ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 47-2016837 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
330 Madison Avenue, New York, New York | 10017 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
None | N/A | N/A |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||||||||||
Non-accelerated filer | ý | Smaller reporting company | ¨ | |||||||||||
Emerging growth company | ¨ |
PAGE | |||||||||
PART I. | |||||||||
Item 1. | |||||||||
Item 1A. | |||||||||
Item 1B. | |||||||||
Item 2. | |||||||||
Item 3. | |||||||||
Item 4. | |||||||||
PART II. | |||||||||
Item 5. | |||||||||
Item 6. | |||||||||
Item 7. | |||||||||
Item 7A. | |||||||||
Item 8. | |||||||||
Item 9. | |||||||||
Item 9A. | |||||||||
Item 9B. | |||||||||
PART III. | |||||||||
Item 10. | |||||||||
Item 11. | |||||||||
Item 12. | |||||||||
Item 13. | |||||||||
Item 14. | |||||||||
PART IV. | |||||||||
Item 15. | |||||||||
Item 16. | |||||||||
Breakeven | Breakeven | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed return on our portfolio (net of expenses) | (10.00 | )% | (5.00 | )% | — | % | 5.00 | % | 10.00 | % | 2.03 | % | Assumed return on our portfolio (net of expenses) | (10.00) | % | (5.00) | % | — | % | 5.00 | % | 10.00 | % | 1.22 | % | |||||||||||||||||||||||||||||||
Corresponding return to shareholders | (21.21 | )% | (12.40 | )% | (3.58 | )% | 5.23 | % | 14.04 | % | — | % | Corresponding return to shareholders | (16.48) | % | (9.13) | % | (1.79) | % | 5.56 | % | 12.91 | % | — | % |
End of Quarter | |||||||||||||||||||||||||||||
NAV | POP | Net POP | Net POP Premium to NAV | Declared Distributions per Share | |||||||||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||||||||||||
Second Quarter (1) | $ | 9.13 | $ | 9.95 | $ | 9.38 | 2.7 | % | $ | 0.16 | |||||||||||||||||||
First Quarter | $ | 9.17 | $ | 9.95 | $ | 9.38 | 2.3 | % | $ | 0.16 | |||||||||||||||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||||||
Fourth Quarter | $ | 9.11 | $ | 9.90 | $ | 9.33 | 2.4 | % | $ | 0.16 | |||||||||||||||||||
Third Quarter | $ | 9.13 | $ | 9.80 | $ | 9.24 | 1.2 | % | $ | 0.16 | |||||||||||||||||||
Second Quarter | $ | 8.89 | $ | 9.45 | $ | 8.91 | 0.2 | % | $ | 0.16 | |||||||||||||||||||
First Quarter | $ | 8.66 | $ | 9.25 | $ | 8.72 | 0.7 | % | $ | 0.17 | |||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||
Fourth Quarter (2) | $ | 8.68 | $ | 9.55 | $ | 9.00 | 3.7 | % | $ | 0.15 |
Inception through December 31, 2019 | Inception through December 31, 2020 | ||||||||||||||||||||
Shares | Amount (in thousands) | Shares | Amount (in thousands) | ||||||||||||||||||
Gross proceeds from Public Offering | 16,970,408 | $ | 164,194 | Gross proceeds from Public Offering | 16,970,408 | $ | 164,194 | ||||||||||||||
Commissions paid outside of escrow | — | (1,924 | ) | Commissions paid outside of escrow | — | (1,924) | |||||||||||||||
Dealer Manager fees and commissions | — | (7,462 | ) | Dealer Manager fees and commissions | — | (7,462) | |||||||||||||||
Net proceeds to the Company from Public Offering | 16,970,408 | 154,808 | Net proceeds to the Company from Public Offering | 16,970,408 | 154,808 | ||||||||||||||||
Reinvestment of distributions | 1,966,602 | 17,532 | Reinvestment of distributions | 2,462,008 | 21,291 | ||||||||||||||||
Net proceeds from issuance of Shares | 18,937,010 | $ | 172,340 | Net proceeds from issuance of Shares | 19,432,416 | $ | 176,099 | ||||||||||||||
Average net proceeds per Common Share | $9.10 | Average net proceeds per Common Share | $9.06 |
Period | Total Number of Shares Purchased | Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) (2) | |||||||||
October 1, 2019 to October 31, 2019 | 396,895 | $ | 8.37 | 396,895 | — | ||||||||
November 1, 2019 to November 30, 2019 | — | — | — | — | |||||||||
December 1, 2019 to December 31, 2019 | 293,787 | 8.31 | 293,787 | — | |||||||||
Total | 690,682 | 690,682 | — |
Period | Total Number of Shares Purchased | Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) (2) | ||||||||||||||||||||||
October 1, 2020 to October 31, 2020 | — | — | — | — | ||||||||||||||||||||||
November 1, 2020 to November 30, 2020 | — | — | — | — | ||||||||||||||||||||||
December 1, 2020 to December 31, 2020 (1) | 315,165 | 7.96 | 315,165 | — | ||||||||||||||||||||||
Total | 315,165 | 315,165 | — |
(1) The maximum number of Shares available for repurchase on December 8, 2020 was 120,546. A description of the maximum number of Shares that may be repurchased under our share repurchase program is set forth in Note 5. Common Shares to our audited financial statements included herein. |
Cash Distributions Declared Per Share | Cash Distributions Declared Per Share | |||||||||||||||||||||||||||||||
Quarter | 2019 | 2018 | 2017 | Quarter | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
First | $ | 0.15096 | $ | 0.16359 | $ | 0.16120 | First | $ | 0.16354 | $ | 0.15096 | $ | 0.16359 | |||||||||||||||||||
Second | 0.16354 | 0.16359 | 0.15817 | Second | 0.13897 | 0.16354 | 0.16359 | |||||||||||||||||||||||||
Third | 0.17612 | 0.15938 | 0.15769 | Third | 0.13897 | 0.17612 | 0.15938 | |||||||||||||||||||||||||
Fourth | 0.16354 | 0.25026 | 0.16359 | Fourth | 0.09834 | 0.16354 | 0.25026 | |||||||||||||||||||||||||
Total | $ | 0.65416 | $ | 0.73682 | $ | 0.64065 | Total | $ | 0.53982 | $ | 0.65416 | $ | 0.73682 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||||
Statements of Operations data: | |||||||||||||||||||||||||||||
Dividends from investment in GCIF | $ | 8,798 | $ | 10,389 | $ | 13,636 | $ | 10,604 | $ | 1,987 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Total operating expenses | 1,010 | 1,098 | 1,202 | 2,509 | 1,077 | ||||||||||||||||||||||||
Reimbursement of expense support | 151 | 246 | 404 | 1,045 | — | ||||||||||||||||||||||||
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (1,314) | — | (57) | (1,781) | (2,078) | ||||||||||||||||||||||||
Net expenses | (153) | 1,344 | 1,549 | 1,773 | (1,001) | ||||||||||||||||||||||||
Net investment income | 8,951 | 9,045 | 12,087 | 8,831 | 2,988 | ||||||||||||||||||||||||
Net realized gain (loss) from redemption of investment in GCIF | (281) | 23 | — | 46 | — | ||||||||||||||||||||||||
Long term gain distributions from investment in GCIF | — | 849 | 2,233 | 231 | — | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | (3,614) | (5,894) | (8,144) | 616 | 3,924 | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 5,056 | $ | 4,023 | $ | 6,176 | 9,724 | $ | 6,912 | ||||||||||||||||||||
Per Share data: | |||||||||||||||||||||||||||||
Net Asset Value per Common Share | $ | 7.98 | $ | 8.24 | $ | 8.65 | $ | 9.05 | $ | 9.11 | |||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.53 | $ | 0.52 | $ | 0.69 | $ | 0.53 | $ | 0.55 | |||||||||||||||||||
Earnings per Common Share - basic and diluted | $ | 0.30 | $ | 0.23 | $ | 0.35 | $ | 0.58 | $ | 1.27 | |||||||||||||||||||
Distributions per Common Share | $ | 0.54 | $ | 0.65 | $ | 0.74 | $ | 0.64 | $ | 0.66 | |||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Total investment return-net price (1) | N/A | N/A | N/A | 3.95 | % | 12.33 | % | ||||||||||||||||||||||
Total investment return-net asset value (2) | 3.94 | % | 2.76 | % | 3.78 | % | 6.52 | % | 12.77 | % | |||||||||||||||||||
Total investment activity for the period | $ | 5,502 | $ | 5,605 | $ | — | $ | 48,861 | $ | 104,949 | |||||||||||||||||||
Statements of Assets and Liabilities data: | |||||||||||||||||||||||||||||
Total assets | $ | 133,192 | $ | 141,741 | $ | 156,327 | $ | 161,840 | $ | 113,799 | |||||||||||||||||||
Total net assets | $ | 131,758 | $ | 139,688 | $ | 151,709 | $ | 157,456 | $ | 111,153 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Inception Through December 31, 2015 | |||||||||||||||
Statements of Operations data: | |||||||||||||||||||
Dividends from investment in GCIF | $ | 10,389 | $ | 13,636 | $ | 10,604 | $ | 1,987 | $ | 33 | |||||||||
Operating expenses | |||||||||||||||||||
Total operating expenses | 1,098 | 1,202 | 2,509 | 1,077 | 142 | ||||||||||||||
Reimbursement of expense support | 246 | 404 | 1,045 | — | — | ||||||||||||||
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | — | (57 | ) | (1,781 | ) | (2,078 | ) | (117 | ) | ||||||||||
Net expenses | 1,344 | 1,549 | 1,773 | (1,001 | ) | 25 | |||||||||||||
Net investment income | 9,045 | 12,087 | 8,831 | 2,988 | 8 | ||||||||||||||
Net realized gain from redemption of investment in GCIF | 23 | — | 46 | — | — | ||||||||||||||
Long term gain distributions from investment in GCIF | 849 | 2,233 | 231 | — | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | (5,894 | ) | (8,144 | ) | 616 | 3,924 | (78 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 4,023 | $ | 6,176 | $ | 9,724 | $ | 6,912 | $ | (70 | ) | ||||||||
Per Share data: | |||||||||||||||||||
Net Asset Value per Common Share | $ | 8.24 | $ | 8.65 | $ | 9.05 | $ | 9.11 | $ | 8.68 | |||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.52 | $ | 0.69 | $ | 0.53 | $ | 0.55 | $ | 0.26 | |||||||||
Earnings (loss) per Common Share - basic and diluted | $ | 0.23 | $ | 0.35 | $ | 0.58 | $ | 1.27 | $ | (2.29 | ) | ||||||||
Distributions per Common Share | $ | 0.65 | $ | 0.74 | $ | 0.64 | $ | 0.66 | $ | 0.15 | |||||||||
Other data: | |||||||||||||||||||
Total investment return-net price (1) | N/A | N/A | 3.95 | % | 12.33 | % | (1.85 | )% | |||||||||||
Total investment return-net asset value (2) | 2.76 | % | 3.78 | % | 6.52 | % | 12.77 | % | (1.85 | )% | |||||||||
Total investment activity for the period | $ | 5,605 | $ | — | $ | 48,861 | $ | 104,949 | $ | 2,235 | |||||||||
Statements of Assets and Liabilities data: | |||||||||||||||||||
Total assets | $ | 141,741 | $ | 156,327 | $ | 161,840 | $ | 113,799 | $ | 2,231 | |||||||||
Total net assets | $ | 139,688 | $ | 151,709 | $ | 157,456 | $ | 111,153 | $ | 2,161 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Total investment income | $ | 10,389 | $ | 13,636 | $ | 10,604 | Total investment income | $ | 8,798 | $ | 10,389 | $ | 13,636 | |||||||||||||||
Net expenses | 1,344 | 1,549 | 1,773 | Net expenses | (153) | 1,344 | 1,549 | |||||||||||||||||||||
Net investment income | 9,045 | 12,087 | 8,831 | Net investment income | 8,951 | 9,045 | 12,087 | |||||||||||||||||||||
Net realized gain from redemption of investment in GCIF | 23 | — | 46 | |||||||||||||||||||||||||
Net realized gain (loss) from redemption of investment in GCIF | Net realized gain (loss) from redemption of investment in GCIF | (281) | 23 | — | ||||||||||||||||||||||||
Long term gain distributions from investment in GCIF | 849 | 2,233 | 231 | Long term gain distributions from investment in GCIF | — | 849 | 2,233 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | (5,894 | ) | (8,144 | ) | 616 | |||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | Net change in unrealized depreciation from investment in GCIF | (3,614) | (5,894) | (8,144) | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 4,023 | $ | 6,176 | $ | 9,724 | Net increase in net assets resulting from operations | $ | 5,056 | $ | 4,023 | $ | 6,176 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Administrative services | $ | 15 | $ | 15 | $ | 15 | Administrative services | $ | 15 | $ | 15 | $ | 15 | |||||||||||||||
Related party reimbursements | 215 | 214 | 293 | Related party reimbursements | 189 | 215 | 214 | |||||||||||||||||||||
Trustees fees | 3 | 3 | 3 | |||||||||||||||||||||||||
Professional services fees | 125 | 131 | 299 | Professional services fees | 103 | 125 | 131 | |||||||||||||||||||||
Offering costs | — | 99 | 1,493 | Offering costs | — | — | 99 | |||||||||||||||||||||
Shareholder servicing expenses | 342 | 369 | 191 | Shareholder servicing expenses | 314 | 342 | 369 | |||||||||||||||||||||
Transfer agent expense | 307 | 265 | 95 | Transfer agent expense | 307 | 307 | 265 | |||||||||||||||||||||
Other expenses | 91 | 106 | 120 | Other expenses | 82 | 94 | 109 | |||||||||||||||||||||
Total operating expenses | 1,098 | 1,202 | 2,509 | Total operating expenses | 1,010 | 1,098 | 1,202 | |||||||||||||||||||||
Reimbursement of expense support | 246 | 404 | 1,045 | Reimbursement of expense support | 151 | 246 | 404 | |||||||||||||||||||||
Less: Expense support from related parties | — | (57 | ) | (1,781 | ) | Less: Expense support from related parties | (1,314) | — | (57) | |||||||||||||||||||
Net expenses | $ | 1,344 | $ | 1,549 | $ | 1,773 | Net expenses | $ | (153) | $ | 1,344 | $ | 1,549 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||
Balance as of January 1, | $ | 2,907 | $ | 3,618 | Balance as of January 1, | $ | 1,853 | $ | 2,907 | |||||||||||||||
Accretion of discount (1) | 44 | 62 | Accretion of discount (1) | 26 | 44 | |||||||||||||||||||
Incremental charge (reduction) to paid-in-capital (2) | (186 | ) | 192 | Incremental charge (reduction) to paid-in-capital (2) | 273 | (186) | ||||||||||||||||||
Shareholder services component | 342 | 369 | Shareholder services component | 314 | 342 | |||||||||||||||||||
DSS fee payments | (1,254 | ) | (1,334 | ) | DSS fee payments | (1,147) | (1,254) | |||||||||||||||||
Balance as of December 31, | $ | 1,853 | $ | 2,907 | Balance as of December 31, | $ | 1,319 | $ | 1,853 |
2020 Record Dates | 2020 Payment Dates | Distribution per Share per Record Date | Distribution per Share per Payment Date | |||||||
January 6, 13, 20, 27 | January 29 | $ | 0.01258 | $ | 0.05032 | |||||
February 3, 10, 17, 24 | February 26 | 0.01258 | 0.05032 | |||||||
March 2, 9, 16, 23, 30 | April 1 | 0.01258 | 0.0629 |
2021 Record Dates | 2021 Payment Dates | Distribution per Share at Record Date | Distribution per Share at Payment Date | |||||||||||||||||
January 11, 2021 | January 13, 2021 | $ | 0.03557 | $ | 0.03557 | |||||||||||||||
February 9, 2021 | February 11, 2021 | 0.03557 | 0.03557 | |||||||||||||||||
March 8, 2021 | March 9, 2021 | 0.03557 | 0.03557 | |||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Total | ≤ 1 year | > 1 - 3 years | 3 - 5 years | 5 years | ||||||||||||||||||||||||||||
DSS Fee: Distribution Services Component | $ | 1,056 | $ | 773 | $ | 283 | $ | — | $ | — |
December 31, 2019 | ||||||||||||||||||||
Total | ≤ 1 year | > 1 - 3 years | 3 - 5 years | 5 years | ||||||||||||||||
DSS Fee: Distribution Services Component | $ | 1,587 | $ | 823 | $ | 764 | $ | — | $ | — |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||
-50 bps | $ | (0.03 | ) | |
+50 bps | 0.03 | |||
+100 bps | 0.07 | |||
+150 bps | 0.10 | |||
+200 bps | 0.14 |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||||||
-50 bps | $ | 0.01 | ||||||
+50 bps | (0.01) | |||||||
+100 bps | — | |||||||
+150 bps | 0.03 | |||||||
+200 bps | 0.06 |
December 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (17,389,844 shares purchased at a cost of $144,726 and 18,122,416 shares purchased at a cost of $150,509, respectively) | $ | 131,536 | $ | 140,933 | |||||||
Cash | 1,253 | 802 | |||||||||
Principal receivable | 6 | 6 | |||||||||
Receivable from related parties | 397 | — | |||||||||
Total assets | 133,192 | 141,741 | |||||||||
Liabilities | |||||||||||
Due to Dealer Manager | 1,319 | 1,853 | |||||||||
Accounts payable, accrued expenses and other liabilities | 28 | 32 | |||||||||
Accrued professional services fees | 42 | 60 | |||||||||
Payable to related parties | 45 | 108 | |||||||||
Total liabilities | 1,434 | 2,053 | |||||||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||||||
Net Assets | $ | 131,758 | $ | 139,688 | |||||||
Components of Net Assets: | |||||||||||
Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,519,873 and 16,961,080 Common Shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | $ | 17 | $ | 17 | |||||||
Paid-in-capital in excess of par value | 145,301 | 149,220 | |||||||||
Accumulated loss, net of distributions | (13,560) | (9,549) | |||||||||
Total net assets | $ | 131,758 | $ | 139,688 | |||||||
Net asset value per Common Share | $ | 7.98 | $ | 8.24 |
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (18,122,416 shares purchased at a cost of $150,509 and 18,835,670 shares purchased at a cost of $156,091, respectively) | $ | 140,933 | $ | 152,409 | |||
Cash | 802 | 1,698 | |||||
Principal receivable | 6 | — | |||||
Receivable from related parties | — | 31 | |||||
Dividends receivable | — | 2,189 | |||||
Total assets | 141,741 | 156,327 | |||||
Liabilities | |||||||
Due to Dealer Manager | 1,853 | 2,907 | |||||
Accounts payable, accrued expenses and other liabilities | 32 | 81 | |||||
Accrued professional services fees | 60 | 56 | |||||
Distributions payable | — | 1,521 | |||||
Payable to related parties | 108 | 53 | |||||
Total liabilities | 2,053 | 4,618 | |||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||
Net Assets | $ | 139,688 | $ | 151,709 | |||
Components of Net Assets: | |||||||
Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,961,080 and 17,534,522 Common Shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | $ | 17 | $ | 18 | |||
Paid-in-capital in excess of par value | 149,220 | 153,899 | |||||
Accumulated loss, net of distributions (1) | (9,549 | ) | (2,208 | ) | |||
Total net assets | $ | 139,688 | $ | 151,709 | |||
Net asset value per Common Share | $ | 8.24 | $ | 8.65 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Investment Income | Investment Income | |||||||||||||||||||||||||||
Dividends from investment in GCIF | $ | 10,389 | $ | 13,636 | $ | 10,604 | Dividends from investment in GCIF | $ | 8,798 | $ | 10,389 | $ | 13,636 | |||||||||||||||
Total investment income | 10,389 | 13,636 | 10,604 | Total investment income | 8,798 | 10,389 | 13,636 | |||||||||||||||||||||
Operating Expenses (1) | Operating Expenses (1) | |||||||||||||||||||||||||||
Administrative services | 15 | 15 | 15 | Administrative services | 15 | 15 | 15 | |||||||||||||||||||||
Related party reimbursements | 215 | 214 | 293 | Related party reimbursements | 189 | 215 | 214 | |||||||||||||||||||||
Trustees fees | 3 | 3 | 3 | |||||||||||||||||||||||||
Professional services fees | 125 | 131 | 299 | Professional services fees | 103 | 125 | 131 | |||||||||||||||||||||
Offering costs | — | 99 | 1,493 | Offering costs | — | — | 99 | |||||||||||||||||||||
Shareholder servicing expenses | 342 | 369 | 191 | Shareholder servicing expenses | 314 | 342 | 369 | |||||||||||||||||||||
Transfer agent expense | 307 | 265 | 95 | Transfer agent expense | 307 | 307 | 265 | |||||||||||||||||||||
Other expenses | 91 | 106 | 120 | Other expenses | 82 | 94 | 109 | |||||||||||||||||||||
Total operating expenses | 1,098 | 1,202 | 2,509 | Total operating expenses | 1,010 | 1,098 | 1,202 | |||||||||||||||||||||
Reimbursement of expense support | 246 | 404 | 1,045 | Reimbursement of expense support | 151 | 246 | 404 | |||||||||||||||||||||
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | — | (57 | ) | (1,781 | ) | Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (1,314) | — | (57) | |||||||||||||||||||
Net expenses | 1,344 | 1,549 | 1,773 | Net expenses | (153) | 1,344 | 1,549 | |||||||||||||||||||||
Net investment income | 9,045 | 12,087 | 8,831 | Net investment income | 8,951 | 9,045 | 12,087 | |||||||||||||||||||||
Realized and unrealized gains (losses): | Realized and unrealized gains (losses): | |||||||||||||||||||||||||||
Net realized gain from redemption of investment in GCIF | 23 | — | 46 | |||||||||||||||||||||||||
Net realized gain (loss) from redemption of investment in GCIF | Net realized gain (loss) from redemption of investment in GCIF | (281) | 23 | — | ||||||||||||||||||||||||
Long term gain distributions from investment in GCIF | 849 | 2,233 | 231 | Long term gain distributions from investment in GCIF | — | 849 | 2,233 | |||||||||||||||||||||
Net realized gains from investment in GCIF | 872 | 2,233 | 277 | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | (5,894 | ) | (8,144 | ) | 616 | |||||||||||||||||||||||
Net realized and unrealized gains (losses) | (5,022 | ) | (5,911 | ) | 893 | |||||||||||||||||||||||
Net realized gains (losses) from investment in GCIF | Net realized gains (losses) from investment in GCIF | (281) | 872 | 2,233 | ||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | Net change in unrealized depreciation from investment in GCIF | (3,614) | (5,894) | (8,144) | ||||||||||||||||||||||||
Net realized and unrealized losses | Net realized and unrealized losses | (3,895) | (5,022) | (5,911) | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 4,023 | $ | 6,176 | $ | 9,724 | Net increase in net assets resulting from operations | $ | 5,056 | $ | 4,023 | $ | 6,176 | |||||||||||||||
Per Common Share information: | Per Common Share information: | |||||||||||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.52 | $ | 0.69 | $ | 0.53 | Net investment income per Common Share outstanding - basic and diluted | $ | 0.53 | $ | 0.52 | $ | 0.69 | |||||||||||||||
Earnings per Common Share - basic and diluted | $ | 0.23 | $ | 0.35 | $ | 0.58 | Earnings per Common Share - basic and diluted | $ | 0.30 | $ | 0.23 | $ | 0.35 | |||||||||||||||
Weighted average Common Shares outstanding - basic and diluted | 17,454,069 | 17,526,578 | 16,698,890 | Weighted average Common Shares outstanding - basic and diluted | 16,836,051 | 17,454,069 | 17,526,578 | |||||||||||||||||||||
Distributions per Common Share | $ | 0.65 | $ | 0.74 | $ | 0.64 | Distributions per Common Share | $ | 0.54 | $ | 0.65 | $ | 0.74 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | |||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 12,205,783 | $ | 12 | $ | 107,638 | $ | 3,503 | $ | 111,153 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | Balance at December 31, 2017 | 17,401,934 | $ | 17 | $ | 153,325 | $ | 4,114 | $ | 157,456 | |||||||||||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 8,831 | 8,831 | Net investment income | — | — | — | 12,087 | 12,087 | ||||||||||||||||||||||||||||||||||||
Net realized gains from investment in GCIF | — | — | — | 277 | 277 | Net realized gains from investment in GCIF | — | — | — | 2,233 | 2,233 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation from investment in GCIF | — | — | — | 616 | 616 | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | Net change in unrealized depreciation from investment in GCIF | — | — | — | (8,144) | (8,144) | |||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 9,724 | 9,724 | Net increase in net assets resulting from operations | — | — | — | 6,176 | 6,176 | ||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (10,665 | ) | (10,665 | ) | Distributions from earnings | — | — | — | (12,911) | (12,911) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (10,665 | ) | (10,665 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (12,911) | (12,911) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 4,951,760 | 5 | 46,385 | — | 46,390 | Issuance of Common Shares | 3 | — | (1) | — | — | — | |||||||||||||||||||||||||||||||||||
Common Shares issued from reinvestment of distributions | 552,406 | — | (1) | 5,067 | — | 5,067 | Common Shares issued from reinvestment of distributions | 577,942 | 1 | 5,210 | — | 5,211 | |||||||||||||||||||||||||||||||||||
Common Shares repurchased | (308,015 | ) | — | (1) | (2,812 | ) | — | (2,812 | ) | Common Shares repurchased | (445,357) | — | (1) | (4,031) | — | (4,031) | |||||||||||||||||||||||||||||||
Distribution services charge | — | — | (1,401 | ) | — | (1,401 | ) | Distribution services charge | — | — | (192) | — | (192) | ||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 5,196,151 | 5 | 47,239 | — | 47,244 | Net increase in net assets resulting from capital share transactions | 132,588 | 1 | 987 | — | 988 | ||||||||||||||||||||||||||||||||||||
Reclassifications of permanent book tax differences | — | — | (1,552 | ) | 1,552 | — | Reclassifications of permanent book tax differences | — | — | (413) | 413 | — | |||||||||||||||||||||||||||||||||||
Net increase for the period | 5,196,151 | 5 | 45,687 | 611 | 46,303 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 17,401,934 | $ | 17 | $ | 153,325 | $ | 4,114 | $ | 157,456 | ||||||||||||||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 12,087 | 12,087 | ||||||||||||||||||||||||||||||||||||||||||
Net realized gains from investment in GCIF | — | — | — | 2,233 | 2,233 | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | — | — | — | (8,144 | ) | (8,144 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 6,176 | 6,176 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (12,911 | ) | (12,911 | ) | ||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (12,911 | ) | (12,911 | ) | ||||||||||||||||||||||||||||||||||||||||
Capital share transactions: | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 3 | — | (1) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common Shares issued from reinvestment of distributions | 577,942 | 1 | 5,210 | — | 5,211 | ||||||||||||||||||||||||||||||||||||||||||
Common Shares repurchased | (445,357 | ) | — | (1) | (4,031 | ) | — | (4,031 | ) | ||||||||||||||||||||||||||||||||||||||
Distribution services charge | — | — | (192 | ) | — | (192 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 132,588 | 1 | 987 | — | 988 | ||||||||||||||||||||||||||||||||||||||||||
Reclassifications of permanent book tax differences | — | — | (413 | ) | 413 | — | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) for the period | 132,588 | 1 | 574 | (6,322 | ) | (5,747 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) for the year | Net increase (decrease) for the year | 132,588 | 1 | 574 | (6,322) | (5,747) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 17,534,522 | $ | 18 | $ | 153,899 | $ | (2,208 | ) | $ | 151,709 | Balance at December 31, 2018 | 17,534,522 | $ | 18 | $ | 153,899 | $ | (2,208) | $ | 151,709 | |||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 9,045 | 9,045 | Net investment income | — | — | — | 9,045 | 9,045 | ||||||||||||||||||||||||||||||||||||
Net realized gains from investment in GCIF | — | — | — | 872 | 872 | Net realized gains from investment in GCIF | — | — | — | 872 | 872 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | — | — | — | (5,894 | ) | (5,894 | ) | Net change in unrealized depreciation from investment in GCIF | — | — | — | (5,894) | (5,894) | ||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 4,023 | 4,023 | Net increase in net assets resulting from operations | — | — | — | 4,023 | 4,023 | ||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (11,413 | ) | (11,413 | ) | Distributions from earnings | — | — | — | (11,413) | (11,413) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | Net decrease in net assets resulting from shareholder distributions | — | — | — | (11,413) | (11,413) | |||||||||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Common Shares issued from reinvestment of distributions | Common Shares issued from reinvestment of distributions | 648,515 | — | (1) | 5,536 | — | 5,536 | ||||||||||||||||||||||||||||||||||||||||
Common Shares repurchased | Common Shares repurchased | (1,221,957) | (1) | (10,352) | — | (10,353) | |||||||||||||||||||||||||||||||||||||||||
Distribution services charge | Distribution services charge | — | — | 186 | — | 186 | |||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | Net decrease in net assets resulting from capital share transactions | (573,442) | (1) | (4,630) | — | (4,631) | |||||||||||||||||||||||||||||||||||||||||
Reclassifications of permanent book tax differences | Reclassifications of permanent book tax differences | — | — | (49) | 49 | — | |||||||||||||||||||||||||||||||||||||||||
Net decrease for the year | Net decrease for the year | (573,442) | (1) | (4,679) | (7,341) | (12,021) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 16,961,080 | $ | 17 | $ | 149,220 | $ | (9,549) | $ | 139,688 | |||||||||||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | — | — | — | 8,951 | 8,951 | |||||||||||||||||||||||||||||||||||||||||
Net realized loss from investment in GCIF | Net realized loss from investment in GCIF | — | — | — | (281) | (281) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | Net change in unrealized depreciation from investment in GCIF | — | — | — | (3,614) | (3,614) | |||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | Net increase in net assets resulting from operations | — | — | — | 5,056 | 5,056 | |||||||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | Distributions from earnings | — | — | — | (9,097) | (9,097) | |||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (11,413 | ) | (11,413 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (9,097) | (9,097) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Common Shares issued from reinvestment of distributions | 648,515 | — | (1) | 5,536 | — | 5,536 | Common Shares issued from reinvestment of distributions | 495,406 | — | (1) | 3,759 | — | 3,759 | ||||||||||||||||||||||||||||||||||
Common Shares repurchased | (1,221,957 | ) | (1 | ) | (10,352 | ) | — | (10,353 | ) | Common Shares repurchased | (936,613) | — | (1) | (7,375) | — | (7,375) | |||||||||||||||||||||||||||||||
Distribution services charge | — | — | 186 | — | 186 | Distribution services charge | — | — | (273) | — | (273) | ||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (573,442 | ) | (1 | ) | (4,630 | ) | — | (4,631 | ) | Net decrease in net assets resulting from capital share transactions | (441,207) | — | (3,889) | — | (3,889) | ||||||||||||||||||||||||||||||||
Reclassifications of permanent book tax differences | — | — | (49 | ) | 49 | — | |||||||||||||||||||||||||||||||||||||||||
Net decrease for the period | (573,442 | ) | (1 | ) | (4,679 | ) | (7,341 | ) | (12,021 | ) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,961,080 | $ | 17 | $ | 149,220 | $ | (9,549 | ) | $ | 139,688 | |||||||||||||||||||||||||||||||||||||
Reclassifications of permanent book-to-tax differences | Reclassifications of permanent book-to-tax differences | — | — | (30) | 30 | — | |||||||||||||||||||||||||||||||||||||||||
Net decrease for the year | Net decrease for the year | (441,207) | — | (3,919) | (4,011) | (7,930) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 16,519,873 | $ | 17 | $ | 145,301 | $ | (13,560) | $ | 131,758 |
For the Years Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 5,056 | $ | 4,023 | $ | 6,176 | |||||||||||||||||
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |||||||||||||||||||||||
Purchase of investment in GCIF | (1,500) | (1,000) | — | ||||||||||||||||||||
Sale of investment in GCIF through GCIF's share repurchase program | 7,002 | 6,605 | — | ||||||||||||||||||||
Net realized (gains) losses from investment in GCIF | 281 | (23) | — | ||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | 3,614 | 5,894 | 8,144 | ||||||||||||||||||||
(Increase) decrease in operating assets: | |||||||||||||||||||||||
Principal receivable | — | (6) | — | ||||||||||||||||||||
Receivable from related parties | (397) | 31 | (31) | ||||||||||||||||||||
Dividends receivable | — | 2,189 | (2,189) | ||||||||||||||||||||
Prepaid expenses and other assets | — | — | 99 | ||||||||||||||||||||
Increase (decrease) in operating liabilities: | |||||||||||||||||||||||
Due to Dealer Manager | (9) | (13) | (7) | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (4) | (49) | 25 | ||||||||||||||||||||
Accrued professional services fees | (18) | 4 | 4 | ||||||||||||||||||||
Payable to related parties | (63) | 55 | (605) | ||||||||||||||||||||
Net cash provided by operating activities | 13,962 | 17,710 | 11,616 | ||||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Repurchase of Common Shares | (7,375) | (10,353) | (4,031) | ||||||||||||||||||||
Distributions paid | (5,338) | (7,398) | (6,179) | ||||||||||||||||||||
Payment of DSS Fees | (798) | (855) | (896) | ||||||||||||||||||||
Net cash used in financing activities | (13,511) | (18,606) | (11,106) | ||||||||||||||||||||
Net increase (decrease) in cash | 451 | (896) | 510 | ||||||||||||||||||||
Cash, beginning of year | 802 | 1,698 | 1,188 | ||||||||||||||||||||
Cash, end of year | $ | 1,253 | $ | 802 | $ | 1,698 | |||||||||||||||||
Supplemental information and non-cash financing activities: | |||||||||||||||||||||||
Distributions reinvested | $ | 3,759 | $ | 5,536 | $ | 5,211 | |||||||||||||||||
Due to Dealer Manager | $ | (273) | $ | (186) | $ | 192 | |||||||||||||||||
For the Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating activities | |||||||||||
Net increase in net assets resulting from operations | $ | 4,023 | $ | 6,176 | $ | 9,724 | |||||
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: | |||||||||||
Purchase of investment in GCIF | (1,000 | ) | — | (49,417 | ) | ||||||
Sale of investment in GCIF through GCIF's share repurchase program | 6,605 | — | 556 | ||||||||
Net realized gains from investment in GCIF | (23 | ) | — | (46 | ) | ||||||
Net change in unrealized (appreciation) depreciation from investment in GCIF | 5,894 | 8,144 | (616 | ) | |||||||
(Increase) decrease in operating assets: | |||||||||||
Principal receivable | (6 | ) | — | — | |||||||
Receivable from related parties | 31 | (31 | ) | 598 | |||||||
Dividends receivable | 2,189 | (2,189 | ) | — | |||||||
Prepaid expenses and other assets | — | 99 | 759 | ||||||||
