x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 27-4895840 | ||||
(State or Other Jurisdiction of
| (I.R.S. Employer
| ||||
311 South Wacker Drive, Suite 6400 Chicago, Illinois | 60606 | ||||
(Address of Principal Executive Office) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, par value $0.001 per share | MRCC | The Nasdaq Global Select Market |
Large accelerated filer | Accelerated filer | ||||||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||||
Emerging growth company | o |
Page | |||||||||
March 31, 2024 and 2023 (unaudited) | |||||||||
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Investments, at fair value: | ||||||||
Non-controlled/non-affiliate company investments | $ | 368,634 | $ | 353,980 | ||||
Non-controlled affiliate company investments | 53,595 | 50,041 | ||||||
Controlled affiliate company investments | 8,868 | 8,899 | ||||||
Total investments, at fair value (amortized cost of: $439,922 and $413,242, respectively) | 431,097 | 412,920 | ||||||
Cash | 3,721 | 5,958 | ||||||
Restricted cash | 5,689 | 2,373 | ||||||
Interest receivable | 4,220 | 2,643 | ||||||
Other assets | 535 | 651 | ||||||
Total assets | 445,262 | 424,545 | ||||||
LIABILITIES | ||||||||
Debt: | ||||||||
Revolving credit facility | 60,612 | 129,000 | ||||||
SBA debentures payable | 92,100 | 51,500 | ||||||
Total debt | 152,712 | 180,500 | ||||||
Less: Unamortized deferred financing costs | (4,524 | ) | (3,945 | ) | ||||
Total debt, less unamortized deferred financing costs | 148,188 | 176,555 | ||||||
Secured borrowings, at fair value (proceeds of: $0 and $1,320, respectively) | - | 1,314 | ||||||
Payable for open trades | 7,425 | - | ||||||
Interest payable | 541 | 735 | ||||||
Management fees payable | 1,953 | 1,749 | ||||||
Incentive fees payable | 1,721 | 1,222 | ||||||
Accounts payable and accrued expenses | 1,855 | 2,120 | ||||||
Directors' fees payable | 37 | - | ||||||
Total liabilities | 161,720 | 183,695 | ||||||
Net assets | $ | 283,542 | $ | 240,850 | ||||
Commitments and contingencies (See Note 10) | ||||||||
ANALYSIS OF NET ASSETS | ||||||||
Common stock, $0.001 par value, 100,000 shares authorized, 20,240 and 16,582 shares issued and outstanding, respectively | $ | 20 | $ | 17 | ||||
Capital in excess of par value | 286,269 | 233,526 | ||||||
Undistributed net investment income (accumulated distributions in excess of net investment income) | 6,081 | 7,037 | ||||||
Accumulated net realized gain (loss) on investments and secured borrowings | 81 | 587 | ||||||
Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign currency borrowings | (8,909 | ) | (317 | ) | ||||
Total net assets | $ | 283,542 | $ | 240,850 | ||||
Net asset value per share | $ | 14.01 | $ | 14.52 |
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Investments, at fair value: | |||||||||||
Non-controlled/non-affiliate company investments | $ | 384,266 | $ | 371,723 | |||||||
Non-controlled affiliate company investments | 83,633 | 83,541 | |||||||||
Controlled affiliate company investments | 32,990 | 33,122 | |||||||||
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) | 500,889 | 488,386 | |||||||||
Cash and cash equivalents | 4,856 | 4,958 | |||||||||
Interest and dividend receivable | 20,885 | 19,349 | |||||||||
Other assets | 858 | 493 | |||||||||
Total assets | 527,488 | 513,186 | |||||||||
LIABILITIES | |||||||||||
Debt: | |||||||||||
Revolving credit facility | 191,700 | 174,100 | |||||||||
2026 Notes | 130,000 | 130,000 | |||||||||
Total debt | 321,700 | 304,100 | |||||||||
Less: Unamortized deferred financing costs | (2,908) | (3,235) | |||||||||
Total debt, less unamortized deferred financing costs | 318,792 | 300,865 | |||||||||
Interest payable | 1,621 | 3,078 | |||||||||
Management fees payable | 2,048 | 2,100 | |||||||||
Incentive fees payable | 1,368 | 1,319 | |||||||||
Accounts payable and accrued expenses | 2,081 | 2,100 | |||||||||
Directors’ fees payable | 76 | — | |||||||||
Total liabilities | 325,986 | 309,462 | |||||||||
Net assets | $ | 201,502 | $ | 203,724 | |||||||
Commitments and contingencies (See Note 11) | |||||||||||
ANALYSIS OF NET ASSETS | |||||||||||
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively | $ | 22 | $ | 22 | |||||||
Capital in excess of par value | 298,127 | 298,127 | |||||||||
Accumulated undistributed (overdistributed) earnings | (96,647) | (94,425) | |||||||||
Total net assets | $ | 201,502 | $ | 203,724 | |||||||
Net asset value per share | $ | 9.30 | $ | 9.40 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Investment income: | ||||||||||||||||
Interest income: | ||||||||||||||||
Non-controlled/non-affiliate company investments | $ | 10,887 | $ | 8,387 | $ | 30,995 | $ | 25,109 | ||||||||
Non-controlled affiliate company investments | 1,470 | 1,117 | 3,777 | 3,282 | ||||||||||||
Controlled affiliate company investments | 200 | 20 | 594 | 30 | ||||||||||||
Total interest income | 12,557 | 9,524 | 35,366 | 28,421 | ||||||||||||
Dividend income: | ||||||||||||||||
Non-controlled/non-affiliate company investments | 251 | 251 | 751 | 751 | ||||||||||||
Non-controlled affiliate company investments | - | 1,133 | - | 3,546 | ||||||||||||
Total dividend income | 251 | 1,384 | 751 | 4,297 | ||||||||||||
Fee income: | ||||||||||||||||
Non-controlled/non-affiliate company investments | 661 | 220 | 1,626 | 1,067 | ||||||||||||
Total fee income | 661 | 220 | 1,626 | 1,067 | ||||||||||||
Total investment income | 13,469 | 11,128 | 37,743 | 33,785 | ||||||||||||
Operating expenses: | ||||||||||||||||
Interest and other debt financing expenses | 1,907 | 1,523 | 6,101 | 4,987 | ||||||||||||
Base management fees | 1,953 | 1,594 | 5,661 | 4,598 | ||||||||||||
Incentive fees | 1,721 | 1,223 | 4,471 | 4,282 | ||||||||||||
Professional fees | 277 | 237 | 854 | 682 | ||||||||||||
Administrative service fees | 295 | 324 | 926 | 956 | ||||||||||||
General and administrative expenses | 292 | 265 | 760 | 611 | ||||||||||||
Excise taxes | 100 | 342 | 100 | 429 | ||||||||||||
Directors' fees | 37 | 37 | 111 | 111 | ||||||||||||
Expenses before incentive fee waiver | 6,582 | 5,545 | 18,984 | 16,656 | ||||||||||||
Incentive fee waiver | - | - | (250 | ) | - | |||||||||||
Total expenses, net of incentive fee waiver | 6,582 | 5,545 | 18,734 | 16,656 | ||||||||||||
Net investment income | 6,887 | 5,583 | 19,009 | 17,129 | ||||||||||||
Net gain (loss) on investments, secured borrowings and foreign currency borrowings: | ||||||||||||||||
Net realized gain (loss): | ||||||||||||||||
Non-controlled/non-affiliate company investments | (2,900 | ) | - | (572 | ) | 587 | ||||||||||
Secured borrowings | - | - | 66 | - | ||||||||||||
Net realized gain (loss) | (2,900 | ) | - | (506 | ) | 587 | ||||||||||
Net change in unrealized gain (loss): | ||||||||||||||||
Non-controlled/non-affiliate company investments | 3,099 | 200 | 3,788 | (920 | ) | |||||||||||
Non-controlled affiliate company investments | 454 | 618 | (8,902 | ) | 3,814 | |||||||||||
Controlled affiliate company investments | (1,155 | ) | (2,666 | ) | (3,389 | ) | (3,741 | ) | ||||||||
Secured borrowings | - | (123 | ) | (6 | ) | (36 | ) | |||||||||
Foreign currency borrowings | (67 | ) | - | (83 | ) | - | ||||||||||
Net change in unrealized gain (loss) | 2,331 | (1,971 | ) | (8,592 | ) | (883 | ) | |||||||||
Net gain (loss) on investments, secured borrowings and foreign currency borrowings | (569 | ) | (1,971 | ) | (9,098 | ) | (296 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,318 | $ | 3,612 | $ | 9,911 | $ | 16,833 | ||||||||
Per common share data: | ||||||||||||||||
Net investment income per share - basic and diluted | $ | 0.34 | $ | 0.36 | $ | 1.05 | $ | 1.24 | ||||||||
Net increase in net assets resulting from operations per share - basic and diluted | $ | 0.31 | $ | 0.23 | $ | 0.55 | $ | 1.21 | ||||||||
Weighted average common shares outstanding - basic and diluted | 20,240 | 15,559 | 18,081 | 13,864 |
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Non-controlled/non-affiliate company investments: | |||||||||||||||||||||||
Interest income | $ | 10,830 | $ | 11,710 | |||||||||||||||||||
Payment-in-kind interest income | 808 | 885 | |||||||||||||||||||||
Dividend income | 59 | 146 | |||||||||||||||||||||
Fee income | 37 | 310 | |||||||||||||||||||||
Total investment income from non-controlled/non-affiliate company investments | 11,734 | 13,051 | |||||||||||||||||||||
Non-controlled affiliate company investments: | |||||||||||||||||||||||
Interest income | 1,188 | 1,417 | |||||||||||||||||||||
Payment-in-kind interest income | 1,307 | 1,387 | |||||||||||||||||||||
Dividend income | 53 | 49 | |||||||||||||||||||||
Total investment income from non-controlled affiliate company investments | 2,548 | 2,853 | |||||||||||||||||||||
Controlled affiliate company investments: | |||||||||||||||||||||||
Dividend income | 900 | 900 | |||||||||||||||||||||
Total investment income from controlled affiliate company investments | 900 | 900 | |||||||||||||||||||||
Total investment income | 15,182 | 16,804 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Interest and other debt financing expenses | 5,507 | 5,514 | |||||||||||||||||||||
Base management fees | 2,048 | 2,200 | |||||||||||||||||||||
Incentive fees | 1,368 | 1,657 | |||||||||||||||||||||
Professional fees | 268 | 128 | |||||||||||||||||||||
Administrative service fees | 209 | 255 | |||||||||||||||||||||
General and administrative expenses | 218 | 155 | |||||||||||||||||||||
Directors’ fees | 76 | 35 | |||||||||||||||||||||
Total operating expenses | 9,694 | 9,944 | |||||||||||||||||||||
Net investment income before income taxes | 5,488 | 6,860 | |||||||||||||||||||||
Income taxes, including excise taxes | 18 | 233 | |||||||||||||||||||||
Net investment income | 5,470 | 6,627 | |||||||||||||||||||||
Net gain (loss): | |||||||||||||||||||||||
Net realized gain (loss): | |||||||||||||||||||||||
Non-controlled/non-affiliate company investments | 4 | 706 | |||||||||||||||||||||
Foreign currency forward contracts | — | 37 | |||||||||||||||||||||
Foreign currency and other transactions | — | (3) | |||||||||||||||||||||
Net realized gain (loss) | 4 | 740 | |||||||||||||||||||||
Net change in unrealized gain (loss): | |||||||||||||||||||||||
Non-controlled/non-affiliate company investments | (1,344) | (3,417) | |||||||||||||||||||||
Non-controlled affiliate company investments | (803) | (1,025) | |||||||||||||||||||||
Controlled affiliate company investments | (132) | 254 | |||||||||||||||||||||
Foreign currency forward contracts | — | 180 | |||||||||||||||||||||
Net change in unrealized gain (loss) | (2,279) | (4,008) | |||||||||||||||||||||
Net gain (loss) | (2,275) | (3,268) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,195 | $ | 3,359 | |||||||||||||||||||
Per common share data: | |||||||||||||||||||||||
Net investment income per share - basic and diluted | $ | 0.25 | $ | 0.31 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.15 | $ | 0.16 | |||||||||||||||||||
Weighted average common shares outstanding - basic and diluted | 21,666 | 21,666 |
Common Stock | Capital in excess | Undistributed net investment income (accumulated distributions in excess of net | Accumulated net realized gain (loss) on investments and | Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign | ||||||||||||||||||||||||
Number of shares | Par value | of par value | investment income) | secured borrowings | currency borrowings | Total net assets | ||||||||||||||||||||||
Balances at December 31, 2015 | 13,008 | $ | 13 | $ | 184,419 | $ | 1,692 | $ | - | $ | (1,589 | ) | $ | 184,535 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | - | - | - | 17,129 | 587 | (883 | ) | 16,833 | ||||||||||||||||||||
Issuance of common stock, net of offering and underwriting costs | 3,566 | 4 | 52,551 | - | - | - | 52,555 | |||||||||||||||||||||
Distributions to stockholders: | ||||||||||||||||||||||||||||
Stock issued in connection with dividend reinvestment plan | 4 | - | 70 | (70 | ) | - | - | - | ||||||||||||||||||||
Distributions from net investment income | - | - | - | (14,836 | ) | - | - | (14,836 | ) | |||||||||||||||||||
Balances at September 30, 2016 | 16,578 | $ | 17 | $ | 237,040 | $ | 3,915 | $ | 587 | $ | (2,472 | ) | $ | 239,087 | ||||||||||||||
Balances at December 31, 2016 | 16,582 | $ | 17 | $ | 233,526 | $ | 7,037 | $ | 587 | $ | (317 | ) | $ | 240,850 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | - | - | - | 19,009 | (506 | ) | (8,592 | ) | 9,911 | |||||||||||||||||||
Issuance of common stock, net of offering and underwriting costs | 3,624 | 3 | 52,218 | - | - | - | 52,221 | |||||||||||||||||||||
Distributions to stockholders: | ||||||||||||||||||||||||||||
Stock issued in connection with dividend reinvestment plan | 34 | - | 525 | (525 | ) | - | - | - | ||||||||||||||||||||
Distributions from net investment income | - | - | - | (19,440 | ) | - | - | (19,440 | ) | |||||||||||||||||||
Balances at September 30, 2017 | 20,240 | $ | 20 | $ | 286,269 | $ | 6,081 | $ | 81 | $ | (8,909 | ) | $ | 283,542 |
Common Stock | Accumulated undistributed (overdistributed) earnings | ||||||||||||||||||||||||||||
Number of shares | Par value | Capital in excess of par value | Total net assets | ||||||||||||||||||||||||||
Balances at December 31, 2022 | 21,666 | $ | 22 | $ | 298,700 | $ | (73,703) | $ | 225,019 | ||||||||||||||||||||
Net investment income | — | — | — | 6,627 | 6,627 | ||||||||||||||||||||||||
Net realized gain (loss) | — | — | — | 740 | 740 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) | — | — | — | (4,008) | (4,008) | ||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (5,417) | (5,417) | ||||||||||||||||||||||||
Balances at March 31, 2023 | 21,666 | $ | 22 | $ | 298,700 | $ | (75,761) | $ | 222,961 | ||||||||||||||||||||
Balances at December 31, 2023 | 21,666 | $ | 22 | $ | 298,127 | $ | (94,425) | $ | 203,724 | ||||||||||||||||||||
Net investment income | — | — | — | 5,470 | 5,470 | ||||||||||||||||||||||||
Net realized gain (loss) | — | — | — | 4 | 4 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) | — | — | — | (2,279) | (2,279) | ||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (5,417) | (5,417) | ||||||||||||||||||||||||
Balances at March 31, 2024 | 21,666 | $ | 22 | $ | 298,127 | $ | (96,647) | $ | 201,502 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,911 | $ | 16,833 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||
Net change in unrealized (gain) loss on investments | 8,503 | 847 | ||||||
Net change in unrealized (gain) loss on secured borrowings | 6 | 36 | ||||||
Net change in unrealized (gain) loss on foreign currency borrowings | 83 | - | ||||||
Net realized (gain) loss on investments | 572 | (587 | ) | |||||
Net realized (gain) loss on secured borrowings | (66 | ) | - | |||||
Payment-in-kind interest income | (1,363 | ) | (1,430 | ) | ||||
Net accretion of discounts and amortization of premiums | (1,278 | ) | (1,137 | ) | ||||
Proceeds from principal payments and sales of investments | 144,445 | 62,459 | ||||||
Purchases of investments | (169,056 | ) | (95,717 | ) | ||||
Amortization of deferred financing costs | 760 | 603 | ||||||
Changes in operating assets and liabilities: | ||||||||
Interest receivable | (1,577 | ) | (515 | ) | ||||
Other assets | 116 | 329 | ||||||
Payable for open trades | 7,425 | (4,693 | ) | |||||
Interest payable | (194 | ) | (369 | ) | ||||
Management fees payable | 204 | 91 | ||||||
Incentive fees payable | 499 | 109 | ||||||
Accounts payable and accrued expenses | (265 | ) | 827 | |||||
Directors' fees payable | 37 | (37 | ) | |||||
Net cash provided by (used in) operating activities | (1,238 | ) | (22,351 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings on revolving credit facility | 93,529 | 64,000 | ||||||
Repayments of revolving credit facility | (162,000 | ) | (83,200 | ) | ||||
SBA debentures borrowings | 40,600 | - | ||||||
Payments of deferred financing costs | (1,339 | ) | (917 | ) | ||||
Repayments on secured borrowings | (1,254 | ) | (902 | ) | ||||
Proceeds from shares sold, net of offering and underwriting costs | 52,221 | 52,555 | ||||||
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $525 and $70, respectively | (19,440 | ) | (14,836 | ) | ||||
Net cash provided by (used in) financing activities | 2,317 | 16,700 | ||||||
Net increase (decrease) in Cash and Restricted Cash | 1,079 | (5,651 | ) | |||||
Cash and Restricted Cash, beginning of period(1) | 8,331 | 13,866 | ||||||
Cash and Restricted Cash, end of period(2) | $ | 9,410 | $ | 8,215 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash interest paid during the period | $ | 5,405 | $ | 4,545 | ||||
Cash paid for excise taxes during the period | $ | 495 | $ | 284 |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,195 | $ | 3,359 | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net realized (gain) loss on investments | (4) | (706) | |||||||||
Net realized (gain) loss on foreign currency forward contracts | — | (37) | |||||||||
Net realized (gain) loss on foreign currency and other transactions | — | 3 | |||||||||
Net change in unrealized (gain) loss on investments | 2,279 | 4,188 | |||||||||
Net change in unrealized (gain) loss on foreign currency forward contracts | — | (180) | |||||||||
Payment-in-kind interest income | (2,115) | (2,272) | |||||||||
Net accretion of discounts and amortization of premiums | (251) | (360) | |||||||||
Purchases of investments | (24,200) | (22,314) | |||||||||
Proceeds from principal payments, sales of investments and settlement of forward contracts | 12,087 | 30,441 | |||||||||
Amortization of deferred financing costs | 327 | 321 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest and dividend receivable | (1,536) | (1,632) | |||||||||
Other assets | (365) | (119) | |||||||||
Interest payable | (1,457) | (1,372) | |||||||||
Management fees payable | (52) | (21) | |||||||||
Incentive fees payable | 49 | 277 | |||||||||
Accounts payable and accrued expenses | (318) | (887) | |||||||||
Directors’ fees payable | 76 | 35 | |||||||||
Net cash provided by (used in) operating activities | (12,285) | 8,724 | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on revolving credit facility | 28,600 | 33,500 | |||||||||
Repayments of revolving credit facility | (11,000) | (35,300) | |||||||||
Payments of deferred financing costs | — | (25) | |||||||||
Stockholder distributions paid | (5,417) | (5,417) | |||||||||
Net cash provided by (used in) financing activities | 12,183 | (7,242) | |||||||||
Net increase (decrease) in Cash and cash equivalents | (102) | 1,482 | |||||||||
Effect of foreign currency exchange rates | — | (3) | |||||||||
Cash and cash equivalents, beginning of period | 4,958 | 5,450 | |||||||||
Cash and cash equivalents, end of period | $ | 4,856 | $ | 6,929 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash interest paid during the period | $ | 6,601 | $ | 6,529 | |||||||
Cash paid for income taxes, including excise taxes during the period | $ | 357 | $ | 318 |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
Bartlett Reserve Durham, LLC(e) | L+9.00% | 10.23 | % | 6/1/2018 | 6,468 | $ | 6,385 | $ | 6,346 | 2.2 | % | |||||||||||||
Echelon Funding I, LLC (Delayed Draw) (e) (f) (g) | L+10.25% | 11.49 | % | 2/24/2021 | 15,000 | 13,159 | 13,350 | 4.7 | % | |||||||||||||||
Liftforward SPV II, LLC(e) (f) | L+10.75% | 11.99 | % | 11/10/2020 | 10,000 | 5,177 | 5,251 | 1.8 | % | |||||||||||||||
31,468 | 24,721 | 24,947 | 8.7 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
All Holding Company, LLC(h) | L+7.00% | 8.24 | % | 11/15/2021 | 5,363 | 5,275 | 5,416 | 1.9 | % | |||||||||||||||
California Pizza Kitchen, Inc. | L+6.00% | 7.24 | % | 8/23/2022 | 6,930 | 6,864 | 6,884 | 2.4 | % | |||||||||||||||
12,293 | 12,139 | 12,300 | 4.3 | % | ||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||
Cali Bamboo, LLC | L+8.00% | 9.24 | % | 7/10/2020 | 5,332 | 5,274 | 5,332 | 1.9 | % | |||||||||||||||
Cali Bamboo, LLC (Revolver)(f) | L+8.00% | 9.24 | % | 7/10/2020 | 2,165 | 823 | 823 | 0.3 | % | |||||||||||||||
Cornerstone Detention Products, Inc.(i) | L+9.50% | 9.74% Cash/ 1.00% PIK | 4/8/2019 | 3,566 | 3,541 | 3,530 | 1.2 | % | ||||||||||||||||
Cornerstone Detention Products, Inc. (Revolver)(f) | L+8.50% | 9.83 | % | 4/8/2019 | 400 | 200 | 198 | 0.1 | % | |||||||||||||||
L.A.R.K. Industries, Inc. | L+8.50% | 9.74 | % | 9/3/2019 | 8,038 | 7,939 | 8,050 | 2.8 | % | |||||||||||||||
19,501 | 17,777 | 17,933 | 6.3 | % | ||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||
Parterre Flooring & Surface Systems LLC(h) | L+7.25% | 8.49 | % | 8/22/2022 | 12,000 | 11,762 | 11,952 | 4.2 | % | |||||||||||||||
Parterre Flooring & Surface Systems LLC (Revolver)(f) | L+7.25% | 8.49 | % | 8/22/2022 | 2,400 | - | - | 0.0 | % | |||||||||||||||
14,400 | 11,762 | 11,952 | 4.2 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Bluestem Brands, Inc. | L+7.50% | 8.74 | % | 11/6/2020 | 2,637 | 2,620 | 1,870 | 0.7 | % | |||||||||||||||
Solaray, LLC | L+6.50% | 7.82 | % | 9/9/2023 | 3,264 | 3,235 | 3,264 | 1.2 | % | |||||||||||||||
Solaray, LLC (Delayed Draw) | L+6.50% | 7.83 | % | 9/9/2023 | 701 | 701 | 701 | 0.2 | % | |||||||||||||||
6,602 | 6,556 | 5,835 | 2.1 | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
Landpoint, LLC | L+12.75% | 12.00% Cash/ 2.25% PIK | (j) | 12/20/2019 | 2,394 | 2,376 | 2,346 | 0.8 | % | |||||||||||||||
Landpoint, LLC (Revolver)(f) | L+10.50% | 12.00 | % | 12/20/2019 | 313 | - | - | 0.0 | % | |||||||||||||||
2,707 | 2,376 | 2,346 | 0.8 | % | ||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||
Synergy Environmental Corporation(h) | L+8.00% | 9.24 | % | 4/29/2021 | 3,051 | 2,993 | 3,082 | 1.1 | % | |||||||||||||||
Synergy Environmental Corporation(h) | L+8.00% | 9.24 | % | 4/29/2021 | 510 | 501 | 515 | 0.2 | % | |||||||||||||||
Synergy Environmental Corporation (Delayed Draw) (f) (g) | L+8.00% | 9.24 | % | 4/29/2018 | 1,342 | - | - | 0.0 | % | |||||||||||||||
Synergy Environmental Corporation (Revolver)(f) | L+8.00% | 9.24 | % | 4/29/2021 | 671 | 47 | 47 | 0.0 | % | |||||||||||||||
5,574 | 3,541 | 3,644 | 1.3 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
American Optics Holdco, Inc.(e) (k) | L+8.00% | 9.24 | % | 9/13/2022 | 4,144 | 4,062 | 4,061 | 1.4 | % | |||||||||||||||
American Optics Holdco, Inc. (Revolver)(e) (f) (k) | L+8.00% | 9.24 | % | 9/13/2022 | 440 | - | - | 0.0 | % | |||||||||||||||
American Optics Holdco, Inc.(e) (k) | L+8.00% | 9.24 | % | 9/13/2022 | 762 | 747 | 747 | 0.3 | % | |||||||||||||||
American Optics Holdco, Inc. (Revolver)(e) (f) (k) | L+8.00% | 9.24 | % | 9/13/2022 | 440 | - | - | 0.0 | % | |||||||||||||||
Beaver-Visitec International Holdings, Inc. | L+5.00% | 6.33 | % | 8/19/2023 | 4,950 | 4,907 | 4,975 | 1.7 | % | |||||||||||||||
Edge Systems Holdings Corp. | L+7.75% | 8.99 | % | 12/1/2021 | 3,406 | 3,347 | 3,465 | 1.2 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC | SF | 6.26 | % | 11.57% (***) | 4/1/2021 | 4/1/2027 | 3,430 | $ | 3,387 | $ | 1,752 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC | SF | 6.26 | % | 11.57% (***) | 4/1/2021 | 4/1/2027 | 467 | 467 | 239 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.93 | % | 4/24/2018 | 12/30/2025 | 1,843 | 1,843 | 1,843 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.93 | % | 3/29/2023 | 12/30/2025 | 662 | 662 | 662 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.93 | % | 12/18/2023 | 12/30/2025 | 2,034 | 2,019 | 2,075 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company (Revolver) (*) | SF | 7.60 | % | 12.93 | % | 3/29/2023 | 12/30/2025 | 691 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC | SF | 5.85 | % | 11.18 | % | 8/2/2021 | 8/2/2027 | 6,843 | 6,759 | 6,702 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC (Revolver) (*) | SF | 5.90 | % | 11.25 | % | 8/2/2021 | 8/2/2027 | 1,667 | 889 | 871 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Panda Acquisition, LLC | SF | 6.35 | % | 11.66 | % | 12/20/2022 | 10/18/2028 | 4,359 | 3,689 | 3,716 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
21,996 | 19,715 | 17,860 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (#) | SF | 9.75 | % | 15.08 | % | 7/29/2021 | 7/29/2026 | 8,100 | 7,737 | 7,477 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.35 | % | 11.65 | % | 1/12/2021 | 1/12/2027 | 2,000 | 1,979 | 1,998 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.35 | % | 11.65 | % | 10/12/2021 | 1/12/2027 | 335 | 331 | 335 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.35 | % | 11.65 | % | 5/31/2023 | 1/12/2027 | 256 | 251 | 256 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC (Revolver) (*) | SF | 6.35 | % | 11.65 | % | 1/12/2021 | 1/12/2027 | 323 | 223 | 222 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
11,014 | 10,521 | 10,288 | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. | SF | 5.90 | % | 11.21 | % | 6/10/2021 | 6/10/2027 | 1,463 | 1,445 | 1,463 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. | SF | 5.90 | % | 11.21 | % | 6/10/2021 | 6/10/2027 | 1,400 | 1,400 | 1,400 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. (Revolver) (*) | SF | 5.90 | % | 11.21 | % | 6/10/2021 | 6/10/2027 | 238 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,101 | 2,845 | 2,863 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CGI Automated Manufacturing, LLC | SF | 7.26 | % | 12.56 | % | 9/9/2022 | 12/17/2026 | 3,850 | 3,770 | 3,826 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
CGI Automated Manufacturing, LLC | SF | 7.26 | % | 12.56 | % | 9/30/2022 | 12/17/2026 | 1,105 | 1,085 | 1,098 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
4,955 | 4,855 | 4,924 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC | SF | 7.61 | % | 11.44% Cash/ 1.50% PIK | 6/18/2018 | 12/31/2024 | 1,587 | 1,587 | 1,822 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (a) | SF | 7.50 | % | 12.94% PIK | 6/18/2018 | 12/31/2024 | 305 | 305 | 291 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC | SF | 7.61 | % | 12.94 | % | 12/22/2021 | 12/31/2024 | 502 | 502 | 1,358 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (Revolver) (*) | SF | 7.61 | % | 12.94 | % | 6/18/2018 | 12/31/2024 | 1,095 | 55 | 54 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,489 | 2,449 | 3,525 | 1.7 | % |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
Edge Systems Holdings Corp. (Revolver)(f) | P+6.75% | 11.00 | % | 12/1/2021 | 260 | $ | 31 | $ | 31 | 0.0 | % | |||||||||||||
Familia Dental Group Holdings, LLC(h) | L+8.00% | 9.24 | % | 4/8/2021 | 5,294 | 5,229 | 5,336 | 1.9 | % | |||||||||||||||
Familia Dental Group Holdings, LLC | L+8.00% | 9.24 | % | 4/8/2021 | 509 | 509 | 513 | 0.2 | % | |||||||||||||||
Familia Dental Group Holdings, LLC (Revolver)(f) | L+8.00% | 9.24 | % | 4/8/2021 | 573 | 229 | 229 | 0.1 | % | |||||||||||||||
20,778 | 19,061 | 19,357 | 6.8 | % | ||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||
Answers Finance, LLC | L+5.00% | 6.24 | % | 4/15/2021 | 254 | 251 | 248 | 0.1 | % | |||||||||||||||
BCC Software, LLC(h) | L+8.00% | 9.24 | % | 6/20/2019 | 3,139 | 3,109 | 3,150 | 1.1 | % | |||||||||||||||
BCC Software, LLC (Revolver)(f) | L+8.00% | 9.24 | % | 6/20/2019 | 469 | - | - | 0.0 | % | |||||||||||||||
Corbett Technology Solutions, Inc.(h) | L+7.00% | 8.24 | % | 11/7/2021 | 4,331 | 4,276 | 4,375 | 1.5 | % | |||||||||||||||
Corbett Technology Solutions, Inc. (Revolver)(f) | L+7.00% | 8.24 | % | 11/7/2021 | 868 | 217 | 217 | 0.1 | % | |||||||||||||||
Energy Services Group, LLC | L+9.82% | 11.16 | % | 5/4/2022 | 4,620 | 4,564 | 4,657 | 1.6 | % | |||||||||||||||
Energy Services Group, LLC(e) (l) | L+9.82% | 10.82 | % | 5/4/2022 | 2,474 | 2,360 | 2,485 | 0.9 | % | |||||||||||||||
Energy Services Group, LLC (Delayed Draw)(f) (g) | L+9.82% | 11.16 | % | 5/4/2022 | 1,313 | 1,096 | 1,121 | 0.4 | % | |||||||||||||||
Newforma, Inc.(h) | L+7.50% | 8.83 | % | 6/30/2022 | 15,000 | 14,782 | 15,060 | 5.3 | % | |||||||||||||||
Newforma, Inc. (Revolver)(f) | L+7.50% | 8.83 | % | 6/30/2022 | 1,250 | 175 | 175 | 0.1 | % | |||||||||||||||
33,718 | 30,830 | 31,488 | 11.1 | % | ||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
BC Equity Ventures LLC | L+6.50% | 7.74 | % | 8/31/2022 | 2,592 | 2,548 | 2,631 | 0.9 | % | |||||||||||||||
Miles Partnership LLC | L+11.00% | 10.33% Cash/ 2.00% PIK | 3/24/2021 | 5,925 | 5,884 | 5,964 | 2.1 | % | ||||||||||||||||
Miles Partnership LLC (Delayed Draw)(f) (g) | L+11.00% | 10.33% Cash/ 2.00% PIK | 3/24/2021 | 1,417 | 1,071 | 1,076 | 0.4 | % | ||||||||||||||||
Miles Partnership LLC (Revolver)(f) | L+11.00% | 10.33% Cash/ 2.00% PIK | 3/24/2021 | 320 | 160 | 160 | 0.1 | % | ||||||||||||||||
TRG, LLC | L+12.41% | 8.74% Cash/ 4.91% PIK | (m) | 3/31/2021 | 17,079 | 16,982 | 17,173 | 6.1 | % | |||||||||||||||
