,094 | | | | | 9,094 | | | | | 9,094 | | | | | 4.8% | | | ||||||||||||
BigMouth, Inc. | | Consumer Products | | Series A Preferred Stock (350,000 shares, 8.0% PIK)(5) | | | | | | | | | 411 | | | | | 352 | | | | | 0.2% | | | | Consumer Products | | Series A Preferred Stock (350,000 shares, 8.0% PIK)(5) | | | | | | | | | 411 | | | | | 352 | | | | | 0.2% | | | ||||||||||||
| | | | | | | | | | | | | 9,505 | | | | | 9,446 | | | | | 5.0% | | | | | | | | | | | | | | | 9,505 | | | | | 9,446 | | | | | 5.0% | | | ||||||||||||
Bluestem Brands, Inc. | | Online Merchandise Retailer | | First Lien Debt (10.0% Cash (1 month LIBOR + 7.5%, 1.0% Floor), Due 11/7/20) | | | | 3,779 | | | | | 3,762 | | | | | 3,499 | | | | | 1.8% | | | | Online Merchandise Retailer | | First Lien Debt (10.0% Cash (1 month LIBOR + 7.5%, 1.0% Floor), Due 11/7/20) | | | | 3,779 | | | | | 3,762 | | | | | 3,499 | | | | | 1.8% | | | ||||||||||||
| | | | | | | | | | | | | 3,762 | | | | | 3,499 | | | | | 1.8% | | | | | | | | | | | | | | | 3,762 | | | | | 3,499 | | | | | 1.8% | | | ||||||||||||
Burke America Parts Group, LLC | | Home Repair Parts Manufacturer | | Membership Units (14 units) | | | | | | | | | 5 | | | | | 1,722 | | | | | 0.9% | | | | Home Repair Parts Manufacturer | | Membership Units (14 units) | | | | | | | | | 5 | | | | | 1,722 | | | | | 0.9% | | | ||||||||||||
| | | | | | | | | | | | | 5 | | | | | 1,722 | | | | | 0.9% | | | | | | | | | | | | | | | 5 | | | | | 1,722 | | | | | 0.9% | | | ||||||||||||
California Pizza Kitchen, Inc. | | Restaurant | | Second Lien Debt (12.5% Cash (1 month LIBOR + 10.0%, 1.0% Floor), Due 8/23/23) | | | | 5,000 | | | | | 4,903 | | | | | 4,903 | | | | | 2.6% | | | | Restaurant | | Second Lien Debt (12.5% Cash (1 month LIBOR + 10.0%, 1.0% Floor), Due 8/23/23) | | | | 5,000 | | | | | 4,903 | | | | | 4,903 | | | | | 2.6% | | | ||||||||||||
| | | | | | | | | | | | | 4,903 | | | | | 4,903 | | | | | 2.6% | | | | | | | | | | | | | | | 4,903 | | | | | 4,903 | | | | | 2.6% | | | ||||||||||||
Cedar Ultimate Parent, LLC | | Consumer Electronics | | Series C Preferred Stock (4,759,250 units) | | | | | | | | | 958 | | | | | — | | | | | 0.0% | | | | Consumer Electronics | | Series C Preferred Stock (4,759,250 units) | | | | | | | | | 958 | | | | | — | | | | | 0.0% | | | ||||||||||||
Cedar Ultimate Parent, LLC | | Consumer Electronics | | Series D Preferred Stock (16,562,190 units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | | Consumer Electronics | | Series D Preferred Stock (16,562,190 units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
Cedar Ultimate Parent, LLC | | Consumer Electronics | | Series E Common Units (190,370 units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | | Consumer Electronics | | Series E Common Units (190,370 units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 958 | | | | | — | | | | | 0.0% | | | | | | | | | | | | | | | 958 | | | | | — | | | | | 0.0% | | | ||||||||||||
Chicken Soup for the Soul, LLC | | Multi-platform Media and Consumer Products | | First Lien Debt (10.9% Cash (1 month LIBOR + 8.5%, 1.5% Floor), Due 12/13/20) | | | | 13,000 | | | | | 13,000 | | | | | 13,000 | | | | | 6.8% | | | | Multi-platform Media and Consumer Products | | First Lien Debt (10.9% Cash (1 month LIBOR + 8.5%, 1.5% Floor), Due 12/13/20) | | | | 13,000 | | | | | 13,000 | | | | | 13,000 | | | | | 6.8% | | | ||||||||||||
| | | | | | | | | | | | | 13,000 | | | | | 13,000 | | | | | 6.8% | | | | | | | | | | | | | | | 13,000 | | | | | 13,000 | | | | | 6.8% | | | ||||||||||||
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CIS Secure Computing, Inc. | | Government Services | | First Lien Debt (10.8% Cash (1 month LIBOR + 8.5%, 1.0% Floor), 1.0% PIK, Due 9/14/22) | | | | 10,428 | | | | | 10,428 | | | | | 10,428 | | | | | 5.5% | | |
Portfolio Company, Country(1),(2),(3),(4),(19) | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | ||||||||||||||||||||||||||||||||||||
CIS Secure Computing, Inc. | | Government Services | | First Lien Debt (10.8% Cash (1 month LIBOR + 8.5%, 1.0% Floor), 1.0% PIK, Due 9/14/22) | | | $ | 10,428 | | | | $ | 10,428 | | | | $ | 10,428 | | | | | 5.5% | | | |||||||||||||||||||||||||||||||||||||
CIS Secure Computing, Inc. | | Government Services | | Common Stock (46,163 shares) | | | | | | | | | 1,000 | | | | | 1,681 | | | | | 0.9% | | | | Government Services | | Common Stock (46,163 shares) | | | | | | | | $ | 1,000 | | | | $ | 1,681 | | | | | 0.9% | | | ||||||||||||
| | | | | | | | | | | | | 11,428 | | | | | 12,109 | | | | | 6.4% | | | | | | ��� | | | | | | | | | 11,428 | | | | | 12,109 | | | | | 6.4% | | | ||||||||||||
Corporate Visions, Inc. | | Sales & Marketing Services | | Subordinated Debt (9.0% Cash, 2.0% PIK, Due 11/29/21) | | | | 18,940 | | | | | 18,940 | | | | | 18,679 | | | | | 9.8% | | | | Sales & Marketing Services | | Subordinated Debt (9.0% Cash, 2.0% PIK, Due 11/29/21) | | | $ | 18,940 | | | | | 18,940 | | | | | 18,679 | | | | | 9.8% | | | ||||||||||||
Corporate Visions, Inc. | | Sales & Marketing Services | | Common Stock (15,750 shares) | | | | | | | | | 1,575 | | | | | 817 | | | | | 0.4% | | | | Sales & Marketing Services | | Common Stock (15,750 shares) | | | | | | | | | 1,575 | | | | | 817 | | | | | 0.4% | | | ||||||||||||
| | | | | | | | | | | | | 20,515 | | | | | 19,496 | | | | | 10.2% | | | | | | | | | | | | | | | 20,515 | | | | | 19,496 | | | | | 10.2% | | | ||||||||||||
Currency Capital, LLC | | Financial Services | | First Lien Debt (13.4% Cash (1 month LIBOR + 11.0%, 0.5% Floor), Due 1/2/20)(8) | | | | 16,788 | | | | | 16,788 | | | | | 16,788 | | | | | 8.8% | | | | Financial Services | | First Lien Debt (13.4% Cash (1 month LIBOR + 11.0%, 0.5% Floor), Due 1/2/20)(8) | | | | 16,788 | | | | | 16,788 | | | | | 16,788 | | | | | 8.8% | | | ||||||||||||
Currency Capital, LLC | | Financial Services | | Class A Preferred Units (2,000,000 units)(8) | | | | | | | | | 2,000 | | | | | 2,000 | | | | | 1.0% | | | | Financial Services | | Class A Preferred Units (2,000,000 units)(8) | | | | | | | | | 2,000 | | | | | 2,000 | | | | | 1.0% | | | ||||||||||||
| | | | | | | | | | | | | 18,788 | | | | | 18,788 | | | | | 9.8% | | | | | | | | | | | | | | | 18,788 | | | | | 18,788 | | | | | 9.8% | | | ||||||||||||
Flavors Holdings, Inc. | | Food Product Manufacturer | | First Lien Debt (8.6% Cash (3 month LIBOR + 5.8%, 1.0% Floor), Due 4/3/20) | | | | 6,300 | | | | | 6,241 | | | | | 6,070 | | | | | 3.2% | | | | Food Product Manufacturer | | First Lien Debt (8.6% Cash (3 month LIBOR + 5.8%, 1.0% Floor), Due 4/3/20) | | | | 6,300 | | | | | 6,241 | | | | | 6,070 | | | | | 3.2% | | | ||||||||||||
Flavors Holdings, Inc. | | Food Product Manufacturer | | Second Lien Debt (12.8% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 10/3/21) | | | | 12,000 | | | | | 11,809 | | | | | 11,265 | | | | | 5.9% | | | | Food Product Manufacturer | | Second Lien Debt (12.8% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 10/3/21) | | | | 12,000 | | | | | 11,809 | | | | | 11,265 | | | | | 5.9% | | | ||||||||||||
| | | | | | | | | | | | | 18,050 | | | | | 17,335 | | | | | 9.1% | | | | | | | | | | | | | | | 18,050 | | | | | 17,335 | | | | | 9.1% | | | ||||||||||||
Freedom Electronics, LLC | | Electronic Machine Repair | | First Lien Debt (8.7% Cash (1 month LIBOR + 6.25%, 2.0% Floor), Due 12/20/23)(9) | | | | 250 | | | | | 250 | | | | | 250 | | | | | 0.1% | | | | Electronic Machine Repair | | First Lien Debt (8.7% Cash (1 month LIBOR + 6.3%, 2.0% Floor), Due 12/20/23)(9) | | | | 250 | | | | | 250 | | | | | 250 | | | | | 0.1% | | | ||||||||||||
Freedom Electronics, LLC | | Electronic Machine Repair | | First Lien Debt (9.1% Cash, Due 12/20/23)(6) | | | | 6,000 | | | | | 6,000 | | | | | 6,000 | | | | | 3.1% | | | | Electronic Machine Repair | | First Lien Debt (9.1% Cash, Due 12/20/23)(6) | | | | 6,000 | | | | | 6,000 | | | | | 6,000 | | | | | 3.1% | | | ||||||||||||
Freedom Electronics, LLC | | Electronic Machine Repair | | Membership Units (181,818 units) | | | | | | | | | 182 | | | | | 182 | | | | | 0.1% | | | | Electronic Machine Repair | | Membership Units (181,818 units) | | | | | | | | | 182 | | | | | 182 | | | | | 0.1% | | | ||||||||||||
| | | | | | | | | | | | | 6,432 | | | | | 6,432 | | | | | 3.3% | | | | | | | | | | | | | | | 6,432 | | | | | 6,432 | | | | | 3.3% | | | ||||||||||||
Installs, LLC | | Logistics | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.8% Floor), Due 6/20/23) | | | | 2,984 | | | | | 2,984 | | | | | 2,984 | | | | | 1.6% | | | | Logistics | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.8% Floor), Due 6/20/23) | | | | 2,984 | | | | | 2,984 | | | | | 2,984 | | | | | 1.6% | | | ||||||||||||
| | | | | | | | | | | | | 2,984 | | | | | 2,984 | | | | | 1.6% | | | | | | | | | | | | | | | 2,984 | | | | | 2,984 | | | | | 1.6% | | | ||||||||||||
MC Sign Lessor Corp. | | Advertising & Marketing Services | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/22/22)(10) | | | | — | | | | | — | | | | | — | | | | | 0.0% | | | | Advertising & Marketing Services | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/22/22)(10) | | | | — | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
MC Sign Lessor Corp. | | Advertising & Marketing Services | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/22/22)(11) | | | | 3,905 | | | | | 3,905 | | | | | 3,905 | | | | | 2.0% | | | | Advertising & Marketing Services | | First Lien Debt (9.3% Cash (1 month LIBOR + 7.0%, 1.0% Floor), Due 12/22/22)(11) | | | | 3,905 | | | | | 3,905 | | | | | 3,905 | | | | | 2.0% | | | ||||||||||||
| | | | | | | | | | | | | 3,905 | | | | | 3,905 | | | | | 2.0% | | | | | | | | | | | | | | | 3,905 | | | | | 3,905 | | | | | 2.0% | | | ||||||||||||
Nth Degree, Inc. | | Business Services | | First Lien Debt (13.9% Cash (1 month LIBOR + 11.5%, 1.0% Floor), 2.0% PIK, Due 3/29/23)(12) | | | | 7,346 | | | | | 7,346 | | | | | 7,346 | | | | | 3.9% | | | | Business Services | | First Lien Debt (13.9% Cash (1 month LIBOR + 11.5%, 1.0% Floor), 2.0% PIK, Due 3/29/23)(12) | | | | 7,346 | | | | | 7,346 | | | | | 7,346 | | | | | 3.9% | | | ||||||||||||
Nth Degree, Inc. | | Business Services | | Preferred Stock (2,400 Units, 10.0% PIK dividend)(5) | | | | | | | | | 3,244 | | | | | 16,490 | | | | | 8.6% | | | | Business Services | | Preferred Stock (2,400 Units, 10.0% PIK dividend)(5) | | | | | | | | | 3,244 | | | | | 16,490 | | | | | 8.6% | | | ||||||||||||
| | | | | | | | | | | | | 10,590 | | | | | 23,836 | | | | | 12.5% | | | | | | | | | | | | | | | 10,590 | | | | | 23,836 | | | | | 12.5% | | | ||||||||||||
Sequoia Healthcare Management, LLC | | Healthcare Management | | First Lien Debt (10.8% Cash (1 month LIBOR + 8.5%, 1.8% Floor), Due 8/21/23) | | | | 13,792 | | | | | 13,792 | | | | | 13,792 | | | | | 7.2% | | | | Healthcare Management | | First Lien Debt (10.8% Cash (1 month LIBOR + 8.5%, 1.8% Floor), Due 8/21/23) | | | | 13,792 | | | | | 13,792 | | | | | 13,792 | | | | | 7.2% | | | ||||||||||||
| | | | | | | | | | | | | 13,792 | | | | | 13,792 | | | | | 7.2% | | | | | | | | | | | | | | | 13,792 | | | | | 13,792 | | | | | 7.2% | | | ||||||||||||
Sunset Digital Holdings, LLC | | Telecommunications | | First Lien Debt (9.6% Cash (1 month LIBOR + 7.3%, 1.5% Floor), Due 8/2/19) | | | | 18,000 | | | | | 18,000 | | | | | 18,000 | | | | | 9.4% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | 18,000 | | | | | 18,000 | | | | | 9.4% | | | ||||||||||||||||||||||||||||||||||||
| |
Portfolio Company, Country(1),(2),(3),(4),(19) | ��� | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | |||||||||||||||||||||||||||||||||||
Sunset Digital Holdings, LLC | | Telecommunications | | First Lien Debt (9.6% Cash (1 month LIBOR + 7.3%, 1.5% Floor), Due 8/2/19) | | | $ | 18,000 | | | | $ | 18,000 | | | | $ | 18,000 | | | | | 9.4% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 18,000 | | | | | 18,000 | | | | | 9.4% | | | |||||||||||||||||||||||||||||||||||||
Sur La Table, Inc. | | Retail | | First Lien Debt (12.0% Cash, Due 7/28/20) | | | | 15,000 | | | | | 15,000 | | | | | 14,979 | | | | | 7.9% | | | | Retail | | First Lien Debt (12.0% Cash, Due 7/28/20) | | | $ | 15,000 | | | | $ | 15,000 | | | | $ | 14,979 | | | | | 7.9% | | | ||||||||||||
| | | | | | | | | | | | | 15,000 | | | | | 14,979 | | | | | 7.9% | | | | | | | | | | | | | | | 15,000 | | | | | 14,979 | | | | | 7.9% | | | ||||||||||||
Taylor Precision Products, Inc. | | Household Product Manufacturer | | Series C Preferred Stock (379 shares) | | | | | | | | | 758 | | | | | 758 | | | | | 0.4% | | | | Household Product Manufacturer | | Series C Preferred Stock (379 shares) | | | | | | | | | 758 | | | | | 758 | | | | | 0.4% | | | ||||||||||||
| | | | | | | | | | | | | 758 | | | | | 758 | | | | | 0.4% | | | | | | | | | | | | | | | 758 | | | | | 758 | | | | | 0.4% | | | ||||||||||||
U.S. BioTek Laboratories, LLC | | Testing laboratories | | First Lien Debt (10.1% Cash, Due 12/14/23)(6)(13) | | | | 7,000 | | | | | 7,000 | | | | | 7,000 | | | | | 3.7% | | | | Testing laboratories | | First Lien Debt (10.1% Cash, Due 12/14/23)(6)(13) | | | | 7,000 | | | | | 7,000 | | | | | 7,000 | | | | | 3.7% | | | ||||||||||||
U.S. BioTek Laboratories, LLC | | Testing laboratories | | Class A Preferred Units (500 Units, 10.0% PIK)(5) | | | | | | | | | 502 | | | | | 502 | | | | | 0.3% | | | | Testing laboratories | | Class A Preferred Units (500 Units, 10.0% PIK)(5) | | | | | | | | | 502 | | | | | 502 | | | | | 0.3% | | | ||||||||||||
U.S. BioTek Laboratories, LLC | | Testing laboratories | | Class C Units (500 Units) | | | | | | | | | 1 | | | | | 1 | | | | | 0.0% | | | | Testing laboratories | | Class C Units (500 Units) | | | | | | | | | 1 | | | | | 1 | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 7,503 | | | | | 7,503 | | | | | 4.0% | | | | | | | | | | | | | | | 7,503 | | | | | 7,503 | | | | | 4.0% | | | ||||||||||||
U.S. Well Services, Inc. | | Oil & Gas Services | | Class A Common Stock (77,073 shares)(8) | | | | | | | | | 771 | | | | | 632 | | | | | 0.3% | | | | Oil & Gas Services | | Class A Common Stock (77,073 shares) (8) | | | | | | | | | 771 | | | | | 632 | | | | | 0.3% | | | ||||||||||||
U.S. Well Services, Inc. | | Oil & Gas Services | | Class B Common Stock (1,125,426 shares)(8) | | | | | | | | | 6,701 | | | | | 9,229 | | | | | 4.9% | | | | Oil & Gas Services | | Class B Common Stock (1,125,426 shares)(8) | | | | | | | | | 6,701 | | | | | 9,229 | | | | | 4.9% | | | ||||||||||||
| | | | | | | | | | | | | 7,472 | | | | | 9,861 | | | | | 5.2% | | | | | | | | | | | | | | | 7,472 | | | | | 9,861 | | | | | 5.2% | | | ||||||||||||
Vology, Inc. | | Information Technology | | Subordinated Debt (15.0% Cash (1 month LIBOR + 14.0%, 1.0% Ceiling), 4.0% PIK Due 6/30/20) | | | | 8,720 | | | | | 8,720 | | | | | 8,645 | | | | | 4.5% | | | | Information Technology | | Subordinated Debt (15.0% Cash (1 month LIBOR + 14.0%, 1.0% Ceiling), 4.0% PIK Due 6/30/20) | | | | 8,720 | | | | | 8,720 | | | | | 8,645 | | | | | 4.5% | | | ||||||||||||
| | | | | | | | | | | | | 8,720 | | | | | 8,645 | | | | | 4.5% | | | | | | | | | | | | | | | 8,720 | | | | | 8,645 | | | | | 4.5% | | | ||||||||||||
Xirgo Technologies, LLC | | Information Technology | | Subordinated Debt (11.5% Cash, Due 3/1/22) | | | | 15,750 | | | | | 15,750 | | | | | 15,750 | | | | | 8.3% | | | | Information Technology | | Subordinated Debt (11.5% Cash, Due 3/1/22) | | | | 15,750 | | | | | 15,750 | | | | | 15,750 | | | | | 8.3% | | | ||||||||||||
Xirgo Technologies, LLC | | Information Technology | | Membership Units (600,000 units) | | | | | | | | | 600 | | | | | 837 | | | | | 0.4% | | | | Information Technology | | Membership Units (600,000 units) | | | | | | | | | 600 | | | | | 837 | | | | | 0.4% | | | ||||||||||||
| | | | | | | | | | | | | 16,350 | | | | | 16,587 | | | | | 8.7% | | | | | | | | | | | | | | | 16,350 | | | | | 16,587 | | | | | 8.7% | | | ||||||||||||
Sub Total Non-control/non-affiliated investments – United States | Sub Total Non-control/non-affiliated investments – United States | | | | | | | | | 268,298 | | | | | 283,965 | | | | | 148.9% | | | Sub Total Non-control/non-affiliated investments – United States | | | | | | | | | 268,298 | | | | | 283,965 | | | | | 148.9% | | | ||||||||||||||||||
Non-control/non-affiliated investments – Brazil | Non-control/non-affiliated investments – Brazil | | | | | | | | | | | | | | | | | | | | | | Non-control/non-affiliated investments – Brazil | | | | | | | | ||||||||||||||||||||||||||||||||
Velum Global Credit Management, LLC | | Financial Services | | First Lien Debt (15.0% PIK, Due 12/31/17)(7)(8)(12) | | | | 14,277 | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | | Financial Services | | First Lien Debt (15.0% PIK, Due 12/31/17)(7)(8)(12) | | | | 14,277 | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | ||||||||||||
| | | | | | | | | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | | | | | | | | | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | ||||||||||||
Sub Total Non-control/non-affiliated investments – Brazil | Sub Total Non-control/non-affiliated investments – Brazil | | | | | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | Sub Total Non-control/non-affiliated investments – Brazil | | | | | | | | | 11,816 | | | | | 2,878 | | | | | 1.5% | | | ||||||||||||||||||
Sub Total Non-control/non-affiliated investments | Sub Total Non-control/non-affiliated investments | | | | | | | | $ | 280,114 | | | | $ | 286,843 | | | | | 150.4% | | | Sub Total Non-control/non-affiliated investments | | | | | | | | $ | 280,114 | | | | $ | 286,843 | | | | | 150.4% | | | ||||||||||||||||||
Affiliate Investments – 48.8% | Affiliate Investments – 48.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Affiliate investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Burgaflex Holdings, LLC | | Automobile Part Manufacturer | | First Lien Debt (12.0% Cash, 1.0% PIK, Due 3/23/21) | | | $ | 14,801 | | | | $ | 14,801 | | | | $ | 14,384 | | | | | 7.5% | | | | Automobile Part Manufacturer | | First Lien Debt (12.0% Cash, 1.0% PIK, Due 3/23/21) | | | $ | 14,801 | | | | $ | 14,801 | | | | $ | 14,384 | | | | | 7.5% | | | ||||||||||||
Burgaflex Holdings, LLC | | Automobile Part Manufacturer | | Common Stock Class A (1,253,198 shares) | | | | | | | | | 1,504 | | | | | — | | | | | 0.0% | | | | Automobile Part Manufacturer | | Common Stock Class A (1,253,198 shares) | | | | | | | | | 1,504 | | | | | — | | | | | 0.0% | | | ||||||||||||
Burgaflex Holdings, LLC | | Automobile Part Manufacturer | | Common Stock Class B (900,000 shares) | | | | | | | | | 300 | | | | | — | | | | | 0.0% | | | | Automobile Part Manufacturer | | Common Stock Class B (900,000 shares) | | | | | | | | | 300 | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 16,605 | | | | | 14,384 | | | | | 7.5% | | | | | | | | | | | | | | | 16,605 | | | | | 14,384 | | | | | 7.5% | | | ||||||||||||
City Gear, LLC | | Footwear Retail | | Membership Unit Warrants (11.4% fully diluted)(14) | | | | | | | | | — | | | | | 3,184 | | | | | 1.7% | | | | Footwear Retail | | Membership Unit Warrants (11.4% fully diluted)(14) | | | | | | | | | — | | | | | 3,184 | | | | | 1.7% | | | ||||||||||||
| | | | | | | | | | | | | — | | | | | 3,184 | | | | | 1.7% | | | | | | | | | | | | | | | — | | | | | 3,184 | | | | | 1.7% | | | ||||||||||||
Eastport Holdings, LLC | | Business Services | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | 16,500 | | | | | 15,496 | | | | | 16,500 | | | | | 8.7% | | | | Business Services | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | 16,500 | | | | | 15,496 | | | | | 16,500 | | | | | 8.7% | | | ||||||||||||
Eastport Holdings, LLC | | Business Services | | Membership Units (22.9% ownership) | | | | | | | | | 3,263 | | | | | 17,610 | | | | | 9.2% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 18,759 | | | | | 34,110 | | | | | 17.9% | | | |||||||||||||||||||||||||||||||||||||
GA Communications, Inc. | | Advertising & Marketing Services | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend)(5) | | | | | | | | | 3,179 | | | | | 3,482 | | | | | 1.8% | | |
Portfolio Company, Country(1),(2),(3),(4),(19) | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | ||||||||||||||||||||||||||||||||||||
Eastport Holdings, LLC | | Business Services | | Membership Units (22.9% ownership) | | | | | | | | $ | 3,263 | | | | $ | 17,610 | | | | | 9.2% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 18,759 | | | | | 34,110 | | | ��� | | 17.9% | | | |||||||||||||||||||||||||||||||||||||
GA Communications, Inc. | | Advertising & Marketing Services | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend)(5) | | | | | | | | | 3,179 | | | | | 3,482 | | | | | 1.8% | | | |||||||||||||||||||||||||||||||||||||
GA Communications, Inc. | | Advertising & Marketing Services | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | 2 | | | | | 1,325 | | | | | 0.7% | | | | Advertising & Marketing Services | | Series B-1 Common Stock (200,000 shares) | | | | | | | | $ | 2 | | | | $ | 1,325 | | | | | 0.7% | | | ||||||||||||
| | | | | | | | | | | | | 3,181 | | | | | 4,807 | | | | | 2.5% | | | | | | | | | | | | | | | 3,181 | | | | | 4,807 | | | | | 2.5% | | | ||||||||||||
J&J Produce Holdings, Inc. | | Produce Distribution | | Subordinated Debt (13.0% Cash, Due 6/16/19)(12) | | | $ | 6,406 | | | | | 6,406 | | | | | 6,210 | | | | | 3.3% | | | | Produce Distribution | | Subordinated Debt (13.0% Cash, Due 6/16/19)(12) | | | $ | 6,406 | | | | | 6,406 | | | | | 6,210 | | | | | 3.3% | | | ||||||||||||
J&J Produce Holdings, Inc. | | Produce Distribution | | Common Stock (8,182 shares) | | | | | | | | | 818 | | | | | — | | | | | 0.0% | | | | Produce Distribution | | Common Stock (8,182 shares) | | | | | | | | | 818 | | | | | — | | | | | 0.0% | | | ||||||||||||
J&J Produce Holdings, Inc. | | Produce Distribution | | Common Stock Warrants (6,369 shares) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | | Produce Distribution | | Common Stock Warrants (6,369 shares) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 7,224 | | | | | 6,210 | | | | | 3.3% | | | | | | | | | | | | | | | 7,224 | | | | | 6,210 | | | | | 3.3% | | | ||||||||||||
LJS Partners, LLC | | QSR Franchisor | | Common Stock (1,587,848 shares) | | | | | | | | | 1,188 | | | | | 3,018 | | | | | 1.6% | | | | QSR Franchisor | | Common Stock (1,587,848 shares) | | | | | | | | | 1,188 | | | | | 3,018 | | | | | 1.6% | | | ||||||||||||
| | | | | | | | | | | | | 1,188 | | | | | 3,018 | | | | | 1.6% | | | | | | | | | | | | | | | 1,188 | | | | | 3,018 | | | | | 1.6% | | | ||||||||||||
MMI Holdings, LLC | | Medical Device Distributor | | First Lien Debt (12.0% Cash, Due 1/31/20)(12) | | | | 2,600 | | | | | 2,600 | | | | | 2,600 | | | | | 1.4% | | | | Medical Device Distributor | | First Lien Debt (12.0% Cash, Due 1/31/20)(12) | | | | 2,600 | | | | | 2,600 | | | | | 2,600 | | | | | 1.4% | | | ||||||||||||
MMI Holdings, LLC | | Medical Device Distributor | | Subordinated Debt (6.0% Cash, Due 1/31/20)(12) | | | | 400 | | | | | 388 | | | | | 400 | | | | | 0.2% | | | | Medical Device Distributor | | Subordinated Debt (6.0% Cash, Due 1/31/20)(12) | | | | 400 | | | | | 388 | | | | | 400 | | | | | 0.2% | | | ||||||||||||
MMI Holdings, LLC | | Medical Device Distributor | | Preferred Units (1,000 units, 6.0% PIK Dividend)(5) | | | | | | | | | 1,474 | | | | | 1,612 | | | | | 0.8% | | | | Medical Device Distributor | | Preferred Units (1,000 units, 6.0% PIK Dividend)(5) | | | | | | | | | 1,474 | | | | | 1,612 | | | | | 0.8% | | | ||||||||||||