Increase (decrease) in operating liabilities: | |||||||||||
Due to Dealer Manager | (13 | ) | (7 | ) | 112 | ||||||
Accounts payable, accrued expenses and other liabilities | (49 | ) | 25 | (31 | ) | ||||||
Accrued professional services fees | 4 | 4 | 10 | ||||||||
Payable to related parties | 55 | (605 | ) | 634 | |||||||
Accrued offering expenses | — | — | (193 | ) | |||||||
Net cash provided by (used in) operating activities | 17,710 | 11,616 | (37,910 | ) | |||||||
Financing activities | |||||||||||
Issuance of Common Shares | — | — | 46,390 | ||||||||
Repurchase of Common Shares | (10,353 | ) | (4,031 | ) | (2,812 | ) | |||||
Distributions paid | (7,398 | ) | (6,179 | ) | (5,598 | ) | |||||
Payment of DSS Fees | (855 | ) | (896 | ) | (195 | ) | |||||
Net cash provided by (used in) financing activities | (18,606 | ) | (11,106 | ) | 37,785 | ||||||
Net increase (decrease) in cash | (896 | ) | 510 | (125 | ) | ||||||
Cash, beginning of year | 1,698 | 1,188 | 1,313 | ||||||||
Cash, end of year | $ | 802 | $ | 1,698 | $ | 1,188 | |||||
Supplemental information and non-cash financing activities: | |||||||||||
Distributions reinvested | $ | 5,536 | $ | 5,211 | $ | 5,067 | |||||
Due to Dealer Manager | $ | (186 | ) | $ | 192 | $ | 1,401 | ||||
Related party payments to shareholders for purchase price adjustments | $ | — | $ | — | $ | 23 |
For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017 | ||||||
Shareholder distributions: | |||||||
Distribution from net investment income | $ | (12,087 | ) | $ | (8,831 | ) | |
Distribution from net realized gains from investment in GCIF | (824 | ) | (277 | ) | |||
Distribution in excess of net investment income | — | (1,557 | ) | ||||
Distributions from earnings | $ | (12,911 | ) | $ | (10,665 | ) |
As of December 31, 2018 | |||
Accumulated undistributed net investment income | $ | 66 | |
Accumulated undistributed net realized gains | 1,408 | ||
Net unrealized depreciation on investment from investment in GCIF | (3,682 | ) | |
Accumulated loss, net of distributions | $ | (2,208 | ) |
End of Period | Weighted Average Shares Owned | % of Net | End of Period | Weighted Average Shares Owned | % of Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | No. of Shares | Quarter to Date | Year to Date | Cost | Fair Value | Assets | Period Ended | No. of Shares | Quarter to Date | Year to Date | Cost | Fair Value | Assets | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 17,389,844 | 17,664,337 | 17,834,565 | $ | 144,726 | $ | 131,536 | 99.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 18,122,416 | 18,445,894 | 18,742,374 | $ | 150,509 | $ | 140,933 | 100.9 | % | December 31, 2019 | 18,122,416 | 18,445,894 | 18,742,374 | $ | 150,509 | $ | 140,933 | 100.9 | % | ||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 18,835,670 | 18,835,670 | 18,835,670 | $ | 156,091 | $ | 152,409 | 100.5 | % |
December 31, 2019 | ||||||||||||||||||||
Total | ≤ 1 year | > 1 - 3 years | 3 - 5 years | 5 years | ||||||||||||||||
DSS Fee: Distribution Services Component | $ | 1,587 | $ | 823 | $ | 764 | $ | — | $ | — |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Total | ≤ 1 year | > 1 - 3 years | 3 - 5 years | 5 years | ||||||||||||||||||||||||||||
DSS Fee: Distribution Services Component | $ | 1,056 | $ | 773 | $ | 283 | $ | — | $ | — |
Month Ended | Month Ended | Expense Support from CCA and Guggenheim | CCA Waiver of Expense Support Reimbursement | Expense Support Reimbursement | Expired Expense Support | Unreimbursed Expense Support | Minimum of 1.75% and Annualized Fiscal Year to Date Other Operating Expense Ratio (1) | Annualized Regular Cash Distribution Rate/Share, Declared (2) | Eligible for Reimbursement through | ||||||||||||||||||||||||||||||||||
Month Ended | Expense Support from CCA and Guggenheim | CCA Waiver of Expense Support Reimbursement | Expense Support Reimbursement | Unreimbursed Expense Support | Minimum of 1.75% and Annualized Fiscal Year to Date Other Operating Expense Ratio (1) | Annualized Regular Cash Distribution Rate/Share, Declared (2) | Eligible for Reimbursement through | ||||||||||||||||||||||||||||||||||||
February 2017 | $ | 258 | $ | (129 | ) | $ | (129 | ) | $ | — | 0.64% | $ | 0.64480 | February 29, 2020 | |||||||||||||||||||||||||||||
March 2017 | 348 | (174 | ) | (174 | ) | — | 0.64% | 0.64480 | March 31, 2020 | ||||||||||||||||||||||||||||||||||
April 2017 | 179 | (89 | ) | (74 | ) | 16 | 0.64% | 0.63700 | April 30, 2020 | April 2017 | 179 | (89) | (90) | — | — | 0.64% | 0.63700 | April 30, 2020 | |||||||||||||||||||||||||
May 2017 | 254 | (127 | ) | — | 127 | 0.64% | 0.63076 | May 31, 2020 | May 2017 | 254 | (127) | (12) | (115) | — | 0.64% | 0.63076 | May 31, 2020 | ||||||||||||||||||||||||||
June 2017 | 315 | (158 | ) | — | 157 | 0.64% | 0.63076 | June 30, 2020 | June 2017 | 315 | (157) | — | (158) | — | 0.64% | 0.63076 | June 30, 2020 | ||||||||||||||||||||||||||
April 2018 | 57 | — | — | 57 | 0.43% | 0.67571 | April 30, 2021 | April 2018 | 57 | — | (57) | — | — | 0.43% | 0.67571 | April 30, 2021 | |||||||||||||||||||||||||||
March 2020 | March 2020 | 255 | — | (67) | — | 188 | 0.52% | 0.67397 | March 31, 2023 | ||||||||||||||||||||||||||||||||||
April 2020 | April 2020 | 96 | — | — | — | 96 | 0.52% | 0.57463 | April 30, 2023 | ||||||||||||||||||||||||||||||||||
May 2020 | May 2020 | 98 | — | — | — | 98 | 0.52% | 0.57526 | May 31, 2023 | ||||||||||||||||||||||||||||||||||
June 2020 | June 2020 | 21 | — | — | — | 21 | 0.52% | 0.57364 | June 30, 2023 | ||||||||||||||||||||||||||||||||||
July 2020 | July 2020 | 126 | — | — | — | 126 | 0.52% | 0.57479 | July 31, 2023 | ||||||||||||||||||||||||||||||||||
August 2020 | August 2020 | 101 | — | — | — | 101 | 0.52% | 0.57474 | August 31, 2023 | ||||||||||||||||||||||||||||||||||
September 2020 | September 2020 | 96 | — | — | — | 96 | 0.52% | 0.57401 | September 30, 2023 | ||||||||||||||||||||||||||||||||||
October 2020 | October 2020 | 199 | — | — | — | 199 | 0.52% | 0.57473 | October 31, 2023 | ||||||||||||||||||||||||||||||||||
November 2020 | November 2020 | 321 | — | — | — | 321 | 0.52% | 0.46279 | November 30, 2023 | ||||||||||||||||||||||||||||||||||
Total | $ | 357 | Total | $ | 1,246 |
(1)Other operating expenses include all expenses borne by the Company excluding organization and offering costs, a management fee, a performance-based incentive fee, financing fees and costs and interest expense. (2)"Annualized Regular Cash Distribution Rate/Share, Declared" equals the annualized rate of average weekly or monthly distributions per Share that were declared with record dates in the subject month immediately prior |
For the Years Ended December 31, | |||||||||||||
Related Party (1) | Source Agreement & Description | 2019 | 2018 | 2017 | |||||||||
Related Party Expenses: | |||||||||||||
CCA | Prior Administrative Services Agreement - expense reimbursement | $ | — | $ | — | $ | 250 | ||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | 215 | 214 | 43 | |||||||||
CCA & Guggenheim | O&O Agreement - offering expenses reimbursements | — | — | 738 | |||||||||
CCA & Guggenheim | Prior Expense Support Agreement - expense support reimbursement | — | — | 1,045 | |||||||||
Guggenheim | Expense Support Agreement - expense support reimbursement | 246 | 404 | — | |||||||||
Carey Financial | Dealer Manager Agreement - sales commissions and dealer manager fees | — | — | 2,311 | |||||||||
Dealer Manager | Dealer Manager Agreement - DSS Fee (Distribution Services Component only) | — | — | 1,127 | |||||||||
Dealer Manager | Dealer Manager Agreement - DSS Fee (Shareholder Services Component) | — | — | 191 | |||||||||
Related Party Income: | |||||||||||||
CCA & Guggenheim | Prior Expense Support Agreement - expense support from related parties | — | — | 1,768 | |||||||||
Guggenheim | Expense Support Agreement - expense support from related parties | — | 57 | 13 | |||||||||
CCA | Payments to the Company's shareholders for Share purchase price adjustments | — | — | 23 |
For the Years Ended December 31, | |||||||||||||||||||||||
Related Party (1) | Source Agreement & Description | 2020 | 2019 | 2018 | |||||||||||||||||||
Related Party Expenses: | |||||||||||||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | $ | 189 | $ | 215 | $ | 214 | ||||||||||||||||
Guggenheim | Expense Support Agreement - expense support reimbursement | 151 | 246 | 404 | |||||||||||||||||||
Related Party Income: | |||||||||||||||||||||||
Guggenheim | Expense Support Agreement - expense support received from related parties | 1,314 | — | 57 | |||||||||||||||||||
(1)Not included in the table above is the Company's change in "Due to Dealer Manager" which represents the payable balances associated with the DSS Fee. For a breakdown of the Company's "Due to Dealer Manger" balance see Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies. 57 Notes to Financial Statements |
Year Ended | Inception through | ||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||
Gross proceeds from Public Offering | — | $ | — | 16,970,408 | $ | 164,194 | |||||||||||||||||
Commission paid outside escrow | — | — | — | (1,924) | |||||||||||||||||||
Dealer Manager fees and commissions | — | — | — | (7,462) | |||||||||||||||||||
Net proceeds to the Company from Public Offering | — | — | 16,970,408 | 154,808 | |||||||||||||||||||
Reinvestment of shareholders' distributions | 495,406 | 3,759 | 2,462,008 | 21,291 | |||||||||||||||||||
Net proceeds from all issuance of Common Shares | 495,406 | $ | 3,759 | 19,432,416 | $ | 176,099 | |||||||||||||||||
Average net proceeds per Common Share | $7.59 | $9.06 |
Year ended | Inception through | ||||||||||||
December 31, 2019 | December 31, 2019 | ||||||||||||
Shares | Amount | Shares | Amount | ||||||||||
Gross proceeds from Public Offering | — | $ | — | 16,970,408 | $ | 164,194 | |||||||
Commissions paid outside escrow | — | — | — | (1,924 | ) | ||||||||
Dealer Manager fees and commissions | — | — | — | (7,462 | ) | ||||||||
Net proceeds to the Company from Public Offering | — | — | 16,970,408 | 154,808 | |||||||||
Reinvestment of shareholders' distributions | 648,515 | 5,536 | 1,966,602 | 17,532 | |||||||||
Net proceeds from all issuance of Common Shares | 648,515 | $ | 5,536 | 18,937,010 | $ | 172,340 | |||||||
Average net proceeds per Common Share | $8.54 | $9.10 |
Tender Offer Termination Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | Price Paid per Share | No. of Shares Repurchased / Total Shares Offered | No. of Shares Repurchased / Weighted Average Shares (1) | ||||||||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||||||||
March 9, 2020 | 436,352 | 298,522 | $ | 2,469 | $ | 8.27 | 68.4 | % | 1.71 | % | ||||||||||||||||||||||||||||
June 8, 2020 (2) | 160,035 | 187,479 | 1,361 | 7.26 | 117.1 | % | 1.08 | % | ||||||||||||||||||||||||||||||
September 8, 2020 | 135,448 | 135,447 | 1,036 | 7.65 | 100.0 | % | 0.79 | % | ||||||||||||||||||||||||||||||
December 8, 2020 (3) | 120,546 | 315,165 | 2,509 | 7.96 | 261.4 | % | 1.86 | % | ||||||||||||||||||||||||||||||
Total | 852,381 | 936,613 | $ | 7,375 | 109.9 | % | ||||||||||||||||||||||||||||||||
2019: | ||||||||||||||||||||||||||||||||||||||
March 8, 2019 | 438,164 | 207,679 | $ | 1,797 | $ | 8.65 | 47.4 | % | 1.18 | % | ||||||||||||||||||||||||||||
June 5, 2019 | 439,278 | 323,596 | 2,792 | 8.63 | 73.7 | % | 1.84 | % | ||||||||||||||||||||||||||||||
October 11, 2019 | 439,656 | 396,895 | 3,322 | 8.37 | 90.3 | % | 2.26 | % | ||||||||||||||||||||||||||||||
December 6, 2019 | 438,630 | 293,787 | 2,442 | 8.31 | 67.0 | % | 1.67 | % | ||||||||||||||||||||||||||||||
Total | 1,755,728 | 1,221,957 | $ | 10,353 | 69.6 | % | ||||||||||||||||||||||||||||||||
2018: | ||||||||||||||||||||||||||||||||||||||
March 14, 2018 | 417,473 | 102,672 | $ | 929 | $ | 9.05 | 24.6 | % | 0.61 | % | ||||||||||||||||||||||||||||
June 6, 2018 | 435,337 | 53,844 | 490 | 9.10 | 12.4 | % | 0.31 | % | ||||||||||||||||||||||||||||||
September 5, 2018 | 436,451 | 129,420 | 1,174 | 9.07 | 29.7 | % | 0.74 | % | ||||||||||||||||||||||||||||||
December 6, 2018 | 437,336 | 159,421 | 1,438 | 9.02 | 36.5 | % | 0.91 | % | ||||||||||||||||||||||||||||||
Total | 1,726,597 | 445,357 | $ | 4,031 | 25.8 | % | ||||||||||||||||||||||||||||||||
Tender Offer Termination Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | Price Paid per Share | No. of Shares Repurchased / Total Shares Offered | No. of Shares Repurchased / Weighted Average Shares (1) | ||||||||||||||
2019: | ||||||||||||||||||||
March 8, 2019 | 438,164 | 207,679 | $ | 1,797 | $ | 8.65 | 47.4 | % | 1.18 | % | ||||||||||
June 5, 2019 | 439,278 | 323,596 | 2,792 | 8.63 | 73.7 | % | 1.84 | % | ||||||||||||
October 11, 2019 | 439,656 | 396,895 | 3,322 | 8.37 | 90.3 | % | 2.26 | % | ||||||||||||
December 6, 2019 | 438,630 | 293,787 | 2,442 | 8.31 | 67.0 | % | 1.67 | % | ||||||||||||
Total | 1,755,728 | 1,221,957 | $ | 10,353 | 69.6 | % | ||||||||||||||
2018: | ||||||||||||||||||||
March 14, 2018 | 417,473 | 102,672 | $ | 929 | $ | 9.05 | 24.6 | % | 0.61 | % | ||||||||||
June 6, 2018 | 435,337 | 53,844 | 490 | 9.10 | 12.4 | % | 0.31 | % | ||||||||||||
September 5, 2018 | 436,451 | 129,420 | 1,174 | 9.07 | 29.7 | % | 0.74 | % | ||||||||||||
December 6, 2018 | 437,336 | 159,421 | 1,438 | 9.02 | 36.5 | % | 0.91 | % | ||||||||||||
Total | 1,726,597 | 445,357 | $ | 4,031 | 25.8 | % | ||||||||||||||
2017: | ||||||||||||||||||||
March 3, 2017 | 136,060 | 9,718 | $ | 90 | $ | 9.29 | 7.1 | % | 0.18 | % | ||||||||||
June 19, 2017 | 221,543 | 26,043 | 239 | 9.17 | 11.8 | % | 0.29 | % | ||||||||||||
September 20, 2017 | 307,448 | 119,167 | 1,088 | 9.13 | 38.8 | % | 0.97 | % | ||||||||||||
December 20, 2017 | 373,463 | 153,087 | 1,395 | 9.11 | 41.0 | % | 1.02 | % | ||||||||||||
Total | 1,038,514 | 308,015 | $ | 2,812 | 29.7 | % |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Distribution Amount | ||||||||||||||||||||||
For Fiscal Year 2020 | ||||||||||||||||||||||||||
January 6, 13, 20, 27 | January 29 | $ | 0.01258 | $ | 0.05032 | $ | 853 | |||||||||||||||||||
February 3, 10, 17, 24 | February 26 | 0.01258 | 0.05032 | 856 | ||||||||||||||||||||||
March 2, 9, 16, 23, 30 | April 1 | 0.01258 | 0.06290 | 1,068 | ||||||||||||||||||||||
April 6, 13, 20, 27 | April 29 | 0.01069 | 0.04276 | 719 | ||||||||||||||||||||||
May 4, 11, 18, 25, June 1, 8 | June 9 | 0.01069 | 0.06414 | 1,081 | ||||||||||||||||||||||
June 15, 22, 29, July 6 | July 9 | 0.01069 | 0.04276 | 719 | ||||||||||||||||||||||
July 13, 20, 27, August 3, 10 | August 11 | 0.01069 | 0.05345 | 896 | ||||||||||||||||||||||
August 17, 24, 31, September 7 | September 9 | 0.01069 | 0.04276 | 719 | ||||||||||||||||||||||
September 14, 21, 28, October 5 | October 1 | 0.01069 | 0.04276 | 714 | ||||||||||||||||||||||
October 12, 19, 26, November 2, 9 | November 10 | 0.01069 | 0.05345 | 896 | ||||||||||||||||||||||
November 16, 23, 20, December 7 | December 9 | 0.00855 | 0.03420 | 576 | ||||||||||||||||||||||
$ | 0.53982 | $ | 9,097 | |||||||||||||||||||||||
For Fiscal Year 2019 | ||||||||||||||||||||||||||
January 7, 14, 21, 28 | January 30 | $ | 0.01258 | $ | 0.05032 | $ | 883 | |||||||||||||||||||
February 4, 11, 18, 25 | February 27 | 0.01258 | 0.05032 | 889 | ||||||||||||||||||||||
March 4, 11, 18, 25 | March 27 | 0.01258 | 0.05032 | 889 | ||||||||||||||||||||||
April 1, 8, 15, 22, 29 | May 1 | 0.01258 | 0.06290 | 1,103 | ||||||||||||||||||||||
May 6, 13, 20, 27 | May 29 | 0.01258 | 0.05032 | 885 | ||||||||||||||||||||||
June 3, 10, 17, 24 | June 26 | 0.01258 | 0.05032 | 884 | ||||||||||||||||||||||
July 1, 8, 15, 22, 29 | July 29 | 0.01258 | 0.06290 | 1,092 | ||||||||||||||||||||||
August 5, 12, 19, 26 | August 28 | 0.01258 | 0.05032 | 877 | ||||||||||||||||||||||
September 2, 9, 16, 23, 30 | October 2 | 0.01258 | 0.06290 | 1,098 | ||||||||||||||||||||||
October 7, 14, 21, 28 | October 30 | 0.01258 | 0.05032 | 876 | ||||||||||||||||||||||
November 4, 11, 18, 25 | November 27 | 0.01258 | 0.05032 | 863 | ||||||||||||||||||||||
December 2, 9, 16, 23, 30 | December 31 | 0.01258 | 0.06290 | 1,074 | ||||||||||||||||||||||
$ | 0.65416 | $ | 11,413 | |||||||||||||||||||||||
For Fiscal Year 2018 | ||||||||||||||||||||||||||
January 30 | January 31 | $ | 0.05453 | $ | 0.05453 | $ | 949 | |||||||||||||||||||
February 27 | February 28 | 0.05453 | 0.05453 | 952 | ||||||||||||||||||||||
March 27 | March 28 | 0.05453 | 0.05453 | 954 | ||||||||||||||||||||||
April 24 | April 25 | 0.05453 | 0.05453 | 951 | ||||||||||||||||||||||
May 29 | May 30 | 0.05453 | 0.05453 | 954 | ||||||||||||||||||||||
June 26 | June 27 | 0.05453 | 0.05453 | 954 | ||||||||||||||||||||||
July 31 | August 1 | 0.05453 | 0.05453 | 956 | ||||||||||||||||||||||
August 28 | August 29 | 0.05453 | 0.05453 | 959 | ||||||||||||||||||||||
September 4, 11, 18, 25 | September 26 | 0.01258 | 0.05032 | 886 | ||||||||||||||||||||||
October 2, 9, 16, 23, 30 | October 31 | 0.01258 | 0.06290 | 1,104 | ||||||||||||||||||||||
November 6, 13, 20, 27 | November 28 | 0.01258 | 0.05032 | 886 | ||||||||||||||||||||||
December 3, 10, 17, 24 | December 26 | 0.01258 | 0.05032 | 886 | ||||||||||||||||||||||
December 28 | January 16, 2019 | 0.07414 | 0.07414 | 1,300 | ||||||||||||||||||||||
December 31 | January 30, 2019 | 0.01258 | 0.01258 | 220 | ||||||||||||||||||||||
$ | 0.73682 | $ | 12,911 |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Distribution Amount | ||||||||||
For Fiscal Year 2019 | ||||||||||||||
January 7, 14, 21, 28 | January 30 | $ | 0.01258 | $ | 0.05032 | $ | 883 | |||||||
February 4, 11, 18, 25 | February 27 | 0.01258 | 0.05032 | 889 | ||||||||||
March 4, 11, 18, 25 | March 27 | 0.01258 | 0.05032 | 889 | ||||||||||
April 1, 8, 15, 22, 29 | May 1 | 0.01258 | 0.06290 | 1,103 | ||||||||||
May 6, 13, 20, 27 | May 29 | 0.01258 | 0.05032 | 885 | ||||||||||
June 3, 10, 17, 24 | June 26 | 0.01258 | 0.05032 | 884 | ||||||||||
July 1, 8, 15, 22, 29 | July 29 | 0.01258 | 0.06290 | 1,092 | ||||||||||
August 5, 12, 19, 26 | August 28 | 0.01258 | 0.05032 | 877 | ||||||||||
September 2, 9, 16, 23, 30 | October 2 | 0.01258 | 0.06290 | 1,098 | ||||||||||
October 7, 14, 21, 28 | October 30 | 0.01258 | 0.05032 | 876 | ||||||||||
November 4, 11, 18, 25 | November 27 | 0.01258 | 0.05032 | 863 | ||||||||||
December 2, 9, 16, 23, 30 | December 31 | 0.01258 | 0.06290 | 1,074 | ||||||||||
$ | 0.65416 | $ | 11,413 |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Distribution Amount | ||||||||||
For Fiscal Year 2018 | ||||||||||||||
January 30 | January 31 | $ | 0.05453 | $ | 0.05453 | $ | 949 | |||||||
February 27 | February 28 | 0.05453 | 0.05453 | 952 | ||||||||||
March 27 | March 28 | 0.05453 | 0.05453 | 954 | ||||||||||
April 24 | April 25 | 0.05453 | 0.05453 | 951 | ||||||||||
May 29 | May 30 | 0.05453 | 0.05453 | 954 | ||||||||||
June 26 | June 27 | 0.05453 | 0.05453 | 954 | ||||||||||
July 31 | August 1 | 0.05453 | 0.05453 | 956 | ||||||||||
August 28 | August 29 | 0.05453 | 0.05453 | 959 | ||||||||||
September 4, 11, 18, 25 | September 26 | 0.01258 | 0.05032 | 886 | ||||||||||
October 2, 9, 16, 23, 30 | October 31 | 0.01258 | 0.06290 | 1,104 | ||||||||||
November 6, 13, 20, 27 | November 28 | 0.01258 | 0.05032 | 886 | ||||||||||
December 3, 10, 17, 24 | December 26 | 0.01258 | 0.05032 | 886 | ||||||||||
December 28 | January 16, 2019 | 0.07414 | 0.07414 | 1,300 | ||||||||||
December 31 | January 30, 2019 | 0.01258 | 0.01258 | 220 | ||||||||||
$ | 0.73682 | $ | 12,911 |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Distribution Amount | |||||||||
For Fiscal Year 2017 | |||||||||||||
January 3, 10, 17, 24, 31 | February 1 | 0.01240 | 0.06200 | 798 | |||||||||
February 7, 14, 21, 28 | March 1 | 0.01240 | 0.04960 | 721 | |||||||||
March 7, 14, 21, 28 | March 29 | 0.01240 | 0.04960 | 804 | |||||||||
April 4, 11, 18, 25 | April 26 | 0.01225 | 0.04900 | 846 | |||||||||
May 2, 9, 16, 23, 30 | May 31 | 0.01213 | 0.06065 | 1,050 | |||||||||
June 6, 13, 20, 27 | June 28 | 0.01213 | 0.04852 | 843 | |||||||||
July 25 | July 26 | 0.04852 | 0.04852 | 843 | |||||||||
August 29 | August 30 | 0.06065 | 0.06065 | 1,057 | |||||||||
September 26 | September 27 | 0.04852 | 0.04852 | 848 | |||||||||
October 31 | November 1 | 0.05453 | 0.05453 | 949 | |||||||||
November 28 | November 29 | 0.05453 | 0.05453 | 952 | |||||||||
December 26 | December 27 | 0.05453 | 0.05453 | 954 | |||||||||
$ | 0.64065 | $ | 10,665 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 8.24 | $ | 8.65 | $ | 9.05 | $ | 9.11 | $ | 8.68 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 0.53 | 0.52 | 0.69 | 0.53 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||
Net realized gains (loss) from investment in GCIF (1) | (0.02) | 0.05 | 0.13 | 0.02 | — | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) from investment in GCIF (2) | (0.21) | (0.34) | (0.47) | 0.04 | 0.67 | ||||||||||||||||||||||||||||||||||||||||||
Net increase resulting from operations | 0.30 | 0.23 | 0.35 | 0.59 | 1.22 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income (3) | (0.53) | (0.52) | (0.69) | (0.53) | (0.56) | ||||||||||||||||||||||||||||||||||||||||||
Distributions from realized gains on investment (3) | — | (0.13) | (0.05) | (0.02) | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions in excess of net investment income (3) | (0.01) | — | — | (0.09) | (0.10) | ||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings (3) | (0.54) | (0.65) | (0.74) | (0.64) | (0.66) | ||||||||||||||||||||||||||||||||||||||||||
Capital Share Transactions | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares above net asset value (4) | — | — | — | 0.07 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||
Distribution services charge (9) | (0.02) | 0.01 | (0.01) | (0.08) | (0.19) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from Capital Share transactions | (0.02) | 0.01 | (0.01) | (0.01) | (0.13) | ||||||||||||||||||||||||||||||||||||||||||
Net asset value, end of year | $ | 7.98 | $ | 8.24 | $ | 8.65 | $ | 9.05 | $ | 9.11 | |||||||||||||||||||||||||||||||||||||
INVESTMENT RETURNS | |||||||||||||||||||||||||||||||||||||||||||||||
Total investment return-net price (5) | N/A | N/A | N/A | 3.95 | % | 12.33 | % | ||||||||||||||||||||||||||||||||||||||||
Total investment return-net asset value (6) | 3.94 | % | 2.76 | % | 3.78 | % | 6.52 | % | 12.77 | % | |||||||||||||||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period | $ | 131,758 | $ | 139,688 | $ | 151,709 | $ | 157,456 | $ | 111,153 | |||||||||||||||||||||||||||||||||||||
Average net assets (7) | $ | 129,307 | $ | 148,654 | $ | 157,996 | $ | 150,482 | $ | 49,718 | |||||||||||||||||||||||||||||||||||||
Common Shares outstanding, end of period | 16,519,873 | 16,961,080 | 17,534,522 | 17,401,934 | 12,205,783 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average Common Shares outstanding | 16,836,051 | 17,454,069 | 17,526,578 | 16,698,890 | 5,442,377 | ||||||||||||||||||||||||||||||||||||||||||
Ratios-to-average net assets: (7) (8) | |||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.78 | % | 0.74 | % | 0.76 | % | 1.67 | % | 2.16 | % | |||||||||||||||||||||||||||||||||||||
Effect of expense support reimbursement to (received from) the Advisor | (0.90) | % | 0.16 | % | 0.22 | % | (0.49) | % | (4.18) | % | |||||||||||||||||||||||||||||||||||||
Net expenses | (0.12) | % | 0.90 | % | 0.98 | % | 1.18 | % | (2.02) | % | |||||||||||||||||||||||||||||||||||||
Net investment income | 6.92 | % | 6.08 | % | 7.65 | % | 5.87 | % | 6.01 | % |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Inception Through December 31, 2015 | |||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||||||||||
Net asset value, beginning of period | $ | 8.65 | $ | 9.05 | $ | 9.11 | $ | 8.68 | $ | — | |||||||||
Net investment income (1) | 0.52 | 0.69 | 0.53 | 0.55 | 0.14 | ||||||||||||||
Long term gain distributions from investment in GCIF (1) | 0.05 | 0.13 | 0.02 | — | — | ||||||||||||||
Net unrealized appreciation (depreciation) from investment in GCIF (2) | (0.34 | ) | (0.47 | ) | 0.04 | 0.67 | (0.48 | ) | |||||||||||
Net increase (decrease) resulting from operations | 0.23 | 0.35 | 0.59 | 1.22 | (0.34 | ) | |||||||||||||
Distributions to common shareholders | |||||||||||||||||||
Distributions from net investment income (3) | (0.52 | ) | (0.69 | ) | (0.53 | ) | (0.56 | ) | (0.14 | ) | |||||||||
Distributions from realized gains on investment (3) | (0.13 | ) | (0.05 | ) | (0.02 | ) | — | — | |||||||||||
Distributions in excess of net investment income (3) | — | — | (0.09 | ) | (0.10 | ) | (0.01 | ) | |||||||||||
Distributions from earnings (3) | (0.65 | ) | (0.74 | ) | (0.64 | ) | (0.66 | ) | (0.15 | ) | |||||||||
Capital Share Transactions | |||||||||||||||||||
Issuance of Common Shares, net of sales load | — | — | — | — | 9.00 | ||||||||||||||
Issuance of Common Shares above net asset value (4) | — | — | 0.07 | 0.06 | 0.17 | ||||||||||||||
Distribution services charge (9) | 0.01 | (0.01 | ) | (0.08 | ) | (0.19 | ) | — | |||||||||||
Net increase (decrease) in net assets resulting from Capital Share transactions | 0.01 | (0.01 | ) | (0.01 | ) | (0.13 | ) | 9.17 | |||||||||||
Net asset value, end of period | $ | 8.24 | $ | 8.65 | $ | 9.05 | $ | 9.11 | $ | 8.68 | |||||||||
INVESTMENT RETURNS | |||||||||||||||||||
Total investment return-net price (5) | N/A | N/A | 3.95 | % | 12.33 | % | (1.85 | )% | |||||||||||
Total investment return-net asset value (6) | 2.76 | % | 3.78 | % | 6.52 | % | 12.77 | % | (1.85 | )% | |||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||||
Net assets, end of period | $ | 139,688 | $ | 151,709 | $ | 157,456 | $ | 111,153 | $ | 2,161 | |||||||||
Average net assets (7) | $ | 148,654 | $ | 157,996 | $ | 150,482 | $ | 49,718 | $ | 473 | |||||||||
Common Shares outstanding, end of period | 16,961,080 | 17,534,522 | 17,401,934 | 12,205,783 | 248,877 | ||||||||||||||
Weighted average Common Shares outstanding | 17,454,069 | 17,526,578 | 16,698,890 | 5,442,377 | 30,518 | ||||||||||||||
Ratios-to-average net assets: (7) (8) | |||||||||||||||||||
Total expenses | 0.74 | % | 0.76 | % | 1.67 | % | 2.16 | % | 30.07 | % | |||||||||
Effect of expense support reimbursement to (received from) the Advisors | 0.16 | % | 0.22 | % | (0.49 | )% | (4.18 | )% | (24.80 | )% | |||||||||
Net expenses | 0.90 | % | 0.98 | % | 1.18 | % | (2.02 | )% | 5.28 | % | |||||||||
Net investment income | 6.08 | % | 7.65 | % | 5.87 | % | 6.01 | % | 1.68 | % |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
Capital Accounts | 2019 | 2018 | 2017 | Capital Accounts | 2020 | 2019 | 2018 | |||||||||||||||||||||
Paid in capital in excess of par value | $ | (49 | ) | $ | (410 | ) | $ | (1,551 | ) | Paid in capital in excess of par value | $ | (30) | $ | (49) | $ | (410) | ||||||||||||
Distributions in excess of net investment income | 49 | 410 | 1,551 | Distributions in excess of net investment income | 30 | 49 | 410 | |||||||||||||||||||||
Accumulated realized gains | — | — | — | |||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | Total | $ | — | $ | — | $ | — |
Tax Years Ended September 30, | ||||||||||||||||||||||||||||
Tax Years Ended September 30, | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 1,979 | $ | 10,301 | $ | 10,984 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $ | (9,414) | $ | 1,979 | $ | 10,301 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 11,139 | 1,445 | (3,027 | ) | Net change in unrealized appreciation (depreciation) | 18,468 | 11,139 | 1,445 | ||||||||||||||||||||
Offering expense | — | 345 | 1,501 | Offering expense | — | — | 345 | |||||||||||||||||||||
Other book-tax differences | 43 | 59 | 44 | Other book-tax differences | 263 | 43 | 59 | |||||||||||||||||||||
Total taxable income available for distributions | $ | 13,161 | $ | 12,150 | $ | 9,502 | Total taxable income available for distributions | $ | 9,317 | $ | 13,161 | $ | 12,150 |
Tax Years Ended September 30, | Tax Years Ended September 30, | |||||||||||||||||||||||||||
Paid Distributions attributable to: | 2019 | 2018 | 2017 | Paid Distributions attributable to: | 2020 | 2019 | 2018 | |||||||||||||||||||||
Ordinary income | $ | 10,913 | $ | 11,042 | $ | 9,456 | Ordinary income | $ | 9,317 | $ | 10,913 | $ | 11,042 | |||||||||||||||
Long-term capital gains (1) | 2,082 | 329 | 46 | Long-term capital gains (1) | 945 | 2,082 | 329 | |||||||||||||||||||||
Total | $ | 12,995 | $ | 11,371 | $ | 9,502 | Total | $ | 10,262 | $ | 12,995 | $ | 11,371 | |||||||||||||||
Paid distributions as a percentage of taxable income available for distributions | 99 | % | 94 | % | 100 | % | Paid distributions as a percentage of taxable income available for distributions | 110 | % | 99 | % | 94 | % |
As of September 30, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Undistributed ordinary income, net | $ | — | $ | — | $ | — | |||||||||||
Undistributed capital gains (losses) | (67) | 946 | 780 | ||||||||||||||
Unrealized gains (losses) | (18,639) | (7,550) | 3,590 | ||||||||||||||
Other temporary adjustments | (63) | (70) | (76) | ||||||||||||||
Total accumulated earnings, net | $ | (18,769) | $ | (6,674) | $ | 4,294 | |||||||||||
As of September 30, | |||||||
2019 | 2018 | ||||||
Undistributed ordinary income, net | $ | — | $ | — | |||
Undistributed capital gains | 946 | 780 | |||||
Unrealized gain (loss) | (7,550 | ) | 3,590 | ||||
Other temporary adjustments | (70 | ) | (76 | ) | |||
Total accumulated earnings, net | $ | (6,674 | ) | $ | 4,294 |
As of and for the three months ended | |||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||
Total investment income | $ | 1,481 | $ | 2,256 | $ | 2,384 | $ | 2,677 | |||||||||||||||
Net investment income | 1,642 | 2,328 | 2,335 | 2,646 | |||||||||||||||||||
Net realized gain (loss) from investment in GCIF | (63) | 25 | (171) | (72) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment | 5,279 | 4,074 | 9,205 | (22,172) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 6,858 | 6,427 | 11,369 | (19,598) | |||||||||||||||||||
Net assets | 131,758 | 128,435 | 124,421 | 115,584 | |||||||||||||||||||
Total investment income per Common Share outstanding - basic and diluted | 0.09 | 0.13 | 0.14 | 0.16 | |||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | 0.10 | 0.14 | 0.14 | 0.16 | |||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | 0.41 | 0.38 | 0.68 | (1.15) | |||||||||||||||||||
Net asset value per Common Share at end of quarter | 7.98 | 7.68 | 7.44 | 6.90 |
For the three months ended | As of and for the three months ended | |||||||||||||||||||||||||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||||||||||||||
Total investment income | $ | 2,310 | $ | 2,571 | $ | 3,312 | $ | 2,196 | Total investment income | $ | 2,310 | $ | 2,571 | $ | 3,312 | $ | 2,196 | |||||||||||||||||||||
Net investment income | 1,987 | 2,237 | 2,971 | 1,850 | Net investment income | 1,987 | 2,237 | 2,971 | 1,850 | |||||||||||||||||||||||||||||
Net realized gain (loss) from investment in GCIF | (22 | ) | — | 45 | — | Net realized gain (loss) from investment in GCIF | (22) | — | 45 | — | ||||||||||||||||||||||||||||
Long term gain distributions from investment in GCIF | — | — | — | 849 | Long term gain distributions from investment in GCIF | — | — | — | 849 | |||||||||||||||||||||||||||||
Net change in unrealized depreciation on investment | (2,027 | ) | (2,837 | ) | (623 | ) | (407 | ) | Net change in unrealized depreciation on investment | (2,027) | (2,837) | (623) | (407) | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (62 | ) | (600 | ) | 2,393 | 2,292 | Net increase (decrease) in net assets resulting from operations | (62) | (600) | 2,393 | 2,292 | |||||||||||||||||||||||||||
Net assets | 139,688 | 146,638 | 149,441 | 151,381 | Net assets | 139,688 | 146,638 | 149,441 | 151,381 | |||||||||||||||||||||||||||||
Total investment income per Common Share outstanding - basic and diluted | 0.13 | 0.15 | 0.19 | 0.12 | Total investment income per Common Share outstanding - basic and diluted | 0.13 | 0.15 | 0.19 | 0.12 | |||||||||||||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | 0.12 | 0.13 | 0.17 | 0.10 | Net investment income per Common Share outstanding - basic and diluted | 0.12 | 0.13 | 0.17 | 0.10 | |||||||||||||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | — | (0.03 | ) | 0.14 | 0.13 | Earnings (loss) per Common Share - basic and diluted | — | (0.03) | 0.14 | 0.13 | ||||||||||||||||||||||||||||
Net asset value per Common Share at end of quarter | 8.24 | 8.40 | 8.61 | 8.63 | Net asset value per Common Share at end of quarter | 8.24 | 8.40 | 8.61 | 8.63 |
For the three months ended | |||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||
Total investment income | $ | 4,130 | $ | 3,604 | $ | 3,489 | $ | 2,413 | |||||||
Net investment income | 3,814 | 3,239 | 3,104 | 1,930 | |||||||||||
Long term gain (loss) distributions from investment in GCIF | 1,356 | (5 | ) | — | 882 | ||||||||||
Net change in unrealized appreciation (depreciation) from investment | (7,272 | ) | (1,175 | ) | (614 | ) | 917 | ||||||||
Net increase (decrease) in net assets resulting from operations | (2,102 | ) | 2,059 | 2,490 | 3,729 | ||||||||||
Net assets | 151,709 | 158,386 | 159,119 | 158,704 | |||||||||||