TRG, LLC (CapEx)(f) | L+9.50% | 8.73% Cash/ 2.00% PIK | 3/31/2021 | 1,592 | 958 | 967 | 0.3 | % | ||||||||||||||||
TRG, LLC (Revolver)(f) | L+9.50% | 10.74 | % | 3/31/2021 | 262 | 131 | 131 | 0.0 | % | |||||||||||||||
Vacation Innovations, LLC(n) | L+9.66% | 8.24% Cash/ 2.66% PIK | (o) | 8/20/2020 | 9,477 | 9,353 | 10,414 | 3.7 | % | |||||||||||||||
Vacation Innovations, LLC (Delayed Draw)(f) (g) | L+7.00% | 8.24 | % | 8/20/2020 | 2,037 | - | - | 0.0 | % | |||||||||||||||
Vacation Innovations, LLC (Revolver)(f) | L+7.00% | 8.24 | % | 8/20/2020 | 342 | - | - | 0.0 | % | |||||||||||||||
41,043 | 37,087 | 38,516 | 13.6 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
AdTheorent, Inc. | L+8.50% | 9.74 | % | 12/22/2021 | 4,938 | 4,851 | 4,965 | 1.8 | % | |||||||||||||||
Destination Media, Inc.(h) | L+6.50% | 7.74 | % | 4/7/2022 | 7,900 | 7,791 | 8,034 | 2.8 | % | |||||||||||||||
Destination Media, Inc. (Revolver)(f) | L+6.50% | 7.74 | % | 4/7/2022 | 542 | - | - | 0.0 | % | |||||||||||||||
13,380 | 12,642 | 12,999 | 4.6 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
Jerry Lee Radio, LLC | L+9.50% | 10.74 | % | 12/17/2020 | 11,927 | 11,719 | 11,927 | 4.2 | % | |||||||||||||||
11,927 | 11,719 | 11,927 | 4.2 | % | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Forman Mills, Inc.(h) | L+7.50% | 8.74 | % | 10/4/2021 | 8,500 | 8,358 | 8,415 | 3.0 | % | |||||||||||||||
LuLu's Fashion Lounge, LLC | L+7.00% | 8.24 | % | 8/23/2022 | 5,000 | 4,852 | 5,010 | 1.8 | % | |||||||||||||||
The Worth Collection, Ltd.(h) | L+8.50% | 9.74 | % | 9/29/2021 | 10,588 | 10,411 | 9,095 | 3.2 | % | |||||||||||||||
Yandy Holding, LLC | L+9.00% | 10.24 | % | 9/30/2019 | 4,884 | 4,851 | 4,748 | 1.7 | % | |||||||||||||||
Yandy Holding, LLC (Revolver)(f) | L+9.00% | 10.24 | % | 9/30/2019 | 907 | - | - | 0.0 | % | |||||||||||||||
29,879 | 28,472 | 27,268 | 9.7 | % | ||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
APCO Worldwide, Inc. | L+8.00% | 9.24 | % | 6/30/2022 | 5,000 | 4,904 | 4,990 | 1.8 | % | |||||||||||||||
EB Employee Solutions, LLC (h) | L+8.50% | 10.00 | % | 2/28/2019 | 3,219 | 3,188 | 3,127 | 1.1 | % | |||||||||||||||
First Call Resolution, LLC(h) | L+8.00% | 9.24 | % | 9/22/2022 | 5,000 | 4,913 | 4,913 | 1.7 | % | |||||||||||||||
Madison Logic, Inc.(h) | L+8.00% | 9.24 | % | 11/30/2021 | 10,303 | 10,124 | 10,355 | 3.6 | % | |||||||||||||||
Madison Logic, Inc. (Delayed Draw)(f) (g) | L+8.00% | 9.24 | % | 11/30/2021 | 4,818 | - | - | 0.0 | % | |||||||||||||||
Madison Logic, Inc. (Revolver)(f) | L+8.00% | 9.24 | % | 11/30/2021 | 988 | - | - | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC | SF | 6.50 | % | 11.83 | % | 6/30/2023 | 6/29/2029 | 1,990 | $ | 1,936 | $ | 2,010 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC | SF | 5.25 | % | 10.58 | % | 1/9/2024 | 6/30/2029 | 1,114 | 1,104 | 1,114 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (Delayed Draw) (*) (**) | SF | 6.50 | % | 11.83 | % | 6/30/2023 | 6/29/2029 | 317 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (Revolver) (*) | SF | 6.50 | % | 11.83 | % | 6/30/2023 | 6/29/2029 | 410 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.94 | % | 4/19/2021 | 4/17/2026 | 1,994 | 1,977 | 1,994 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.94 | % | 4/19/2021 | 4/17/2026 | 2,434 | 2,434 | 2,434 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.94 | % | 12/17/2021 | 4/17/2026 | 2,185 | 2,165 | 2,185 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
10,444 | 9,616 | 9,737 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. | SF | 5.90 | % | 11.21 | % | 8/3/2021 | 8/3/2026 | 5,345 | 5,290 | 5,251 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. (Revolver) (*) | SF | 5.90 | % | 11.21 | % | 8/3/2021 | 8/3/2026 | 1,423 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Recycled Plastics Industries, LLC | SF | 7.60 | % | 12.18% Cash/ 0.75% PIK | 8/4/2021 | 8/4/2026 | 2,808 | 2,778 | 2,787 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Recycled Plastics Industries, LLC (Revolver) (*) | SF | 7.60 | % | 12.18% Cash/ 0.75% PIK | 8/4/2021 | 8/4/2026 | 284 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
9,860 | 8,068 | 8,038 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC | SF | 7.75 | % | 12.06% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 988 | 982 | 982 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC | SF | 7.50 | % | 12.96% PIK | 9/13/2022 | 4/3/2026 | 1 | 1 | 1 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC (Revolver) (*) | SF | 7.75 | % | 12.06% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 105 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Thrasio, LLC | SF | 8.11 | % | 13.44% (***) | 3/5/2024 | 7/1/2024 | 348 | 132 | 135 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
1,442 | 1,115 | 1,118 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 7.11 | % | 12.44 | % | 10/19/2020 | 10/19/2026 | 849 | 793 | 854 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 7.11 | % | 12.44 | % | 10/19/2020 | 10/19/2026 | 933 | 933 | 938 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 7.11 | % | 12.44 | % | 12/7/2021 | 10/19/2026 | 3,316 | 3,285 | 3,316 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 7.11 | % | 12.44 | % | 12/7/2021 | 10/19/2026 | 334 | 334 | 334 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
5,432 | 5,345 | 5,442 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalara, Inc. | SF | 7.25 | % | 12.56 | % | 10/19/2022 | 10/19/2028 | 4,000 | 3,918 | 4,038 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Avalara, Inc. (Revolver) (*) | SF | 7.25 | % | 12.56 | % | 10/19/2022 | 10/19/2028 | 400 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.25 | % | 11.71 | % | 8/19/2022 | 8/18/2028 | 2,522 | 2,482 | 2,544 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.25 | % | 11.71 | % | 8/19/2022 | 8/18/2028 | 701 | 701 | 707 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.50 | % | 11.96 | % | 8/1/2023 | 8/18/2028 | 2,102 | 2,044 | 2,136 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
J2 BWA Funding LLC (Revolver) (*) (#) | n/a | n/a | 10.00 | % | 12/24/2020 | 12/24/2026 | 2,750 | 1,623 | 1,623 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Liftforward SPV II, LLC (#) | SF | 10.86 | % | 16.19% PIK | 11/10/2016 | 9/30/2024 | 263 | 263 | 237 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
W3 Monroe RE Debt LLC (#) | n/a | n/a | 10.00% PIK | 2/5/2021 | 2/4/2028 | 3,631 | 3,631 | 3,713 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#) | n/a | n/a | 10.00% PIK | 3/31/2023 | 2/4/2028 | 274 | 226 | 231 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
16,643 | 14,888 | 15,229 | 7.6 | % |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
Q-Tragon Holdings, LLC(h) | L+7.00% | 8.24 | % | 5/2/2022 | 3,908 | $ | 3,854 | $ | 3,879 | 1.4 | % | |||||||||||||
Q-Tragon Holdings, LLC (Revolver)(f) | L+7.00% | 8.24 | % | 5/2/2022 | 307 | - | - | 0.0 | % | |||||||||||||||
33,543 | 26,983 | 27,264 | 9.6 | % | ||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | L+5.50% | 6.80 | % | 7/1/2020 | 4,560 | 4,499 | 4,571 | 1.6 | % | |||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | L+11.50% | 12.80 | % | 7/1/2020 | 4,780 | 4,712 | 4,758 | 1.7 | % | |||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver)(f) | L+8.50% | 9.80 | % | 8/11/2018 | 236 | - | - | 0.0 | % | |||||||||||||||
9,576 | 9,211 | 9,329 | 3.3 | % | ||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||
Peerless Network, Inc.(h) | L+9.25% | 9.74% Cash/ 0.75% PIK | (p) | 12/11/2020 | 3,325 | 3,268 | 3,333 | 1.2 | % | |||||||||||||||
3,325 | 3,268 | 3,333 | 1.2 | % | ||||||||||||||||||||
Utilities: Electric | ||||||||||||||||||||||||
CRCI Holdings, Inc. | L+5.50% | 6.83 | % | 8/31/2023 | 2,782 | 2,758 | 2,801 | 1.0 | % | |||||||||||||||
2,782 | 2,758 | 2,801 | 1.0 | % | ||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||
Mid-West Wholesale Hardware Co.(h) | L+8.00% | 9.24 | % | 2/9/2022 | 11,910 | 11,697 | 11,803 | 4.2 | % | |||||||||||||||
Mid-West Wholesale Hardware Co. (Revolver)(f) | L+8.00% | 9.24 | % | 2/9/2022 | 4,421 | 505 | 501 | 0.2 | % | |||||||||||||||
16,331 | 12,202 | 12,304 | 4.4 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 308,827 | 273,105 | 275,543 | 97.2 | % | |||||||||||||||||||
Unitranche Loans | ||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||
MFG Chemical, LLC(h) | L+6.00% | 7.24 | % | 6/23/2022 | 8,855 | 8,729 | 8,864 | 3.1 | % | |||||||||||||||
8,855 | 8,729 | 8,864 | 3.1 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Incipio Technologies, Inc.(q) | L+7.75% | 8.99 | % | 12/26/2019 | 13,728 | 13,546 | 13,371 | 4.7 | % | |||||||||||||||
13,728 | 13,546 | 13,371 | 4.7 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Collaborative Neuroscience Network, LLC | L+11.50% | 13.00 | % | 12/27/2017 | 6,120 | 6,071 | 5,955 | 2.1 | % | |||||||||||||||
Collaborative Neuroscience Network, LLC | L+15.00% | 12.00% Cash/ 3.00% PIK | 12/26/2017 | 293 | 293 | 293 | 0.1 | % | ||||||||||||||||
Collaborative Neuroscience Network, LLC (Revolver) | L+10.00% | 11.24 | % | 12/27/2017 | 200 | 191 | 195 | 0.1 | % | |||||||||||||||
Priority Ambulance, LLC(h) | L+6.50% | 7.83 | % | 4/12/2022 | 7,000 | 6,870 | 7,014 | 2.5 | % | |||||||||||||||
13,613 | 13,425 | 13,457 | 4.8 | % | ||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
Playtime, LLC | L+7.50% | 9.00 | % | 12/31/2021 | 4,409 | 4,405 | 4,189 | 1.5 | % | |||||||||||||||
4,409 | 4,405 | 4,189 | 1.5 | % | ||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||
Gracelock Industries, LLC | L+13.74% | 11.00% Cash/ 4.24% PIK | (r) | 5/7/2019 | 4,721 | 4,671 | 4,711 | 1.6 | % | |||||||||||||||
4,721 | 4,671 | 4,711 | 1.6 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Unitranche Loans | 45,326 | 44,776 | 44,592 | 15.7 | % | |||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
AIM Aerospace, Inc. | L+9.00% | 10.31 | % | 8/2/2022 | 5,000 | 4,940 | 5,028 | 1.8 | % | |||||||||||||||
5,000 | 4,940 | 5,028 | 1.8 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
Confie Seguros Holdings II Co. | L+9.75% | 11.00 | % | 5/8/2019 | 8,594 | 8,322 | 8,458 | 3.0 | % | |||||||||||||||
8,594 | 8,322 | 8,458 | 3.0 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
CSM Bakery Supplies LLC | L+7.75% | 9.05 | % | 7/3/2021 | 5,792 | 5,792 | 5,488 | 1.9 | % | |||||||||||||||
5,792 | 5,792 | 5,488 | 1.9 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Heartland Dental, LLC | L+8.50% | 9.82 | % | 7/31/2024 | 3,000 | 2,956 | 3,034 | 1.1 | % | |||||||||||||||
3,000 | 2,956 | 3,034 | 1.1 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) | SF | 8.25 | % | 13.57 | % | 5/3/2022 | 4/30/2025 | 2,784 | $ | 2,761 | $ | 2,805 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) | SF | 8.25 | % | 13.57 | % | 5/3/2022 | 4/30/2025 | 285 | 285 | 287 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#) | SF | 8.25 | % | 13.57 | % | 10/6/2023 | 4/30/2027 | 837 | 474 | 478 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#) | SF | 8.25 | % | 13.58 | % | 5/3/2022 | 4/30/2025 | 1,395 | 656 | 656 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
5,301 | 4,176 | 4,226 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. | SF | 7.25 | % | 12.55 | % | 7/17/2023 | 7/17/2029 | 2,000 | 1,945 | 1,998 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (Revolver) (*) | SF | 7.25 | % | 12.55 | % | 7/17/2023 | 7/17/2029 | 174 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brickell Bay Acquisition Corp. | SF | 6.65 | % | 11.98 | % | 2/12/2021 | 2/12/2026 | 1,856 | 1,833 | 1,856 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC | SF | 5.76 | % | 11.09 | % | 6/30/2021 | 6/30/2027 | 4,999 | 4,937 | 4,999 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC | SF | 5.76 | % | 11.09 | % | 6/30/2021 | 6/30/2027 | 1,389 | 1,389 | 1,389 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC (Revolver) (*) | SF | 5.76 | % | 11.09 | % | 6/30/2021 | 6/30/2027 | 1,269 | 244 | 244 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. | SF | 6.85 | % | 12.18 | % | 6/30/2021 | 6/30/2026 | 4,875 | 4,824 | 4,756 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. | SF | 6.90 | % | 12.23 | % | 11/27/2022 | 6/30/2026 | 4,041 | 3,972 | 3,942 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (Revolver) (*) | SF | 6.85 | % | 12.18 | % | 6/30/2021 | 6/30/2026 | 596 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Forest Buyer, LLC | SF | 5.75 | % | 11.07 | % | 3/15/2024 | 3/15/2030 | 4,000 | 3,866 | 3,900 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Forest Buyer, LLC (Delayed Draw) (*) (**) | SF | 5.75 | % | 11.07 | % | 3/15/2024 | 3/15/2030 | 1,250 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Forest Buyer, LLC (Revolver) (*) | SF | 5.75 | % | 11.07 | % | 3/15/2024 | 3/15/2030 | 750 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
INH Buyer, Inc. | SF | 7.00 | % | 8.91% Cash/ 3.50% PIK | 6/30/2021 | 6/28/2028 | 3,026 | 3,006 | 2,309 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) | SF | 7.00 | % | 12.31 | % | 2/1/2023 | 2/1/2029 | 4,963 | 4,838 | 4,963 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) | SF | 7.00 | % | 12.29 | % | 2/6/2024 | 2/1/2029 | 2,128 | 2,066 | 2,128 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**) | SF | 7.00 | % | 12.31 | % | 2/1/2023 | 2/1/2029 | 1,702 | 989 | 989 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*) | SF | 7.00 | % | 12.33 | % | 2/1/2023 | 2/1/2029 | 813 | 461 | 461 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.43 | % | 8/20/2021 | 8/26/2027 | 3,910 | 3,867 | 3,949 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.43 | % | 8/26/2022 | 8/26/2027 | 4,660 | 4,660 | 4,707 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.43 | % | 8/26/2022 | 8/26/2027 | 5,052 | 5,052 | 5,103 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (Revolver) (*) | SF | 7.10 | % | 12.43 | % | 8/20/2021 | 8/26/2027 | 2,222 | 1,556 | 1,556 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. | SF | 5.65 | % | 10.95 | % | 10/4/2022 | 10/4/2028 | 3,456 | 3,401 | 3,491 | 1.7 | % |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||
Answers Finance, LLC | P+7.90% | 12.15 | % | 9/15/2021 | 395 | $ | 393 | $ | 366 | 0.1 | % | |||||||||||||
Micro Holdings Corp.(s) | L+7.50% | 8.82 | % | 8/18/2025 | 3,000 | 2,970 | 2,987 | 1.0 | % | |||||||||||||||
3,395 | 3,363 | 3,353 | 1.1 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
Mergermarket USA, Inc.(s) | L+7.25% | 8.49 | % | 8/3/2025 | 4,500 | 4,455 | 4,539 | 1.6 | % | |||||||||||||||
4,500 | 4,455 | 4,539 | 1.6 | % | ||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||
SCP TPZ Acquisition, Inc. | L+8.25% | 9.57 | % | 5/29/2022 | 5,000 | 4,945 | 5,006 | 1.8 | % | |||||||||||||||
5,000 | 4,945 | 5,006 | 1.8 | % | ||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
Education Corporation of America | L+11.00% | 12.33 | % | 12/31/2018 | 625 | 618 | 625 | 0.2 | % | |||||||||||||||
Pre-Paid Legal Services, Inc. (Legal Shield) | L+9.00% | 10.25 | % | 7/1/2020 | 3,000 | 3,000 | 3,024 | 1.1 | % | |||||||||||||||
3,625 | 3,618 | 3,649 | 1.3 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 38,906 | 38,391 | 38,555 | 13.6 | % | |||||||||||||||||||
Equity Securities(t) | ||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Collaborative Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) | - | - | (u) | 12/27/2022 | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||
Answers Finance, LLC (76,539 shares of common stock) | - | - | (u) | - | - | 2,413 | 1,244 | 0.4 | % | |||||||||||||||
2,413 | 1,244 | 0.4 | % | |||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
Playtime, LLC - Preferred Units (8,665 units) | - | - | (u) | - | - | 200 | 33 | 0.0 | % | |||||||||||||||
200 | 33 | 0.0 | % | |||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
AdTheorent, Inc. (128,866 units) | - | - | (u) | - | - | 129 | 142 | 0.1 | % | |||||||||||||||
InMobi Pte, Ltd. (represents the right to purchase 2.80% of the equity)(e) (k) | - | - | (u) | 9/18/2025 | - | - | 215 | 0.1 | % | |||||||||||||||
129 | 357 | 0.2 | % | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) | - | - | - | - | 86 | 118 | 0.0 | % | ||||||||||||||||
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) | - | - | - | - | 1 | - | 0.0 | % | ||||||||||||||||
87 | 118 | 0.0 | % | |||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
Education Corporation of America - Series G Preferred Stock (8,333 shares) | n/a | 12.00 | % | - | - | 8,125 | 8,192 | 2.9 | % | |||||||||||||||
8,125 | 8,192 | 2.9 | % | |||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equity Securities | 10,954 | 9,944 | 3.5 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Company Investments | $ | 367,226 | $ | 368,634 | 130.0 | % | ||||||||||||||||||
Non-Controlled Affiliate Company Investments(v) | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
American Community Homes, Inc. | L+8.00% | 9.50 | % | 7/22/2019 | 7,667 | $ | 7,581 | $ | 7,441 | 2.6 | % | |||||||||||||
American Community Homes, Inc. | L+12.50% | 9.50% Cash/ 4.50% PIK | 7/22/2019 | 4,363 | 4,320 | 4,269 | 1.5 | % | ||||||||||||||||
American Community Homes, Inc. | L+12.50% | 9.50% Cash/ 4.50% PIK | n/a | (w) | 536 | 529 | 536 | 0.2 | % | |||||||||||||||
American Community Homes, Inc. | L+8.00% | 9.50 | % | 7/22/2019 | 444 | 433 | 430 | 0.2 | % | |||||||||||||||
American Community Homes, Inc. | L+12.50% | 9.50% Cash/ 4.50% PIK | 7/22/2019 | 226 | 220 | 221 | 0.1 | % | ||||||||||||||||
American Community Homes, Inc. (Delayed Draw)(f) (g) | L+8.00% | 9.50 | % | 7/22/2019 | 444 | - | - | 0.0 | % | |||||||||||||||
American Community Homes, Inc. (Delayed Draw)(f) (g) | L+12.50% | 9.50% Cash/ 4.50% PIK | 7/22/2019 | 222 | - | - | 0.0 | % | ||||||||||||||||
13,902 | 13,083 | 12,897 | 4.6 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC | n/a | 12.00% PIK | (x) | 8/29/2019 | 1,157 | 1,157 | - | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**) | SF | 5.65 | % | 10.95 | % | 10/4/2022 | 10/4/2028 | 778 | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (Revolver) (*) | SF | 5.65 | % | 10.95 | % | 10/4/2022 | 10/4/2028 | 438 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC | SF | 6.25 | % | 11.58 | % | 12/31/2020 | 7/8/2027 | 2,425 | 2,406 | 2,425 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC | SF | 6.25 | % | 11.54 | % | 7/8/2022 | 7/8/2027 | 2,751 | 2,751 | 2,751 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC | SF | 6.25 | % | 11.49 | % | 8/21/2023 | 7/8/2027 | 1,444 | 1,444 | 1,444 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC (Revolver) (*) | SF | 6.25 | % | 11.58 | % | 12/31/2020 | 7/8/2027 | 444 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. | SF | 6.90 | % | 12.21 | % | 2/16/2022 | 2/16/2028 | 3,000 | 2,957 | 2,951 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. (Delayed Draw) (*) (**) | SF | 6.90 | % | 12.21 | % | 2/16/2022 | 2/16/2028 | 225 | 163 | 160 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. (Revolver) (*) | SF | 6.90 | % | 12.21 | % | 2/16/2022 | 2/16/2028 | 429 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vero Biotech Inc. | P | 3.75 | % | 12.25 | % | 12/29/2023 | 1/2/2029 | 2,500 | 2,476 | 2,500 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. | SF | 8.90 | % | 9.46% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 4,609 | 4,538 | 4,414 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. | SF | 8.90 | % | 9.46% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 58 | 58 | 55 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. (Revolver) | SF | 8.90 | % | 9.46% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 576 | 576 | 552 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
78,808 | 70,275 | 69,992 | 34.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC | SF | 10.26 | % | 14.56% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 2,026 | 1,978 | 2,036 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC | SF | 10.26 | % | 14.56% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 669 | 669 | 672 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC (Revolver) (*) | SF | 10.26 | % | 14.56% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 133 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) (*) (**) | SF | 8.11 | % | 13.44% PIK (***) | 1/2/2024 | 1/2/2027 | 551 | 149 | 331 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC | SF | 6.75 | % | 12.05 | % | 9/1/2022 | 9/1/2028 | 3,000 | 2,952 | 3,029 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (Delayed Draw) (*) (**) | SF | 6.75 | % | 12.05 | % | 9/1/2022 | 9/1/2028 | 874 | 496 | 501 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (Revolver) (*) | SF | 6.75 | % | 12.05 | % | 9/1/2022 | 9/1/2028 | 522 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Medallia, Inc. | SF | 6.60 | % | 7.91% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 2,161 | 2,130 | 2,165 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. | SF | 7.15 | % | 12.46 | % | 2/15/2019 | 9/30/2025 | 6,536 | 6,514 | 6,536 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. | SF | 7.15 | % | 12.46 | % | 9/22/2021 | 9/30/2025 | 207 | 207 | 207 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. (Revolver) (*) | SF | 7.15 | % | 12.46 | % | 2/15/2019 | 9/30/2025 | 667 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.09 | % | 12/28/2018 | 12/28/2026 | 9,500 | 9,500 | 9,500 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.09 | % | 9/12/2022 | 12/28/2026 | 530 | 526 | 530 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.09 | % | 1/11/2021 | 12/28/2026 | 1,326 | 1,326 | 1,326 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.09 | % | 2/11/2022 | 12/28/2026 | 884 | 884 | 884 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.09 | % | 4/5/2023 | 12/28/2026 | 707 | 691 | 707 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (Revolver) (*) | SF | 6.50 | % | 11.81 | % | 12/28/2018 | 12/28/2026 | 1,105 | 119 | 119 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. | SF | 6.25 | % | 11.43 | % | 6/16/2023 | 6/15/2029 | 993 | 965 | 1,002 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (Delayed Draw) (*) (**) | SF | 6.25 | % | 11.56 | % | 6/16/2023 | 6/15/2029 | 222 | 56 | 56 | 0.0 | % |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
Rocket Dog Brands, LLC | n/a | 15.00% PIK | (x) | 8/29/2019 | 422 | $ | 416 | $ | 54 | 0.0 | % | |||||||||||||
Rocket Dog Brands, LLC | n/a | 17.00% PIK | (x) | 3/30/2018 | 235 | 235 | 202 | 0.1 | % | |||||||||||||||
1,814 | 1,808 | 256 | 0.1 | % | ||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Summit Container Corporation(h) | L+12.00% | 12.00% Cash/ 2.00% PIK | 1/6/2019 | 3,575 | 3,552 | 3,421 | 1.2 | % | ||||||||||||||||
Summit Container Corporation(h) | L+12.00% | 12.00% Cash/ 2.00% PIK | 9/27/2022 | 1,500 | 1,500 | 1,498 | 0.5 | % | ||||||||||||||||
5,075 | 5,052 | 4,919 | 1.7 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Rockdale Blackhawk, LLC | L+13.00% | 14.24 | % | 3/31/2020 | 10,922 | 10,302 | 10,797 | 3.8 | % | |||||||||||||||
Rockdale Blackhawk, LLC (Capex) | L+13.00% | 14.24 | % | 3/31/2020 | 549 | 549 | 542 | 0.2 | % | |||||||||||||||
Rockdale Blackhawk, LLC (Revolver) | L+13.00% | 14.24 | % | 3/31/2020 | 1,849 | 1,849 | 1,824 | 0.6 | % | |||||||||||||||
Rockdale Blackhawk, LLC (Revolver) | L+13.00% | 14.24 | % | 3/31/2020 | 3,236 | 3,236 | 3,192 | 1.1 | % | |||||||||||||||
SHI Holdings, Inc.(h) | L+9.75% | 10.99 | % | 7/10/2019 | 2,625 | 2,604 | 2,625 | 0.9 | % | |||||||||||||||
SHI Holdings, Inc. (Revolver)(f) | L+9.75% | 10.99 | % | 7/10/2019 | 2,046 | 2,024 | 2,035 | 0.7 | % | |||||||||||||||
21,227 | 20,564 | 21,015 | 7.3 | % | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Luxury Optical Holdings Co. | L+8.00% | 9.24% PIK | 9/12/2019 | 4,151 | 4,116 | 3,580 | 1.3 | % | ||||||||||||||||
Luxury Optical Holdings Co. (Delayed Draw)(f)(g) | L+11.50% | 12.74% PIK | 9/12/2019 | 1,176 | 741 | 741 | 0.3 | % | ||||||||||||||||
Luxury Optical Holdings Co. (Revolver) | L+8.00% | 9.24% PIK | 9/12/2019 | 191 | 191 | 165 | 0.1 | % | ||||||||||||||||
5,518 | 5,048 | 4,486 | 1.7 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Senior Secured Loans | 47,536 | 45,555 | 43,573 | 15.4 | % | |||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC | n/a | 15.00% PIK | (x) | 5/1/2020 | 2,011 | 2,011 | - | 0.0 | % | |||||||||||||||
2,011 | 2,011 | - | 0.0 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Company Junior Secured Loans | 2,011 | 2,011 | - | 0.0 | % | |||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) | - | - | (u) | 10/9/2024 | - | - | 610 | 0.2 | % | |||||||||||||||
- | 610 | 0.2 | % | |||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC - Common Units (75,502 units) | - | - | (u) | - | - | - | - | 0.0 | % | |||||||||||||||
Rocket Dog Brands, LLC - Preferred Units (10 units) | n/a | 15.00% PIK | (y) | - | - | 967 | - | 0.0 | % | |||||||||||||||
967 | - | 0.0 | % | |||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) | - | - | (u) | 1/6/2024 | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) | - | - | - | - | 1,093 | 8,620 | 3.0 | % | ||||||||||||||||
SHI Holdings, Inc. (24 shares of common stock) | - | - | (u) | - | - | 27 | 792 | 0.3 | % | |||||||||||||||
1,120 | 9,412 | 3.3 | % | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Luxury Optical Holdings Co. (86 shares of common stock) | - | - | (u) | - | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||
Total Non-Controlled Affiliate Equity Securities | 2,087 | 10,022 | 3.5 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Company Investments | $ | 49,653 | $ | 53,595 | 18.9 | % | ||||||||||||||||||
Controlled Affiliate Company Investments(z) | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||
TPP Operating, Inc. | L+6.00% | 7.50% PIK | (x) | 11/8/2018 | 9,370 | $ | 9,330 | $ | - | 0.0 | % | |||||||||||||
TPP Operating, Inc. | L+6.00% | 7.50 | %(x) | 11/8/2018 | 6,885 | 6,885 | 5,295 | 1.9 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (Revolver) (*) | SF | 6.25 | % | 11.56 | % | 6/16/2023 | 6/15/2029 | 205 | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||
32,818 | 29,162 | 29,601 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. | SF | 7.25 | % | 12.43 | % | 6/21/2023 | 6/21/2028 | 993 | 961 | 1,012 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. (Delayed Draw) (*) (**) | SF | 7.15 | % | 12.45 | % | 6/21/2023 | 6/21/2028 | 500 | 61 | 62 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. (Revolver) (*) | SF | 7.15 | % | 12.45 | % | 6/21/2023 | 6/21/2028 | 103 | 21 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.91 | % | 10/30/2020 | 10/30/2025 | 2,419 | 2,401 | 2,419 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.35 | % | 11.67 | % | 7/29/2022 | 10/30/2025 | 2,559 | 2,539 | 2,559 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.91 | % | 3/12/2021 | 10/30/2025 | 701 | 701 | 701 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.91 | % | 9/3/2021 | 10/30/2025 | 1,416 | 1,416 | 1,416 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**) | SF | 6.35 | % | 11.68 | % | 7/29/2022 | 10/30/2025 | 1,055 | 357 | 357 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. (Revolver) (*) | SF | 6.60 | % | 11.92 | % | 10/30/2020 | 10/30/2025 | 416 | 187 | 187 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC | SF | 6.35 | % | 11.68 | % | 11/20/2020 | 11/20/2025 | 1,455 | 1,445 | 1,440 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC | SF | 6.35 | % | 11.68 | % | 11/20/2020 | 11/20/2025 | 651 | 651 | 644 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (Revolver) (*) | SF | 6.35 | % | 11.68 | % | 11/20/2020 | 11/20/2025 | 316 | 84 | 84 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. | SF | 6.36 | % | 11.69 | % | 12/22/2021 | 12/22/2026 | 946 | 936 | 916 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. (Revolver) (*) | SF | 6.36 | % | 11.69 | % | 12/22/2021 | 12/22/2026 | 122 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. | SF | 6.61 | % | 11.94 | % | 1/28/2020 | 1/28/2025 | 4,441 | 4,420 | 4,441 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. | SF | 6.61 | % | 11.94 | % | 8/31/2022 | 1/28/2025 | 1,765 | 1,749 | 1,769 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. (Revolver) (*) | SF | 6.61 | % | 11.94 | % | 1/28/2020 | 1/28/2025 | 742 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
20,600 | 17,929 | 18,028 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | SF | 8.00 | % | 13.57% PIK (***) | 2/15/2024 | 1/31/2028 | 238 | 216 | 422 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