MMI Holdings, LLC | | Medical Device Distributor | | Common Membership Units (45 units) | | | | | | | | | — | | | | | 185 | | | | | 0.1% | | | | Medical Device Distributor | | Common Membership Units (45 units) | | | | | | | | | — | | | | | 185 | | | | | 0.1% | | | ||||||||||||
| | | | | | | | | | | | | 4,462 | | | | | 4,797 | | | | | 2.5% | | | | | | | | | | | | | | | 4,462 | | | | | 4,797 | | | | | 2.5% | | | ||||||||||||
Sierra Hamilton Holdings Corporation | | Oil & Gas Engineering and Consulting Services | | Common Stock (15,068,000 shares) | | | | | | | | | 6,958 | | | | | 6,854 | | | | | 3.6% | | | | Oil & Gas Engineering and Consulting Services | | Common Stock (15,068,000 shares) | | | | | | | | | 6,958 | | | | | 6,854 | | | | | 3.6% | | | ||||||||||||
| | | | | | | | | | | | | 6,958 | | | | | 6,854 | | | | | 3.6% | | | | | | | | | | | | | | | 6,958 | | | | | 6,854 | | | | | 3.6% | | | ||||||||||||
US Bath Group, LLC | | Building Products | | First Lien Debt (11.4% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 1/2/23) | | | | 12,750 | | | | | 12,750 | | | | | 12,750 | | | | | 6.7% | | | | Building Products | | First Lien Debt (11.4% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 1/2/23) | | | | 12,750 | | | | | 12,750 | | | | | 12,750 | | | | | 6.7% | | | ||||||||||||
US Bath Group, LLC | | Building Products | | Membership Units (500,000 units) | | | | | | | | | 500 | | | �� | | | 2,083 | | | | | 1.1% | | | | Building Products | | Membership Units (500,000 units) | | | | | | | | | 500 | | | | | 2,083 | | | | | 1.1% | | | |||||||||||
| | | | | | | | | | | | | 13,250 | | | | | 14,833 | | | | | 7.8% | | | | | | | | | | | | | | | 13,250 | | | | | 14,833 | | | | | 7.8% | | | ||||||||||||
V12 Holdings, Inc. | | Data Processing & Digital Marketing | | Subordinated Debt(15) | | | | — | | | | | 673 | | | | | 742 | | | | | 0.4% | | | | Data Processing & Digital Marketing | | Subordinated Debt(15) | | | | — | | | | | 673 | | | | | 742 | | | | | 0.4% | | | ||||||||||||
| | | | | | | | | | | | | 673 | | | | | 742 | | | | | 0.4% | | | | | | | | | | | | | | | 673 | | | | | 742 | | | | | 0.4% | | | ||||||||||||
Sub Total Affiliate investments – United States | Sub Total Affiliate investments – United States | | | | | | | | $ | 72,300 | | | | $ | 92,939 | | | | | 48.8% | | | Sub Total Affiliate investments – United States | | | | | | | | | | $ | 72,300 | | | | $ | 92,939 | | | | | 48.8% | | | ||||||||||||||||
Control Investments – 36.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Control investments – United States | Control investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
AAE Acquisition, LLC | | Industrial Equipment Rental | | Second Lien Debt (6.0% Cash, Due 8/24/19)(12) | | | $ | 16,327 | | | | $ | 16,327 | | | | $ | 16,327 | | | | | 8.6% | | | | Industrial Equipment Rental | | Second Lien Debt (6.0% Cash, Due 8/24/19)(12) | | | $ | 16,327 | | | | $ | 16,327 | | | | $ | 16,327 | | | | | 8.6% | | | ||||||||||||
AAE Acquisition, LLC | | Industrial Equipment Rental | | Membership Units (2.2% fully diluted) | | | | | | | | | 17 | | | | | — | | | | | 0.0% | | | | Industrial Equipment Rental | | Membership Units (2.2% fully diluted) | | | | | | | | | 17 | | | | | — | | | | | 0.0% | | | ||||||||||||
AAE Acquisition, LLC | | Industrial Equipment Rental | | Warrants (37.8% fully diluted) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | | Industrial Equipment Rental | | Warrants (37.8% fully diluted) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 16,344 | | | | | 16,327 | | | | | 8.6% | | | | | | | | | | | | | | | 16,344 | | | | | 16,327 | | | | | 8.6% | | | ||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | First Lien Debt (10.0% Cash, Due 5/24/19)(16) | | | | 1,708 | | | | | 1,708 | | | | | 1,708 | | | | | 0.9% | | | | Computer Supply Retail | | First Lien Debt (10.0% Cash, Due 5/24/19)(16) | | | | 1,708 | | | | | 1,708 | | | | | 1,708 | | | | | 0.9% | | | ||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 6/30/19)(12) | | | | 8,889 | | | | | 8,889 | | | | | 8,889 | | | | | 4.6% | | | | Computer Supply Retail | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 6/30/19)(12) | | | | 8,889 | | | | | 8,889 | | | | | 8,889 | | | | | 4.6% | | | ||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | Preferred Units (4,000,000 units) | | | | | | | | | 2,354 | | | | | — | | | | | 0.0% | | | | Computer Supply Retail | | Preferred Units (4,000,000 units) | | | | | | | | | 2,354 | | | | | — | | | | | 0.0% | | | ||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | Common Stock (21.3% fully diluted) | | | | | | | | | 1,394 | | | | | — | | | | | 0.0% | | | |||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 14,345 | | | | | 10,597 | | | | | 5.5% | | | |||||||||||||||||||||||||||||||||||||
| |
Portfolio Company, Country(1),(2),(3),(4),(19) | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | % of Net Assets | | ||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | Common Stock (21.3% fully diluted) | | | | | | | | $ | 1,394 | | | | $ | — | | | | | 0.0% | | | |||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | Computer Supply Retail | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | 14,345 | | | | | 10,597 | | | | | 5.5% | | | |||||||||||||||||||||||||||||||||||||
Capitala Senior Loan Fund II, LLC | | Investment Funds | | Membership Units (80% ownership)(8)(17) | | | | | | | | ��� | 13,600 | | | | | 13,695 | | | | | 7.2% | | | | Investment Funds | | Membership Units (80.0% ownership) (8)(17) | | | | | | | | $ | 13,600 | | | | $ | 13,695 | | | | | 7.2% | | | ||||||||||||
| | | | | | | | | | | | | 13,600 | | | | | 13,695 | | | | | 7.2% | | | | | | | | | | | | | | | 13,600 | | | | | 13,695 | | | | | 7.2% | | | ||||||||||||
Micro Precision, LLC | | Conglomerate | | Subordinated Debt (10.0% Cash, Due 1/1/19)(12) | | | $ | 1,862 | | | | | 1,862 | | | | | 1,862 | | | | | 1.0% | | | | Conglomerate | | Subordinated Debt (10.0% Cash, Due 1/1/19)(12) | | | $ | 1,862 | | | | | 1,862 | | | | | 1,862 | | | | | 1.0% | | | ||||||||||||
Micro Precision, LLC | | Conglomerate | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 1/1/19)(12) | | | | 4,325 | | | | | 4,325 | | | | | 4,325 | | | | | 2.3% | | | | Conglomerate | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 1/1/19)(12) | | | | 4,325 | | | | | 4,325 | | | | | 4,325 | | | | | 2.3% | | | ||||||||||||
Micro Precision, LLC | | Conglomerate | | Series A Preferred Units (47 units) | | | | | | | | | 1,629 | | | | | 2,817 | | | | | 1.5% | | | | Conglomerate | | Series A Preferred Units (47 units) | | | | | | | | | 1,629 | | | | | 2,817 | | | | | 1.5% | | | ||||||||||||
| | | | | | | | | | | | | 7,816 | | | | | 9,004 | | | | | 4.8% | | | | | | | | | | | | | | | 7,816 | | | | | 9,004 | | | | | 4.8% | | | ||||||||||||
Navis Holdings, Inc. | | Textile Equipment Manufacturer | | First Lien Debt (15.0% Cash, Due 10/30/20)(12) | | | | 7,500 | | | | | 7,500 | | | | | 7,500 | | | | | 3.9% | | | | Textile Equipment Manufacturer | | First Lien Debt (15.0% Cash, Due 10/30/20)(12) | | | | 7,500 | | | | | 7,500 | | | | | 7,500 | | | | | 3.9% | | | ||||||||||||
Navis Holdings, Inc. | | Textile Equipment Manufacturer | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend)(5) | | | | | | | | | 1,000 | | | | | 1,000 | | | | | 0.5% | | | | Textile Equipment Manufacturer | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend)(5) | | | | | | | | | 1,000 | | | | | 1,000 | | | | | 0.5% | | | ||||||||||||
Navis Holdings, Inc. | | Textile Equipment Manufacturer | | Common Stock (300,000 shares) | | | | | | | | | 1 | | | | | 4,348 | | | | | 2.3% | | | | Textile Equipment Manufacturer | | Common Stock (300,000 shares) | | | | | | | | | 1 | | | | | 4,348 | | | | | 2.3% | | | ||||||||||||
| | | | | | | | | | | | | 8,501 | | | | | 12,848 | | | | | 6.7% | | | | | | | | | | | | | | | 8,501 | | | | | 12,848 | | | | | 6.7% | | | ||||||||||||
Portrait Studio, LLC | | Professional and Personal Digital Imaging | | First Lien Debt (9.0% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22)(18) | | | | — | | | | | — | | | | | — | | | | | 0.0% | | | | Professional and Personal Digital Imaging | | First Lien Debt (9.0% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22)(18) | | | | — | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
Portrait Studio, LLC | | Professional and Personal Digital Imaging | | First Lien Debt (9.4% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | 4,500 | | | | | 4,500 | | | | | 4,500 | | | | | 2.4% | | | | Professional and Personal Digital Imaging | | First Lien Debt (9.4% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | 4,500 | | | | | 4,500 | | | | | 4,500 | | | | | 2.4% | | | ||||||||||||
Portrait Studio, LLC | | Professional and Personal Digital Imaging | | Preferred Units (4,350,000 Units) | | | | | | | | | 2,450 | | | | | 2,174 | | | | | 1.1% | | | | Professional and Personal Digital Imaging | | Preferred Units (4,350,000 Units) | | | | | | | | | 2,450 | | | | | 2,174 | | | | | 1.1% | | | ||||||||||||
Portrait Studio, LLC | | Professional and Personal Digital Imaging | | Membership Units (150,000 Units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | | Professional and Personal Digital Imaging | | Membership Units (150,000 Units) | | | | | | | | | — | | | | | — | | | | | 0.0% | | | ||||||||||||
| | | | | | | | | | | | | 6,950 | | | | | 6,674 | | | | | 3.5% | | | | | | | | | | | | | | | 6,950 | | | | | 6,674 | | | | | 3.5% | | | ||||||||||||
Sub Total Control investments – United States | Sub Total Control investments – United States | | | | | | | | $ | 67,556 | | | | $ | 69,145 | | | | | 36.3% | | | Sub Total Control investments – United States | | | | | | | | | | $ | 67,556 | | | | $ | 69,145 | | | | | 36.3% | | | ||||||||||||||||
TOTAL INVESTMENTS – 235.5% | | | | | | | | | | | | $ | 419,970 | | | | $ | 448,927 | | | | | 235.5% | | | | | | | | | | | | | | $ | 419,970 | | | | $ | 448,927 | | | | | 235.5% | | | |
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Non-control/non-affiliated investments – 130.0% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-control/non-affiliated investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
3 Bridge Solutions, LLC | | | IT Consulting | | | First Lien Debt (10.4% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 12/4/22) | | | | $ | 11,250 | | | | | $ | 11,250 | | | | | $ | 11,250 | | | | | | 5.1% | | |
3 Bridge Solutions, LLC | | | IT Consulting | | | Preferred Units (965 units, 8.0% PIK)(5) | | | | | | | | | | | 971 | | | | | | 971 | | | | | | 0.4% | | |
3 Bridge Solutions, LLC | | | IT Consulting | | | Membership Units (39,000 units) | | | | | | | | | | | 10 | | | | | | 10 | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 12,231 | | | | | | 12,231 | | | | | | 5.5% | | |
Alternative Biomedical Solutions, LLC | | | Healthcare | | | First Lien Debt (11.7% Cash, Due 12/18/22)(6) | | | | | 13,000 | | | | | | 13,000 | | | | | | 13,000 | | | | | | 5.9% | | |
Alternative Biomedical Solutions, LLC | | | Healthcare | | | Membership Units (20,092 units) | | | | | | | | | | | 800 | | | | | | 800 | | | | | | 0.4% | | |
| | | | | | | | | | | | | | | | | 13,800 | | | | | | 13,800 | | | | | | 6.3% | | |
American Clinical Solutions, LLC | | | Healthcare | | | First Lien Debt (10.5% Cash, 1.0% PIK, Due 6/11/20) | | | | | 9,068 | | | | | | 9,068 | | | | | | 7,568 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | | | | 9,068 | | | | | | 7,568 | | | | | | 3.4% | | |
American Exteriors, LLC | | | Replacement Window Manufacturer | | | First Lien Debt (10.0% PIK, Due 1/1/19)(7)(8) | | | | | 8,287 | | | | | | 5,679 | | | | | | 1,880 | | | | | | 0.8% | | |
American Exteriors, LLC | | | Replacement Window Manufacturer | | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 5,679 | | | | | | 1,880 | | �� | | | | 0.8% | | |
AmeriMark Direct, LLC | | | Consumer Products | | | First Lien Debt (12.8% Cash, Due 9/8/21) | | | | | 19,100 | | | | | | 18,713 | | | | | | 19,100 | | | | | | 8.6% | | |
| | | | | | | | | | | | | | | | | 18,713 | | | | | | 19,100 | | | | | | 8.6% | | |
B&W Quality Growers, LLC | | | Farming | | | Membership Unit Warrants (91,739 Units) | | | | | | | | | | | — | | | | | | 5,581 | | | | | | 2.5% | | |
| | | | | | | | | | | | | | | | | — | | | | | | 5,581 | | | | | | 2.5% | | |
BigMouth, Inc. | | | Consumer Products | | | First Lien Debt (13.3% Cash, Due 11/14/21)(6) | | | | | 9,790 | | | | | | 9,790 | | | | | | 9,790 | | | | | | 4.4% | | |
BigMouth, Inc. | | | Consumer Products | | | Series A Preferred Stock (350,000 shares, 8.0% PIK)(5) | | | | | | | | | | | 382 | | | | | | 722 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | | | | 10,172 | | | | | | 10,512 | | | | | | 4.7% | | |
Bluestem Brands, Inc. | | | Online Merchandise Retailer | | | First Lien Debt (9.1% Cash (1 month LIBOR + 7.5%, 1.0% Floor), Due 11/7/20) | | | | | 4,029 | | | | | | 3,965 | | | | | | 3,755 | | | | | | 1.7% | | |
| | | | | | | | | | | | | | | | | 3,965 | | | | | | 3,755 | | | | | | 1.7% | | |
Brunswick Bowling Products, Inc. | | | Bowling Products | | | First Lien Debt (8.0% Cash (1 month LIBOR + 6.0%, 2.0% Floor), Due 5/22/20) | | | | | 1,600 | | | | | | 1,600 | | | | | | 1,600 | | | | | | 0.7% | | |
Brunswick Bowling Products, Inc. | | | Bowling Products | | | First Lien Debt (16.3% Cash (1 month LIBOR + 14.3%, 2.0% Floor), Due 5/22/20) | | | | | 5,586 | | | | | | 5,586 | | | | | | 5,586 | | | | | | 2.5% | | |
| | | | | | | | | | | | | | | | | 7,186 | | | | | | 7,186 | | | | | | 3.2% | | |
Burke America Parts Group, LLC | | | Home Repair Parts Manufacturer | | | Membership Units (14 units) | | | | | | | | | | | 5 | | | | | | 2,767 | | | | | | 1.2% | | |
| | | | | | | | | | | | | | | | | 5 | | | | | | 2,767 | | | | | | 1.2% | | |
California Pizza Kitchen, Inc. | | | Restaurant | | | Second Lien Debt (11.6% Cash (1 month LIBOR + 10.0%, 1.0% Floor), Due 8/23/23) | | | | | 5,000 | | | | | | 4,880 | | | | | | 4,880 | | | | | | 2.2% | | |
| | | | | | | | | | | | | | | | | 4,880 | | | | | | 4,880 | | | | | | 2.2% | | |
|
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Caregiver Services, Inc. | | | In-Home Healthcare Services | | | Common Stock (293,186 shares) | | ��� | | | | | | | | $ | 258 | | | | | $ | 54 | | | | | | 0.0% | | |
Caregiver Services, Inc. | | | In-Home Healthcare Services | | | Common Stock Warrants (655,908 units)(9) | | | | | | | | | | | 264 | | | | | | 120 | | | | | | 0.1% | | |
| | | | | | | | | | | | | | | | | 522 | | | | | | 174 | | | | | | 0.1% | | |
Cedar Electronics Holding Corp. | | | Consumer Electronics | | | Subordinated Debt (12.0% Cash, Due 12/26/20)(7) | | | | $ | 21,550 | | | | | | 21,550 | | | | | | 3,498 | | | | | | 1.6% | | |
| | | | | | | | | | | | | | | | | 21,550 | | | | | | 3,498 | | | | | | 1.6% | | |
CIS Secure Computing, Inc. | | | Government Services | | | First Lien Debt (9.9% Cash (1 month LIBOR + 8.5%, 1.0% Floor), 1.0% PIK, Due 9/14/22)(10) | | | | | 9,116 | | | | | | 9,116 | | | | | | 9,116 | | | | | | 4.1% | | |
CIS Secure Computing, Inc. | | | Government Services | | | Common Stock (46,163 shares) | | | | | | | | | | | 1,000 | | | | | | 1,204 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | | | | 10,116 | | | | | | 10,320 | | | | | | 4.6% | | |
Corporate Visions, Inc. | | | Sales & Marketing Services | | | Subordinated Debt (9.0% Cash, 2.0% PIK, Due 11/29/21) | | | | | 18,159 | | | | | | 18,159 | | | | | | 16,995 | | | | | | 7.7% | | |
Corporate Visions, Inc. | | | Sales & Marketing Services | | | Common Stock (15,750 shares) | | | | | | | | | | | 1,575 | | | | | | 393 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | | | | 19,734 | | | | | | 17,388 | | | | | | 7.9% | | |
Currency Capital, LLC | | | Financial Services | | | First Lien Debt (12.4% Cash (1 month LIBOR + 11.0%, 0.5% Floor) Due 1/20/22)(11) | | | | | 17,000 | | | | | | 17,000 | | | | | | 17,000 | | | | | | 7.7% | | |
Currency Capital, LLC | | | Financial Services | | | Class A Preferred Units (2,000,000 units)(11) | | | | | | | | | | | 2,000 | | | | | | 1,905 | | | | | | 0.9% | | |
| | | | | | | | | | | | | | | | | 19,000 | | | | | | 18,905 | | | | | | 8.6% | | |
Flavors Holdings, Inc. | | | Food Product Manufacturer | | | First Lien Debt (7.4% Cash (3 month LIBOR + 5.8%, 1.0% Floor), Due 4/3/20) | | | | | 6,700 | | | | | | 6,589 | | | | | | 5,911 | | | | | | 2.7% | | |
Flavors Holdings, Inc. | | | Food Product Manufacturer | | | Second Lien Debt (11.7% Cash (3 month LIBOR + 10.0%, 1.0% Floor), Due 10/3/21) | | | | | 12,000 | | | | | | 11,740 | | | | | | 10,311 | | | | | | 4.6% | | |
| | | | | | | | | | | | | | | | | 18,329 | | | | | | 16,222 | | | | | | 7.3% | | |
Nth Degree, Inc. | | | Business Services | | | First Lien Debt (8.4% Cash (1 month LIBOR + 7.0%, 1.0% Floor), 1.0% PIK, Due 12/14/20) | | | | | 8,833 | | | | | | 8,833 | | | | | | 8,833 | | | | | | 4.0% | | |
Nth Degree, Inc. | | | Business Services | | | First Lien Debt (12.9% Cash (1 month LIBOR + 11.5%, 1.0% Floor), 2.0% PIK, Due 12/14/20) | | | | | 7,200 | | | | | | 7,200 | | | | | | 7,200 | | | | | | 3.2% | | |
Nth Degree, Inc. | | | Business Services | | | Preferred Stock (2,400 Units, 10.0% PIK Dividend)(5) | | | | | | | | | | | 2,938 | | | | | | 11,140 | | | | | | 5.0% | | |
| | | | | | | | | | | | | | | | | 18,971 | | | | | | 27,173 | | | | | | 12.2% | | |
Sequoia Healthcare Management, LLC | | | Healthcare Management | | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 7/17/19) | | | | | 9,014 | | | | | | 8,964 | | | | | | 9,014 | | | | | | 4.1% | | |
| | | | | | | | | | | | | | | | | 8,964 | | | | | | 9,014 | | | | | | 4.1% | | |
Spectra Services Holdings, LLC | | | Refrigeration/ HVAC services | | | First Lien Debt (10.0% Cash, 4.0% PIK, Due 12/27/22) | | | | | 7,450 | | | | | | 7,450 | | | | | | 7,450 | | | | | | 3.4% | | |
Spectra Services Holdings, LLC | | | Refrigeration/ HVAC services | | | Class A Units (1,283,824 units, 4.0% Cash Dividend, 11.0% PIK Dividend)(5) | | | | | | | | | | | 1,286 | | | | | | 1,286 | | | | | | 0.6% | | |
Spectra Services Holdings, LLC | | | Refrigeration/ HVAC services | | | Class B Units (257 units) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 8,736 | | | | | | 8,736 | | | | | | 4.0% | | |
|
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Sur La Table, Inc. | | | Retail | | | First Lien Debt (12.0% Cash, Due 7/28/20) | | | | $ | 15,000 | | | | | $ | 15,000 | | | | | $ | 15,000 | | | | | | 6.8% | | |
| | | | | | | | | | | | | | | | | 15,000 | | | | | | 15,000 | | | | | | 6.8% | | |
Taylor Precision Products, Inc. | | | Household Product Manufacturer | | | Series C Preferred Stock (379 shares) | | | | | | | | | | | 758 | | | | | | 1,316 | | | | | | 0.6% | | |
| | | | | | | | | | | | | | | | | 758 | | | | | | 1,316 | | | | | | 0.6% | | |
Vintage Stock, Inc. | | | Specialty Retail | | | First Lien Debt (13.9% Cash (1 month LIBOR + 12.5%, 0.5% Floor), 3.0% PIK, Due 11/3/21) | | | | | 20,713 | | | | | | 20,713 | | | | | | 20,713 | | | | | | 9.3% | | |
| | | | | | | | | | | | | | | | | 20,713 | | | | | | 20,713 | | | | | | 9.3% | | |
Vology, Inc. | | | Information Technology | | | Subordinated Debt (15.0% Cash (3 month LIBOR + 14.0%, 1.0% Ceiling), 4.0% PIK Due 6/30/20) | | | | | 8,374 | | | | | | 8,374 | | | | | | 8,374 | | | | | | 3.8% | | |
| | | | | | | | | | | | | | | | | 8,374 | | | | | | 8,374 | | | | | | 3.8% | | |
Western Windows Systems, LLC | | | Building Products | | | First Lien Debt (11.9% Cash, Due 7/31/20)(6) | | | | | 10,500 | | | | | | 10,500 | | | | | | 10,500 | | | | | | 4.7% | | |
Western Windows Systems, LLC | | | Building Products | | | Membership Units (39,860 units) | | | | | | | | | | | 3,000 | | | | | | 7,379 | | | | | | 3.3% | | |
| | | | | | | | | | | | | | | | | 13,500 | | | | | | 17,879 | | | | | | 8.0% | | |
Xirgo Technologies, LLC | | | Information Technology | | | Subordinated Debt (11.5% Cash, Due 3/1/22) | | | | | 15,750 | | | | | | 15,750 | | | | | | 15,750 | | | | | | 7.1% | | |
Xirgo Technologies, LLC | | | Information Technology | | | Membership Units (600,000 units) | | | | | | | | | | | 600 | | | | | | 637 | | | | | | 0.3% | | |
| | | | | | | | | | | | | | | | | 16,350 | | | | | | 16,387 | | | | | | 7.4% | | |
Sub Total Non-control/non-affiliated investments – United States | | | | | | | | | | | 286,316 | | | | | | 280,359 | | | | | | 126.4% | | | ||||||
Non-control/non-affiliated investments – Brazil | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Velum Global Credit Management, LLC | | | Financial Services | | | First Lien Debt (15.0% PIK, Due 12/31/17)(7)(8)(11)(12) | | | | | 12,275 | | | | | | 11,816 | | | | | | 8,015 | | | | | | 3.6% | | |
| | | | | | | | | | | | | | | | | 11,816 | | | | | | 8,015 | | | | | | 3.6% | | |
Sub Total Non-control/non-affiliated investments – Brazil | | | | | | | | | | | 11,816 | | | | | | 8,015 | | | | | | 3.6% | | | ||||||
Sub Total Non-control/non-affiliated investments | | | | | | | | | | $ | 298,132 | | | | | $ | 288,374 | | | | | | 130.0% | | | ||||||
Affiliate investments – 46.8% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Affiliate investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
AAE Acquisition, LLC | | | Industrial Equipment Rental | | | Second Lien Debt (8.0% Cash, 4.0% PIK, Due 8/24/19)(8) | | | | $ | 15,846 | | | | | $ | 15,846 | | | | | $ | 15,603 | | | | | | 7.0% | | |
AAE Acquisition, LLC | | | Industrial Equipment Rental | | | Membership Units (2.2% fully diluted) | | | | | | | | | | | 17 | | | | | | — | | | | | | 0.0% | | |
AAE Acquisition, LLC | | | Industrial Equipment Rental | | | Warrants (37.8% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 15,863 | | | | | | 15,603 | | | | | | 7.0% | | |
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | Subordinated Debt (14.0% Cash, Due 8/9/19)(13) | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | | | | | 1.4% | | |
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | Subordinated Debt (12.0% Cash, Due 8/9/19)(13) | | | | | 5,828 | | | | | | 5,828 | | | | | | 5,828 | | | | | | 2.6% | | |
Burgaflex Holdings, LLC | | | Automobile Part Manufacturer | | | Common Stock (1,253,198 shares) | | | | | | | | | | | 1,504 | | | | | | 457 | | | | | | 0.2% | | |
| | | | | | | | | | | | | | | | | 10,332 | | | | | | 9,285 | | | | | | 4.2% | | |
City Gear, LLC | | | Footwear Retail | | | Subordinated Debt (13.0% Cash, Due 10/20/19)(8) | | | | | 8,231 | | | | | | 8,231 | | | | | | 8,231 | | | | | | 3.7% | | |
City Gear, LLC | | | Footwear Retail | | | Preferred Membership Units (2.8% fully diluted, 9.0% Cash Dividend)(5) | | | | | | | | | | | 1,269 | | | | | | 1,269 | | | | | | 0.6% | | |
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
City Gear, LLC | | | Footwear Retail | | | Membership Unit Warrants (11.4% fully diluted) | | | | | | | | | | $ | — | | | | | $ | 8,248 | | | | | | 3.7% | | |
| | | | | | | | | | | | | | | | | 9,500 | | | | | | 17,748 | | | | | | 8.0% | | |
GA Communications, Inc. | | | Advertising & Marketing Services | | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend)(5) | | | | | | | | | | | 2,902 | | | | | | 3,225 | | | | | | 1.5% | | |
GA Communications, Inc. | | | Advertising & Marketing Services | | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | | | 2 | | | | | | 1,932 | | | | | | 0.9% | | |
| | | | | | | | | | | | | | | | | 2,904 | | | | | | 5,157 | | | | | | 2.4% | | |
J&J Produce Holdings, Inc. | | | Produce Distribution | | | Subordinated Debt (6.0% Cash, 7.0% PIK, Due 6/16/19)(8) | | | | $ | 6,368 | | | | | | 6,368 | | | | | | 6,170 | | | | | | 2.8% | | |