Total investment income per Common Share outstanding - basic and diluted | 0.23 | 0.21 | 0.20 | 0.14 | |||||||||||
Net investment income per Common Share outstanding - basic and diluted | 0.22 | 0.18 | 0.18 | 0.11 | |||||||||||
Earnings (loss) per Common Share - basic and diluted | (0.12 | ) | 0.12 | 0.14 | 0.21 | ||||||||||
Net asset value per Common Share at end of quarter | 8.65 | 9.02 | 9.07 | 9.10 |
As of and for the three months ended | |||||||||||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||||||||||
Total investment income | $ | 4,130 | $ | 3,604 | $ | 3,489 | $ | 2,413 | |||||||||||||||
Net investment income | 3,814 | 3,239 | 3,104 | 1,930 | |||||||||||||||||||
Long term gain (loss) distributions from investment in GCIF | 1,356 | (5) | — | 882 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment | (7,272) | (1,175) | (614) | 917 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,102) | 2,059 | 2,490 | 3,729 | |||||||||||||||||||
Net assets | 151,709 | 158,386 | 159,119 | 158,704 | |||||||||||||||||||
Total investment income per Common Share outstanding - basic and diluted | 0.23 | 0.21 | 0.20 | 0.14 | |||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | 0.22 | 0.18 | 0.18 | 0.11 | |||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | (0.12) | 0.12 | 0.14 | 0.21 | |||||||||||||||||||
Net asset value per Common Share at end of quarter | 8.65 | 9.02 | 9.07 | 9.10 |
For the three months ended | |||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||
Total investment income | $ | 3,832 | $ | 2,968 | $ | 2,301 | $ | 1,503 | |||||||
Net investment income | 2,361 | 2,318 | 2,237 | 1,915 | |||||||||||
Net realized gain from investment in GCIF | — | 46 | — | — | |||||||||||
Long term gain distributions from investment in GCIF | 231 | — | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) on investment | (572 | ) | 94 | (124 | ) | 1,218 | |||||||||
Net increase in net assets resulting from operations | 2,020 | 2,458 | 2,113 | 3,133 | |||||||||||
Net assets | 157,456 | 158,500 | 158,633 | 158,305 | |||||||||||
Total investment income per Common Share outstanding - basic and diluted | 0.22 | 0.17 | 0.13 | 0.10 | |||||||||||
Net investment income per Common Share outstanding - basic and diluted | 0.14 | 0.13 | 0.13 | 0.13 | |||||||||||
Earnings per Common Share - basic and diluted | 0.12 | 0.14 | 0.12 | 0.22 | |||||||||||
Net asset value per Common Share at end of quarter | 9.05 | 9.11 | 9.13 | 9.17 |
Name and Age of Trustee | Position(s) Held with Company | Term of Office-Length of Time Served | Principal Occupation(s) Past Five Years (1) | Other Directorships Held by Trustee | ||||||||||
Interested Trustees (2) | ||||||||||||||
Matthew S. Bloom, | Chief Executive Officer, President and Chairman of the Board of Trustees | Appointed 2017 | Senior Managing Director and Head of Research, Guggenheim Partners, (2006-present). | GCIF Master/Feeder Complex (2017-present). | ||||||||||
Kevin H. Gundersen, | Interested Trustee | Appointed 2017 | Senior Managing Director and Head of Guggenheim's Corporate Credit Group, Guggenheim Partners, (2002-present). | GCIF Master/Feeder Complex (2017-present). | ||||||||||
Independent Trustees | ||||||||||||||
Marc S. Goodman, | Trustee, Chairman of the Nominating and Governance Committee, Member of the Audit Committee, Member of the Independent Trustees Committee | Appointed 2015 | Managing Director, Conyers Consulting Group, (2014-present); Managing Director, Statsure Financial Services (2017-present); Co-Executive Chairman, Co-Chief Investment Officer, Kenmar Olympia Group, (1983-2014). | GCIF Master/Feeder Complex (2015-present); Director, Duet Commodities Fund Limited, (2014-2017); Director, Electrum Special Acquisition Corporation, (2015-2018). | ||||||||||
Eric Rosenblatt, | Trustee, Chairman of the Independent Trustees Committee, Member of the Audit Committee, Member of the Nominating and Governance Committee | Appointed 2015 | President/Founder and Director, R Group AG, (2012-present). | GCIF Master/Feeder Complex (2015-present); Director, R Group AG, (2012-present); Director, R Capital GmbH, (2015-present); Director, R investments GmbH, (2018-present) | ||||||||||
Peter E. Roth, | Trustee, Chairman of the Audit Committee (3), Member of the Nominating and Governance Committee, Member of the Independent Trustees Committee | Appointed 2015 | Managing Partner, Rothpoint Group llc, (2017-present); Managing Partner, JP Charter Oak Advisors llc, (2012-2018); Chief Executive Officer, KBW Asset Management, Inc., (2006-2012). | GCIF Master/Feeder Complex (2015-present); Non Executive Director, City of London Investment Group plc, (2019-present); Non Executive Director, City of London Investment Management, (2019-present); Board Member, St. Mary’s Healthcare System for Children, (2010-present); Director, Stone Point Credit Corporation (2020 - Present). |
Name and Age of Officer | Position(s) Held with Company | Term of Office-Length of Time Served | Principal Occupation(s) Past Five Years (1) | Other Directorships Held by Officer | ||||||||||
Matthew S. Bloom, | Chief Executive Officer, President and Chairman of the Board of Trustees | Appointed 2017 | Senior Managing Director and Head of Research, Guggenheim Partners, (2006-present). | GCIF Master/Feeder Complex (2017 - present). | ||||||||||
Chief Financial Officer and Treasurer | Appointed | Current: Director, Guggenheim Investments, Former: | None | |||||||||||
Amy J. Lee, | Secretary and Chief Legal Officer | Appointed 2018 | Current: Interested Trustee, certain other funds in the Fund Complex(2) (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012). | Guggenheim Fund Complex (2)(2018-present) | ||||||||||
Richard Cheung, | Senior Vice President | Appointed 2017 | Senior Managing Director, Head of Private Fund Accounting, Guggenheim Partners, (2008-present). | None | ||||||||||
Kevin M. Robinson, | Senior Vice President | Appointed 2017 | General Counsel, Guggenheim Investments, (2016-present); Senior Managing Director, Guggenheim Partners, LLC, (2007-present). | None | ||||||||||
John V. Palmer, | Senior Vice President | Appointed 2015 | Current: Director, Guggenheim Partners Investment Management, LLC (2017-present). Former: First Vice President, W. P. Carey Inc., (2014-2017); First Vice President, Carey Credit Advisors, LLC, (2014-2017); Director of Fund Management, CNL Financial Group, LLC, (2009-2014). | None |
Brian E. Binder, | Senior Vice President | Appointed 2018 | Current: President and Chief Executive Officer, certain other funds in the Guggenheim Fund Complex (2)(2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012). | Director, Guggenheim Partners Fund Management (Europe) Limited, (2018 - present). Chairman of the Board of Managers, Guggenheim Funds investment Advisors, LLC, (2018 - present). |
Name and Age of Officer | Position(s) Held with Company | Term of Office-Length of Time Served | Principal Occupation(s) Past Five Years (1) | Other Directorships Held by Officer | ||||||||||
Joanna M. Catalucci, | Chief Compliance Officer and Anti-Money Laundering Officer | Appointed 2018 | Current: Chief Compliance Officer, certain funds in the Guggenheim Fund Complex(2) (2012-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Chief Compliance Officer and Secretary, certain other funds in the Guggenheim Fund Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011). | Member of Board of Trustees, Merrimack College, (2018 - present). |
INDEPENDENT TRUSTEE COMPENSATION | ||||
Fiscal Year ended December 31, 2019 | ||||
Independent Trustee Names | Total fees earned and received in cash | |||
Marc S. Goodman | $ | 96,250 | ||
Eric Rosenblatt | 96,250 | |||
Peter E. Roth | 106,250 | |||
$ | 298,750 |
INDEPENDENT TRUSTEE COMPENSATION | ||||||||
Fiscal Year ended December 31, 2020 | ||||||||
Independent Trustee Names | Total fees earned and received in cash | |||||||
Marc S. Goodman | $ | 98,250 | ||||||
Eric Rosenblatt | 98,250 | |||||||
Peter E. Roth | 108,250 | |||||||
$ | 304,750 |
Name of Beneficial Owner (1) | Number | Percentage of current ownership (2) | ||||||
Beneficial Owners of More Than 5%: | ||||||||
None | ||||||||
Trustees and Executive Officers: | ||||||||
Trustees: | ||||||||
Matthew S. Bloom (3) | — | — | % | |||||
Kevin H. Gundersen | — | — | % | |||||
Marc S. Goodman | — | % | ||||||
Eric Rosenblatt | — | — | % | |||||
Peter E. Roth | — | — | % | |||||
Executive Officers: | ||||||||
— | — | % | ||||||
Amy J. Lee, Secretary and Chief Legal Officer | — | — | % | |||||
Richard Cheung, Senior Vice President | — | — | % | |||||
Brian Binder, Senior Vice President | — | — | % | |||||
John V. Palmer, Senior Vice President | — | — | % | |||||
Kevin M. Robinson, Senior Vice President | — | — | % | |||||
Joanna M. Catalucci, Chief Compliance Officer and Anti-Money Laundering Officer | — | — | % | |||||
All Trustees and Executive Officers as a group (12 persons): | — | — | % |
(1) Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. |
Fiscal Year | Audit and Quarterly Review Fees | Audit-Related Fees (1) | Tax Fees (2) | Fiscal Year | Audit and Quarterly Review Fees | Audit-Related Fees (1) | Tax Fees (2) | |||||||||||||||||||||||||
2020 | 2020 | $ | 60,700 | $ | — | $ | 7,430 | |||||||||||||||||||||||||
2019 | $ | 61,000 | $ | — | $ | 7,430 | 2019 | 61,000 | — | 7,430 | ||||||||||||||||||||||
2018 | 60,000 | — | 7,250 |
GCIF | GCIF-2019 | GCIF | GCIF-2019 | |||||||||||||||||||
Fiscal Year | Audit-Related and Tax Fees (1)(2) | Audit-Related and Tax Fees (1)(2) | Fiscal Year | Audit-Related and Tax Fees (1)(2) | Audit-Related and Tax Fees (1)(2) | |||||||||||||||||
2020 | 2020 | $ | 17,425 | $ | 22,430 | |||||||||||||||||
2019 | $ | 17,425 | $ | 22,430 | 2019 | 17,425 | 22,430 | |||||||||||||||
2018 | 17,000 | 49,717 |
(1) Audit-Related Fees: This category consists of those fees accrued or billed to the named entity by the independent accountant in connection with the periodic review of the named entity's registration statements. (2) |
Tax Fees: This category consists of fees accrued or billed to the named entity by the Independent Accountant for tax compliance services and the preparation of income tax returns. |
Financial Statements | Page | ||||
Statements of Assets and Liabilities as of December 31, | |||||
Statements of Operations for the Years Ended December 31, 2020, 2019 | |||||
Statements of Changes in Net Assets for the Years Ended December 31, 2020, 2019 | |||||
Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | |||||
Notes to Financial Statements |
Guggenheim Credit Income Fund Consolidated Financial Statements | Page | ||||
Consolidated Statements of Assets and Liabilities as of December 31, | |||||
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 | |||||
Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 2020, 2019 | |||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 | |||||
Consolidated Schedules of Investments for the Years Ended December 31, | |||||
Notes to Consolidated Financial Statements |
3.1 | |||||||||
3.2 | |||||||||
3.3 | |||||||||
3.4 | |||||||||
4.1 | |||||||||
10.1 | |||||||||
10.2 | |||||||||
10.3 | |||||||||
10.4 | |||||||||
10.5 | |||||||||
10.10 | |||||||||
10.11 | |||||||||
14.1 | |||||||||
31.1 | |||||||||
31.2 | |||||||||
32 | |||||||
GUGGENHEIM CREDIT INCOME FUND 2016 T | |||||||||||
Date: | March | By: | /s/ Matthew S. Bloom | ||||||||
MATTHEW S. BLOOM | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | March | By: | /s/ | ||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Signature | Title | Date | ||||||||||||||||||
/s/ Matthew S. Bloom | ||||||||||||||||||||
Matthew S. Bloom | Chief Executive Officer, President and Trustee | March | ||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
/s/ | ||||||||||||||||||||
Chief Financial Officer | March | |||||||||||||||||||
(Principal Financial Officer) | ||||||||||||||||||||
/s/ Kevin H. Gundersen | ||||||||||||||||||||
Kevin H. Gundersen | Trustee | March | ||||||||||||||||||
/s/ Marc S. Goodman | ||||||||||||||||||||
Marc S. Goodman | Trustee | March | ||||||||||||||||||
/s/ Eric Rosenblatt | ||||||||||||||||||||
Eric Rosenblatt | Trustee | March | ||||||||||||||||||
/s/ Peter E. Roth | ||||||||||||||||||||
Peter E. Roth | Trustee | March |
Valuation of investments using significant unobservable inputs and assumptions | |||||
Description of the Matter | At December 31, 2020, the fair value of the Master Fund’s investments categorized as Level 3 investments within the fair value hierarchy (Level 3 investments) totaled $191.5 million. The Master Fund reports changes in fair value of investments as net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. As further described in Notes 2 and 5 to the consolidated financial statements, management of the Master Fund under the oversight of the Board of Trustees determines the fair value of the Master Fund’s Level 3 investments using valuation techniques such as market or income approach based models, recent transactions or by obtaining indicative broker quotes. These valuation techniques require the use of significant unobservable inputs and assumptions, as disclosed in Note 5, which may include yield rates, discount rates, market multiples of comparable companies, recovery rates, recent transactions or indicative broker quotes. Auditing the fair value of the Master Fund’s Level 3 investments is complex, as the unobservable inputs and assumptions used by management are highly judgmental and could have a significant effect on the fair value measurements of such investments. | ||||
How We Addressed the Matter in Our Audit | Our audit procedures included, among others, evaluating the Master Fund’s valuation techniques, testing the significant unobservable inputs and assumptions used by management in determining the fair value of the Master Fund’s Level 3 investments, and testing the mathematical accuracy of the Master Fund’s valuation calculations. For a sample of the Master Fund’s Level 3 investments, with the support of our valuation specialists, we independently developed fair value estimates and compared them to the Master Fund’s estimates. We developed our independent fair value estimates by using borrower financial information, which we compared to agreements or underlying source documents provided to the Master Fund by the borrowers, and available market information from third-party sources, such as market spreads and discount rates, and market multiples. We reviewed the information considered by management relating to valuation including recent transactions and indicative broker quotes. We searched for and evaluated information that corroborated or contradicted the Master Fund's valuations or significant inputs into valuations. We also evaluated recent transactions and subsequent event transactions and considered whether they corroborated or contradicted the Master Fund’s year-end valuations. |
As of December 31, | |||||||
2019 | 2018 | ||||||
Assets | |||||||
Investments at fair value (amortized cost of $385,802 and $384,784, respectively) | $ | 372,193 | $ | 374,114 | |||
Cash | 1,454 | 2,555 | |||||
Restricted cash | 7,512 | 7,587 | |||||
Collateral deposits for foreign currency forward contracts | — | 160 | |||||
Interest and dividend income receivable | 2,622 | 2,518 | |||||
Principal receivable | — | 7,701 | |||||
Receivable from related parties | 35 | 36 | |||||
Prepaid expenses and other assets | 284 | 177 | |||||
Total assets | $ | 384,100 | $ | 394,848 | |||
Liabilities | |||||||
Credit facility payable, net of financing costs | $ | 170,862 | $ | 148,482 | |||
Unrealized depreciation on foreign currency forward contracts | 87 | 384 | |||||
Payable for investments purchased | — | 4,736 | |||||
Accrued management fee | 576 | 590 | |||||
Payable to related parties | 195 | 177 | |||||
Distributions payable | — | 3,394 | |||||
Collateral payable for foreign currency forward contracts | 320 | — | |||||
Accounts payable, accrued expenses and other liabilities | 863 | 853 | |||||
Total liabilities | 172,903 | 158,616 | |||||
Commitments and contingencies (Note 8. Commitments and Contingencies) | |||||||
Net Assets | $ | 211,197 | $ | 236,232 | |||
Components of Net Assets: | |||||||
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 27,157,534 and 29,195,002 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | $ | 27 | $ | 29 | |||
Paid-in-capital in excess of par value | 229,996 | 246,083 | |||||
Accumulated loss, net of distributions (1) | (18,826 | ) | (9,880 | ) | |||
Net assets | $ | 211,197 | $ | 236,232 | |||
Net asset value per Common Share | $ | 7.78 | $ | 8.09 |
As of December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Investments at fair value (amortized cost of $308,540 and $385,802, respectively) | $ | 291,949 | $ | 372,193 | |||||||
Cash | 10,058 | 1,454 | |||||||||
Restricted cash | 24,341 | 7,512 | |||||||||
Collateral deposits for foreign currency forward contracts | 520 | — | |||||||||
Interest and dividend income receivable | 1,882 | 2,622 | |||||||||
Principal receivable | 939 | — | |||||||||
Receivable from related parties | 39 | 35 | |||||||||
Prepaid expenses and other assets | 199 | 284 | |||||||||
Total assets | $ | 329,927 | $ | 384,100 | |||||||
Liabilities | |||||||||||
Credit facility payable, net of financing costs | $ | 129,243 | $ | 170,862 | |||||||
Unrealized depreciation on foreign currency forward contracts | 768 | 87 | |||||||||
Accrued management fee | 508 | 576 | |||||||||
Payable to related parties | 145 | 195 | |||||||||
Collateral payable for foreign currency forward contracts | — | 320 | |||||||||
Accounts payable, accrued expenses and other liabilities | 538 | 863 | |||||||||
Total liabilities | 131,202 | 172,903 | |||||||||
Commitments and contingencies (Note 8. Commitments and Contingencies) | |||||||||||
Net Assets | $ | 198,725 | $ | 211,197 | |||||||
Components of Net Assets: | |||||||||||
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 26,272,618 and 27,157,534 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | $ | 26 | $ | 27 | |||||||
Paid-in-capital in excess of par value | 223,462 | 229,996 | |||||||||
Accumulated loss, net of distributions | (24,763) | (18,826) | |||||||||
Net assets | $ | 198,725 | $ | 211,197 | |||||||
Net asset value per Common Share | $ | 7.56 | $ | 7.78 |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Investment Income | |||||||||||||||||
Interest income | $ | 25,607 | $ | 34,459 | $ | 33,335 | |||||||||||
PIK interest income | 1,275 | 193 | 31 | ||||||||||||||
Dividend income | 742 | 1,059 | 856 | ||||||||||||||
Fee income | 333 | 396 | 537 | ||||||||||||||
Total investment income | 27,957 | 36,107 | 34,759 | ||||||||||||||
Operating Expenses | |||||||||||||||||
Interest expense and other financing costs | 5,749 | 8,552 | 7,885 | ||||||||||||||
Management fee | 6,247 | 6,889 | 7,195 | ||||||||||||||
Performance-based incentive fee | — | 11 | (1,346) | ||||||||||||||
Administrative services | 177 | 198 | 209 | ||||||||||||||
Custody services | 94 | 95 | 106 | ||||||||||||||
Trustees fees | 311 | 310 | 383 | ||||||||||||||
Related party reimbursements | 644 | 818 | 645 | ||||||||||||||
Professional services fees | 925 | 917 | 893 | ||||||||||||||
Other expenses | 250 | 251 | 232 | ||||||||||||||
Total expenses | 14,397 | 18,041 | 16,202 | ||||||||||||||
Net investment income | 13,560 | 18,066 | 18,557 | ||||||||||||||
Realized and unrealized gains (losses): | |||||||||||||||||
Net realized gains (losses) on: | |||||||||||||||||
Investments | (2,369) | (6,321) | 4,819 | ||||||||||||||
Foreign currency forward contracts | (258) | (873) | 2,316 | ||||||||||||||
Foreign currency transactions | 172 | 86 | 10 | ||||||||||||||
Net realized gains (losses) | (2,455) | (7,108) | 7,145 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||
Investments | (2,982) | (2,939) | (13,574) | ||||||||||||||
Foreign currency forward contracts | (681) | 297 | (185) | ||||||||||||||
Foreign currency transactions | 2 | (16) | 17 | ||||||||||||||
Net change in unrealized depreciation | (3,661) | (2,658) | (13,742) | ||||||||||||||
Net realized and unrealized losses | (6,116) | (9,766) | (6,597) | ||||||||||||||
Net increase in net assets resulting from operations | $ | 7,444 | $ | 8,300 | $ | 11,960 | |||||||||||
Per Common Share information: | |||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.50 | $ | 0.63 | $ | 0.64 | |||||||||||
Earnings per Common Share - basic and diluted | $ | 0.27 | $ | 0.29 | $ | 0.41 | |||||||||||
Weighted average Common Shares outstanding - basic and diluted | 27,139,732 | 28,730,579 | 29,163,651 | ||||||||||||||
Distribution per Common Share | $ | 0.49 | $ | 0.60 | $ | 0.84 |
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Investment Income | |||||||||||
Interest income | $ | 34,652 | $ | 33,366 | $ | 30,207 | |||||
Dividend income | 1,059 | 856 | — | ||||||||
Fee income | 396 | 537 | 702 | ||||||||
Total investment income | 36,107 | 34,759 | 30,909 | ||||||||
Operating Expenses | |||||||||||
Interest expense | 8,552 | 7,885 | 6,535 | ||||||||
Management fee | 6,889 | 7,195 | 7,396 | ||||||||
Performance-based incentive fee | 11 | (1,346 | ) | 818 | |||||||
Administrative services | 198 | 209 | 194 | ||||||||
Custody services | 95 | 106 | 85 | ||||||||
Trustees fees | 310 | 383 | 467 | ||||||||
Related party reimbursements | 818 | 645 | 471 | ||||||||
Professional services fees | 917 | 893 | 976 | ||||||||
Advisor transition costs | — | — | 798 | ||||||||
Other expenses | 251 | 232 | 249 | ||||||||
Total expenses before incentive fee waiver and reimbursement of advisor transition costs | 18,041 | 16,202 | 17,989 | ||||||||
Incentive fee waiver | — | — | (20 | ) | |||||||
Reimbursement of advisor transition costs | — | — | (798 | ) | |||||||
Total expenses | 18,041 | 16,202 | 17,171 | ||||||||
Net investment income | 18,066 | 18,557 | 13,738 | ||||||||
Realized and unrealized gains (losses): | |||||||||||
Net realized gains (losses) on: | |||||||||||
Investments | (6,321 | ) | 4,819 | 4,790 | |||||||
Foreign currency forward contracts | (873 | ) | 2,316 | (1,327 | ) | ||||||
Foreign currency transactions | 86 | 10 | (119 | ) | |||||||
Net realized gains (losses) | (7,108 | ) | 7,145 | 3,344 | |||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||
Investments | (2,939 | ) | (13,574 | ) | 817 | ||||||
Foreign currency forward contracts | 297 | (185 | ) | (191 | ) | ||||||
Foreign currency transactions | (16 | ) | 17 | — | |||||||
Net change in unrealized appreciation (depreciation) | (2,658 | ) | (13,742 | ) | 626 | ||||||
Net realized and unrealized gains (losses) | (9,766 | ) | (6,597 | ) | 3,970 | ||||||
Net increase in net assets resulting from operations | $ | 8,300 | $ | 11,960 | $ | 17,708 | |||||
Per Common Share information: | |||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.63 | $ | 0.64 | $ | 0.50 | |||||
Earnings per Common Share - basic and diluted | $ | 0.29 | $ | 0.41 | $ | 0.64 | |||||
Weighted average Common Shares outstanding - basic and diluted | 28,730,579 | 29,163,651 | 27,524,615 | ||||||||
Distribution per Common Share | $ | 0.60 | $ | 0.84 | $ | 0.59 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | |||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions (2) | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 21,016,797 | $ | 21 | $ | 176,411 | $ | 1,634 | $ | 178,066 | ||||||||||||||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 13,738 | 13,738 | ||||||||||||||||||||||||||||||||||||||||||
Net realized gains | — | — | — | 3,344 | 3,344 | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation | — | — | — | 626 | 626 | ||||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 17,708 | 17,708 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (16,678 | ) | (16,678 | ) | ||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (16,678 | ) | (16,678 | ) | ||||||||||||||||||||||||||||||||||||||||
Capital share transactions: | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 8,285,299 | 8 | 70,668 | — | 70,676 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (151,000 | ) | — | (1) | (1,291 | ) | — | (1,291 | ) | ||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 8,134,299 | 8 | 69,377 | — | 69,385 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification of permanent book-to-tax differences | — | — | (67 | ) | 67 | — | |||||||||||||||||||||||||||||||||||||||||
Net increase for the period | 8,134,299 | 8 | 69,310 | 1,097 | 70,415 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 29,151,096 | $ | 29 | $ | 245,721 | $ | 2,731 | $ | 248,481 | Balance at December 31, 2017 | 29,151,096 | $ | 29 | $ | 245,721 | $ | 2,731 | $ | 248,481 | ||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 18,557 | 18,557 | Net investment income | — | — | — | 18,557 | 18,557 | ||||||||||||||||||||||||||||||||||||
Net realized gains | — | — | — | 7,145 | 7,145 | Net realized gains | — | — | — | 7,145 | 7,145 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation | — | — | — | (13,742 | ) | (13,742 | ) | Net change in unrealized depreciation | — | — | — | (13,742) | (13,742) | ||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 11,960 | 11,960 | Net increase in net assets resulting from operations | — | — | — | 11,960 | 11,960 | ||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (24,572 | ) | (24,572 | ) | Distributions from earnings | — | — | — | (24,572) | (24,572) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (24,572 | ) | (24,572 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (24,572) | (24,572) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 118,906 | — | (1) | 1,000 | — | 1,000 | Issuance of Common Shares | 118,906 | — | (1) | 1,000 | — | 1,000 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (75,000 | ) | — | (1) | (637 | ) | — | (637 | ) | Repurchase of Common Shares | (75,000) | — | (1) | (637) | — | (637) | |||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 43,906 | — | 363 | — | 363 | Net increase in net assets resulting from capital share transactions | 43,906 | — | 363 | — | 363 | ||||||||||||||||||||||||||||||||||||
Reclassification of permanent book-to-tax differences | — | — | (1 | ) | 1 | — | Reclassification of permanent book-to-tax differences | — | — | (1) | 1 | — | |||||||||||||||||||||||||||||||||||
Net increase (decrease) for the period | 43,906 | — | 362 | (12,611 | ) | (12,249 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) for the year | Net increase (decrease) for the year | 43,906 | — | 362 | (12,611) | (12,249) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 29,195,002 | $ | 29 | $ | 246,083 | $ | (9,880 | ) | $ | 236,232 | Balance at December 31, 2018 | 29,195,002 | $ | 29 | $ | 246,083 | $ | (9,880) | $ | 236,232 | |||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 18,066 | 18,066 | Net investment income | — | — | — | 18,066 | 18,066 | ||||||||||||||||||||||||||||||||||||
Net realized losses | — | — | — | (7,108 | ) | (7,108 | ) | Net realized losses | — | — | — | (7,108) | (7,108) | ||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation | — | — | — | (2,658 | ) | (2,658 | ) | Net change in unrealized depreciation | — | — | — | (2,658) | (2,658) | ||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 8,300 | 8,300 | Net increase in net assets resulting from operations | — | — | — | 8,300 | 8,300 | ||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (17,246 | ) | (17,246 | ) | Distributions from earnings | — | — | — | (17,246) | (17,246) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (17,246 | ) | (17,246 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (17,246) | (17,246) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 124,070 | — | (1) | 1,000 | — | 1,000 | Issuance of Common Shares | 124,070 | — | (1) | 1,000 | — | 1,000 | ||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (2,161,538 | ) | (2 | ) | (17,087 | ) | — | (17,089 | ) | Repurchase of Common Shares | (2,161,538) | (2) | (17,087) | — | (17,089) | ||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (2,037,468 | ) | (2 | ) | (16,087 | ) | — | (16,089 | ) | Net decrease in net assets resulting from capital share transactions | (2,037,468) | (2) | (16,087) | — | (16,089) | ||||||||||||||||||||||||||||||||
Net decrease for the period | (2,037,468 | ) | (2 | ) | (16,087 | ) | (8,946 | ) | (25,035 | ) | |||||||||||||||||||||||||||||||||||||
Net decrease for the year | Net decrease for the year | (2,037,468) | (2) | (16,087) | (8,946) | (25,035) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 27,157,534 | $ | 27 | $ | 229,996 | $ | (18,826 | ) | $ | 211,197 | Balance at December 31, 2019 | 27,157,534 | $ | 27 | $ | 229,996 | $ | (18,826) | $ | 211,197 | |||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | Net investment income | — | — | — | 13,560 | 13,560 | |||||||||||||||||||||||||||||||||||||||||
Net realized losses | Net realized losses | — | — | — | (2,455) | (2,455) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation | Net change in unrealized depreciation | — | — | — | (3,661) | (3,661) | |||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | Net increase in net assets resulting from operations | — | — | — | 7,444 | 7,444 | |||||||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | Distributions from earnings | — | — | — | (13,381) | (13,381) | |||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | Net decrease in net assets resulting from shareholder distributions | — | — | — | (13,381) | (13,381) | |||||||||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | Issuance of Common Shares | 1,070,451 | 1 | 8,049 | — | 8,050 | |||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | Repurchase of Common Shares | (1,955,367) | (2) | (14,583) | — | (14,585) | |||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | Net decrease in net assets resulting from capital share transactions | (884,916) | (1) | (6,534) | — | (6,535) | |||||||||||||||||||||||||||||||||||||||||
Net decrease for the year | Net decrease for the year | (884,916) | (1) | (6,534) | (5,937) | (12,472) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 26,272,618 | $ | 26 | $ | 223,462 | $ | (24,763) | $ | 198,725 |
(1) Amount is less than $1,000. |
For the Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities | |||||||||||||||||
Net increase in net assets resulting from operations | $ | 7,444 | $ | 8,300 | $ | 11,960 | |||||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |||||||||||||||||
Capitalized paid-in-kind income | (1,787) | (1,071) | (906) | ||||||||||||||
Amortization of premium/accretion of discount, net | (1,258) | (1,624) | (1,425) | ||||||||||||||
Proceeds from sales of investments | 23,614 | 37,828 | 48,526 | ||||||||||||||
Proceeds from paydowns on investments | 116,007 | 35,563 | 136,799 | ||||||||||||||
Net receipt of settlement of derivatives | 4,474 | 3,962 | 5,600 | ||||||||||||||
Net payment of settlement of derivatives | (4,732) | (4,835) | (3,284) | ||||||||||||||
Net realized (gains) losses on derivatives | 258 | 873 | (2,316) | ||||||||||||||
Purchases of investments | (61,683) | (78,035) | (193,429) | ||||||||||||||
Net realized (gains) losses on investments | 2,369 | 6,321 | (4,819) | ||||||||||||||
Net change in unrealized depreciation on investments | 2,982 | 2,939 | 13,574 | ||||||||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 681 | (297) | 185 | ||||||||||||||
Amortization of deferred financing costs | 381 | 380 | 439 | ||||||||||||||
(Increase) decrease in operating assets: | |||||||||||||||||
Interest and dividend income receivable | 740 | (104) | (306) | ||||||||||||||
Principal receivable | (939) | 7,701 | (7,587) | ||||||||||||||
Receivable from related parties | (4) | 1 | 94 | ||||||||||||||
Prepaid expenses and other assets | 85 | (107) | — | ||||||||||||||
Increase (decrease) in operating liabilities: | |||||||||||||||||
Payable for investments purchased | — | (4,736) | 4,736 | ||||||||||||||
Accrued management fee | (68) | (14) | (6) | ||||||||||||||
Accrued performance-based incentive fee | — | — | (1,334) | ||||||||||||||
Payable to related parties | (50) | 18 | 9 | ||||||||||||||
Collateral payable for foreign currency forward contracts | (320) | 320 | — | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | (325) | 10 | (68) | ||||||||||||||
Net cash provided by operating activities | 87,869 | 13,393 | 6,442 | ||||||||||||||
Financing activities | |||||||||||||||||
Issuance of Common Shares | 8,050 | 1,000 | 1,000 | ||||||||||||||
Repurchase of Common Shares | (14,585) | (17,089) | (637) | ||||||||||||||
Credit facility borrowings | 4,000 | 27,000 | — | ||||||||||||||
Credit facility repayments | (46,000) | (5,000) | — | ||||||||||||||
Payment of financing costs | — | — | (945) | ||||||||||||||
Distributions paid | (13,381) | (20,640) | (21,178) | ||||||||||||||
Net cash used in financing activities | (61,916) | (14,729) | (21,760) | ||||||||||||||
Net increase (decrease) in restricted and unrestricted cash | 25,953 | (1,336) | (15,318) | ||||||||||||||
Restricted and unrestricted cash, beginning of year | 8,966 | 10,302 | 25,620 | ||||||||||||||
Restricted and unrestricted cash, end of year | $ | 34,919 | $ | 8,966 | $ | 10,302 | |||||||||||