238 | 216 | 422 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.19 | % | 1/4/2019 | 7/3/2025 | 1,895 | 1,886 | 1,863 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.19 | % | 6/25/2020 | 7/3/2025 | 462 | 462 | 454 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.19 | % | 7/1/2021 | 7/3/2025 | 273 | 269 | 268 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.19 | % | 8/4/2022 | 7/3/2025 | 786 | 786 | 773 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.19 | % | 12/22/2022 | 7/3/2025 | 397 | 391 | 390 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC (Revolver) | SF | 6.86 | % | 12.19 | % | 1/4/2019 | 7/3/2025 | 320 | 320 | 315 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC | SF | 7.25 | % | 12.55 | % | 9/8/2021 | 9/8/2027 | 13,437 | 13,317 | 13,252 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC | SF | 8.00 | % | 13.35% PIK | 9/28/2023 | 9/8/2027 | 2,034 | 2,009 | 2,052 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC (Revolver) (*) | SF | 7.25 | % | 12.58 | % | 9/8/2021 | 9/8/2027 | 1,069 | 556 | 548 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC | SF | 6.60 | % | 11.90 | % | 12/31/2021 | 12/31/2027 | 5,880 | 5,799 | 5,865 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC (Revolver) (*) | SF | 6.60 | % | 11.90 | % | 12/31/2021 | 12/31/2027 | 652 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 6.75 | % | 12.06 | % | 2/28/2019 | 2/28/2025 | 4,000 | 4,000 | 4,000 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 6.75 | % | 12.22 | % | 9/27/2022 | 2/28/2025 | 1,273 | 1,263 | 1,275 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 6.75 | % | 12.06 | % | 2/28/2019 | 2/28/2025 | 60 | 60 | 60 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 6.75 | % | 11.90 | % | 9/27/2022 | 2/28/2025 | 3,333 | 3,333 | 3,338 | 1.7 | % |
September 30, 2017
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
TPP Operating, Inc. | L+9.61% | 11.11 | %(x) | 11/8/2018 | 3,573 | $ | 3,573 | $ | 3,573 | 1.2 | % | |||||||||||||
Total Controlled Affiliate Senior Secured Loans | 19,828 | 19,788 | 8,868 | 3.1 | % | |||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||
TPP Acquisition, Inc. (829 shares of common stock) | - | - | (u) | - | - | - | - | 0.0 | % | |||||||||||||||
TPP Operating, Inc. (40 shares of common stock) | - | - | (u) | - | - | 3,255 | - | 0.0 | % | |||||||||||||||
Total Controlled Affiliate Equity Securities | 3,255 | - | 0.0 | % | ||||||||||||||||||||
Total Controlled Affiliate Company Investments | $ | 23,043 | $ | 8,868 | 3.1 | % | ||||||||||||||||||
TOTAL INVESTMENTS | $ | 439,922 | $ | 431,097 | 152.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. (Revolver) (*) | SF | 6.75 | % | 12.07 | % | 2/28/2019 | 2/28/2025 | 500 | $ | 333 | $ | 333 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC | SF | 5.85 | % | 11.18 | % | 11/3/2022 | 11/3/2027 | 2,955 | 2,899 | 2,977 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**) | SF | 5.85 | % | 11.18 | % | 11/3/2022 | 11/3/2027 | 2,398 | 241 | 242 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC (Revolver) (*) | SF | 5.85 | % | 11.18 | % | 11/3/2022 | 11/3/2027 | 519 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. | SF | 7.10 | % | 12.43 | % | 1/12/2023 | 1/12/2028 | 3,970 | 3,874 | 4,035 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. (Revolver) (*) | SF | 7.10 | % | 12.43 | % | 1/12/2023 | 1/12/2028 | 458 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
46,671 | 41,798 | 42,040 | 20.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BLST Operating Company, LLC | SF | 9.50 | % | 1.00% Cash/ 12.94% PIK | 8/28/2020 | 8/28/2025 | 682 | 445 | 627 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
682 | 445 | 627 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aras Corporation | SF | 6.90 | % | 8.98% Cash/ 3.25% PIK | 4/13/2021 | 4/13/2027 | 2,252 | 2,235 | 2,251 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Aras Corporation (Revolver) | SF | 6.65 | % | 11.98 | % | 4/13/2021 | 4/13/2027 | 150 | 150 | 150 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Burroughs, Inc. | SF | 8.60 | % | 12.93% Cash/ 1.00% PIK | 12/22/2017 | 12/20/2024 | 4,826 | 4,826 | 4,826 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Burroughs, Inc. (Revolver) | SF | 8.60 | % | 12.93% Cash/ 1.00% PIK | 12/22/2017 | 12/20/2024 | 1,215 | 1,215 | 1,215 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
HS4 Acquisitionco, Inc. | SF | 5.85 | % | 11.18 | % | 7/9/2019 | 7/9/2025 | 9,774 | 9,720 | 9,774 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
HS4 Acquisitionco, Inc. (Revolver) (*) | SF | 5.85 | % | 11.18 | % | 7/9/2019 | 7/9/2025 | 817 | 549 | 549 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | SF | 7.25 | % | 12.58 | % | 10/24/2022 | 8/18/2028 | 2,500 | 2,464 | 2,522 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC | SF | 6.65 | % | 11.98 | % | 12/9/2022 | 12/11/2028 | 594 | 584 | 589 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC | SF | 6.65 | % | 11.98 | % | 12/9/2022 | 12/11/2028 | 191 | 191 | 189 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**) | SF | 6.65 | % | 11.98 | % | 12/9/2022 | 12/11/2028 | 600 | 131 | 130 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC (Revolver) (*) | SF | 6.65 | % | 11.98 | % | 12/9/2022 | 12/11/2028 | 240 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Prototek LLC | SF | 7.85 | % | 12.43% Cash/ 0.75% PIK | 12/8/2022 | 12/8/2027 | 2,481 | 2,421 | 2,241 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Prototek LLC (Revolver) (*) | SF | 7.85 | % | 12.43% Cash/ 0.75% PIK | 12/8/2022 | 12/8/2027 | 288 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Relativity ODA LLC | SF | 6.60 | % | 11.93 | % | 5/12/2021 | 5/12/2027 | 2,107 | 2,076 | 2,107 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relativity ODA LLC (Revolver) (*) | SF | 6.60 | % | 11.93 | % | 5/12/2021 | 5/12/2027 | 180 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 2/15/2019 | 9/30/2026 | 3,336 | 3,324 | 3,336 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 2/15/2019 | 9/30/2026 | 2,399 | 2,399 | 2,399 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 9/30/2021 | 9/30/2026 | 7,800 | 7,731 | 7,800 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 2/15/2019 | 9/30/2026 | 2,108 | 2,108 | 2,108 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 2/15/2019 | 9/30/2026 | 1,516 | 1,516 | 1,516 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.43 | % | 3/1/2024 | 9/30/2026 | 2,793 | 2,739 | 2,800 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC | SF | 6.75 | % | 12.08 | % | 6/9/2023 | 6/11/2029 | 3,000 | 2,920 | 3,000 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC (Delayed Draw) (*) (**) | SF | 6.75 | % | 12.08 | % | 6/9/2023 | 6/11/2029 | 667 | 150 | 150 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC (Revolver) (*) | SF | 6.75 | % | 12.08 | % | 6/9/2023 | 6/11/2029 | 333 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC | SF | 7.11 | % | 12.44 | % | 10/5/2018 | 10/4/2024 | 2,303 | 2,298 | 2,315 | 1.1 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC | SF | 7.11 | % | 12.44 | % | 10/5/2018 | 10/4/2024 | 1,896 | $ | 1,896 | $ | 1,906 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC (Revolver) | SF | 7.11 | % | 12.44 | % | 10/5/2018 | 10/4/2024 | 1,003 | 1,003 | 1,003 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
57,369 | 54,646 | 54,876 | 27.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC | SF | 6.76 | % | 12.09 | % | 7/14/2022 | 7/14/2028 | 7,067 | 7,035 | 7,067 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC | SF | 6.76 | % | 12.09 | % | 7/14/2022 | 7/14/2028 | 1,509 | 1,509 | 1,509 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (Revolver) (*) | SF | 6.76 | % | 12.09 | % | 7/14/2022 | 7/14/2028 | 379 | 209 | 209 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC | SF | 6.26 | % | 11.59 | % | 2/28/2022 | 2/26/2027 | 1,572 | 1,551 | 1,572 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC | SF | 6.26 | % | 11.59 | % | 2/28/2022 | 2/26/2027 | 1,126 | 1,126 | 1,126 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC | SF | 6.26 | % | 11.59 | % | 8/3/2022 | 2/26/2027 | 2,644 | 2,644 | 2,644 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC (Revolver) (*) | SF | 6.26 | % | 11.59 | % | 2/28/2022 | 2/26/2027 | 571 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
14,868 | 14,074 | 14,127 | 7.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**) | P | 12.00 | % | 18.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 1,377 | 1,278 | 1,423 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (Revolver) (*) | P | 12.00 | % | 18.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 500 | 124 | 124 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. | SF | 7.13 | % | 12.45 | % | 4/16/2021 | 4/16/2027 | 3,400 | 3,350 | 3,400 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. | SF | 7.13 | % | 12.45 | % | 12/19/2023 | 4/16/2027 | 499 | 499 | 503 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. (Revolver) (*) | SF | 7.13 | % | 12.45 | % | 4/16/2021 | 4/16/2027 | 409 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
6,185 | 5,251 | 5,450 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Epika Fleet Services, Inc. | SF | 5.75 | % | 11.08 | % | 3/18/2024 | 3/18/2029 | 3,000 | 2,940 | 2,940 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Epika Fleet Services, Inc. | SF | 5.75 | % | 11.08 | % | 3/18/2024 | 3/18/2029 | 1,731 | 1,713 | 1,713 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Epika Fleet Services, Inc. (Delayed Draw) (*) (**) | SF | 5.75 | % | 11.08 | % | 3/18/2024 | 3/18/2029 | 865 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Epika Fleet Services, Inc. (Revolver) (*) | SF | 5.75 | % | 11.08 | % | 3/18/2024 | 3/18/2029 | 652 | 44 | 64 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
6,248 | 4,697 | 4,717 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.83% Cash/ 4.00% PIK | 12/15/2017 | 12/31/2024 | 6,626 | 6,626 | 6,377 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.83% Cash/ 4.00% PIK | 9/22/2020 | 12/31/2024 | 1,718 | 1,718 | 1,654 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.83% Cash/ 4.00% PIK | 2/16/2021 | 12/31/2024 | 3,126 | 3,126 | 3,009 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.83% Cash/ 4.00% PIK | 8/28/2019 | 12/31/2024 | 1,871 | 1,871 | 1,801 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (Revolver) | SF | 11.50 | % | 12.83% Cash/ 4.00% PIK | 12/15/2017 | 12/31/2024 | 2,709 | 2,709 | 2,607 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
16,050 | 16,050 | 15,448 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 374,214 | 338,136 | 338,578 | 168.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Unitranche Secured Loans (~) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG II, LLC | SF | 6.40 | % | 11.71 | % | 5/25/2022 | 5/25/2028 | 1,900 | $ | 1,871 | $ | 1,895 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||
ASG II, LLC (Delayed Draw) (*) (**) | SF | 6.40 | % | 11.71 | % | 5/25/2022 | 5/25/2028 | 285 | 267 | 266 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Onit, Inc. | SF | 7.50 | % | 12.73 | % | 12/20/2021 | 5/2/2025 | 1,680 | 1,669 | 1,680 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,865 | 3,807 | 3,841 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VB E1, LLC | SF | 7.75 | % | 13.05 | % | 11/18/2020 | 11/18/2026 | 2,250 | 2,250 | 2,250 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
2,250 | 2,250 | 2,250 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans | 6,115 | 6,057 | 6,091 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MoneyLion, Inc. (#) | SF | 9.51 | % | 14.82 | % | 3/25/2022 | 3/24/2026 | 4,875 | 4,842 | 4,875 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
4,875 | 4,842 | 4,875 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thrasio, LLC | SF | 10.11 | % | 15.44% PIK (***) | 3/1/2024 | 7/1/2024 | 135 | 135 | 135 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Thrasio, LLC | P | 8.00 | % | 16.50% (***) | 12/18/2020 | 12/18/2026 | 2,297 | 2,297 | 945 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
2,432 | 2,432 | 1,080 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC (#) | n/a | n/a | 16.00% PIK | 8/9/2021 | 6/28/2024 | 785 | $ | 784 | $ | 785 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/2/2021 | 7/2/2026 | 6,971 | 6,971 | 6,872 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/16/2023 | 7/2/2026 | 1,206 | 1,206 | 1,189 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 9/25/2023 | 7/22/2026 | 2,164 | 2,155 | 2,125 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
11,126 | 11,116 | 10,971 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | n/a | 9.00 | % | 9.00% PIK (***) | 8/29/2023 | 7/2/2029 | 161 | 150 | 164 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | n/a | 9.00 | % | 9.00% PIK (***) | 7/14/2023 | 7/2/2029 | 165 | 150 | 167 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | n/a | n/a | n/a (***) | 3/16/2021 | 3/16/2027 | 370 | 363 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
696 | 663 | 331 | 0.2 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | n/a | n/a | n/a (***) | 5/2/2019 | n/a (c) | 637 | $ | 637 | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | n/a | n/a | n/a (***) | 11/4/2019 | n/a (c) | 122 | 122 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | n/a | n/a | n/a (***) | 5/2/2019 | n/a (c) | 200 | 200 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | n/a | n/a | n/a (***) | 5/2/2019 | n/a (c) | 76 | 76 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | SF | 8.26 | % | 13.57% PIK (***) | 7/31/2023 | 1/31/2028 | 528 | 528 | 402 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | SF | 8.26 | % | 13.57% PIK (***) | 7/31/2023 | 1/31/2028 | 671 | 671 | 628 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | SF | 8.26 | % | 13.57% PIK (***) | 7/31/2023 | 1/31/2028 | 203 | 203 | 190 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC | SF | 8.26 | % | 13.57% PIK (***) | 9/8/2023 | 1/31/2028 | 359 | 353 | 331 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
2,796 | 2,790 | 1,551 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forman Mills, Inc. | n/a | 3.90 | % | 3.90% PIK (***) | 4/27/2023 | 6/20/2028 | 1,308 | 1,308 | 840 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
1,308 | 1,308 | 840 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Corporation of America | P | 11.00 | % | 14.00% Cash/ 5.50% PIK (***) | 9/3/2015 | n/a (c) | 833 | 831 | 2,246 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
833 | 831 | 2,246 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 24,066 | 23,982 | 21,894 | 10.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (<) (###) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC (269,438 Class A units) | — | — | — (***) | 4/1/2021 | — | — | 269 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC (111,111 Class A units) (####) | — | — | — (##) | 8/2/2021 | — | — | 111 | 64 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
380 | 64 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (1,458 common units) (#) (####) | — | — | — (##) | 7/29/2021 | — | — | 600 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####) | — | — | — (##) | 7/28/2021 | 7/28/2031 | — | 363 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
963 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (501,014 Class A-1 units) (####) | n/a | n/a | 10.00% PIK | 6/18/2018 | — | — | 501 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
501 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. (81 Class A units) | — | — | — (##) | 8/3/2021 | — | — | 81 | 49 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
81 | 49 | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (155 shares of common stock) | — | — | — (##) | 6/30/2023 | — | — | $ | 178 | $ | 200 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
178 | 200 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 10/19/2020 | 3/17/2028 | — | 67 | 252 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 10/19/2021 | 3/17/2028 | — | — | 177 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
67 | 429 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Binah Capital Group, Inc. (fka PKS Holdings, LLC) (34,801 shares of common stock) (#) (d) | — | — | — (##) | 3/15/2024 | — | — | 234 | 451 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
J2 BWA Funding LLC (0.3% profit sharing) (#) (####) | — | — | — (##) | 12/24/2020 | — | — | — | 38 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
234 | 489 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Homes for Rent LLC (255,311 Series A preferred units) (#) (####) | — | — | — (##) | 3/5/2024 | — | — | 1,114 | 1,114 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Residential Homes for Rent LLC (warrant to purchase up to 0.7% of the equity) (#) (####) | — | — | — (##) | 3/5/2024 | 3/5/2034 | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####) | — | — | — (##) | 7/2/2021 | — | — | 3 | 2,556 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,117 | 3,670 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (21 Class A preferred units) | n/a | n/a | 9.00% PIK | 7/17/2023 | — | — | 21 | 19 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (11,087 Class B common units) | — | — | — (##) | 7/17/2023 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (189,922 Class A-1 units) | — | — | — (##) | 6/30/2021 | — | — | 207 | 209 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (189,922 Class A-2 units) | — | — | — (##) | 6/30/2021 | — | — | — | 98 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Forest Buyer, LLC (300 Class A units) (####) | n/a | n/a | 8.00% PIK | 3/15/2024 | — | — | 300 | 300 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Forest Buyer, LLC (300 Class B units) (####) | n/a | n/a | 8.00% PIK | 3/15/2024 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity) | — | — | — (##) | 1/31/2023 | — | — | 491 | 329 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (120,760 Series B units) (####) | n/a | n/a | 5.00% PIK | 8/20/2021 | — | — | 816 | 1,527 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (106,667 shares of common units) (####) | — | — | — (##) | 8/20/2021 | — | — | 153 | 496 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (327,133 common units) | — | — | — (##) | 10/4/2022 | — | — | 327 | 260 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC (33,333 common units) (####) | — | — | — (##) | 12/31/2020 | — | — | 334 | 832 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 12/29/2023 | 12/29/2033 | — | — | 28 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,649 | 4,098 | 2.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity) | — | — | — (##) | 12/21/2022 | 12/21/2032 | — | $ | — | $ | 28 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units) | — | — | — (##) | 3/16/2021 | — | — | 4,119 | 495 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units) | — | — | — ##) | 1/2/2024 | — | — | — | 922 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (130,433 Class A-1 units) | — | — | — (##) | 9/1/2022 | — | — | 130 | 154 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (473,082 Class A units) | n/a | n/a | 8.00% PIK | 12/28/2018 | — | — | 473 | 992 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (35,791 Class B units) | — | — | — (##) | 5/3/2023 | — | — | — | 24 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded Future, Inc. (80,486 Class A units) (e) | — | — | — (##) | 7/3/2019 | — | — | 81 | 268 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (300,000 shares of common stock) | — | — | — (##) | 6/15/2023 | — | — | 300 | 317 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
5,103 | 3,200 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equine Network, LLC (108 Class A units) (####) | — | — | — (##) | 12/31/2020 | — | — | 111 | 140 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
111 | 140 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (d) | — | — | — (##) | 12/22/2016 | — | — | 114 | 569 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b) | — | — | — (##) | 9/18/2015 | 9/18/2025 | — | — | 1,763 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (40 preferred units) | n/a | n/a | 12.00% PIK | 11/20/2020 | — | — | 40 | 17 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (40 Class B common units) | — | — | — (##) | 11/20/2020 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. (81 Class A units) | — | — | — (##) | 12/22/2021 | — | — | 81 | 27 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. (49,479 Class A units) | n/a | n/a | 8.00% PIK | 1/28/2020 | — | — | 49 | 266 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
284 | 2,642 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) | — | — | — (##) | 7/31/2023 | — | — | 1,480 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,480 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC (297,197 Class A units) (####) | — | — | — (##) | 1/4/2019 | — | — | 297 | 352 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC (2 Class A units) (####) | — | — | — (##) | 12/31/2021 | — | — | 87 | 75 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. (392,157 shares of common units) (f) | — | — | — (##) | 1/12/2023 | — | — | 203 | 154 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
587 | 581 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BLST Operating Company, LLC (139,883 Class A units) (####) | — | — | — (##) | 8/28/2020 | — | — | 712 | 419 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
712 | 419 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APCO Worldwide, Inc. (100 Class A voting common stock) | — | — | — (##) | 11/1/2017 | — | — | 395 | 988 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
395 | 988 | 0.5 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Corporation of America - Series G Preferred Stock (8,333 shares) | n/a | n/a | 12.00% PIK (***) | 9/3/2015 | — | — | $ | 7,492 | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####) | — | — | — (##) | 11/15/2023 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####) | n/a | n/a | 8.00% PIK | 11/15/2023 | — | — | 31 | 28 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####) | — | — | — (##) | 11/15/2023 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####) | — | — | — (##) | 11/15/2023 | — | — | 151 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
IDIG Parent, LLC (245,958 shares of common stock) (####) (g) | — | — | — (##) | 1/4/2021 | — | — | 250 | 306 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC (99,807 Class A units) | — | — | — (##) | 2/28/2022 | — | — | 103 | 102 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares) | — | — | — (##) | 6/27/2023 | — | — | 11 | 11 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
8,038 | 447 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 6/10/2022 | 6/10/2032 | — | 42 | 46 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
42 | 46 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Epika Fleet Services, Inc. - Senior Preferred Stock (7,826 shares) | — | — | — (##) | 3/18/2024 | — | — | 196 | 196 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
196 | 196 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (152,174 Class A units) | — | — | — (##) | 12/15/2017 | — | — | 153 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (61,087 Class AA units) | — | — | — (##) | 8/27/2021 | — | — | 61 | 45 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
214 | 45 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equity Securities | 23,332 | 17,703 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Company Investments | 391,507 | 384,266 | 190.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled Affiliate Company Investments (<<) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo LLC (Revolver) (*) | SF | 5.61 | % | 10.94 | % | 9/9/2020 | 6/28/2024 | 477 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
477 | — | — | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 7/22/2014 | 12/31/2026 | 12,890 | $ | 12,890 | $ | 8,085 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 7/22/2014 | 12/31/2026 | 6,343 | 6,343 | 3,978 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 5/24/2017 | 12/31/2026 | 781 | 781 | 490 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 8/10/2018 | 12/31/2026 | 2,873 | 2,873 | 1,802 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 3/29/2019 | 12/31/2026 | 5,319 | 5,319 | 3,336 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 9/30/2019 | 12/31/2026 | 25 | 25 | 16 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.44% PIK | 12/30/2019 | 12/31/2026 | 122 | 122 | 77 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Revolver) (*) | SF | 2.11 | % | 7.44% PIK | 3/30/2020 | 12/31/2026 | 2,500 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group LLC (#) (h) | P | 9.46 | % | 17.96% PIK | 10/20/2017 | n/a (c) | 13,242 | 13,242 | 17,500 | 8.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group LLC (#) (h) | P | 9.46 | % | 17.96% PIK | 10/20/2017 | n/a (c) | 4,758 | 4,758 | 6,288 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (#) (h) | SF | 15.00 | % | 20.33% PIK | 1/26/2021 | 1/26/2029 | 10,771 | 10,771 | 10,771 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (#) (h) | SF | 15.00 | % | 20.33% PIK | 4/26/2021 | 1/26/2029 | 3,210 | 3,210 | 3,210 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Second Avenue SFR Holdings II LLC (Revolver) (*) (#) | SF | 7.00 | % | 12.33 | % | 8/11/2021 | 8/9/2024 | 4,875 | 3,323 | 3,323 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
67,709 | 63,657 | 58,876 | 29.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | SF | 8.26 | % | 13.56% PIK | 11/2/2018 | 12/30/2024 | 6,346 | 6,346 | 6,119 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | SF | 8.26 | % | 13.56% PIK | 7/27/2023 | 12/30/2024 | 56 | 55 | 54 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Revolver) (*) | SF | 7.26 | % | 12.57 | % | 8/9/2022 | 12/30/2024 | 747 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
7,149 | 6,401 | 6,173 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (Revolver) (*) | L | 11.00 | % | 16.94% (***) | 6/25/2019 | n/a (c) | 1,356 | 1,312 | 424 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
1,356 | 1,312 | 424 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Senior Secured Loans | 76,691 | 71,370 | 65,473 | 32.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (#) | n/a | n/a | 8.00 | % | 8/6/2021 | 7/28/2028 | 5,850 | 5,850 | 5,533 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
5,850 | 5,850 | 5,533 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Company Junior Secured Loans | 5,850 | 5,850 | 5,533 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (<<) (###) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo LLC (16 shares of common stock) (####) | — | — | — (##) | 9/9/2020 | — | — | 1,631 | 3,324 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,631 | 3,324 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (4,940 shares of common stock) | — | — | — (##) | 12/29/2022 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (h) | — | — | — (##) | 6/11/2019 | — | — | 793 | 842 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (24.4% of interests) (#) | — | — | — (##) | 8/6/2021 | — | — | 3,900 | 4,446 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,693 | 5,288 | 2.6 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC (2,032,258 Class A units) (####) | n/a | n/a | 8.00% PIK | 2/5/2020 | — | — | $ | 2,032 | $ | 1,652 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Familia Dental Group Holdings, LLC (1,304 Class A units) (####) | — | — | — (##) | 4/8/2016 | — | — | 4,467 | 2,363 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,499 | 4,015 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (6,400 Class B units) | — | — | — (##) | 6/30/2020 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (20.8% of LLC units) (####) | — | — | — (##) | 6/21/2019 | — | — | 1,458 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,458 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Equity Securities | $ | 14,281 | $ | 12,627 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Company Investments | $ | 91,501 | $ | 83,633 | 41.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Affiliate Company Investments (<<<) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds & Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#) | — | — | — | 10/31/2017 | — | — | 42,650 | 32,990 | 16.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Controlled Affiliate Equity Securities | $ | 42,650 | $ | 32,990 | 16.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Controlled Affiliate Company Investments | $ | 42,650 | $ | 32,990 | 16.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 525,658 | $ | 500,889 | 248.6 | % |
(a)
(b)
(c) legal restrictions on sales.