J&J Produce Holdings, Inc. | | | Produce Distribution | | | Common Stock (8,182 shares) | | | | | | | | | | | 818 | | | | | | — | | | | | | 0.0% | | |
J&J Produce Holdings, Inc. | | | Produce Distribution | | | Common Stock Warrants (6,369 shares) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 7,186 | | | | | | 6,170 | | | | | | 2.8% | | |
LJS Partners, LLC | | | QSR Franchisor | | | Common Stock (1,500,000 shares) | | | | | | | | | | | 896 | | | | | | 7,650 | | | | | | 3.4% | | |
| | | | | | | | | | | | | | | | | 896 | | | | | | 7,650 | | | | | | 3.4% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | First Lien Debt (12.0% Cash, Due 1/31/19)(8) | | | | | 2,600 | | | | | | 2,600 | | | | | | 2,600 | | | | | | 1.2% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Subordinated Debt (6.0% Cash, Due 1/31/19)(8) | | | | | 400 | | | | | | 388 | | | | | | 400 | | | | | | 0.2% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Preferred Units (1,000 units, 6.0% PIK Dividend)(5) | | | | | | | | | | | 1,381 | | | | | | 1,520 | | | | | | 0.7% | | |
MMI Holdings, LLC | | | Medical Device Distributor | | | Common Membership Units (45 units) | | | | | | | | | | | — | | | | | | 193 | | | | | | 0.1% | | |
| | | | | | | | | | | | | | | | | 4,369 | | | | | | 4,713 | | | | | | 2.2% | | |
MTI Holdings, LLC | | | Retail Display & Security Services | | | Membership Units (2,000,000 units)(14) | | | | | | | | | | | — | | | | | | 100 | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | — | | | | | | 100 | | | | | | 0.0% | | |
Sierra Hamilton Holdings Corporation | | | Oil & Gas Engineering and Consulting Services | | | Common Stock (15,068,000 shares) | | | | | | | | | | | 6,958 | | | | | | 8,528 | | | | | | 3.8% | | |
| | | | | | | | | | | | | | | | | 6,958 | | | | | | 8,528 | | | | | | 3.8% | | |
Source Capital Penray, LLC | | | Automotive Chemicals & Lubricants | | | Membership Units (11.3% ownership)(14) | | | | | | | | | | | — | | | | | | 101 | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | — | | | | | | 101 | | | | | | 0.0% | | |
STX Healthcare Management Services, Inc. | | | Dental Practice Management | | | Common Stock (1,200,000 shares)(14) | | | | | | | | | | | — | | | | | | 93 | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | — | | | | | | 93 | | | | | | 0.0% | | |
U.S. Well Services, LLC | | | Oil & Gas Services | | | First Lien Debt (7.4% Cash (1 month LIBOR + 6.0%, 1.0% Floor), Due 2/2/22)(15) | | | | | 2,299 | | | | | | 2,299 | | | | | | 2,299 | | | | | | 1.0% | | |
U.S. Well Services, LLC | | | Oil & Gas Services | | | First Lien Debt (12.4% PIK (1 month LIBOR + 11.0%, 1.0% Floor), Due 2/2/22) | | | | | 9,516 | | | | | | 9,516 | | | | | | 9,516 | | | | | | 4.3% | | |
U.S. Well Services, LLC | | | Oil & Gas Services | | | Class A Units (5,680,688 Units) | | | | | | | | | | | 6,259 | | | | | | 15,004 | | | | | | 6.8% | | |
U.S. Well Services, LLC | | | Oil & Gas Services | | | Class B Units (2,076,298 Units) | | | | | | | | | | | 441 | | | | | | 955 | | | | | | 0.4% | | |
| | | | | | | | | | | | | | | | | 18,515 | | | | | | 27,774 | | | | | | 12.5% | | |
|
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
V12 Holdings, Inc. | | | Data Processing & Digital Marketing | | | Subordinated Debt(19) | | | | $ | — | | | | | $ | 813 | | | | | $ | 1,035 | | | | | | 0.5% | | |
| | | | | | | | | | | | | | | | | 813 | | | | | | 1,035 | | | | | | 0.5% | | |
Sub Total Affiliate investments – United States | | | | | | | | | | $ | 77,336 | | | | | $ | 103,957 | | | | | | 46.8% | | | ||||||
Control investments – 48.5% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Control investments – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
CableOrganizer Acquisition, LLC | | | Computer Supply Retail | | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 5/24/18) | | | | $ | 12,373 | | | | | $ | 12,373 | | | | | $ | 12,373 | | | | | | 5.6% | | |
CableOrganizer Acquisition, LLC | | | Computer Supply Retail | | | Common Stock (21.3% fully diluted) | | | | | | | | | | | 1,394 | | | | | | 118 | | | | | | 0.1% | | |
CableOrganizer Acquisition, LLC | | | Computer Supply Retail | | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | | | — | | | | | | 60 | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 13,767 | | | | | | 12,551 | | | | | | 5.7% | | |
Eastport Holdings, LLC | | | Business Services | | | Subordinated Debt (14.5% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | | 16,500 | | | | | | 14,738 | | | | | | 16,500 | | | | | | 7.4% | | |
Eastport Holdings, LLC | | | Business Services | | | Membership Units (33.3% ownership)(16) | | | | | | | | | | | 4,733 | | | | | | 26,449 | | | | | | 11.9% | | |
| | | | | | | | | | | | | | | | | 19,471 | | | | | | 42,949 | | | | | | 19.3% | | |
Kelle’s Transport Service, LLC | | | Transportation | | | First Lien Debt (4.0% Cash, Due 2/15/20)(17) | | | | | 2,000 | | | | | | 2,000 | | | | | | 2,000 | | | | | | 0.9% | | |
Kelle’s Transport Service, LLC | | | Transportation | | | First Lien Debt (1.5% Cash, Due 2/15/20)(8) | | | | | 13,674 | | | | | | 13,669 | | | | | | 9,560 | | | | | | 4.3% | | |
Kelle’s Transport Service, LLC | | | Transportation | | | Membership Units (27.5% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 15,669 | | | | | | 11,560 | | | | | | 5.2% | | |
Micro Precision, LLC | | | Conglomerate | | | Subordinated Debt (10.0% Cash, Due 9/15/18)(8) | | | | | 1,862 | | | | | | 1,862 | | | | | | 1,862 | | | | | | 0.8% | | |
Micro Precision, LLC | | | Conglomerate | | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 9/15/18)(8) | | | | | 4,154 | | | | | | 4,154 | | | | | | 4,154 | | | | | | 1.9% | | |
Micro Precision, LLC | | | Conglomerate | | | Series A Preferred Units (47 units) | | | | | | | | | | | 1,629 | | | | | | 1,629 | | | | | | 0.7% | | |
| | | | | | | | | | | | | | | | | 7,645 | | | | | | 7,645 | | | | | | 3.4% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | First Lien Debt (15.0% Cash, Due 10/30/20)(8) | | | | | 6,500 | | | | | | 6,500 | | | | | | 6,500 | | | | | | 2.9% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend)(5) | | | | | | | | | | | 1,000 | | | | | | 1,000 | | | | | | 0.5% | | |
Navis Holdings, Inc. | | | Textile Equipment Manufacturer | | | Common Stock (300,000 shares) | | | | | | | | | | | 1 | | | | | | 5,005 | | | | | | 2.3% | | |
| | | | | | | | | | | | | | | | | 7,501 | | | | | | 12,505 | | | | | | 5.7% | | |
On-Site Fuel Service, Inc. | | | Fuel Transportation Services | | | Subordinated Debt (18.0% Cash, Due 12/19/18)(7)(8) | | | | | 14,072 | | | | | | 11,020 | | | | | | 11,588 | | | | | | 5.2% | | |
On-Site Fuel Service, Inc. | | | Fuel Transportation Services | | | Series A Preferred Stock (32,782 shares) | | | | | | | | | | | 3,278 | | | | | | — | | | | | | 0.0% | | |
On-Site Fuel Service, Inc. | | | Fuel Transportation Services | | | Series B Preferred Stock (23,648 shares) | | | | | | | | | | | 2,365 | | | | | | — | | | | | | 0.0% | | |
On-Site Fuel Service, Inc. | | | Fuel Transportation Services | | | Common Stock (33,058 shares) | | | | | | | | | | | 33 | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 16,696 | | | | | | 11,588 | | | | | | 5.2% | | |
|
Portfolio Company, Country(1),(2),(3),(4),(20) | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | | % of Net Assets | | ||||||||||||
Portrait Studio, LLC | | | Professional and Personal Digital Imaging | | | First Lien Debt (8.6% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22)(18) | | | | $ | 1,860 | | | | | $ | 1,860 | | | | | $ | 1,860 | | | | | | 0.9% | | |
Portrait Studio, LLC | | | Professional and Personal Digital Imaging | | | First Lien Debt (8.6% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | | 4,500 | | | | | | 4,500 | | | | | | 4,500 | | | | | | 2.0% | | |
Portrait Studio, LLC | | | Professional and Personal Digital Imaging | | | Preferred Units (4,350,000 Units) | | | | | | | | | | | 2,450 | | | | | | 2,450 | | | | | | 1.1% | | |
Portrait Studio, LLC | | | Professional and Personal Digital Imaging | | | Membership Units (150,000 Units) | | | | | | | | | | | — | | | | | | — | | | | | | 0.0% | | |
| | | | | | | | | | | | | | | | | 8,810 | | | | | | 8,810 | | | | | | 4.0% | | |
Sub Total Control investments – United States | | | | | | | | | | $ | 89,559 | | | | | $ | 107,608 | | | | | | 48.5% | | | ||||||
TOTAL INVESTMENTS – 225.3% | | | | | | | | | | $ | 465,027 | | | | | $ | 499,939 | | | | | | 225.3% | | | ||||||
Derivatives – (3.1)% | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Derivatives – United States | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Eastport Holdings, LLC | | | Business Services | | | Written Call Option(16) | | | | | | | | | | $ | (20) | | | | | $ | (6,815) | | | | | | (3.1)% | | |
Sub Total Derivatives – United States | | | | | | | | | | $ | (20) | | | | | $ | (6,815) | | | | | | (3.1)% | | | ||||||
TOTAL DERIVATIVES – (3.1)% | | | | | | | | | | $ | (20) | | | | | $ | (6,815) | | | | | | (3.1)% | | | ||||||
|
| | | Investments at Amortized Cost | | | Amortized Cost Percentage of Total Portfolio | | | Investments at Fair Value | | | Fair Value Percentage of Total Portfolio | | ||||||||||||
First Lien Debt | | | | $ | 235,646 | | | | | | 66.6% | | | | | $ | 231,203 | | | | | | 63.8% | | |
Second Lien Debt | | | | | 17,553 | | | | | | 5.0 | | | | | | 17,287 | | | | | | 4.7 | | |
Subordinated Debt | | | | | 36,526 | | | | | | 10.3 | | | | | | 36,570 | | | | | | 10.1 | | |
Equity and Warrants | | | | | 50,556 | | | | | | 14.3 | | | | | | 63,841 | | | | | | 17.6 | | |
Capitala Senior Loan Fund II, LLC | | | | | 13,600 | | | | | | 3.8 | | | | | | 13,631 | | | | | | 3.8 | | |
Total | | | | $ | 353,881 | | | | | | 100.0% | | | | | $ | 362,532 | | | | | | 100.0% | | |
|
| | | Investments at Amortized Cost | | | Percentage of Total | | | Investments at Fair Value | | | Percentage of Total | | ||||||||||||
First Lien Debt | | | | $ | 252,174 | | | | | | 60.0% | | | | | $ | 237,570 | | | | | | 52.9% | | |
Second Lien Debt | | | | | 33,040 | | | | | | 7.9 | | | | | | 32,495 | | | | | | 7.2 | | |
Subordinated Debt | | | | | 72,562 | | | | | | 17.3 | | | | | | 73,113 | | | | | | 16.3 | | |
Equity and Warrants | | | | | 48,594 | | | | | | 11.6 | | | | | | 92,054 | | | | | | 20.5 | | |
Capitala Senior Loan Fund II, LLC | | | | | 13,600 | | | | | | 3.2 | | | | | | 13,695 | | | | | | 3.1 | | |
Total | | | | $ | 419,970 | | | | | | 100.0% | | | | | $ | 448,927 | | | | | | 100.0% | | |
|
| | Investments at Amortized Cost | | Percentage of Total | | Investments at Fair Value | | Percentage of Total | | | Investments at Amortized Cost | | Amortized Cost Percentage of Total Portfolio | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | ||||||||||||||||||||||||||||||||
First Lien Debt | | | $ | 257,147 | | | | | 55.3% | | | | $ | 243,489 | | | | | 48.7% | | | | | $ | 252,174 | | | | | 60.0% | | | | $ | 237,570 | | | | | 52.9% | | | ||||||||
Second Lien Debt | | | | 32,465 | | | | | 7.0 | | | | | 30,794 | | | | | 6.1 | | | | | | 33,040 | | | | | 7.9 | | | | | 32,495 | | | | | 7.2 | | | ||||||||
Subordinated Debt | | | | 120,235 | | | | | 25.8 | | | | | 103,385 | | | | | 20.7 | | | | | | 72,562 | | | | | 17.3 | | | | | 73,113 | | | | | 16.3 | | | ||||||||
Equity and Warrants | | | | 55,180 | | | | | 11.9 | | | | | 122,271 | | | | | 24.5 | | | | | | 48,594 | | | | | 11.6 | | | | | 92,054 | | | | | 20.5 | | | ||||||||
Capitala Senior Loan Fund II, LLC | | | | 13,600 | | | | | 3.2 | | | | | 13,695 | | | | | 3.1 | | | |||||||||||||||||||||||||||||
Total | | | $ | 465,027 | | | | | 100.0% | | | | $ | 499,939 | | | | | 100.0% | | | | | $ | 419,970 | | | | | 100.0% | | | | $ | 448,927 | | | | | 100.0% | | | ||||||||
|
| | | Fair Value Measurements(1) | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First Lien Debt | | | | $ | — | | | | | $ | — | | | | | $ | 231,203 | | | | | $ | 231,203 | | |
Second Lien Debt | | | | | — | | | | | | — | | | | | | 17,287 | | | | | | 17,287 | | |
Subordinated Debt | | | | | — | | | | | | — | | | | | | 36,570 | | | | | | 36,570 | | |
Equity and Warrants | | | | | 2,273 | | | | | | — | | | | | | 61,568 | | | | | | 63,841 | | |
Total | | | | $ | 2,273 | | | | | $ | — | | | | | $ | 346,628 | | | | | $ | 348,901 | | |
| | Fair Value Measurements(1) | | | Fair Value Measurements(1) | | ||||||||||||||||||||||||||||||||||||||||||||
| | Level 1 | | Level 2 | | Level 3 | | Total | | | Level 1 | | Level 2 | | Level 3 | | Total | | ||||||||||||||||||||||||||||||||
First Lien Debt | | | $ | — | | | | $ | — | | | | $ | 237,570 | | | | $ | 237,570 | | | | | $ | — | | | | $ | — | | | | $ | 237,570 | | | | $ | 237,570 | | | ||||||||
Second Lien Debt | | | | — | | | | | — | | | | | 32,495 | | | | | 32,495 | | | | | | — | | | | | — | | | | | 32,495 | | | | | 32,495 | | | ||||||||
Subordinated Debt | | | | — | | | | | — | | | | | 73,113 | | | | | 73,113 | | | | | | — | | | | | — | | | | | 73,113 | | | | | 73,113 | | | ||||||||
Equity and Warrants | | | | — | | | | | — | | | | | 92,054 | | | | | 92,054 | | | | | | — | | | | | — | | | | | 92,054 | | | | | 92,054 | | | ||||||||
Total | | | $ | — | | | | $ | — | | | | $ | 435,232 | | | | $ | 435,232 | | | | | $ | — | | | | $ | — | | | | $ | 435,232 | | | | $ | 435,232 | | | ||||||||
|
| | | First Lien Debt | | | Second Lien Debt | | | Subordinated Debt | | | Equity and Warrants | | | Total | | |||||||||||||||
Balance as of January 1, 2019 | | | | $ | 237,570 | | | | | $ | 32,495 | | | | | $ | 73,113 | | | | | $ | 92,054 | | | | | $ | 435,232 | | |
Reclassifications | | | | | (2,773) | | | | | | — | | | | | | (5,215) | | | | | | 7,988 | | | | | | — | | |
Repayments/sales | | | | | (65,495) | | | | | | — | | | | | | (27,843) | | | | | | (34,784) | | | | | | (128,122) | | |
Purchases | | | | | 70,184 | | | | | | 4,511 | | | | | | — | | | | | | 3,136 | | | | | | 77,831 | | |
Payment in-kind interest and dividends accrued | | | | | 1,173 | | | | | | 317 | | | | | | 652 | | | | | | 820 | | | | | | 2,962 | | |
Accretion of original issue discount | | | | | 241 | | | | | | 96 | | | | | | 659 | | | | | | — | | | | | | 996 | | |
Realized gain (loss) from investments | | | | | (19,859) | | | | | | (20,411) | | | | | | (4,288) | | | | | | 24,802 | | | | | | (19,756) | | |
Net unrealized appreciation (depreciation) on investments | | | | | 10,162 | | | | | | 279 | | | | | | (508) | | | | | | (22,587) | | | | | | (12,654) | | |
Transfers out of Level 3 | | | | | — | | | | | | — | | | | | | — | | | | | | (9,861) | | | | | | (9,861) | | |
Balance as of December 31, 2019 | | | | $ | 231,203 | | | | | $ | 17,287 | | | | | $ | 36,570 | | | | | $ | 61,568 | | | | | $ | 346,628 | | |
| | | Fair Value Measurements | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
First Lien Debt | | | | $ | — | | | | | $ | — | | | | | $ | 243,489 | | | | | $ | 243,489 | | |
Second Lien Debt | | | | | — | | | | | | — | | | | | | 30,794 | | | | | | 30,794 | | |
Subordinated Debt | | | | | — | | | | | | — | | | | | | 103,385 | | | | | | 103,385 | | |
Equity and Warrants | | | | | — | | | | | | — | | | | | | 122,271 | | | | | | 122,271 | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 499,939 | | | | | $ | 499,939 | | |
|
| | | Fair Value Measurements | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Written Call Option | | | | $ | — | | | | | $ | — | | | | | $ | (6,815) | | | | | $ | (6,815) | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | (6,815) | | | | | $ | (6,815) | | |
|
| | First Lien Debt | | Second Lien Debt | | Subordinated Debt | | Equity and Warrants | | Total(1) | | | First Lien Debt | | Second Lien Debt | | Subordinated Debt | | Equity and Warrants | | Total(1) | | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2018 | | | $ | 243,489 | | | | $ | 30,794 | | | | $ | 103,385 | | | | $ | 122,271 | | | | $ | 499,939 | | | | | $ | 243,489 | | | | $ | 30,794 | | | | $ | 103,385 | | | | $ | 122,271 | | | | $ | 499,939 | | | ||||||||||
Reclassifications | | | | 16,723 | | | | | — | | | | | (20,806) | | | | | 4,083 | | | | | — | | | | | | 16,723 | | | | | — | | | | | (20,806) | | | | | 4,083 | | | | | — | | | ||||||||||
Repayments/sales | | | | (95,294) | | | | | — | | | | | (8,463) | | | | | (19,760) | | | | | (123,517) | | | | | | (95,294) | | | | | — | | | | | (8,463) | | | | | (19,760) | | | | | (123,517) | | | ||||||||||
Purchases | | | | 92,421 | | | | | — | | | | | — | | | | | 1,781 | | | | | 94,202 | | | | | | 92,421 | | | | | — | | | | | — | | | | | 1,781 | | | | | 94,202 | | | ||||||||||
Payment in-kind interest and dividends accrued | | | | 1,712 | | | | | 482 | | | | | 1,337 | | | | | 817 | | | | | 4,348 | | | | | | 1,712 | | | | | 482 | | | | | 1,337 | | | | | 817 | | | | | 4,348 | | | ||||||||||
Accretion of original issue discount | | | | 264 | | | | | 93 | | | | | 757 | | | | | — | | | | | 1,114 | | | | | | 264 | | | | | 93 | | | | | 757 | | | | | — | | | | | 1,114 | | | ||||||||||
Realized gain (loss) from investments | | | | (20,799) | | | | | — | | | | | (20,499) | | | | | 6,494 | | | | | (34,804) | | | | | | (20,799) | | | | | — | | | | | (20,499) | | | | | 6,494 | | | | | (34,804) | | | ||||||||||
Net unrealized appreciation (depreciation) on investments | | | | (946) | | | | | 1,126 | | | | | 17,402 | | | | | (23,632) | | | | | (6,050) | | | | | | (946) | | | | | 1,126 | | | | | 17,402 | | | | | (23,632) | | | | | (6,050) | | | ||||||||||
Balance as of December 31, 2018 | | | $ | 237,570 | | | | $ | 32,495 | | | | $ | 73,113 | | | | $ | 92,054 | | | | $ | 435,232 | | | | | $ | 237,570 | | | | $ | 32,495 | | | | $ | 73,113 | | | | $ | 92,054 | | | | $ | 435,232 | | | ||||||||||
|
| | | Written Call Option | | |||
Balance as of January 1, 2018 | | | | $ | (6,815) | | |
Payment from Written Call Option | | | | | 20 | | |
Net unrealized appreciation on Written Call Option | | | | | 6,795 | | |
Balance as of December 31, 2018 | | | | $ | — | | |
| | | First Lien Debt | | | Second Lien Debt | | | Subordinated Debt | | | Equity and Warrants | | | Total | | |||||||||||||||
Balance as of January 1, 2017 | | | | $ | 226,578 | | | | | $ | 71,483 | | | | | $ | 150,232 | | | | | $ | 93,346 | | | | | $ | 541,639 | | |
Reclassifications | | | | | (7,109) | | | | | | — | | | | | | (9,000) | | | | | | 16,109 | | | | | | — | | |
Repayments/sales | | | | | (26,409) | | | | | | (45,804) | | | | | | (22,092) | | | | | | (21,505) | | | | | | (115,810) | | |
Purchases | | | | | 69,722 | | | | | | 4,000 | | | | | | 2,730 | | | | | | 6,298 | | | | | | 82,750 | | |
Payment in-kind interest and dividends accrued | | | | | 4,378 | | | | | | 846 | | | | | | 987 | | | | | | 932 | | | | | | 7,143 | | |
Accretion of original issue discount | | | | | 274 | | | | | | 322 | | | | | | 761 | | | | | | — | | | | | | 1,357 | | |
Realized gain (loss) from investments | | | | | (28,356) | | | | | | (1,456) | | | | | | (2,000) | | | | | | 7,623 | | | | | | (24,189) | | |
Net unrealized appreciation (depreciation) on investments | | | | | 4,411 | | | | | | 1,403 | | | | | | (18,233) | | | | | | 19,468 | | | | | | 7,049 | | |
Balance as of December 31, 2017 | | | | $ | 243,489 | | | | | $ | 30,794 | | | | | $ | 103,385 | | | | | $ | 122,271 | | | | | $ | 499,939 | | |
|
| | | Fair Value (in millions)(2) | | | Valuation Approach | | | Unobservable Input | | | Range (Weighted Average) | | |||
First lien debt | | | | $ | 211.2 | | | | Income | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 7.0% – 20.0% (12.0%) 1.5x – 7.9x (3.8x) $0.8 million – $114.0 million ($13.6 million) | |
First lien debt | | | | $ | 20.0 | | | | Enterprise Value Waterfall and Asset(1) | | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | | 6.0x – 6.0x (6.0x) $2.9 million – $2.9 million ($2.9 million) 1.0x – 1.1x (1.1x) $13.3 million – $21.6 million ($19.5 million) | |
Second lien debt | | | | $ | 17.3 | | | | Income | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 13.5% – 15.0% (13.7%) 4.6x – 5.5x (4.9x) $2.7 million – $74.5 million ($68.3 million) | |
Subordinated debt | | | | $ | 36.6 | | | | Income and Asset(1) | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 6.0% – 14.9% (13.4%) 3.0x – 7.0x (5.5x) $1.8 million – $22.3 million ($15.5 million) | |
Equity and warrants | | | | $ | 61.6 | | | | Enterprise Value Waterfall and Asset(1) | | | Revenue Multiple Revenue EBITDA Multiple Adjusted EBITDA | | | 0.4x – 4.7x (0.8x) $17.1 million – $566.2 million ($406.6 million) 3.9x – 10.0x (7.3x) $1.8 million – $25.1 million ($11.7 million) | |
| | Fair Value(2) (in millions) | | Valuation Approach | | Unobservable Input | | Range (Weighted Average) | | | Fair Value(2) (in millions) | | Valuation Approach | | Unobservable Input | | Range (Weighted Average) | | ||||||||||||||
First lien debt | | | $ | 195.1 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 9.2% – 16.0% (12.1%) 1.0x – 13.5x (4.3x) $1.7 million – $118.7 million ($17.6 million) | | | �� | $ | 195.1 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 9.2% – 16.0% (12.1%) 1.0x – 13.5x (4.3x) $1.7 million – $118.7 million ($17.6 million) | | ||||||||
First lien debt | | | $ | 42.5 | | | Enterprise Value Waterfall and Asset(1) | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 4.0x – 6.0x (5.3x) $0.6 million – $3.7 million ($2.3 million) 0.9x – 0.9x (0.9x) $13.0 million – $13.0 million ($13.0 million) | | | | $ | 42.5 | | | Enterprise Value Waterfall and Asset(1) | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 4.0x – 6.0x (5.3x) $0.6 million – $3.7 million ($2.3 million) 0.9x – 0.9x (0.9x) $13.0 million – $13.0 million ($13.0 million) | | ||||||||
Second lien debt | | | $ | 16.2 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 12.5% – 15.5% (14.6%) 4.6x – 5.0x (4.8x) $67.0 million – $79.2 million ($75.5 million) | | | | $ | 16.2 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 12.5% – 15.5% (14.6%) 4.6x – 5.0x (4.8x) $67.0 million – $79.2 million ($75.5 million) | | ||||||||
Second lien debt | | | $ | 16.3 | | | Enterprise Value Waterfall and Asset | | EBITDA Multiple Adjusted EBITDA | | 5.6x – 5.6x (5.6x) $9.2 million – $9.2 million ($9.2 million) | | | | $ | 16.3 | | | Enterprise Value Waterfall and Asset | | EBITDA Multiple Adjusted EBITDA | | 5.6x – 5.6x (5.6x) $9.2 million – $9.2 million ($9.2 million) | | ||||||||
Subordinated debt | | | $ | 49.3 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 11.5% – 20.0% (14.1%) 3.1x – 9.1x (5.7x) $1.7 million – $15.8 million ($10.5 million) | | | | $ | 49.3 | | | Income | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | 11.5% – 20.0% (14.1%) 3.1x – 9.1x (5.7x) $1.7 million – $15.8 million ($10.5 million) | | ||||||||
Subordinated debt | | | $ | 23.8 | | | Enterprise Value Waterfall and Asset(1) | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 6.0x – 8.0x (7.9x) $1.7 million – $3.1 million ($3.0 million) 0.4x – 0.4x (0.4x) $568.2 million – $568.2 million ($568.2 million) | | | | $ | 23.8 | | | Enterprise Value Waterfall and Asset(1) | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 6.0x – 8.0x (7.9x) $1.7 million – $3.1 million ($3.0 million) 0.4x – 0.4x (0.4x) $568.2 million – $568.2 million ($568.2 million) | | ||||||||
Equity and warrants | | | $ | 92.1 | | | Enterprise Value Waterfall | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 3.3x – 14.0x (6.5x) $1.7 million – $112.3 million ($27.8 million) 0.4x – 0.4x (0.4x) $164.6 million – $568.2 million ($455.1 million) | | | | $ | 92.1 | | | Enterprise Value Waterfall | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | 3.3x – 14.0x (6.5x) $1.7 million – $112.3 million ($27.8 million) 0.4x – 0.4x (0.4x) $164.6 million – $568.2 million ($455.1 million) | |