Reconciliation of restricted and unrestricted cash | |||||||||||||||||
Cash | 10,058 | 1,454 | 2,555 | ||||||||||||||
Restricted cash | 24,341 | 7,512 | 7,587 | ||||||||||||||
Collateral deposits for foreign currency forward contracts | 520 | — | 160 | ||||||||||||||
Total restricted and unrestricted cash | $ | 34,919 | $ | 8,966 | $ | 10,302 | |||||||||||
Supplemental disclosure of cash flow information and non-cash financing activities: | |||||||||||||||||
Cash paid for interest | $ | 5,340 | $ | 8,048 | $ | 7,418 | |||||||||||
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating activities | |||||||||||
Net increase in net assets resulting from operations | $ | 8,300 | $ | 11,960 | $ | 17,708 | |||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Capitalized paid-in-kind income | (1,071 | ) | (906 | ) | (288 | ) | |||||
Amortization of premium/accretion of discount, net | (1,624 | ) | (1,425 | ) | (1,294 | ) | |||||
Proceeds from sales of investments | 37,828 | 48,526 | 56,581 | ||||||||
Proceeds from paydowns on investments | 35,563 | 136,799 | 92,021 | ||||||||
Net receipt of settlement of derivatives | 3,962 | 5,600 | — | ||||||||
Net payment of settlement of derivatives | (4,835 | ) | (3,284 | ) | (1,327 | ) | |||||
Net realized (gains) losses on derivatives | 873 | (2,316 | ) | 1,327 | |||||||
Purchases of investments | (78,035 | ) | (193,429 | ) | (238,763 | ) | |||||
Net realized (gains) losses on investments | 6,321 | (4,819 | ) | (4,790 | ) | ||||||
Net change in unrealized (appreciation) depreciation on investments | 2,939 | 13,574 | (817 | ) | |||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (297 | ) | 185 | 191 | |||||||
Amortization of deferred financing costs | 380 | 439 | 483 | ||||||||
(Increase) decrease in operating assets: | |||||||||||
Interest and dividend income receivable | (104 | ) | (306 | ) | (655 | ) | |||||
Principal receivable | 7,701 | (7,587 | ) | 2,407 | |||||||
Receivable from related parties | 1 | 94 | (130 | ) | |||||||
Prepaid expenses and other assets | (107 | ) | — | (75 | ) | ||||||
Increase (decrease) in operating liabilities: | |||||||||||
Payable for investments purchased | (4,736 | ) | 4,736 | (1,093 | ) | ||||||
Accrued management fee | (14 | ) | (6 | ) | 107 | ||||||
Accrued performance-based incentive fee | — | (1,334 | ) | 798 | |||||||
Payable to related parties | 18 | 9 | 135 | ||||||||
Collateral payable for foreign currency forward contracts | 320 | — | — | ||||||||
Accounts payable, accrued expenses and other liabilities | 10 | (68 | ) | 219 | |||||||
Net cash provided by (used in) operating activities | 13,393 | 6,442 | (77,255 | ) | |||||||
Financing activities | |||||||||||
Issuance of Common Shares | 1,000 | 1,000 | 70,676 | ||||||||
Repurchase of Common Shares | (17,089 | ) | (637 | ) | (1,291 | ) | |||||
Credit facility borrowings | 27,000 | — | 24,000 | ||||||||
Credit facility repayments | (5,000 | ) | — | — | |||||||
Payment of financing costs | — | (945 | ) | — | |||||||
Distributions paid | (20,640 | ) | (21,178 | ) | (16,678 | ) | |||||
Net cash provided by (used in) financing activities | (14,729 | ) | (21,760 | ) | 76,707 | ||||||
Net decrease in restricted and unrestricted cash | (1,336 | ) | (15,318 | ) | (548 | ) | |||||
Restricted and unrestricted cash, beginning of year | 10,302 | 25,620 | 26,168 | ||||||||
Restricted and unrestricted cash, end of year | $ | 8,966 | $ | 10,302 | $ | 25,620 | |||||
Reconciliation of restricted and unrestricted cash | |||||||||||
Cash | 1,454 | 2,555 | 1,294 | ||||||||
Restricted cash | 7,512 | 7,587 | 24,326 | ||||||||
Collateral deposits for foreign currency forward contracts | — | 160 | — | ||||||||
Total restricted and unrestricted cash | $ | 8,966 | $ | 10,302 | $ | 25,620 | |||||
Supplemental disclosure of cash flow information and non-cash financing activities: | |||||||||||
Cash paid for interest | $ | 8,048 | $ | 7,418 | $ | 5,928 |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt investments - 145.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arcline FM Holdings LLC | (15) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 1/21/2025 | 4,331 | $ | 4,242 | $ | 4,259 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Arcline FM Holdings LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 1/21/2025 | 145 | 91 | 101 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Aerospace & Defense | 4,333 | 4,360 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corporation | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 11/17/2023 | 11,520 | 11,311 | 10,480 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
American Tire Distributors Inc. | Senior Secured Loans - First Lien | L+7.50% | 8.50% | 8/30/2024 | 2,940 | 2,695 | 2,820 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BBB Industries | Senior Secured Loans - First Lien | L+4.50% | 4.65% | 8/1/2025 | 1,955 | 1,942 | 1,896 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
EnTrans International, LLC | (13) | Senior Secured Loans - First Lien | L+6.00% | 6.15% | 11/1/2024 | 7,336 | 6,244 | 7,079 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Mavis Tire Express Services Corp. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 3/20/2023 | — | (13) | (12) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | Senior Secured Loans - First Lien | L+3.25% | 3.50% | 3/20/2025 | 3,605 | 3,594 | 3,550 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
3,581 | 3,538 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wesco Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 6/14/2024 | 1,235 | 1,225 | 1,231 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Automotive | 26,998 | 27,044 | 13.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gladman Developments Ltd. | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 9.57% | 8/16/2024 | £ | 2,470 | 3,107 | 3,266 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Gladman Developments Ltd. (Delayed Draw) | UK(9)(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 9.55% | 8/16/2024 | £ | 645 | 828 | 828 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,935 | 4,094 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunt Companies, Inc. | (11) | Senior Secured Bonds | N/A | 6.25% | 2/15/2026 | 2,000 | 2,000 | 2,050 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
JZ Capital Partners Ltd. | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 6/14/2021 | 71 | 71 | 71 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 6,006 | 6,215 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addo Foods Group | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+8.00% | 9.00% | 4/19/2024 | £ | 9,995 | 12,283 | 13,668 | 6.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Blue Ribbon LLC | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 11/15/2021 | 2,762 | 2,365 | 2,618 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Checkers Holdings Inc | (13) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 4/25/2024 | 1,133 | 728 | 958 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holdings Co., LLC (First Out) | (14)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 5/3/2024 | 1,987 | 1,987 | 1,570 | 0.8 | % |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||
Debt investments - 170.0% | |||||||||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||||||
National Technical Systems | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.94% | 6/12/2021 | 3,434 | $ | 3,420 | $ | 3,365 | 1.6 | % | |||||||||||||
Tronair, Inc | (15) | Senior Secured Loans - First Lien | L+4.75% | 6.66% | 9/8/2023 | 3,880 | 3,854 | 3,512 | 1.7 | % | |||||||||||||||
Total Aerospace & Defense | 7,274 | 6,877 | 3.3 | % | |||||||||||||||||||||
Automotive | |||||||||||||||||||||||||
Accuride Corporation | Senior Secured Loans - First Lien | L+5.25% | 7.35% | 11/17/2023 | 11,640 | 11,366 | 9,254 | 4.4 | % | ||||||||||||||||
American Tire Distributors Inc. | Senior Secured Loans - First Lien | L+7.50% | 9.30% | 8/30/2024 | 2,970 | 2,674 | 2,666 | 1.3 | % | ||||||||||||||||
BBB Industries | Senior Secured Loans - First Lien | L+4.50% | 6.30% | 8/1/2025 | 1,975 | 1,958 | 1,928 | 0.9 | % | ||||||||||||||||
EnTrans International, LLC | Senior Secured Loans - First Lien | L+6.00% | 7.80% | 11/1/2024 | 3,700 | 3,543 | 3,588 | 1.7 | % | ||||||||||||||||
Mavis Tire Express Services Corp. | Senior Secured Loans - First Lien | L+3.25% | 5.05% | 3/20/2025 | 3,231 | 3,218 | 3,158 | 1.5 | % | ||||||||||||||||
Mavis Tire Express Services Corp. (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+3.25% | 5.04% | 3/20/2023 | 28 | 10 | 11 | — | % | |||||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | (9) | Senior Secured Loans - First Lien | L+3.25% | 5.05% | 3/20/2025 | 92 | 92 | 90 | — | % | |||||||||||||||
3,320 | 3,259 | 1.5 | % | ||||||||||||||||||||||
Wesco Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.36% | 6/14/2024 | 1,247 | 1,234 | 1,243 | 0.6 | % | |||||||||||||||
Total Automotive | 24,095 | 21,938 | 10.4 | % | |||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | |||||||||||||||||||||||||
Gladman Developments Ltd. | UK(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 10.30% | 8/16/2024 | £ | 2,405 | 3,007 | 3,137 | 1.5 | % | ||||||||||||||
Gladman Developments Ltd. (Delayed Draw) | UK(9)(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 10.30% | 8/16/2024 | £ | 740 | 944 | 954 | 0.5 | % | ||||||||||||||
3,951 | 4,091 | 2.0 | % | ||||||||||||||||||||||
Hunt Companies, Inc. | (11) | Senior Secured Bonds | N/A | 6.25% | 2/15/2026 | 2,000 | 2,000 | 1,974 | 0.9 | % | |||||||||||||||
JZ Capital Partners Ltd. | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 7.88% | 6/14/2021 | 375 | 370 | 374 | 0.2 | % | |||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 6,321 | 6,439 | 3.1 | % | |||||||||||||||||||||
Beverage, Food & Tobacco | |||||||||||||||||||||||||
Addo Foods Group | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+8.00% | 9.00% | 4/19/2024 | £ | 9,995 | 12,232 | 12,879 | 6.1 | % | ||||||||||||||
CTI Foods Holdings Co., LLC (First Out) | (14)(15) | Senior Secured Loans - First Lien | L+7.00% | 9.26% | 5/3/2024 | 1,962 | 1,962 | 1,962 | 0.9 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holdings Co., LLC (Last Out) | (13)(14)(15) | Senior Secured Loans - First Lien | L+9.00% | 10.00% | 5/3/2024 | 798 | 798 | 574 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,785 | 2,144 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Topps Company | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.50% | 10/2/2022 | 4,938 | 4,913 | 4,923 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
US Foods Inc. | (11)(13)(15) | Senior Secured Loans - First Lien | L+3.25% | 4.25% | 4/24/2025 | 2,944 | 2,738 | 2,914 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 25,812 | 27,225 | 13.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaver Brooks, Inc. | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,975 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Equipment | 2,000 | 1,975 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals | (15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 4/29/2025 | 5,122 | 5,095 | 5,097 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 4/29/2025 | 160 | 85 | 88 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,180 | 5,185 | 2.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group Inc. | (15) | Senior Secured Loans - First Lien | L+4.00% | 4.25% | 6/26/2026 | 985 | 973 | 974 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ilpea Parent, Inc. | IT(10)(11)(15) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 3/2/2023 | 5,299 | 5,267 | 5,239 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC (Revolver) | (9)(11)(13)(15) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 7/24/2024 | 217 | 156 | 159 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC | (11)(15) | Senior Secured Loans - First Lien | L+6.00% | 8.00% | 7/23/2025 | 6,921 | 6,801 | 6,838 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,957 | 6,997 | 3.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Chemicals, Plastics & Rubber | 18,377 | 18,395 | 9.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - First Lien | L+4.25% | 5.25% | 6/26/2023 | 5,372 | 5,329 | 5,351 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - Second Lien | L+8.25% | 9.25% | 6/26/2024 | 6,000 | 5,929 | 5,882 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+4.25% | 4.40% | 6/24/2022 | 124 | 108 | 108 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
11,366 | 11,341 | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - First Lien | L+4.25% | 6.05% | 6/15/2025 | 870 | 864 | 866 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - Second Lien | L+8.50% | 8.65% | 6/15/2026 | 1,588 | 1,527 | 1,522 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
2,391 | 2,388 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction & Building | 13,757 | 13,729 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diamond (BC) B.V. | (15) | Senior Secured Loans - First Lien | L+5.00% | 6.00% | 9/6/2024 | 3,990 | 3,891 | 3,995 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
CTI Foods Holdings Co., LLC (Last Out) | (13)(14)(15) | Senior Secured Loans - First Lien | L+9.00% | 10.91% | 5/3/2024 | 770 | 770 | 731 | 0.3 | % | |||||||||||||||
2,732 | 2,693 | 1.2 | % | ||||||||||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.20% | 3/31/2023 | 897 | 891 | 891 | 0.4 | % | |||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.20% | 3/31/2023 | 833 | 827 | 827 | 0.4 | % | |||||||||||||||
1,718 | 1,718 | 0.8 | % | ||||||||||||||||||||||
Topps Company | (15) | Senior Secured Loans - First Lien | L+5.25% | 7.19% | 10/2/2022 | 4,988 | 4,963 | 4,981 | 2.4 | % | |||||||||||||||
Total Beverage, Food & Tobacco | 21,645 | 22,271 | 10.5 | % | |||||||||||||||||||||
Capital Equipment | |||||||||||||||||||||||||
Cleaver Brooks, Inc. | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,995 | 0.9 | % | ||||||||||||||||
Total Capital Equipment | 2,000 | 1,995 | 0.9 | % | |||||||||||||||||||||
Chemicals, Plastics & Rubber | |||||||||||||||||||||||||
Aceto Chemicals | (15) | Senior Secured Loans - First Lien | L+5.50% | 7.62% | 4/29/2025 | 5,174 | 5,142 | 5,144 | 2.4 | % | |||||||||||||||
Aceto Chemicals (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 4/29/2025 | — | (90 | ) | (89 | ) | — | % | |||||||||||||
5,052 | 5,055 | 2.4 | % | ||||||||||||||||||||||
Drew Marine Group Inc. | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.19% | 6/26/2026 | 995 | 981 | 981 | 0.5 | % | |||||||||||||||
Ilpea Parent, Inc. | IT(10)(11) | Senior Secured Loans - First Lien | L+4.75% | 6.46% | 3/2/2023 | 5,496 | 5,447 | 5,468 | 2.6 | % | |||||||||||||||
Neon Holdings Inc | Senior Secured Bonds | N/A | 10.13% | 4/1/2026 | 1,500 | 1,475 | 1,493 | 0.7 | % | ||||||||||||||||
Seal For Life Industries US LLC (Revolver) | (9)(11)(13)(15) | Senior Secured Loans - First Lien | L+6.00% | 8.20% | 7/24/2024 | 260 | 185 | 186 | 0.1 | % | |||||||||||||||
Seal For Life Industries US LLC | (11)(15) | Senior Secured Loans - First Lien | E+6.00% | 8.26% | 7/23/2025 | 6,991 | 6,870 | 6,889 | 3.2 | % | |||||||||||||||
7,055 | 7,075 | 3.3 | % | ||||||||||||||||||||||
Total Chemicals, Plastics & Rubber | 20,010 | 20,072 | 9.5 | % | |||||||||||||||||||||
Construction & Building | |||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - First Lien | L+4.00% | 6.20% | 6/26/2023 | 5,428 | 5,368 | 5,396 | 2.5 | % | |||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - Second Lien | L+8.25% | 10.45% | 6/26/2024 | 6,000 | 5,910 | 5,865 | 2.8 | % | |||||||||||||||
GAL Manufacturing (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.09% | 6/24/2022 | 173 | 145 | 146 | 0.1 | % | |||||||||||||||
11,423 | 11,407 | 5.4 | % | ||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 6/15/2025 | 1,744 | 1,730 | 1,743 | 0.8 | % | ||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - Second Lien | L+8.50% | 10.20% | 6/15/2026 | 1,756 | 1,679 | 1,668 | 0.8 | % | ||||||||||||||||
3,409 | 3,411 | 1.6 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC | (14)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 1/31/2025 | 3,737 | 3,715 | 3,699 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Delayed Draw B) | (14)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 1/31/2025 | 548 | 544 | 542 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.25% | 7.67% | 1/31/2024 | 292 | 247 | 251 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,506 | 4,492 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing, Inc. | (13) | Senior Secured Loans - First Lien | L+4.50% | 4.65% | 12/19/2025 | 3,980 | 3,562 | 3,852 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Non-Durable | 11,959 | 12,339 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PlayPower, Inc. | Senior Secured Loans - First Lien | L+5.50% | 5.74% | 4/29/2026 | 1,243 | 1,233 | 1,193 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Durable | 1,233 | 1,193 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 9/23/2021 | 4,901 | 4,809 | 3,014 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | CN(10)(11) | Senior Secured Loans - First Lien | L+3.00% | 3.36% | 3/28/2025 | 1,960 | 1,856 | 1,916 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Pelican Products Inc | Senior Secured Loans - First Lien | L+3.50% | 4.50% | 5/31/2025 | 3,968 | 3,477 | 3,899 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group LLC | Senior Secured Loans - First Lien | L+4.50% | 5.50% | 5/26/2023 | 3,385 | 3,370 | 3,199 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group LLC | Senior Secured Loans - Second Lien | L+8.50% | 9.50% | 11/26/2023 | 3,000 | 2,976 | 2,700 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
6,346 | 5,899 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Containers, Packaging & Glass | 16,488 | 14,728 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Energy Services Inc | (13)(18) | Senior Secured Bonds | N/A | N/A | 10/15/2023 | 4,475 | 2,171 | 806 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Penn Virginia | (11)(15) | Senior Secured Loans - Second Lien | L+7.00% | 8.00% | 9/29/2022 | 3,000 | 2,973 | 1,770 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(14) | Senior Secured Loans - First Lien | L+8.00% | 9.00% | 11/23/2025 | 1,337 | 608 | 334 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 5,752 | 2,910 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alegeus Technologies LLC | (15) | Senior Secured Loans - First Lien | L+8.25% | 9.25% | 9/5/2024 | 8,000 | 7,965 | 7,975 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Healthcare & Pharmaceuticals | 7,965 | 7,975 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASM Global | Senior Secured Loans - First Lien | L+2.50% | 2.65% | 1/23/2025 | 2,334 | 2,332 | 2,208 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Golden Nugget | (13) | Senior Secured Loans - First Lien | L+12.00% | 13.00% | 10/4/2023 | 11 | 11 | 13 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Playtika Holding | (11) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 12/31/2024 | 966 | 946 | 973 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 3,289 | 3,194 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 5/17/2024 | 5,664 | 5,613 | 5,664 | 2.8 | % |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Total Construction & Building | 14,832 | 14,818 | 7.0 | % | |||||||||||||||||||||
Consumer Goods: Non-Durable | |||||||||||||||||||||||||
Galls LLC | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.37% | 1/31/2025 | 3,620 | 3,590 | 3,591 | 1.7 | % | |||||||||||||||
Galls LLC (Delayed Draw B) | (9)(15) | Senior Secured Loans - First Lien | L+6.25% | 8.25% | 1/31/2025 | 533 | 528 | 528 | 0.3 | % | |||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | P+5.25% | 10.00% | 1/31/2024 | 487 | 430 | 434 | 0.2 | % | |||||||||||||||
Total Consumer Goods: Non-Durable | 4,548 | 4,553 | 2.2 | % | |||||||||||||||||||||
Consumer Goods: Durable | |||||||||||||||||||||||||
PlayPower, Inc. | Senior Secured Loans - First Lien | L+5.50% | 7.30% | 4/29/2026 | 1,294 | 1,281 | 1,284 | 0.6 | % | ||||||||||||||||
Total Consumer Goods: Durable | 1,281 | 1,284 | 0.6 | % | |||||||||||||||||||||
Containers, Packaging & Glass | |||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 6.45% | 9/23/2021 | 5,239 | 5,010 | 4,610 | 2.2 | % | ||||||||||||||||
Husky Injection Molding Systems Ltd. | CN(10)(11) | Senior Secured Loans - First Lien | L+3.00% | 4.70% | 3/28/2025 | 1,980 | 1,854 | 1,952 | 0.9 | % | |||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.60% | 5/26/2023 | 3,449 | 3,426 | 3,121 | 1.5 | % | |||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - Second Lien | L+8.50% | 10.60% | 11/26/2023 | 3,000 | 2,969 | 2,550 | 1.2 | % | |||||||||||||||
6,395 | 5,671 | 2.7 | % | ||||||||||||||||||||||
Total Containers, Packaging & Glass | 13,259 | 12,233 | 5.8 | % | |||||||||||||||||||||
Energy: Oil & Gas | |||||||||||||||||||||||||
Basic Energy Services Inc | (13) | Senior Secured Bonds | N/A | 10.75% | 10/15/2023 | 2,000 | 1,985 | 1,430 | 0.7 | % | |||||||||||||||
Navajo Nation Oil and Gas | (15) | Senior Secured Loans - First Lien | L+7.50% | 9.60% | 6/14/2022 | 3,438 | 3,415 | 3,417 | 1.6 | % | |||||||||||||||
Penn Virginia | (11)(15) | Senior Secured Loans - Second Lien | L+7.00% | 8.71% | 9/29/2022 | 3,000 | 2,961 | 2,955 | 1.4 | % | |||||||||||||||
Permian Production Partners | (15)(18) | Senior Secured Loans - First Lien | N/A | N/A | 5/20/2024 | 3,800 | 3,680 | 1,805 | 0.8 | % | |||||||||||||||
Total Energy: Oil & Gas | 12,041 | 9,607 | 4.5 | % | |||||||||||||||||||||
Healthcare & Pharmaceuticals | |||||||||||||||||||||||||
Alegeus Technologies LLC | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.28% | 9/5/2024 | 8,000 | 7,938 | 7,969 | 3.8 | % | |||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | L+10.25% | 11.95% | 7/21/2023 | 14,375 | 14,257 | 14,258 | 6.8 | % | |||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | E+10.25% | 11.25% | 7/21/2023 | € | 601 | 622 | 669 | 0.3 | % | ||||||||||||||
14,879 | 14,927 | 7.1 | % | ||||||||||||||||||||||
Cambrex Corporation | Senior Secured Loans - First Lien | L+5.00% | 6.70% | 11/20/2026 | 2,500 | 2,450 | 2,498 | 1.2 | % | ||||||||||||||||
Endo Pharmaceuticals Finance Co. | IR(10)(11)(13) | Senior Unsecured Debt | N/A | 6.00% | 7/15/2023 | 4,965 | 4,104 | 3,587 | 1.7 | % | |||||||||||||||
WIRB-Copernicus Group | (15) | Senior Secured Loans - Second Lien | L+8.25% | 9.87% | 8/15/2023 | 12,000 | 11,823 | 12,120 | 5.7 | % | |||||||||||||||
Total Healthcare & Pharmaceuticals | 41,194 | 41,101 | 19.5 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Boats Group (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/12/2022 | — | (37) | (26) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,576 | 5,638 | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers, Inc. | (11) | Senior Secured Loans - First Lien | L+6.25% | 7.25% | 11/19/2024 | 2,375 | 2,280 | 2,296 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 5/4/2022 | 1,870 | 1,863 | 1,829 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | (14)(15) | Senior Unsecured Debt | N/A | 11.75% | 4/20/2022 | 2,118 | 2,099 | 2,128 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | (13) | Senior Unsecured Debt | N/A | 7.88% | 5/15/2024 | 1,259 | 1,230 | 1,221 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,192 | 5,178 | 2.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trader Interactive | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.50% | 6/15/2024 | 8,030 | 7,997 | 7,729 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Trader Interactive (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | N/A | 7.50% | 6/15/2023 | 104 | 82 | 83 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
8,079 | 7,812 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 21,127 | 20,924 | 10.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (15) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 2/21/2026 | 3,567 | 3,532 | 3,407 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. | (15) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 2/21/2026 | 1,005 | 995 | 960 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Delayed Draw) | (9)(15) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 2/21/2026 | 138 | 138 | 117 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Polyvision Corp. (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 8/21/2025 | 409 | 339 | 350 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Metals & Mining | 5,004 | 4,834 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk, Inc. | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 7/31/2025 | 1,027 | 956 | 368 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Blue Nile, Inc. | Senior Secured Loans - First Lien | L+6.50% | 7.50% | 2/17/2023 | 9,900 | 9,777 | 7,268 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Pet Holdings ULC | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 7/5/2022 | 4,295 | 4,275 | 4,091 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.50% | 7/5/2022 | 484 | 484 | 461 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,759 | 4,552 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14) | Senior Secured Loans - First Lien | L+8.00% | 8.00% | 3/12/2024 | 907 | 821 | 908 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(14)(15) | Senior Secured Loans - Second Lien | L+11.75% | 11.75% | 10/1/2024 | 1,102 | 2,036 | 969 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,857 | 1,877 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | 18,349 | 14,065 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Hotel, Gaming & Leisure | |||||||||||||||||||||||||
Playtika Holding | (11) | Senior Secured Loans - First Lien | L+6.00% | 7.80% | 12/31/2024 | 2,000 | 1,960 | 2,025 | 1.0 | % | |||||||||||||||
Stadium Management Group | Senior Secured Loans - First Lien | L+3.00% | 4.70% | 1/23/2025 | 2,358 | 2,356 | 2,371 | 1.1 | % | ||||||||||||||||
Stadium Management Group | Senior Secured Loans - Second Lien | L+7.00% | 8.70% | 1/23/2026 | 2,400 | 2,395 | 2,428 | 1.1 | % | ||||||||||||||||
4,751 | 4,799 | 2.2 | % | ||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 6,711 | 6,824 | 3.2 | % | |||||||||||||||||||||
Media: Advertising, Printing & Publishing | |||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 5/17/2024 | 5,722 | 5,665 | 5,722 | 2.7 | % | |||||||||||||||
Boats Group | (15) | Senior Secured Loans - Second Lien | L+8.00% | 9.80% | 11/18/2024 | 3,338 | 3,306 | 3,372 | 1.6 | % | |||||||||||||||
Boats Group (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/12/2022 | — | (44 | ) | (41 | ) | — | % | |||||||||||||
8,927 | 9,053 | 4.3 | % | ||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers, Inc. | (11) | Senior Secured Loans - First Lien | L+6.25% | 8.04% | 11/19/2024 | 2,500 | 2,400 | 2,500 | 1.2 | % | |||||||||||||||
McGraw-Hill Global Education Holdings | Senior Secured Loans - First Lien | L+4.00% | 5.70% | 5/4/2022 | 1,943 | 1,930 | 1,863 | 0.9 | % | ||||||||||||||||
McGraw-Hill Global Education Holdings | (13)(14)(15) | Senior Unsecured Debt | N/A | 11.00% | 4/20/2022 | 2,000 | 1,968 | 1,871 | 0.9 | % | |||||||||||||||
McGraw-Hill Global Education Holdings | (13) | Senior Unsecured Debt | N/A | 7.88% | 5/15/2024 | 1,340 | 1,302 | 1,152 | 0.5 | % | |||||||||||||||
5,200 | 4,886 | 2.3 | % | ||||||||||||||||||||||
Trader Interactive | (15) | Senior Secured Loans - First Lien | L+6.50% | 8.30% | 6/15/2024 | 8,113 | 8,070 | 8,023 | 3.8 | % | |||||||||||||||
Trader Interactive (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 6/15/2023 | — | (31 | ) | (30 | ) | — | % | |||||||||||||
8,039 | 7,993 | 3.8 | % | ||||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 24,566 | 24,432 | 11.6 | % | |||||||||||||||||||||
Retail | |||||||||||||||||||||||||
At Home Group | (11)(15) | Senior Secured Loans - First Lien | L+3.50% | 5.43% | 6/3/2022 | 318 | 291 | 278 | 0.1 | % | |||||||||||||||
Belk, Inc. | Senior Secured Loans - First Lien | L+6.75% | 8.80% | 12/12/2022 | 1,146 | 1,083 | 807 | 0.4 | % | ||||||||||||||||
Beverages and More, Inc. | (13) | Senior Secured Bonds | N/A | 11.50% | 6/15/2022 | 900 | 758 | 617 | 0.3 | % | |||||||||||||||
Blue Nile, Inc. | (15) | Senior Secured Loans - First Lien | L+6.50% | 8.41% | 2/17/2023 | 10,500 | 10,316 | 4,568 | 2.2 | % | |||||||||||||||
Buddys Newco, LLC | (13)(15) | Senior Secured Loans - First Lien | L+8.00% | 10.21% | 7/10/2024 | 3,900 | 3,827 | 4,088 | 1.9 | % | |||||||||||||||
Pet Holdings ULC | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.60% | 7/5/2022 | 4,340 | 4,306 | 4,080 | 1.9 | % | |||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.60% | 7/5/2022 | 489 | 489 | 460 | 0.2 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
24-7 Intouch | CN(10)(11) | Senior Secured Loans - First Lien | L+4.75% | 4.90% | 8/25/2025 | 3,910 | 3,711 | 3,744 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.25% | 5.09% | 6/16/2025 | £ | 2,060 | 2,568 | 2,579 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.25% | 6.65% | 6/16/2025 | 890 | 856 | 807 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/16/2024 | — | (36) | (40) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,388 | 3,346 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cast & Crew Payroll | Senior Secured Loans - First Lien | L+3.75% | 3.90% | 1/16/2026 | 2,890 | 2,525 | 2,829 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
HealthChannels, Inc. | Senior Secured Loans - First Lien | L+4.50% | 4.65% | 4/3/2025 | 2,828 | 2,784 | 2,707 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management | (15) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 3/2/2026 | 4,373 | 4,288 | 3,936 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Hersha Hospitality Management (Delayed Draw) | (9)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 3/2/2026 | — | (32) | (159) | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,256 | 3,777 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (9)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2025 | 104 | 104 | 74 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (9)(15) | Senior Secured Loans - First Lien | N/A | N/A | 10/4/2026 | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/4/2026 | 425 | 425 | 424 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (15) | Senior Secured Loans - First Lien | L+5.75% | 6.75% | 10/16/2026 | 2,837 | 2,803 | 2,834 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,332 | 3,332 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SLR Consulting | (11)(15) | Senior Secured Loans - First Lien | L+4.00% | 4.98% | 6/23/2025 | 1,588 | 1,559 | 1,558 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SLR Consulting (Delayed Draw) | (11)(15) | Senior Secured Loans - First Lien | L+4.00% | 5.50% | 5/23/2025 | 494 | 512 | 513 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,071 | 2,071 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Teneo Holdings LLC | Senior Secured Loans - First Lien | L+5.25% | 6.25% | 7/12/2025 | 3,950 | 3,792 | 3,922 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
YAK Access, LLC | Senior Secured Loans - Second Lien | L+10.00% | 10.22% | 7/10/2026 | 5,000 | 4,724 | 3,563 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Services: Business | 30,583 | 29,291 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | (13)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 10/31/2025 | 1,789 | 1,754 | 1,772 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 10/31/2025 | — | (4) | (21) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,750 | 1,751 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advicent Solutions | (14)(15)(18) | Senior Secured Loans - First Lien | N/A | N/A | 2/28/2022 | 7,418 | 7,374 | 4,537 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Advicent Solutions | (9)(13)(14)(15) | Senior Secured Loans - First Lien | P+5.25% | 8.50% | 2/28/2022 | 14 | 14 | 12 | — | % |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
4,795 | 4,540 | 2.1 | % | ||||||||||||||||||||||
Save-a-Lot | (13) | Senior Secured Loans - First Lien | L+6.00% | 8.10% | 12/5/2023 | 4,064 | 2,261 | 1,488 | 0.7 | % | |||||||||||||||
Sears Outlet | (11)(13)(15) | Senior Secured Loans - First Lien | L+6.50% | 8.43% | 10/23/2023 | 2,625 | 2,575 | 2,644 | 1.3 | % | |||||||||||||||
Smart & Final Stores LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.55% | 6/20/2025 | 3,980 | 3,605 | 3,850 | 1.8 | % | |||||||||||||||
Total Retail | 29,511 | 22,880 | 10.8 | % | |||||||||||||||||||||
Services: Business | |||||||||||||||||||||||||
24-7 Intouch | CN(10)(11) | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 8/25/2025 | 3,950 | 3,715 | 3,851 | 1.8 | % | |||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.00% | 5.71% | 6/16/2025 | £ | 2,060 | 2,546 | 2,603 | 1.2 | % | ||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.80% | 6/16/2025 | 890 | 850 | 863 | 0.4 | % | |||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/16/2024 | — | (45 | ) | (45 | ) | — | % | |||||||||||||