(d)
(e) March 31, 2024.
(f)
(g)
(h) All
(i) A portion of this loan (principal of $2,139) is held inconsolidated financial statements for additional information on the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateralaccounting policies.
(j) The PIK portionpreferred shares of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum.
(k) borrower.
(l)
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC | SF | 6.26 | % | 11.64 | % | 4/1/2021 | 4/1/2027 | 3,430 | $ | 3,387 | $ | 2,565 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC | SF | 6.26 | % | 11.64 | % | 4/1/2021 | 4/1/2027 | 467 | 467 | 349 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.96 | % | 4/24/2018 | 12/31/2025 | 1,850 | 1,850 | 1,850 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.96 | % | 3/29/2023 | 12/31/2025 | 664 | 664 | 664 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company | SF | 7.60 | % | 12.96 | % | 12/18/2023 | 12/31/2025 | 2,039 | 2,019 | 2,080 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Hastings Manufacturing Company (Revolver) (*) | SF | 7.60 | % | 12.96 | % | 3/29/2023 | 12/31/2025 | 691 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC | SF | 5.85 | % | 11.16 | % | 8/2/2021 | 8/2/2027 | 6,860 | 6,770 | 6,682 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC (Revolver) (*) | SF | 5.90 | % | 11.29 | % | 8/2/2021 | 8/2/2027 | 1,667 | 556 | 541 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Panda Acquisition, LLC | SF | 6.35 | % | 11.70 | % | 12/20/2022 | 10/18/2028 | 4,388 | 3,688 | 3,707 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
22,056 | 19,401 | 18,438 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (#) | SF | 9.75 | % | 15.09 | % | 7/29/2021 | 7/29/2026 | 8,100 | 7,737 | 7,695 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.85 | % | 12.20 | % | 1/12/2021 | 1/12/2027 | 2,000 | 1,977 | 1,993 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.85 | % | 12.20 | % | 10/12/2021 | 1/12/2027 | 335 | 331 | 334 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC | SF | 6.85 | % | 12.20 | % | 5/31/2023 | 1/12/2027 | 256 | 251 | 255 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
StarCompliance MidCo, LLC (Revolver) (*) | SF | 6.85 | % | 12.20 | % | 1/12/2021 | 1/12/2027 | 323 | 190 | 190 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
11,014 | 10,486 | 10,467 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. | SF | 5.90 | % | 11.25 | % | 6/10/2021 | 6/10/2027 | 1,466 | 1,447 | 1,466 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. | SF | 5.90 | % | 11.25 | % | 6/10/2021 | 6/10/2027 | 1,403 | 1,403 | 1,403 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
LVF Holdings, Inc. (Revolver) (*) | SF | 5.90 | % | 11.25 | % | 6/10/2021 | 6/10/2027 | 238 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,107 | 2,850 | 2,869 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CGI Automated Manufacturing, LLC | SF | 7.26 | % | 12.61 | % | 9/9/2022 | 12/17/2026 | 3,875 | 3,789 | 3,802 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
CGI Automated Manufacturing, LLC | SF | 7.26 | % | 12.61 | % | 9/30/2022 | 12/17/2026 | 1,112 | 1,091 | 1,091 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
4,987 | 4,880 | 4,893 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC | SF | 7.61 | % | 11.47% Cash/ 1.50% PIK | 6/18/2018 | 12/31/2024 | 1,581 | 1,581 | 1,875 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (a) | SF | 7.50 | % | 12.97% PIK | 6/18/2018 | 12/31/2024 | 295 | 295 | 287 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC | SF | 7.61 | % | 12.97 | % | 12/22/2021 | 12/31/2024 | 502 | 502 | 1,464 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (Revolver) (*) | SF | 7.61 | % | 12.97 | % | 6/18/2018 | 12/31/2024 | 1,095 | 55 | 54 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,473 | 2,433 | 3,680 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC | SF | 6.50 | % | 11.86 | % | 6/30/2023 | 6/29/2029 | 1,995 | 1,938 | 2,035 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (Delayed Draw) (*) (**) | SF | 6.50 | % | 11.86 | % | 6/30/2023 | 6/29/2029 | 317 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (Revolver) (*) | SF | 6.50 | % | 11.84 | % | 6/30/2023 | 6/29/2029 | 410 | 7 | 7 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.97 | % | 4/19/2021 | 4/17/2026 | 1,999 | 1,980 | 1,994 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.97 | % | 4/19/2021 | 4/17/2026 | 2,441 | 2,441 | 2,434 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
TCFIII OWL Buyer LLC | SF | 5.61 | % | 10.97 | % | 12/17/2021 | 4/17/2026 | 2,190 | 2,168 | 2,185 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
9,352 | 8,534 | 8,655 | 4.3 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. | SF | 5.90 | % | 11.28 | % | 8/3/2021 | 8/3/2026 | 5,499 | $ | 5,436 | $ | 5,410 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. (Revolver) (*) | SF | 5.90 | % | 11.28 | % | 8/3/2021 | 8/3/2026 | 1,423 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Recycled Plastics Industries, LLC | SF | 7.60 | % | 12.19% Cash/ 0.75% PIK | 8/4/2021 | 8/4/2026 | 2,811 | 2,778 | 2,776 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Recycled Plastics Industries, LLC (Revolver) (*) | SF | 7.60 | % | 12.19% Cash/ 0.75% PIK | 8/4/2021 | 8/4/2026 | 284 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
10,017 | 8,214 | 8,186 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC | SF | 7.75 | % | 12.13% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 988 | 982 | 978 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC | SF | 7.50 | % | 12.96% PIK | 9/13/2022 | 4/3/2026 | 1 | 1 | 1 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
The Kyjen Company, LLC (Revolver) (*) | SF | 7.75 | % | 12.13% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 105 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Thrasio, LLC | SF | 7.26 | % | 12.61% (***) | 12/18/2020 | 12/18/2026 | 2,433 | 2,432 | 1,408 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
3,527 | 3,415 | 2,387 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 6.61 | % | 11.96 | % | 10/19/2020 | 10/20/2025 | 852 | 795 | 857 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 6.61 | % | 11.96 | % | 10/19/2020 | 10/20/2025 | 935 | 935 | 941 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 6.61 | % | 11.96 | % | 12/7/2021 | 10/20/2025 | 3,326 | 3,289 | 3,326 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC | SF | 6.61 | % | 11.96 | % | 12/7/2021 | 10/20/2025 | 335 | 335 | 335 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
5,448 | 5,354 | 5,459 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalara, Inc. | SF | 7.25 | % | 12.60 | % | 10/19/2022 | 10/19/2028 | 4,000 | 3,915 | 4,040 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Avalara, Inc. (Revolver) (*) | SF | 7.25 | % | 12.60 | % | 10/19/2022 | 10/19/2028 | 400 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.25 | % | 11.71 | % | 8/19/2022 | 8/18/2028 | 2,528 | 2,486 | 2,528 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.25 | % | 11.71 | % | 8/19/2022 | 8/18/2028 | 702 | 702 | 702 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
GC Champion Acquisition LLC | SF | 6.50 | % | 11.96 | % | 8/1/2023 | 8/18/2028 | 2,107 | 2,046 | 2,125 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
J2 BWA Funding LLC (Revolver) (*) (#) | n/a | n/a | 10.00 | % | 12/24/2020 | 12/24/2026 | 2,750 | 1,578 | 1,578 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Liftforward SPV II, LLC (#) | SF | 10.86 | % | 16.22% PIK | 11/10/2016 | 3/31/2024 | 253 | 253 | 233 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
W3 Monroe RE Debt LLC (#) | n/a | n/a | 10.00% PIK | 2/5/2021 | 2/4/2028 | 3,542 | 3,542 | 3,631 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
W3 Monroe RE Debt LLC (Delayed Draw) (*) (**) (#) | n/a | n/a | 10.00% PIK | 3/31/2023 | 2/4/2028 | 270 | 172 | 176 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
16,552 | 14,694 | 15,013 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) | SF | 8.25 | % | 13.60 | % | 5/3/2022 | 4/30/2025 | 2,784 | 2,755 | 2,812 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (#) | SF | 8.25 | % | 13.60 | % | 5/3/2022 | 4/30/2025 | 285 | 285 | 287 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw) (*) (**) (#) | SF | 8.25 | % | 13.61 | % | 10/6/2023 | 4/30/2027 | 837 | 317 | 322 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver) (*) (#) | SF | 8.25 | % | 13.60 | % | 5/3/2022 | 4/30/2025 | 1,395 | 546 | 546 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
5,301 | 3,903 | 3,967 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. | SF | 7.25 | % | 12.61 | % | 7/17/2023 | 7/17/2029 | 2,000 | 1,942 | 1,996 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (Revolver) (*) | SF | 7.25 | % | 12.61 | % | 7/17/2023 | 7/17/2029 | 174 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brickell Bay Acquisition Corp. | SF | 6.65 | % | 12.04 | % | 2/12/2021 | 2/12/2026 | 1,861 | 1,836 | 1,861 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC | SF | 5.76 | % | 11.16 | % | 6/30/2021 | 6/30/2027 | 5,012 | 4,946 | 4,969 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC | SF | 5.76 | % | 11.16 | % | 6/30/2021 | 6/30/2027 | 1,392 | 1,392 | 1,380 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Caravel Autism Health, LLC (Revolver) (*) | SF | 5.76 | % | 11.16 | % | 6/30/2021 | 6/30/2027 | 1,269 | 244 | 244 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. | SF | 6.85 | % | 12.19 | % | 6/30/2021 | 6/30/2026 | 4,888 | 4,831 | 4,743 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. | SF | 6.90 | % | 12.29 | % | 11/27/2022 | 6/30/2026 | 4,051 | 3,975 | 3,932 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (Revolver) (*) | SF | 6.85 | % | 12.19 | % | 6/30/2021 | 6/30/2026 | 596 | — | — | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
INH Buyer, Inc. | SF | 7.00 | % | 8.95% Cash/ 3.50% PIK | 6/30/2021 | 6/28/2028 | 3,026 | $ | 3,005 | $ | 2,936 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) | SF | 6.75 | % | 12.13 | % | 2/1/2023 | 2/1/2029 | 4,975 | 4,843 | 4,975 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw) (*) (**) | SF | 6.75 | % | 12.14 | % | 2/1/2023 | 2/1/2029 | 1,702 | 989 | 989 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) (*) | SF | 6.75 | % | 12.13 | % | 2/1/2023 | 2/1/2029 | 813 | 352 | 352 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.44 | % | 8/20/2021 | 8/26/2027 | 3,920 | 3,873 | 3,951 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.44 | % | 8/26/2022 | 8/26/2027 | 4,672 | 4,672 | 4,708 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC | SF | 7.10 | % | 12.44 | % | 8/26/2022 | 8/26/2027 | 5,065 | 5,065 | 5,104 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (Revolver) (*) | SF | 7.10 | % | 12.44 | % | 8/20/2021 | 8/26/2027 | 2,222 | 889 | 889 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. | SF | 5.65 | % | 11.00 | % | 10/4/2022 | 10/4/2028 | 3,465 | 3,407 | 3,500 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (Delayed Draw) (*) (**) | SF | 5.65 | % | 11.00 | % | 10/4/2022 | 10/4/2028 | 778 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (Revolver) (*) | SF | 5.65 | % | 11.00 | % | 10/4/2022 | 10/4/2028 | 438 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC | SF | 6.25 | % | 11.64 | % | 12/31/2020 | 7/8/2027 | 2,431 | 2,409 | 2,431 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC | SF | 6.25 | % | 11.66 | % | 7/8/2022 | 7/8/2027 | 2,757 | 2,757 | 2,757 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC (Delayed Draw) (*) (**) | SF | 6.25 | % | 11.66 | % | 8/21/2023 | 7/8/2027 | 1,444 | 333 | 333 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC (Revolver) (*) | SF | 6.25 | % | 11.64 | % | 12/31/2020 | 7/8/2027 | 444 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. | SF | 6.90 | % | 12.28 | % | 2/16/2022 | 2/16/2028 | 3,000 | 2,955 | 2,940 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. (Delayed Draw) (*) (**) | SF | 6.90 | % | 12.28 | % | 2/16/2022 | 2/16/2028 | 225 | 136 | 133 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
TigerConnect, Inc. (Revolver) (*) | SF | 6.90 | % | 12.28 | % | 2/16/2022 | 2/16/2028 | 429 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vero Biotech Inc. | P | 3.75 | % | 12.25 | % | 12/29/2023 | 12/28/2029 | 2,500 | 2,475 | 2,475 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. | SF | 8.90 | % | 9.53% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 4,554 | 4,481 | 4,509 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. | SF | 8.90 | % | 9.53% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 57 | 57 | 56 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Whistler Parent Holdings III, Inc. (Revolver) | SF | 8.90 | % | 9.53% Cash/ 4.75% PIK | 6/3/2022 | 6/2/2028 | 569 | 569 | 564 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
70,729 | 62,433 | 62,727 | 30.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC | SF | 10.26 | % | 14.61% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 2,021 | 1,970 | 2,028 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC (Delayed Draw) (*) (**) | SF | 10.26 | % | 14.61% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 668 | 508 | 510 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC (Revolver) (*) | SF | 10.00 | % | 14.36% Cash/ 1.00% PIK | 12/21/2022 | 12/21/2027 | 133 | 27 | 27 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arcstor Midco, LLC | SF | 8.10 | % | 13.46% PIK (***) | 8/29/2023 | 3/16/2027 | 155 | 150 | 155 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC | SF | 6.75 | % | 12.10 | % | 9/1/2022 | 9/1/2028 | 3,000 | 2,950 | 3,001 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (Delayed Draw) (*) (**) | SF | 6.75 | % | 12.10 | % | 9/1/2022 | 9/1/2028 | 874 | 496 | 496 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (Revolver) (*) | SF | 6.75 | % | 12.10 | % | 9/1/2022 | 9/1/2028 | 522 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Medallia, Inc. | SF | 6.60 | % | 7.95% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 2,140 | 2,107 | 2,141 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. | SF | 7.15 | % | 12.53 | % | 2/15/2019 | 2/14/2025 | 6,536 | 6,507 | 6,536 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. | SF | 7.15 | % | 12.53 | % | 9/22/2021 | 2/14/2025 | 474 | 474 | 474 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mindbody, Inc. (Revolver) (*) | SF | 7.15 | % | 12.53 | % | 2/15/2019 | 2/14/2025 | 667 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.16 | % | 12/28/2018 | 12/28/2026 | 9,500 | 9,500 | 9,500 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.16 | % | 9/12/2022 | 12/28/2026 | 530 | 524 | 530 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.16 | % | 1/11/2021 | 12/28/2026 | 1,326 | 1,326 | 1,326 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.16 | % | 2/11/2022 | 12/28/2026 | 884 | 884 | 884 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. | SF | 6.76 | % | 12.16 | % | 4/5/2023 | 12/28/2026 | 707 | 688 | 708 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (Revolver) | SF | 6.76 | % | 12.16 | % | 12/28/2018 | 12/28/2026 | 442 | 442 | 442 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. | SF | 6.25 | % | 11.43 | % | 6/16/2023 | 6/15/2029 | 995 | 967 | 1,011 | 0.5 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (Delayed Draw) (*) (**) | SF | 6.25 | % | 11.43 | % | 6/16/2023 | 6/15/2029 | 222 | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (Revolver) (*) | SF | 6.25 | % | 11.43 | % | 6/16/2023 | 6/15/2029 | 205 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
32,001 | 29,520 | 29,769 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. | SF | 7.25 | % | 12.43 | % | 6/21/2023 | 6/21/2028 | 995 | 963 | 1,010 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. (Delayed Draw) (*) (**) | SF | 7.00 | % | 12.35 | % | 6/21/2023 | 6/21/2028 | 500 | 61 | 62 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Destination Media, Inc. (Revolver) (*) | SF | 7.00 | % | 12.35 | % | 6/21/2023 | 6/21/2028 | 103 | 21 | 21 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.95 | % | 10/30/2020 | 10/30/2025 | 2,425 | 2,404 | 2,399 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.35 | % | 11.73 | % | 7/29/2022 | 10/30/2025 | 2,566 | 2,542 | 2,528 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.95 | % | 3/12/2021 | 10/30/2025 | 703 | 703 | 695 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. | SF | 6.60 | % | 11.95 | % | 9/3/2021 | 10/30/2025 | 1,419 | 1,419 | 1,404 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. (Delayed Draw) (*) (**) | SF | 6.35 | % | 11.76 | % | 7/29/2022 | 10/30/2025 | 1,056 | 358 | 353 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Haven USHC Acquisition, Inc. (Revolver) (*) | SF | 6.60 | % | 12.00 | % | 10/30/2020 | 10/30/2025 | 416 | 104 | 103 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC | SF | 6.10 | % | 11.44 | % | 11/20/2020 | 11/20/2025 | 1,459 | 1,446 | 1,445 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC | SF | 6.10 | % | 11.44 | % | 11/20/2020 | 11/20/2025 | 653 | 653 | 647 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (Revolver) (*) | SF | 6.10 | % | 11.43 | % | 11/20/2020 | 11/20/2025 | 316 | 84 | 84 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. | SF | 6.36 | % | 11.71 | % | 12/22/2021 | 12/22/2026 | 1,081 | 1,068 | 1,048 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. (Revolver) (*) | SF | 6.36 | % | 11.71 | % | 12/22/2021 | 12/22/2026 | 122 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. | SF | 6.50 | % | 11.97 | % | 1/28/2020 | 1/28/2025 | 4,441 | 4,413 | 4,441 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. | SF | 6.50 | % | 11.97 | % | 8/31/2022 | 1/28/2025 | 1,765 | 1,744 | 1,768 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. (Revolver) (*) | SF | 6.50 | % | 11.97 | % | 1/28/2020 | 1/28/2025 | 742 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
20,762 | 17,983 | 18,008 | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | SF | 8.26 | % | 13.64% PIK | 7/31/2023 | 1/31/2028 | 671 | 671 | 658 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | SF | 8.26 | % | 13.64% PIK | 7/31/2023 | 1/31/2028 | 203 | 203 | 199 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (Delayed Draw) (*) (**) (c) | SF | 8.00 | % | 13.65% PIK | 9/8/2023 | 1/31/2028 | 353 | 297 | 292 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
1,227 | 1,171 | 1,149 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.22 | % | 1/4/2019 | 7/3/2025 | 1,900 | 1,900 | 1,870 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.22 | % | 6/25/2020 | 7/3/2025 | 463 | 463 | 456 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.22 | % | 7/1/2021 | 7/3/2025 | 273 | 270 | 269 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.22 | % | 8/4/2022 | 7/3/2025 | 788 | 788 | 775 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC | SF | 6.86 | % | 12.22 | % | 12/22/2022 | 7/3/2025 | 398 | 390 | 392 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC (Revolver) (*) | SF | 6.86 | % | 12.22 | % | 1/4/2019 | 7/3/2025 | 320 | 216 | 213 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC | SF | 7.25 | % | 12.60 | % | 9/8/2021 | 9/8/2027 | 13,437 | 13,310 | 13,185 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC | SF | 8.00 | % | 13.35% PIK | 9/28/2023 | 9/8/2027 | 1,968 | 1,941 | 1,975 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bonterra, LLC (Revolver) (*) | SF | 7.25 | % | 12.60 | % | 9/8/2021 | 9/8/2027 | 1,069 | 321 | 315 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC | SF | 6.60 | % | 11.95 | % | 12/31/2021 | 12/31/2027 | 5,895 | 5,809 | 5,873 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC (Revolver) (*) | SF | 6.60 | % | 11.95 | % | 12/31/2021 | 12/31/2027 | 652 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 7.35 | % | 12.69 | % | 2/28/2019 | 2/28/2025 | 4,000 | 3,998 | 4,000 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 7.50 | % | 12.97 | % | 9/27/2022 | 2/28/2025 | 1,273 | 1,260 | 1,274 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 7.35 | % | 12.69 | % | 2/28/2019 | 2/28/2025 | 60 | 60 | 60 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. | SF | 7.35 | % | 12.69 | % | 9/27/2022 | 2/28/2025 | 3,333 | 3,333 | 3,334 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Crownpeak Technology, Inc. (Revolver) (*) | SF | 7.35 | % | 12.69 | % | 2/28/2019 | 2/28/2025 | 500 | 67 | 67 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC | SF | 5.85 | % | 11.21 | % | 11/3/2022 | 11/3/2027 | 2,963 | 2,902 | 2,963 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC (Delayed Draw) (*) (**) | SF | 5.85 | % | 11.21 | % | 11/3/2022 | 11/3/2027 | 2,398 | 241 | 241 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sports Operating Holdings II, LLC (Revolver) (*) | SF | 5.85 | % | 11.21 | % | 11/3/2022 | 11/3/2027 | 519 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. | SF | 7.10 | % | 12.49 | % | 1/12/2023 | 1/12/2028 | 3,980 | 3,878 | 4,013 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. (Revolver) (*) | SF | 7.10 | % | 12.49 | % | 1/12/2023 | 1/12/2028 | 458 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
46,647 | 41,147 | 41,275 | 20.4 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BLST Operating Company, LLC | SF | 9.50 | % | 1.00% Cash/ 12.96% PIK | 8/28/2020 | 8/28/2025 | 660 | $ | 423 | $ | 620 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||
660 | 423 | 620 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aras Corporation | SF | 6.90 | % | 9.04% Cash/ 3.25% PIK | 4/13/2021 | 4/13/2027 | 2,233 | 2,214 | 2,250 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Aras Corporation (Revolver) (*) | P | 5.50 | % | 14.00 | % | 4/13/2021 | 4/13/2027 | 150 | 130 | 130 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Burroughs, Inc. | SF | 7.60 | % | 12.94 | % | 12/22/2017 | 12/20/2024 | 4,901 | 4,901 | 4,901 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Burroughs, Inc. (Revolver) | SF | 7.60 | % | 12.94 | % | 12/22/2017 | 12/20/2024 | 1,215 | 1,215 | 1,215 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
HS4 Acquisitionco, Inc. | SF | 6.85 | % | 12.21 | % | 7/9/2019 | 7/9/2025 | 9,799 | 9,735 | 9,769 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
HS4 Acquisitionco, Inc. (Revolver) (*) | SF | 6.85 | % | 12.21 | % | 7/9/2019 | 7/9/2025 | 817 | 549 | 548 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | SF | 7.25 | % | 12.62 | % | 10/24/2022 | 8/18/2028 | 2,500 | 2,462 | 2,509 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC | SF | 6.65 | % | 12.04 | % | 12/9/2022 | 12/11/2028 | 596 | 585 | 588 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC | SF | 6.65 | % | 12.04 | % | 12/9/2022 | 12/11/2028 | 191 | 191 | 189 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC (Delayed Draw) (*) (**) | SF | 6.65 | % | 12.04 | % | 12/9/2022 | 12/11/2028 | 600 | 132 | 130 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kingsley Gate Partners, LLC (Revolver) (*) | SF | 6.65 | % | 12.04 | % | 12/9/2022 | 12/11/2028 | 240 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Prototek LLC | SF | 7.85 | % | 12.44% Cash/ 0.75% PIK | 12/8/2022 | 12/8/2027 | 2,482 | 2,419 | 2,380 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Prototek LLC (Revolver) (*) | SF | 7.85 | % | 12.44% Cash/ 0.75% PIK | 12/8/2022 | 12/8/2027 | 288 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Relativity ODA LLC | SF | 6.60 | % | 11.96% PIK | 5/12/2021 | 5/12/2027 | 2,107 | 2,075 | 2,105 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Relativity ODA LLC (Revolver) (*) | SF | 6.60 | % | 11.96% PIK | 5/12/2021 | 5/12/2027 | 180 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.46 | % | 2/15/2019 | 9/30/2026 | 3,344 | 3,331 | 3,341 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.46 | % | 2/15/2019 | 9/30/2026 | 2,406 | 2,406 | 2,403 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.46 | % | 9/30/2021 | 9/30/2026 | 7,820 | 7,744 | 7,812 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.46 | % | 2/15/2019 | 9/30/2026 | 2,113 | 2,113 | 2,111 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Security Services Acquisition Sub Corp. | SF | 6.10 | % | 11.46 | % | 2/15/2019 | 9/30/2026 | 1,520 | 1,520 | 1,518 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC | SF | 7.00 | % | 12.39 | % | 6/9/2023 | 6/8/2029 | 3,000 | 2,917 | 3,000 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC (Delayed Draw) (*) (**) | SF | 7.00 | % | 12.39 | % | 6/9/2023 | 6/8/2029 | 667 | 150 | 150 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Vhagar Purchaser, LLC (Revolver) (*) | SF | 7.00 | % | 12.39 | % | 6/9/2023 | 6/8/2029 | 333 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC | SF | 7.11 | % | 12.47 | % | 10/5/2018 | 10/4/2024 | 2,397 | 2,388 | 2,405 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC | SF | 7.11 | % | 12.47 | % | 10/5/2018 | 10/4/2024 | 1,971 | 1,971 | 1,978 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