| | | Fair Value (in millions) | | | Valuation Approach | | | Unobservable Input | | | Range (Weighted Average) | | |||
First lien debt | | | | $ | 211.2 | | | | Income | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 8.6% – 21.2% (13.5%) 1.7x – 7.0x (3.6x) $1.8 million – $131.2 million ($21.1 million) | |
First lien debt | | | | $ | 32.3 | | | | Enterprise Value Waterfall and Asset(1) | | | EBITDA Multiple Adjusted EBITDA | | | 4.0x – 7.0x (5.5x) $2.1 million – $3.1 million ($2.6 million) | |
Second lien debt | | | | $ | 30.8 | | | | Income | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 11.6% – 17.6% (14.4%) 4.9x – 7.0x (6.0x) $7.3 million – $78.5 million ($41.1 million) | |
Subordinated debt | | | | $ | 64.4 | | | | Income | | | Required Rate of Return Leverage Ratio Adjusted EBITDA | | | 11.5% – 19.0% (14.2%) 3.2x – 8.1x (5.6x) $3.2 million – $15.1 million ($9.7 million) | |
Subordinated debt | | | | $ | 39.0 | | | | Enterprise Value Waterfall and Asset(1) | | | EBITDA Multiple Adjusted EBITDA Revenue Multiple Revenue | | | 6.0x – 7.5x (7.2x) $1.8 million – $30.1 million ($21.2 million) 0.2x – 0.2x (0.2x) $150.7 million – $150.7 million ($150.7 million) | |
Equity and warrants | | | | $ | 122.3 | | | | Enterprise Value Waterfall | | | EBITDA Multiple Adjusted EBITDA | | | 3.5x – 14.5x (7.9x) $1.8 million – $77.6 million ($24.3 million) | |
Written Call Option | | | | $ | (6.8) | | | | Enterprise Value Waterfall | | | EBITDA Multiple Adjusted EBITDA | | | 7.25x – 7.25x (7.25x) $30.1 million – $30.1 million ($30.1 million) | |
| | December 31, 2018 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||
First lien loans(1) | | | $ | 10,000 | | | | | $ | 28,396 | | | | $ | 10,000 | | | |||
Weighted average current interest rate on first lien loans | | | | 7.6% | | | | | | 6.4% | | | | | 7.6% | | | |||
Number of borrowers in CSLF II | | | | 2 | | | ||||||||||||||
Number of portfolio companies | | | | 5 | | | | | 2 | | | |||||||||
Largest portfolio company investment(1) | | | $ | 5,550 | | | | | $ | 7,443 | | | | $ | 5,550 | | | |||
Total of five largest portfolio company investments(1)(2) | | | $ | 10,000 | | | | | $ | 28,396 | | | | $ | 10,000 | | |
Portfolio Company | | | Industry | | | Type of Investment | | | Principal Amount | | | Cost | | | Fair Value | | |||||||||
Investments at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | |
Freedom Electronics, LLC | | | Electronics | | | First Lien Debt (7.0% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | | $ | 5,445 | | | | | $ | 5,445 | | | | | $ | 5,445 | | |
Installs, LLC | | | Logistics | | | First Lien Debt (5.8% Cash (1 month LIBOR + 4.0%, 1.8% Floor), Due 6/20/23) | | | | | 7,443 | | | | | | 7,443 | | | | | | 7,443 | | |
RAM Payment, LLC | | | Financial Services | | | First Lien Debt (6.7% Cash (1 month LIBOR + 5.0%, 1.5% Floor), Due 1/4/24) | | | | | 6,653 | | | | | | 6,653 | | | | | | 6,653 | | |
Rapid Fire Protection, Inc.(1) | | | Security System Services | | | First Lien Debt (5.5% Cash (1 month LIBOR + 3.8%, 1.8% Floor), Due 11/22/24) | | | | | 4,400 | | | | | | 4,400 | | | | | | 4,400 | | |
U.S. BioTek Laboratories, LLC | | | Testing Laboratories | | | First Lien Debt (7.0% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | | | 4,455 | | | | | | 4,455 | | | | | | 4,455 | | |
TOTAL INVESTMENTS | | | | | | | | | | $ | 28,396 | | | | | $ | 28,396 | | | | | $ | 28,396 | | |
Portfolio Company | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | | Industry | | Type of Investment | | Principal Amount | | Cost | | Fair Value | | ||||||||||||||||||||||||||||
Investments in Non-Controlled, Non-Affiliated Portfolio Companies | | ��� | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Investments at Fair Value | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Freedom Electronics, LLC | | Electronics | | First Lien Debt (7.5% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | $ | 5,500 | | | | $ | 5,500 | | | | $ | 5,500 | | | ||||||||||||||||||||||||||||||
U.S. BioTek Laboratories, LLC | | Testing Laboratories | | First Lien Debt (7.8% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | $ | 4,500 | | | | $ | 4,500 | | | | $ | 4,500 | | | | Testing Laboratories | | First Lien Debt (7.8% Cash (3 month LIBOR + 5.0%, 2.0% Floor), Due 12/14/23) | | | | 4,500 | | | | | 4,500 | | | | | 4,500 | | | ||||||||||
Freedom Electronics, LLC | | Electronics | | First Lien Debt (7.5% Cash (1 month LIBOR + 5.0%, 2.0% Floor), Due 12/20/23) | | | | 5,500 | | | | | 5,500 | | | | | 5,500 | | | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS IN NON-CONTROLLED, NON-AFFILIATED PORTFOLIO COMPANIES | | | | | | | $ | 10,000 | | | | $ | 10,000 | | | | $ | 10,000 | | | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | | | | | | | $ | 10,000 | | | | $ | 10,000 | | | | $ | 10,000 | | | |
| | As of December 31, 2018 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | |||
Investments at fair value | | | | | | | ||||||||||||||
Non-control/non-affiliate investments (amortized cost of $10,000) | | | $ | 10,000 | | | ||||||||||||||
Investments at fair value (amortized cost of $28,396 and $10,000, respectively) | | | $ | 28,396 | | | | $ | 10,000 | | | |||||||||
Cash and cash equivalents | | | | 7,100 | | | | | | 704 | | | | | 7,100 | | | |||
Interest receivable | | | | 31 | | | | | | 151 | | | | | 31 | | | |||
Other assets | | | | 7 | | | | | — | | | |||||||||
Total assets | | | $ | 17,131 | | | | | $ | 29,258 | | | | $ | 17,131 | | | |||
LIABILITIES | | | | | | | | | | | | | | | | | | |||
Credit facility (net of deferred financing costs of $621 and $0, respectively) | | | $ | 12,079 | | | | $ | — | | | |||||||||
Interest and financing fees payable | | | | 113 | | | | | — | | | |||||||||
Accounts payable | | | $ | 12 | | | | | | 27 | | | | | 12 | | | |||
Total liabilities | | | $ | 12 | | | | | $ | 12,219 | | | | $ | 12 | | | |||
NET ASSETS | | | | | | | | | | | | | | | | | | |||
Partners’ capital | | | $ | 17,119 | | | ||||||||||||||
Members’ capital | | | $ | 17,039 | | | | $ | 17,119 | | | |||||||||
Total net assets | | | $ | 17,119 | | | | | $ | 17,039 | | | | $ | 17,119 | | | |||
|
| | For the period from December 20, 2018 (commencement of operations) to December 31, 2018 | | | For the Year Ended December 31, 2019 | | For the period from December 20, 2018 (commencement of operations) to December 31, 2018 | | ||||||||||||
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | |||
From non-controlled, non-affiliated investments: | | | | | | | ||||||||||||||
Interest income | | | $ | 31 | | | | | $ | 1,372 | | | | $ | 31 | | | |||
Fee income | | | | 100 | | | | | | 175 | | | | | 100 | | | |||
Total investment income | | | $ | 131 | | | | | $ | 1,547 | | | | $ | 131 | | | |||
EXPENSES | | | | | | | | | | | | | | | | | | |||
Interest and financing expenses | | | $ | 151 | | | | $ | — | | | |||||||||
General and administrative expenses | | | $ | 12 | | | | | | 176 | | | | | 12 | | | |||
Total expenses | | | $ | 12 | | | | | $ | 327 | | | | $ | 12 | | | |||
NET INVESTMENT INCOME | | | $ | 119 | | | | | $ | 1,220 | | | | $ | 119 | | | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $ | 119 | | | | | $ | 1,220 | | | | $ | 119 | | | |||
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||
Affiliate investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AAE Acquisition, LLC | | | Second Lien Debt (6.0% Cash, Due 8/24/19) | | | | $ | — | | | | | $ | 479 | | | | | $ | 15,603 | | | | | $ | 320 | | | | | $ | (16,165) | | | | | $ | — | | | | | $ | 242 | | | | | $ | — | | |
AAE Acquisition, LLC | | | Membership Units (2.2% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (17) | | | | | | — | | | | | | 17 | | | | | | — | | |
AAE Acquisition, LLC | | | Warrants (37.8% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 479 | | | | | | 15,603 | | | | | | 320 | | | | | | (16,182) | | | | | | — | | | | | | 259 | | | | | | — | | |
Burgaflex Holdings, LLC | | | First Lien Debt (12.0% Cash, 1.0% PIK, Due 3/23/21) | | | | | 14,801 | | | | | | 1,390 | | | | | | — | | | | | | 14,801 | | | | | | — | | | | | | — | | | | | | (417) | | | | | | 14,384 | | |
Burgaflex Holdings, LLC | | | Subordinated Debt (14% Cash, Due 8/9/19) | | | | | — | | | | | | 116 | | | | | | 3,000 | | | | | | — | | | | | | (3,000) | | | | | | — | | | | | | — | | | | | | — | | |
Burgaflex Holdings, LLC | | | Subordinated Debt (12% Cash, Due 8/9/19) | | | | | — | | | | | | 199 | | | | | | 5,828 | | | | | | — | | | | | | (5,828) | | | | | | — | | | | | | — | | | | | | — | | |
Burgaflex Holdings, LLC | | | Common Stock Class A (1,253,198 shares) | | | | | | | | | | | — | | | | | | 457 | | | | | | — | | | | | | — | | | | | | — | | | | | | (457) | | | | | | — | | |
Burgaflex Holdings, LLC | | | Common Stock Class B (900,000 shares) | | | | | | | | | | | — | | | | | | — | | | | | | 300 | | | | | | — | | | | | | — | | | | | | (300) | | | | | | — | | |
| | | | | | | | | | | | | | 1,705 | | | | | | 9,285 | | | | | | 15,101 | | | | | | (8,828) | | | | | | — | | | | | | (1,174) | | | | | | 14,384 | | |
Chef’n Corporation | | | Series A Preferred Stock (1,000,000 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (644) | | | | | | 644 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (644) | | | | | | 644 | | | | | | — | | | | | | — | | |
City Gear, LLC | | | Subordinated Debt (13.0% Cash, Due 10/20/19) | | | | | — | | | | | | 918 | | | | | | 8,231 | | | | | | — | | | | | | (8,231) | | | | | | — | | | | | | — | | | | | | — | | |
City Gear, LLC(5) | | | Preferred Membership Units (2.8% fully diluted, 9.0% Cash Dividend) | | | | | | | | | | | 117 | | | | | | 1,269 | | | | | | — | | | | | | (1,269) | | | | | | — | | | | | | — | | | | | | — | | |
City Gear, LLC | | | Membership Unit Warrants (11.4% fully diluted) | | | | | | | | | | | — | | | | | | 8,248 | | | | | | — | | | | | | (1,908) | | | | | | 1,908 | | | | | | (5,064) | | | | | | 3,184 | | |
| | | | | | | | | | | | | | 1,035 | | | | | | 17,748 | | | | | | — | | | | | | (11,408) | | | | | | 1,908 | | | | | | (5,064) | | | | | | 3,184 | | |
Eastport Holdings, LLC | | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | | 16,500 | | | | | | 1,168 | | | | | | — | | | | | | 15,496 | | | | | | — | | | | | | — | | | | | | 1,004 | | | | | | 16,500 | | |
Eastport Holdings, LLC | | | Membership Units (22.9% ownership) | | | | | | | | | | | — | | | | | | — | | | | | | 4,733 | | | | | | (1,470) | | | | | | — | | | | | | 14,347 | | | | | | 17,610 | | |
| | | | | | | | | | | | | | 1,168 | | | | | | — | | | | | | 20,229 | | | | | | (1,470) | | | | | | — | | | | | | 15,351 | | | | | | 34,110 | | |
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2018 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Appreciation (Depreciation) | | | December 31, 2019 Fair Value | | ||||||||||||||||||||||||
Affiliate investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Burgaflex Holdings, LLC | | | First Lien Debt (12.0% Cash, 3.0% PIK, Due 3/23/21) | | | | $ | 14,421 | | | | | $ | 1,837 | | | | | $ | 14,384 | | | | | $ | 370 | | | | | $ | (750) | | | | | $ | — | | | | | $ | 417 | | | | | $ | 14,421 | | |
Burgaflex Holdings, LLC | | | Common Stock Class B (1,085,073 shares) | | | | | | | | | | | — | | | | | | — | | | | | | 62 | | | | | | — | | | | | | — | | | | | | 573 | | | | | | 635 | | |
Burgaflex Holdings, LLC | | | Common Stock Class A (1,253,198 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 1,837 | | | | | | 14,384 | | | | | | 432 | | | | | | (750) | | | | | | — | | | | | | 990 | | | | | | 15,056 | | |
City Gear, LLC | | | Membership Unit Warrants | | | | | | | | | | | — | | | | | | 3,184 | | | | | | 111 | | | | | | — | | | | | | (111) | | | | | | 142 | | | | | | 3,326 | | |
| | | | | | | | | | | | | | — | | | | | | 3,184 | | | | | | 111 | | | | | | — | | | | | | (111) | | | | | | 142 | | | | | | 3,326 | | |
Eastport Holdings, LLC | | | Subordinated Debt (14.9% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 12/29/21) | | | | | 16,500 | | | | | | 3,230 | | | | | | 16,500 | | | | | | 659 | | | | | | — | | | | | | — | | | | | | (659) | | | | | | 16,500 | | |
Eastport Holdings, LLC | | | Membership Units (22.9% ownership) | | | | | | | | | | | — | | | | | | 17,610 | | | | | | — | | | | | | — | | | | | | — | | | | | | 212 | | | | | | 17,822 | | |
| | | | | | | | | | | | | | 3,230 | | | | | | 34,110 | | | | | | 659 | | | | | | — | | | | | | — | | | | | | (447) | | | | | | 34,322 | | |
GA Communications, Inc.(5) | | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend) | | | | | | | | | | | — | | | | | | 3,482 | | | | | | 299 | | | | | | — | | | | | | — | | | | | | (20) | | | | | | 3,761 | | |
GA Communications, Inc. | | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | | | — | | | | | | 1,325 | | | | | | — | | | | | | — | | | | | | — | | | | | | (824) | | | | | | 501 | | |
| | | | | | | | | | | | | | — | | | | | | 4,807 | | | | | | 299 | | | | | | — | | | | | | — | | | | | | (844) | | | | | | 4,262 | | |
J&J Produce Holdings, Inc. | | | Subordinated Debt (13.0% Cash, Due 6/16/19) | | | | | — | | | | | | 485 | | | | | | 6,210 | | | | | | — | | | | | | (5,788) | | | | | | (618) | | | | | | 196 | | | | | | — | | |
J&J Produce Holdings, Inc. | | | Common Stock (8,182 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (818) | | | | | | 818 | | | | | | — | | |
J&J Produce Holdings, Inc. | | | Common Stock Warrants (6,369 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 485 | | | | | | 6,210 | | | | | | — | | | | | | (5,788) | | | | | | (1,436) | | | | | | 1,014 | | | | | | — | | |
LJS Partners, LLC | | | Preferred Units (92,924 units) | | | | | | | | | | | — | | | | | | — | | | | | | 293 | | | | | | — | | | | | | — | | | | | | 79 | | | | | | 372 | | |
LJS Partners, LLC | | | Common Membership Units (2,593,234 units) | | | | | | | | | | | — | | | | | | 3,018 | | | | | | 327 | | | | | | (293) | | | | | | — | | | | | | (1,543) | | | | | | 1,509 | | |
| | | | | | | | | | | | | | — | | | | | | 3,018 | | | | | | 620 | | | | | | (293) | | | | | | — | | | | | | (1,464) | | | | | | 1,881 | | |
MMI Holdings, LLC | | | First Lien Debt (12.0% Cash, Due 1/31/21) | | | | | 2,600 | | | | | | 316 | | | | | | 2,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,600 | | |
MMI Holdings, LLC | | | Subordinated Debt (6.0% Cash, Due 1/31/21) | | | | | 400 | | | | | | 24 | | | | | | 400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 400 | | |
MMI Holdings, LLC(5) | | | Preferred Units (1,000 units, 6.0% PIK Dividend) | | | | | | | | | | | — | | | | | | 1,612 | | | | | | 98 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,710 | | |
MMI Holdings, LLC | | | Common Membership Units (45 units) | | | | | | | | | | | — | | | | | | 185 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 194 | | |
| | | | | | | | | | | | | | 340 | | | | | | 4,797 | | | | | | 98 | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 4,904 | | |
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||
GA Communications, Inc.(5) | | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend) | | | | | | | | | | $ | — | | | | | $ | 3,225 | | | | | $ | 276 | | | | | $ | — | | | | | $ | — | | | | | $ | (19) | | | | | $ | 3,482 | | |
GA Communications, Inc. | | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | | | — | | | | | | 1,932 | | | | | | — | | | | | | — | | | | | | — | | | | | | (607) | | | | | | 1,325 | | |
| | | | | | | | | | | | | | — | | | | | | 5,157 | | | | | | 276 | | | | | | — | | | | | | — | | | | | | (626) | | | | | | 4,807 | | |
J&J Produce Holdings, Inc. | | | Subordinated Debt (13.0% Cash, Due 6/16/19) | | | | $ | 6,406 | | | | | | 805 | | | | | | 6,170 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 6,210 | | |
J&J Produce Holdings, Inc. | | | Common Stock (8,182 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
J&J Produce Holdings, Inc. | | | Common Stock Warrants (6,369 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 805 | | | | | | 6,170 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 6,210 | | |
LJS Partners, LLC | | | Common Stock (1,587,848 shares) | | | | | | | | | | | — | | | | | | 7,650 | | | | | | 293 | | | | | | — | | | | | | — | | | | | | (4,925) | | | | | | 3,018 | | |
| | | | | | | | | | | | | | — | | | | | | 7,650 | | | | | | 293 | | | | | | — | | | | | | — | | | | | | (4,925) | | | | | | 3,018 | | |
MJC Holdings, LLC | | | Series A Preferred Units (2,000,000 units) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (28) | | | | | | 28 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (28) | | | | | | 28 | | | | | | — | | | | | | — | | |
MMI Holdings, LLC | | | First Lien Debt (12.0% Cash, Due 1/31/20) | | | | | 2,600 | | | | | | 317 | | | | | | 2,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,600 | | |
MMI Holdings, LLC | | | Subordinated Debt (6.0% Cash, Due 1/31/20) | | | | | 400 | | | | | | 24 | | | | | | 400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 400 | | |
MMI Holdings, LLC(5) | | | Preferred Units (1,000 units, 6.0% PIK Dividend) | | | | | | | | | | | — | | | | | | 1,520 | | | | | | 92 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,612 | | |
MMI Holdings, LLC | | | Common Membership Units (45 units) | | | | | | | | | | | — | | | | | | 193 | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | | | 185 | | |
| | | | | | | | | | | | | | 341 | | | | | | 4,713 | | | | | | 92 | | | | | | — | | | | | | — | | | | | | (8) | | | | | | 4,797 | | |
MTI Holdings, LLC | | | Membership Units (2,000,000 units) | | | | | | | | | | | — | | | | | | 100 | | | | | | — | | | | | | (139) | | | | | | 139 | | | | | | (100) | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | 100 | | | | | | — | | | | | | (139) | | | | | | 139 | | | | | | (100) | | | | | | — | | |
Sierra Hamilton Holdings Corporation | | | Common Stock (15,068,000 shares) | | | | | | | | | | | — | | | | | | 8,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,674) | | | | | | 6,854 | | |
| | | | | | | | | | | | | | — | | | | | | 8,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,674) | | | | | | 6,854 | | |
Source Capital Penray, LLC | | | Membership Units (11.3% ownership) | | | | | | | | | | | 121 | | | | | | 101 | | | | | | — | | | | | | — | | | | | | — | | | | | | (101) | | | | | | — | | |
| | | | | | | | | | | | | | 121 | | | | | | 101 | | | | | | — | | | | | | — | | | | | | — | | | | | | (101) | | | | | | — | | |
STX Healthcare Management Services, Inc. | | | Common Stock (1,200,000 shares) | | | | | | | | | | | — | | | | | | 93 | | | | | | — | | | | | | (108) | | | | | | 108 | | | | | | (93) | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | 93 | | | | | | — | | | | | | (108) | | | | | | 108 | | | | | | (93) | | | | | | — | | |
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2018 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Appreciation (Depreciation) | | | December 31, 2019 Fair Value | | ||||||||||||||||||||||||
Navis Holdings, Inc. | | | First Lien Debt (11.0% Cash, Due 6/30/23) | | | | $ | 10,100 | | | | | $ | 568 | | | | | $ | — | | | | | $ | 10,100 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10,100 | | |
Navis Holdings, Inc.(5) | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend) | | | | | | | | | | | 50 | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Navis Holdings, Inc. | | | Common Stock (60,000 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 464 | | | | | | 464 | | |
| | | | | | | | | | | | | | 618 | | | | | | — | | | | | | 11,100 | | | | | | — | | | | | | — | | | | | | 464 | | | | | | 11,564 | | |
Nth Degree Investment Group, LLC | | | Membership Units (6,088,000 Units) | | | | | | | | | | | — | | | | | | — | | | | | | 6,088 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,088 | | |
| | | | | | | | | | | | | | — | | | | | | — | | | | | | 6,088 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,088 | | |
RAM Payment, LLC | | | First Lien Debt (10.0% Cash, Due 1/4/24) | | | | | 9,019 | | | | | | 1,212 | | | | | | — | | | | | | 9,489 | | | | | | (470) | | | | | | — | | | | | | — | | | | | | 9,019 | | |
RAM Payment, LLC (5) | | | Preferred Units (86,000 Units, 8.0% PIK Dividend) | | | | | | | | | | | — | | | | | | — | | | | | | 928 | | | | | | — | | | | | | — | | | | | | 797 | | | | | | 1,725 | | |
| | | | | | | | | | | | | | 1,212 | | | | | | — | | | | | | 10,417 | | | | | | (470) | | | | | | — | | | | | | 797 | | | | | | 10,744 | | |
Sierra Hamilton Holdings Corporation | | | Second Lien Debt (15.0% PIK, Due 9/12/23) | | | | | 782 | | | | | | 3 | | | | | | — | | | | | | 748 | | | | | | — | | | | | | — | | | | | | — | | | | | | 748 | | |
Sierra Hamilton Holdings Corporation | | | Common Stock (15,068,000 shares) | | | | | | | | | | | — | | | | | | 6,854 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,694) | | | | | | 5,160 | | |
| | | | | | | | | | | | | | 3 | | | | | | 6,854 | | | | | | 748 | | | | | | — | | | | | | — | | | | | | (1,694) | | | | | | 5,908 | | |
US Bath Group, LLC | | | First Lien Debt (11.5% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 1/2/23) | | | | | — | | | | | | 676 | | | | | | 12,750 | | | | | | — | | | | | | (12,750) | | | | | | — | | | | | | — | | | | | | — | | |
US Bath Group, LLC | | | Membership Units (500,000 units) | | | | | | | | | | | — | | | | | | 2,083 | | | | | | — | | | | | | (4,323) | | | | | | 3,823 | | | | | | (1,583) | | | | | | — | | |
| | | | | | | | | | | | | | 676 | | | | | | 14,833 | | | | | | — | | | | | | (17,073) | | | | | | 3,823 | | | | | | (1,583) | | | | | | — | | |
V12 Holdings, Inc. | | | Subordinated Debt | | | | | | | | | | | — | | | | | | 742 | | | | | | — | | | | | | (30) | | | | | | 12 | | | | | | (16) | | | | | | 708 | | |
| | | | | | | | | | | | | | — | | �� | | | | 742 | | | | | | — | | | | | | (30) | | | | | | 12 | | | | | | (16) | | | | | | 708 | | |
Total Affiliate investments | | | | | | | | | | $ | 8,401 | | | | | $ | 92,939 | | | | | $ | 30,572 | | | | | $ | (24,404) | | | | | $ | 2,288 | | | | | $ | (2,632) | | | | | $ | 98,763 | | | |||
Control investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AAE Acquisition, LLC | | | Second Lien Debt (6.0% PIK, Due 8/24/19) | | | | $ | — | | | | | $ | — | | | | | $ | 16,327 | | | | | $ | 4,084 | | | | | $ | — | | | | | $ | (20,411) | | | | | $ | — | | | | | $ | — | | |
AAE Acquisition, LLC | | | Membership Units (2.2% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17) | | | | | | 17 | | | | | | — | | |
AAE Acquisition, LLC | | | Warrants (58.9% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | 16,327 | | | | | | 4,084 | | | | | | — | | | | | | (20,428) | | | | | | 17 | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | First Lien Debt (8.0% Cash, Due 6/30/21) | | | | | — | | | | | | 72 | | | | | | 1,708 | | | | | | 1,842 | | | | | | (3,550) | | | | | | — | | | | | | — | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | First Lien Debt (8.0% Cash, Due 6/30/21) | | | | | — | | | | | | 148 | | | | | | 8,889 | | | | | | — | | | | | | (3,424) | | | | | | (5,465) | | | | | | — | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | Preferred Units – Series A1 (7,200,000 units) | | | | | | | | | | | — | | | | | | — | | | | | | 5,373 | | | | | | — | | | | | | (5,373) | | | | | | — | | | | | | — | | |
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||
US Bath Group, LLC | | | First Lien Debt (11.4% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 1/2/23) | | | | $ | 12,750 | | | | | $ | 1,806 | | | | | $ | — | | | | | $ | 15,000 | | | | | $ | (2,250) | | | | | $ | — | | | | | $ | — | | | | | $ | 12,750 | | |