3,351 | 3,421 | 1.6 | % | ||||||||||||||||||||||
Capstone Logistics, LLC | Senior Secured Loans - First Lien | L+4.50% | 6.21% | 10/7/2021 | 4,755 | 4,730 | 4,687 | 2.2 | % | ||||||||||||||||
Clarion (Comet Bidco) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.00% | 7.12% | 9/30/2024 | 5,881 | 5,790 | 5,779 | 2.7 | % | |||||||||||||||
HealthChannels, Inc. | Senior Secured Loans - First Lien | L+4.50% | 6.24% | 4/3/2025 | 2,857 | 2,805 | 2,810 | 1.3 | % | ||||||||||||||||
Lifelong Learner Holdings T/L | (15) | Senior Secured Loans - First Lien | L+5.75% | 7.49% | 10/16/2026 | 2,866 | 2,831 | 2,834 | 1.4 | % | |||||||||||||||
Park Place Technologies | Senior Secured Loans - First Lien | L+4.00% | 5.80% | 3/29/2025 | 2,672 | 2,662 | 2,663 | 1.3 | % | ||||||||||||||||
Park Place Technologies | Senior Secured Loans - Second Lien | L+8.00% | 9.80% | 3/29/2026 | 3,404 | 3,383 | 3,378 | 1.6 | % | ||||||||||||||||
6,045 | 6,041 | 2.9 | % | ||||||||||||||||||||||
PSI Services LLC | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+5.75% | 7.69% | 10/4/2025 | 30 | 30 | (6 | ) | — | % | ||||||||||||||
PSI Services LLC | (9)(15) | Senior Secured Loans - First Lien | N/A | N/A | 10/4/2026 | — | — | — | — | % | |||||||||||||||
PSI Services LLC | (9)(15) | Senior Secured Loans - First Lien | L+5.75% | 7.63% | 10/4/2026 | 429 | 429 | 422 | 0.2 | % | |||||||||||||||
459 | 416 | 0.2 | % | ||||||||||||||||||||||
SLR Consulting | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+4.00% | 5.79% | 6/23/2025 | 1,588 | 1,551 | 1,554 | 0.7 | % | |||||||||||||||
SLR Consulting (Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+4.00% | 5.18% | 5/23/2025 | 494 | 512 | 508 | 0.3 | % | |||||||||||||||
2,063 | 2,062 | 1.0 | % | ||||||||||||||||||||||
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Advicent Solutions | (14)(15) | Senior Secured Loans - First Lien | L+3.50% | 4.50% | 2/28/2022 | 1,653 | 1,645 | 1,645 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
9,033 | 6,194 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/6/2024 | — | (13) | (9) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Term Loan) | (15) | Senior Secured Loans - First Lien | L+4.00% | 4.15% | 9/4/2026 | 860 | 858 | 852 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
845 | 843 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | (15) | Senior Secured Loans - First Lien | L+7.25% | 8.25% | 1/10/2025 | 4,900 | 4,850 | 4,864 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/3/2024 | — | (28) | (27) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,822 | 4,837 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 6.31% | 6/8/2024 | £ | 2,638 | 3,353 | 3,572 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 7.12% | 6/8/2024 | £ | 338 | 426 | 799 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,779 | 4,371 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cologix Holdings | Senior Secured Loans - First Lien | L+3.75% | 4.75% | 3/20/2024 | 2,000 | 1,946 | 1,988 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 4.74% | 4/28/2025 | 1,931 | 1,905 | 1,919 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 8.61% | 4/27/2026 | 462 | 455 | 458 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 4.74% | 4/28/2025 | 3,048 | 3,015 | 3,029 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 7.99% | 4/27/2026 | 4,696 | 4,642 | 4,663 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
10,017 | 10,069 | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (USD Term Loan) | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | L+6.25% | 6.75% | 1/22/2024 | 637 | 627 | 633 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (GBP Term Loan) | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+6.25% | 6.75% | 1/22/2024 | £ | 530 | 734 | 721 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Euro Delayed Draw) | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | E+6.25% | 6.75% | 1/22/2024 | € | 97 | 118 | 118 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (GBP Delayed Draw) | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+6.25% | 6.75% | 1/22/2024 | £ | 326 | 424 | 444 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Bidco) Limited | (11)(14)(15) | Senior Secured Loans - First Lien | L+6.25% | 6.75% | 1/22/2024 | 2,211 | 2,178 | 2,200 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Bidco) Limited | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | E+6.25% | 6.75% | 1/25/2024 | € | 289 | 317 | 351 | 0.2 | % |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Teneo Holdings LLC | Senior Secured Loans - First Lien | L+5.25% | 6.99% | 7/12/2025 | 3,990 | 3,802 | 3,805 | 1.8 | % | ||||||||||||||||
YAK Access, LLC | Senior Secured Loans - Second Lien | L+10.00% | 11.79% | 7/10/2026 | 5,000 | 4,688 | 4,409 | 2.1 | % | ||||||||||||||||
Total Services: Business | 40,279 | 40,115 | 19.0 | % | |||||||||||||||||||||
Technology | |||||||||||||||||||||||||
Advicent Solutions | (15) | Senior Secured Loans - First Lien | L+8.25% | 10.35% | 2/28/2022 | 6,983 | 6,904 | 5,795 | 2.7 | % | |||||||||||||||
Alfresco Software | (15) | Senior Secured Loans - First Lien | L+8.50% | 10.64% | 9/9/2024 | 3,287 | 3,223 | 3,229 | 1.5 | % | |||||||||||||||
Acquia Inc. | (13)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.91% | 10/31/2025 | 1,789 | 1,754 | 1,776 | 0.8 | % | |||||||||||||||
Acquia Inc. | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 10/31/2025 | — | (4 | ) | (26 | ) | — | % | |||||||||||||
1,750 | 1,750 | 0.8 | % | ||||||||||||||||||||||
Apptio, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/3/2024 | — | (35 | ) | (34 | ) | — | % | |||||||||||||
Apptio, Inc. | (15) | Senior Secured Loans - First Lien | L+7.25% | 8.96% | 1/10/2025 | 4,900 | 4,841 | 4,855 | 2.3 | % | |||||||||||||||
4,806 | 4,821 | 2.3 | % | ||||||||||||||||||||||
Bluefin Holding, LLC (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/6/2024 | — | (13 | ) | (12 | ) | — | % | |||||||||||||
Bluefin Holding, LLC (Term Loan) | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.36% | 9/4/2026 | 868 | 866 | 860 | 0.4 | % | |||||||||||||||
853 | 848 | 0.4 | % | ||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 7.03% | 6/8/2024 | £ | 2,638 | 3,346 | 3,450 | 1.7 | % | ||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 7.01% | 6/8/2024 | £ | 338 | 426 | 447 | 0.2 | % | ||||||||||||||
3,772 | 3,897 | 1.9 | % | ||||||||||||||||||||||
Cologix Holdings | Senior Secured Loans - First Lien | L+3.75% | 5.45% | 3/20/2024 | 2,000 | 1,931 | 1,990 | 0.9 | % | ||||||||||||||||
Cvent, Inc. | Senior Secured Loans - First Lien | L+3.75% | 5.55% | 11/29/2024 | 1,975 | 1,952 | 1,976 | 0.9 | % | ||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.76% | 4/28/2025 | 1,931 | 1,900 | 1,916 | 0.9 | % | |||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 9.68% | 4/27/2026 | 462 | 454 | 458 | 0.2 | % | |||||||||||||||
Datix Bidco 1L TL B3 | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.76% | 4/28/2025 | 3,048 | 3,006 | 3,025 | 1.5 | % | |||||||||||||||
Datix Bidco 2L TL TRANCHE 3 | (15) | Senior Secured Loans - Second Lien | L+7.75% | 9.68% | 4/27/2026 | 4,696 | 4,631 | 4,656 | 2.2 | % | |||||||||||||||
9,991 | 10,055 | 4.8 | % | ||||||||||||||||||||||
Kerridge Commercial Systems (USD Term Loan) | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+4.25% | 6.35% | 1/22/2024 | 634 | 625 | 630 | 0.3 | % | |||||||||||||||
Kerridge Commercial Systems (GBP Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.01% | 1/22/2024 | £ | 528 | 729 | 695 | 0.3 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Bidco) Limited | UK(10)(11)(15) | Senior Secured Loans - First Lien | E+6.25% | 6.75% | 1/22/2024 | 661 | 706 | 803 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,104 | 5,270 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. | (9)(15)(16) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 2/27/2026 | 509 | 489 | 483 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. | (15)(16) | Senior Secured Loans - First Lien | L+6.00% | 7.00% | 2/27/2026 | 5,859 | 5,762 | 5,783 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,251 | 6,266 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 944 | 940 | 897 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 502 | 501 | 477 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.00% | 12/2/2022 | 182 | 182 | 173 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,623 | 1,547 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource | (15)(18) | Senior Secured Loans - First Lien | N/A | N/A | 12/20/2021 | 6,616 | 6,609 | 4,623 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource (Revolver) | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 7.25% | 12/20/2021 | 329 | 321 | 230 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,930 | 4,853 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 12/12/2023 | 5,372 | 5,303 | 5,307 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 7.24% | 12/12/2023 | 1,134 | 1,110 | 1,120 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.00% | 12/12/2022 | 162 | 136 | 139 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,549 | 6,566 | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. | (15) | Senior Secured Loans - First Lien | L+8.50% | 9.75% | 7/8/2025 | 3,689 | 3,650 | 3,650 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Wide Orbit, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 7/8/2025 | — | — | (33) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,650 | 3,617 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind River Systems | (15) | Senior Secured Loans - First Lien | L+6.75% | 7.75% | 6/24/2024 | 5,365 | 5,286 | 5,314 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 67,585 | 63,486 | 31.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - First Lien | L+3.50% | 3.65% | 7/23/2025 | 2,208 | 2,200 | 2,155 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - Second Lien | L+7.50% | 7.65% | 7/23/2026 | 2,500 | 2,478 | 2,275 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
4,678 | 4,430 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Telecommunications | 4,678 | 4,430 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delta Airlines | (11) | Senior Secured Loans - First Lien | L+4.75% | 5.75% | 5/31/2023 | 100 | 97 | 101 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Transportation: Consumer | 97 | 101 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Electric |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Kerridge Commercial Systems (Euro Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | E+4.75% | 4.75% | 1/22/2024 | € | 97 | 118 | 108 | 0.1 | % | ||||||||||||||
Kerridge Commercial Systems (GBP Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.01% | 1/22/2024 | £ | 325 | 421 | 427 | 0.2 | % | ||||||||||||||
Kerridge Commercial Systems (Bidco) Limited | (11)(13)(15) | Senior Secured Loans - First Lien | L+6.25% | 8.19% | 1/22/2024 | 2,200 | 2,167 | 2,184 | 1.0 | % | |||||||||||||||
4,060 | 4,044 | 1.9 | % | ||||||||||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 8/31/2023 | 6,482 | 6,379 | 6,473 | 3.1 | % | |||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 8/31/2023 | 1,453 | 1,422 | 1,451 | 0.7 | % | |||||||||||||||
Lytx, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 8/31/2022 | — | (25 | ) | (25 | ) | — | % | |||||||||||||
7,776 | 7,899 | 3.8 | % | ||||||||||||||||||||||
Ministry Brands | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 953 | 948 | 953 | 0.5 | % | |||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 507 | 505 | 507 | 0.2 | % | |||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 184 | 184 | 184 | 0.1 | % | |||||||||||||||
1,637 | 1,644 | 0.8 | % | ||||||||||||||||||||||
Onyx CenterSource | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.36% | 12/20/2021 | 6,652 | 6,639 | 6,640 | 3.1 | % | |||||||||||||||
Onyx CenterSource (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/20/2021 | — | (16 | ) | (16 | ) | — | % | |||||||||||||
6,623 | 6,624 | 3.1 | % | ||||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.95% | 1/27/2023 | 6,152 | 6,114 | 6,121 | 2.9 | % | |||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.95% | 1/27/2023 | 391 | 391 | 389 | 0.2 | % | |||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - Second Lien | L+9.75% | 11.45% | 7/27/2023 | 4,388 | 4,330 | 4,386 | 2.1 | % | |||||||||||||||
10,835 | 10,896 | 5.2 | % | ||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.90% | 12/12/2023 | 5,428 | 5,335 | 5,339 | 2.5 | % | |||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.90% | 12/12/2023 | 1,145 | 1,115 | 1,127 | 0.6 | % | |||||||||||||||
Velocity Holdings US (Revolver) | (13)(15) | Senior Secured Loans - First Lien | L+7.00% | 9.05% | 12/12/2022 | 462 | 424 | 428 | 0.2 | % | |||||||||||||||
6,874 | 6,894 | 3.3 | % | ||||||||||||||||||||||
Wind River Systems | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 6/24/2024 | 5,534 | 5,435 | 5,467 | 2.6 | % | |||||||||||||||
Total Technology | 78,422 | 77,829 | 36.9 | % | |||||||||||||||||||||
Telecommunications | |||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - First Lien | L+3.50% | 5.20% | 7/23/2025 | 2,231 | 2,221 | 2,237 | 1.0 | % |
December 31, 2020 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
BHI Energy | (15) | Senior Secured Loans - Second Lien | L+8.75% | 9.75% | 2/28/2025 | 6,000 | 5,922 | 5,880 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Electric | 5,922 | 5,880 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SeaPort | (15) | Senior Secured Loans - First Lien | L+5.50% | 5.65% | 10/31/2025 | 5,861 | 5,729 | 5,451 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Oil & Gas | 5,729 | 5,451 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 303,043 | $ | 289,744 | 145.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity investments - 1.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chef's Holdings Inc. | (13)(15)(16) | Equity and Other | N/A | N/A | 19,540 | $ | 2,459 | $ | 1,252 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 2,459 | 1,252 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources, LLC (Common Equity) | (15)(16) | Equity and Other | N/A | N/A | 4,625 | 2,777 | 591 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (13)(15) | Equity and Other | N/A | N/A | 203,022 | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 2,777 | 591 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13)(15) | Equity and Other | N/A | N/A | 53,097 | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US (Class A Units) | (13)(15)(16) | Equity and Other | N/A | N/A | 231 | 231 | 332 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Wolfhound Parent Inc. (Warrants) | (13)(15)(16) | Equity and Other | N/A | N/A | 1,975 | 30 | 30 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 261 | 362 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity Investments | $ | 5,497 | $ | 2,205 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments - 146.9% | $ | 308,540 | $ | 291,949 | 146.9 | % |
December 31, 2019 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Firstlight Fiber | Senior Secured Loans - Second Lien | L+7.50% | 9.30% | 7/23/2026 | 2,500 | 2,476 | 2,481 | 1.2 | % | ||||||||||||||||
4,697 | 4,718 | 2.2 | % | ||||||||||||||||||||||
Total Telecommunications | 4,697 | 4,718 | 2.2 | % | |||||||||||||||||||||
Transportation: Cargo | |||||||||||||||||||||||||
Flexi-Van Leasing Corp | Senior Secured Bonds | N/A | 10.00% | 2/15/2023 | 4,975 | 4,778 | 4,714 | 2.2 | % | ||||||||||||||||
Total Transportation: Cargo | 4,778 | 4,714 | 2.2 | % | |||||||||||||||||||||
Utilities: Electric | |||||||||||||||||||||||||
BHI Energy | (15) | Senior Secured Loans - Second Lien | L+8.75% | 10.95% | 2/28/2025 | 6,000 | 5,908 | 5,925 | 2.8 | % | |||||||||||||||
Moxie Liberty, LLC | Senior Secured Loans - First Lien | L+6.50% | 8.60% | 8/21/2020 | 2,892 | 2,878 | 2,583 | 1.2 | % | ||||||||||||||||
Total Utilities: Electric | 8,786 | 8,508 | 4.0 | % | |||||||||||||||||||||
Utilities: Oil & Gas | |||||||||||||||||||||||||
SeaPort | (15) | Senior Secured Loans - First Lien | L+5.50% | 7.21% | 10/31/2025 | 5,940 | 5,784 | 5,881 | 2.8 | % | |||||||||||||||
Total Utilities: Oil & Gas | 5,784 | 5,881 | 2.8 | % | |||||||||||||||||||||
Total Debt Investments | $ | 372,034 | $ | 359,089 | 170.0 | % | |||||||||||||||||||
Equity investments - 6.2% | |||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | |||||||||||||||||||||||||
Four Springs Capital Trust (Preferred Equity) | (11)(13)(14)(15) | Equity and Other | N/A | 16.75% | 237,576 | $ | 4,700 | $ | 4,752 | 2.3 | % | ||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 4,700 | 4,752 | 2.3 | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 (in thousands) | December 31, 2020 (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) (8) | Fair Value | % of Net Assets | Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Forward Contracts | Foreign Currency Forward Contracts | Foreign Currency Forward Contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1/14/2020 | € | 772 | $ | 694 | — | $ | (7 | ) | — | % | JPMorgan Chase Bank | 1/15/2021 | $ | 1,291 | € | 1,063 | — | $ | (8) | — | % | ||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank | 1/14/2020 | £ | 24,936 | $ | 18,878 | — | $ | (80 | ) | — | % | JPMorgan Chase Bank | 1/15/2021 | $ | 25,682 | £ | 19,334 | — | $ | (760) | (0.4) | % | ||||||||||||||||||||||||||||||||||||
$ | (87 | ) | — | % | $ | (768) | (0.4) | % |
(4)The periodic interest rate for all floating rate loans is indexed to London Interbank Offered Rate ("LIBOR" or "LIBO rate") (denoted as "L"), Euro Interbank Offered Rate ("EURIBOR") (denoted as "E"), British Pound Sterling LIBOR ("GBP LIBOR") (denoted as "G") or Prime Rate (denoted as "P"). Pursuant to the terms of the underlying credit agreements, the base interest rates typically reset annually, semi-annually, quarterly or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these floating rate loans, the Consolidated Schedule of Investments presents the applicable margin over LIBOR, EURIBOR, GBP LIBOR or Prime based on each respective credit agreement. As of December 31, 2020, LIBO rates ranged between 0.14% for 1-month LIBOR to 0.24% for 3-month LIBOR. (5)For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2020. (6)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned. (7)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock. (8)As of December 31, 2020, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was an excess of value over tax cost was $6.0 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $25.0 million; the net unrealized depreciation was $19.0 million; the aggregate cost of securities for Federal income tax purposes was $308.5 million. (9)The investment is either a delayed draw loan or a revolving credit facility whereby some or all of the investment commitment is undrawn as of December 31, 2020 (see Note 8. Commitments and Contingencies). (10)A portfolio company domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different country than the domicile of the portfolio company. (11)The investment is not a qualifying asset as defined in Section 55(a) of the 1940 Act. As of December 31, 2020, qualifying assets represented 80% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. (12)Investment position or portion thereof unsettled as of December 31, 2020. (13)The investment position, or a portion thereof, was not pledged as collateral supporting the amounts outstanding under our credit facility as of December 31, 2020; (see Note 7. Borrowings). (14)The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. |
Coupon Rate | PIK Component | Cash Component | PIK Option | ||||
Addo Foods Group | G+ 8.00% | 0.75 | % | G+7.25% | The Portfolio Company may elect PIK up to 0.75% | ||
CTI Foods Holdings Co., LLC (First Out) | L+7.00% | 3.00 | % | L+4.00% | The Portfolio Company may elect PIK up to 3.00% | ||
CTI Foods Holdings Co., LLC (Last Out) | L+9.00% | 6.00 | % | L+3.00% | The Portfolio Company may elect PIK up to 6.00% | ||
Four Springs Capital Trust | 16.75 | % | 16.75 | % | — | % | The Portfolio Company may elect PIK up to 16.75% |
Gladman Developments Ltd. | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75% | ||
Gladman Developments Ltd. (Delayed Draw) | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75% | ||
Lytx, Inc. | 14.75 | % | 14.75 | % | — | % | The Portfolio Company may elect PIK up to 14.75% |
McGraw-Hill Global Education Holdings | 11.00 | % | 11.75 | % | — | % | The Portfolio Company may elect partial PIK up to 50% of the interest of the period or full PIK of 11.75% |
Coupon Rate | PIK Component | Cash Component | PIK Option | |||||||||||
Addo Foods Group | G+8.00% | 0.75 | % | G+7.25% | The Portfolio Company may elect PIK up to 0.75%. | |||||||||
Advicent Solutions (Revolver) | P+5.25% | 0.75 | % | P+4.50% | The Portfolio Company may elect PIK up to 0.75%. | |||||||||
Advicent Solutions | L+3.50% | 0.75 | % | L+2.75% | The Portfolio Company may elect PIK up to 0.75%. | |||||||||
CTI Foods Holdings Co., LLC (First Out) | L+7.00% | 3.00 | % | L+4.00% | The Portfolio Company may elect PIK up to 3.00%. | |||||||||
CTI Foods Holdings Co., LLC (Last Out) | L+9.00% | 6.00 | % | L+3.00% | The Portfolio Company may elect PIK up to 6.00%. | |||||||||
Four Springs Capital Trust | 16.50 | % | 16.50 | % | — | % | The Portfolio Company may elect PIK up to 16.50%. | |||||||
Galls LLC | L+6.75% | 0.50 | % | L+6.25% | The Portfolio Company may elect PIK up to 6.75%. | |||||||||
Galls LLC (Delayed Draw) | L+6.75% | 0.50 | % | L+6.25% | The Portfolio Company may elect PIK up to 6.75%. | |||||||||
Gladman Developments Ltd. | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75%. | |||||||||
Gladman Developments Ltd. (Delayed Draw) | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75%. | |||||||||
Kerridge Commercial Systems (GBP Term Loan) | G+6.25% | 1.74 | % | G+4.51% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
Kerridge Commercial Systems (USD Term Loan) | L+6.25% | 1.83 | % | L+4.42% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
Kerridge Commercial Systems (GBP Delayed Draw) | G+6.25% | 1.74 | % | G+4.51% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
Kerridge Commercial Systems (Euro Delayed Draw) | E+6.25% | 1.69 | % | E+4.56% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
Kerridge Commercial Systems (Bidco) Limited | L+6.25% | 1.83 | % | L+4.42% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
Kerridge Commercial Systems (Bidco) Limited | E+6.25% | 1.69 | % | E+4.56% | The Portfolio Company has elected to exercise PIK Toggle option of 25% of applicable all-in rate. | |||||||||
McGraw-Hill Global Education Holdings | 11.75 | % | 11.75 | % | — | % | The Portfolio Company may elect partial PIK up to 50% of the interest of the period or full PIK of 11.75%. | |||||||
Permian Production Partners | L+8.00% | 2.00 | % | L+6.00% | The Portfolio Company may elect PIK up to 2.00%. | |||||||||
Save-a-Lot | L+8.00% | 7.00 | % | L+1.00% | The Portfolio Company may elect to PIK up to 6.00%. | |||||||||
Save-a-Lot | L+11.75% | 10.75 | % | L+1.00% | The Portfolio Company may elect to PIK up to 10.75%. |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt investments - 170.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Technical Systems | (15) | Senior Secured Loans - First Lien | L+6.25% | 7.94% | 6/12/2021 | 3,434 | $ | 3,420 | $ | 3,365 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tronair, Inc | (15) | Senior Secured Loans - First Lien | L+4.75% | 6.66% | 9/8/2023 | 3,880 | 3,854 | 3,512 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Aerospace & Defense | 7,274 | 6,877 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corporation | Senior Secured Loans - First Lien | L+5.25% | 7.35% | 11/17/2023 | 11,640 | 11,366 | 9,254 | 4.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
American Tire Distributors Inc. | Senior Secured Loans - First Lien | L+7.50% | 9.30% | 8/30/2024 | 2,970 | 2,674 | 2,666 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BBB Industries | Senior Secured Loans - First Lien | L+4.50% | 6.30% | 8/1/2025 | 1,975 | 1,958 | 1,928 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
EnTrans International, LLC | Senior Secured Loans - First Lien | L+6.00% | 7.80% | 11/1/2024 | 3,700 | 3,543 | 3,588 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Mavis Tire Express Services Corp. | Senior Secured Loans - First Lien | L+3.25% | 5.05% | 3/20/2025 | 3,231 | 3,218 | 3,158 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Mavis Tire Express Services Corp. (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+3.25% | 5.04% | 3/20/2023 | 28 | 10 | 11 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | (9) | Senior Secured Loans - First Lien | L+3.25% | 5.05% | 3/20/2025 | 92 | 92 | 90 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,320 | 3,259 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wesco Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.36% | 6/14/2024 | 1,247 | 1,234 | 1,243 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Automotive | 24,095 | 21,938 | 10.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gladman Developments Ltd. | UK(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 10.30% | 8/16/2024 | £ | 2,405 | 3,007 | 3,137 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Gladman Developments Ltd. (Delayed Draw) | UK(9)(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+9.50% | 10.30% | 8/16/2024 | £ | 740 | 944 | 954 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,951 | 4,091 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunt Companies, Inc. | (11) | Senior Secured Bonds | N/A | 6.25% | 2/15/2026 | 2,000 | 2,000 | 1,974 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
JZ Capital Partners Ltd. | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 7.88% | 6/14/2021 | 375 | 370 | 374 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 6,321 | 6,439 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addo Foods Group | UK(10)(11)(14)(15) | Senior Secured Loans - First Lien | G+8.00% | 9.00% | 4/19/2024 | £ | 9,995 | 12,232 | 12,879 | 6.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holdings Co., LLC (First Out) | (14)(15) | Senior Secured Loans - First Lien | L+7.00% | 9.26% | 5/3/2024 | 1,962 | 1,962 | 1,962 | 0.9 | % |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||
Debt investments - 153.9% | |||||||||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||||||
Advanced Integration Technology | (15) | Senior Secured Loans - First Lien | L+4.75% | 7.46% | 4/3/2023 | 1,256 | $ | 1,256 | $ | 1,244 | 0.5 | % | |||||||||||||
National Technical Systems | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.60% | 6/12/2021 | 3,470 | 3,448 | 3,331 | 1.4 | % | |||||||||||||||
Tronair, Inc | (15) | Senior Secured Loans - First Lien | L+4.75% | 7.56% | 9/8/2023 | 3,910 | 3,879 | 3,792 | 1.6 | % | |||||||||||||||
Total Aerospace & Defense | 8,583 | 8,367 | 3.5 | % | |||||||||||||||||||||
Automotive | |||||||||||||||||||||||||
Accuride Corp. | Senior Secured Loans - First Lien | L+5.25% | 8.05% | 11/17/2023 | 11,760 | 11,425 | 11,270 | 4.8 | % | ||||||||||||||||
BBB Industries | Senior Secured Loans - First Lien | L+4.50% | 6.88% | 8/1/2025 | 1,995 | 1,976 | 1,960 | 0.8 | % | ||||||||||||||||
EnTrans International, LLC | (15) | Senior Secured Loans - First Lien | L+6.00% | 8.52% | 11/1/2024 | 4,000 | 3,804 | 3,980 | 1.7 | % | |||||||||||||||
Mavis Tire Express Services Corp. | (15) | Senior Secured Loans - First Lien | L+3.25% | 5.75% | 3/20/2025 | 3,165 | 3,151 | 3,063 | 1.3 | % | |||||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+3.25% | 5.75% | 3/20/2025 | 76 | 75 | 73 | — | % | |||||||||||||||
Mavis Tire Express Services Corp. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+3.25% | N/A | 2/28/2025 | — | (24 | ) | (23 | ) | — | % | |||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | (9)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 3/20/2025 | — | — | (14 | ) | — | % | ||||||||||||||
3,202 | 3,099 | 1.3 | % | ||||||||||||||||||||||
Trico Group LLC | (15) | Senior Secured Loans - First Lien | L+6.50% | 9.21% | 2/2/2024 | 5,366 | 5,235 | 5,272 | 2.2 | % | |||||||||||||||
WESCO Group | (13)(15) | Senior Secured Loans - First Lien | L+4.25% | 7.06% | 6/14/2024 | 1,260 | 1,244 | 1,246 | 0.5 | % | |||||||||||||||
Total Automotive | 26,886 | 26,827 | 11.3 | % | |||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | |||||||||||||||||||||||||
Gladman Developments Ltd. | UK(10)(11)(13)(14)(15) | Senior Secured Loans - First Lien | G+6.75% | 10.39% | 8/16/2024 | £ | 2,405 | 2,999 | 2,975 | 1.3 | % | ||||||||||||||
Gladman Developments Ltd. (Delayed Draw) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | G+6.75% | N/A | 8/16/2024 | £ | — | (31 | ) | (49 | ) | — | % | ||||||||||||
2,968 | 2,926 | 1.3 | % | ||||||||||||||||||||||
Hunt Companies, Inc. | (11) | Senior Secured Bonds | N/A | 6.25% | 2/15/2026 | 4,000 | 4,000 | 3,418 | 1.4 | % | |||||||||||||||
JZ Capital Partners Ltd. | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.75% | 8.53% | 6/14/2021 | 375 | 367 | 371 | 0.2 | % | |||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 7,335 | 6,715 | 2.9 | % | |||||||||||||||||||||
Beverage, Food & Tobacco | |||||||||||||||||||||||||
Addo Foods Group | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+8.00% | 9.00% | 4/19/2024 | £ | 10,000 | 12,192 | 12,380 | 5.2 | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holdings Co., LLC (Last Out) | (13)(14)(15) | Senior Secured Loans - First Lien | L+9.00% | 10.91% | 5/3/2024 | 770 | 770 | 731 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,732 | 2,693 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.20% | 3/31/2023 | 897 | 891 | 891 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.20% | 3/31/2023 | 833 | 827 | 827 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,718 | 1,718 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Topps Company | (15) | Senior Secured Loans - First Lien | L+5.25% | 7.19% | 10/2/2022 | 4,988 | 4,963 | 4,981 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 21,645 | 22,271 | 10.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cleaver Brooks, Inc. | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,995 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Equipment | 2,000 | 1,995 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals | (15) | Senior Secured Loans - First Lien | L+5.50% | 7.62% | 4/29/2025 | 5,174 | 5,142 | 5,144 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aceto Chemicals (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 4/29/2025 | — | (90) | (89) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,052 | 5,055 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group Inc. | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.19% | 6/26/2026 | 995 | 981 | 981 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ilpea Parent, Inc. | IT(10)(11) | Senior Secured Loans - First Lien | L+4.75% | 6.46% | 3/2/2023 | 5,496 | 5,447 | 5,468 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Neon Holdings Inc | Senior Secured Bonds | N/A | 10.13% | 4/1/2026 | 1,500 | 1,475 | 1,493 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC (Revolver) | (9)(11)(13)(15) | Senior Secured Loans - First Lien | L+6.00% | 8.20% | 7/24/2024 | 260 | 185 | 186 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seal For Life Industries US LLC | (11)(15) | Senior Secured Loans - First Lien | E+6.00% | 8.26% | 7/23/2025 | 6,991 | 6,870 | 6,889 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
7,055 | 7,075 | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Chemicals, Plastics & Rubber | 20,010 | 20,072 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - First Lien | L+4.00% | 6.20% | 6/26/2023 | 5,428 | 5,368 | 5,396 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - Second Lien | L+8.25% | 10.45% | 6/26/2024 | 6,000 | 5,910 | 5,865 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
GAL Manufacturing (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.09% | 6/24/2022 | 173 | 145 | 146 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
11,423 | 11,407 | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 6/15/2025 | 1,744 | 1,730 | 1,743 | 0.8 | % |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Blue Harvest Fisheries | (15) | Senior Secured Loans - First Lien | L+7.00% | 9.53% | 7/29/2022 | 4,800 | 4,754 | 4,757 | 2.0 | % | |||||||||||||||
CTI Foods | (12) | Senior Secured Loans - First Lien | L+3.50% | 6.10% | 6/29/2020 | 5,370 | 5,001 | 4,077 | 1.7 | % | |||||||||||||||
CTI Foods | (18) | Senior Secured Loans - Second Lien | L+7.25% | 9.85% | 6/28/2021 | 5,000 | 4,774 | 533 | 0.2 | % | |||||||||||||||
9,775 | 4,610 | 1.9 | % | ||||||||||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 7.02% | 3/31/2023 | 907 | 900 | 896 | 0.4 | % | |||||||||||||||