VPS Holdings, LLC (Revolver) (*) | SF | 7.11 | % | 12.47 | % | 10/5/2018 | 10/4/2024 | 1,003 | 603 | 603 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
54,873 | 51,751 | 52,035 | 25.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC | SF | 6.76 | % | 12.16 | % | 7/14/2022 | 7/14/2028 | 7,067 | 7,033 | 7,067 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC | SF | 6.76 | % | 12.16 | % | 7/14/2022 | 7/14/2028 | 1,513 | 1,513 | 1,513 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (Revolver) (*) | SF | 6.76 | % | 12.16 | % | 7/14/2022 | 7/14/2028 | 379 | 209 | 209 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC | SF | 6.76 | % | 12.16 | % | 2/28/2022 | 2/26/2027 | 1,576 | 1,554 | 1,576 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC | SF | 6.76 | % | 12.16 | % | 2/28/2022 | 2/26/2027 | 1,129 | 1,129 | 1,129 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC (Delayed Draw) (*) (**) | SF | 6.76 | % | 12.16 | % | 8/3/2022 | 2/26/2027 | 2,649 | 2,230 | 2,230 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC (Revolver) (*) | SF | 6.76 | % | 12.16 | % | 2/28/2022 | 2/26/2027 | 571 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
14,884 | 13,668 | 13,724 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (Delayed Draw) (*) (**) | P | 12.00 | % | 18.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 1,377 | 1,266 | 1,430 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (Revolver) (*) | P | 12.00 | % | 18.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 500 | 124 | 124 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. | SF | 7.13 | % | 12.48 | % | 4/16/2021 | 4/16/2027 | 3,400 | 3,346 | 3,421 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. (Delayed Draw) (*) (**) | SF | 7.13 | % | 12.48 | % | 12/19/2023 | 4/16/2027 | 499 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Calabrio, Inc. (Revolver) (*) | SF | 7.13 | % | 12.48 | % | 4/16/2021 | 4/16/2027 | 409 | 234 | 234 | 0.1 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
6,185 | $ | 4,970 | $ | 5,209 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.85% Cash/ 4.00% PIK | 12/15/2017 | 3/29/2024 | 6,523 | 6,523 | 6,270 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.85% Cash/ 4.00% PIK | 9/22/2020 | 3/29/2024 | 1,691 | 1,691 | 1,625 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.85% Cash/ 4.00% PIK | 2/16/2021 | 3/29/2024 | 3,076 | 3,075 | 2,957 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. | SF | 11.50 | % | 12.85% Cash/ 4.00% PIK | 8/28/2019 | 3/29/2024 | 1,841 | 1,841 | 1,770 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (Revolver) | SF | 11.50 | % | 12.85% Cash/ 4.00% PIK | 12/15/2017 | 3/29/2024 | 2,634 | 2,634 | 2,532 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
15,765 | 15,764 | 15,154 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 358,567 | 322,994 | 323,684 | 159.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unitranche Secured Loans (~) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cassavant Holdings, LLC | SF | 7.61 | % | 12.96 | % | 9/8/2021 | 9/8/2026 | 7,876 | 7,784 | 7,876 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
7,876 | 7,784 | 7,876 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG II, LLC | SF | 6.40 | % | 11.78 | % | 5/25/2022 | 5/25/2028 | 1,900 | 1,869 | 1,900 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
ASG II, LLC (Delayed Draw) (*) (**) | SF | 6.40 | % | 11.78 | % | 5/25/2022 | 5/25/2028 | 285 | 171 | 171 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Onit, Inc. | SF | 7.50 | % | 12.97 | % | 12/20/2021 | 5/2/2025 | 1,680 | 1,666 | 1,680 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
3,865 | 3,706 | 3,751 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VB E1, LLC | SF | 7.75 | % | 13.10 | % | 11/18/2020 | 11/18/2026 | 2,250 | 2,250 | 2,250 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
2,250 | 2,250 | 2,250 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans | 13,991 | 13,740 | 13,877 | 6.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MoneyLion, Inc. (#) | SF | 9.51 | % | 14.86 | % | 3/25/2022 | 3/24/2026 | 4,875 | 4,841 | 4,918 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
4,875 | 4,841 | 4,918 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC (#) | n/a | n/a | 16.00% PIK | 8/9/2021 | 6/28/2024 | 879 | 874 | 879 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/2/2021 | 7/2/2026 | 6,901 | 6,901 | 6,794 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/16/2023 | 7/2/2026 | 1,194 | 1,194 | 1,175 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (Delayed Draw) (*) (**) (#) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 9/25/2023 | 7/22/2026 | 2,147 | 1,378 | 1,356 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
11,121 | 10,347 | 10,204 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arcstor Midco, LLC | SF | 7.85 | % | 13.21% PIK (***) | 3/16/2021 | 3/16/2027 | 4,572 | 4,482 | 2,185 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arcstor Midco, LLC | SF | 8.10 | % | 13.46% PIK (***) | 7/14/2023 | 3/16/2027 | 155 | 150 | 155 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
4,727 | 4,632 | 2,340 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | n/a | n/a | n/a (##) | 5/2/2019 | n/a (d) | 637 | 637 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | n/a | n/a | n/a (##) | 11/4/2019 | n/a (d) | 122 | 122 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | n/a | n/a | n/a (##) | 5/2/2019 | n/a (d) | 200 | 200 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | n/a | n/a | n/a (##) | 5/2/2019 | n/a (d) | 76 | 76 | — | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (c) | SF | 8.26 | % | 13.64% PIK | 7/31/2023 | 1/31/2028 | 528 | $ | 528 | $ | 464 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||
1,563 | 1,563 | 464 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forman Mills, Inc. | n/a | 3.90 | % | 3.90% PIK (***) | 4/27/2023 | 6/20/2028 | 1,308 | 1,308 | 955 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
1,308 | 1,308 | 955 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Corporation of America | P | 11.00 | % | 14.00% Cash/ 5.50% PIK (***) | 9/3/2015 | n/a (d) | 833 | 831 | 2,174 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
833 | 831 | 2,174 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 24,427 | 23,522 | 21,055 | 10.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (<) (###) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Born To Run, LLC (269,438 Class A units) | — | — | — (##) | 4/1/2021 | — | — | 269 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Lifted Trucks Holdings, LLC (111,111 Class A units) (####) | — | — | — (##) | 8/2/2021 | — | — | 111 | 57 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
380 | 57 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (1,458 common units) (#) (####) | — | — | — (##) | 7/29/2021 | — | — | 600 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (#) (####) | — | — | — (##) | 7/28/2021 | 7/28/2031 | — | 363 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
963 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valudor Products LLC (501,014 Class A-1 units) (####) | n/a | n/a | 10.00% PIK | 6/18/2018 | — | — | 501 | 307 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
501 | 307 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Buyer, Inc. (81 Class A units) | — | — | — (##) | 8/3/2021 | — | — | 81 | 56 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
81 | 56 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MEI Buyer LLC (155 shares of common stock) | — | — | — (##) | 6/30/2023 | — | — | 155 | 158 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
155 | 158 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 10/19/2020 | 3/17/2028 | — | 67 | 257 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 10/19/2021 | 3/17/2028 | — | — | 180 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
67 | 437 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J2 BWA Funding LLC (0.3% profit sharing) (#) (####) | — | — | — (##) | 12/24/2020 | — | — | — | 40 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PKS Holdings, LLC (5,680 preferred units) (#) | n/a | n/a | 12.00% PIK | 11/30/2017 | — | — | 58 | 251 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PKS Holdings, LLC (5,714 preferred units) (#) | n/a | n/a | 12.00% PIK | 11/30/2017 | — | — | 9 | 39 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PKS Holdings, LLC (132 preferred units) (#) | n/a | n/a | 12.00% PIK | 11/30/2017 | — | — | 1 | 6 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
PKS Holdings, LLC (916 preferred units) (#) | n/a | n/a | 12.00% PIK | 11/30/2017 | — | — | 9 | 39 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
77 | 375 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Witkoff/Monroe 700 JV LLC (2,141 preferred units) (#) (####) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/2/2021 | — | — | 3 | 2,152 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
3 | 2,152 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (21 Class A preferred units) | n/a | n/a | 9.00% PIK | 7/17/2023 | — | — | 21 | 19 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Bluesight, Inc. (11,087 Class B common units) | — | — | — (##) | 7/17/2023 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (189,922 Class A-1 units) | — | — | — (##) | 6/30/2021 | — | — | 207 | 209 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Dorado Acquisition, Inc. (189,922 Class A-2 units) | — | — | — (##) | 6/30/2021 | — | — | — | 32 | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity) | — | — | — (##) | 1/31/2023 | — | — | $ | 491 | $ | 422 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (116,460 Series B units) (####) | n/a | n/a | 5.00% PIK | 8/20/2021 | — | — | 781 | 706 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
NationsBenefits, LLC (106,667 shares of common units) (####) | — | — | — (##) | 8/20/2021 | — | — | 153 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
NQ PE Project Colosseum Midco Inc. (327,133 common units) | — | — | — (##) | 10/4/2022 | — | — | 327 | 326 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Seran BioScience, LLC (33,333 common units) (####) | — | — | — (##) | 12/31/2020 | — | — | 334 | 755 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Vero Biotech Inc. (warrant to purchase up to 0.19% of the equity) | — | — | — (##) | 12/29/2023 | 12/29/2033 | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
2,314 | 2,469 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity) | — | — | — (##) | 12/21/2022 | 12/21/2032 | — | — | 29 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Drawbridge Partners, LLC (130,433 Class A-1 units) | — | — | — (##) | 9/1/2022 | — | — | 130 | 147 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (473,082 Class A units) | n/a | n/a | 8.00% PIK | 12/28/2018 | — | — | 473 | 942 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Planful, Inc. (35,791 Class B units) | — | — | — (##) | 5/3/2023 | — | — | — | 23 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded Future, Inc. (80,486 Class A units) (e) | — | — | — (##) | 7/3/2019 | — | — | 81 | 261 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sparq Holdings, Inc. (300,000 shares of common stock) | — | — | — (##) | 6/15/2023 | — | — | 300 | 312 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
984 | 1,714 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equine Network, LLC (108 Class A units) (####) | — | — | — (##) | 12/31/2020 | — | — | 111 | 110 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
111 | 110 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AdTheorent Holding Company, Inc. (177,362 shares of common stock) (#) (f) | — | — | — (##) | 12/22/2016 | — | — | 114 | 257 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (#) (b) | — | — | — (##) | 9/18/2015 | 9/18/2025 | — | — | 1,695 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (40 preferred units) | n/a | n/a | 12.00% PIK | 11/20/2020 | — | — | 40 | 19 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Relevate Health Group, LLC (40 Class B common units) | — | — | — (##) | 11/20/2020 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Spherix Global Inc. (81 Class A units) | — | — | — (##) | 12/22/2021 | — | — | 81 | 34 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
XanEdu Publishing, Inc. (49,479 Class A units) | n/a | n/a | 8.00% PIK | 1/28/2020 | — | — | 49 | 225 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
284 | 2,230 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) (c) | — | — | — (##) | 7/31/2023 | — | — | 1,480 | 604 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,480 | 604 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attom Intermediate Holdco, LLC (297,197 Class A units) (####) | — | — | — (##) | 1/4/2019 | — | — | 297 | 362 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Chess.com, LLC (2 Class A units) (####) | — | — | — (##) | 12/31/2021 | — | — | 87 | 75 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
V10 Entertainment, Inc. (392,157 shares of common units) (g) | — | — | — (##) | 1/12/2023 | — | — | 203 | 185 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
587 | 622 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BLST Operating Company, LLC (139,883 Class A units) (####) | — | — | — (##) | 8/28/2020 | — | — | 712 | 420 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
712 | 420 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APCO Worldwide, Inc. (100 Class A voting common stock) | — | — | — (##) | 11/1/2017 | — | — | 395 | 869 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
395 | 869 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Corporation of America - Series G Preferred Stock (8,333 shares) | n/a | n/a | 12.00% PIK (***) | 9/3/2015 | — | — | 7,492 | — | 0.0 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (31,200 Class A common units) (####) | — | — | — (##) | 11/15/2023 | — | — | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (31 Class A preferred units) (####) | n/a | n/a | 8.00% PIK | 11/15/2023 | — | — | 31 | 32 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (146,770 Class B common units) (####) | — | — | — (##) | 11/15/2023 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Express Wash Acquisition Company, LLC (147 Class B preferred units) (####) | n/a | n/a | 8.00% PIK | 11/15/2023 | — | — | 127 | 26 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
IDIG Parent, LLC (245,958 shares of common stock) (####) (h) | — | — | — (##) | 1/4/2021 | — | — | 250 | 306 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC (99,807 Class A units) | — | — | — (##) | 2/28/2022 | — | — | 103 | 75 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Kar Wash Holdings, LLC - Series A Preferred Stock (8,619 shares) | — | — | — (##) | 6/27/2023 | — | — | 11 | 11 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
8,014 | 450 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) | — | — | — (##) | 6/10/2022 | 6/10/2032 | — | 42 | 49 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
42 | 49 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (152,174 Class A units) | — | — | — (##) | 12/15/2017 | — | — | 153 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Nearly Natural, Inc. (61,087 Class AA units) | — | — | — (##) | 8/27/2021 | — | — | 61 | 28 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
214 | 28 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equity Securities | 17,364 | 13,107 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Company Investments | 377,620 | 371,723 | 182.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled Affiliate Company Investments (<<) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo LLC (Revolver) (*) | SF | 5.61 | % | 10.94 | % | 9/9/2020 | 6/28/2024 | 477 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
477 | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 7/22/2014 | 12/31/2026 | 12,648 | 12,647 | 8,110 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 7/22/2014 | 12/31/2026 | 6,223 | 6,223 | 3,990 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 5/24/2017 | 12/31/2026 | 767 | 766 | 491 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 8/10/2018 | 12/31/2026 | 2,819 | 2,819 | 1,808 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 3/29/2019 | 12/31/2026 | 5,219 | 5,219 | 3,347 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 9/30/2019 | 12/31/2026 | 25 | 25 | 16 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | SF | 2.11 | % | 7.47% PIK | 12/30/2019 | 12/31/2026 | 120 | 120 | 77 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Revolver) (*) | SF | 2.11 | % | 7.47% PIK | 3/30/2020 | 12/31/2026 | 2,500 | — | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group LLC (#) (i) | P | 9.46 | % | 17.96% PIK | 10/20/2017 | n/a (d) | 13,242 | 13,242 | 17,233 | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group LLC (#) (i) | P | 9.46 | % | 17.96% PIK | 10/20/2017 | n/a (d) | 4,758 | 4,758 | 6,191 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (#) (i) | SF | 15.00 | % | 20.39% PIK | 1/26/2021 | 1/26/2024 | 10,237 | 10,237 | 10,237 | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (#) (i) | SF | 15.00 | % | 20.39% PIK | 4/26/2021 | 1/26/2024 | 3,051 | 3,051 | 3,051 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Second Avenue SFR Holdings II LLC (Revolver) (*) (#) | SF | 7.00 | % | 12.34 | % | 8/11/2021 | 8/9/2024 | 4,875 | 3,323 | 3,323 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
66,484 | 62,430 | 57,874 | 28.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | SF | 8.26 | % | 13.61% PIK | 11/2/2018 | 12/30/2024 | 6,266 | 6,266 | 6,187 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | SF | 8.26 | % | 13.61% PIK | 7/27/2023 | 12/30/2024 | 55 | 55 | 55 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Revolver) (*) | SF | 7.26 | % | 12.61 | % | 8/9/2022 | 12/30/2024 | 747 | 666 | 658 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
7,068 | 6,987 | 6,900 | 3.3 | % |
Portfolio Company (^) | Index (^^) | Spread (^^) | Interest Rate | Acquisition Date (^^^) | Maturity | Principal | Amortized Cost | Fair Value (^^^^) | % of Net Assets (^^^^^) | |||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (Revolver) (*) | L | 11.00 | % | 16.94% (***) | 6/25/2019 | n/a (d) | 1,356 | $ | 1,312 | $ | 424 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||
1,356 | 1,312 | 424 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Senior Secured Loans | 75,385 | 70,729 | 65,198 | 31.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (#) | n/a | n/a | 8.00 | % | 8/6/2021 | 7/28/2028 | 5,850 | 5,850 | 5,539 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
5,850 | 5,850 | 5,539 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Company Junior Secured Loans | 5,850 | 5,850 | 5,539 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (<<) (###) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo LLC (16 shares of common stock) (####) | — | — | — (##) | 9/9/2020 | — | — | 1,631 | 3,229 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,631 | 3,229 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (4,940 shares of common stock) | — | — | — (##) | 12/29/2022 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (15.9% of interests) (#) (####) (i) | — | — | — (##) | 6/11/2019 | — | — | 793 | 1,045 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (24.4% of interests) (#) | — | — | — (##) | 8/6/2021 | — | — | 3,900 | 4,372 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
4,693 | 5,417 | 2.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC (2,032,258 Class A units) (####) | n/a | n/a | 8.00% PIK | 2/5/2020 | — | — | 2,032 | 1,932 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Familia Dental Group Holdings, LLC (1,230 Class A units) (####) | — | — | — (##) | 4/8/2016 | — | — | 4,213 | 2,226 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
6,245 | 4,158 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (6,400 Class B units) | — | — | — (##) | 6/30/2020 | — | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (20.8% of LLC units) (####) | — | — | — (##) | 6/21/2019 | — | — | 1,458 | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1,458 | — | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Equity Securities | $ | 14,027 | $ | 12,804 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-Controlled Affiliate Company Investments | $ | 90,606 | $ | 83,541 | 40.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Affiliate Company Investments (<<<) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Funds & Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) (#) | — | — | — | 10/31/2017 | — | — | $ | 42,650 | $ | 33,122 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Controlled Affiliate Equity Securities | $ | 42,650 | $ | 33,122 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Controlled Affiliate Company Investments | $ | 42,650 | $ | 33,122 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 510,876 | $ | 488,386 | 239.7 | % |
(m) ACompany's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.
(n) A portion of this loan (principal of $4,185) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.
(o) A"last out” portion of the PIK interest rate for Vacation Innovations, LLC is structured as a fee paid uponloan, in which case the termination of the commitment. The fee currently accrues at 2.16% per annum.
(p) The PIK“first out” portion of the loan will generally receive priority with respect to payments of principal, interest rateand any other amounts due thereunder. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and the Company’s unitranche secured loans will expose the Company to the risks associated with second lien and subordinated loans and may limit the Company’s recourse or ability to recover collateral upon a portfolio company’s bankruptcy. Unitranche secured loans typically provide for Peerless Network, Inc. is structured as a fee paid uponmoderate loan amortization in the terminationinitial years of the commitment. The fee currently accruesfacility, with the majority of the amortization deferred until loan maturity. Unitranche secured loans generally allow the borrower to make a large lump sum payment of principal at 0.75% per annum.
(q) A portionthe end of thisthe loan (principalterm, and there is a risk of $5,034)loss if the borrower is heldunable to pay the lump sum or refinance the amount owed at maturity. In many cases the Company, together with its affiliates, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.
(r) The PIK portionevent of the interest rate for Gracelock Industries, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum.
(s) Investment position or portion thereof unsettled as of September 30, 2017.
(t)underperformance.
(u) Represents a non-income producing security.
(v)
(w) This is a demand note with no stated maturity.
(x) This position was on non-accrual status as of September 30, 2017, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company's accounting policies.
(y) This position includes a PIK dividend and is currently on non-accrual status.
(z)
n/a - not applicable
See Notes to Consolidated Financial Statements.