US Bath Group, LLC | | | Membership Units (500,000 units) | | | | | | | | | | | — | | | | | | — | | | | | | 500 | | | | | | — | | | | | | — | | | | | | 1,583 | | | | | | 2,083 | | |
| | | | | | | | | | | | | | 1,806 | | | | | | — | | | | | | 15,500 | | | | | | (2,250) | | | | | | — | | | | | | 1,583 | | | | | | 14,833 | | |
U.S. Well Services, LLC | | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.0%, 1.0% Floor), Due 2/2/22) | | | | | — | | | | | | 156 | | | | | | 2,299 | | | | | | — | | | | | | (2,299) | | | | | | — | | | | | | — | | | | | | — | | |
U.S. Well Services, LLC | | | First Lien Debt (13.3% PIK (1 month LIBOR + 11.0%, 1.0% Floor), Due 2/2/22) | | | | | — | | | | | | 567 | | | | | | 9,516 | | | | | | 409 | | | | | | (9,925) | | | | | | — | | | | | | — | | | | | | — | | |
U.S. Well Services, LLC | | | Class A Units (5,680,688 Units) | | | | | | | | | | | — | | | | | | 15,004 | | | | | | — | | | | | | (6,260) | | | | | | — | | | | | | (8,744) | | | | | | — | | |
U.S. Well Services, LLC | | | Class B Units (2,076,298 Units) | | | | | | | | | | | — | | | | | | 955 | | | | | | — | | | | | | (441) | | | | | | — | | | | | | (514) | | | | | | — | | |
| | | | | | | | | | | | | | 723 | | | | | | 27,774 | | | | | | 409 | | | | | | (18,925) | | | | | | — | | | | | | (9,258) | | | | | | — | | |
V12 Holdings, Inc. | | | Subordinated Debt | | | | | — | | | | | | — | | | | | | 1,035 | | | | | | — | | | | | | (232) | | | | | | 93 | | | | | | (154) | | | | | | 742 | | |
| | | | | | | | | | | | | | — | | | | | | 1,035 | | | | | | — | | | | | | (232) | | | | | | 93 | | | | | | (154) | | | | | | 742 | | |
Total Affiliate investments | | | | | | | | | | $ | 8,183 | | | | | $ | 103,957 | | | | | $ | 52,258 | | | | | $ | (60,214) | | | | | $ | 2,920 | | | | | $ | (5,982) | | | | | $ | 92,939 | | | |||
Control investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AAE Acquisition, LLC | | | Second Lien Debt (6.0% Cash, Due 8/24/19) | | | | $ | 16,327 | | | | | $ | 488 | | | | | $ | — | | | | | $ | 16,327 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 16,327 | | |
AAE Acquisition, LLC | | | Membership Units (2.2% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | 17 | | | | | | — | | | | | | — | | | | | | (17) | | | | | | — | | |
AAE Acquisition, LLC | | | Warrants (37.8% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 488 | | | | | | — | | | | | | 16,344 | | | | | | — | | | | | | — | | | | | | (17) | | | | | | 16,327 | | |
CableOrganizer Acquisition, LLC | | | First Lien Debt (10.0% Cash, Due 5/24/19) | | | | | 1,708 | | | | | | 121 | | | | | | — | | | | | | 1,708 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,708 | | |
CableOrganizer Acquisition, LLC | | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 6/30/19) | | | | | 8,889 | | | | | | 1,173 | | | | | | 12,373 | | | | | | 515 | | | | | | (2,354) | | | | | | (1,646) | | | | | | 1 | | | | | | 8,889 | | |
CableOrganizer Acquisition, LLC | | | Preferred Units (4,000,000 units) | | | | | | | | | | | | | | | | | — | | | | | | 2,354 | | | | | | — | | | | | | — | | | | | | (2,354) | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | Common Stock (21.3% fully diluted) | | | | | | | | | | | — | | | | | | 118 | | | | | | — | | | | | | — | | | | | | — | | | | | | (118) | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | | | — | | | | | | 60 | | | | | | — | | | | | | — | | | | | | — | | | | | | (60) | | | | | | — | | |
| | | | | | | | | | | | | | 1,294 | | | | | | 12,551 | | | | | | 4,577 | | | | | | (2,354) | | | | | | (1,646) | | | | | | (2,531) | | | | | | 10,597 | | |
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2018 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Appreciation (Depreciation) | | | December 31, 2019 Fair Value | | ||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | | Preferred Units – Series A (4,000,000 units) | | | | | | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2,354) | | | | | $ | 2,354 | | | | | $ | — | | |
CableOrganizer Acquisition, LLC | | | Common Stock (14.9% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,394) | | | | | | 1,394 | | | | | | — | | |
CableOrganizer Acquisition, LLC | | | Common Stock Warrants (40.0% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 220 | | | | | | 10,597 | | | | | | 7,215 | | | | | | (6,974) | | | | | | (14,586) | | | | | | 3,748 | | | | | | — | | |
Capitala Senior Loan Fund II, LLC | | | Subordinated Debt (6.7% Cash (1 month LIBOR + 5.0)%, Due 9/3/24) | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Capitala Senior Loan Fund II, LLC | | | Membership Units (80.0% ownership) | | | | | | | | | | | 1,040 | | | | | | 13,695 | | | | | | — | | | | | | — | | | | | | — | | | | | | (64) | | | | | | 13,631 | | |
| | | | | | | | | | | | | | 1,040 | | | | | | 13,695 | | | | | | — | | | | | | — | | | | | | — | | | | | | (64) | | | | | | 13,631 | | |
Micro Precision, LLC | | | Subordinated Debt (10.0% Cash, Due 3/31/20) | | | | | — | | | | | | 106 | | | | | | 1,862 | | | | | | — | | | | | | (1,862) | | | | | | — | | | | | | — | | | | | | — | | |
Micro Precision, LLC | | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 3/31/20) | | | | | — | | | | | | 350 | | | | | | 4,325 | | | | | | 88 | | | | | | (4,413) | | | | | | — | | | | | | — | | | | | | — | | |
Micro Precision, LLC | | | Series A Preferred Units (47 units) | | | | | | | | | | | 814 | | | | | | 2,817 | | | | | | — | | | | | | (1,629) | | | | | | — | | | | | | (1,188) | | | | | | — | | |
| | | | | | | | | | | | | | 1,270 | | | | | | 9,004 | | | | | | 88 | | | | | | (7,904) | | | | | | — | | | | | | (1,188) | | | | | | — | | |
Navis Holdings, Inc. | | | First Lien Debt (11.0% Cash, Due 6/30/23) | | | | | — | | | | | | 566 | | | | | | 7,500 | | | | �� | | — | | | | | | (7,500) | | | | | | — | | | | | | — | | | | | | — | | |
Navis Holdings, Inc. (5) | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend) | | | | | | | | | | | 50 | | | | | | 1,000 | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | — | | |
Navis Holdings, Inc. | | | Common Stock (60,000 shares) | | | | | | | | | | | — | | | | | | 4,348 | | | | | | — | | | | | | (2,600) | | | | | | 2,599 | | | | | | (4,347) | | | | | | — | | |
| | | | | | | | | | | | | | 616 | | | | | | 12,848 | | | | | | — | | | | | | (11,100) | | | | | | 2,599 | | | | | | (4,347) | | | | | | — | | |
Portrait Studio, LLC | | | First Lien Debt (9.0% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22) | | | | | — | | | | | | 98 | | | | | | — | | | | | | 3,540 | | | | | | (3,540) | | | | | | — | | | | | | — | | | | | | — | | |
Portrait Studio, LLC | | | First Lien Debt (9.1% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | | — | | | | | | 107 | | | | | | 4,500 | | | | | | — | | | | | | (792) | | | | | | (3,708) | | | | | | — | | | | | | — | | |
Portrait Studio, LLC | | | Preferred Units (4,350,000 Units) | | | | | | | | | | | — | | | | | | 2,174 | | | | | | — | | | | | | — | | | | | | (2,450) | | | | | | 276 | | | | | | — | | |
Portrait Studio, LLC | | | Membership Units (150,000 Units) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 205 | | | | | | 6,674 | | | | | | 3,540 | | | | | | (4,332) | | | | | | (6,158) | | | | | | 276 | | | | | | — | | |
Vology, Inc. | | | First Lien Debt (10.5% Cash (1 month LIBOR + 8.5%, 2.0% Floor), Due 12/31/21) | | | | | 3,877 | | | | | | 119 | | | | | | — | | | | | | 3,877 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,877 | | |
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||
Capitala Senior Loan Fund II, LLC | | | Membership Units (80% ownership) | | | | | | | | | | $ | — | | | | | $ | — | | | | | $ | 13,600 | | | | | $ | — | | | | | $ | — | | | | | $ | 95 | | | | | $ | 13,695 | | |
| | | | | | | | | | | | | | — | | | | | | — | | | | | | 13,600 | | | | | | — | | | | | | — | | | | | | 95 | | | | | | 13,695 | | |
Eastport Holdings, LLC | | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | $ | — | | | | | | 2,144 | | | | | | 16,500 | | | | | | 493 | | | | | | (15,231) | | | | | | — | | | | | | (1,762) | | | | | | — | | |
Eastport Holdings, LLC | | | Membership Units (22.9% ownership) | | | | | | | | | | | — | | | | | | 26,449 | | | | | | — | | | | | | (4,733) | | | | | | — | | | | | | (21,716) | | | | | | — | | |
| | | | | | | | | | | | | | 2,144 | | | | | | 42,949 | | | | | | 493 | | | | | | (19,964) | | | | | | — | | | | | | (23,478) | | | | | | — | | |
Kelle’s Transport Service, LLC | | | First Lien Debt (4.0% Cash, Due 2/15/20) | | | | | — | | | | | | 82 | | | | | | 2,000 | | | | | | 1,300 | | | | | | (3,300) | | | | | | — | | | | | | — | | | | | | — | | |
Kelle’s Transport Service, LLC | | | First Lien Debt (2.2% Cash, Due 2/15/20) | | | | | — | | | | | | 126 | | | | | | 9,560 | | | | | | — | | | | | | (10,000) | | | | | | (3,669) | | | | | | 4,109 | | | | | | — | | |
Kelle’s Transport Service, LLC | | | Membership Units (27.5% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 208 | | | | | | 11,560 | | | | | | 1,300 | | | | | | (13,300) | | | | | | (3,669) | | | | | | 4,109 | | | | | | — | | |
Micro Precision, LLC | | | Subordinated Debt (10.0% Cash, Due 1/1/19) | | | | | 1,862 | | | | | | 186 | | | | | | 1,862 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,862 | | |
Micro Precision, LLC | | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 1/1/19) | | | | | 4,325 | | | | | | 601 | | | | | | 4,154 | | | | | | 171 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,325 | | |
Micro Precision, LLC | | | Series A Preferred Units (47 units) | | | | | | | | | | | — | | | | | | 1,629 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,188 | | | | | | 2,817 | | |
| | | | | | | | | | | | | | 787 | | | | | | 7,645 | | | | | | 171 | | | | | | — | | | | | | — | | | | | | 1,188 | | | | | | 9,004 | | |
Navis Holdings, Inc. | | | First Lien Debt (15.0% Cash, Due 10/30/20) | | | | | 7,500 | | | | | | 1,149 | | | | | | 6,500 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,500 | | |
Navis Holdings, Inc.(5) | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend) | | | | | | | | | | | 100 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Navis Holdings, Inc. | | | Common Stock (300,000 shares) | | | | | | | | | | | — | | | | | | 5,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | (657) | | | | | | 4,348 | | |
| | | | | | | | | | | | | | 1,249 | | | | | | 12,505 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | (657) | | | | | | 12,848 | | |
On-Site Fuel Service, Inc. | | | First Lien Debt (18.0% Cash, Due 12/19/18) | | | | | — | | | | | | 30 | | | | | | — | | | | | | 11,020 | | | | | | — | | | | | | (11,020) | | | | | | — | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Subordinated Debt (18.0% Cash, Due 12/19/18) | | | | | — | | | | | | — | | | | | | 11,588 | | | | | | — | | | | | | (11,020) | | | | | | — | | | | | | (568) | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Series A Preferred Stock (32,782 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,278) | | | | | | 3,278 | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Series B Preferred Stock (23,648 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,364) | | | | | | 2,364 | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Common Stock (33,058 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33) | | | | | | 33 | | | | | | — | | |
| | | | | | | | | | | | | | 30 | | | | | | 11,588 | | | | | | 11,020 | | | | | | (11,020) | | | | | | (16,695) | | | | | | 5,107 | | | | | | — | | |
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Company(4) | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2017 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Gain/(Loss) | | December 31, 2018 Fair Value | | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2018 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Appreciation (Depreciation) | | December 31, 2019 Fair Value | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portrait Studio, LLC | | First Lien Debt (9.0% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22) | | | $ | — | | | | $ | 167 | | | | $ | 1,860 | | | | $ | 2,400 | | | | $ | (4,260) | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portrait Studio, LLC | | First Lien Debt (9.4% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | 4,500 | | | | | 435 | | | | | 4,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,500 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portrait Studio, LLC | | Preferred Units (4,350,000 Units) | | | | | | | | | — | | | | | 2,450 | | | | | — | | | | | — | | | | | — | | | | | (276) | | | | | 2,174 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portrait Studio, LLC | | Membership Units (150,000 Units) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vology, Inc. | | Class A Preferred Units (9,041,810 Units) | | | | | $ | — | | | | $ | — | | | | $ | 5,215 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 5,215 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vology, Inc. | | Membership Units (5,363,982 Units) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 602 | | | | | 8,810 | | | | | 2,400 | | | | | (4,260) | | | | | — | | | | | (276) | | | | | 6,674 | | | | | | | | | | 119 | | | | | — | | | | | 9,092 | | | | | — | | | | | — | | | | | — | | | | | 9,092 | | | ||||||||||||||||||
Total Control investments | Total Control investments | | | | | | | | $ | 6,802 | | | | $ | 107,608 | | | | $ | 50,905 | | | | $ | (50,898) | | | | $ | (22,010) | | | | $ | (16,460) | | | | $ | 69,145 | | | Total Control investments | | | | | $ | 3,470 | | | | $ | 69,145 | | | | $ | 24,019 | | | | $ | (30,310) | | | | $ | (38,573) | | | | $ | (1,558) | | | | $ | 22,723 | | | |
Company(4) | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2016 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Gain/(Loss) | | December 31, 2017 Fair Value | | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2017 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Appreciation (Depreciation) | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Affiliate investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
AAE Acquisition, LLC | | Second Lien Debt (8.0% Cash, 4.0% PIK, Due 8/24/19) | | | $ | 15,846 | | | | $ | 757 | | | | $ | — | | | | $ | 15,846 | | | | $ | — | | | | $ | — | | | | $ | (243) | | | | $ | 15,603 | | | | Second Lien Debt (6.0% Cash, Due 8/24/19) | | | $ | — | | | | $ | 479 | | | | $ | 15,603 | | | | $ | 320 | | | | $ | (16,165) | | | | $ | — | | | | $ | 242 | | | | $ | — | | | ||||||||||||||||||
AAE Acquisition, LLC | | Membership Units (2.2% fully diluted) | | | | | | | | | — | | | | | — | | | | | 16 | | | | | — | | | | | — | | | | | (16) | | | | | — | | | | Membership Units (2.2% fully diluted) | | | | | | | | | — | | | | | — | | | | | — | | | | | (17) | | | | | — | | | | | 17 | | | | | — | | | ||||||||||||||||||
AAE Acquisition, LLC | | Warrants (37.8% fully diluted) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | Warrants (37.8% fully diluted) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| | | | | | | | | | | 757 | | | | | — | | | | | 15,862 | | | | | — | | | | | — | | | | | (259) | | | | | 15,603 | | | | | | | | | | | | | 479 | | | | | 15,603 | | | | | 320 | | | | | (16,182) | | | | | — | | | | | 259 | | | | | — | | | ||||||||||||||||||
Burgaflex Holdings, LLC | | Subordinated Debt (14.0% Cash, Due 8/9/19) | | | | 3,000 | | | | | 515 | | | | | 3,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,000 | | | | First Lien Debt (12.0% Cash, 1.0% PIK, Due 3/23/21) | | | | 14,801 | | | | | 1,390 | | | | | — | | | | | 14,801 | | | | | — | | | | | — | | | | | (417) | | | | | 14,384 | | | ||||||||||||||||||
Burgaflex Holdings, LLC | | Subordinated Debt (12.0% Cash, Due 8/9/19) | | | | 5,828 | | | | | 886 | | | | | 5,828 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,828 | | | | Subordinated Debt (14.0% Cash, Due 8/9/19) | | | | — | | | | | 116 | | | | | 3,000 | | | | | — | | | | | (3,000) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Burgaflex Holdings, LLC | | Common Stock (1,253,198 shares) | | | | | | | | | — | | | | | 1,248 | | | | | — | | | | | — | | | | | — | | | | | (791) | | | | | 457 | | | | Subordinated Debt (12.0% Cash, Due 8/9/19) | | | | — | | | | | 199 | | | | | 5,828 | | | | | — | | | | | (5,828) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Burgaflex Holdings, LLC | | Common Stock Class A (1,253,198 shares) | | | | | | | | | — | | | | | 457 | | | | | — | | | | | — | | | | | — | | | | | (457) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burgaflex Holdings, LLC | | Common Stock Class B (900,000 shares) | | | | | | | | | — | | | | | — | | | | | 300 | | | | | — | | | | | — | | | | | (300) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 1,705 | | | | | 9,285 | | | | | 15,101 | | | | | (8,828) | | | | | — | | | | | (1,174) | | | | | 14,384 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chef’n Corporation | | Series A Preferred Stock (1,000,000 shares) | | | | | | | | | — | | | | | — | | | | | — | | | | | (644) | | | | | 644 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 1,401 | | | | | 10,076 | | | | | — | | | | | — | | | | | — | | | | | (791) | | | | | 9,285 | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | (644) | | | | | 644 | | | | | — | | | | | — | | | ||||||||||||||||||
City Gear, LLC | | Subordinated Debt (13.0% Cash, Due 10/20/19) | | | | 8,231 | | | | | 1,085 | | | | | 8,231 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 8,231 | | | | Subordinated Debt (13.0% Cash, Due 10/20/19) | | | | — | | | | | 918 | | | | | 8,231 | | | | | — | | | | | (8,231) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
City Gear, LLC(5) | | Preferred Membership Units (2.8% fully diluted, 9.0% Cash Dividend) | | | | | | | | | 115 | | | | | 1,269 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,269 | | | | Preferred Membership Units (2.8% fully diluted, 9.0% Cash Dividend) | | | | | | | | | 117 | | | | | 1,269 | | | | | — | | | | | (1,269) | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
City Gear, LLC | | Membership Unit Warrants (11.4% fully diluted) | | | | | | | | | — | | | | | 9,736 | | | | | — | | | | | — | | | | | — | | | | | (1,488) | | | | | 8,248 | | | | Membership Unit Warrants (11.4% fully diluted) | | | | | | | | | — | | | | | 8,248 | | | | | — | | | | | (1,908) | | | | | 1,908 | | | | | (5,064) | | | | | 3,184 | | | ||||||||||||||||||
| | | | | | | | | | | 1,200 | | | | | 19,236 | | | | | — | | | | | — | | | | | — | | | | | (1,488) | | | | | 17,748 | | | | | | | | | | | | | 1,035 | | | | | 17,748 | | | | | — | | | | | (11,408) | | | | | 1,908 | | | | | (5,064) | | | | | 3,184 | | | ||||||||||||||||||
GA Communications, Inc.(5) | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend) | | | | | | | | | — | | | | | 2,864 | | | | | 255 | | | | | — | | | | | — | | | | | 106 | | | | | 3,225 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GA Communications, Inc. | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | — | | | | | 1,046 | | | | | — | | | | | — | | | | | — | | | | | 886 | | | | | 1,932 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | — | | | | | 3,910 | | | | | 255 | | | | | — | | | | | — | | | | | 992 | | | | | 5,157 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Subordinated Debt (6.0% Cash, 7.0% PIK, Due 6/16/19) | | | | 6,368 | | | | | 632 | | | | | 6,182 | | | | | 186 | | | | | — | | | | | — | | | | | (198) | | | | | 6,170 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Common Stock (8,182 shares) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Common Stock Warrants (6,369 shares) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastport Holdings, LLC | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | 16,500 | | | | | 1,168 | | | | | — | | | | | 15,496 | | | | | — | | | | | — | | | | | 1,004 | | | | | 16,500 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastport Holdings, LLC | | Membership Units (22.9% ownership) | | | | | | | | | — | | | | | — | | | | | 4,733 | | | | | (1,470) | | | | | — | | | | | 14,347 | | | | | 17,610 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 632 | | | | | 6,182 | | | | | 186 | | | | | — | | | | | — | | | | | (198) | | | | | 6,170 | | | | | | | | | | | | | 1,168 | | | | | — | | | | | 20,229 | | | | | (1,470) | | | | | — | | | | | 15,351 | | | | | 34,110 | | | |
Company(4) | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2016 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Gain/(Loss) | | December 31, 2017 Fair Value | | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2017 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Appreciation (Depreciation) | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GA Communications, Inc. (5) | | Series A-1 Preferred Stock (1,998 shares, 8.0% PIK Dividend) | | | | | | | | $ | — | | | | $ | 3,225 | | | | $ | 276 | | | | $ | — | | | | $ | — | | | | $ | (19) | | | | $ | 3,482 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GA Communications, Inc. | | Series B-1 Common Stock (200,000 shares) | | | | | | | | | — | | | | | 1,932 | | | | | — | | | | | — | | | | | — | | | | | (607) | | | | | 1,325 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | — | | | | | 5,157 | | | | | 276 | | | | | — | | | | | — | | | | | (626) | | | | | 4,807 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Subordinated Debt (13.0% Cash, Due 6/16/19) | | | $ | 6,406 | | | | | 805 | | | | | 6,170 | | | | | 38 | | | | | — | | | | | — | | | | | 2 | | | | | 6,210 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Common Stock (8,182 shares) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Produce Holdings, Inc. | | Common Stock Warrants (6,369 shares) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 805 | | | | | 6,170 | | | | | 38 | | | | | — | | | | | — | | | | | 2 | | | | | 6,210 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LJS Partners, LLC | | Common Stock (1,500,000 shares) | | | | | | | | $ | — | | | | $ | 8,497 | | | | $ | — | | | | $ | (630) | | | | $ | — | | | | $ | (217) | | | | $ | 7,650 | | | | Common Stock (1,587,848 shares) | | | | | | | | | — | | | | | 7,650 | | | | | 293 | | | | | — | | | | | — | | | | | (4,925) | | | | | 3,018 | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | 8,497 | | | | | — | | | | | (630) | | | | | — | | | | | (217) | | | | | 7,650 | | | | | | | | | | | | | — | | | | | 7,650 | | | | | 293 | | | | | — | | | | | — | | | | | (4,925) | | | | | 3,018 | | | ||||||||||||||||||
MJC Holdings, LLC | | Series A Preferred Units (2,000,000 units) | | | | | | | | | — | | | | | 5,011 | | | | | — | | | | | (5,473) | | | | | 4,473 | | | | | (4,011) | | | | | — | | | | Series A Preferred Units (2,000,000 units) | | | | | | | | | — | | | | | — | | | | | — | | | | | (28) | | | | | 28 | | | | | — | | | | | — | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | 5,011 | | | | | — | | | | | (5,473) | | | | | 4,473 | | | | | (4,011) | | | | | — | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | (28) | | | | | 28 | | | | | — | | | | | — | | | ||||||||||||||||||
MMI Holdings, LLC | | First Lien Debt (12.0% Cash, Due 1/31/19) | | | $ | 2,600 | | | | | 317 | | | | | 2,600 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,600 | | | | First Lien Debt (12.0% Cash, Due 1/31/20) | | | | 2,600 | | | | | 317 | | | | | 2,600 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,600 | | | ||||||||||||||||||
MMI Holdings, LLC | | Subordinated Debt (6.0% Cash, Due 1/31/19) | | | | 400 | | | | | 24 | | | | | 400 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 400 | | | | Subordinated Debt (6.0% Cash, Due 1/31/20) | | | | 400 | | | | | 24 | | | | | 400 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 400 | | | ||||||||||||||||||