Kar Nut Products Co. | (15) | Senior Secured Loans - First Lien | L+4.50% | 7.02% | 3/31/2023 | 844 | 836 | 833 | 0.4 | % | |||||||||||||||
1,736 | 1,729 | 0.8 | % | ||||||||||||||||||||||
Parts Town, LLC | (15) | Senior Secured Loans - First Lien | L+4.00% | 6.80% | 12/9/2024 | 4,208 | 4,190 | 4,123 | 1.7 | % | |||||||||||||||
Parts Town, LLC | (13)(15) | Senior Secured Loans - Second Lien | L+8.00% | 10.80% | 12/8/2025 | 4,250 | 4,215 | 4,208 | 1.8 | % | |||||||||||||||
8,405 | 8,331 | 3.5 | % | ||||||||||||||||||||||
Total Beverage, Food & Tobacco | 36,862 | 31,807 | 13.4 | % | |||||||||||||||||||||
Capital Equipment | |||||||||||||||||||||||||
Cleaver Brooks, Inc. | Senior Secured Bonds | N/A | 7.88% | 3/1/2023 | 2,000 | 2,000 | 1,930 | 0.8 | % | ||||||||||||||||
Great Lakes Dredge and Dock | (11)(13) | Senior Unsecured Debt | N/A | 8.00% | 5/15/2022 | 1,488 | 1,514 | 1,512 | 0.7 | % | |||||||||||||||
Total Capital Equipment | 3,514 | 3,442 | 1.5 | % | |||||||||||||||||||||
Chemicals, Plastics & Rubber | |||||||||||||||||||||||||
Ilpea Parent, Inc | IT(10)(11)(15) | Senior Secured Loans - First Lien | L+4.75% | 7.28% | 3/2/2023 | 5,665 | 5,602 | 5,608 | 2.4 | % | |||||||||||||||
Total Chemicals, Plastics & Rubber | 5,602 | 5,608 | 2.4 | % | |||||||||||||||||||||
Construction & Building | |||||||||||||||||||||||||
GAL Manufacturing | (15) | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 6/26/2023 | 5,483 | 5,409 | 5,325 | 2.2 | % | |||||||||||||||
GAL Manufacturing | (13)(15) | Senior Secured Loans - Second Lien | L+8.25% | 10.77% | 6/26/2024 | 6,000 | 5,894 | 5,847 | 2.5 | % | |||||||||||||||
GAL Manufacturing (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+4.25% | N/A | 6/24/2022 | 49 | 10 | 11 | — | % | |||||||||||||||
11,313 | 11,183 | 4.7 | % | ||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - First Lien | L+4.25% | 6.72% | 6/15/2025 | 2,985 | 2,957 | 2,909 | 1.2 | % | ||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - Second Lien | L+8.50% | 10.97% | 6/15/2026 | 3,000 | 2,856 | 2,783 | 1.2 | % | ||||||||||||||||
5,813 | 5,692 | 2.4 | % | ||||||||||||||||||||||
Total Construction & Building | 17,126 | 16,875 | 7.1 | % | |||||||||||||||||||||
Consumer Goods: Non-Durable | |||||||||||||||||||||||||
Galls LLC | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.77% | 1/31/2025 | 3,657 | 3,621 | 3,584 | 1.5 | % | |||||||||||||||
Galls LLC (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.62% | 1/31/2025 | 411 | 407 | 403 | 0.2 | % | |||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+6.25% | 8.49% | 1/31/2024 | 274 | 207 | 208 | 0.1 | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Springs Window Fashions, LLC | Senior Secured Loans - Second Lien | L+8.50% | 10.20% | 6/15/2026 | 1,756 | 1,679 | 1,668 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
3,409 | 3,411 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction & Building | 14,832 | 14,818 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.37% | 1/31/2025 | 3,620 | 3,590 | 3,591 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Delayed Draw B) | (9)(15) | Senior Secured Loans - First Lien | L+6.25% | 8.25% | 1/31/2025 | 533 | 528 | 528 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Galls LLC (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | P+5.25% | 10.00% | 1/31/2024 | 487 | 430 | 434 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Non-Durable | 4,548 | 4,553 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PlayPower, Inc. | Senior Secured Loans - First Lien | L+5.50% | 7.30% | 4/29/2026 | 1,294 | 1,281 | 1,284 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Goods: Durable | 1,281 | 1,284 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 6.45% | 9/23/2021 | 5,239 | 5,010 | 4,610 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | CN(10)(11) | Senior Secured Loans - First Lien | L+3.00% | 4.70% | 3/28/2025 | 1,980 | 1,854 | 1,952 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.60% | 5/26/2023 | 3,449 | 3,426 | 3,121 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - Second Lien | L+8.50% | 10.60% | 11/26/2023 | 3,000 | 2,969 | 2,550 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,395 | 5,671 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Containers, Packaging & Glass | 13,259 | 12,233 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Energy Services Inc | (13) | Senior Secured Bonds | N/A | 10.75% | 10/15/2023 | 2,000 | 1,985 | 1,430 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Navajo Nation Oil and Gas | (15) | Senior Secured Loans - First Lien | L+7.50% | 9.60% | 6/14/2022 | 3,438 | 3,415 | 3,417 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Penn Virginia | (11)(15) | Senior Secured Loans - Second Lien | L+7.00% | 8.71% | 9/29/2022 | 3,000 | 2,961 | 2,955 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Permian Production Partners | (15)(18) | Senior Secured Loans - First Lien | N/A | N/A | 5/20/2024 | 3,800 | 3,680 | 1,805 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 12,041 | 9,607 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alegeus Technologies LLC | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.28% | 9/5/2024 | 8,000 | 7,938 | 7,969 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | L+10.25% | 11.95% | 7/21/2023 | 14,375 | 14,257 | 14,258 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | E+10.25% | 11.25% | 7/21/2023 | € | 601 | 622 | 669 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
14,879 | 14,927 | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cambrex Corporation | Senior Secured Loans - First Lien | L+5.00% | 6.70% | 11/20/2026 | 2,500 | 2,450 | 2,498 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Endo Pharmaceuticals Finance Co. | IR(10)(11)(13) | Senior Unsecured Debt | N/A | 6.00% | 7/15/2023 | 4,965 | 4,104 | 3,587 | 1.7 | % |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Galls LLC (Delayed Draw) | (9)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 1/31/2025 | — | — | (14 | ) | — | % | ||||||||||||||
4,235 | 4,181 | 1.8 | % | ||||||||||||||||||||||
Implus Footcare, LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 9.55% | 4/30/2021 | 894 | 887 | 889 | 0.4 | % | |||||||||||||||
Implus Footcare, LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 9.55% | 4/30/2021 | 4,610 | 4,577 | 4,583 | 1.9 | % | |||||||||||||||
5,464 | 5,472 | 2.3 | % | ||||||||||||||||||||||
Total Consumer Goods: Non-Durable | 9,699 | 9,653 | 4.1 | % | |||||||||||||||||||||
Consumer Goods: Durable | |||||||||||||||||||||||||
Williams Scotsman International, Inc. | (11)(13) | Senior Secured Bonds | N/A | 7.88% | 12/15/2022 | 4,000 | 4,129 | 3,910 | 1.7 | % | |||||||||||||||
Total Consumer Goods: Durable | 4,129 | 3,910 | 1.7 | % | |||||||||||||||||||||
Containers, Packaging & Glass | |||||||||||||||||||||||||
Bioplan USA, Inc. | Senior Secured Loans - First Lien | L+4.75% | 7.27% | 9/23/2021 | 5,294 | 4,944 | 4,994 | 2.1 | % | ||||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - First Lien | L+4.50% | 7.15% | 5/26/2023 | 3,484 | 3,457 | 3,431 | 1.4 | % | |||||||||||||||
Resource Label Group LLC | (15) | Senior Secured Loans - Second Lien | L+8.50% | 11.15% | 11/26/2023 | 3,000 | 2,962 | 2,978 | 1.3 | % | |||||||||||||||
6,419 | 6,409 | 2.7 | % | ||||||||||||||||||||||
Total Containers, Packaging & Glass | 11,363 | 11,403 | 4.8 | % | |||||||||||||||||||||
Energy: Oil & Gas | |||||||||||||||||||||||||
Basic Energy Services Inc | (13) | Senior Secured Bonds | N/A | 10.75% | 10/15/2023 | 2,000 | 1,982 | 1,709 | 0.7 | % | |||||||||||||||
Navajo Nation Oil and Gas | (15) | Senior Secured Loans - First Lien | L+7.50% | 10.30% | 6/14/2022 | 4,813 | 4,770 | 4,722 | 2.0 | % | |||||||||||||||
Penn Virginia | (11)(13)(15) | Senior Secured Loans - Second Lien | L+7.00% | 9.53% | 9/29/2022 | 3,000 | 2,951 | 3,000 | 1.3 | % | |||||||||||||||
Permian Production Partners | (15) | Senior Secured Loans - First Lien | L+6.00% | 8.51% | 5/20/2024 | 3,900 | 3,756 | 3,822 | 1.6 | % | |||||||||||||||
Total Energy: Oil & Gas | 13,459 | 13,253 | 5.6 | % | |||||||||||||||||||||
Healthcare & Pharmaceuticals | |||||||||||||||||||||||||
Alegeus Technologies, LLC. | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.66% | 9/5/2024 | 8,000 | 7,924 | 7,860 | 3.3 | % | |||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | L+8.25% | 10.77% | 7/21/2023 | 14,375 | 14,230 | 14,238 | 6.0 | % | |||||||||||||||
Alltech | (13)(15) | Senior Unsecured Debt | E+8.25% | 9.25% | 7/21/2023 | € | 601 | 621 | 682 | 0.3 | % | ||||||||||||||
14,851 | 14,920 | 6.3 | % | ||||||||||||||||||||||
Endo Pharmaceuticals Finance Co. | IR(10)(11)(13) | Senior Unsecured Debt | N/A | 5.38% | 1/15/2023 | 4,250 | 3,480 | 3,230 | 1.4 | % | |||||||||||||||
WIRB-Copernicus Group | (15) | Senior Secured Loans - Second Lien | L+8.25% | 10.77% | 8/15/2023 | 12,000 | 11,798 | 11,891 | 5.0 | % | |||||||||||||||
Total Healthcare & Pharmaceuticals | 38,053 | 37,901 | 16.0 | % | |||||||||||||||||||||
Hotel, Gaming & Leisure |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
WIRB-Copernicus Group | (15) | Senior Secured Loans - Second Lien | L+8.25% | 9.87% | 8/15/2023 | 12,000 | 11,823 | 12,120 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Healthcare & Pharmaceuticals | 41,194 | 41,101 | 19.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASM Global | Senior Secured Loans - First Lien | L+3.00% | 4.70% | 1/23/2025 | 2,358 | 2,356 | 2,371 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
ASM Global | Senior Secured Loans - Second Lien | L+7.00% | 8.70% | 1/23/2026 | 2,400 | 2,395 | 2,428 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
4,751 | 4,799 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Playtika Holding | (11) | Senior Secured Loans - First Lien | L+6.00% | 7.80% | 12/31/2024 | 2,000 | 1,960 | 2,025 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 6,711 | 6,824 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 5/17/2024 | 5,722 | 5,665 | 5,722 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - Second Lien | L+8.00% | 9.80% | 11/18/2024 | 3,338 | 3,306 | 3,372 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Boats Group (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/12/2022 | — | (44) | (41) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
8,927 | 9,053 | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers, Inc. | (11) | Senior Secured Loans - First Lien | L+6.25% | 8.04% | 11/19/2024 | 2,500 | 2,400 | 2,500 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | Senior Secured Loans - First Lien | L+4.00% | 5.70% | 5/4/2022 | 1,943 | 1,930 | 1,863 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | (13)(14)(15) | Senior Unsecured Debt | N/A | 11.00% | 4/20/2022 | 2,000 | 1,968 | 1,871 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings | (13) | Senior Unsecured Debt | N/A | 7.88% | 5/15/2024 | 1,340 | 1,302 | 1,152 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,200 | 4,886 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trader Interactive | (15) | Senior Secured Loans - First Lien | L+6.50% | 8.30% | 6/15/2024 | 8,113 | 8,070 | 8,023 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Trader Interactive (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 6/15/2023 | — | (31) | (30) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
8,039 | 7,993 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 24,566 | 24,432 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At Home Group | (11)(15) | Senior Secured Loans - First Lien | L+3.50% | 5.43% | 6/3/2022 | 318 | 291 | 278 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Belk, Inc. | Senior Secured Loans - First Lien | L+6.75% | 8.80% | 12/12/2022 | 1,146 | 1,083 | 807 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Beverages and More, Inc. | (13) | Senior Secured Bonds | N/A | 11.50% | 6/15/2022 | 900 | 758 | 617 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Blue Nile, Inc. | (15) | Senior Secured Loans - First Lien | L+6.50% | 8.41% | 2/17/2023 | 10,500 | 10,316 | 4,568 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Buddys Newco, LLC | (13)(15) | Senior Secured Loans - First Lien | L+8.00% | 10.21% | 7/10/2024 | 3,900 | 3,827 | 4,088 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Stadium Management Group | Senior Secured Loans - First Lien | L+3.00% | 5.52% | 1/23/2025 | 2,382 | 2,379 | 2,315 | 1.0 | % | ||||||||||||||||
Stadium Management Group | (13) | Senior Secured Loans - Second Lien | L+7.00% | 9.52% | 1/23/2026 | 2,400 | 2,395 | 2,372 | 1.0 | % | |||||||||||||||
4,774 | 4,687 | 2.0 | % | ||||||||||||||||||||||
Total Hotel, Gaming & Leisure | 4,774 | 4,687 | 2.0 | % | |||||||||||||||||||||
Media: Advertising, Printing & Publishing | |||||||||||||||||||||||||
Boats Group | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.77% | 5/17/2024 | 6,480 | 6,413 | 6,419 | 2.7 | % | |||||||||||||||
Boats Group | (15) | Senior Secured Loans - Second Lien | L+8.00% | 10.50% | 11/18/2024 | 4,000 | 3,956 | 3,922 | 1.6 | % | |||||||||||||||
Boats Group (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+4.25% | N/A | 9/9/2021 | — | (69 | ) | (57 | ) | — | % | |||||||||||||
10,300 | 10,284 | 4.3 | % | ||||||||||||||||||||||
McGraw-Hill Global Education Holdings | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 5/4/2022 | 1,980 | 1,961 | 1,795 | 0.7 | % | ||||||||||||||||
McGraw-Hill Global Education Holdings | (13)(14)(15) | Senior Unsecured Debt | N/A | 11.00% | 4/20/2022 | 2,000 | 1,957 | 1,746 | 0.7 | % | |||||||||||||||
McGraw-Hill Global Education Holdings | (13) | Senior Unsecured Debt | N/A | 7.88% | 5/15/2024 | 2,000 | 1,933 | 1,560 | 0.7 | % | |||||||||||||||
5,851 | 5,101 | 2.1 | % | ||||||||||||||||||||||
Trader Interactive | (15) | Senior Secured Loans - First Lien | L+6.50% | 9.02% | 6/15/2024 | 8,196 | 8,147 | 7,919 | 3.4 | % | |||||||||||||||
Trader Interactive (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+6.50% | N/A | 6/15/2023 | — | (39 | ) | (39 | ) | — | % | |||||||||||||
8,108 | 7,880 | 3.4 | % | ||||||||||||||||||||||
Total Media: Advertising, Printing & Publishing | 24,259 | 23,265 | 9.8 | % | |||||||||||||||||||||
Retail | |||||||||||||||||||||||||
Belk, Inc. | Senior Secured Loans - First Lien | L+4.75% | 7.36% | 12/12/2022 | 1,433 | 1,331 | 1,163 | 0.5 | % | ||||||||||||||||
Blue Nile, Inc. | (15) | Senior Secured Loans - First Lien | L+6.50% | 9.02% | 2/17/2023 | 11,100 | 10,852 | 11,072 | 4.7 | % | |||||||||||||||
Beverages and More, Inc. | (13) | Senior Secured Bonds | N/A | 11.50% | 6/15/2022 | 900 | 717 | 693 | 0.3 | % | |||||||||||||||
Pet Holdings ULC | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.90% | 7/5/2022 | 4,385 | 4,339 | 4,319 | 1.8 | % | |||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.90% | 7/5/2022 | 494 | 494 | 487 | 0.2 | % | |||||||||||||||
4,833 | 4,806 | 2.0 | % | ||||||||||||||||||||||
Welcome Break Limited | UK(10)(11)(15) | Senior Secured Loans - Second Lien | G+8.00% | 8.82% | 1/30/2023 | 1,540 | 1,902 | 1,943 | 0.8 | % | |||||||||||||||
Total Retail | 19,635 | 19,677 | 8.3 | % | |||||||||||||||||||||
Services: Business | |||||||||||||||||||||||||
24-7 Intouch | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+4.25% | 6.76% | 8/20/2025 | 3,990 | 3,720 | 3,821 | 1.6 | % | |||||||||||||||
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Pet Holdings ULC | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.60% | 7/5/2022 | 4,340 | 4,306 | 4,080 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Pet Holdings ULC (Delayed Draw) | CN(10)(11)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.60% | 7/5/2022 | 489 | 489 | 460 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,795 | 4,540 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Save-a-Lot | (13) | Senior Secured Loans - First Lien | L+6.00% | 8.10% | 12/5/2023 | 4,064 | 2,261 | 1,488 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sears Outlet | (11)(13)(15) | Senior Secured Loans - First Lien | L+6.50% | 8.43% | 10/23/2023 | 2,625 | 2,575 | 2,644 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Smart & Final Stores LLC | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.55% | 6/20/2025 | 3,980 | 3,605 | 3,850 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Retail | 29,511 | 22,880 | 10.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24-7 Intouch | CN(10)(11) | Senior Secured Loans - First Lien | L+4.25% | 5.95% | 8/25/2025 | 3,950 | 3,715 | 3,851 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.00% | 5.71% | 6/16/2025 | £ | 2,060 | 2,546 | 2,603 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.50% | 6.80% | 6/16/2025 | 890 | 850 | 863 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/16/2024 | — | (45) | (45) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
3,351 | 3,421 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Capstone Logistics, LLC | Senior Secured Loans - First Lien | L+4.50% | 6.21% | 10/7/2021 | 4,755 | 4,730 | 4,687 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Clarion (Comet Bidco) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.00% | 7.12% | 9/30/2024 | 5,881 | 5,790 | 5,779 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
HealthChannels, Inc. | Senior Secured Loans - First Lien | L+4.50% | 6.24% | 4/3/2025 | 2,857 | 2,805 | 2,810 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Lifelong Learner Holdings T/L | (15) | Senior Secured Loans - First Lien | L+5.75% | 7.49% | 10/16/2026 | 2,866 | 2,831 | 2,834 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies | Senior Secured Loans - First Lien | L+4.00% | 5.80% | 3/29/2025 | 2,672 | 2,662 | 2,663 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Park Place Technologies | Senior Secured Loans - Second Lien | L+8.00% | 9.80% | 3/29/2026 | 3,404 | 3,383 | 3,378 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
6,045 | 6,041 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+5.75% | 7.69% | 10/4/2025 | 30 | 30 | (6) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (9)(15) | Senior Secured Loans - First Lien | N/A | N/A | 10/4/2026 | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
PSI Services LLC | (9)(15) | Senior Secured Loans - First Lien | L+5.75% | 7.63% | 10/4/2026 | 429 | 429 | 422 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
459 | 416 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SLR Consulting | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+4.00% | 5.79% | 6/23/2025 | 1,588 | 1,551 | 1,554 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SLR Consulting (Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+4.00% | 5.18% | 5/23/2025 | 494 | 512 | 508 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,063 | 2,062 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Alexander Mann Solutions (USD Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+5.50% | 7.97% | 8/11/2025 | 890 | 844 | 857 | 0.4 | % | |||||||||||||||
Alexander Mann Solutions (GBP Term Loan) | UK(10)(11)(13) | Senior Secured Loans - First Lien | G+5.50% | 6.23% | 8/11/2025 | £ | 2,060 | 2,528 | 2,539 | 1.1 | % | ||||||||||||||
Alexander Mann Solutions (Revolver) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | L+5.50% | N/A | 8/9/2024 | — | (53 | ) | (52 | ) | — | % | |||||||||||||
3,319 | 3,344 | 1.5 | % | ||||||||||||||||||||||
Capstone Logistics | Senior Secured Loans - First Lien | L+4.50% | 7.02% | 10/7/2021 | 4,867 | 4,838 | 4,810 | 2.0 | % | ||||||||||||||||
Clarion (Comet Bidco) | UK(10)(11)(13) | Senior Secured Loans - First Lien | L+5.00% | 7.71% | 9/30/2024 | 5,940 | 5,832 | 5,792 | 2.5 | % | |||||||||||||||
ECG Management Consultants | (15) | Senior Secured Loans - First Lien | L+4.50% | 7.30% | 6/20/2024 | 1,522 | 1,508 | 1,499 | 0.6 | % | |||||||||||||||
HealthChannels, Inc. | Senior Secured Loans - First Lien | L+4.50% | 6.88% | 4/3/2025 | 2,886 | 2,827 | 2,835 | 1.2 | % | ||||||||||||||||
Park Place Technologies | (15) | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 3/29/2025 | 2,699 | 2,688 | 2,675 | 1.1 | % | |||||||||||||||
Park Place Technologies | (13)(15) | Senior Secured Loans - Second Lien | L+8.00% | 10.52% | 3/29/2026 | 3,404 | 3,381 | 3,387 | 1.4 | % | |||||||||||||||
6,069 | 6,062 | 2.5 | % | ||||||||||||||||||||||
SLR Consulting | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.50% | 5/23/2025 | 1,588 | 1,547 | 1,498 | 0.7 | % | |||||||||||||||
SLR Consulting (Delayed Draw) | UK(9)(10)(11)(13)(15)(17) | Senior Secured Loans - First Lien | L+4.00% | 1.40% | 5/23/2025 | — | (8 | ) | (29 | ) | — | % | |||||||||||||
1,539 | 1,469 | 0.7 | % | ||||||||||||||||||||||
YAK Access, LLC | (13)(15) | Senior Secured Loans - Second Lien | L+10.00% | 12.43% | 7/10/2026 | 5,000 | 4,661 | 4,050 | 1.7 | % | |||||||||||||||
Total Services: Business | 34,313 | 33,682 | 14.3 | % | |||||||||||||||||||||
Technology | |||||||||||||||||||||||||
Advicent Solutions | (15) | Senior Secured Loans - First Lien | L+8.25% | 11.05% | 2/28/2022 | 7,054 | 6,941 | 6,945 | 2.9 | % | |||||||||||||||
Air Newco, LLC | (11) | Senior Secured Loans - First Lien | L+4.75% | 7.14% | 5/31/2024 | 2,805 | 2,798 | 2,784 | 1.2 | % | |||||||||||||||
Alfresco Software | (15) | Senior Secured Loans - First Lien | L+8.50% | 11.27% | 9/9/2024 | 3,311 | 3,238 | 3,232 | 1.4 | % | |||||||||||||||
Apptio, Inc. | (9)(12)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/3/2024 | — | (41 | ) | (40 | ) | — | % | |||||||||||||
Apptio, Inc. | (12)(15) | Senior Secured Loans - First Lien | L+7.25% | 9.77% | 12/3/2024 | 3,916 | 3,872 | 3,872 | 1.6 | % | |||||||||||||||
3,831 | 3,832 | 1.6 | % | ||||||||||||||||||||||
Bullhorn, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 9.40% | 11/21/2022 | 5,671 | 5,643 | 5,533 | 2.3 | % | |||||||||||||||
Bullhorn, Inc. (Delayed Draw) | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 9.40% | 11/21/2022 | 1,501 | 1,494 | 1,464 | 0.6 | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Teneo Holdings LLC | Senior Secured Loans - First Lien | L+5.25% | 6.99% | 7/12/2025 | 3,990 | 3,802 | 3,805 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
YAK Access, LLC | Senior Secured Loans - Second Lien | L+10.00% | 11.79% | 7/10/2026 | 5,000 | 4,688 | 4,409 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Services: Business | 40,279 | 40,115 | 19.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advicent Solutions | (15) | Senior Secured Loans - First Lien | L+8.25% | 10.35% | 2/28/2022 | 6,983 | 6,904 | 5,795 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alfresco Software | (15) | Senior Secured Loans - First Lien | L+8.50% | 10.64% | 9/9/2024 | 3,287 | 3,223 | 3,229 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | (13)(15) | Senior Secured Loans - First Lien | L+7.00% | 8.91% | 10/31/2025 | 1,789 | 1,754 | 1,776 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 10/31/2025 | — | (4) | (26) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,750 | 1,750 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 9/6/2024 | — | (13) | (12) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Allvue Systems (Term Loan) | (15) | Senior Secured Loans - First Lien | L+4.25% | 6.36% | 9/4/2026 | 868 | 866 | 860 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
853 | 848 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/3/2024 | — | (35) | (34) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | (15) | Senior Secured Loans - First Lien | L+7.25% | 8.96% | 1/10/2025 | 4,900 | 4,841 | 4,855 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,806 | 4,821 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 7.03% | 6/8/2024 | £ | 2,638 | 3,346 | 3,450 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(15) | Senior Secured Loans - First Lien | G+6.25% | 7.01% | 6/8/2024 | £ | 338 | 426 | 447 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,772 | 3,897 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cologix Holdings | Senior Secured Loans - First Lien | L+3.75% | 5.45% | 3/20/2024 | 2,000 | 1,931 | 1,990 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Cvent, Inc. | Senior Secured Loans - First Lien | L+3.75% | 5.55% | 11/29/2024 | 1,975 | 1,952 | 1,976 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.76% | 4/28/2025 | 1,931 | 1,900 | 1,916 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 9.68% | 4/27/2026 | 462 | 454 | 458 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 6.76% | 4/28/2025 | 3,048 | 3,006 | 3,025 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 9.68% | 4/27/2026 | 4,696 | 4,631 | 4,656 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
9,991 | 10,055 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (USD Term Loan) | UK(10)(11)(15) | Senior Secured Loans - First Lien | L+4.25% | 6.35% | 1/22/2024 | 634 | 625 | 630 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (GBP Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.01% | 1/22/2024 | £ | 528 | 729 | 695 | 0.3 | % |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Bullhorn, Inc. (Revolver) | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 0.50% | 11/21/2022 | 296 | 266 | 268 | 0.1 | % | |||||||||||||||
7,403 | 7,265 | 3.0 | % | ||||||||||||||||||||||
Causeway Technologies | UK(10)(11)(12)(15) | Senior Secured Loans - First Lien | G+6.50% | 7.41% | 6/2/2024 | 2,638 | 3,335 | 3,296 | 1.4 | % | |||||||||||||||
Causeway Technologies | UK(10)(11)(12)(15) | Senior Secured Loans - First Lien | G+7.00% | 7.00% | 6/2/2024 | 338 | 426 | 430 | 0.2 | % | |||||||||||||||
3,761 | 3,726 | 1.6 | % | ||||||||||||||||||||||
Cologix Holdings | Senior Secured Loans - Second Lien | L+7.00% | 9.52% | 3/20/2025 | 3,000 | 2,974 | 2,925 | 1.2 | % | ||||||||||||||||
Cvent, Inc. | (13)(15) | Senior Secured Loans - First Lien | L+3.75% | 6.27% | 11/29/2024 | 1,995 | 1,968 | 1,915 | 0.8 | % | |||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - First Lien | L+4.50% | 7.28% | 4/28/2025 | 1,931 | 1,895 | 1,899 | 0.8 | % | |||||||||||||||
Datix Bidco Limited | (15) | Senior Secured Loans - Second Lien | L+7.75% | 10.53% | 9/24/2026 | 462 | 453 | 451 | 0.2 | % | |||||||||||||||
2,348 | 2,350 | 1.0 | % | ||||||||||||||||||||||
Kerridge Commercial Systems (USD Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | L+4.75% | 7.05% | 1/22/2024 | 634 | 624 | 622 | 0.3 | % | |||||||||||||||
Kerridge Commercial Systems (GBP Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.16% | 1/22/2024 | £ | 528 | 728 | 660 | 0.3 | % | ||||||||||||||
Kerridge Commercial Systems (Euro Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | E+4.75% | 4.75% | 1/22/2024 | € | 97 | 117 | 110 | — | % | ||||||||||||||
Kerridge Commercial Systems (GBP Term Loan) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.16% | 1/22/2024 | £ | 325 | 420 | 412 | 0.2 | % | ||||||||||||||
1,889 | 1,804 | 0.8 | % | ||||||||||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 9.27% | 8/31/2023 | 6,549 | 6,421 | 6,394 | 2.7 | % | |||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 9.27% | 8/31/2023 | 1,468 | 1,429 | 1,433 | 0.6 | % | |||||||||||||||
Lytx, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+6.75% | N/A | 8/31/2022 | — | (34 | ) | (34 | ) | — | % | |||||||||||||
7,816 | 7,793 | 3.3 | % | ||||||||||||||||||||||
Ministry Brands | (13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 12/2/2022 | 963 | 956 | 963 | 0.4 | % | |||||||||||||||
Ministry Brands (Delayed Draw) | (13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 12/2/2022 | 512 | 510 | 512 | 0.2 | % | |||||||||||||||
Ministry Brands (Delayed Draw) | (13)(15) | Senior Secured Loans - First Lien | L+4.00% | 6.52% | 12/2/2022 | 186 | 186 | 186 | 0.1 | % | |||||||||||||||
1,652 | 1,661 | 0.7 | % | ||||||||||||||||||||||
Onyx CenterSource | (15) | Senior Secured Loans - First Lien | L+6.25% | 9.06% | 12/20/2021 | 6,993 | 6,972 | 6,993 | 3.0 | % | |||||||||||||||
Onyx CenterSource (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | L+6.25% | N/A | 12/20/2021 | — | (24 | ) | (24 | ) | — | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Euro Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | E+4.75% | 4.75% | 1/22/2024 | € | 97 | 118 | 108 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (GBP Delayed Draw) | UK(10)(11)(13)(15) | Senior Secured Loans - First Lien | G+4.25% | 5.01% | 1/22/2024 | £ | 325 | 421 | 427 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kerridge Commercial Systems (Bidco) Limited | (11)(13)(15) | Senior Secured Loans - First Lien | L+6.25% | 8.19% | 1/22/2024 | 2,200 | 2,167 | 2,184 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,060 | 4,044 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 8/31/2023 | 6,482 | 6,379 | 6,473 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 8/31/2023 | 1,453 | 1,422 | 1,451 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 8/31/2022 | — | (25) | (25) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
7,776 | 7,899 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 953 | 948 | 953 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 507 | 505 | 507 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Ministry Brands (Delayed Draw) | (15) | Senior Secured Loans - First Lien | L+4.00% | 5.86% | 12/2/2022 | 184 | 184 | 184 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,637 | 1,644 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource | (15) | Senior Secured Loans - First Lien | L+6.25% | 8.36% | 12/20/2021 | 6,652 | 6,639 | 6,640 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Onyx CenterSource (Revolver) | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 12/20/2021 | — | (16) | (16) | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,623 | 6,624 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.95% | 1/27/2023 | 6,152 | 6,114 | 6,121 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 6.95% | 1/27/2023 | 391 | 391 | 389 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - Second Lien | L+9.75% | 11.45% | 7/27/2023 | 4,388 | 4,330 | 4,386 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
10,835 | 10,896 | 5.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.90% | 12/12/2023 | 5,428 | 5,335 | 5,339 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 8.90% | 12/12/2023 | 1,145 | 1,115 | 1,127 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US (Revolver) | (13)(15) | Senior Secured Loans - First Lien | L+7.00% | 9.05% | 12/12/2022 | 462 | 424 | 428 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,874 | 6,894 | 3.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind River Systems | (15) | Senior Secured Loans - First Lien | L+6.75% | 8.45% | 6/24/2024 | 5,534 | 5,435 | 5,467 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 78,422 | 77,829 | 36.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
6,948 | 6,969 | 3.0 | % | ||||||||||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 7.77% | 1/27/2023 | 6,215 | 6,167 | 6,215 | 2.6 | % | |||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - First Lien | L+5.25% | 7.77% | 1/27/2023 | 395 | 395 | 395 | 0.2 | % | |||||||||||||||
Planview, Inc. | (15) | Senior Secured Loans - Second Lien | L+9.75% | 12.27% | 7/27/2023 | 4,388 | 4,328 | 4,341 | 1.9 | % | |||||||||||||||
10,890 | 10,951 | 4.7 | % | ||||||||||||||||||||||
Velocity Holdings US | (15) | Senior Secured Loans - First Lien | L+7.00% | 9.79% | 12/12/2023 | 5,483 | 5,368 | 5,341 | 2.3 | % | |||||||||||||||
Velocity Holdings US (Revolver) | (9)(13)(15) | Senior Secured Loans - First Lien | L+7.00% | 9.33% | 12/12/2022 | 346 | 299 | 299 | 0.1 | % | |||||||||||||||
5,667 | 5,640 | 2.4 | % | ||||||||||||||||||||||
Wind River Systems | (9)(13)(15)(17) | Senior Secured Loans - First Lien | N/A | N/A | 3/17/2019 | — | (30 | ) | (34 | ) | — | % | |||||||||||||
Wind River Systems | (13)(15) | Senior Secured Loans - First Lien | L+6.75% | 9.57% | 6/24/2024 | 5,647 | 5,482 | 5,562 | 2.4 | % | |||||||||||||||
5,452 | 5,528 | 2.4 | % | ||||||||||||||||||||||
Total Technology | 75,576 | 75,320 | 32.0 | % | |||||||||||||||||||||
Telecommunications | |||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - First Lien | L+3.50% | 6.02% | 7/23/2025 | 2,253 | 2,242 | 2,240 | 1.0 | % | ||||||||||||||||
Firstlight Fiber | (13) | Senior Secured Loans - Second Lien | L+7.50% | 10.02% | 7/23/2026 | 2,500 | 2,476 | 2,456 | 1.0 | % | |||||||||||||||
4,718 | 4,696 | 2.0 | % | ||||||||||||||||||||||
Total Telecommunications | 4,718 | 4,696 | 2.0 | % | |||||||||||||||||||||
Transportation: Cargo | |||||||||||||||||||||||||
Flexi-Van Leasing Inc. | Senior Secured Bonds | N/A | 10.00% | 2/15/2023 | 4,975 | 4,730 | 4,030 | 1.7 | % | ||||||||||||||||
Total Transportation: Cargo | 4,730 | 4,030 | 1.7 | % | |||||||||||||||||||||
Utilities: Electric | |||||||||||||||||||||||||
BHI Energy | (15) | Senior Secured Loans - Second Lien | L+8.75% | 11.63% | 2/28/2025 | 6,000 | 5,895 | 5,880 | 2.5 | % | |||||||||||||||
Moxie Patriot, LLC | Senior Secured Loans - First Lien | L+6.50% | 9.30% | 8/21/2020 | 2,922 | 2,888 | 2,634 | 1.1 | % | ||||||||||||||||
MRP Generation Holdings, LLC | (15) | Senior Secured Loans - First Lien | L+7.00% | 9.80% | 10/18/2022 | 4,888 | 4,687 | 4,668 | 2.0 | % | |||||||||||||||