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2016
(in thousands, except for shares and units)
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
Cyalume Technologies Holdings, Inc.(e) | L+9.00% | 10.00 | % | 5/18/2020 | 4,291 | $ | 4,204 | $ | 4,462 | 1.9 | % | |||||||||||||
Cyalume Technologies Holdings, Inc. (Delayed Draw) | L+9.00% | 10.00 | % | 5/18/2020 | 387 | 387 | 402 | 0.2 | % | |||||||||||||||
Cyalume Technologies Holdings, Inc. (Revolver)(f) | L+9.00% | 10.00 | % | 5/18/2020 | 1,528 | - | - | 0.0 | % | |||||||||||||||
6,206 | 4,591 | 4,864 | 2.1 | % | ||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
Inteva Products, LLC | L+8.50% | 9.75 | % | 9/8/2021 | 1,978 | 1,967 | 1,998 | 0.8 | % | |||||||||||||||
Tectum Holdings, Inc. | L+4.75% | 5.75 | % | 8/24/2023 | 1,995 | 1,976 | 2,025 | 0.8 | % | |||||||||||||||
3,973 | 3,943 | 4,023 | 1.6 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
Liftforward SPV II, LLC(f) (g) | L+10.75% | 11.51 | % | 11/10/2020 | 10,000 | 254 | 254 | 0.1 | % | |||||||||||||||
Repay Holdings, LLC | L+9.00% | 9.76 | % | 9/1/2021 | 12,000 | 11,802 | 11,934 | 5.0 | % | |||||||||||||||
Repay Holdings, LLC (Revolver)(f) | L+9.00% | 9.76 | % | 9/1/2021 | 1,200 | - | - | 0.0 | % | |||||||||||||||
Shields Land Company of Georgia, LLC(g) | L+9.50% | 10.15 | % | 12/28/2017 | 2,450 | 2,425 | 2,445 | 1.0 | % | |||||||||||||||
25,650 | 14,481 | 14,633 | 6.1 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
All Holding Company, LLC(e) | L+7.00% | 7.76 | % | 11/15/2021 | 5,466 | 5,363 | 5,493 | 2.3 | % | |||||||||||||||
California Pizza Kitchen, Inc. | L+6.00% | 7.00 | % | 8/23/2022 | 6,983 | 6,913 | 6,966 | 2.9 | % | |||||||||||||||
12,449 | 12,276 | 12,459 | 5.2 | % | ||||||||||||||||||||
Construction & Building | ||||||||||||||||||||||||
Cali Bamboo, LLC | L+8.50% | 9.26 | % | 7/10/2020 | 5,423 | 5,350 | 5,531 | 2.3 | % | |||||||||||||||
Cali Bamboo, LLC (Revolver)(f) | L+8.50% | 9.26 | % | 7/10/2020 | 1,624 | 65 | 65 | 0.0 | % | |||||||||||||||
Cornerstone Detention Products, Inc.(h) | L+10.50% | 10.50% Cash/ 1.00% PIK | 4/8/2019 | 3,784 | 3,747 | 3,599 | 1.5 | % | ||||||||||||||||
Cornerstone Detention Products, Inc. (Revolver)(f) | L+9.50% | 10.50 | % | 4/8/2019 | 400 | - | - | 0.0 | % | |||||||||||||||
G&M Opco LLC(e) | L+7.50% | 8.26 | % | 6/23/2020 | 3,006 | 2,951 | 3,066 | 1.3 | % | |||||||||||||||
L.A.R.K. Industries, Inc. | L+7.00% | 8.00 | % | 9/3/2019 | 6,257 | 6,169 | 6,341 | 2.6 | % | |||||||||||||||
20,494 | 18,282 | 18,602 | 7.7 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
360 Holdings III Corp. | L+9.00% | 10.00 | % | 10/1/2021 | 5,925 | 5,718 | 5,718 | 2.4 | % | |||||||||||||||
Bluestem Brands, Inc. | L+7.50% | 8.50 | % | 11/6/2020 | 2,758 | 2,737 | 2,404 | 1.0 | % | |||||||||||||||
Solaray, LLC | L+6.50% | 7.50 | % | 9/9/2023 | 3,297 | 3,265 | 3,280 | 1.4 | % | |||||||||||||||
Solaray, LLC (Delayed Draw)(f) (i) | L+6.50% | 7.50 | % | 9/9/2023 | 703 | - | - | 0.0 | % | |||||||||||||||
12,683 | 11,720 | 11,402 | 4.8 | % | ||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||
Diesel Direct Holdings, Inc.(e) | L+7.00% | 7.76 | % | 2/17/2020 | 5,225 | 5,217 | 5,277 | 2.2 | % | |||||||||||||||
Landpoint, LLC | L+12.75% | 12.00% Cash/ 2.25% PIK | (j) | 12/20/2019 | 2,632 | 2,602 | 2,526 | 1.1 | % | |||||||||||||||
Landpoint, LLC (Revolver)(f) | L+10.50% | 12.00 | % | 12/20/2019 | 313 | - | - | 0.0 | % | |||||||||||||||
8,170 | 7,819 | 7,803 | 3.3 | % | ||||||||||||||||||||
Environmental Industries | ||||||||||||||||||||||||
Synergy Environmental Corporation(e) | L+8.00% | 8.76 | % | 4/29/2021 | 3,130 | 3,068 | 3,148 | 1.3 | % | |||||||||||||||
Synergy Environmental Corporation(e) | L+8.00% | 8.76 | % | 4/29/2021 | 523 | 513 | 526 | 0.2 | % | |||||||||||||||
Synergy Environmental Corporation (Delayed Draw)(f) (i) | L+8.00% | 8.76 | % | 4/29/2018 | 1,342 | - | - | 0.0 | % | |||||||||||||||
Synergy Environmental Corporation (Revolver)(f) | L+8.00% | 8.76 | % | 4/29/2021 | 671 | 94 | 94 | 0.0 | % | |||||||||||||||
5,666 | 3,675 | 3,768 | 1.5 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Beaver-Visitec International Holdings, Inc. | L+5.00% | 6.00 | % | 8/19/2023 | 4,988 | 4,939 | 4,988 | 2.1 | % | |||||||||||||||
Edge Systems Holdings Corp. | L+8.00% | 9.00 | % | 11/29/2021 | 3,740 | 3,667 | 3,665 | 1.5 | % | |||||||||||||||
Edge Systems Holdings Corp. (Revolver)(f) | L+8.00% | 9.00 | % | 11/29/2021 | 260 | - | - | 0.0 | % | |||||||||||||||
Familia Dental Group Holdings, LLC(e) | L+8.00% | 8.76 | % | 4/8/2021 | 5,397 | 5,327 | 5,480 | 2.3 | % | |||||||||||||||
Familia Dental Group Holdings, LLC (Delayed Draw) | L+8.00% | 8.76 | % | 4/8/2021 | 519 | 519 | 527 | 0.2 | % | |||||||||||||||
Familia Dental Group Holdings, LLC (Revolver)(f) | L+8.00% | 8.76 | % | 4/8/2021 | 573 | 57 | 57 | 0.0 | % | |||||||||||||||
Precision Toxicology, LLC(e) | L+11.50% | 10.26% Cash/ 2.00% PIK | 3/24/2020 | 4,242 | 4,186 | 4,244 | 1.8 | % | ||||||||||||||||
19,719 | 18,695 | 18,961 | 7.9 | % |
MONROE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016(in thousands, except for shares and units)
Portfolio Company(a) | Spread Above Index(b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value(c) | % of Net Assets(d) | |||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||
Answers Corporation | P+6.25% | 10.00 | %(k) | 10/1/2021 | 2,903 | $ | 2,819 | $ | 1,495 | 0.6 | % | |||||||||||||
BCC Software, LLC(e) | L+8.00% | 9.00 | % | 6/20/2019 | 2,204 | 2,186 | 2,203 | 0.9 | % | |||||||||||||||
BCC Software, LLC (Revolver)(f) | L+8.00% | 9.00 | % | 6/20/2019 | 469 | - | - | 0.0 | % | |||||||||||||||
Corbett Technology Solutions, Inc.(e) | L+7.00% | 7.76 | % | 11/7/2021 | 4,500 | 4,434 | 4,511 | 1.9 | % | |||||||||||||||
Corbett Technology Solutions, Inc. (Revolver) (f) | L+7.00% | 7.76 | % | 11/7/2021 | 867 | - | - | 0.0 | % | |||||||||||||||
10,943 | 9,439 | 8,209 | 3.4 | % | ||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
BC Equity Ventures LLC | L+6.50% | 7.50 | % | 8/31/2022 | 2,612 | 2,562 | 2,635 | 1.1 | % | |||||||||||||||
BC Equity Ventures LLC | L+6.50% | 7.50 | % | 8/31/2022 | 375 | 372 | 373 | 0.2 | % | |||||||||||||||
Miles Media Group LLC | L+11.00% | 10.00% Cash/ 2.00% PIK | 3/24/2021 | 6,110 | 6,052 | 6,119 | 2.5 | % | ||||||||||||||||
Miles Media Group LLC (Delayed Draw) (f) (i) | L+11.00% | 10.00% Cash/ 2.00% PIK | 3/24/2021 | 1,455 | - | - | 0.0 | % | ||||||||||||||||
Miles Media Group LLC (Revolver) (f) | L+11.00% | 10.00% Cash/ 2.00% PIK | 3/24/2021 | 320 | - | - | 0.0 | % | ||||||||||||||||
TRG, LLC | L+13.80% | 8.12% Cash/ 6.30% PIK | (l) | 3/31/2021 | 11,876 | 11,837 | 11,960 | 5.0 | % | |||||||||||||||
TRG, LLC (Revolver) | L+9.50% | 10.12 | % | 3/31/2021 | 131 | 131 | 131 | 0.1 | % | |||||||||||||||
TRG, LLC (CapEx) (f) | L+9.50% | 8.12% Cash/ 2.00% PIK | 3/31/2021 | 1,609 | 943 | 946 | 0.4 | % | ||||||||||||||||
Vacation Innovations, LLC (m) | L+9.40% | 7.76% Cash/ 2.42% PIK | (n) | 8/20/2020 | 10,553 | 10,382 | 10,848 | 4.5 | % | |||||||||||||||
Vacation Innovations, LLC (Revolver) (f) | L+8.50% | 7.76% Cash/ 1.50% PIK | 8/20/2020 | 342 | - | - | 0.0 | % | ||||||||||||||||
Vacation Innovations, LLC (Delayed Draw) (f) (i) | L+8.50% | 7.76% Cash/ 1.50% PIK | 8/20/2020 | 2,037 | - | - | 0.0 | % | ||||||||||||||||
37,420 | 32,279 | 33,012 | 13.8 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
AdTheorent, Inc. | L+8.50% | 9.26 | % | 12/22/2021 | 5,000 | 4,908 | 4,900 | 2.0 | % | |||||||||||||||
AdTheorent, Inc. (Revolver) (f) | L+8.50% | 9.26 | % | 12/22/2021 | 515 | 77 | 77 | 0.0 | % | |||||||||||||||
InMobi Pte, Ltd. (Delayed Draw) (f) (g) (i) | L+10.17% | 10.98 | % | 9/1/2018 | 10,000 | 6,667 | 6,587 | 2.7 | % | |||||||||||||||
15,515 | 11,652 | 11,564 | 4.7 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
Jerry Lee Radio, LLC | L+9.50% | 10.26 | % | 12/17/2020 | 13,407 | 13,127 | 13,675 | 5.7 | % | |||||||||||||||
13,407 | 13,127 | 13,675 | 5.7 | % | ||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||
O'Brien Industrial Holdings, LLC | L+7.75% | 8.75 | % | 5/13/2019 | 5,286 | 5,219 | 5,268 | 2.2 | % | |||||||||||||||
5,286 | 5,219 | 5,268 | 2.2 | % | ||||||||||||||||||||
Retail | ||||||||||||||||||||||||
Forman Mills, Inc. (e) | L+7.50% | 8.50 | % | 10/4/2021 | 8,500 | 8,337 | 8,470 | 3.5 | % | |||||||||||||||
Luxury Optical Holdings Co. | L+11.50% | 9.00% Cash/ 3.50% PIK | 9/12/2019 | 4,012 | 3,965 | 3,948 | 1.6 | % | ||||||||||||||||
Luxury Optical Holdings Co. (Revolver) (f) | L+8.00% | 9.00 | % | 9/12/2019 | 273 | - | - | 0.0 | % | |||||||||||||||
The Worth Collection, Ltd. (e) | L+8.50% | 9.26 | % | 9/29/2021 | 11,000 | 10,789 | 11,132 | 4.6 | % | |||||||||||||||
Yandy Holding, LLC | L+9.00% | 10.00 | % | 9/30/2019 | 5,677 | 5,625 | 5,581 | 2.3 | % | |||||||||||||||
Yandy Holding, LLC (Revolver) (f) | L+9.00% | 10.00 | % | 9/30/2019 | 907 | - | - | 0.0 | % | |||||||||||||||
30,369 | 28,716 | 29,131 | 12.0 | % | ||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
EB Employee Solutions, LLC (e) | L+8.50% | 10.00 | % | 2/28/2019 | 3,370 | 3,324 | 3,263 | 1.4 | % | |||||||||||||||
Madison Logic, Inc. (e) | L+8.00% | 8.76 | % | 11/30/2021 | 10,500 | 10,291 | 10,610 | 4.4 | % | |||||||||||||||
Madison Logic, Inc. (Delayed Draw) (f) (i) | L+8.00% | 8.76 | % | 11/30/2021 | 4,818 | - | - | 0.0 | % | |||||||||||||||
Madison Logic, Inc. (Revolver) (f) | L+8.00% | 8.76 | % | 11/30/2021 | 988 | - | - | 0.0 | % | |||||||||||||||
SNI Companies (o) | L+8.00% | 9.00 | % | 12/31/2018 | 5,357 | 5,299 | 5,378 | 2.2 | % | |||||||||||||||
SNI Companies (Revolver) (f) | L+8.00% | 9.00 | % | 12/31/2018 | 1,250 | 313 | 313 | 0.1 | % | |||||||||||||||
26,283 | 19,227 | 19,564 | 8.1 | % | ||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | L+5.50% | 6.50 | % | 7/1/2020 | 4,698 | 4,619 | 4,693 | 1.9 | % | |||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | L+11.50% | 12.50 | % | 7/1/2020 | 4,849 | 4,765 | 4,805 | 2.0 | % | |||||||||||||||
PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) (f) | L+8.50% | 9.50 | % | 8/11/2017 | 236 | - | - | 0.0 | % | |||||||||||||||
9,783 | 9,384 | 9,498 | 3.9 | % | ||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||
Peerless Network, Inc. (e) | L+8.50% | 9.18% Cash/ 0.75% PIK | (p) | 12/11/2020 | 3,500 | 3,431 | 3,430 | 1.4 | % | |||||||||||||||
3,500 | 3,431 | 3,430 | 1.4 | % | ||||||||||||||||||||
Utilities: Electric | �� | |||||||||||||||||||||||
CRCI Holdings, Inc. | L+5.50% | 6.50 | % | 8/31/2023 | 2,993 | 2,964 | 2,999 | 1.3 | % | |||||||||||||||
2,993 | 2,964 | 2,999 | 1.3 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 270,509 | 230,920 | 232,865 | 96.7 | % | |||||||||||||||||||
Unitranche Loans | ||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
Fabco Automotive Corporation | L+11.25% | 8.00% Cash/ 4.25% PIK | 4/3/2019 | 8,587 | 8,553 | 3,491 | 1.4 | % | ||||||||||||||||
8,587 | 8,553 | 3,491 | 1.4 | % | ||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||
MooreCo, Inc. | L+14.50% | 13.50% Cash/ 2.50% PIK | 12/27/2017 | 3,620 | 3,600 | 3,620 | 1.5 | % | ||||||||||||||||
3,620 | 3,600 | 3,620 | 1.5 | % |
MONROE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016(in thousands, except for shares and units)
Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value (c) | % of Net Assets (d) | |||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Incipio Technologies, Inc. (q) | L+6.00% | 7.00 | % | 12/26/2019 | 14,291 | $ | 14,045 | $ | 14,219 | 5.9 | % | |||||||||||||
14,291 | 14,045 | 14,219 | 5.9 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Collaborative Neuroscience Network, LLC (r) | L+11.50% | 13.00 | % | 12/27/2017 | 6,120 | 6,059 | 5,814 | 2.4 | % | |||||||||||||||
Collaborative Neuroscience Network, LLC | n/a | 12.00% Cash/ 3.00% PIK | 12/27/2017 | 286 | 286 | 286 | 0.1 | % | ||||||||||||||||
6,406 | 6,345 | 6,100 | 2.5 | % | ||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
Playtime, LLC | L+8.50% | 9.00% Cash/ 1.00% PIK | 12/31/2021 | 5,405 | 5,381 | 4,797 | 2.0 | % | ||||||||||||||||
5,405 | 5,381 | 4,797 | 2.0 | % | ||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
Output Services Group, Inc. | L+9.00% | 9.50% Cash/ 1.00% PIK | 12/17/2020 | 6,500 | 6,432 | 6,520 | 2.7 | % | ||||||||||||||||
Output Services Group, Inc. | L+9.00% | 9.50% Cash/ 1.00% PIK | 12/17/2020 | 8,296 | 8,189 | 8,391 | 3.5 | % | ||||||||||||||||
14,796 | 14,621 | 14,911 | 6.2 | % | ||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||
Gracelock Industries, LLC | L+13.74% | 11.00% Cash/ 4.24% PIK | (s) | 5/7/2019 | 4,888 | 4,816 | 4,500 | 1.9 | % | |||||||||||||||
4,888 | 4,816 | 4,500 | 1.9 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Unitranche Loans | 57,993 | 57,361 | 51,638 | 21.4 | % | |||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
AIM Aerospace, Inc. | L+9.00% | 10.00 | % | 8/2/2022 | 5,000 | 4,933 | 5,040 | 2.1 | % | |||||||||||||||
5,000 | 4,933 | 5,040 | 2.1 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
Confie Seguros Holdings II Co. | L+9.00% | 10.25 | % | 5/8/2019 | 8,594 | 8,215 | 8,547 | 3.5 | % | |||||||||||||||
8,594 | 8,215 | 8,547 | 3.5 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||
CSM Bakery Supplies LLC | L+7.75% | 8.75 | % | 7/3/2021 | 5,792 | 5,792 | 4,335 | 1.8 | % | |||||||||||||||
5,792 | 5,792 | 4,335 | 1.8 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||
New NSI Holdings, Inc. | L+8.25% | 9.25 | % | 7/28/2022 | 4,000 | 3,949 | 4,040 | 1.7 | % | |||||||||||||||
4,000 | 3,949 | 4,040 | 1.7 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Mud Pie, LLC | n/a | 10.00% Cash/ 1.50% PIK | 11/4/2020 | 5,221 | 5,145 | 5,325 | 2.2 | % | ||||||||||||||||
5,221 | 5,145 | 5,325 | 2.2 | % | ||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||
Hyland Software Inc. | L+7.25% | 8.25 | % | 7/1/2023 | 5,000 | 4,832 | 5,100 | 2.1 | % | |||||||||||||||
Micro Holdings Corp. | L+7.50% | 8.50 | % | 7/8/2022 | 5,590 | 5,475 | 5,590 | 2.3 | % | |||||||||||||||
10,590 | 10,307 | 10,690 | 4.4 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | ||||||||||||||||||||||||
Mergermarket USA, Inc. | L+6.50% | 7.50 | % | 12/19/2021 | 4,500 | 4,400 | 4,371 | 1.8 | % | |||||||||||||||
4,500 | 4,400 | 4,371 | 1.8 | % | ||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||
SCP TPZ Acquisition, Inc. | L+8.25% | 9.25 | % | 5/29/2022 | 5,000 | 4,938 | 4,938 | 2.1 | % | |||||||||||||||
5,000 | 4,938 | 4,938 | 2.1 | % | ||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
Sterling Merger Sub Corp. | L+7.75% | 8.75 | % | 6/19/2023 | 5,000 | 4,958 | 4,892 | 2.0 | % | |||||||||||||||
5,000 | 4,958 | 4,892 | 2.0 | % | ||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
Education Corporation of America | L+11.00% | 12.00 | % | 12/31/2018 | 4,167 | 4,099 | 4,167 | 1.7 | % | |||||||||||||||
Pre-Paid Legal Services, Inc. (Legal Shield) | L+9.00% | 10.25 | % | 7/1/2020 | 3,000 | 3,000 | 3,021 | 1.3 | % | |||||||||||||||
7,167 | 7,099 | 7,188 | 3.0 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 60,864 | 59,736 | 59,366 | 24.6 | % | |||||||||||||||||||
Equity Securities (t) | ||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||
Cyalume Technologies Holdings, Inc. - Series D Preferred Stock (3.06 shares) | - | - | (u) | - | - | - | 697 | 0.3 | % | |||||||||||||||
- | 697 | 0.3 | % | |||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
Fabco Automotive Corporation (warrant to purchase up to 1.87% of the equity) | - | - | (u) | - | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Collaborative Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) | - | - | (u) | 12/27/2022 | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % |
MONROE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016(in thousands, except for shares and units)
Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value (c) | % of Net Assets (d) | |||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||
BookIt Operating LLC (warrant to purchase up to 3.0% of the equity) | - | - | (u) | 12/21/2023 | - | $ | - | $ | 201 | 0.1 | % | |||||||||||||
Playtime, LLC - Preferred Units (8,665 units) | - | - | (u) | - | - | 200 | - | 0.0 | % | |||||||||||||||
200 | 201 | 0.1 | % | |||||||||||||||||||||
Media: Advertising, Printing & Publishing | ||||||||||||||||||||||||
InMobi Pte, Ltd. (represents the right to purchase 0.42% of the equity) (g) | - | - | (u) | 9/18/2025 | - | - | 49 | 0.0 | % | |||||||||||||||
AdTheorent, Inc. (128,866 shares of common stock) | - | - | (u) | - | - | 129 | 129 | 0.1 | % | |||||||||||||||
129 | 178 | 0.1 | % | |||||||||||||||||||||
Metals & Mining | ||||||||||||||||||||||||
O'Brien Industrial Holdings, LLC (warrants to purchase up to 2.44% of certain affiliated entities of the company) | - | - | (u) | 5/13/2024 | - | - | - | 0.0 | % | |||||||||||||||
- | - | 0.0 | % | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||
The Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) | - | - | - | - | 86 | 117 | 0.0 | % | ||||||||||||||||
The Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) | - | - | - | - | 1 | - | 0.0 | % | ||||||||||||||||
87 | 117 | 0.0 | % | |||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||
Output Services Group, Inc. (warrant to purchase up to 3.89% of the common stock) | - | - | (u) | 12/17/2022 | - | - | 797 | 0.3 | % | |||||||||||||||
- | 797 | 0.3 | % | |||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||
Education Corporation of America - Series G Preferred Stock (8,333 shares) | n/a | 12.00 | % | - | - | 8,125 | 8,121 | 3.4 | % | |||||||||||||||
8,125 | 8,121 | 3.4 | % | |||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equity Securities | 8,541 | 10,111 | 4.2 | % | ||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Company Investments | $ | 356,558 | $ | 353,980 | 146.9 | % | ||||||||||||||||||
Non-Controlled Affiliate Company Investments (v) | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
American Community Homes, Inc. | L+8.00% | 9.50 | % | 7/22/2019 | 7,667 | $ | 7,550 | $ | 7,816 | 3.3 | % | |||||||||||||
American Community Homes, Inc. | L+12.50% | 9.50% Cash/ 4.50% PIK | 7/22/2019 | 4,217 | 4,158 | 4,301 | 1.8 | % | ||||||||||||||||
American Community Homes, Inc. | L+12.50% | 9.50% Cash/ 4.50% PIK | n/a | (w) | 518 | 508 | 518 | 0.2 | % | |||||||||||||||
12,402 | 12,216 | 12,635 | 5.3 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC | n/a | 12.00% PIK | 8/29/2019 | 1,124 | 1,125 | 464 | 0.2 | % | ||||||||||||||||
Rocket Dog Brands, LLC | n/a | 15.00% PIK | 8/29/2019 | 407 | 402 | 365 | 0.2 | % | ||||||||||||||||
Rocket Dog Brands, LLC | n/a | 17.00% PIK | 3/31/2017 | 225 | 225 | 225 | 0.1 | % | ||||||||||||||||
1,756 | 1,752 | 1,054 | 0.5 | % | ||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Summit Container Corporation (e) | L+12.00% | 12.00% Cash/ 2.00% PIK | 1/6/2019 | 3,624 | 3,582 | 3,550 | 1.5 | % | ||||||||||||||||
3,624 | 3,582 | 3,550 | 1.5 | % | ||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Rockdale Blackhawk, LLC | L+11.00% | 12.00 | % | 3/31/2020 | 10,923 | 10,155 | 10,933 | 4.5 | % | |||||||||||||||
Rockdale Blackhawk, LLC (Revolver) (f) | L+11.00% | 12.00 | % | 3/31/2020 | 1,849 | 924 | 924 | 0.4 | % | |||||||||||||||
Rockdale Blackhawk, LLC (Capex) | L+11.00% | 12.00 | % | 3/31/2020 | 565 | 565 | 565 | 0.2 | % | |||||||||||||||
SHI Holdings, Inc. (e) | L+9.25% | 10.01 | % | 7/10/2019 | 2,625 | 2,592 | 2,625 | 1.1 | % | |||||||||||||||
SHI Holdings, Inc. (Revolver) (f) | L+9.25% | 10.01 | % | 7/10/2019 | 1,773 | 1,188 | 1,203 | 0.5 | % | |||||||||||||||
17,735 | 15,424 | 16,250 | 6.7 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Senior Secured Loans | 35,517 | 32,974 | 33,489 | 14.0 | % | |||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC | n/a | 15.00% PIK | 5/1/2020 | 1,938 | 1,938 | - | 0.0 | % | ||||||||||||||||
1,938 | 1,938 | - | 0.0 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Junior Secured Loans | 1,938 | 1,938 | - | 0.0 | % | |||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | ||||||||||||||||||||||||
American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) | - | - | (u) | 10/9/2024 | - | - | 1,315 | 0.6 | % | |||||||||||||||
- | 1,315 | 0.6 | % |
MONROE CAPITAL CORPORATIONCONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)December 31, 2016(in thousands, except for shares and units)
Portfolio Company (a) | Spread Above Index (b) | Interest Rate | Maturity | Principal | Amortized Cost | Fair Value (c) | % of Net Assets (d) | |||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||
Rocket Dog Brands, LLC - Common Units (75,502 units) | - | - | (u) | - | - | $ | - | $ | - | 0.0 | % | |||||||||||||
Rocket Dog Brands, LLC - Preferred Units (10 units) | - | 15.00% PIK | (x) | - | - | 967 | - | 0.0 | % | |||||||||||||||
967 | - | 0.0 | % | |||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||
Summit Container Corporation (warrant to purchase up to 19.50% of the equity) | - | - | (u) | 1/6/2024 | - | - | 113 | 0.0 | % | |||||||||||||||
- | 113 | 0.0 | % | |||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||
Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) | - | - | - | - | 1,093 | 14,655 | 6.1 | % | ||||||||||||||||
SHI Holdings, Inc. (24 shares of common stock) | - | - | (u) | - | - | 27 | 469 | 0.2 | % | |||||||||||||||
1,120 | 15,124 | 6.3 | % | |||||||||||||||||||||
Total Non-Controlled Affiliate Equity Securities | 2,087 | 16,552 | 6.9 | % | ||||||||||||||||||||
Total Non-Controlled Affiliate Company Investments | $ | 36,999 | $ | 50,041 | 20.9 | % | ||||||||||||||||||
Controlled Affiliate Company Investments (y) | ||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||
TPP Operating, Inc. | L+6.00% | 7.50 | %(k) | 11/8/2018 | 9,370 | $ | 9,330 | $ | 1,799 | 0.7 | % | |||||||||||||
TPP Operating, Inc. | L+6.00% | 7.50 | %(k) | 11/8/2018 | 4,344 | 4,344 | 4,344 | 1.8 | % | |||||||||||||||
TPP Operating, Inc. | L+9.61% | 11.11 | %(k) | 11/8/2018 | 2,756 | 2,756 | 2,756 | 1.1 | % | |||||||||||||||
16,470 | 16,430 | 8,899 | 3.6 | % | ||||||||||||||||||||
Total Controlled Affiliate Senior Secured Loans | 16,470 | 16,430 | 8,899 | 3.6 | % | |||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||
TPP Acquisition, Inc. (829 shares of common stock) | - | - | (u) | - | - | - | - | 0.0 | % | |||||||||||||||
TPP Operating, Inc. (40 shares of common stock) | - | - | (u) | - | - | 3,255 | - | 0.0 | % | |||||||||||||||
Total Controlled Affiliate Equity Securities | 3,255 | - | 0.0 | % | ||||||||||||||||||||
Total Controlled Affiliate Company Investments | $ | 19,685 | $ | 8,899 | 3.6 | % | ||||||||||||||||||
TOTAL INVESTMENTS | $ | 413,242 | $ | 412,920 | 171.4 | % |
(a) All of our investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of our investments are issued by U.S. portfolio companies except for InMobi Pte, Ltd. which is an international company headquartered in California.
(b) The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at December 31, 2016. Certain investments are subject to a LIBOR or Prime interest rate floor.
(c) Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by our board of directors as required by the Investment Company Act of 1940. (See Note 4 in the accompanying notes to the consolidated financial statements.)
(d) Percentages are based on net assets of $240,850 as of December 31, 2016.
(e) All of this loan is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.
(f) All or a portion of this commitment was unfunded at December 31, 2016. As such, interest is earned only on the funded portion of this commitment.
(g) (#) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2016,2023, non-qualifying assets totaled 2.20%23.6% of the Company’s total assets.
(h) A
(i)this commitment.
(j) The PIK portion of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum.
(k)
(l) A
(m) A portion of this loan (principal of $4,660) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolvinga bankruptcy restructuring. Vice NewCo credit facility.
(n) Abid a portion of the PIK interest rate for Vacation Innovations, LLC is structured as a fee paid uponsenior secured debt in Vice OldCo to acquire certain assets of Vice OldCo which constitute the terminationongoing operations of the commitment.portfolio company. The fee currently accruesCompany's outstanding senior secured debt investment in Vice OldCo was reduced and rolled into new secured debt investments and the remaining amount of the credit bid established the cost basis of its new equity investment. While the Company still has loans outstanding at 0.92% per annum.
(o) A portionVice OldCo, the Company has valued these positions at zero as end of the period.
(p)consolidated financial statements.
(q) A portionMember RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of thisthe equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan (principal of $5,240) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility.
(r) The sale of a portion of this loan doesHFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860 — 860–Transfers and Servicing and therefore,because the entire unitranche loan asset remains insale did not meet the Consolidated Scheduledefinition of Investments.
(s) The PIK portion of the interest rate for Gracelock Industries, LLC is structureda “participating interest”, as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum.
(t) Represents less than 5% ownership of the portfolio company’s voting securities.
(u) Represents a non-income producing security.
(v) As defined in the 1940 Act,guidance, in order for sale treatment to be allowed. As a result, the Company is deemedcontinues to be an “Affiliated Person” ofreflect its full investment in HFZ but has split the portfolio company as it owns five percent or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
(w) This is a demand note with no stated maturity.
(x) This position includes a PIK dividend and is currently on non-accrual status.
(y) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% in company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
loan into two investments.
On February 28, 2014, the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) The Company currently qualifies and intends to operatequalify annually to be treated as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. MRCC SBIC commenced operations on September 16, 2013. As of September 30, 2017, MRCC SBIC had $57,624 in leverageable capital and $92,100 in SBA-guaranteed debentures outstanding. See Note 7RIC for additional information.
On June 9, 2017, the Company closed a public offering of 3,000,000 shares of its common stock at a public offering price of $15.00 per share, raising approximately $45,000 in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, the Company sold an additional 450,000 shares of its common stock, at a public offering price of $15.00 per share, and additional $6,750 in gross proceeds for a total of $51,750. Aggregate underwriters’ discounts and commissions were $2,070 and offering costs were $127, resulting in net proceeds of approximately $49,553.
U.S. federal income tax purposes.
The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note 3.
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.
the service is completed.
For both the three months ended March 31, 2024 and 2023, the Company did not receive return of capital distributions from its equity investments.
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest income | $ | 11,662 | $ | 12,524 | |||||||
PIK interest income | 2,115 | 2,272 | |||||||||
Dividend income (1) | 1,012 | 1,095 | |||||||||
Fee income | 37 | 310 | |||||||||
Prepayment gain (loss) | 105 | 243 | |||||||||
Accretion of discounts and amortization of premiums | 251 | 360 | |||||||||
Total investment income | $ | 15,182 | $ | 16,804 |
The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. For the three and nine months ended September 30, 2017, interest income included $345 and $1,363 of PIK interest, respectively. For the three and nine months ended September 30, 2016, interest income included $600 and $1,430 of PIK interest, respectively. The Company stops accruing PIK interest when it is determined that PIK interest is no longer collectible. To maintain RIC tax treatment, and to avoid corporate tax, substantially all of this income must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.
Partial loan sales: The Company follows the guidance in ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”), when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on the Company’s consolidated statements of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and other debt financing expenses” in the accompanying consolidated statements of operations. Changes in the fair value of secured borrowings from the prior period, as determined by the Board through the application of the Company’s valuation policy, are included as changes in unrealized gain (loss) on secured borrowings in the consolidated statements of operations. See Note 7 “Secured Borrowings” for additional information.
Distributions
annually.
The
Earnings per Share
In accordance with the provisions of ASC Topic 260 —Earnings per Share (“ASC Topic 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. The weighted average shares outstanding utilized in the calculation of earnings per share take into account share issues on the issuance date and the Company’s repurchases of its common stock on the repurchase date. See Note 9 for additional information on the Company’s share activity. For the periods presented in these consolidated financial statements, there were no potentially dilutive common shares issued.
distributions.
and Cash Equivalents
Restricted Cash
Restricted cash includes amountslimit. The Company's deposits are held within MRCC SBIC. Cash held within an SBIC is generally restricted to the originations of new loans from the SBIC and the payment of SBA debentures and related interest expense.
in high-quality financial institutions.
Investments Denominated in Foreign Currency
a foreign currency.
March 31, 2024.
ASU 2014-09 also specified the accounting for some costs to obtain or fulfill a contract with a customer. In addition, ASU 2014-09 requires that an entity disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The initial effective date of ASU 2014-09 was for fiscal periods beginning after December 15, 2016. However, in August 2015,March 2020, the FASB issued ASU 2015-14,Revenue from Contracts with Customers (ASC Topic 606): Deferral of the Effective Date, which deferred the effective date2020-04,
In January 2016, the FASB issued ASU 2016-01,Financial Instruments — Overall (Subtopic 825-10):Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation ofother transactions affected by reference rate reform if certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidancecriteria are met. The standard is effective for annual and interim periods beginning afteras of March 12, 2020 through December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.
In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and amended rules (together “final rules”) intended to modernize the reporting and disclosures of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was August 1, 2017.31, 2024. The Company has adopteddid not utilize the final rules, as applicable,optional expedients and the revised presentation is reflected in the Company’s consolidated financial statements for the periods presented.
In November 2016, the FASB issuedexceptions provided by ASU 2016-18,Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that the statements of cash flows explain the change2020-04 during the period in the total of cash, cash equivalents,three months ended March 31, 2024 and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The new guidance is effective for annual and interim periods, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. The Company has adopted ASU 2016-18 and the revised presentation is reflected in the Company’s consolidated financial statements for the periods presented.
2023.