MMI Holdings, LLC(5) | | Preferred Units (1,000 units, 6.0% PIK Dividend) | | | | | | | | | — | | | | | 1,433 | | | | | 85 | | | | | — | | | | | — | | | | | 2 | | | | | 1,520 | | | | Preferred Units (1,000 units, 6.0% PIK Dividend) | | | | | | | | | — | | | | | 1,520 | | | | | 92 | | | | | — | | | | | — | | | | | — | | | | | 1,612 | | | ||||||||||||||||||
MMI Holdings, LLC | | Common Membership Units (45 units) | | | | | | | | | — | | | | | 228 | | | | | — | | | | | — | | | | | — | | | | | (35) | | | | | 193 | | | | Common Membership Units (45 units) | | | | | | | | | — | | | | | 193 | | | | | — | | | | | — | | | | | — | | | | | (8) | | | | | 185 | | | ||||||||||||||||||
| | | | | | | | | | | 341 | | | | | 4,661 | | | | | 85 | | | | | — | | | | | — | | | | | (33) | | | | | 4,713 | | | | | | | | | | | | | 341 | | | | | 4,713 | | | | | 92 | | | | | — | | | | | — | | | | | (8) | | | | | 4,797 | | | ||||||||||||||||||
MTI Holdings, LLC | | Membership Units (2,000,000 units) | | | | | | | | | — | | | | | 537 | | | | | — | | | | | (437) | | | | | 437 | | | | | (437) | | | | | 100 | | | | Membership Units (2,000,000 units) | | | | | | | | | — | | | | | 100 | | | | | — | | | | | (139) | | | | | 139 | | | | | (100) | | | | | — | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | 537 | | | | | — | | | | | (437) | | | | | 437 | | | | | (437) | | | | | 100 | | | | | | | | | | | | | — | | | | | 100 | | | | | — | | | | | (139) | | | | | 139 | | | | | (100) | | | | | — | | | ||||||||||||||||||
Sierra Hamilton Holdings Corporation | | Common Stock (15,068,000 shares) | | | | | | | | | — | | | | | — | | | | | 6,958 | | | | | — | | | | | — | | | | | 1,570 | | | | | 8,528 | | | | Common Stock (15,068,000 shares) | | | | | | | | | — | | | | | 8,528 | | | | | — | | | | | — | | | | | — | | | | | (1,674) | | | | | 6,854 | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | — | | | | | 6,958 | | | | | — | | | | | — | | | | | 1,570 | | | | | 8,528 | | | | | | | | | | | | | — | | | | | 8,528 | | | | | — | | | | | — | | | | | — | | | | | (1,674) | | | | | 6,854 | | | ||||||||||||||||||
Source Capital Penray, LLC | | Subordinated Debt (13.0% Cash, Due 4/8/19) | | | | — | | | | | 78 | | | | | 1,425 | | | | | — | | | | | (1,425) | | | | | — | | | | | — | | | | | — | | | | Membership Units (11.3% ownership) | | | | | | | | | 121 | | | | | 101 | | | | | — | | | | | — | | | | | — | | | | | (101) | | | | | — | | | ||||||||||||||||||
Source Capital Penray, LLC | | Membership Units (11.3% ownership) | | | | | | | | | 526 | | | | | 805 | | | | | — | | | | | (750) | | | | | — | | | | | 46 | | | | | 101 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 604 | | | | | 2,230 | | | | | — | | | | | (2,175) | | | | | — | | | | | 46 | | | | | 101 | | | | | | | | | | | | | 121 | | | | | 101 | | | | | — | | | | | — | | | | | — | | | | | (101) | | | | | — | | | ||||||||||||||||||
STX Healthcare Management Services, Inc. | | Common Stock (1,200,000 shares) | | | | | | | | | — | | | | | 109 | | | | | — | | | | | (16) | | | | | 16 | | | | | (16) | | | | | 93 | | | | Common Stock (1,200,000 shares) | | | | | | | | | — | | | | | 93 | | | | | — | | | | | (108) | | | | | 108 | | | | | (93) | | | | | — | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | 109 | | | | | — | | | | | (16) | | | | | 16 | | | | | (16) | | | | | 93 | | | | | | | | | | | | | — | | | | | 93 | | | | | — | | | | | (108) | | | | | 108 | | | | | (93) | | | | | — | | | ||||||||||||||||||
U.S. Well Services, LLC | | First Lien Debt (7.4% Cash (1 month LIBOR + 6.0%, 1.0% Floor), Due 2/2/22) | | | | 2,299 | | | | | 132 | | | | | — | | | | | 2,299 | | | | | — | | | | | — | | | | | — | | | | | 2,299 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | First Lien Debt (12.4% PIK (1 month LIBOR + 11.0%, 1.0% Floor), Due 2/2/22) | | | | 9,516 | | | | | 83 | | | | | — | | | | | 9,516 | | | | | — | | | | | — | | | | | — | | | | | 9,516 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | Class A Units (5,680,688 Units) | | | | | | | | | — | | | | | — | | | | | 6,260 | | | | | — | | | | | — | | | | | 8,744 | | | | | 15,004 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | Class B Units (2,076,298 Units) | | | | | | | | | — | | | | | — | | | | | 441 | | | | | — | | | | | — | | | | | 514 | | | | | 955 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 215 | | | | | — | | | | | 18,516 | | | | | — | | | | | — | | | | | 9,258 | | | | | 27,774 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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US Bath Group, LLC | | First Lien Debt (11.4% Cash (1 month LIBOR + 9.0%, 1.0% Floor), Due 1/2/23) | | | | 12,750 | | | | | 1,806 | | | | | — | | | | | 15,000 | | | | | (2,250) | | | | | — | | | | | — | | | | | 12,750 | | |
Company(4) | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2016 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Gain/(Loss) | | December 31, 2017 Fair Value | | | Type of Investment | | Principal Amount | | Amount of Interest, Fees or Dividends Credited to Income(1) | | December 31, 2017 Fair Value | | Gross Additions(2) | | Gross Reductions(3) | | Realized Gain/(Loss) | | Unrealized Appreciation (Depreciation) | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Bath Group, LLC | | Membership Units (500,000 units) | | | | | | | | $ | — | | | | $ | — | | | | $ | 500 | | | | $ | — | | | | $ | — | | | | $ | 1,583 | | | | $ | 2,083 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 1,806 | | | | | — | | | | | 15,500 | | | | | (2,250) | | | | | — | | | | | 1,583 | | | | | 14,833 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | First Lien Debt (8.3% Cash (1 month LIBOR + 6.0%, 1.0% Floor), Due 2/2/22) | | | $ | — | | | | | 156 | | | | | 2,299 | | | | | — | | | | | (2,299) | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | First Lien Debt (13.3% PIK (1 month LIBOR + 11.0%, 1.0% Floor), Due 2/2/22) | | | | — | | | | | 567 | | | | | 9,516 | | | | | 409 | | | | | (9,925) | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | Class A Units (5,680,688 Units) | | | | | | | | | — | | | | | 15,004 | | | | | — | | | | | (6,260) | | | | | — | | | | | (8,744) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Well Services, LLC | | Class B Units (2,076,298 Units) | | | | | | | | | — | | | | | 955 | | | | | — | | | | | (441) | | | | | — | | | | | (514) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 723 | | | | | 27,774 | | | | | 409 | | | | | (18,925) | | | | | — | | | | | (9,258) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
V12 Holdings, Inc. | | Subordinated Debt | | | $ | — | | | | $ | — | | | | $ | 1,015 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 20 | | | | $ | 1,035 | | | | Subordinated Debt | | | | — | | | | | — | | | | | 1,035 | | | | | — | | | | | (232) | | | | | 93 | | | | | (154) | | | | | 742 | | | ||||||||||||||||||
| | | | | | | | | | | — | | | | | 1,015 | | | | | — | | | | | — | | | | | — | | | | | 20 | | | | | 1,035 | | | | | | | | | | | | | — | | | | | 1,035 | | | | | — | | | | | (232) | | | | | 93 | | | | | (154) | | | | | 742 | | | ||||||||||||||||||
Total Affiliate investments | Total Affiliate investments | | | | | | | | $ | 5,150 | | | | $ | 61,464 | | | | $ | 41,862 | | | | $ | (8,731) | | | | $ | 4,926 | | | | $ | 4,436 | | | | $ | 103,957 | | | Total Affiliate investments | | | | | | | | $ | 8,183 | | | | $ | 103,957 | | | | $ | 52,258 | | | | $ | (60,214) | | | | $ | 2,920 | | | | $ | (5,982) | | | | $ | 92,939 | | | ||||||||||||||||||||
Control investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
AAE Acquisition, LLC | | Second Lien Debt (6.0% Cash, Due 8/24/19) | | | $ | 16,327 | | | | $ | 488 | | | | $ | — | | | | $ | 16,327 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 16,327 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAE Acquisition, LLC | | Membership Units (2.2% fully diluted) | | | | | | | | | — | | | | | — | | | | | 17 | | | | | — | | | | | — | | | | | (17) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAE Acquisition, LLC | | Warrants (37.8% fully diluted) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 488 | | | | | — | | | | | 16,344 | | | | | — | | | | | — | | | | | (17) | | | | | 16,327 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | First Lien Debt (10.0% Cash, Due 5/24/19) | | | | 1,708 | | | | | 121 | | | | | — | | | | | 1,708 | | | | | — | | | | | — | | | | | — | | | | | 1,708 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 6/30/19) | | | | 8,889 | | | | | 1,173 | | | | | 12,373 | | | | | 515 | | | | | (2,354) | | | | | (1,646) | | | | | 1 | | | | | 8,889 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CableOrganizer Acquisition, LLC | | First Lien Debt (12.0% Cash, 4.0% PIK, Due 5/24/18) | | | $ | 12,373 | | | | $ | 1,473 | | | | $ | 11,882 | | | | $ | 491 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 12,373 | | | | Preferred Units (4,000,000 units) | | | | | | | | | | | | | | — | | | | | 2,354 | | | | | — | | | | | — | | | | | (2,354) | | | | | — | | | ||||||||||||||||||
CableOrganizer Acquisition, LLC | | Common Stock (21.3% fully diluted) | | | | | | | | | — | | | | | 200 | | | | | — | | | | | — | | | | | — | | | | | (82) | | | | | 118 | | | | Common Stock (21.3% fully diluted) | | | | | | | | | — | | | | | 118 | | | | | — | | | | | — | | | | | — | | | | | (118) | | | | | — | | | ||||||||||||||||||
CableOrganizer Acquisition, LLC | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | — | | | | | 101 | | | | | — | | | | | — | | | | | — | | | | | (41) | | | | | 60 | | | | Common Stock Warrants (10.0% fully diluted) | | | | | | | | | — | | | | | 60 | | | | | — | | | | | — | | | | | — | | | | | (60) | | | | | — | | | ||||||||||||||||||
| | | | | | | | | | | 1,473 | | | | | 12,183 | | | | | 491 | | | | | — | | | | | — | | | | | (123) | | | | | 12,551 | | | | | | | | | | | | | 1,294 | | | | | 12,551 | | | | | 4,577 | | | | | (2,354) | | | | | (1,646) | | | | | (2,531) | | | | | 10,597 | | | ||||||||||||||||||
Capitala Senior Liquid Loan Fund I, LLC | | Common Stock (80.0% Ownership) | | | | | | | | | 5 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitala Senior Loan Fund II, LLC | | Membership Units (80.0% ownership) | | | | | | | | | — | | | | | — | | | | | 13,600 | | | | | — | | | | | — | | | | | 95 | | | | | 13,695 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 5 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | — | | | | | — | | | | | 13,600 | | | | | — | | | | | — | | | | | 95 | | | | | 13,695 | | | ||||||||||||||||||
Eastport Holdings, LLC | | Subordinated Debt (14.5% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | 16,500 | | | | | 3,138 | | | | | 16,500 | | | | | 757 | | | | | — | | | | | — | | | | | (757) | | | | | 16,500 | | | | Subordinated Debt (15.8% Cash (3 month LIBOR + 13.0%, 0.5% Floor), Due 4/29/20) | | | | — | | | | | 2,144 | | | | | 16,500 | | | | | 493 | | | | | (15,231) | | | | | — | | | | | (1,762) | | | | | — | | | ||||||||||||||||||
Eastport Holdings, LLC | | Membership Units (33.3% ownership) | | | | | | | | | — | | | | | 13,395 | | | | | — | | | | | — | | | | | — | | | | | 13,054 | | | | | 26,449 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 3,138 | | | | | 29,895 | | | | | 757 | | | | | — | | | | | — | | | | | 12,297 | | | | | 42,949 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kelle’s Transport Service, LLC | | First Lien Debt (4.0% Cash, Due 2/15/20) | | | | 2,000 | | | | | 22 | | | | | — | | | | | 2,000 | | | | | — | | | | | — | | | | | — | | | | | 2,000 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kelle’s Transport Service, LLC | | First Lien Debt (1.5% Cash, Due 2/15/20) | | | | 13,674 | | | | | 77 | | | | | — | | | | | 13,669 | | | | | — | | | | | — | | | | | (4,109) | | | | | 9,560 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kelle’s Transport Service, LLC | | Membership Units (27.5% fully diluted) | | | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 99 | | | | | — | | | | | 15,669 | | | | | — | | | | | — | | | | | (4,109) | | | | | 11,560 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Micro Precision, LLC | | Subordinated Debt (10.0% Cash, Due 9/15/18) | | | | 1,862 | | | | | 186 | | | | | 1,862 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,862 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Micro Precision, LLC | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 9/15/18) | | | | 4,154 | | | | | 577 | | | | | 3,989 | | | | | 165 | | | | | — | | | | | — | | | | | — | | | | | 4,154 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Micro Precision, LLC | | Series A Preferred Units (47 units) | | | | | | | | | — | | | | | 2,523 | | | | | — | | | | | — | | | | | — | | | | | (894) | | | | | 1,629 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | 763 | | | | | 8,374 | | | | | 165 | | | | | — | | | | | — | | | | | (894) | | | | | 7,645 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Navis Holdings, Inc. | | First Lien Debt (15.0% Cash, Due 10/30/20) | | | | 6,500 | | | | | 989 | | | | | 6,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,500 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Navis Holdings, Inc.(5) | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend) | | | | | | | | | 100 | | | | | 1,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,000 | | |
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Appreciation (Depreciation) | | | December 31, 2018 Fair Value | | ||||||||||||||||||||||||
Eastport Holdings, LLC | | | Membership Units (22.9% ownership) | | | | | | | | | | $ | — | | | | | $ | 26,449 | | | | | $ | — | | | | | $ | (4,733) | | | | | $ | — | | | | | $ | (21,716) | | | | | $ | — | | |
| | | | | | | | | | | | | | 2,144 | | | | | | 42,949 | | | | | | 493 | | | | | | (19,964) | | | | | | — | | | | | | (23,478) | | | | | | — | | |
Kelle’s Transport Service, LLC | | | First Lien Debt (4.0% Cash, Due 2/15/20) | | | | $ | — | | | | | | 82 | | | | | | 2,000 | | | | | | 1,300 | | | | | | (3,300) | | | | | | — | | | | | | — | | | | | | — | | |
Kelle’s Transport Service, LLC | | | First Lien Debt (2.2% Cash, Due 2/15/20) | | | | | — | | | | | | 126 | | | | | | 9,560 | | | | | | — | | | | | | (10,000) | | | | | | (3,669) | | | | | | 4,109 | | | | | | — | | |
Kelle’s Transport Service, LLC | | | Membership Units (27.5% fully diluted) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 208 | | | | | | 11,560 | | | | | | 1,300 | | | | | | (13,300) | | | | | | (3,669) | | | | | | 4,109 | | | | | | — | | |
Micro Precision, LLC | | | Subordinated Debt (10.0% Cash, Due 1/1/19) | | | | | 1,862 | | | | | | 186 | | | | | | 1,862 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,862 | | |
Micro Precision, LLC | | | Subordinated Debt (14.0% Cash, 4.0% PIK, Due 1/1/19) | | | | | 4,325 | | | | | | 601 | | | | | | 4,154 | | | | | | 171 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,325 | | |
Micro Precision, LLC | | | Series A Preferred Units (47 units) | | | | | | | | | | | — | | | | | | 1,629 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,188 | | | | | | 2,817 | | |
| | | | | | | | | | | | | | 787 | | | | | | 7,645 | | | | | | 171 | | | | | | — | | | | | | — | | | | | | 1,188 | | | | | | 9,004 | | |
Navis Holdings, Inc. | | | First Lien Debt (15.0% Cash, Due 10/30/20) | | | | | 7,500 | | | | | | 1,149 | | | | | | 6,500 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,500 | | |
Navis Holdings, Inc. (5) | | | Class A Preferred Stock (1,000 shares, 10.0% Cash Dividend) | | | | | | | | | | | 100 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,000 | | |
Navis Holdings, Inc. | | | Common Stock (300,000 shares) | | | | | | | | | | | — | | | | | | 5,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | (657) | | | | | | 4,348 | | |
| | | | | | | | | | | | | | 1,249 | | | | | | 12,505 | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | (657) | | | | | | 12,848 | | |
On-Site Fuel Service, Inc. | | | First Lien Debt (18.0% Cash, Due 12/19/18) | | | | | — | | | | | | 30 | | | | | | — | | | | | | 11,020 | | | | | | — | | | | | | (11,020) | | | | | | — | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Subordinated Debt (18.0% Cash, Due 12/19/18) | | | | | — | | | | | | — | | | | | | 11,588 | | | | | | — | | | | | | (11,020) | | | | | | — | | | | | | (568) | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Series A Preferred Stock (32,782 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,278) | | | | | | 3,278 | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Series B Preferred Stock (23,648 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,364) | | | | | | 2,364 | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Common Stock (33,058 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33) | | | | | | 33 | | | | | | — | | |
| | | | | | | | | | | | | | 30 | | | | | | 11,588 | | | | | | 11,020 | | | | | | (11,020) | | | | | | (16,695) | | | | | | 5,107 | | | | | | — | | |
Portrait Studio, LLC | | | First Lien Debt (9.0% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 2.0% Ceiling), Due 12/31/22) | | | | | — | | | | | | 167 | | | | | | 1,860 | | | | | | 2,400 | | | | | | (4,260) | | | | | | — | | | | | | — | | | | | | — | | |
Portrait Studio, LLC | | | First Lien Debt (9.4% Cash (1 month LIBOR + 7.0%, 1.0% Floor, 5.0% Ceiling), Due 12/31/22) | | | | | 4,500 | | | | | | 435 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,500 | | |
Portrait Studio, LLC | | | Preferred Units (4,350,000 Units) | | | | | | | | | | | — | | | | | | 2,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | (276) | | | | | | 2,174 | | |
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2016 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Gain/(Loss) | | | December 31, 2017 Fair Value | | ||||||||||||||||||||||||
Navis Holdings, Inc. | | | Common Stock (300,000 shares) | | | | | | | | | | $ | 250 | | | | | $ | 5,634 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (629) | | | | | $ | 5,005 | | |
| | | | | | | | | | | | | | 1,339 | | | | | | 13,134 | | | | | | — | | | | | | — | | | | | | — | | | | | | (629) | | | | | | 12,505 | | |
On-Site Fuel Service, Inc. | | | Subordinated Debt (18.0% Cash, Due 12/19/18)(6) | | | | $ | 14,072 | | | | | | — | | | | | | 10,303 | | | | | | 1,182 | | | | | | — | | | | | | — | | | | | | 103 | | | | | | 11,588 | | |
On-Site Fuel Service, Inc. | | | Series A Preferred Stock (32,782 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Series B Preferred Stock (23,648 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
On-Site Fuel Service, Inc. | | | Common Stock (33,058 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | 10,303 | | | | | | 1,182 | | | | | | — | | | | | | — | | | | | | 103 | | | | | | 11,588 | | |
Portrait Studio, LLC | | | First Lien Debt (8.6% Cash (1 month LIBOR + 7.0%, 2.0% Ceiling), Due 12/31/22) | | | | | 1,860 | | | | | | — | | | | | | — | | | | | | 1,860 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,860 | | |
Portrait Studio, LLC | | | First Lien Debt (8.6% Cash (1 month LIBOR + 7.0%, 5.0% Ceiling), Due 12/31/22) | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,500 | | |
Portrait Studio, LLC | | | Preferred Units (4,350,000 Units) | | | | | | | | | | | — | | | | | | — | | | | | | 2,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,450 | | |
Portrait Studio, LLC | | | Membership Units (150,000 Units) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | — | | | | | | — | | | | | | 8,810 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,810 | | |
Print Direction, Inc. | | | First Lien Debt (10.0% Cash 2.0% PIK, due 2/24/19) | | | | | — | | | | | | 434 | | | | | | 12,761 | | | | | | 2,087 | | | | | | — | | | | | | (19,403) | | | | | | 4,555 | | | | | | — | | |
Print Direction, Inc. | | | Common Stock (18,543 shares) | | | | | | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | (3,030) | | | | | | 2,990 | | | | | | — | | |
Print Direction, Inc. | | | Common Stock Warrants (820 shares) | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | 434 | | | | | | 12,761 | | | | | | 2,127 | | | | | | — | | | | | | (22,433) | | | | | | 7,545 | | | | | | — | | |
Total Control investments | | | | | | | | | | $ | 7,251 | | | | | $ | 86,650 | | | | | $ | 29,201 | | | | | $ | — | | | | | $ | (22,433) | | | | | $ | 14,190 | | | | | $ | 107,608 | | | |||
|
Company(4) | | | Type of Investment | | | Principal Amount | | | Amount of Interest, Fees or Dividends Credited to Income(1) | | | December 31, 2017 Fair Value | | | Gross Additions(2) | | | Gross Reductions(3) | | | Realized Gain/(Loss) | | | Unrealized Appreciation (Depreciation) | | | December 31, 2018 Fair Value | | |||||||||||||||||||||
Portrait Studio, LLC | | | Membership Units (150,000 Units) | | | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | | | | | | | | | 602 | | | | | | 8,810 | | | | | | 2,400 | | | | | | (4,260) | | | | | | — | | | | | | (276) | | | | | | 6,674 | | |
Total Control investments | | | | | | | $ | 6,802 | | | | | $ | 107,608 | | | | | $ | 50,905 | | | | | $ | (50,898) | | | | | $ | (22,010) | | | | | $ | (16,460) | | | | | $ | 69,145 | | | |||
|
| | | December 31, 2018 | | | December 31, 2017 | | ||||||
CapitalSouth Corporation | | | | $ | — | | | | | $ | 74 | | |
CapitalSouth Partners Florida Sidecar Fund II, L.P. | | | | | — | | | | | | 21 | | |
Capitala Investment Advisors, LLC | | | | | (2,487) | | | | | | (2,172) | | |
Total | | | | $ | (2,487) | | | | | $ | (2,077) | | |
|
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Interest expense and annual charges | | | $ | 6,244 | | | | $ | 6,336 | | | | $ | 6,873 | | | | | $ | 5,454 | | | | $ | 6,244 | | | | $ | 6,336 | | | ||||||
Deferred financing costs | | | | 612 | | | | | 611 | | | | | 627 | | | | | | 682 | | | | | 612 | | | | | 611 | | | ||||||
Total interest and financing expenses | | | $ | 6,856 | | | | $ | 6,947 | | | | $ | 7,500 | | | | | $ | 6,136 | | | | $ | 6,856 | | | | $ | 6,947 | | | ||||||
Average outstanding balance | | | $ | 169,028 | | | | $ | 170,700 | | | | $ | 178,695 | | | | | $ | 152,537 | | | | $ | 169,028 | | | | $ | 170,700 | | | ||||||
Average stated interest and annual charge rate | | | | 3.69% | | | | | 3.71% | | | | | 3.83% | | | | | | 3.57% | | | | | 3.69% | | | | | 3.71% | | |
Fixed Maturity Date | | Interest Rate | | SBA Annual Charge | | December 31, 2018 | | December 31, 2017 | | | Interest Rate | | SBA Annual Charge | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||||||||||||||||||
March 1, 2019 | | | | 4.620% | | | | | 0.941% | | | | $ | — | | | | $ | 5,000 | | | |||||||||||||||||||||||||||||
September 1, 2020 | | | | 3.215% | | | | | 0.285% | | | | | 19,000 | | | | | 19,000 | | | | | | 3.215% | | | | | 0.285% | | | | $ | 19,000 | | | | $ | 19,000 | | | ||||||||
March 1, 2021 | | | | 4.084% | | | | | 0.515% | | | | | 15,700 | | | | | 15,700 | | | | | | 4.084% | | | | | 0.515% | | | | | — | | | | | 15,700 | | | ||||||||
March 1, 2021 | | | | 4.084% | | | | | 0.285% | | | | | 46,000 | | | | | 46,000 | | | | | | 4.084% | | | | | 0.285% | | | | | 46,000 | | | | | 46,000 | | | ||||||||
March 1, 2022 | | | | 2.766% | | | | | 0.285% | | | | | 10,000 | | | | | 10,000 | | | | | | 2.766% | | | | | 0.285% | | | | | 10,000 | | | | | 10,000 | | | ||||||||
March 1, 2022 | | | | 2.766% | | | | | 0.515% | | | | | 50,000 | | | | | 50,000 | | | | | | 2.766% | | | | | 0.515% | | | | | 50,000 | | | | | 50,000 | | | ||||||||
March 1, 2023 | | | | 2.351% | | | | | 0.515% | | | | | 25,000 | | | | | 25,000 | | | | | | 2.351% | | | | | 0.515% | | | | | 25,000 | | | | | 25,000 | | | ||||||||