Total Utilities: Electric | 13,470 | 13,182 | 5.6 | % | |||||||||||||||||||||
Utilities: Oil & Gas | |||||||||||||||||||||||||
Ferrellgas, LP | (11) | Senior Unsecured Debt | N/A | 6.75% | 1/15/2022 | 2,250 | 2,219 | 1,834 | 0.8 | % | |||||||||||||||
Ferrellgas, LP | (11) | Senior Unsecured Debt | N/A | 6.75% | 6/15/2023 | 1,855 | 1,782 | 1,493 | 0.6 | % | |||||||||||||||
4,001 | 3,327 | 1.4 | % | ||||||||||||||||||||||
SeaPort | (15) | Senior Secured Loans - First Lien | L+5.50% | 8.03% | 10/31/2025 | 6,000 | 5,823 | 6,000 | 2.5 | % |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - First Lien | L+3.50% | 5.20% | 7/23/2025 | 2,231 | 2,221 | 2,237 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Firstlight Fiber | Senior Secured Loans - Second Lien | L+7.50% | 9.30% | 7/23/2026 | 2,500 | 2,476 | 2,481 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
4,697 | 4,718 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Telecommunications | 4,697 | 4,718 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flexi-Van Leasing Corp | Senior Secured Bonds | N/A | 10.00% | 2/15/2023 | 4,975 | 4,778 | 4,714 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Transportation: Cargo | 4,778 | 4,714 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BHI Energy | (15) | Senior Secured Loans - Second Lien | L+8.75% | 10.95% | 2/28/2025 | 6,000 | 5,908 | 5,925 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Moxie Liberty, LLC | Senior Secured Loans - First Lien | L+6.50% | 8.60% | 8/21/2020 | 2,892 | 2,878 | 2,583 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Electric | 8,786 | 8,508 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SeaPort | (15) | Senior Secured Loans - First Lien | L+5.50% | 7.21% | 10/31/2025 | 5,940 | 5,784 | 5,881 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Utilities: Oil & Gas | 5,784 | 5,881 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments | $ | 372,034 | $ | 359,089 | 170.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity investments - 6.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Four Springs Capital Trust (Preferred Equity) | (11)(13)(14)(15) | Equity and Other | N/A | 16.75% | 237,576 | $ | 4,700 | $ | 4,752 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 4,700 | 4,752 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chef's Holdings Inc. | (13)(15)(16) | Equity and Other | N/A | N/A | 19,540 | 2,459 | 2,284 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Beverage, Food & Tobacco | 2,459 | 2,284 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources, LLC (Common Equity) | (15)(16) | Equity and Other | N/A | N/A | 4,625 | 2,777 | 2,081 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
SandRidge Energy, Inc. (Common Equity) | (11)(13)(16) | Equity and Other | N/A | N/A | 21,224 | 448 | 90 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Energy: Oil & Gas | 3,225 | 2,171 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alfresco Software (Common Equity) | (13)(15)(16) | Equity and Other | N/A | N/A | 66,230 | 166 | 203 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. (Preferred Equity) | (13)(14)(15) | Equity and Other | N/A | 14.75% | 2,958 | 2,957 | 3,303 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Lytx, Inc. (Warrants) | (13)(15)(16) | Equity and Other | N/A | N/A | 130 | — | 81 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Velocity Holdings US (Class A Units) | (13)(15)(16) | Equity and Other | N/A | N/A | 231 | 231 | 280 | 0.1 | % |
December 31, 2018 (in thousands) | |||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||||
Total Utilities: Oil & Gas | 9,824 | 9,327 | 3.9 | % | |||||||||||||||||||||
Total Debt Investments | $ | 373,910 | $ | 363,627 | 153.9 | % | |||||||||||||||||||
Equity investments - 4.4% | |||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | |||||||||||||||||||||||||
Four Springs Capital Trust (Preferred Equity) | (11)(13)(14)(15) | Equity and Other | N/A | 16.75% | 201,713 | $ | 3,983 | $ | 4,034 | 1.7 | % | ||||||||||||||
Total Banking, Finance, Insurance & Real Estate | 3,983 | 4,034 | 1.7 | % | |||||||||||||||||||||
Energy: Oil & Gas | |||||||||||||||||||||||||
Maverick Natural Resources, LLC (Common Equity) | (15)(16) | Equity and Other | N/A | N/A | 4,625 | 3,413 | 3,222 | 1.3 | % | ||||||||||||||||
SandRidge Energy, Inc. (Common Equity) | (11)(13)(16) | Equity and Other | N/A | N/A | 21,224 | 448 | 162 | 0.1 | % | ||||||||||||||||
Total Energy: Oil & Gas | 3,861 | 3,384 | 1.4 | % | |||||||||||||||||||||
Technology | |||||||||||||||||||||||||
Alfresco Software (Common Equity) | (13)(15)(16) | Equity and Other | N/A | N/A | 1,656 | 165 | 204 | 0.1 | % | ||||||||||||||||
Lytx, Inc. (Preferred Equity) | (13)(14)(15) | Equity and Other | N/A | 14.75% | 2,604 | 2,604 | 2,604 | 1.1 | % | ||||||||||||||||
Velocity Holdings US (Class A Units) | (13)(15)(16) | Equity and Other | N/A | N/A | 231 | 231 | 231 | 0.1 | % | ||||||||||||||||
Wolfhound Parent Inc. | (13)(15)(16) | Equity and Other | N/A | N/A | 1,975 | 30 | 30 | — | % | ||||||||||||||||
Total Technology | 3,030 | 3,069 | 1.3 | % | |||||||||||||||||||||
Total Equity Investments | $ | 10,874 | $ | 10,487 | 4.4 | % | |||||||||||||||||||
Total Investments - 158.3% | $ | 384,784 | $ | 374,114 | 158.3 | % |
December 31, 2018 (in thousands) | ||||||||||||||||||||
Derivative Counterparty | Settlement Date | Amount Purchased | Amount Sold | Amortized Cost (7) (8) | Fair Value | % of Net Assets | ||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||||
JPMorgan Chase Bank | 1/14/2019 | £ | (108 | ) | $ | (85 | ) | — | $ | 1 | — | % | ||||||||
JPMorgan Chase Bank | 1/14/2019 | $ | 841 | £ | 665 | — | $ | (7 | ) | — | % | |||||||||
JPMorgan Chase Bank | 1/14/2019 | $ | 27,982 | £ | 22,230 | — | $ | (373 | ) | (0.2 | )% | |||||||||
JPMorgan Chase Bank | 1/14/2019 | $ | 795 | € | 697 | — | $ | (5 | ) | — | % | |||||||||
$ | (384 | ) | (0.2 | )% |
December 31, 2019 (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (1) (2) (3) | Footnotes | Investment | Spread Above Reference Rate (4) | Interest Rate (4) (5) | Maturity Date | Principal / Par Amount / Shares (6) | Amortized Cost (7) (8) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Wolfhound Parent Inc. (Warrants) | (13)(15)(16) | Equity and Other | N/A | N/A | 1,975 | 30 | 30 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total Technology | 3,384 | 3,897 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity Investments | $ | 13,768 | $ | 13,104 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments - 176.2% | $ | 385,802 | $ | 372,193 | 176.2 | % |
_______________________ (1)Security may be an obligation of one or more entities affiliated with the named portfolio company. (2)All debt and equity investments are income producing unless otherwise noted. (3)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the "1940 Act"). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities. (4)The periodic interest rate for all floating rate loans is indexed to London Interbank Offered Rate ("LIBOR" or "LIBO rate") (denoted as "L"), Euro Interbank Offered Rate ("EURIBOR") (denoted as "E"), British Pound Sterling LIBOR ("GBP LIBOR") (denoted as "G") or Prime Rate (denoted as "P"). Pursuant to the terms of the underlying credit agreements, the base interest rates typically reset annually, semi-annually, quarterly or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these floating rate loans, the Consolidated Schedule of Investments presents the applicable margin over LIBOR, EURIBOR, GBP LIBOR or Prime based on each respective credit agreement. As of December 31, 2019, LIBO rates ranged between 1.76% for 1-month LIBOR to 1.91% for 3-month LIBOR. (5)For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2019. (6)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned. (7)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock. (8)As of December 31, 2019, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was an excess of value over tax cost was $4.8 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $17.6 million; the net unrealized depreciation was $12.8 million; the aggregate cost of securities for Federal income tax purposes was $384.9 million. |
Coupon Rate | PIK Component | Cash Component | PIK Option | ||||
Four Springs Capital Trust | 16.75 | % | 16.75 | % | — | % | The Portfolio Company may elect PIK up to 16.75% |
Gladman Developments Ltd. | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75% | ||
Lytx, Inc. | 14.75 | % | 14.75 | % | — | % | The Portfolio Company may elect PIK up to 14.75% |
McGraw-Hill Global Education Holdings | 11.00 | % | — | % | 11.00 | % | The Portfolio Company may elect partial PIK up to 50% of the interest of the period or full PIK of 11.75% |
Coupon Rate | PIK Component | Cash Component | PIK Option | |||||||||||
Addo Foods Group | G+ 8.00% | 0.75 | % | G+7.25% | The Portfolio Company may elect PIK up to 0.75%. | |||||||||
CTI Foods Holdings Co., LLC (First Out) | L+7.00% | 3.00 | % | L+4.00% | The Portfolio Company may elect PIK up to 3.00%. | |||||||||
CTI Foods Holdings Co., LLC (Last Out) | L+9.00% | 6.00 | % | L+3.00% | The Portfolio Company may elect PIK up to 6.00%. | |||||||||
Four Springs Capital Trust | 16.75 | % | 16.75 | % | — | % | The Portfolio Company may elect PIK up to 16.75%. | |||||||
Gladman Developments Ltd. | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75%. | |||||||||
Gladman Developments Ltd. (Delayed Draw) | G+9.50% | 2.75 | % | G+6.75% | The Portfolio Company may elect PIK up to 2.75%. | |||||||||
Lytx, Inc. | 14.75 | % | 14.75 | % | — | % | The Portfolio Company may elect PIK up to 14.75%. | |||||||
McGraw-Hill Global Education Holdings | 11.00 | % | 11.75 | % | — | % | The Portfolio Company may elect partial PIK up to 50% of the interest of the period or full PIK of 11.75%. |
December 31, 2018 | December 31, 2017 | |||||
Shareholder Distributions: | ||||||
Distribution from net investment income | $ | (18,311 | ) | $ | (13,738 | ) |
Distribution from realized gains | (6,261 | ) | (1,978 | ) | ||
Distribution in excess of net investment income | — | (962 | ) | |||
Distributions from earnings | $ | (24,572 | ) | $ | (16,678 | ) |
As of December 31, 2018 | |||
Accumulated distributions in excess of net investment income | $ | (32 | ) |
Accumulated undistributed net realized gain | 1,189 | ||
Net unrealized depreciation | (11,037 | ) | |
Accumulated loss, net of distributions | $ | (9,880 | ) |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | ||||||||||||||||||||||||||||||
Senior secured loans - first lien | $ | 259,881 | $ | 251,882 | 86.2 | % | $ | 279,872 | $ | 268,678 | 72.2 | % | |||||||||||||||||||||||
Senior secured loans - second lien | 33,662 | 29,682 | 10.2 | 56,913 | 56,651 | 15.2 | |||||||||||||||||||||||||||||
Senior secured bonds | 6,171 | 4,831 | 1.7 | 12,996 | 12,223 | 3.3 | |||||||||||||||||||||||||||||
Senior unsecured debt | 3,329 | 3,349 | 1.1 | 22,253 | 21,537 | 5.8 | |||||||||||||||||||||||||||||
Total senior debt | $ | 303,043 | $ | 289,744 | 99.2 | % | $ | 372,034 | $ | 359,089 | 96.5 | % | |||||||||||||||||||||||
Equity and other | 5,497 | 2,205 | 0.8 | 13,768 | 13,104 | 3.5 | |||||||||||||||||||||||||||||
Total investments | $ | 308,540 | $ | 291,949 | 100.0 | % | $ | 385,802 | $ | 372,193 | 100.0 | % |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | ||||||||||||||||
Senior secured loans - first lien | $ | 279,872 | $ | 268,678 | 72.2 | % | $ | 260,745 | $ | 258,675 | 69.2 | % | |||||||||
Senior secured loans - second lien | 56,913 | 56,651 | 15.2 | 67,871 | 62,967 | 16.8 | % | ||||||||||||||
Senior secured bonds | 12,996 | 12,223 | 3.3 | 17,558 | 15,690 | 4.2 | % | ||||||||||||||
Senior unsecured debt | 22,253 | 21,537 | 5.8 | 27,736 | 26,295 | 7.0 | % | ||||||||||||||
Total senior debt | $ | 372,034 | $ | 359,089 | 96.5 | % | $ | 373,910 | $ | 363,627 | 97.2 | % | |||||||||
Equity and other | 13,768 | 13,104 | 3.5 | 10,874 | 10,487 | 2.8 | |||||||||||||||
Total investments | $ | 385,802 | $ | 372,193 | 100.0 | % | $ | 384,784 | $ | 374,114 | 100.0 | % |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Classification | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Industry Classification | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | Amortized Cost | Fair Value | Percentage of Investments at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Technology | $ | 81,806 | $ | 81,726 | 22.0 | % | $ | 78,606 | $ | 78,389 | 21.0 | % | Technology | $ | 67,846 | $ | 63,848 | 21.9 | % | $ | 81,806 | $ | 81,726 | 22.0 | % | |||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | 41,194 | 41,101 | 11.0 | 38,053 | 37,901 | 10.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | 40,279 | 40,115 | 10.8 | 34,313 | 33,682 | 9.0 | Services: Business | 30,583 | 29,291 | 10.0 | 40,279 | 40,115 | 10.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 24,104 | 24,555 | 6.6 | 36,862 | 31,807 | 8.5 | Beverage, Food & Tobacco | 28,271 | 28,477 | 9.8 | 24,104 | 24,555 | 6.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Automotive | Automotive | 26,998 | 27,044 | 9.3 | 24,095 | 21,938 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | 24,566 | 24,432 | 6.6 | 24,259 | 23,265 | 6.2 | Media: Advertising, Printing & Publishing | 21,127 | 20,924 | 7.2 | 24,566 | 24,432 | 6.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | Chemicals, Plastics & Rubber | 18,377 | 18,395 | 6.3 | 20,010 | 20,072 | 5.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | Containers, Packaging & Glass | 16,488 | 14,728 | 5.0 | 13,259 | 12,233 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 29,511 | 22,880 | 6.1 | 19,635 | 19,677 | 5.3 | Retail | 18,349 | 14,065 | 4.8 | 29,511 | 22,880 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Automotive | 24,095 | 21,938 | 5.9 | 26,886 | 26,827 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | 20,010 | 20,072 | 5.4 | 5,602 | 5,608 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | 14,832 | 14,818 | 4.0 | 17,126 | 16,875 | 4.5 | Construction & Building | 13,757 | 13,729 | 4.7 | 14,832 | 14,818 | 4.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | 13,259 | 12,233 | 3.3 | 11,363 | 11,403 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | 15,266 | 11,778 | 3.2 | 17,320 | 16,637 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer goods: Non-durable | Consumer goods: Non-durable | 11,959 | 12,339 | 4.2 | 4,548 | 4,553 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | Healthcare & Pharmaceuticals | 7,965 | 7,975 | 2.7 | 41,194 | 41,101 | 11.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate (1) | 11,021 | 11,191 | 3.0 | 11,318 | 10,749 | 2.9 | Banking, Finance, Insurance & Real Estate (1) | 6,006 | 6,215 | 2.1 | 11,021 | 11,191 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Electric | 8,786 | 8,508 | 2.3 | 13,470 | 13,182 | 3.5 | Utilities: Electric | 5,922 | 5,880 | 2.0 | 8,786 | 8,508 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | Utilities: Oil & Gas | 5,729 | 5,451 | 1.9 | 5,784 | 5,881 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Metals & Mining | Metals & Mining | 5,004 | 4,834 | 1.7 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | Telecommunications | 4,678 | 4,430 | 1.5 | 4,697 | 4,718 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | 7,274 | 6,877 | 1.8 | 8,583 | 8,367 | 2.2 | Aerospace & Defense | 4,333 | 4,360 | 1.5 | 7,274 | 6,877 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | Energy: Oil & Gas | 8,529 | 3,501 | 1.2 | 15,266 | 11,778 | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | 6,711 | 6,824 | 1.8 | 4,774 | 4,687 | 1.3 | Hotel, Gaming & Leisure | 3,289 | 3,194 | 1.1 | 6,711 | 6,824 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | 5,784 | 5,881 | 1.6 | 9,824 | 9,327 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | 4,697 | 4,718 | 1.3 | 4,718 | 4,696 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Cargo | 4,778 | 4,714 | 1.3 | 4,730 | 4,030 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer goods: Non-durable | 4,548 | 4,553 | 1.2 | 9,699 | 9,653 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | 2,000 | 1,995 | 0.5 | 3,514 | 3,442 | 0.9 | Capital Equipment | 2,000 | 1,975 | 0.7 | 2,000 | 1,995 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | 1,281 | 1,284 | 0.3 | 4,129 | 3,910 | 1.0 | Consumer Goods: Durable | 1,233 | 1,193 | 0.4 | 1,281 | 1,284 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Consumer | Transportation: Consumer | 97 | 101 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Cargo | Transportation: Cargo | — | — | — | 4,778 | 4,714 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 385,802 | $ | 372,193 | 100.0 | % | $ | 384,784 | $ | 374,114 | 100.0 | % | Total investments | $ | 308,540 | $ | 291,949 | 100.0 | % | $ | 385,802 | $ | 372,193 | 100.0 | % |
Geographic Dispersion | December 31, 2020 | December 31, 2019 | ||||||||||||
United States of America | 84.9 | % | 85.5 | % | ||||||||||
United Kingdom | 9.8 | 9.2 | ||||||||||||
Canada | 3.5 | 2.8 | ||||||||||||
Italy | 1.8 | 1.5 | ||||||||||||
Ireland | — | 1.0 | ||||||||||||
Total investments | 100.0 | % | 100.0 | % |
Geographic Dispersion | December 31, 2019 | December 31, 2018 | ||||
United States of America | 85.5 | % | 86.3 | % | ||
United Kingdom | 9.2 | 9.0 | ||||
Canada | 2.8 | 2.3 | ||||
Italy | 1.5 | 1.5 | ||||
Ireland | 1.0 | 0.9 | ||||
Total investments | 100.0 | % | 100.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||||||||||||||||||||||||
EUR | January 15, 2021 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 1,063 | $ | 1,291 | $ | 1,299 | $ | (8) | |||||||||||||||||||||||||||||||||
GBP | January 15, 2021 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 19,334 | 25,682 | 26,442 | (760) | ||||||||||||||||||||||||||||||||||||
Total | $ | 26,973 | $ | 27,741 | $ | (768) |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
EUR | January 14, 2020 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 694 | $ | 772 | $ | 779 | $ | (7 | ) | EUR | January 14, 2020 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 694 | $ | 772 | $ | 779 | $ | (7) | ||||||||||||||||||||||||||||||||||||||||||
GBP | January 14, 2020 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 18,878 | 24,936 | 25,016 | (80 | ) | GBP | January 14, 2020 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 18,878 | 24,936 | 25,016 | (80) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 25,708 | $ | 25,795 | $ | (87 | ) | Total | $ | 25,708 | $ | 25,795 | $ | (87) |
December 31, 2018 | ||||||||||||||||||||||
Foreign Currency | Settlement Date | Statement Location | Counterparty | Amount Transacted | Notional Value at Settlement | Notional Value at Period End | Fair Value | |||||||||||||||
GBP | January 14, 2019 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | (85 | ) | $ | (108 | ) | $ | (109 | ) | $ | 1 | ||||||||
GBP | January 14, 2019 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 665 | 841 | 848 | (7 | ) | |||||||||||||
GBP | January 14, 2019 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | £ | 22,230 | 27,982 | 28,355 | (373 | ) | |||||||||||||
EUR | January 14, 2019 | Unrealized depreciation on foreign currency forward contracts | JPMorgan Chase Bank, N.A. | € | 697 | 795 | 800 | (5 | ) | |||||||||||||
Total | $ | 29,510 | $ | 29,894 | $ | (384 | ) |
For the Years Ended December 31, | ||||||||||||||||||||||||||
Statement Location | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net realized gains (losses) | ||||||||||||||||||||||||||
Foreign currency forward contracts | Net realized gains (losses) on foreign currency forward contracts | $ | (258) | $ | (873) | $ | 2,316 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||||
Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (681) | 297 | (185) | ||||||||||||||||||||||
Net realized and unrealized gains (losses) on foreign currency forward contracts | $ | (939) | $ | (576) | $ | 2,131 |
For the Years Ended December 31, | ||||||||||||||
Statement Location | 2019 | 2018 | 2017 | |||||||||||
Net realized gains (losses) | ||||||||||||||
Foreign currency forward contracts | Net realized gains (losses) on foreign currency forward contracts | $ | (873 | ) | $ | 2,316 | $ | (1,327 | ) | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||
Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 297 | (185 | ) | (191 | ) | ||||||||
Net realized and unrealized gains (losses) on foreign currency forward contracts | $ | (576 | ) | $ | 2,131 | $ | (1,518 | ) |
As of | Counterparty | Gross Derivative Assets in Statement of Assets and Liabilities | Gross Derivative Liabilities in Statement of Assets and Liabilities | Collateral Pledged (Received) | Net position of Derivative Assets, Liabilities and Pledged Collateral | |||||||||||||||||||||||||||
December 31, 2020 | JP Morgan Chase Bank, N.A. | $ | — | $ | (768) | $ | 520 | $ | (248) | |||||||||||||||||||||||
December 31, 2019 | JP Morgan Chase Bank, N.A. | $ | — | $ | (87) | $ | (320) | $ | (407) |
As of | Counterparty | Gross Derivative Assets in Statement of Assets and Liabilities | Gross Derivative Liabilities in Statement of Assets and Liabilities | Collateral Pledged | Net position of Derivative Assets, Liabilities and Pledged Collateral | |||||||||||||
December 31, 2019 | JP Morgan Chase Bank, N.A. | $ | — | $ | (87 | ) | $ | (320 | ) | $ | (407 | ) | ||||||
December 31, 2018 | JP Morgan Chase Bank, N.A. | $ | — | $ | (384 | ) | $ | 160 | $ | (224 | ) |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Investments | |||||||||||||||||||||||
Senior secured loans - first lien | $ | — | $ | 84,369 | $ | 167,513 | $ | 251,882 | |||||||||||||||
Senior secured loans - second lien | — | 10,060 | 19,622 | 29,682 | |||||||||||||||||||
Senior secured bonds | — | 4,831 | — | 4,831 | |||||||||||||||||||
Senior unsecured debt | — | 1,221 | 2,128 | 3,349 | |||||||||||||||||||
Total senior debt | $ | — | $ | 100,481 | $ | 189,263 | $ | 289,744 | |||||||||||||||
Equity and other | — | — | 2,205 | 2,205 | |||||||||||||||||||
Total investments | $ | — | $ | 100,481 | $ | 191,468 | $ | 291,949 | |||||||||||||||
Percentage | 0.0 | % | 34.4 | % | 65.6 | % | 100.0 | % | |||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (768) | $ | — | $ | (768) |
December 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | |||||||||||||||
Senior secured loans - first lien | $ | — | $ | 80,704 | $ | 187,974 | $ | 268,678 | |||||||
Senior secured loans - second lien | — | 14,364 | 42,287 | 56,651 | |||||||||||
Senior secured bonds | — | 12,223 | — | 12,223 | |||||||||||
Senior unsecured debt | — | 4,739 | 16,798 | 21,537 | |||||||||||
Total senior debt | $ | — | $ | 112,030 | $ | 247,059 | $ | 359,089 | |||||||
Equity and other | 90 | — | 13,014 | 13,104 | |||||||||||
Total investments | $ | 90 | $ | 112,030 | $ | 260,073 | $ | 372,193 | |||||||
Percentage | 0.0 | % | 30.1 | % | 69.9 | % | 100.0 | % | |||||||
Derivative Instruments | |||||||||||||||
Foreign currency forward contracts | $ | — | $ | (87 | ) | $ | — | $ | (87 | ) |
December 31, 2019 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Investments | |||||||||||||||||||||||
Senior secured loans - first lien | $ | — | $ | 80,704 | $ | 187,974 | $ | 268,678 | |||||||||||||||
Senior secured loans - second lien | — | 14,364 | 42,287 | 56,651 | |||||||||||||||||||
Senior secured bonds | — | 12,223 | — | 12,223 | |||||||||||||||||||
Senior unsecured debt | — | 4,739 | 16,798 | 21,537 | |||||||||||||||||||
Total senior debt | $ | — | $ | 112,030 | $ | 247,059 | $ | 359,089 | |||||||||||||||
Equity and other | 90 | — | 13,014 | 13,104 | |||||||||||||||||||
Total investments | $ | 90 | $ | 112,030 | $ | 260,073 | $ | 372,193 | |||||||||||||||
Percentage | 0.0 | % | 30.1 | % | 69.9 | % | 100.0 | % | |||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (87) | $ | — | $ | (87) |
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | |||||||||||||||
Senior secured loans - first lien | $ | — | $ | 54,117 | $ | 204,558 | $ | 258,675 | |||||||
Senior secured loans - second lien | — | 11,069 | 51,898 | 62,967 | |||||||||||
Senior secured bonds | — | 15,690 | — | 15,690 | |||||||||||
Senior unsecured debt | — | 9,629 | 16,666 | 26,295 | |||||||||||
Total senior debt | $ | — | $ | 90,505 | $ | 273,122 | $ | 363,627 | |||||||
Equity and other | 162 | — | 10,325 | 10,487 | |||||||||||
Total investments | $ | 162 | $ | 90,505 | $ | 283,447 | $ | 374,114 | |||||||
Percentage | 0.0 | % | 24.2 | % | 75.8 | % | 100.0 | % | |||||||
Derivative Instruments | |||||||||||||||
Foreign currency forward contracts | $ | — | $ | (384 | ) | $ | — | $ | (384 | ) |
December 31, 2020 | ||||||||||||||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||||||||||||||
Senior secured loans - first lien | $ | 131,980 | Yield analysis | Yield | 6.99% | 4.2% - 13.74% | Decrease | |||||||||||||
$ | 1,645 | Transacted value | Cost | 99.50 | 99.50 | Increase | ||||||||||||||
$ | 4,537 | Transacted value | Bid | 52.50 | 52.50 | Increase | ||||||||||||||
$ | 5,422 | Discounted cash flow | Discount Rate | 11.63% | 6.49% - 17.5% | Decrease | ||||||||||||||
$ | 230 | Discounted cash flow | EBITDA multiple | 14.1x | 11.2x - 14.9x | Increase | ||||||||||||||
Discounted cash flow | Perpetuity Growth Rate | (10.00)% | (10.00)% | Increase | ||||||||||||||||
Discounted cash flow | Terminal EBITDA Multiple | 7.2x | 7.2x | Increase | ||||||||||||||||
Senior secured loans - second lien | $ | 16,883 | Yield analysis | Yield | 9.00% | 8.17% - 9.57% | Decrease | |||||||||||||
Senior unsecured debt | $ | 2,128 | Transacted value | Proceeds from refinancing agreement | 100.50 | 100.50 | Increase | |||||||||||||
Equity and other | $ | 30 | Transacted value | Cost(5) | 15.36 | 15.36 | Increase | |||||||||||||
$ | 591 | Market comparable | Cash Flow Multiple | 2.5x | 2.5x | Increase | ||||||||||||||
Market comparable | Oil production multiple (6) | 11301x | 11301x | Increase | ||||||||||||||||
Market comparable | Oil reserve multiple (7) | 4.5x | 4.5x | Increase | ||||||||||||||||
$ | 1,252 | Discounted cash flow | Discount Rate | 23.00% | 23.00% | Decrease | ||||||||||||||
$ | 332 | Discounted cash flow | EBITDA multiple | 18x | 18x | Increase | ||||||||||||||
Discounted cash flow | Perpetuity Growth Rate | 8.00% | 8.00% | Increase | ||||||||||||||||
Discounted cash flow | Terminal EBITDA Multiple | 8.3x | 4.7x - 13x | Increase | ||||||||||||||||
Total | $ | 165,030 |
December 31, 2019 | ||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||
Senior secured loans - first lien | $ | 121,594 | Yield analysis | Yield | 8.44% | 4.64% - 12.05% | Decrease | |
$ | 5,722 | Transacted value | Potential transaction | 100.00 | 100.00 | Increase | ||
$ | 14,656 | Yield analysis | Yield | 7.88% | 6.47% - 8.5% | Decrease | ||
Transacted value | Potential transaction | 101.73 | 100 - 105.57 | Increase | ||||
$ | 5,795 | Yield analysis | Yield | 20.23% | 20.23% | Decrease | ||
Transacted value | Bid | 61.27 | 61.27 | Increase | ||||
Discounted cash flow | Discount Rate | 17.50% | 17.50% | Decrease | ||||
Discounted cash flow | Perpetuity Growth Rate | (10.00)% | (10.00)% | Increase | ||||
Discounted cash flow | Terminal EBITDA Multiple | 5.9x | 5.9x | Increase | ||||
Senior secured loans - second lien | $ | 16,904 | Yield analysis | Yield | 9.91% | 7.67% - 11.27% | Decrease | |
$ | 15,492 | Transacted value | Potential transaction | 101.00 | 101.00 | Increase | ||
$ | 4,386 | Yield analysis | Yield | 11.46% | 11.46% | Decrease | ||
Transacted value | Potential transaction | 100.00 | 100.00 | Increase | ||||
Senior unsecured debt | $ | 16,798 | Yield analysis | Yield | 12.44% | 11.53% - 14.33% | Decrease | |
Equity and other | $ | 30 | Transacted value | Cost | 15.36 | 15.36 | Increase | |
$ | 3,303 | Transacted value | Potential transaction | 1,116.45 | 1,116.45 | Increase | ||
$ | 4,752 | Market comparable | Capitalization Rate | 7.00% | 7.00% | Increase | ||
$ | 81 | Discounted cash flow | EBITDA multiple | 16.7x | 16.7x | Increase | ||
$ | 2,081 | Market comparable | Cash Flow Multiple | 3.6x | 3.6x | Increase | ||
Market comparable | Oil production multiple (6) | 19,650x | 19,650x | Increase | ||||
Market comparable | Oil reserve multiple (7) | 6.6x | 6.6x | Increase | ||||
$ | 2,767 | Discounted cash flow | Discount Rate | 20.01% | 14.08% - 15% | Decrease | ||
Discounted cash flow | EBITDA multiple | 14.5x | 13.2x - 15.4x | Increase | ||||
Discounted cash flow | Perpetuity Growth Rate | 6.74% | 5% - 8% | Increase | ||||
Discounted cash flow | Terminal EBITDA Multiple | 8.2x | 7.5x - 13x | Increase | ||||
Total | $ | 214,361 |
(2)The Master Fund generally uses prices provided by an independent pricing service, or directly from an independent broker, which are non-binding indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by Guggenheim in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of December 31, 2020, the Master Fund had investments of this nature measured at fair value totaling $26.4 million. (3)A range is not provided when there is only one investment within the classification or multiple investments that have the same unobservable input; weighted average amounts are based on the estimated fair values. (4)This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (5)Investments may be valued at cost for a period of time after acquisition as the best indicator of fair value. (6)Oil production multiple is valued based on thousand barrels of oil equivalent per day (MBOE/d). (7)Oil reserve multiple is valued based on million barrels of oil equivalent (MMBOE). |
December 31, 2018 | ||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||
Senior secured loans - first lien | $ | 122,898 | Yield analysis | Yield | 9.37% | 2.63% - 12.72% | Decrease | |
$ | 9,790 | Transaction value | Cost (5) | 98.79 | 87.65-100.00 | Increase | ||
Senior secured loans - second lien | $ | 34,275 | Yield analysis | Yield | 11.35% | 9.12% - 12.58% | Decrease | |
Senior unsecured debt | $ | 16,666 | Yield analysis | Yield | 11.50% | 9.51% - 16.01% | Decrease | |
Equity and other | $ | 4,034 | Market Comparables | Capitalization rate | 7.00% | 7.00% | Increase | |
$ | 3,222 | Market Comparables | Cash flow multiple | 4.7x | 4.7x | Increase | ||
Market Comparables | Oil production multiple (6) | 24,740 | 24,740 | Increase | ||||
Market Comparables | Oil reserve multiple (7) | 6.60 | 6.60 | Increase | ||||
$ | 2,634 | Transaction Value | Cost (5) | 988.79 | 15.36-1000.00 | Increase | ||
$ | 231 | Discounted Cash Flow | Discount Rate | 14.58% | 14.58% | Decrease | ||
Discounted Cash Flow | Perpetuity Growth rate | 8.00% | 8.00% | Increase | ||||
Discounted Cash Flow | EBITDA Multiple | 13.0x | 13.0x | Increase | ||||
$ | 204 | Discounted Cash Flow | Discount Rate | 15.05% | 15.05% | Decrease | ||
Discounted Cash Flow | Perpetuity Growth rate | 5.00% | 5.00% | Increase | ||||
Discounted Cash Flow | EBITDA Multiple | 9.0x | 9.0x | Increase | ||||
Transaction value | EBITDA Multiple | 13.2x | 13.2x | Increase | ||||
Total | $ | 193,954 |
December 31, 2019 | ||||||||||||||||||||
Asset Category | Fair Value | Valuation Techniques (1) | Unobservable Inputs (2) | Weighted Average | Range (3) | Impact to Valuation from an Increase in Input (4) | ||||||||||||||
Senior secured loans - first lien | $ | 121,594 | Yield analysis | Yield | 8.44% | 4.64% - 12.05% | Decrease | |||||||||||||
$ | 5,722 | Transacted value | Potential transaction | 100.00 | 100.00 | Increase | ||||||||||||||
$ | 14,656 | Yield analysis | Yield | 7.88% | 6.47% - 8.5% | Decrease | ||||||||||||||
Transacted value | Potential transaction | 101.73 | 100 - 105.57 | Increase | ||||||||||||||||
$ | 5,795 | Yield analysis | Yield | 20.23% | 20.23% | Decrease | ||||||||||||||
Transacted value | Bid | 61.27 | 61.27 | Increase | ||||||||||||||||
Discounted cash flow | Discount Rate | 17.50% | 17.50% | Decrease | ||||||||||||||||
Discounted cash flow | Perpetuity Growth Rate | (10.00)% | (10.00)% | Increase | ||||||||||||||||
Discounted cash flow | Terminal EBITDA Multiple | 5.9x | 5.9x | Increase | ||||||||||||||||
Senior secured loans - second lien | $ | 16,904 | Yield analysis | Yield | 9.91% | 7.67% - 11.27% | Decrease | |||||||||||||
$ | 15,492 | Transacted value | Potential transaction | 101.00 | 101.00 | Increase | ||||||||||||||
$ | 4,386 | Yield analysis | Yield | 11.46% | 11.46% | Decrease | ||||||||||||||
Transacted value | Potential transaction | 100.00 | 100.00 | Increase | ||||||||||||||||
Senior unsecured debt | $ | 16,798 | Yield analysis | Yield | 12.44% | 11.53% - 14.33% | Decrease | |||||||||||||
Equity and other | $ | 30 | Transacted value | Cost (5) | 15.36 | 15.36 | Increase | |||||||||||||
$ | 3,303 | Transacted value | Potential transaction | 1,116.45 | 1,116.45 | Increase | ||||||||||||||
$ | 4,752 | Market comparable | Capitalization Rate | 7.00% | 7.00% | Increase | ||||||||||||||
$ | 81 | Discounted cash flow | EBITDA multiple | 16.7x | 16.7x | Increase | ||||||||||||||
$ | 2,081 | Market comparable | Cash Flow Multiple | 3.6x | 3.6x | Increase | ||||||||||||||
Market comparable | Oil production multiple (6) | 19,650x | 19,650x | Increase | ||||||||||||||||