September 30, 2017 | December 31, 2016 | |||||||||||||||
Amortized Cost: | ||||||||||||||||
Senior secured loans | $ | 338,448 | 76.9 | % | $ | 280,324 | 67.8 | % | ||||||||
Unitranche loans | 44,776 | 10.2 | 57,361 | 13.9 | ||||||||||||
Junior secured loans | 40,402 | 9.2 | 61,674 | 14.9 | ||||||||||||
Equity securities | 16,296 | 3.7 | 13,883 | 3.4 | ||||||||||||
Total | $ | 439,922 | 100.0 | % | $ | 413,242 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Fair Value: | ||||||||||||||||
Senior secured loans | $ | 327,984 | 76.1 | % | $ | 275,253 | 66.7 | % | ||||||||
Unitranche loans | 44,592 | 10.4 | 51,638 | 12.5 | ||||||||||||
Junior secured loans | 38,555 | 8.9 | 59,366 | 14.4 | ||||||||||||
Equity securities | 19,966 | 4.6 | 26,663 | 6.4 | ||||||||||||
Total | $ | 431,097 | 100.0 | % | $ | 412,920 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amortized Cost: | |||||||||||||||||||||||
Senior secured loans | $ | 409,506 | 77.9 | % | $ | 393,723 | 77.1 | % | |||||||||||||||
Unitranche secured loans | 6,057 | 1.1 | 13,740 | 2.7 | |||||||||||||||||||
Junior secured loans | 29,832 | 5.7 | 29,372 | 5.8 | |||||||||||||||||||
LLC equity interest in SLF | 42,650 | 8.1 | 42,650 | 8.3 | |||||||||||||||||||
Equity securities | 37,613 | 7.2 | 31,391 | 6.1 | |||||||||||||||||||
Total | $ | 525,658 | 100.0 | % | $ | 510,876 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||
Senior secured loans | $ | 404,051 | 80.7 | % | $ | 388,882 | 79.6 | % | |||||||||||||||
Unitranche secured loans | 6,091 | 1.2 | 13,877 | 2.8 | |||||||||||||||||||
Junior secured loans | 27,427 | 5.5 | 26,594 | 5.5 | |||||||||||||||||||
LLC equity interest in SLF | 32,990 | 6.6 | 33,122 | 6.8 | |||||||||||||||||||
Equity securities | 30,330 | 6.0 | 25,911 | 5.3 | |||||||||||||||||||
Total | $ | 500,889 | 100.0 | % | $ | 488,386 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Amortized Cost: | ||||||||||||||||
International | $ | 4,809 | 1.1 | % | $ | 6,667 | 1.6 | % | ||||||||
Midwest | 61,311 | 14.0 | 59,710 | 14.5 | ||||||||||||
Northeast | 123,686 | 28.1 | 105,482 | 25.5 | ||||||||||||
South | — | — | 2,425 | 0.6 | ||||||||||||
Southeast | 69,641 | 15.8 | 60,719 | 14.7 | ||||||||||||
Southwest | 50,681 | 11.5 | 50,562 | 12.2 | ||||||||||||
West | 129,794 | 29.5 | 127,677 | 30.9 | ||||||||||||
Total | $ | 439,922 | 100.0 | % | $ | 413,242 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amortized Cost: | |||||||||||||||||||||||
Midwest | $ | 165,246 | 31.4 | % | $ | 158,383 | 31.0 | % | |||||||||||||||
Northeast | 112,794 | 21.4 | 108,707 | 21.3 | |||||||||||||||||||
Southeast | 143,960 | 27.4 | 134,899 | 26.4 | |||||||||||||||||||
Southwest | 17,690 | 3.4 | 25,163 | 4.9 | |||||||||||||||||||
West (1) | 85,968 | 16.4 | 83,724 | 16.4 | |||||||||||||||||||
Total | $ | 525,658 | 100.0 | % | $ | 510,876 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Fair Value: | ||||||||||||||||
International | $ | 5,023 | 1.2 | % | $ | 6,636 | 1.6 | % | ||||||||
Midwest | 60,373 | 14.0 | 60,579 | 14.7 | ||||||||||||
Northeast | 124,326 | 28.8 | 108,188 | 26.2 | ||||||||||||
South | — | — | 2,445 | 0.6 | ||||||||||||
Southeast | 70,959 | 16.5 | 61,128 | 14.8 | ||||||||||||
Southwest | 44,416 | 10.3 | 54,263 | 13.1 | ||||||||||||
West | 126,000 | 29.2 | 119,681 | 29.0 | ||||||||||||
Total | $ | 431,097 | 100.0 | % | $ | 412,920 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||
Midwest | $ | 140,869 | 28.1 | % | $ | 135,352 | 27.7 | % | |||||||||||||||
Northeast | 113,827 | 22.7 | 110,180 | 22.6 | |||||||||||||||||||
Southeast | 140,731 | 28.1 | 130,595 | 26.8 | |||||||||||||||||||
Southwest | 18,092 | 3.6 | 25,610 | 5.2 | |||||||||||||||||||
West (1) | 87,370 | 17.5 | 86,649 | 17.7 | |||||||||||||||||||
Total | $ | 500,889 | 100.0 | % | $ | 488,386 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Amortized Cost: | ||||||||||||||||
Aerospace & Defense | $ | 4,940 | 1.1 | % | $ | 9,524 | 2.3 | % | ||||||||
Automotive | — | — | 12,496 | 3.0 | ||||||||||||
Banking, Finance, Insurance & Real Estate | 46,126 | 10.5 | 34,912 | 8.4 | ||||||||||||
Beverage, Food & Tobacco | 17,931 | 4.1 | 18,068 | 4.4 | ||||||||||||
Chemicals, Plastics & Rubber | 8,729 | 2.0 | 3,949 | 1.0 | ||||||||||||
Construction & Building | 17,777 | 4.0 | 18,282 | 4.4 | ||||||||||||
Consumer Goods: Durable | 11,762 | 2.7 | 3,600 | 0.9 | ||||||||||||
Consumer Goods: Non-Durable | 24,888 | 5.7 | 35,567 | 8.6 | ||||||||||||
Containers, Packaging & Glass | 5,052 | 1.2 | 3,582 | 0.9 | ||||||||||||
Energy: Oil & Gas | 2,376 | 0.5 | 7,819 | 1.9 | ||||||||||||
Environmental Industries | 3,541 | 0.8 | 3,675 | 0.9 | ||||||||||||
Healthcare & Pharmaceuticals | 57,126 | 13.0 | 41,584 | 10.1 | ||||||||||||
High Tech Industries | 36,606 | 8.3 | 19,746 | 4.8 | ||||||||||||
Hotels, Gaming & Leisure | 41,692 | 9.5 | 37,860 | 9.2 | ||||||||||||
Media: Advertising, Printing & Publishing | 12,771 | 2.9 | 11,781 | 2.8 | ||||||||||||
Media: Broadcasting & Subscription | 16,174 | 3.7 | 17,527 | 4.2 | ||||||||||||
Media: Diversified & Production | 4,945 | 1.1 | 4,938 | 1.2 | ||||||||||||
Metals & Mining | — | — | 5,219 | 1.3 | ||||||||||||
Retail | 56,650 | 12.9 | 48,488 | 11.7 | ||||||||||||
Services: Business | 26,983 | 6.1 | 38,806 | 9.4 | ||||||||||||
Services: Consumer | 20,954 | 4.8 | 24,608 | 5.9 | ||||||||||||
Telecommunications | 3,268 | 0.7 | 3,431 | 0.8 | ||||||||||||
Utilities: Electric | 2,758 | 0.6 | 2,964 | 0.7 | ||||||||||||
Wholesale | 16,873 | 3.8 | 4,816 | 1.2 | ||||||||||||
Total | $ | 439,922 | 100.0 | % | $ | 413,242 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Fair Value: | ||||||||||||||||
Aerospace & Defense | $ | 5,028 | 1.2 | % | $ | 10,601 | 2.6 | % | ||||||||
Automotive | — | — | 7,514 | 1.8 | ||||||||||||
Banking, Finance, Insurance & Real Estate | 46,912 | 10.9 | 37,130 | 9.0 | ||||||||||||
Beverage, Food & Tobacco | 17,788 | 4.1 | 16,794 | 4.1 | ||||||||||||
Chemicals, Plastics & Rubber | 8,864 | 2.1 | 4,040 | 1.0 | ||||||||||||
Construction & Building | 17,933 | 4.2 | 18,602 | 4.5 | ||||||||||||
Consumer Goods: Durable | 11,952 | 2.8 | 3,620 | 0.9 | ||||||||||||
Consumer Goods: Non-Durable | 19,462 | 4.5 | 32,000 | 7.7 | ||||||||||||
Containers, Packaging & Glass | 4,919 | 1.1 | 3,663 | 0.9 | ||||||||||||
Energy: Oil & Gas | 2,346 | 0.5 | 7,803 | 1.9 | ||||||||||||
Environmental Industries | 3,644 | 0.8 | 3,768 | 0.9 | ||||||||||||
Healthcare & Pharmaceuticals | 66,275 | 15.4 | 56,435 | 13.7 | ||||||||||||
High Tech Industries | 36,085 | 8.4 | 18,899 | 4.6 | ||||||||||||
Hotels, Gaming & Leisure | 42,738 | 9.9 | 38,010 | 9.2 | ||||||||||||
Media: Advertising, Printing & Publishing | 13,356 | 3.1 | 11,742 | 2.8 | ||||||||||||
Media: Broadcasting & Subscription | 16,466 | 3.8 | 18,046 | 4.4 | ||||||||||||
Media: Diversified & Production | 5,006 | 1.2 | 4,938 | 1.2 | ||||||||||||
Metals & Mining | — | — | 5,268 | 1.3 | ||||||||||||
Retail | 40,740 | 9.5 | 38,147 | 9.2 | ||||||||||||
Services: Business | 27,264 | 6.3 | 40,164 | 9.7 | ||||||||||||
Services: Consumer | 21,170 | 4.9 | 24,807 | 6.0 | ||||||||||||
Telecommunications | 3,333 | 0.8 | 3,430 | 0.8 | ||||||||||||
Utilities: Electric | 2,801 | 0.6 | 2,999 | 0.7 | ||||||||||||
Wholesale | 17,015 | 3.9 | 4,500 | 1.1 | ||||||||||||
Total | $ | 431,097 | 100.0 | % | $ | 412,920 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||
Aerospace & Defense | $ | — | — | % | $ | 7,784 | 1.5 | % | |||||||||||||||
Automotive | 20,095 | 3.8 | 19,781 | 3.9 | |||||||||||||||||||
Banking | 16,326 | 3.1 | 16,290 | 3.2 | |||||||||||||||||||
Beverage, Food & Tobacco | 4,476 | 0.9 | 4,481 | 0.9 | |||||||||||||||||||
Capital Equipment | 4,855 | 0.9 | 4,880 | 1.0 | |||||||||||||||||||
Chemicals, Plastics & Rubber | 2,950 | 0.6 | 2,934 | 0.6 | |||||||||||||||||||
Construction & Building | 9,794 | 1.8 | 8,689 | 1.7 | |||||||||||||||||||
Consumer Goods: Durable | 8,149 | 1.5 | 8,295 | 1.6 | |||||||||||||||||||
Consumer Goods: Non-Durable | 3,547 | 0.7 | 3,415 | 0.7 | |||||||||||||||||||
Environmental Industries | 5,412 | 1.0 | 5,421 | 1.1 | |||||||||||||||||||
FIRE: Finance | 15,122 | 2.9 | 14,771 | 2.9 | |||||||||||||||||||
FIRE: Real Estate | 90,609 | 17.2 | 87,226 | 17.1 | |||||||||||||||||||
Healthcare & Pharmaceuticals | 79,423 | 15.1 | 70,992 | 13.9 | |||||||||||||||||||
High Tech Industries | 41,329 | 7.9 | 42,123 | 8.2 | |||||||||||||||||||
Hotels, Gaming & Leisure | 111 | 0.0 | 111 | 0.0 | |||||||||||||||||||
Investment Funds & Vehicles | 42,650 | 8.1 | 42,650 | 8.3 | |||||||||||||||||||
Media: Advertising, Printing & Publishing | 18,213 | 3.5 | 18,267 | 3.6 | |||||||||||||||||||
Media: Broadcasting & Subscription | 4,486 | 0.9 | 4,214 | 0.8 | |||||||||||||||||||
Media: Diversified & Production | 42,385 | 8.1 | 41,734 | 8.2 | |||||||||||||||||||
Retail | 2,465 | 0.5 | 2,443 | 0.5 | |||||||||||||||||||
Services: Business | 58,848 | 11.2 | 55,852 | 10.9 | |||||||||||||||||||
Services: Consumer | 25,713 | 4.9 | 25,283 | 4.9 | |||||||||||||||||||
Telecommunications | 7,543 | 1.4 | 7,262 | 1.4 | |||||||||||||||||||
Transportation: Cargo | 4,893 | 0.9 | — | — | |||||||||||||||||||
Wholesale | 16,264 | 3.1 | 15,978 | 3.1 | |||||||||||||||||||
Total | $ | 525,658 | 100.0 | % | $ | 510,876 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||
Aerospace & Defense | $ | — | — | % | $ | 7,876 | 1.6 | % | |||||||||||||||
Automotive | 17,924 | 3.6 | 18,495 | 3.8 | |||||||||||||||||||
Banking | 15,163 | 3.0 | 15,385 | 3.2 | |||||||||||||||||||
Beverage, Food & Tobacco | 6,187 | 1.2 | 6,098 | 1.2 | |||||||||||||||||||
Capital Equipment | 4,924 | 1.0 | 4,893 | 1.0 | |||||||||||||||||||
Chemicals, Plastics & Rubber | 3,525 | 0.7 | 3,987 | 0.8 | |||||||||||||||||||
Construction & Building | 9,937 | 2.0 | 8,813 | 1.8 | |||||||||||||||||||
Consumer Goods: Durable | 8,087 | 1.6 | 8,242 | 1.7 | |||||||||||||||||||
Consumer Goods: Non-Durable | 2,198 | 0.5 | 2,387 | 0.5 | |||||||||||||||||||
Environmental Industries | 5,871 | 1.2 | 5,896 | 1.2 | |||||||||||||||||||
FIRE: Finance | 15,718 | 3.1 | 15,388 | 3.3 | |||||||||||||||||||
FIRE: Real Estate | 88,564 | 17.7 | 85,153 | 17.4 | |||||||||||||||||||
Healthcare & Pharmaceuticals | 78,105 | 15.6 | 69,354 | 14.2 | |||||||||||||||||||
High Tech Industries | 39,305 | 7.8 | 40,723 | 8.3 | |||||||||||||||||||
Hotels, Gaming & Leisure | 140 | 0.0 | 110 | 0.0 | |||||||||||||||||||
Investment Funds & Vehicles | 32,990 | 6.6 | 33,122 | 6.8 | |||||||||||||||||||
Media: Advertising, Printing & Publishing | 20,670 | 4.1 | 20,238 | 4.1 | |||||||||||||||||||
Media: Broadcasting & Subscription | 1,973 | 0.4 | 2,217 | 0.5 | |||||||||||||||||||
Media: Diversified & Production | 42,621 | 8.5 | 41,897 | 8.6 | |||||||||||||||||||
Retail | 1,886 | 0.4 | 1,995 | 0.4 | |||||||||||||||||||
Services: Business | 59,705 | 11.9 | 56,655 | 11.6 | |||||||||||||||||||
Services: Consumer | 17,244 | 3.5 | 16,772 | 3.4 | |||||||||||||||||||
Telecommunications | 7,746 | 1.5 | 7,508 | 1.5 | |||||||||||||||||||
Transportation: Cargo | 4,913 | 1.0 | — | — | |||||||||||||||||||
Wholesale | 15,493 | 3.1 | 15,182 | 3.1 | |||||||||||||||||||
Total | $ | 500,889 | 100.0 | % | $ | 488,386 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Secured loans (1) | 124,816 | 150,674 | |||||||||
Weighted average current interest rate on secured loans (2) | 10.2% | 10.2% | |||||||||
Number of portfolio company investments in SLF | 41 | 49 | |||||||||
Largest portfolio company investment (1) | 6,580 | 6,580 | |||||||||
Total of five largest portfolio company investments (1) | 26,366 | 26,415 |
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 2,406 | $ | 2,388 | |||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 746 | 741 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 188 | 186 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (Revolver) | SF | 5.60 | % | 10.93 | % | 2/26/2027 | 319 | 317 | ||||||||||||||||||||||||||||||
3,659 | 3,632 | |||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.24 | % | 12/1/2027 | 1,354 | 1,337 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.22 | % | 12/1/2027 | 387 | 382 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC (Revolver) (d) | SF | 4.90 | % | 10.24 | % | 12/1/2027 | 132 | 21 | ||||||||||||||||||||||||||||||
1,873 | 1,740 | |||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||
SW Ingredients Holdings, LLC | SF | 5.50 | % | 10.93 | % | 7/3/2025 | 3,534 | 3,534 | ||||||||||||||||||||||||||||||
3,534 | 3,534 | |||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||
MacQueen Equipment, LLC | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 2,070 | 2,069 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Delayed Draw) (d) | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 590 | 334 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Revolver) (d) | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 296 | — | ||||||||||||||||||||||||||||||
2,956 | 2,403 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Phoenix Chemical Holding Company LLC | SF | 7.11 | % | 12.44 | % | 8/2/2024 | 1,129 | 964 | ||||||||||||||||||||||||||||||
TJC Spartech Acquisition Corp. | SF | 4.75 | % | 10.07 | % | 5/5/2028 | 4,200 | 3,507 | ||||||||||||||||||||||||||||||
5,329 | 4,471 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) | SF | 6.65 | % | 11.98% (e) | 9/30/2027 | 796 | 585 | |||||||||||||||||||||||||||||||
Runner Buyer INC. | SF | 5.61 | % | 10.96 | % | 10/23/2028 | 2,940 | 2,245 | ||||||||||||||||||||||||||||||
3,736 | 2,830 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||
PH Beauty Holdings III, INC. | SF | 5.00 | % | 10.72 | % | 9/26/2025 | 2,361 | 2,338 | ||||||||||||||||||||||||||||||
2,361 | 2,338 | |||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||
Polychem Acquisition, LLC | SF | 5.11 | % | 10.44 | % | 3/17/2025 | 2,850 | 2,836 | ||||||||||||||||||||||||||||||
PVHC Holding Corp | SF | 5.65 | % | 10.96% Cash/ 0.75% PIK | 2/17/2027 | 1,894 | 1,894 | |||||||||||||||||||||||||||||||
4,744 | 4,730 | |||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.44 | % | 6/22/2026 | 2,249 | 2,248 | ||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.44 | % | 6/22/2026 | 856 | 856 | ||||||||||||||||||||||||||||||
3,105 | 3,104 | |||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.15 | % | 10.45 | % | 12/13/2024 | 2,842 | 2,842 | ||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.10 | % | 10.43 | % | 12/13/2024 | 61 | 61 | ||||||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | SF | 4.85 | % | 10.18 | % | 3/27/2026 | 4,794 | 4,805 | ||||||||||||||||||||||||||||||
TEAM Public Choices, LLC | SF | 5.00 | % | 10.58 | % | 12/17/2027 | 2,917 | 2,921 | ||||||||||||||||||||||||||||||
10,614 | 10,629 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (f) | SF | 6.50 | % | 11.84% (e) | 3/12/2028 | 606 | 599 | |||||||||||||||||||||||||||||||
606 | 599 | |||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Cano Health, LLC | SF | 4.00 | % | 9.33% (e) | 11/23/2027 | 1,950 | 590 | |||||||||||||||||||||||||||||||
HAH Group Holding Company LLC | SF | 5.00 | % | 10.44 | % | 10/29/2027 | 2,943 | 2,936 | ||||||||||||||||||||||||||||||
LSCS Holdings, Inc. | SF | 4.61 | % | 9.94 | % | 12/15/2028 | 1,805 | 1,781 |
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Natus Medical Incorporated | SF | 5.65 | % | 10.96 | % | 7/20/2029 | 4,937 | 4,666 | ||||||||||||||||||||||||||||||
11,635 | 9,973 | |||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||
Corel Inc. (c) | SF | 5.10 | % | 10.44 | % | 7/2/2026 | 3,350 | 3,303 | ||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | SF | 5.26 | % | 10.56 | % | 5/11/2026 | 4,763 | 4,620 | ||||||||||||||||||||||||||||||
TGG TS Acquisition Company | SF | 6.61 | % | 11.94 | % | 12/12/2025 | 2,885 | 2,880 | ||||||||||||||||||||||||||||||
10,998 | 10,803 | |||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | SF | 5.40 | % | 10.70 | % | 4/27/2029 | 4,309 | 4,309 | ||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. (Revolver) (d) | SF | 5.40 | % | 10.70 | % | 4/28/2028 | 625 | — | ||||||||||||||||||||||||||||||
North Haven Spartan US Holdco, LLC | SF | 6.25 | % | 11.57 | % | 6/5/2026 | 2,244 | 2,244 | ||||||||||||||||||||||||||||||
7,178 | 6,553 | |||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | SF | 5.76 | % | 11.07 | % | 12/20/2024 | 6,580 | 3,971 | ||||||||||||||||||||||||||||||
STATS Intermediate Holdings, LLC | SF | 5.51 | % | 10.83 | % | 7/10/2026 | 4,788 | 4,746 | ||||||||||||||||||||||||||||||
TA TT Buyer, LLC | SF | 5.00 | % | 10.30 | % | 3/30/2029 | 3,283 | 3,301 | ||||||||||||||||||||||||||||||
14,651 | 12,018 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | SF | 5.50 | % | 10.81 | % | 4/14/2028 | 3,209 | 3,177 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC (Delayed Draw) (d) | SF | 5.50 | % | 10.82 | % | 4/14/2028 | 738 | 229 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 3,907 | 3,912 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 705 | 706 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 550 | 550 | ||||||||||||||||||||||||||||||
Output Services Group, Inc. | SF | 6.68 | % | 12.07% (e) | 11/30/2028 | 1,042 | 1,040 | |||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.32 | % | 12/29/2028 | 1,672 | 1,663 | ||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.32 | % | 12/29/2028 | 267 | 265 | ||||||||||||||||||||||||||||||
SIRVA Worldwide Inc. | SF | 5.76 | % | 11.10 | % | 8/4/2025 | 1,738 | 1,267 | ||||||||||||||||||||||||||||||
13,828 | 12,809 | |||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||
Laseraway Intermediate Holdings II, LLC | SF | 5.75 | % | 11.33 | % | 10/14/2027 | 2,172 | 2,167 | ||||||||||||||||||||||||||||||
McKissock Investment Holdings, LLC | SF | 5.00 | % | 10.46 | % | 3/9/2029 | 2,450 | 2,461 | ||||||||||||||||||||||||||||||
4,622 | 4,628 | |||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | SF | 6.11 | % | 11.43 | % | 7/21/2025 | 1,737 | 1,720 | ||||||||||||||||||||||||||||||
Mavenir Systems, Inc. | SF | 5.01 | % | 10.34 | % | 8/18/2028 | 1,633 | 1,169 | ||||||||||||||||||||||||||||||
Sandvine Corporation | SF | 4.93 | % | 10.15 | % | 10/31/2025 | 1,973 | 1,473 | ||||||||||||||||||||||||||||||
5,343 | 4,362 | |||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||
Keystone Purchaser, LLC | SF | 6.18 | % | 11.51 | % | 5/7/2027 | 4,892 | 4,874 | ||||||||||||||||||||||||||||||
4,892 | 4,874 | |||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||
HALO Buyer, Inc. | SF | 4.60 | % | 9.93 | % | 6/30/2025 | 4,710 | 3,452 | ||||||||||||||||||||||||||||||
4,710 | 3,452 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 120,374 | 109,482 | ||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | SF | 3.76 | % | 9.09% Cash/ 1.50% PIK | 1/31/2029 | 4,236 | 4,102 | |||||||||||||||||||||||||||||||
4,236 | 4,102 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. | SF | 8.26 | % | 13.58% (e) | 3/12/2029 | 1,492 | 1,193 | |||||||||||||||||||||||||||||||
Avison Young (USA) Inc. | SF | 8.26 | % | 13.58% (e) | 3/12/2029 | 510 | 305 | |||||||||||||||||||||||||||||||
2,002 | 1,498 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 6,238 | 5,600 | ||||||||||||||||||||||||||||||||||||
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Equity Securities (g) (h) | ||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) | — | — | — (i) | — | 26 | 83 | ||||||||||||||||||||||||||||||||
26 | 83 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Polyventive Lender Holding Company LLC (0.84% of the equity) | — | — | — (i) | — | — | — | ||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (1,605,312 Class A preferred shares) | n/a | n/a | 12.50% PIK (e) | n/a | 1,605 | 722 | ||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (1,199 Class F common shares) | — | — | — (i) | — | 1 | — | ||||||||||||||||||||||||||||||||
1,606 | 722 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Output Services Group, Inc. (51,370 Class A units) | — | — | — (i) | — | 51 | 552 | ||||||||||||||||||||||||||||||||
51 | 552 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equities | 1,683 | 1,357 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 116,439 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.95 | % | 2/26/2027 | 2,414 | $ | 2,385 | |||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.95 | % | 2/26/2027 | 746 | 737 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.96 | % | 2/26/2027 | 188 | 186 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (Revolver) | SF | 5.60 | % | 10.96 | % | 2/26/2027 | 319 | 315 | ||||||||||||||||||||||||||||||
3,667 | 3,623 | |||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.29 | % | 12/1/2027 | 1,358 | 1,342 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.30 | % | 12/1/2027 | 388 | 383 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC (Revolver) (d) | SF | 4.90 | % | 10.29 | % | 12/1/2027 | 132 | — | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 1,674 | 1,670 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 248 | 248 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 42 | 42 | ||||||||||||||||||||||||||||||
3,842 | 3,685 | |||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||
SW Ingredients Holdings, LLC | SF | 4.75 | % | 10.21 | % | 7/3/2025 | 3,544 | 3,539 | ||||||||||||||||||||||||||||||
3,544 | 3,539 | |||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||
DS Parent, Inc. | SF | 5.75 | % | 11.21 | % | 12/8/2028 | 2,700 | 2,706 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 2,075 | 2,075 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Delayed Draw) (d) | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 591 | 78 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Revolver) (d) | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 296 | — | ||||||||||||||||||||||||||||||
5,662 | 4,859 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Phoenix Chemical Holding Company LLC | SF | 7.11 | % | 12.47 | % | 8/2/2024 | 1,131 | 1,020 | ||||||||||||||||||||||||||||||
TJC Spartech Acquisition Corp. | SF | 4.75 | % | 10.16 | % | 5/5/2028 | 4,210 | 4,063 | ||||||||||||||||||||||||||||||
5,341 | 5,083 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) | SF | 6.65 | % | 12.04% (e) | 9/30/2027 | 798 | 798 | |||||||||||||||||||||||||||||||
Runner Buyer INC. | SF | 5.61 | % | 11.00 | % | 10/23/2028 | 2,948 | 2,333 | ||||||||||||||||||||||||||||||
3,746 | 3,131 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||
PH Beauty Holdings III, INC. | SF | 5.00 | % | 10.35 | % | 9/26/2025 | 2,368 | 2,253 | ||||||||||||||||||||||||||||||
2,368 | 2,253 | |||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||
Polychem Acquisition, LLC | SF | 5.11 | % | 10.47 | % | 3/17/2025 | 2,858 | 2,855 | ||||||||||||||||||||||||||||||
PVHC Holding Corp | SF | 5.65 | % | 11.00% Cash/ 0.75% PIK | 2/17/2027 | 1,895 | 1,895 | |||||||||||||||||||||||||||||||
4,753 | 4,750 | |||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.47 | % | 6/22/2026 | 2,249 | 2,249 | ||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.47 | % | 6/22/2026 | 858 | 858 | ||||||||||||||||||||||||||||||
3,107 | 3,107 | |||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.15 | % | 10.50 | % | 12/13/2024 | 2,854 | 2,852 | ||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.10 | % | 10.46 | % | 12/13/2024 | 61 | 61 | ||||||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | SF | 4.85 | % | 10.21 | % | 3/27/2026 | 4,806 | 4,814 | ||||||||||||||||||||||||||||||
TEAM Public Choices, LLC | SF | 5.43 | % | 10.88 | % | 12/17/2027 | 2,925 | 2,908 | ||||||||||||||||||||||||||||||
10,646 | 10,635 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (c) | SF | 6.50 | % | 11.97% (e) | 1/30/2026 | 4,775 | 1,564 | |||||||||||||||||||||||||||||||
4,775 | 1,564 | |||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Cano Health, LLC (e) | SF | 4.10 | % | 9.42% (e) | 11/23/2027 | 1,950 | 857 | |||||||||||||||||||||||||||||||
HAH Group Holding Company LLC | SF | 5.00 | % | 10.46 | % | 10/29/2027 | 2,950 | 2,942 | ||||||||||||||||||||||||||||||
LSCS Holdings, Inc. | SF | 4.61 | % | 9.97 | % | 12/15/2028 | 1,809 | 1,786 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Natus Medical Incorporated | SF | 5.50 | % | 10.85 | % | 7/20/2029 | 4,950 | $ | 4,604 | |||||||||||||||||||||||||||||
Paragon Healthcare, Inc. | SF | 5.85 | % | 11.25 | % | 1/19/2027 | 2,105 | 2,083 | ||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. | SF | 5.75 | % | 11.22 | % | 1/19/2027 | 363 | 359 | ||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. (Revolver) (d) | SF | 5.75 | % | 11.22 | % | 1/19/2027 | 490 | — | ||||||||||||||||||||||||||||||
Radiology Partners, Inc. | SF | 4.68 | % | 10.18 | % | 7/9/2025 | 4,737 | 3,844 | ||||||||||||||||||||||||||||||
19,354 | 16,475 | |||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||
Corel Inc. (c) | SF | 5.10 | % | 10.49 | % | 7/2/2026 | 3,400 | 3,323 | ||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | SF | 5.26 | % | 10.61 | % | 5/11/2026 | 4,775 | 4,632 | ||||||||||||||||||||||||||||||
TGG TS Acquisition Company | SF | 6.61 | % | 11.97 | % | 12/12/2025 | 2,885 | 2,791 | ||||||||||||||||||||||||||||||
11,060 | 10,746 | |||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | SF | 5.40 | % | 10.75 | % | 4/27/2029 | 4,320 | 4,308 | ||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. (Revolver) (d) | SF | 5.40 | % | 10.75 | % | 4/28/2028 | 625 | — | ||||||||||||||||||||||||||||||
North Haven Spartan US Holdco, LLC | SF | 6.25 | % | 11.63 | % | 6/6/2025 | 2,250 | 2,241 | ||||||||||||||||||||||||||||||
Tait LLC | SF | 4.50 | % | 10.00 | % | 3/28/2025 | 4,040 | 4,026 | ||||||||||||||||||||||||||||||
Tait LLC (Revolver) (d) | SF | 4.50 | % | 10.00 | % | 3/28/2025 | 769 | — | ||||||||||||||||||||||||||||||
12,004 | 10,575 | |||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | SF | 5.76 | % | 11.14 | % | 12/20/2024 | 6,580 | 4,914 | ||||||||||||||||||||||||||||||
STATS Intermediate Holdings, LLC | SF | 5.51 | % | 10.88 | % | 7/10/2026 | 4,800 | 4,684 | ||||||||||||||||||||||||||||||
TA TT Buyer, LLC | SF | 5.00 | % | 10.35 | % | 3/30/2029 | 3,292 | 3,275 | ||||||||||||||||||||||||||||||
14,672 | 12,873 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
CHA Holdings, Inc | SF | 4.61 | % | 9.97 | % | 4/10/2025 | 1,939 | 1,908 | ||||||||||||||||||||||||||||||
CHA Holdings, Inc | SF | 4.61 | % | 9.97 | % | 4/10/2025 | 409 | 402 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC | SF | 5.50 | % | 10.85 | % | 4/14/2028 | 3,218 | 3,152 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC (Delayed Draw) (d) | SF | 5.50 | % | 10.86 | % | 4/14/2028 | 739 | 227 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 3,918 | 3,918 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 707 | 707 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. (Revolver) | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 550 | 550 | ||||||||||||||||||||||||||||||
Output Services Group, Inc. | SF | 6.68 | % | 12.07% (e) | 11/30/2028 | 1,042 | 1,041 | |||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.36 | % | 12/29/2028 | 1,676 | 1,676 | ||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.36 | % | 12/29/2028 | 267 | 267 | ||||||||||||||||||||||||||||||
SIRVA Worldwide Inc. | SF | 5.76 | % | 11.15 | % | 8/4/2025 | 1,750 | 1,556 | ||||||||||||||||||||||||||||||
Teneo Holdings LLC | SF | 5.35 | % | 10.71 | % | 7/11/2025 | 4,787 | 4,791 | ||||||||||||||||||||||||||||||
21,002 | 20,195 | |||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||
360Holdco, Inc. | SF | 5.60 | % | 10.96 | % | 8/1/2025 | 2,124 | 2,124 | ||||||||||||||||||||||||||||||
360Holdco, Inc. | SF | 5.60 | % | 10.96 | % | 8/1/2025 | 821 | 821 | ||||||||||||||||||||||||||||||
Laseraway Intermediate Holdings II, LLC | SF | 5.75 | % | 11.41 | % | 10/14/2027 | 2,178 | 2,153 | ||||||||||||||||||||||||||||||
McKissock Investment Holdings, LLC | SF | 5.00 | % | 10.54 | % | 3/9/2029 | 2,456 | 2,459 | ||||||||||||||||||||||||||||||
7,579 | 7,557 | |||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | SF | 6.11 | % | 11.47 | % | 7/21/2025 | 1,742 | 1,687 | ||||||||||||||||||||||||||||||
Mavenir Systems, Inc. | SF | 5.01 | % | 10.39 | % | 8/18/2028 | 1,638 | 1,159 | ||||||||||||||||||||||||||||||
Sandvine Corporation | SF | 4.50 | % | 9.97 | % | 10/31/2025 | 1,973 | 1,598 | ||||||||||||||||||||||||||||||
5,353 | 4,444 | |||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||
Keystone Purchaser, LLC | SF | 6.18 | % | 11.53 | % | 5/7/2027 | 4,905 | 4,868 | ||||||||||||||||||||||||||||||
4,905 | 4,868 | |||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Dresser Utility Solutions, LLC | SF | 4.10 | % | 9.46 | % | 10/1/2025 | 1,660 | 1,602 | ||||||||||||||||||||||||||||||
Dresser Utility Solutions, LLC | SF | 5.35 | % | 10.71 | % | 10/1/2025 | 243 | 239 | ||||||||||||||||||||||||||||||
1,903 | 1,841 | |||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||
HALO Buyer, Inc. | SF | 4.60 | % | 9.96 | % | 6/30/2025 | 4,723 | 3,570 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
4,723 | $ | 3,570 | ||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 154,006 | 139,373 | ||||||||||||||||||||||||||||||||||||
Equity Securities (f) (g) | ||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) | — | — | — (h) | — | 26 | 103 | ||||||||||||||||||||||||||||||||
26 | 103 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Polyventive Lender Holding Company LLC (0.84% of the equity) | — | — | — (h) | — | — | — | ||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Output Services Group, Inc. (51,370 Class A units) | — | — | — (h) | — | 51 | 438 | ||||||||||||||||||||||||||||||||
51 | 438 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equities | 77 | 541 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 139,914 |
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investments, at fair value | $ | 116,439 | $ | 139,914 | |||||||
Cash and cash equivalents | 2,335 | 1,884 | |||||||||
Restricted cash and cash equivalents | 4,842 | 5,265 | |||||||||
Interest receivable | 1,248 | 1,380 | |||||||||
Other assets | — | 6 | |||||||||
Total assets | $ | 124,864 | $ | 148,449 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | 58,014 | $ | 82,014 | |||||||
Less: Unamortized deferred financing costs | (518) | (717) | |||||||||
Total debt, less unamortized deferred financing costs | 57,496 | 81,297 | |||||||||
Interest payable | 446 | 590 | |||||||||
Payable for open trades | 592 | — | |||||||||
Accounts payable and accrued expenses | 349 | 320 | |||||||||
Total liabilities | 58,883 | 82,207 | |||||||||
Members’ capital | 65,981 | 66,242 | |||||||||
Total liabilities and members’ capital | $ | 124,864 | $ | 148,449 |
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income | $ | 4,038 | $ | 5,143 | |||||||||||||||||||
Total investment income | 4,038 | 5,143 | |||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Interest and other debt financing expenses | 1,690 | 2,352 | |||||||||||||||||||||
Professional fees and other expenses | 227 | 206 | |||||||||||||||||||||
Total expenses | 1,917 | 2,558 | |||||||||||||||||||||
Net investment income | 2,121 | 2,585 | |||||||||||||||||||||
Net gain (loss): | |||||||||||||||||||||||
Net realized gain (loss) | 36 | (540) | |||||||||||||||||||||
Net change in unrealized gain (loss) | (618) | 264 | |||||||||||||||||||||
Net gain (loss) | (582) | (276) | |||||||||||||||||||||
Net increase (decrease) in members’ capital | $ | 1,539 | $ | 2,309 |
personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.