| | | | | | | | | | | | | $ | 165,700 | | | | $ | 170,700 | | | | | | | | | | | | | | | $ | 150,000 | | | | $ | 165,700 | | | ||||||||
|
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Interest expense | | | $ | — | | | | $ | 3,908 | | | | $ | 8,082 | | | | | $ | — | | | | $ | — | | | | $ | 3,908 | | | ||||||
Deferred financing costs | | | | — | | | | | 293 | | | | | 557 | | | | | | — | | | | | — | | | | | 293 | | | ||||||
Total interest and financing expenses | | | $ | — | | | | $ | 4,201 | | | | $ | 8,639 | | | | | $ | — | | | | $ | — | | | | $ | 4,201 | | | ||||||
Average outstanding balance | | | $ | — | | | | $ | 53,766 | | | | $ | 113,438 | | | | | $ | — | | | | $ | — | | | | $ | 53,766 | | | ||||||
Average stated interest rate | | | | —% | | | | | 7.13% | | | | | 7.13% | | | | | | —% | | | | | —% | | | | | 7.13% | | |
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Interest expense | | | $ | 4,500 | | | | $ | 2,812 | | | | $ | — | | | | | $ | 4,500 | | | | $ | 4,500 | | | | $ | 2,812 | | | ||||||
Deferred financing costs | | | | 509 | | | | | 303 | | | | | — | | | | | | 540 | | | | | 509 | | | | | 303 | | | ||||||
Total interest and financing expenses | | | $ | 5,009 | | | | $ | 3,115 | | | | $ | — | | | | | $ | 5,040 | | | | $ | 5,009 | | | | $ | 3,115 | | | ||||||
Average outstanding balance | | | $ | 75,000 | | | | $ | 47,137 | | | | $ | — | | | | | $ | 75,000 | | | | $ | 75,000 | | | | $ | 47,137 | | | ||||||
Average stated interest rate | | | | 6.0% | | | | | 6.0% | | | | | — | | | | | | 6.0% | | | | | 6.0% | | | | | 6.0% | | |
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Interest expense | | | $ | 2,995 | | | | $ | 1,789 | | | | $ | — | | | | | $ | 2,995 | | | | $ | 2,995 | | | | $ | 1,789 | | | ||||||
Deferred financing costs | | | | 324 | | | | | 180 | | | | | — | | | | | | 342 | | | | | 324 | | | | | 180 | | | ||||||
Total interest and financing expenses | | | $ | 3,319 | | | | $ | 1,969 | | | | $ | — | | | | | $ | 3,337 | | | | $ | 3,319 | | | | $ | 1,969 | | | ||||||
Average outstanding balance | | | $ | 52,088 | | | | $ | 31,218 | | | | $ | — | | | | | $ | 52,088 | | | | $ | 52,088 | | | | $ | 31,218 | | | ||||||
Average stated interest rate | | | | 5.75% | | | | | 5.75% | | | | | — | | | | | | 5.75% | | | | | 5.75% | | | | | 5.75% | | |
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Interest expense | | | $ | 305 | | | | $ | 908 | | | | $ | 2,303 | | | | | $ | 580 | | | | $ | 305 | | | | $ | 908 | | | ||||||
Deferred financing costs | | | | 441 | | | | | 713 | | | | | 965 | | | | | | 806 | | | | | 441 | | | | | 713 | | | ||||||
Unused commitment fees | | | | 1,353 | | | | | 972 | | | | | 304 | | | | | | 1,222 | | | | | 1,353 | | | | | 972 | | | ||||||
Total interest and financing expenses | | | $ | 2,099 | | | | $ | 2,593 | | | | $ | 3,572 | | | | | $ | 2,608 | | | | $ | 2,099 | | | | $ | 2,593 | | | ||||||
Average outstanding balance | | | $ | 6,304 | | | | $ | 22,493 | | | | $ | 64,625 | | | | | $ | 10,448 | | | | $ | 6,304 | | | | $ | 22,493 | | | ||||||
Average stated interest rate | | | | 4.89% | | | | | 4.08% | | | | | 3.51% | | | | | | 5.41% | | | | | 4.89% | | | | | 4.08% | | |
| | Carrying Value(1) | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | Carrying Value(1) | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||||||||||||||
SBA debentures | | | $ | 165,700 | | | | $ | 165,436 | | | | $ | — | | | | $ | — | | | | $ | 165,436 | | | | | $ | 150,000 | | | | $ | 151,167 | | | | $ | — | | | | $ | — | | | | $ | 151,167 | | | ||||||||||
2022 Notes | | | | 75,000 | | | | | 74,700 | | | | | 74,700 | | | | | — | | | | | — | | | | | | 75,000 | | | | | 74,970 | | | | | 74,970 | | | | | — | | | | | — | | | ||||||||||
2022 Convertible Notes | | | | 52,088 | | | | | 49,546 | | | | | 49,546 | | | | | — | | | | | — | | | | | | 52,088 | | | | | 51,498 | | | | | 51,498 | | | | | — | | | | | — | | | ||||||||||
Credit Facility | | | | 10,000 | | | | | 10,030 | | | | | — | | | | | — | | | | | 10,030 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Total | | | $ | 302,788 | | | | $ | 299,712 | | | | $ | 124,246 | | | | $ | — | | | | $ | 175,466 | | | | | $ | 277,088 | | | | $ | 277,635 | | | | $ | 126,468 | | | | $ | — | | | | $ | 151,167 | | | ||||||||||
|
| | Carrying Value(1) | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | Carrying Value(1) | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||||||||||||||
SBA debentures | | | $ | 170,700 | | | | $ | 173,373 | | | | $ | — | | | | $ | — | | | | $ | 173,373 | | | | | $ | 165,700 | | | | $ | 165,436 | | | | $ | — | | | | $ | — | | | | $ | 165,436 | | | ||||||||||
2022 Notes | | | | 75,000 | | | | | 75,600 | | | | | 75,600 | | | | | — | | | | | — | | | | | | 75,000 | | | | | 74,700 | | | | | 74,700 | | | | | — | | | | | — | | | ||||||||||
2022 Convertible Notes | | | | 52,088 | | | | | 51,775 | | | | | 51,775 | | | | | — | | | | | — | | | | | | 52,088 | | | | | 49,546 | | | | | 49,546 | | | | | — | | | | | — | | | ||||||||||
Credit Facility | | | | 9,000 | | | | | 9,038 | | | | | — | | | | | — | | | | | 9,038 | | | | | | 10,000 | | | | | 10,030 | | | | | — | | | | | — | | | | | 10,030 | | | ||||||||||
Total | | | $ | 306,788 | | | | $ | 309,786 | | | | $ | 127,375 | | | | $ | — | | | | $ | 182,411 | | | | | $ | 302,788 | | | | $ | 299,712 | | | | $ | 124,246 | | | | $ | — | | | | $ | 175,466 | | | ||||||||||
|
| | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | Tax year ended August 31, 2016 | | | Tax year ended December 31, 2019 | | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | ||||||||||||||||||||||||||||||||
Increase (decrease) in accumulated net investment income | | | $ | 38 | | | | $ | — | | | | $ | (67) | | | | $ | 13,838 | | | | | $ | (13) | | | | $ | 38 | | | | $ | — | | | | $ | (67) | | | ||||||||
Increase (decrease) in accumulated net realized gains on investments | | | | — | | | | | — | | | | | 88 | | | | | (13,816) | | | | | | 2,450 | | | | | — | | | | | — | | | | | 88 | | | ||||||||
Decrease in capital in excess of par value | | | | (38) | | | | | — | | | | | (21) | | | | | (22) | | | |||||||||||||||||||||||||||||
Increase (decrease) in capital in excess of par value | | | | (2,437) | | | | | (38) | | | | | — | | | | | (21) | | |
| | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | Tax year ended August 31, 2016 | | | Tax year ended December 31, 2019 | | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | ||||||||||||||||||||||||||||||||
Undistributed ordinary income | | | $ | 1,016 | | | | $ | 9,851 | | | | $ | 8,999 | | | | $ | 5,646 | | | | | $ | — | | | | $ | 1,016 | | | | $ | 9,851 | | | | $ | 8,999 | | | ||||||||
Accumulated capital losses | | | | (79,063) | | | | | (44,078) | | | | | (43,618) | | | | | (44,296) | | | | | | (95,186) | | | | | (79,063) | | | | | (44,078) | | | | | (43,618) | | | ||||||||
Unrealized appreciation | | | | 6,519 | | | | | 34,065 | | | | | 25,994 | | | | | 47,837 | | | |||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | | | | (9,190) | | | | | 6,519 | | | | | 34,065 | | | | | 25,994 | | | |||||||||||||||||||||||||||||
Other temporary differences | | | | (610) | | | | | (9,426) | | | | | (8,276) | | | | | (2,570) | | | | | | (6,423) | | | | | (610) | | | | | (9,426) | | | | | (8,276) | | | ||||||||
Total | | | $ | (72,138) | | | | $ | (9,588) | | | | $ | (16,901) | | | | $ | 6,617 | | | | | $ | (110,799) | | | | $ | (72,138) | | | | $ | (9,588) | | | | $ | (16,901) | | | ||||||||
|
| | | Tax year ended December 31, 2018 | | | Tax period ended December 31, 2017 | | | Tax year ended August 31, 2017 | | | Tax year ended August 31, 2016 | | ||||||||||||
Net increase (decrease) in net assets resulting from operations | | | | $ | (16,026) | | | | | $ | (17,150) | | | | | $ | 1,647 | | | | | $ | 10,291 | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (840) | | | | | | (1,698) | | | | | | 18,518 | | | | | | (20,809) | | |
Capital loss carryforward (utilization) | | | | | 34,985 | | | | | | 460 | | | | | | (679) | | | | | | 44,296 | | |
Tax provision (benefit) | | | | | (1,916) | | | | | | 1,289 | | | | | | — | | | | | | — | | |
| | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | Tax year ended August 31, 2016 | | | Tax year ended December 31, 2019 | | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2017 | | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (27,647) | | | | $ | (16,026) | | | | $ | (17,150) | | | | $ | 1,647 | | | |||||||||||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | | | | 20,306 | | | | | (840) | | | | | (1,698) | | | | | 18,518 | | | |||||||||||||||||||||||||||||
Capital loss carryforward (utilization) | | | | 16,246 | | | | | 34,985 | | | | | 460 | | | | | (679) | | | |||||||||||||||||||||||||||||
Tax provision (benefit) | | | | 628 | | | | | (1,916) | | | | | 1,289 | | | | | — | | | |||||||||||||||||||||||||||||
Other deductions for book in excess of deductions for tax | | | | (9,051) | | | | | 24,981 | | | | | 9,053 | | | | | (3,654) | | | | | | 2,903 | | | | | (9,051) | | | | | 24,981 | | | | | 9,053 | | | ||||||||
Total taxable income | | | $ | 7,152 | | | | $ | 7,882 | | | | $ | 28,539 | | | | $ | 30,124 | | | | | $ | 12,436 | | | | $ | 7,152 | | | | $ | 7,882 | | | | $ | 28,539 | | | ||||||||
|
| | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax Year ended August 31, 2017 | | Tax year ended August 31, 2016 | | | Tax year ended December 31, 2019 | | Tax year ended December 31, 2018 | | Tax period ended December 31, 2017 | | Tax year ended August 31, 2016 | | ||||||||||||||||||||||||||||||||
Ordinary income | | | $ | 15,986 | | | | $ | 6,052 | | | | $ | 25,187 | | | | $ | 24,478 | | | | | $ | 13,451 | | | | $ | 15,986 | | | | $ | 6,052 | | | | $ | 25,187 | | | ||||||||
Long-term capital gains | | | | — | | | | | — | | | | | — | | | | | 8,378 | | | |||||||||||||||||||||||||||||
Return of capital | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2,659 | | | | | — | | | | | — | | | | | — | | | ||||||||
Total | | | $ | 15,986 | | | | $ | 6,052 | | | | $ | 25,187 | | | | $ | 32,856 | | | | | $ | 16,110 | | | | $ | 15,986 | | | | $ | 6,052 | | | | $ | 25,187 | | | ||||||||
|
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net operating loss carryforwards | | | $ | 2,963 | | | | $ | 2,216 | | | | | $ | 4,033 | | | | $ | 2,963 | | | ||||
Capital loss carryforwards | | | | 243 | | | | | — | | | |||||||||||||||
Other deferred tax assets | | | | 58 | | | | | — | | | | | | 5 | | | | | 58 | | | ||||
Less valuation allowance | | | | (364) | | | | | (363) | | | | | | (3,166) | | | | | (364) | | | ||||
| | | | 2,657 | | | | | 1,853 | | | |||||||||||||||
Total deferred tax assets | | | | 1,115 | | | | | 2,657 | | | |||||||||||||||
Deferred tax liabilities: | | | | | | | | | | | | | | |||||||||||||
Net unrealized appreciation on investments | | | | (825) | | | | | (2,809) | | | | | | (1,115) | | | | | (2,029) | | | ||||
Basis reduction in partnership investments | | | | (1,204) | | | | | (333) | | | |||||||||||||||
| | | | (2,029) | | | | | (3,142) | | | |||||||||||||||
Total deferred tax liabilities | | | | (1,115) | | | | | (2,029) | | | |||||||||||||||
Net deferred tax asset (liability) | | | $ | 628 | | | | $ | (1,289) | | | | | $ | — | | | | $ | 628 | | | ||||
|
| | | For the year ended | | |||||||||||||||
| | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Tax expense (benefit) at statutory rates | | | | $ | (1,447) | | | | | $ | 1,998 | | | | | $ | — | | |
State income tax expense (benefit), net of federal benefit | | | | | (266) | | | | | | 188 | | | | | | — | | |
Tax benefit on net operating losses | | | | | — | | | | | | (908) | | | | | | — | | |
Adjustment to unrealized appreciation | | | | | (159) | | | | | | — | | | | | | — | | |
Other adjustments | | | | | (40) | | | | | | — | | | | | | — | | |
Tax expense on permanent items | | | | | — | | | | | | 140 | | | | | | — | | |
Revaluation for federal rate change | | | | | — | | | | | | (492) | | | | | | — | | |
Revaluation for state rate change | | | | | (5) | | | | | | | | | | | | | | |
Change in valuation allowance | | | | | 1 | | | | | | 363 | | | | | | — | | |
Total tax provision (benefit), net | | | | $ | (1,916) | | | | | $ | 1,289 | | | | | $ | — | | |
|
| | | For the years ended | | |||||||||||||||
| | | December 31, 2019 | | | December 31, 2018 | | | December 31, 2017 | | |||||||||
Tax expense (benefit) at statutory rates | | | | $ | (1,742) | | | | | $ | (1,447) | | | | | $ | 1,998 | | |
State income tax expense (benefit), net of federal benefit | | | | | (300) | | | | | | (266) | | | | | | 188 | | |
Tax benefit on net operating losses | | | | | — | | | | | | — | | | | | | (908) | | |
Adjustment to unrealized appreciation | | | | | (359) | | | | | | (159) | | | | | | — | | |
Other adjustments | | | | | 218 | | | | | | (40) | | | | | | — | | |
Tax expense on permanent items | | | | | — | | | | | | — | | | | | | 140 | | |
Revaluation for federal rate change | | | | | — | | | | | | — | | | | | | (492) | | |
Revaluation for state rate change | | | | | 10 | | | | | | (5) | | | | | | — | | |
Change in valuation allowance | | | | | 2,801 | | | | | | 1 | | | | | | 363 | | |
Total tax provision (benefit), net | | | | $ | 628 | | | | | $ | (1,916) | | | | | $ | 1,289 | | |
| | For the year ended | | | For the years ended | | ||||||||||||||||||||||||||||||||
| | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | | December 31, 2019 | | December 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||
Deferred tax provision (benefit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Federal | | | $ | (1,615) | | | | $ | 778 | | | | $ | — | | | | | $ | (1,862) | | | | $ | (1,615) | | | | $ | 778 | | | ||||||
State | | | | (302) | | | | | 148 | | | | | — | | | | | | (311) | | | | | (302) | | | | | 148 | | | ||||||
Less valuation allowance | | | | 1 | | | | | 363 | | | | | — | | | ||||||||||||||||||||||
Less change in valuation allowance | | | | 2,801 | | | | | 1 | | | | | 363 | | | ||||||||||||||||||||||
Total tax provision (benefit), net | | | $ | (1,916) | | | | $ | 1,289 | | | | $ | — | | | | | $ | 628 | | | | $ | (1,916) | | | | $ | 1,289 | | | ||||||
|
| | | As of | | |||||||||
Balance Sheets – AAE Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 7,277 | | | | | $ | 6,712 | | |
Noncurrent assets | | | | | 22,994 | | | | | | 27,668 | | |
Total assets | | | | $ | 30,271 | | | | | $ | 34,380 | | |
Current liabilities | | | | $ | 53,939 | | | | | $ | 2,897 | | |
Noncurrent liabilities | | | | | 2,122 | | | | | | 51,428 | | |
Total liabilities | | | | $ | 56,061 | | | | | $ | 54,325 | | |
Total deficit | | | | $ | (25,790) | | | | | $ | (19,945) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – AAE Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 27,162 | | | | | $ | 26,677 | | | | | $ | 28,352 | | |
Cost of goods sold | | | | | 20,098 | | | | | | 20,265 | | | | | | 22,402 | | |
Gross profit | | | | $ | 7,064 | | | | | $ | 6,412 | | | | | $ | 5,950 | | |
Other expenses | | | | $ | 12,768 | | | | | $ | 11,916 | | | | | $ | 11,812 | | |
Net loss before income taxes | | | | | (5,704) | | | | | | (5,504) | | | | | | (5,862) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (5,704) | | | | | $ | (5,504) | | | | | $ | (5,862) | | |
|
| | | As of | | |||||||||
Balance Sheets – CableOrganizer Acquisition, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 2,987 | | | | | $ | 5,182 | | |
Noncurrent assets | | | | | 8,459 | | | | | | 8,354 | | |
Total assets | | | | $ | 11,446 | | | | | $ | 13,536 | | |
Current liabilities | | | | $ | 13,094 | | | | | $ | 5,205 | | |
Noncurrent liabilities | | | | | — | | | | | | 12,346 | | |
Total liabilities | | | | $ | 13,094 | | | | | $ | 17,551 | | |
Total deficit | | | | $ | (1,648) | | | | | $ | (4,015) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – CableOrganizer Acquisition, LLC. | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 18,115 | | | | | $ | 27,133 | | | | | $ | 23,277 | | |
Cost of goods sold | | | | | 12,183 | | | | | | 19,819 | | | | | | 15,715 | | |
Gross profit | | | | $ | 5,932 | | | | | $ | 7,314 | | | | | $ | 7,562 | | |
Other expenses | | | | $ | 7,960 | | | | | $ | 10,690 | | | | | $ | 10,344 | | |
Net loss before income taxes | | | | | (2,028) | | | | | | (3,376) | | | | | | (2,782) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (2,028) | | | | | $ | (3,376) | | | | | $ | (2,782) | | |
|
| | | As of | | |||||||||
Balance Sheets – Eastport Holdings, LLC | | | August 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 99,483 | | | | | $ | 94,396 | | |
Noncurrent assets | | | | | 185,292 | | | | | | 180,266 | | |
Total assets | | | | $ | 284,775 | | | | | $ | 274,662 | | |
Current liabilities | | | | $ | 163,085 | | | | | $ | 153,182 | | |
Noncurrent liabilities | | | | | 60,939 | | | | | | 56,272 | | |
Total liabilities | | | | $ | 224,024 | | | | | $ | 209,454 | | |
Total equity | | | | $ | 60,751 | | | | | $ | 65,208 | | |
|
| | | For the eight months ended August 31, 2018 | | | For the year ended | | ||||||||||||
Statements of Operations – Eastport Holdings, LLC | | | December 31, 2017 | | | December 31, 2016 | | ||||||||||||
Net sales | | | | $ | 373,943 | | | | | $ | 510,400 | | | | | $ | 499,986 | | |
Cost of goods sold | | | | | 267,395 | | | | | | 364,605 | | | | | | 377,036 | | |
Gross profit | | | | $ | 106,548 | | | | | $ | 145,795 | | | | | $ | 122,950 | | |
Other expenses | | | | $ | 103,811 | | | | | $ | 135,597 | | | | | $ | 111,677 | | |
Net income before income taxes | | | | | 2,737 | | | | | | 10,198 | | | | | | 11,273 | | |
Income tax provision | | | | | 335 | | | | | | 278 | | | | | | — | | |
Net income | | | | $ | 2,402 | | | | | $ | 9,920 | | | | | $ | 11,273 | | |
|
| | | As of | | |||||||||
Balance Sheets – Micro Precision, LLC | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 5,880 | | | | | $ | 6,187 | | |
Noncurrent assets | | | | | 19,436 | | | | | | 15,864 | | |
Total assets | | | | $ | 25,316 | | | | | $ | 22,051 | | |
Current liabilities | | | | $ | 7,712 | | | | | $ | 6,511 | | |
Noncurrent liabilities | | | | | 13,961 | | | | | | 15,790 | | |
Total liabilities | | | | $ | 21,673 | | | | | $ | 22,301 | | |
Total equity (deficit) | | | | $ | 3,643 | | | | | $ | (250) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – Micro Precision, LLC | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 12,083 | | | | | $ | 14,053 | | | | | $ | 17,788 | | |
Cost of goods sold | | | | | 6,595 | | | | | | 8,677 | | | | | | 12,183 | | |
Gross profit | | | | $ | 5,488 | | | | | $ | 5,376 | | | | | $ | 5,605 | | |
Other expenses | | | | $ | 5,562 | | | | | $ | 6,590 | | | | | $ | 6,836 | | |
Net loss before income taxes | | | | | (74) | | | | | | (1,214) | | | | | | (1,231) | | |
Income tax provision | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (74) | | | | | $ | (1,214) | | | | | $ | (1,231) | | |
|
| | | As of | | |||||||||
Balance Sheets – Navis Holdings, Inc. | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Current assets | | | | $ | 5,868 | | | | | $ | 4,723 | | |
Noncurrent assets | | | | | 5,145 | | | | | | 2,162 | | |
Total assets | | | | $ | 11,013 | | | | | $ | 6,885 | | |
Current liabilities | | | | $ | 5,542 | | | | | $ | 2,463 | | |
Noncurrent liabilities | | | | | 8,060 | | | | | | 6,738 | | |
Total liabilities | | | | $ | 13,602 | | | | | $ | 9,201 | | |
Total deficit | | | | $ | (2,589) | | | | | $ | (2,316) | | |
|
| | | For the year ended | | |||||||||||||||
Statements of Operations – Navis Holdings, Inc. | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net sales | | | | $ | 14,305 | | | | | $ | 13,947 | | | | | $ | 17,803 | | |
Cost of goods sold | | | | | 8,456 | | | | | | 8,729 | | | | | | 10,933 | | |
Gross profit | | | | $ | 5,849 | | | | | $ | 5,218 | | | | | $ | 6,870 | | |
Other expenses | | | | $ | 5,977 | | | | | $ | 4,684 | | | | | $ | 5,070 | | |
Net income (loss) before income taxes | | | | | (128) | | | | | | 534 | | | | | | 1,800 | | |
Income tax provision | | | | | 20 | | | | | | 1,185 | | | | | | 701 | | |
Net income (loss) | | | | $ | (148) | | | | | $ | (651) | | | | | $ | 1,099 | | |
|
| | | For the year ended | | |||||||||||||||
Basic and diluted | | | December 31, 2018 | | | December 31, 2017 | | | December 31, 2016 | | |||||||||
Net increase (decrease) in net assets resulting from operations | | | | $ | (16,026) | | | | | $ | (6,984) | | | | | $ | 9,152 | | |
Weighted average common stock outstanding – basic and diluted | | | | | 15,993,436 | | | | | | 15,903,167 | | | | | | 15,819,175 | | |
Net increase (decrease) in net assets per share resulting from operations – basic and diluted | | | | $ | (1.00) | | | | | $ | (0.44) | | | | | $ | 0.58 | | |
| | | For the years ended | | |||||||||||||||
Basic and diluted | | | December 31, 2019 | | | December 31, 2018 | | | December 31, 2017 | | |||||||||
Net decrease in net assets resulting from operations | | | | $ | (27,647) | | | | | $ | (16,026) | | | | | $ | (6,984) | | |
Weighted average common stock outstanding – basic and diluted | | | | | 16,117,719 | | | | | | 15,993,436 | | | | | | 15,903,167 | | |
Net decrease in net assets per share resulting from operations – basic and diluted | | | | $ | (1.72) | | | | | $ | (1.00) | | | | | $ | (0.44) | | |
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 2, 2018 | | | January 22, 2018 | | | January 30, 2018 | | | | $ | 0.0833 | | | | | $ | 1,275 | | | | | | 7,280 | | | | | $ | 54 | | |
January 2, 2018 | | | February 20, 2018 | | | February 27, 2018 | | | | | 0.0833 | | | | | | 1,275 | | | | | | 8,076 | | | | | | 54 | | |
January 2, 2018 | | | March 23, 2018 | | | March 29, 2018 | | | | | 0.0833 | | | | | | 1,274 | | | | | | 7,631 | | | | | | 56 | | |
April 2, 2018 | | | April 19, 2018 | | | April 27, 2018 | | | | | 0.0833 | | | | | | 1,278 | | | | | | 7,006 | | | | | | 53 | | |
April 2, 2018 | | | May 22, 2018 | | | May 30, 2018 | | | | | 0.0833 | | | | | | 1,277 | | | | | | 6,875 | | | | | | 54 | | |
April 2, 2018 | | | June 20, 2018 | | | June 28, 2018 | | | | | 0.0833 | | | | | | 1,280 | | | | | | 6,591 | | | | | | 52 | | |
July 2, 2018 | | | July 23, 2018 | | | July 30, 2018 | | | | | 0.0833 | | | | | | 1,279 | | | | | | 6,515 | | | | | | 53 | | |
July 2, 2018 | | | August 23, 2018 | | | August 30, 2018 | | | | | 0.0833 | | | | | | 1,277 | | | | | | 6,699 | | | | | | 56 | | |
July 2, 2018 | | | September 20, 2018 | | | September 27, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 10,066 | | | | | | 84 | | |
October 1, 2018 | | | October 23, 2018 | | | October 30, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 10,918 | | | | | | 85 | | |
October 1, 2018 | | | November 21, 2018 | | | November 29, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 11,342 | | | | | | 86 | | |
October 1, 2018 | | | December 20, 2018 | | | December 28, 2018 | | | | | 0.0833 | | | | | | 1,255 | | | | | | 11,317 | | | | | | 82 | | |
Total Distributions Declared and Distributed for 2018 | | | | $ | 1.00 | | | | | $ | 15,217 | | | | | | 100,316 | | | | | $ | 769 | | | ||||||
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 3, 2017 | | | January 20, 2017 | | | January 30, 2017 | | | | $ | 0.1300 | | | | | $ | 1,993 | | | | | | 5,304 | | | | | $ | 70 | | |
January 3, 2017 | | | February 20, 2017 | | | February 27, 2017 | | | | | 0.1300 | | | | | | 1,993 | | | | | | 5,195 | | | | | | 70 | | |
January 3, 2017 | | | March 23, 2017 | | | March 30, 2017 | | | | | 0.1300 | | | | | | 1,998 | | | | | | 4,948 | | | | | | 67 | | |
April 3, 2017 | | | April 19, 2017 | | | April 27, 2017 | | | | | 0.1300 | | | | | | 1,996 | | | | | | 5,164 | | | | | | 69 | | |