Market comparable | Oil reserve multiple (7) | 6.6x | 6.6x | Increase | ||||||||||||||||
$ | 2,767 | Discounted cash flow | Discount Rate | 20.01% | 14.08% - 15% | Decrease | ||||||||||||||
Discounted cash flow | EBITDA multiple | 14.5x | 13.2x - 15.4x | Increase | ||||||||||||||||
Discounted cash flow | Perpetuity Growth Rate | 6.74% | 5% - 8% | Increase | ||||||||||||||||
Discounted cash flow | Terminal EBITDA Multiple | 8.2x | 7.5x - 13x | Increase | ||||||||||||||||
Total | $ | 214,361 |
For the Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 | Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Unsecured Debt | Equity and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Unsecured Debt | Equity and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 | $ | 204,558 | $ | 51,898 | $ | 16,666 | $ | 10,325 | $ | 283,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2020 | Balance as of January 1, 2020 | $ | 187,974 | $ | 42,287 | $ | 16,798 | $ | 13,014 | $ | 260,073 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additions (1) | 41,376 | 4,469 | — | 3,560 | 49,405 | Additions (1) | 43,214 | 2,225 | 118 | 688 | 46,245 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales and repayments (2) | (31,640 | ) | (6,967 | ) | — | (636 | ) | (39,243 | ) | Sales and repayments (2) | (54,013) | (23,285) | (15,354) | (9,522) | (102,174) | |||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) (3) | 503 | (4,428 | ) | — | — | (3,925 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (3) | Net realized gains (3) | 533 | 443 | 465 | 1,012 | 2,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (4) | (7,141 | ) | 4,132 | 93 | (235 | ) | (3,151 | ) | Net change in unrealized appreciation (depreciation) on investments (4) | (7,924) | (3,482) | 79 | (2,987) | (14,314) | ||||||||||||||||||||||||||||||||||||||||||||||
Net discount accretion | 666 | 87 | 39 | — | 792 | Net discount accretion | 596 | (123) | 22 | — | 495 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 (5) | 35,926 | 3,488 | — | — | 39,414 | Transfers into Level 3 (5) | 34,033 | 10,230 | — | — | 44,263 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (6) | (56,274 | ) | (10,392 | ) | — | — | (66,666 | ) | Transfers out of Level 3 (6) | (36,900) | (8,673) | — | — | (45,573) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value balance as of December 31, 2019 | $ | 187,974 | $ | 42,287 | $ | 16,798 | $ | 13,014 | $ | 260,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of December 31, 2019 | $ | (7,579 | ) | $ | (78 | ) | $ | 93 | $ | (317 | ) | $ | (7,881 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value balance as of December 31, 2020 | Fair value balance as of December 31, 2020 | $ | 167,513 | $ | 19,622 | $ | 2,128 | $ | 2,205 | $ | 191,468 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of December 31, 2020 | Change in net unrealized appreciation (depreciation) on investments held as of December 31, 2020 | $ | (4,309) | $ | (1,263) | $ | 127 | $ | (2,744) | $ | (8,189) |
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Unsecured Debt | Equity and Other | Total | |||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 | $ | 204,558 | $ | 51,898 | $ | 16,666 | $ | 10,325 | $ | 283,447 | |||||||||||||||||||||||||||||||
Additions (1) | 41,376 | 4,469 | — | 3,560 | 49,405 | ||||||||||||||||||||||||||||||||||||
Sales and repayments (2) | (31,640) | (6,967) | — | (636) | (39,243) | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses) (3) | 503 | (4,428) | — | — | (3,925) | ||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (4) | (7,141) | 4,132 | 93 | (235) | (3,151) | ||||||||||||||||||||||||||||||||||||
Net discount accretion | 666 | 87 | 39 | — | 792 | ||||||||||||||||||||||||||||||||||||
Transfers into Level 3 (5) | 35,926 | 3,488 | — | — | 39,414 | ||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 (6) | (56,274) | (10,392) | — | — | (66,666) | ||||||||||||||||||||||||||||||||||||
Fair value balance as of December 31, 2019 | $ | 187,974 | $ | 42,287 | $ | 16,798 | $ | 13,014 | $ | 260,073 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments held as of December 31, 2019 | $ | (7,579) | $ | (78) | $ | 93 | $ | (317) | $ | (7,881) |
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Bonds | Senior Unsecured Debt | Subordinated Debt | Equity and Other | Total | |||||||||||||||||||||
Balance as of January 1, 2018 | $ | 197,008 | $ | 66,464 | $ | 8,273 | $ | 21,313 | $ | 14,923 | $ | 231 | $ | 308,212 | |||||||||||||
Additions (1) | 90,075 | 25,143 | — | 2,036 | — | 6,784 | 124,038 | ||||||||||||||||||||
Sales and repayments (2) | (63,733 | ) | (25,661 | ) | (5,081 | ) | (22,546 | ) | — | (300 | ) | (117,321 | ) | ||||||||||||||
Net realized gains (losses) (3) | 2,395 | 525 | 445 | 1,823 | — | (1,586 | ) | 3,602 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments (4) | (2,190 | ) | (1,427 | ) | (235 | ) | (917 | ) | (19 | ) | 1,783 | (3,005 | ) | ||||||||||||||
Net discount accretion | 610 | 85 | 11 | 34 | 19 | — | 759 | ||||||||||||||||||||
Restructuring | — | — | (3,413 | ) | 14,923 | (14,923 | ) | 3,413 | — | ||||||||||||||||||
Transfers into Level 3 (5) (6) | 28,223 | 3,068 | — | — | — | — | 31,291 | ||||||||||||||||||||
Transfers out of Level 3 (5) (7) | (47,830 | ) | (16,299 | ) | — | — | — | — | (64,129 | ) | |||||||||||||||||
Fair value balance as of December 31, 2018 | $ | 204,558 | $ | 51,898 | $ | — | $ | 16,666 | $ | — | $ | 10,325 | $ | 283,447 | |||||||||||||
Change in net unrealized depreciation on investments held as of December 31, 2018 | $ | (1,990 | ) | $ | (1,337 | ) | $ | — | $ | (241 | ) | $ | — | $ | (102 | ) | $ | (3,670 | ) |
Related Party (1) (2) | For the Years Ended December 31, | |||||||||||||||||||||||||
Source Agreement & Description | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Guggenheim | Investment Advisory Agreement - management fee | $ | 6,247 | $ | 6,889 | $ | 7,195 | |||||||||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | 644 | 818 | 645 | ||||||||||||||||||||||
Income: | ||||||||||||||||||||||||||
Guggenheim | Share on capital structuring fees and administrative agency fees | 35 | 271 | 164 | ||||||||||||||||||||||
Related Party (1) (2) | For the Years Ended December 31, | |||||||||||||
Source Agreement & Description | 2019 | 2018 | 2017 | |||||||||||
Expenses: | ||||||||||||||
CCA & Guggenheim | Prior Investment Advisory Agreement - management fee | $ | — | $ | — | $ | 5,229 | |||||||
Guggenheim | Investment Advisory Agreement - management fee | 6,889 | 7,195 | 2,167 | ||||||||||
CCA & Guggenheim | Prior Administrative Services Agreement - expense reimbursement | — | — | 303 | ||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | 818 | 645 | 168 | ||||||||||
Income: | ||||||||||||||
Guggenheim | Share on capital structuring fees and administrative agency fees | 271 | 164 | 371 | ||||||||||
WPC & Guggenheim | Reimbursement of advisor transition costs | — | — | 798 |
Hamilton Credit Facility - Borrowing Summary | Hamilton Credit Facility - Borrowing Summary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of | Principal Amount Committed | Principal Amount Outstanding | Carrying Value (1) | Interest Rate (2) | Maturity Date | Maturity Term | As of | Principal Amount Committed | Principal Amount Outstanding | Carrying Value (1) | Interest Rate (2) | Maturity Date | Maturity Term | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 151,667 | $ | 130,000 | $ | 129,243 | 2.73 | % | 12/29/22 | 2.0 | years | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 175,000 | $ | 172,000 | $ | 170,862 | 4.40 | % | 12/29/22 | 3.0 | years | December 31, 2019 | $ | 175,000 | $ | 172,000 | $ | 170,862 | 4.40 | % | 12/29/22 | 3.0 | years | |||||||||||||||||||||||||||||||||||
December 31, 2018 | $ | 175,000 | $ | 150,000 | $ | 148,482 | 5.29 | % | 12/29/22 | 4.0 | years |
For the Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Stated interest expense | $ | 5,182 | $ | 8,023 | $ | 7,193 | ||||||||||||||
Unused/undrawn fees | 186 | 149 | 253 | |||||||||||||||||
Amortization of deferred financing costs | 381 | 380 | 439 | |||||||||||||||||
Total interest expense and other financing costs | $ | 5,749 | $ | 8,552 | $ | 7,885 | ||||||||||||||
Average borrowings | $ | 155,907 | $ | 160,312 | $ | 150,000 | ||||||||||||||
Weighted average interest rate (1) | 3.39 | % | 5.03 | % | 4.90 | % | ||||||||||||||
Amortized financing costs | 0.24 | % | 0.23 | % | 0.29 | % | ||||||||||||||
Total borrowing cost | 3.63 | % | 5.26 | % | 5.19 | % |
For the Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Stated interest expense | $ | 8,023 | $ | 7,193 | $ | 5,593 | ||||||
Unused/undrawn fees | 149 | 253 | 459 | |||||||||
Amortization of deferred financing costs | 380 | 439 | 483 | |||||||||
Total interest expense | $ | 8,552 | $ | 7,885 | $ | 6,535 | ||||||
Average borrowings | $ | 160,312 | $ | 150,000 | $ | 142,615 | ||||||
Weighted average interest rate (1) | 5.03 | % | 4.90 | % | 4.19 | % | ||||||
Amortized financing costs | 0.23 | % | 0.29 | % | 0.33 | % | ||||||
Total borrowing cost | 5.26 | % | 5.19 | % | 4.52 | % |
Total Unfunded Commitments | Total Unfunded Commitments | |||||||||||||||||||||
Category / Portfolio Company (1) | December 31, 2019 | December 31, 2018 | Category / Portfolio Company (1) | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Aceto Chemical (Revolver) | $ | 800 | $ | — | Aceto Chemical (Revolver) | $ | 640 | $ | 800 | |||||||||||||
Acquia Inc. (Revolver) | 211 | — | Acquia Inc. (Revolver) | 211 | 211 | |||||||||||||||||
Advicent Solutions (Revolver) | Advicent Solutions (Revolver) | 339 | — | |||||||||||||||||||
Alexander Mann Solutions (Revolver) (2) | 446 | 446 | Alexander Mann Solutions (Revolver) (2) | 446 | 446 | |||||||||||||||||
Allvue Systems (Revolver) | Allvue Systems (Revolver) | 132 | 132 | |||||||||||||||||||
Apptio, Inc. (Revolver) | 326 | 326 | Apptio, Inc. (Revolver) | 326 | 326 | |||||||||||||||||
Bluefin Holding, LLC (Revolver) | 132 | — | ||||||||||||||||||||
Arcline FM Holdings LLC (Revolver) | Arcline FM Holdings LLC (Revolver) | 291 | — | |||||||||||||||||||
Boats Group (Revolver) | 1,000 | 1,000 | Boats Group (Revolver) | 1,000 | 1,000 | |||||||||||||||||
GAL Manufacturing (Revolver) | 260 | 384 | GAL Manufacturing (Revolver) | 309 | 260 | |||||||||||||||||
Galls LLC (Delayed Draw) | 1,518 | 1,644 | Galls LLC (Delayed Draw) | — | 1,518 | |||||||||||||||||
Galls LLC (Revolver) | 113 | 326 | Galls LLC (Revolver) | 318 | 113 | |||||||||||||||||
Gladman Developments Ltd. (Delayed Draw) (2) | 706 | 1,648 | Gladman Developments Ltd. (Delayed Draw) (2) | 706 | 706 | |||||||||||||||||
Lytx, Inc. (Revolver) | 368 | 368 | ||||||||||||||||||||
Hersha Hospitality Management (Delayed Draw) | Hersha Hospitality Management (Delayed Draw) | 1,594 | — | |||||||||||||||||||
Lytx, Inc. (Delayed Draw) | Lytx, Inc. (Delayed Draw) | 1,540 | 368 | |||||||||||||||||||
Mavis Tire Express Services Corp. (Delayed Draw) | 319 | 435 | Mavis Tire Express Services Corp. (Delayed Draw) | — | 319 | |||||||||||||||||
Mavis Tire Express Services Corp. (Revolver) | 189 | 217 | Mavis Tire Express Services Corp. (Revolver) | 217 | 189 | |||||||||||||||||
Onyx CenterSource (Revolver) | 329 | 329 | Onyx CenterSource (Revolver) | — | 329 | |||||||||||||||||
Polyvision Corp. (Delayed Draw) | Polyvision Corp. (Delayed Draw) | 325 | — | |||||||||||||||||||
Polyvision Corp. (Revolver) | Polyvision Corp. (Revolver) | 520 | — | |||||||||||||||||||
PSI Services LLC (Delayed Draw) | 239 | — | PSI Services LLC (Delayed Draw) | 239 | 239 | |||||||||||||||||
PSI Services LLC (Delayed Draw) | 168 | — | PSI Services LLC (Delayed Draw) | — | 168 | |||||||||||||||||
PSI Services LLC (Revolver) | 269 | — | PSI Services LLC (Revolver) | 195 | 269 | |||||||||||||||||
Seal For Life Industries US LLC (Revolver) | 390 | — | Seal For Life Industries US LLC (Revolver) | 433 | 390 | |||||||||||||||||
SLR Consulting (Delayed Draw) (2) | — | 534 | ||||||||||||||||||||
Trader Interactive (Revolver) | 346 | 346 | Trader Interactive (Revolver) | 242 | 346 | |||||||||||||||||
Velocity Holdings US (Revolver) | — | 115 | Velocity Holdings US (Revolver) | 300 | — | |||||||||||||||||
Wind River Systems (Bridge Loan) | — | 353 | ||||||||||||||||||||
Wide Orbit (Revolver) | Wide Orbit (Revolver) | 293 | — | |||||||||||||||||||
Total Unfunded Commitments | $ | 8,129 | $ | 8,471 | Total Unfunded Commitments | $ | 10,616 | $ | 8,129 |
For the Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 7.78 | $ | 8.09 | $ | 8.52 | $ | 8.47 | $ | 8.00 | |||||||||||||||||||
Net investment income (1) | 0.50 | 0.63 | 0.64 | 0.50 | 0.21 | ||||||||||||||||||||||||
Net realized gains (losses) (1) | (0.09) | (0.25) | 0.24 | 0.12 | 0.05 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) (2) | (0.14) | (0.09) | (0.47) | 0.02 | 0.45 | ||||||||||||||||||||||||
Net increase resulting from operations | 0.27 | 0.29 | 0.41 | 0.64 | 0.71 | ||||||||||||||||||||||||
Distributions to Common Shareholders (3) | |||||||||||||||||||||||||||||
Distributions from net investment income | (0.49) | (0.59) | (0.63) | (0.49) | (0.17) | ||||||||||||||||||||||||
Distributions from realized gains | — | (0.01) | (0.21) | (0.07) | (0.04) | ||||||||||||||||||||||||
Distribution in excess of net investment income | — | — | — | (0.03) | (0.03) | ||||||||||||||||||||||||
Net decrease resulting from distributions | (0.49) | (0.60) | (0.84) | (0.59) | (0.24) | ||||||||||||||||||||||||
Net asset value, end of year | $ | 7.56 | $ | 7.78 | $ | 8.09 | $ | 8.52 | $ | 8.47 | |||||||||||||||||||
INVESTMENT RETURNS | |||||||||||||||||||||||||||||
Total investment return (4) | 4.12 | % | 3.55 | % | 4.87 | % | 7.80 | % | 9.14 | % | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||||||||||||||
Net assets, end of year | $ | 198,725 | $ | 211,197 | $ | 236,232 | $ | 248,481 | $ | 178,066 | |||||||||||||||||||
Average net assets (5) | $ | 197,248 | $ | 229,144 | $ | 247,249 | $ | 233,765 | $ | 101,825 | |||||||||||||||||||
Common Shares outstanding, end of year | 26,272,618 | 27,157,534 | 29,195,002 | 29,151,096 | 21,016,797 | ||||||||||||||||||||||||
Weighted average Common Shares outstanding | 27,139,732 | 28,730,579 | 29,163,651 | 27,524,615 | 12,370,464 | ||||||||||||||||||||||||
Ratios-to-average net assets: (5) | |||||||||||||||||||||||||||||
Total expenses before incentive fee waiver and reimbursement of advisor transition costs | 7.30 | % | 7.87 | % | 6.55 | % | 7.70 | % | 9.65 | % | |||||||||||||||||||
Effect of incentive fee waiver and reimbursement of advisor transition costs | — | % | — | % | — | % | (0.35) | % | — | % | |||||||||||||||||||
Total expenses | 7.30 | % | 7.87 | % | 6.55 | % | 7.35 | % | 9.65 | % | |||||||||||||||||||
Net investment income | 6.87 | % | 7.88 | % | 7.51 | % | 5.88 | % | 2.53 | % | |||||||||||||||||||
Average outstanding borrowings (5) | $ | 155,907 | $ | 160,312 | $ | 150,000 | $ | 142,615 | $ | 67,000 | |||||||||||||||||||
Portfolio turnover rate (5) (6) | 19 | % | 20 | % | 49 | % | 43 | % | 51 | % | |||||||||||||||||||
Asset coverage ratio (7) | 2.53 | 2.23 | 2.57 | 2.66 | 2.41 |
For the Years Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||||||||||
Net asset value, beginning of year | $ | 8.09 | $ | 8.52 | $ | 8.47 | $ | 8.00 | $ | 9.00 | |||||||||
Net investment income (1) | 0.63 | 0.64 | 0.50 | 0.21 | 0.30 | ||||||||||||||
Net realized gains (losses) (1) | (0.25 | ) | 0.24 | 0.12 | 0.05 | 0.01 | |||||||||||||
Net change in unrealized appreciation (depreciation) (2) | (0.09 | ) | (0.47 | ) | 0.02 | 0.45 | (1.01 | ) | |||||||||||
Net increase (decrease) resulting from operations | 0.29 | 0.41 | 0.64 | 0.71 | (0.70 | ) | |||||||||||||
Distributions to Common Shareholders (3) | |||||||||||||||||||
Distributions from net investment income | (0.59 | ) | (0.63 | ) | (0.49 | ) | (0.17 | ) | (0.30 | ) | |||||||||
Distributions from realized gains | (0.01 | ) | (0.21 | ) | (0.07 | ) | (0.04 | ) | — | ||||||||||
Distributions in excess of net investment income | — | — | (0.03 | ) | (0.03 | ) | — | ||||||||||||
Net decrease resulting from distributions | (0.60 | ) | (0.84 | ) | (0.59 | ) | (0.24 | ) | (0.30 | ) | |||||||||
Net asset value, end of year | $ | 7.78 | $ | 8.09 | $ | 8.52 | $ | 8.47 | $ | 8.00 | |||||||||
INVESTMENT RETURNS | |||||||||||||||||||
Total investment return (4) | 3.55 | % | 4.87 | % | 7.80 | % | 9.14 | % | (7.91 | )% | |||||||||
RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||||
Net assets, end of year | $ | 211,197 | $ | 236,232 | $ | 248,481 | $ | 178,066 | $ | 46,704 | |||||||||
Average net assets (5) | $ | 229,144 | $ | 247,249 | $ | 233,765 | $ | 101,825 | $ | 49,119 | |||||||||
Common Shares outstanding, end of year | 27,157,534 | 29,195,002 | 29,151,096 | 21,016,797 | 5,840,060 | ||||||||||||||
Weighted average Common Shares outstanding | 28,730,579 | 29,163,651 | 27,524,615 | 12,370,464 | 5,571,531 | ||||||||||||||
Ratios-to-average net assets: (5) | |||||||||||||||||||
Total expenses before incentive fee waiver and reimbursement of advisor transition costs | 7.87 | % | 6.55 | % | 7.70 | % | 9.65 | % | 5.16 | % | |||||||||
Effect of incentive fee waiver and reimbursement of advisor transition costs | — | % | — | % | (0.35 | )% | — | % | (1.78 | )% | |||||||||
Total expenses | 7.87 | % | 6.55 | % | 7.35 | % | 9.65 | % | 3.38 | % | |||||||||
Net investment income | 7.88 | % | 7.51 | % | 5.88 | % | 2.53 | % | 3.45 | % | |||||||||
Average outstanding borrowings (5) | $ | 160,312 | $ | 150,000 | $ | 142,615 | $ | 67,000 | $ | 16,385 | |||||||||
Portfolio turnover rate (5) (6) | 20 | % | 49 | % | 43 | % | 51 | % | 39 | % | |||||||||
Asset coverage ratio (7) | 2.23 | 2.57 | 2.66 | 2.41 | 2.15 |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Cash Distribution | ||||||||||||||||||||||
For Calendar Year 2020 | ||||||||||||||||||||||||||
January 2, 6, 13, 20 | January 22 | $ | 0.01100 | $ | 0.04400 | $ | 1,195 | |||||||||||||||||||
January 27, February 3, 10, 17 | February 19 | 0.01100 | 0.04400 | 1,217 | ||||||||||||||||||||||
February 24, March 2, 9, 14, 23 | March 25 | 0.01000 | 0.05000 | 1,383 | ||||||||||||||||||||||
March 30, April 6, 13, 20 | April 22 | 0.01000 | 0.04000 | 1,084 | ||||||||||||||||||||||
April 27, May 4, 11, 18 ,25, June 1 | June 2 | 0.01000 | 0.06000 | 1,625 | ||||||||||||||||||||||
June 8, 15, 22, 29 | July 2 | 0.01100 | 0.04400 | 1,186 | ||||||||||||||||||||||
July 6, 13, 20, 27, August 3 | August 4 | 0.00950 | 0.04750 | 1,285 | ||||||||||||||||||||||
August 10, 17, 24, 31 | September 2 | 0.01000 | 0.04000 | 1,089 | ||||||||||||||||||||||
September 7, 14, 21, 28 | October 1 | 0.00980 | 0.03920 | 1,063 | ||||||||||||||||||||||
October 5, 12, 19, 26, November 2 | November 3 | 0.00850 | 0.04250 | 1,148 | ||||||||||||||||||||||
November 9, 16, 23, 30 | December 2 | 0.00561 | 0.02244 | 606 | ||||||||||||||||||||||
December 23 | December 24 | 0.01903 | 0.01903 | 500 | ||||||||||||||||||||||
$ | 0.49267 | $ | 13,381 | |||||||||||||||||||||||
For Calendar Year 2019 | ||||||||||||||||||||||||||
January 7, 14, 21, 28 | January 30 | $ | 0.01346 | $ | 0.05384 | $ | 1,572 | |||||||||||||||||||
February 4, 11, 18, 25 | February 27 | 0.01346 | 0.05384 | 1,572 | ||||||||||||||||||||||
March 4, 11, 18, 25 | March 27 | 0.01346 | 0.05384 | 1,573 | ||||||||||||||||||||||
April 1, 8, 15, 22, 29 | May 1 | 0.01346 | 0.06730 | 1,971 | ||||||||||||||||||||||
May 6, 13, 20, 27 | May 29 | 0.01346 | 0.05384 | 1,576 | ||||||||||||||||||||||
June 3, 10, 17, 24 | June 26 | 0.01346 | 0.05384 | 1,559 |
Record Date | Payment Date | Distribution Per Common Share at Record Date | Distribution Per Common Share at Payment Date | Cash Distribution | ||||||||||
For Calendar Year 2019 | ||||||||||||||
January 7, 14, 21, 28 | January 30 | $ | 0.01346 | $ | 0.05384 | $ | 1,572 | |||||||
February 4, 11, 18, 25 | February 27 | 0.01346 | 0.05384 | 1,572 | ||||||||||
March 4, 11, 18, 25 | March 27 | 0.01346 | 0.05384 | 1,573 | ||||||||||
April 1, 8, 15, 22, 29 | May 1 | 0.01346 | 0.06730 | 1,971 | ||||||||||
May 6, 13, 20, 27 | May 29 | 0.01346 | 0.05384 | 1,576 | ||||||||||
June 3, 10, 17, 24 | June 26 | 0.01346 | 0.05384 | 1,559 | ||||||||||
July 1, 8, 15, 22, 29 | July 31 | 0.01346 | 0.06730 | 1,926 | ||||||||||
August 5, 12, 19, 26 | August 28 | 0.00776 | 0.03104 | 888 | ||||||||||
September 2, 9, 16, 23, 30 | October 2 | 0.00776 | 0.03880 | 1,110 | ||||||||||
October 7, 14, 21 | October 23 | 0.00776 | 0.02328 | 666 | ||||||||||
October 28, November 4, 11, 18 | November 20 | 0.01049 | 0.04196 | 1,170 | ||||||||||
November 25, December 2, 9, 16, 23 | December 26 | 0.01200 | 0.06000 | 1,663 | ||||||||||
$ | 0.59888 | $ | 17,246 | |||||||||||
For Calendar Year 2018 | ||||||||||||||
January 25 | January 26 | $ | 0.05832 | $ | 0.05832 | $ | 1,700 | |||||||
February 22 | February 23 | 0.05832 | 0.05832 | 1,700 | ||||||||||
March 22 | March 23 | 0.05832 | 0.05832 | 1,700 | ||||||||||
April 19 | April 20 | 0.04803 | 0.04803 | 1,400 | ||||||||||
May 24 | May 25 | 0.06861 | 0.06861 | 2,000 | ||||||||||
June 21 | June 22 | 0.06861 | 0.06861 | 2,000 |
July 26 | July 27 | 0.06861 | 0.06861 | 2,000 | ||||||||||
August 23 | August 24 | 0.06861 | 0.06861 | 2,000 | ||||||||||
September 4, 11, 18, 25 | September 26 | 0.01346 | 0.05384 | 1,570 | ||||||||||
October 2, 9, 16, 23, 30 | October 31 | 0.01346 | 0.06730 | 1,962 | ||||||||||
November 6, 13, 20, 27 | November 28 | 0.01346 | 0.05384 | 1,573 | ||||||||||
December 3, 10, 17, 24 | December 26 | 0.01346 | 0.05384 | 1,573 | ||||||||||
December 28 | January 9, 2019 | 0.10276 | 0.10276 | 3,000 | ||||||||||
December 31 | January 30, 2019 | 0.01346 | 0.01346 | 394 | ||||||||||
$ | 0.84247 | $ | 24,572 | |||||||||||
For Calendar Year 2017 | ||||||||||||||
January 31 | February 1 | 0.03015 | $ | 0.03015 | $ | 691 | ||||||||
February 28 | March 1 | 0.03300 | 0.03300 | 803 | ||||||||||
March 28 | March 29 | 0.03101 | 0.03101 | 806 | ||||||||||
April 28 | May 1 | 0.03900 | 0.03900 | 1,093 | ||||||||||
May 30 | May 31 | 0.04603 | 0.04603 | 1,299 | ||||||||||
June 29 | June 30 | 0.03852 | 0.03852 | 1,100 | ||||||||||
July 25 | July 27 | 0.06877 | 0.06877 | 2,000 | ||||||||||
August 29 | August 30 | 0.04437 | 0.04437 | 1,300 | ||||||||||
September 26 | September 27 | 0.04437 | 0.04437 | 1,300 | ||||||||||
October 30 | October 31 | 0.07500 | 0.07500 | 2,186 | ||||||||||
November 27 | November 28 | 0.05489 | 0.05489 | 1,600 | ||||||||||
December 21 | December 22 | 0.08576 | 0.08576 | 2,500 | ||||||||||
$ | 0.59087 | $ | 16,678 |
July 1, 8, 15, 22, 29 | July 31 | 0.01346 | 0.06730 | 1,926 | ||||||||||||||||||||||
August 5, 12, 19, 26 | August 28 | 0.00776 | 0.03104 | 888 | ||||||||||||||||||||||
September 2, 9, 16, 23, 30 | October 2 | 0.00776 | 0.03880 | 1,110 | ||||||||||||||||||||||
October 7, 14, 21 | October 23 | 0.00776 | 0.02328 | 666 | ||||||||||||||||||||||
October 28, November 4, 11, 18 | November 20 | 0.01049 | 0.04196 | 1,170 | ||||||||||||||||||||||
November 25, December 2, 9, 16, 23 | December 26 | 0.01200 | 0.06000 | 1,663 | ||||||||||||||||||||||
$ | 0.59888 | $ | 17,246 | |||||||||||||||||||||||
For Calendar Year 2018 | ||||||||||||||||||||||||||
January 25 | January 26 | $ | 0.05832 | $ | 0.05832 | $ | 1,700 | |||||||||||||||||||
February 22 | February 23 | 0.05832 | 0.05832 | 1,700 | ||||||||||||||||||||||
March 22 | March 23 | 0.05832 | 0.05832 | 1,700 | ||||||||||||||||||||||
April 19 | April 20 | 0.04803 | 0.04803 | 1,400 | ||||||||||||||||||||||
May 24 | May 25 | 0.06861 | 0.06861 | 2,000 | ||||||||||||||||||||||
June 21 | June 22 | 0.06861 | 0.06861 | 2,000 | ||||||||||||||||||||||
July 26 | July 27 | 0.06861 | 0.06861 | 2,000 | ||||||||||||||||||||||
August 23 | August 24 | 0.06861 | 0.06861 | 2,000 | ||||||||||||||||||||||
September 4, 11, 18, 25 | September 26 | 0.01346 | 0.05384 | 1,570 | ||||||||||||||||||||||
October 2, 9, 16, 23, 30 | October 31 | 0.01346 | 0.06730 | 1,962 | ||||||||||||||||||||||
November 6, 13, 20, 27 | November 28 | 0.01346 | 0.05384 | 1,573 | ||||||||||||||||||||||
December 3, 10, 17, 24 | December 26 | 0.01346 | 0.05384 | 1,573 | ||||||||||||||||||||||
December 28 | January 9, 2019 | 0.10276 | 0.10276 | 3,000 | ||||||||||||||||||||||
December 31 | January 30, 2019 | 0.01346 | 0.01346 | 394 | ||||||||||||||||||||||
$ | 0.84247 | $ | 24,572 |
For the Years Ended December 31, | |||||||||||||||||
Capital Accounts | 2020 | 2019 | 2018 | ||||||||||||||
Paid in capital in excess of par value | $ | — | $ | — | $ | (1) | |||||||||||
Undistributed net investment income | (2,650) | (707) | 1,062 | ||||||||||||||
Accumulated realized gains (losses) | 2,650 | 707 | (1,061) | ||||||||||||||
Total | $ | — | $ | — | $ | — |
For the Years Ended December 31, | |||||||||||
Capital Accounts | 2019 | 2018 | 2017 | ||||||||
Paid in capital in excess of par value | $ | — | $ | (1 | ) | $ | (67 | ) | |||
Undistributed net investment income | (707 | ) | 1,062 | 67 | |||||||
Accumulated realized gains | 707 | (1,061 | ) | — | |||||||
Total | $ | — | $ | — | $ | — |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 8,300 | $ | 11,960 | $ | 17,708 | Net increase in net assets resulting from operations | $ | 7,444 | $ | 8,300 | $ | 11,960 | |||||||||||||||
Net realized losses | 7,108 | — | — | Net realized losses | 2,455 | 7,108 | — | |||||||||||||||||||||
Net change in unrealized (appreciation) depreciation | 2,658 | 13,742 | (626 | ) | ||||||||||||||||||||||||
Net change in unrealized depreciation | Net change in unrealized depreciation | 3,661 | 2,658 | 13,742 | ||||||||||||||||||||||||
Unearned performance-based incentive fee on unrealized gains (losses) | 11 | (1,346 | ) | 798 | Unearned performance-based incentive fee on unrealized gains (losses) | — | 11 | (1,346) | ||||||||||||||||||||
Offering expense | — | — | 68 | |||||||||||||||||||||||||
Other book-tax difference | (589 | ) | 48 | (199 | ) | Other book-tax difference | (186) | (589) | 48 | |||||||||||||||||||
Total taxable income and gains available for distributions | $ | 17,488 | $ | 24,404 | $ | 17,749 | Total taxable income and gains available for distributions | $ | 13,374 | $ | 17,488 | $ | 24,404 |
For the Years Ended December 31, | |||||||||||||||||
Distributions Attributable To: | 2020 | 2019 | 2018 | ||||||||||||||
Ordinary income (including short-term capital gains) | $ | 13,381 | $ | 16,911 | $ | 21,113 | |||||||||||
Long-term capital gains (1) | — | 335 | 3,459 | ||||||||||||||
Total distributions | $ | 13,381 | $ | 17,246 | $ | 24,572 | |||||||||||
Distributions as a percentage of taxable income and gains available for distributions (2) | 100.0 | % | 98.6 | % | 100.7 | % |
For the Years Ended December 31, | |||||||||||
Distributions Attributable To: | 2019 | 2018 | 2017 | ||||||||
Ordinary income (including short-term capital gains) | $ | 16,911 | $ | 21,113 | $ | 16,321 | |||||
Long-term capital gains (1) | 335 | 3,459 | 357 | ||||||||
Total distributions | $ | 17,246 | $ | 24,572 | $ | 16,678 | |||||
Distributions as a percentage of taxable income and gains available for distributions (2) | 98.6 | % | 100.7 | % | 94.0 | % |
As of December 31, | As of December 31, | |||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||
Undistributed ordinary income, net | $ | 577 | $ | 508 | Undistributed ordinary income, net | $ | 574 | $ | 577 | |||||||||
Undistributed capital gains | (6,402 | ) | 681 | |||||||||||||||
Undistributed capital losses | Undistributed capital losses | (6,511) | (6,402) | |||||||||||||||
Unrealized loss | (12,834 | ) | (11,037 | ) | Unrealized loss | (18,675) | (12,834) | |||||||||||
Other temporary adjustments | (167 | ) | (32 | ) | Other temporary adjustments | (152) | (167) | |||||||||||
Total accumulated (loss), net | $ | (18,826 | ) | $ | (9,880 | ) | Total accumulated (loss), net | $ | (24,764) | $ | (18,826) |
As of and for the three months ended | As of and for the three months ended | |||||||||||||||||||||||||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||
Total investment income | $ | 8,908 | $ | 9,162 | $ | 9,114 | $ | 8,923 | Total investment income | $ | 5,952 | $ | 6,696 | $ | 7,196 | $ | 8,113 | |||||||||||||||||||||
Net investment income | 4,498 | 4,567 | 4,603 | 4,398 | Net investment income | 2,640 | 3,306 | 3,615 | 3,999 | |||||||||||||||||||||||||||||
Net realized and unrealized losses | (4,094 | ) | (4,974 | ) | (387 | ) | (311 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | Net realized and unrealized gains (losses) | 7,561 | 6,380 | 13,732 | (33,789) | |||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 404 | (407 | ) | 4,216 | 4,087 | Net increase (decrease) in net assets resulting from operations | 10,201 | 9,686 | 17,347 | (29,790) | ||||||||||||||||||||||||||||
Net assets | 211,197 | 225,699 | 230,030 | 236,295 | Net assets | 198,725 | 196,382 | 188,731 | 176,846 | |||||||||||||||||||||||||||||
Total investment income per Common Share - basic and diluted | 0.32 | 0.32 | 0.31 | 0.31 | Total investment income per Common Share - basic and diluted | 0.22 | 0.25 | 0.27 | 0.29 | |||||||||||||||||||||||||||||
Net investment income per Common Share - basic and diluted | 0.16 | 0.16 | 0.16 | 0.15 | Net investment income per Common Share - basic and diluted | 0.10 | 0.12 | 0.13 | 0.15 | |||||||||||||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | 0.01 | (0.01 | ) | 0.14 | 0.14 | Earnings (loss) per Common Share - basic and diluted | 0.38 | 0.36 | 0.64 | (1.08) | ||||||||||||||||||||||||||||
Net asset value per Common Share at end of quarter | 7.78 | 7.89 | 8.04 | 8.07 | Net asset value per Common Share at end of quarter | 7.56 | 7.27 | 7.04 | 6.53 |
As of and for the three months ended | |||||||||||||||||||||||
December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||
Total investment income | $ | 8,908 | $ | 9,162 | $ | 9,114 | $ | 8,923 | |||||||||||||||
Net investment income | 4,498 | 4,567 | 4,603 | 4,398 | |||||||||||||||||||
Net realized and unrealized losses | (4,094) | (4,974) | (387) | (311) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 404 | (407) | 4,216 | 4,087 | |||||||||||||||||||
Net assets | 211,197 | 225,699 | 230,030 | 236,295 | |||||||||||||||||||
Total investment income per Common Share - basic and diluted | 0.32 | 0.32 | 0.31 | 0.31 | |||||||||||||||||||
Net investment income per Common Share - basic and diluted | 0.16 | 0.16 | 0.16 | 0.15 | |||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | 0.01 | (0.01) | 0.14 | 0.14 | |||||||||||||||||||
Net asset value per Common Share at end of quarter | 7.78 | 7.89 | 8.04 | 8.07 |
As of and for the three months ended | As of and for the three months ended | |||||||||||||||||||||||||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||||||||||||||||||||||||
Total investment income | $ | 8,963 | $ | 8,678 | $ | 8,853 | $ | 8,265 | Total investment income | $ | 8,963 | $ | 8,678 | $ | 8,853 | $ | 8,265 | |||||||||||||||||||||
Net investment income | 6,345 | 4,343 | 4,476 | 3,393 | Net investment income | 6,345 | 4,343 | 4,476 | 3,393 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | (9,105 | ) | (592 | ) | (28 | ) | 3,128 | Net realized and unrealized gains (losses) | (9,105) | (592) | (28) | 3,128 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,760 | ) | 3,751 | 4,448 | 6,521 | Net increase (decrease) in net assets resulting from operations | (2,760) | 3,751 | 4,448 | 6,521 | ||||||||||||||||||||||||||||
Net assets | 236,232 | 247,131 | 248,950 | 249,901 | Net assets | 236,232 | 247,131 | 248,950 | 249,901 | |||||||||||||||||||||||||||||
Total investment income per Common Share - basic and diluted | 0.31 | 0.30 | 0.30 | 0.28 | Total investment income per Common Share - basic and diluted | 0.31 | 0.30 | 0.30 | 0.28 | |||||||||||||||||||||||||||||
Net investment income per Common Share - basic and diluted | 0.22 | 0.15 | 0.15 | 0.12 | Net investment income per Common Share - basic and diluted | 0.22 | 0.15 | 0.15 | 0.12 | |||||||||||||||||||||||||||||
Earnings (loss) per Common Share - basic and diluted | (0.09 | ) | 0.13 | 0.15 | 0.22 | Earnings (loss) per Common Share - basic and diluted | (0.09) | 0.13 | 0.15 | 0.22 | ||||||||||||||||||||||||||||
Net asset value per Common Share at end of quarter | 8.09 | 8.48 | 8.54 | 8.57 | Net asset value per Common Share at end of quarter | 8.09 | 8.48 | 8.54 | 8.57 |
As of and for the three months ended | |||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||
Total investment income | $ | 8,661 | $ | 8,331 | $ | 7,745 | $ | 6,172 | |||||||
Net investment income | 4,402 | 3,862 | 3,555 | 1,919 | |||||||||||
Net realized and unrealized gains (losses) | 998 | 956 | (256 | ) | 2,272 | ||||||||||
Net increase in net assets resulting from operations | 5,400 | 4,818 | 3,299 | 4,191 | |||||||||||
Net assets | 248,481 | 249,367 | 248,564 | 236,398 | |||||||||||
Total investment income per Common Share - basic and diluted | 0.30 | 0.29 | 0.28 | 0.26 | |||||||||||
Net investment income per Common Share - basic and diluted | 0.15 | 0.13 | 0.13 | 0.08 | |||||||||||
Earnings per Common Share - basic and diluted | 0.19 | 0.16 | 0.12 | 0.18 | |||||||||||
Net asset value per Common Share at end of quarter | 8.52 | 8.55 | 8.55 | 8.55 |