April 3, 2017 | | | May 23, 2017 | | | May 29, 2017 | | | | | 0.1300 | | | | | | 1,990 | | | | | | 5,880 | | | | | | 76 | | |
April 3, 2017 | | | June 21, 2017 | | | June 29, 2017 | | | | | 0.1300 | | | | | | 1,969 | | | | | | 7,959 | | | | | | 97 | | |
July 3, 2017 | | | July 21, 2017 | | | July 28, 2017 | | | | | 0.1300 | | | | | | 1,995 | | | | | | 5,889 | | | | | | 73 | | |
July 3, 2017 | | | August 23, 2017 | | | August 30, 2017 | | | | | 0.1300 | | | | | | 1,957 | | | | | | 13,162 | | | | | | 111 | | |
July 3, 2017 | | | September 20, 2017 | | | September 28, 2017 | | | | | 0.1300 | | | | | | 1,989 | | | | | | 9,085 | | | | | | 80 | | |
October 2, 2017 | | | October 23, 2017 | | | October 30, 2017 | | | | | 0.0833 | | | | | | 1,280 | | | | | | 5,876 | | | | | | 48 | | |
October 2, 2017 | | | November 21, 2017 | | | November 29, 2017 | | | | | 0.0833 | | | | | | 1,278 | | | | | | 6,856 | | | | | | 49 | | |
October 2, 2017 | | | December 20, 2017 | | | December 28, 2017 | | | | | 0.0833 | | | | | | 1,273 | | | | | | 7,868 | | | | | | 55 | | |
Total Distributions Declared and Distributed for 2017 | | | | $ | 1.42 | | | | | $ | 21,711 | | | | | | 83,186 | | | | | $ | 865 | | | ||||||
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 4, 2016 | | | January 22, 2016 | | | January 28, 2016 | | | | $ | 0.1567 | | | | | $ | 2,392 | | | | | | 8,135 | | | | | $ | 80 | | |
January 4, 2016 | | | February 19, 2016 | | | February 26, 2016 | | | | | 0.1567 | | | | | | 2,405 | | | | | | 7,076 | | | | | | 70 | | |
January 4, 2016 | | | March 22, 2016 | | | March 30, 2016 | | | | | 0.1567 | | | | | | 2,397 | | | | | | 7,079 | | | | | | 77 | | |
April 1, 2016 | | | April 22, 2016 | | | April 28, 2016 | | | | | 0.1567 | | | | | | 2,392 | | | | | | 6,625 | | | | | | 85 | | |
April 1, 2016 | | | May 23, 2016 | | | May 30, 2016 | | | | | 0.1567 | | | | | | 2,372 | | | | | | 8,147 | | | | | | 104 | | |
April 1, 2016 | | | June 21, 2016 | | | June 29, 2016 | | | | | 0.1567 | | | | | | 2,369 | | | | | | 8,229 | | | | | | 108 | | |
July 1, 2016 | | | July 22, 2016 | | | July 29, 2016 | | | | | 0.1567 | | | | | | 2,382 | | | | | | 7,025 | | | | | | 98 | | |
July 1, 2016 | | | August 22, 2016 | | | August 30, 2016 | | | | | 0.1567 | | | | | | 2,391 | | | | | | 6,256 | | | | | | 90 | | |
July 1, 2016 | | | September 22, 2016 | | | September 29, 2016 | | | | | 0.1567 | | | | | | 2,380 | | | | | | 8,242 | | | | | | 101 | | |
September 22, 2016 | | | October 21, 2016 | | | October 28, 2016 | | | | | 0.1300 | | | | | | 1,977 | | | | | | 6,619 | | | | | | 82 | | |
September 22, 2016 | | | November 21, 2016 | | | November 29, 2016 | | | | | 0.1300 | | | | | | 1,926 | | | | | | 11,384 | | | | | | 136 | | |
September 22, 2016 | | | December 21, 2016 | | | December 29, 2016 | | | | | 0.1300 | | | | | | 1,989 | | | | | | 5,883 | | | | | | 72 | | |
Total Distributions Declared and Distributed for 2016 | | | | $ | 1.80 | | | | | $ | 27,372 | | | | | | 90,700 | | | | | $ | 1,103 | | | ||||||
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 2, 2019 | | | January 24, 2019 | | | January 30, 2019 | | | | $ | 0.0833 | | | | | $ | 1,256 | | | | | | 10,270 | | | | | $ | 81 | | |
January 2, 2019 | | | February 20, 2019 | | | February 27, 2019 | | | | | 0.0833 | | | | | | 1,253 | | | | | | 10,570 | | | | | | 85 | | |
January 2, 2019 | | | March 21, 2019 | | | March 28, 2019 | | | | | 0.0833 | | | | | | 1,250 | | | | | | 11,756 | | | | | | 89 | | |
April 1, 2019 | | | April 22, 2019 | | | April 29, 2019 | | | | | 0.0833 | | | | | | 1,246 | | | | | | 11,479 | | | | | | 94 | | |
April 1, 2019 | | | May 23, 2019 | | | May 30, 2019 | | | | | 0.0833 | | | | | | 1,243 | | | | | | 11,579 | | | | | | 97 | | |
April 1, 2019 | | | June 20, 2019 | | | June 27, 2019 | | | | | 0.0833 | | | | | | 1,238 | | | | | | 11,747 | | | | | | 104 | | |
July 1, 2019 | | | July 23, 2019 | | | July 30, 2019 | | | | | 0.0833 | | | | | | 1,237 | | | | | | 11,721 | | | | | | 106 | | |
July 1, 2019 | | | August 22, 2019 | | | August 29, 2019 | | | | | 0.0833 | | | | | | 1,231 | | | | | | 16,079 | | | | | | 113 | | |
July 1, 2019 | | | September 20, 2019 | | | September 27, 2019 | | | | | 0.0833 | | | | | | 1,231 | | | | | | 14,327 | | | | | | 114 | | |
October 1, 2019 | | | October 22, 2019 | | | October 29, 2019 | | | | | 0.0833 | | | | | | 1,231 | | | | | | 14,482 | | | | | | 115 | | |
October 1, 2019 | | | November 22, 2019 | | | November 29, 2019 | | | | | 0.0833 | | | | | | 1,234 | | | | | | 14,079 | | | | | | 113 | | |
October 1, 2019 | | | December 23, 2019 | | | December 30, 2019 | | | | | 0.0833 | | | | | | 1,234 | | | | | | 14,133 | | | | | | 115 | | |
Total Distributions Declared and Distributed for 2019 | | | | $ | 1.00 | | | | | $ | 14,884 | | | | | | 152,222 | | | | | $ | 1,226 | | | ||||||
|
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 2, 2018 | | | January 22, 2018 | | | January 30, 2018 | | | | $ | 0.0833 | | | | | $ | 1,275 | | | | | | 7,280 | | | | | $ | 54 | | |
January 2, 2018 | | | February 20, 2018 | | | February 27, 2018 | | | | | 0.0833 | | | | | | 1,275 | | | | | | 8,076 | | | | | | 54 | | |
January 2, 2018 | | | March 23, 2018 | | | March 29, 2018 | | | | | 0.0833 | | | | | | 1,274 | | | | | | 7,631 | | | | | | 56 | | |
April 2, 2018 | | | April 19, 2018 | | | April 27, 2018 | | | | | 0.0833 | | | | | | 1,278 | | | | | | 7,006 | | | | | | 53 | | |
April 2, 2018 | | | May 22, 2018 | | | May 30, 2018 | | | | | 0.0833 | | | | | | 1,277 | | | | | | 6,875 | | | | | | 54 | | |
April 2, 2018 | | | June 20, 2018 | | | June 28, 2018 | | | | | 0.0833 | | | | | | 1,280 | | | | | | 6,591 | | | | | | 52 | | |
July 2, 2018 | | | July 23, 2018 | | | July 30, 2018 | | | | | 0.0833 | | | | | | 1,279 | | | | | | 6,515 | | | | | | 53 | | |
July 2, 2018 | | | August 23, 2018 | | | August 30, 2018 | | | | | 0.0833 | | | | | | 1,277 | | | | | | 6,699 | | | | | | 56 | | |
July 2, 2018 | | | September 20, 2018 | | | September 27, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 10,066 | | | | | | 84 | | |
October 1, 2018 | | | October 23, 2018 | | | October 30, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 10,918 | | | | | | 85 | | |
October 1, 2018 | | | November 21, 2018 | | | November 29, 2018 | | | | | 0.0833 | | | | | | 1,249 | | | | | | 11,342 | | | | | | 86 | | |
October 1, 2018 | | | December 20, 2018 | | | December 28, 2018 | | | | | 0.0833 | | | | | | 1,255 | | | | | | 11,317 | | | | | | 82 | | |
Total Distributions Declared and Distributed for 2018 | | | | $ | 1.00 | | | | | $ | 15,217 | | | | | | 100,316 | | | | | $ | 769 | | |
Date Declared | | | Record Date | | | Payment Date | | | Amount Per Share | | | Cash Distribution | | | DRIP Shares Issued | | | DRIP Share Value | | ||||||||||||
January 3, 2017 | | | January 20, 2017 | | | January 30, 2017 | | | | $ | 0.1300 | | | | | $ | 1,993 | | | | | | 5,304 | | | | | $ | 70 | | |
January 3, 2017 | | | February 20, 2017 | | | February 27, 2017 | | | | | 0.1300 | | | | | | 1,993 | | | | | | 5,195 | | | | | | 70 | | |
January 3, 2017 | | | March 23, 2017 | | | March 30, 2017 | | | | | 0.1300 | | | | | | 1,998 | | | | | | 4,948 | | | | | | 67 | | |
April 3, 2017 | | | April 19, 2017 | | | April 27, 2017 | | | | | 0.1300 | | | | | | 1,996 | | | | | | 5,164 | | | | | | 69 | | |
April 3, 2017 | | | May 23, 2017 | | | May 29, 2017 | | | | | 0.1300 | | | | | | 1,990 | | | | | | 5,880 | | | | | | 76 | | |
April 3, 2017 | | | June 21, 2017 | | | June 29, 2017 | | | | | 0.1300 | | | | | | 1,969 | | | | | | 7,959 | | | | | | 97 | | |
July 3, 2017 | | | July 21, 2017 | | | July 28, 2017 | | | | | 0.1300 | | | | | | 1,995 | | | | | | 5,889 | | | | | | 73 | | |
July 3, 2017 | | | August 23, 2017 | | | August 30, 2017 | | | | | 0.1300 | | | | | | 1,957 | | | | | | 13,162 | | | | | | 111 | | |
July 3, 2017 | | | September 20, 2017 | | | September 28, 2017 | | | | | 0.1300 | | | | | | 1,989 | | | | | | 9,085 | | | | | | 80 | | |
October 2, 2017 | | | October 23, 2017 | | | October 30, 2017 | | | | | 0.0833 | | | | | | 1,280 | | | | | | 5,876 | | | | | | 48 | | |
October 2, 2017 | | | November 21, 2017 | | | November 29, 2017 | | | | | 0.0833 | | | | | | 1,278 | | | | | | 6,856 | | | | | | 49 | | |
October 2, 2017 | | | December 20, 2017 | | | December 28, 2017 | | | | | 0.0833 | | | | | | 1,273 | | | | | | 7,868 | | | | | | 55 | | |
Total Distributions Declared and Distributed for 2017 | | | | $ | 1.42 | | | | | $ | 21,711 | | | | | | 83,186 | | | | | $ | 865 | | |
| | For the year ended December 31, | | | For the years ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | | 2019 | | 2018 | | 2017 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||||||||||
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net asset value at beginning of year | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | | $ | 18.56 | | | | $ | 20.71 | | | | | $ | 11.88 | | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | | $ | 18.56 | | | ||||||||||
Net investment income(1) | | | | 1.00 | | | | | 0.98 | ��� | | | | 1.84 | | | | | 1.67 | | | | | 1.54 | | | | | | 0.81 | | | | | 1.00 | | | | | 0.98 | | | | | 1.84 | | | | | 1.67 | | | ||||||||||
Net realized gain (loss) on investments(1) | | | | (2.18) | | | | | (1.52) | | | | | (1.44) | | | | | 0.35 | | | | | 0.06 | | | | | | (1.23) | | | | | (2.18) | | | | | (1.52) | | | | | (1.44) | | | | | 0.35 | | | ||||||||||
Net unrealized appreciation (depreciation) on investments(1) | | | | (0.37) | | | | | 0.44 | | | | | 0.35 | | | | | (1.11) | | | | | (1.87) | | | | | | (1.26) | | | | | (0.37) | | | | | 0.44 | | | | | 0.35 | | | | | (1.11) | | | ||||||||||
Net unrealized appreciation (depreciation) on Written Call Option(1) | | | | 0.43 | | | | | (0.26) | | | | | (0.17) | | | | | — | | | | | — | | | | | | — | | | | | 0.43 | | | | | (0.26) | | | | | (0.17) | | | | | — | | | ||||||||||
Tax benefit (provision)(1) | | | | 0.12 | | | | | (0.08) | | | | | — | | | | | — | | | | | — | | | | | | (0.04) | | | | | 0.12 | | | | | (0.08) | | | | | — | | | | | — | | | ||||||||||
Distributions declared from net investment income | | | | (1.00) | | | | | (1.42) | | | | | (1.80) | | | | | (1.88) | | | | | (1.88) | | | ||||||||||||||||||||||||||||||||||||
Distributions declared from net realized gains | | | | — | | | | | — | | | | | — | | | | | (0.50) | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Distributions – net investment income | | | | (0.83) | | | | | (1.00) | | | | | (1.42) | | | | | (1.80) | | | | | (1.88) | | | ||||||||||||||||||||||||||||||||||||
Distributions – return of capital | | | | (0.17) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Distributions – net realized gains | | | | — | | | | | — | | | | | — | | | | | — | | | | | (0.50) | | | ||||||||||||||||||||||||||||||||||||
Issuance of common stock | | | | — | | | | | — | | | | | — | | | | | (0.15) | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (0.15) | | | ||||||||||
Accretive impact of stock repurchase | | | | — | | | | | — | | | | | — | | | | | 0.13 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 0.13 | | | ||||||||||
Other(7) | | | | (0.03) | | | | | (0.02) | | | | | (0.03) | | | | | (0.03) | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Other(6) | | | | (0.02) | | | | | (0.03) | | | | | (0.02) | | | | | (0.03) | | | | | (0.03) | | | ||||||||||||||||||||||||||||||||||||
Net asset value at end of year | | | $ | 11.88 | | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | | $ | 18.56 | | | | | $ | 9.14 | | | | $ | 11.88 | | | | $ | 13.91 | | | | $ | 15.79 | | | | $ | 17.04 | | | ||||||||||
Net assets at end of year | | | $ | 190,644 | | | | $ | 221,887 | | | | $ | 250,582 | | | | $ | 268,802 | | | | $ | 240,837 | | | | | $ | 148,113 | | | | $ | 190,644 | | | | $ | 221,887 | | | | $ | 250,582 | | | | $ | 268,802 | | | ||||||||||
Shares outstanding at end of year | | | | 16,051,547 | | | | | 15,951,231 | | | | | 15,868,045 | | | | | 15,777,345 | | | | | 12,974,420 | | | | | | 16,203,769 | | | | | 16,051,547 | | | | | 15,951,231 | | | | | 15,868,045 | | | | | 15,777,345 | | | ||||||||||
Per share market value at end of year | | | $ | 7.17 | | | | $ | 7.28 | | | | $ | 12.93 | | | | $ | 12.08 | | | | $ | 17.87 | | | | | $ | 8.73 | | | | $ | 7.17 | | | | $ | 7.28 | | | | $ | 12.93 | | | | $ | 12.08 | | | ||||||||||
Total return based on market value(2) | | | | 12.14% | | | | | (35.68)% | | | | | 24.07% | | | | | (20.43)% | | | | | (0.85)% | | | | | | 37.75% | | | | | 12.14% | | | | | (35.68)% | | | | | 24.07% | | | | | (20.43)% | | | ||||||||||
Ratio/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Ratio of net investment income to average net assets | | | | 7.60% | | | | | 6.54% | | | | | 11.32% | | | | | 9.55% | | | | | 7.78% | | | | | | 7.85% | | | | | 7.60% | | | | | 6.54% | | | | | 11.32% | | | | | 9.55% | | | ||||||||||
Ratio of incentive fee, net of incentive fee waiver, to average net assets(6) | | | | 0.12% | | | | | 0.15% | | | | | 2.01% | | | | | 1.88% | | | | | 1.11% | | | ||||||||||||||||||||||||||||||||||||
Ratio of incentive fee, net of incentive fee waiver, to average net assets (5) | | | | 0.73% | | | | | 0.12% | | | | | 0.15% | | | | | 2.01% | | | | | 1.88% | | | ||||||||||||||||||||||||||||||||||||
Ratio of interest and financing expenses to average net assets | | | | 8.20% | | | | | 7.94% | | | | | 7.68% | | | | | 7.17% | | | | | 5.21% | | | | | | 10.30% | | | | | 8.20% | | | | | 7.94% | | | | | 7.68% | | | | | 7.17% | | | ||||||||||
Ratio of loss on extinguishment of debt to average net assets | | | | —% | | | | | 1.15% | | | | | —% | | | | | —% | | | | | —% | | | | | | —% | | | | | —% | | | | | 1.15% | | | | | —% | | | | | —% | | | ||||||||||
Ratio of tax (benefit) provision to average net assets | | | | (0.91)% | | | | | 0.54% | | | | | —% | | | | | —% | | | | | —% | | | | | | 0.38% | | | | | (0.91)% | | | | | 0.54% | | | | | —% | | | | | —% | | | ||||||||||
Ratio of other operating expenses net of management fee waiver to average net assets(8) | | | | 6.52% | | | | | 5.75% | | | | | 5.61% | | | | | 5.52% | | | | | 5.20% | | | ||||||||||||||||||||||||||||||||||||
Ratio of total expenses including tax provision, net of fee waivers to average net assets(6)(8) | | | | 13.93% | | | | | 15.53% | | | | | 15.30% | | | | | 14.57% | | | | | 11.52% | | | ||||||||||||||||||||||||||||||||||||
Ratio of other operating expenses to average net assets | | | | 7.62% | | | | | 6.52% | | | | | 5.75% | | | | | 5.61% | | | | | 5.52% | | | ||||||||||||||||||||||||||||||||||||
Ratio of total expenses including tax provision, net of incentive fee waiver to average net assets (5) | | | | 19.03% | | | | | 13.93% | | | | | 15.53% | | | | | 15.30% | | | | | 14.57% | | | ||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(3) | | | | 22.69% | | | | | 16.34% | | | | | 21.33% | | | | | 25.99% | | | | | 18.62% | | | | | | 19.18% | | | | | 22.69% | | | | | 16.34% | | | | | 21.33% | | | | | 25.99% | | | ||||||||||
Average debt outstanding(4) | | | $ | 302,420 | | | | $ | 325,314 | | | | $ | 356,758 | | | | $ | 324,824 | | | | $ | 255,268 | | | | | $ | 290,073 | | | | $ | 302,420 | | | | $ | 325,314 | | | | $ | 356,758 | | | | $ | 324,824 | | | ||||||||||
Average debt outstanding per common share | | | $ | 18.84 | | | | $ | 20.39 | | | | $ | 22.48 | | | | $ | 20.59 | | | | $ | 19.67 | | | | | $ | 17.90 | | | | $ | 18.84 | | | | $ | 20.39 | | | | $ | 22.48 | | | | $ | 20.59 | | | ||||||||||
Asset coverage ratio per unit(5) | | | $ | 2,391 | | | | $ | 2,630 | | | | $ | 2,592 | | | | $ | 2,465 | | | | $ | 1,788 | | | ||||||||||||||||||||||||||||||||||||
Total Debt Outstanding Exclusive of Treasury Securities: | Total Debt Outstanding Exclusive of Treasury Securities: | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility | | | $ | — | | | | $ | 10,000 | | | | $ | 9,000 | | | | $ | 44,000 | | | | $ | 70,000 | | | ||||||||||||||||||||||||||||||||||||
SBA Debentures | | | $ | 150,000 | | | | $ | 165,700 | | | | $ | 170,700 | | | | $ | 170,700 | | | | $ | 184,200 | | | ||||||||||||||||||||||||||||||||||||
2021 Notes | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 113,438 | | | | $ | 113,438 | | | ||||||||||||||||||||||||||||||||||||
2022 Notes | | | $ | 75,000 | | | | $ | 75,000 | | | | $ | 75,000 | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
2022 Convertible Notes | | | $ | 52,088 | | | | $ | 52,088 | | | | $ | 52,088 | | | | $ | — | | | | $ | — | | |
| | | For the years ended December 31, | | |||||||||||||||||||||||||||
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Asset coverage per unit:(7) | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Credit Facility | | | | $ | 2,165 | | | | | $ | 2,391 | | | | | $ | 2,630 | | | | | $ | 2,592 | | | | | $ | 2,465 | | |
SBA Debentures | | | | �� | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
2021 Notes | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 2,592 | | | | | $ | 2,465 | | |
2022 Notes | | | | $ | 2,165 | | | | | $ | 2,391 | | | | | $ | 2,630 | | | | | | N/A | | | | | | N/A | | |
2022 Convertible Notes | | | | $ | 2,165 | | | | | $ | 2,391 | | | | | $ | 2,630 | | | | | | N/A | | | | | | N/A | | |
Involuntary liquidation preference per unit:(8) | | | | | | | | | | | |||||||||||||||||||||
Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SBA Debentures | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
2021 Notes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
2022 Notes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
2022 Convertible Notes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Average market value per unit(9): | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Credit Facility | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
SBA Debentures | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
2021 Notes | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | 1,006 | | | | | $ | 1,020 | | |
2022 Notes | | | | $ | 1,000 | | | | | $ | 996 | | | | | $ | 1,014 | | | | | | N/A | | | | | | N/A | | |
2022 Convertible Notes | | | | $ | 994 | | | | | $ | 984 | | | | | $ | 1,001 | | | | | | N/A | | | | | | N/A | | |
| | | For the quarter ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | | | December 31, 2018 | | | September 30, 2018 | | | June 30, 2018 | | | March 31, 2018 | |||||||||||
Total investment income | | | | $ | 11,308 | | | | | $ | 11,530 | | | | | $ | 11,882 | | | | | $ | 12,572 |
Net investment income | | | | $ | 3,501 | | | | | $ | 3,851 | | | | | $ | 4,231 | | | | | $ | 4,438 |
Net increase (decrease) in net assets resulting from operations | | | | $ | (9,201) | | | | | $ | (11,916) | | | | | $ | 4,948 | | | | | $ | 141 |
Net investment income per share(1) | | | | $ | 0.22 | | | | | $ | 0.24 | | | | | $ | 0.26 | | | | | $ | 0.28 |
Net increase (decrease) in net assets resulting from operations per share(1) | | | | $ | (0.57) | | | | | $ | (0.74) | | | | | $ | 0.31 | | | | | $ | 0.01 |
Net asset value per share at end of period | | | | $ | 11.88 | | | | | $ | 12.71 | | | | | $ | 13.71 | | | | | $ | 13.66 |
| | | For the quarter ended | ||||||||||||||||||||
(Dollars in thousands, except per share data) | | | December 31, 2017 | | | September 30, 2017 | | | June 30, 2017 | | | March 31, 2017 | |||||||||||
Total investment income | | | | $ | 11,600 | | | | | $ | 12,312 | | | | | $ | 12,362 | | | | | $ | 14,815 |
Net investment income | | | | $ | 4,220 | | | | | $ | 4,410 | | | | | $ | 703 | | | | | $ | 6,191 |
Net increase (decrease) in net assets resulting from operations | | | | $ | (587) | | | | | $ | (5,753) | | | | | $ | (5,525) | | | | | $ | 4,881 |
Net investment income per share(1) | | | | $ | 0.26 | | | | | $ | 0.28 | | | | | $ | 0.04 | | | | | $ | 0.39 |
Net increase (decrease) in net assets resulting from operations per share(1) | | | | $ | (0.04) | | | | | $ | (0.36) | | | | | $ | (0.35) | | | | | $ | 0.31 |
Net asset value per share at end of period | | | | $ | 13.91 | | | | | $ | 14.21 | | | | | $ | 14.97 | | | | | $ | 15.71 |
| | | For the quarter ended | | |||||||||||||||||||||
(Dollars in thousands, except per share data) | | | December 31, 2019 | | | September 30, 2019 | | | June 30, 2019 | | | March 31, 2019 | | ||||||||||||
Total investment income | | | | $ | 9,634 | | | | | $ | 10,126 | | | | | $ | 11,590 | | | | | $ | 12,684 | | |
Net investment income | | | | $ | 1,902 | | | | | $ | 2,984 | | | | | $ | 4,022 | | | | | $ | 4,135 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (69) | | | | | $ | 1,717 | | | | | $ | (29,144) | | | | | $ | (151) | | |
Net investment income per share(1) | | | | $ | 0.12 | | | | | $ | 0.18 | | | | | $ | 0.25 | | | | | $ | 0.26 | | |
Net increase (decrease) in net assets resulting from operations per share(1) | | | | $ | (0.00) | | | | | $ | 0.11 | | | | | $ | (1.81) | | | | | $ | (0.01) | | |
Net asset value per share at end of period | | | | $ | 9.14 | | | | | $ | 9.40 | | | | | $ | 9.55 | | | | | $ | 11.61 | | |
| | | For the quarter ended | | |||||||||||||||||||||
(Dollars in thousands, except per share data) | | | December 31, 2018 | | | September 30, 2018 | | | June 30, 2018 | | | March 31, 2018 | | ||||||||||||
Total investment income | | | | $ | 11,308 | | | | | $ | 11,530 | | | | | $ | 11,882 | | | | | $ | 12,572 | | |
Net investment income | | | | $ | 3,501 | | | | | $ | 3,851 | | | | | $ | 4,231 | | | | | $ | 4,438 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (9,201) | | | | | $ | (11,916) | | | | | $ | 4,948 | | | | | $ | 141 | | |
Net investment income per share(1) | | | | $ | 0.22 | | | | | $ | 0.24 | | | | | $ | 0.26 | | | | | $ | 0.28 | | |
Net increase (decrease) in net assets resulting from operations per share(1) | | | | $ | (0.57) | | | | | $ | (0.74) | | | | | $ | 0.31 | | | | | $ | 0.01 | | |
Net asset value per share at end of period | | | | $ | 11.88 | | | | | $ | 12.71 | | | | | $ | 13.71 | | | | | $ | 13.66 | | |
Date Declared | | | Record Date | | | Payment Date | | | Distributions per Share | | |||
January 2, 2019 | | | January 24, 2019 | | | January 30, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | February 20, 2019 | | | February 27, 2019 | | | | $ | 0.0833 | | |
January 2, 2019 | | | March 21, 2019 | | | March 28, 2019 | | | | $ | 0.0833 | | |
Date Declared | | | Record Date | | | Payment Date | | | Distributions per Share | | |||
January 2, 2020 | | | January 24, 2020 | | | January 30, 2020 | | | | $ | 0.0833 | | |
January 2, 2020 | | | February 20, 2020 | | | February 27, 2020 | | | | $ | 0.0833 | | |
January 2, 2020 | | | March 23, 2020 | | | March 30, 2020 | | | | $ | 0.0833 | | |
| | | Page | | |||
| | | | F-1 | | | |
| | | | F-2 | | | |
Audited Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | | |
| | | | Capitala Finance Corp. | |
| Date: March | | | By /s/ Joseph B. Alala III Joseph B. Alala III Chief Executive Officer (Principal Executive Officer) Capitala Finance Corp. | |
| Date: March | | | By /s/ Stephen A. Arnall Stephen A. Arnall Chief Financial Officer (Principal Financial Officer) Capitala Finance Corp. | |
| Date: March | | | By /s/ Kevin A. Koonts Kevin A. Koonts Chief Accounting Officer (Principal Accounting Officer) Capitala Finance Corp. | |
Signature | | | Title | | | Date | |
/s/ Joseph B. Alala III Joseph B. Alala III | | | Chief Executive Officer, President and Chairman of the Board of Directors (Principal Executive Officer) | | | March | |
/s/ M. Hunt Broyhill M. Hunt Broyhill | | | Director | | | March | |
/s/ R. Charles Moyer R. Charles Moyer | | | Director | | | March | |
/s/ Larry W. Carroll Larry W. Carroll | | | Director | | | March | |
/s/ H. Paul Chapman H. Paul Chapman | | | Director | | | March | |