Under the yieldincome approach, the Company uses discounted cash flow models are utilized to determine the present value of the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the yieldincome approach, the CompanyValuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.
Secured Borrowings
Due to the absence of a liquid trading market for these secured borrowings, they are valued by calculating the net present value of the future expected cash flow streams using an appropriate risk-adjusted discount rate model. The discount rate considers projected performance of the related loan investment, applicable market yields and leverage levels, credit quality, prepayment penalties and comparable company analysis. The Company consults with an independent valuation firm relative to the fair value of its secured borrowings at least once in every calendar year.
December 31, 2023 there were no foreign currency forward contracts outstanding.
Fair Value Measurements | |||||||||||||||||||||||
March 31, 2024 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
Senior secured loans | $ | — | $ | — | $ | 404,051 | $ | 404,051 | |||||||||||||||
Unitranche secured loans | — | — | 6,091 | 6,091 | |||||||||||||||||||
Junior secured loans | — | — | 27,427 | 27,427 | |||||||||||||||||||
Equity securities | 1,020 | — | 29,310 | 30,330 | |||||||||||||||||||
Investments measured at NAV (1) (2) | — | — | — | 32,990 | |||||||||||||||||||
Total investments | $ | 1,020 | $ | — | $ | 466,879 | $ | 500,889 |
Fair Value Measurements | |||||||||||||||||||||||
December 31, 2023 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
Senior secured loans | $ | — | $ | — | $ | 388,882 | $ | 388,882 | |||||||||||||||
Unitranche secured loans | — | — | 13,877 | 13,877 | |||||||||||||||||||
Junior secured loans | — | — | 26,594 | 26,594 | |||||||||||||||||||
Equity securities | 257 | — | 25,654 | 25,911 | |||||||||||||||||||
Investments measured at NAV (1) (2) | — | — | — | 33,122 | |||||||||||||||||||
Total investments | $ | 257 | $ | — | $ | 455,007 | $ | 488,386 |
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Senior secured loans | $ | — | $ | — | $ | 327,984 | $ | 327,984 | ||||||||
Unitranche loans | — | — | 44,592 | 44,592 | ||||||||||||
Junior secured loans | — | — | 38,555 | 38,555 | ||||||||||||
Equity securities | — | — | 19,966 | 19,966 | ||||||||||||
Total Investments | $ | — | $ | — | $ | 431,097 | $ | 431,097 | ||||||||
Secured borrowings | $ | — | $ | — | $ | — | $ | — |
The following table presents
Fair Value Measurements | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Senior secured loans | $ | — | $ | — | $ | 275,253 | $ | 275,253 | ||||||||
Unitranche loans | — | — | 51,638 | 51,638 | ||||||||||||
Junior secured loans | — | — | 59,366 | 59,366 | ||||||||||||
Equity securities | — | — | 26,663 | 26,663 | ||||||||||||
Total Investments | $ | — | $ | — | $ | 412,920 | $ | 412,920 | ||||||||
Secured borrowings | $ | — | $ | — | $ | 1,314 | $ | 1,314 |
June 2024 to March 2030.
Investments | ||||||||||||||||||||||||
Senior secured loans | Unitranche loans | Junior secured loans | Equity securities | Total investments | Secured borrowings | |||||||||||||||||||
Balance as of June 30, 2017 | $ | 351,491 | $ | 37,302 | $ | 37,709 | $ | 19,047 | $ | 445,549 | $ | — | ||||||||||||
Reclassifications(1) | (15,747 | ) | 15,747 | — | — | — | — | |||||||||||||||||
Net change in unrealized gain (loss) on investments | (3,380 | ) | 4,554 | 305 | 919 | 2,398 | — | |||||||||||||||||
Net realized gain (loss) on investments | — | (3,399 | ) | 7 | 492 | (2,900 | ) | — | ||||||||||||||||
Purchases of investments and other adjustments to cost(2) | 44,119 | 225 | 10,691 | — | 55,035 | — | ||||||||||||||||||
Proceeds from principal payments and sales on investments (3) | (48,499 | ) | (9,837 | ) | (10,157 | ) | (492 | ) | (68,985 | ) | — | |||||||||||||
Net change in unrealized gain (loss) on secured borrowings | — | — | — | — | — | — | ||||||||||||||||||
Repayments on secured borrowings | — | — | — | — | — | — | ||||||||||||||||||
Net realized (gain) loss on secured borrowings | — | — | — | — | — | — | ||||||||||||||||||
Balance as of September 30, 2017 | $ | 327,984 | $ | 44,592 | $ | 38,555 | $ | 19,966 | $ | 431,097 | $ | — |
Investments | ||||||||||||||||||||||||
Senior secured loans | Unitranche loans | Junior secured loans | Equity securities | Total investments | Secured borrowings | |||||||||||||||||||
Balance as of December 31, 2016 | $ | 275,253 | $ | 51,638 | $ | 59,366 | $ | 26,663 | $ | 412,920 | $ | 1,314 | ||||||||||||
Reclassifications(1) | (18,542 | ) | 15,747 | 382 | 2,413 | — | — | |||||||||||||||||
Net change in unrealized gain (loss) on investments | (5,237) | 5,382 | 462 | (9,110 | ) | (8,503 | ) | — | ||||||||||||||||
Net realized gain (loss) on investments | 41 | (3,399 | ) | 7 | 2,779 | (572 | ) | — | ||||||||||||||||
Purchases of investments and other adjustments to cost(2) | 155,915 | 4,889 | 10,893 | — | 171,697 | — | ||||||||||||||||||
Proceeds from principal payments and sales on investments (3) | (79,446 | ) | (29,665 | ) | (32,555 | ) | (2,779 | ) | (144,445 | ) | — | |||||||||||||
Net change in unrealized gain (loss) on secured borrowings | — | — | — | — | — | 6 | ||||||||||||||||||
Repayments on secured borrowings | — | — | — | — | — | (1,254 | ) | |||||||||||||||||
Net realized (gain) loss on secured borrowings | — | — | — | — | — | (66 | ) | |||||||||||||||||
Balance as of September 30, 2017 | $ | 327,984 | $ | 44,592 | $ | 38,555 | $ | 19,966 | $ | 431,097 | $ | — |
Investments | |||||||||||||||||||||||||||||
Senior Secured Loans | Unitranche Secured Loans | Junior Secured Loans | Equity Securities | Total Level 3 Investments | |||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | 388,882 | $ | 13,877 | $ | 26,594 | $ | 25,654 | $ | 455,007 | |||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | 4 | 4 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) on investments | (1,657) | (101) | 1,413 | (2,073) | (2,418) | ||||||||||||||||||||||||
Purchases of investments and other adjustments to cost (1) | 23,576 | 100 | 1,087 | 1,945 | 26,708 | ||||||||||||||||||||||||
Proceeds from principal payments and sales of investments (2) | (4,038) | (7,785) | (260) | (4) | (12,087) | ||||||||||||||||||||||||
Reclassifications (3) | (2,712) | — | (1,407) | 4,119 | — | ||||||||||||||||||||||||
Transfers in (out) of Level 3 (4) | — | — | — | (335) | (335) | ||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | 404,051 | $ | 6,091 | $ | 27,427 | $ | 29,310 | $ | 466,879 |
Investments | |||||||||||||||||||||||||||||
Senior Secured Loans | Unitranche Secured Loans | Junior Secured Loans | Equity Securities | Total Level 3 Investments | |||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 434,023 | $ | 20,633 | $ | 22,193 | $ | 28,388 | $ | 505,237 | |||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | 706 | 706 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) on investments | (4,269) | 3 | 143 | (324) | (4,447) | ||||||||||||||||||||||||
Purchases of investments and other adjustments to cost (1) | 23,577 | 45 | 569 | 755 | 24,946 | ||||||||||||||||||||||||
Proceeds from principal payments and sales of investments (2) | (21,451) | (7,320) | (927) | (706) | (30,404) | ||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 431,880 | $ | 13,361 | $ | 21,978 | $ | 28,819 | $ | 496,038 |
(3)Represents non-cash reclassification of investment type due to |
The following tables provide a reconciliation of the beginning and ending balances for investments and secured borrowings that use Level 3 inputs for the three and nine months ended September 30, 2016:
Investments | ||||||||||||||||||||||||
Senior secured loans | Unitranche loans | Junior secured loans | Equity securities | Total investments | Secured borrowings | |||||||||||||||||||
Balance as of June 30, 2016 | $ | 201,002 | $ | 53,920 | $ | 64,955 | $ | 22,931 | $ | 342,808 | $ | 2,112 | ||||||||||||
Reclassifications | — | — | — | — | — | — | ||||||||||||||||||
Net change in unrealized gain (loss) on investments | (2,739 | ) | (635 | ) | 873 | 653 | (1,848 | ) | — | |||||||||||||||
Net realized gain (loss) on investments | — | — | — | — | — | — | ||||||||||||||||||
Purchases of investments and other adjustments to cost(2) | 50,384 | 197 | 191 | — | 50,772 | — | ||||||||||||||||||
Proceeds from principal payments and sales on investments (3) | (8,127 | ) | (1,624 | ) | (5,325 | ) | — | (15,076 | ) | — | ||||||||||||||
Net change in unrealized gain (loss) on secured borrowings | — | — | — | — | — | 123 | ||||||||||||||||||
Proceeds from secured borrowings | — | — | — | — | — | — | ||||||||||||||||||
Repayments on secured borrowings | — | — | — | — | — | (625 | ) | |||||||||||||||||
Balance as of September 30, 2016 | $ | 240,520 | $ | 51,858 | $ | 60,694 | $ | 23,584 | $ | 376,656 | $ | 1,610 |
Investments | ||||||||||||||||||||||||
Senior secured loans | Unitranche loans | Junior secured loans | Equity securities | Total investments | Secured borrowings | |||||||||||||||||||
Balance as of December 31, 2015 | $ | 190,559 | $ | 68,090 | $ | 63,388 | $ | 19,054 | $ | 341,091 | $ | 2,476 | ||||||||||||
Reclassifications(1) | 6,525 | (6,525 | ) | — | — | — | — | |||||||||||||||||
Net change in unrealized gain (loss) on investments | (3,360) | (2,349 | ) | 332 | 4,530 | (847 | ) | — | ||||||||||||||||
Net realized gain (loss) on investments | — | — | — | 587 | 587 | — | ||||||||||||||||||
Purchases of investments and other adjustments to cost(2) | 88,497 | 1,719 | 8,068 | — | 98,284 | — | ||||||||||||||||||
Proceeds from principal payments and sales on investments (3) | (41,701 | ) | (9,077 | ) | (11,094 | ) | (587 | ) | (62,459 | ) | — | |||||||||||||
Net change in unrealized gain (loss) on secured borrowings | — | — | — | — | — | 36 | ||||||||||||||||||
Proceeds from secured borrowings | — | — | — | — | — | — | ||||||||||||||||||
Repayments on secured borrowings | — | — | — | — | — | (902 | ) | |||||||||||||||||
Balance as of September 30, 2016 | $ | 240,520 | $ | 51,858 | $ | 60,694 | $ | 23,584 | $ | 376,656 | $ | 1,610 |
The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2017,March 31, 2024 and 2023, attributable to Level 3 investments still held at September 30, 2017,March 31, 2024 and 2023, was ($254)2,451) and ($11,637), respectively. The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on investments for the three and nine months ended September 30, 2016, attributable to Level 3 investments still held at September 30, 2016, was ($1,821) and ($377), respectively. The total change in unrealized gain (loss) included in the consolidated statements of operations within net change in unrealized gain (loss) on secured borrowings for the three and nine months ended September 30, 2016, attributable to Level 3 secured borrowings still held at September 30, 2016, was($123) and ($36)3,645), respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. During the threemonths ended March 31, 2024, oneinvestment transferred from Level 3 to Level 1 as a result of a restructuring. There were no transfers among Levels 1, 2 and 3 during the three and nine months ended September 30, 2017 and 2016.
March 31, 2023.
Weighted | Range | |||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Average Mean | Minimum | Maximum | |||||||||||||||
Assets: | ||||||||||||||||||||
Senior secured loans | $ | 257,683 | Discounted cash flow | EBITDA multiples | 6.9x | 1.3x | 14.0x | |||||||||||||
Market yields | 11.5 | % | 6.8 | % | 22.0 | % | ||||||||||||||
Senior secured loans | 13,350 | Waterfall | Delinquency ratio | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||
Senior secured loans | 12,897 | Discounted cash flow | Tangible book value multiples | 1.4x | 1.3x | 1.4x | ||||||||||||||
Market yields | 13.8 | % | 9.8 | % | 19.2 | % | ||||||||||||||
Senior secured loans | 9,124 | Enterprise value | Revenue multiples | 0.3x | 0.3x | 0.6x | ||||||||||||||
Senior secured loans | 8,405 | Enterprise value | EBITDA multiples | 7.1x | 5.5x | 9.0x | ||||||||||||||
Unitranche loans | 44,299 | Discounted cash flow | EBITDA multiples | 7.2x | 4.5x | 8.5x | ||||||||||||||
Market yields | 13.6 | % | 6.5 | % | 20.9 | % | ||||||||||||||
Unitranche loans | 293 | Enterprise value | EBITDA multiples | 5.0x | 4.5x | 5.5x | ||||||||||||||
Junior secured loans | 5,653 | Discounted cash flow | EBITDA multiples | 8.9x | 3.8x | 10.0x | ||||||||||||||
Market yields | 11.5 | % | 10.6 | % | 13.5 | % | ||||||||||||||
Equity securities | 9,705 | Enterprise value | EBITDA multiples | 5.2x | 4.5x | 9.5x | ||||||||||||||
Equity securities | 8,192 | Discounted cash flow | EBITDA multiples | 4.0x | 3.8x | 4.3x | ||||||||||||||
Market yields | 19.0 | % | 18.0 | % | 20.0 | % | ||||||||||||||
Equity securities | 610 | Enterprise value | Tangible book value multiples | 1.4x | 1.3x | 1.4x | ||||||||||||||
Equity securities | 215 | Enterprise value | Revenue multiples | 2.5x | 2.4x | 2.6x | ||||||||||||||
Total Level 3 Assets | $ | 370,426 | (1) | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured Borrowings | $ | — |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average Mean | Range | |||||||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Senior secured loans | $ | 254,006 | Discounted cash flow | EBITDA multiples | 10.4x | 4.8x | 22.4x | ||||||||||||||||||||||||||||
Market yields | 13.1% | 8.9% | 24.5% | ||||||||||||||||||||||||||||||||
Senior secured loans | 112,692 | Discounted cash flow | Revenue multiples | 5.6x | 1.0x | 12.0x | |||||||||||||||||||||||||||||
Market yields | 11.7% | 9.2% | 17.3% | ||||||||||||||||||||||||||||||||
Senior secured loans | 17,784 | Enterprise value | Book value multiples | 1.3x | 1.3x | 1.3x | |||||||||||||||||||||||||||||
Senior secured loans | 8,813 | Enterprise value | Revenue multiples | 1.9x | 0.5x | 2.4x | |||||||||||||||||||||||||||||
Senior secured loans | 8,138 | Liquidation | Probability weighting of alternative outcomes | 89.1% | 32.4% | 92.3% | |||||||||||||||||||||||||||||
Senior secured loans | 1,991 | Enterprise value | EBITDA multiples | 9.5x | 9.5x | 9.5x | |||||||||||||||||||||||||||||
Unitranche secured loans | 3,841 | Discounted cash flow | Revenue multiples | 9.0x | 6.0x | 12.8x | |||||||||||||||||||||||||||||
Market yields | 13.1% | 12.1% | 13.8% | ||||||||||||||||||||||||||||||||
Unitranche secured loans | 2,250 | Discounted cash flow | Market yields | 11.9% | 11.9% | 11.9% | |||||||||||||||||||||||||||||
Junior secured loans | 21,514 | Discounted cash flow | Market yields | 13.1% | 12.7% | 15.4% | |||||||||||||||||||||||||||||
Junior secured loans | 2,391 | Discounted cash flow | Revenue multiples | 0.7x | 0.2x | 1.0x | |||||||||||||||||||||||||||||
Market yields | 17.6% | 16.0% | 22.5% | ||||||||||||||||||||||||||||||||
Junior secured loans | 2,246 | Liquidation | Probability weighting of alternative outcomes | 269.8% | 0.0% | 269.8% | |||||||||||||||||||||||||||||
Junior secured loans | 331 | Enterprise value | Revenue multiples | 1.7x | 1.7x | 1.7x | |||||||||||||||||||||||||||||
Equity securities | 20,905 | Enterprise value | EBITDA multiples | 8.7x | 5.4x | 20.0x | |||||||||||||||||||||||||||||
Equity securities | 4,895 | Enterprise value | Revenue multiples | 3.2x | 1.7x | 12.0x | |||||||||||||||||||||||||||||
Equity securities | 2,248 | Option pricing model | Volatility | 57.9% | 25.0% | 72.5% | |||||||||||||||||||||||||||||
Equity securities | 842 | Discounted cash flow | Market yields | 16.3% | 16.3% | 16.3% | |||||||||||||||||||||||||||||
Total Level 3 Assets | $ | 464,887 | (1) |
Weighted | Range | |||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Average Mean | Minimum | Maximum | |||||||||||||||
Assets: | ||||||||||||||||||||
Senior secured loans | $ | 214,267 | Discounted cash flow | EBITDA multiples | 7.0x | 3.2x | 13.3x | |||||||||||||
Market yields | 11.7 | % | 7.0 | % | 22.0 | % | ||||||||||||||
Senior secured loans | 1,054 | Enterprise value | Revenue multiples | 0.6x | 0.5x | 0.6x | ||||||||||||||
Senior secured loans | 12,727 | Enterprise value | EBITDA multiples | 4.1x | 3.3x | 5.5x | ||||||||||||||
Unitranche loans | 47,861 | Discounted cash flow | EBITDA multiples | 6.1x | 4.8x | 8.0x | ||||||||||||||
Market yields | 13.4 | % | 9.5 | % | 22.1 | % | ||||||||||||||
Unitranche loans | 3,491 | Combination of discounted cash flow and enterprise value | Revenue multiples | 0.5x | 0.5x | 0.6x | ||||||||||||||
Market yields | 29.2 | % | 29.2 | % | 29.2 | % | ||||||||||||||
Unitranche loans | 286 | Enterprise value | EBITDA multiples | 6.0x | 5.5x | 6.5x | ||||||||||||||
Junior secured loans | 18,572 | Discounted cash flow | EBITDA multiples | 7.5x | 3.5x | 9.5x | ||||||||||||||
Market yields | 11.5 | % | 7.0 | % | 13.5 | % | ||||||||||||||
Junior secured loans | — | Enterprise value | Revenue multiples | 0.6x | 0.5x | 0.6x | ||||||||||||||
Equity securities | 8,121 | Discounted cash flow | EBITDA multiples | 3.8x | 3.5x | 4.0x | ||||||||||||||
Market yields | 17.0 | % | 16.0 | % | 18.0 | % | ||||||||||||||
Equity securities | 18,164 | Enterprise value | EBITDA multiples | 4.6x | 3.3x | 13.3x | ||||||||||||||
Equity securities | 249 | Enterprise value | Revenue multiples | 0.8x | 0.1x | 3.8x | ||||||||||||||
Total Level 3 Assets | $ | 324,792 | (1) | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Secured Borrowings | $ | 1,314 | Discounted cash flow | Market yields | 7.7 | % | 7.1 | % | 8.2 | % |
Fair Value | Valuation Technique | Unobservable Input | Weighted Average Mean | Range | |||||||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Senior secured loans | $ | 238,481 | Discounted cash flow | EBITDA multiples | 10.5x | 5.0x | 22.2x | ||||||||||||||||||||||||||||
Market yields | 13.2% | 9.0% | 24.5% | ||||||||||||||||||||||||||||||||
Senior secured loans | 112,213 | Discounted cash flow | Revenue multiples | 5.6x | 0.9x | 11.8x | |||||||||||||||||||||||||||||
Market yields | 11.9% | 9.0% | 16.6% | ||||||||||||||||||||||||||||||||
Senior secured loans | 17,839 | Enterprise value | Book value multiples | 1.3x | 1.3x | 1.3x | |||||||||||||||||||||||||||||
Senior secured loans | 8,352 | Liquidation | Probability weighting of alternative outcomes | 91.7% | 32.4% | 95.0% | |||||||||||||||||||||||||||||
Senior secured loans | 7,054 | Enterprise value | Revenue multiples | 2.5x | 1.6x | 2.5x | |||||||||||||||||||||||||||||
Senior secured loans | 4,322 | Enterprise value | EBITDA multiples | 7.3x | 5.3x | 8.3x | |||||||||||||||||||||||||||||
Unitranche secured loans | 10,126 | Discounted cash flow | Market yields | 11.9% | 11.9% | 11.9% | |||||||||||||||||||||||||||||
Unitranche secured loans | 3,751 | Discounted cash flow | Revenue multiples | 9.0x | 6.0x | 12.8x | |||||||||||||||||||||||||||||
Market yields | 12.4% | 11.9% | 12.7% | ||||||||||||||||||||||||||||||||
Junior secured loans | 20,661 | Discounted cash flow | Market yields | 13.1% | 12.4% | 15.6% | |||||||||||||||||||||||||||||
Junior secured loans | 2,340 | Enterprise value | Revenue multiples | 1.6x | 1.6x | 1.6x | |||||||||||||||||||||||||||||
Junior secured loans | 2,174 | Liquidation | Probability weighting of alternative outcomes | 260.8% | —% | 260.8% | |||||||||||||||||||||||||||||
Junior secured loans | 1,419 | Discounted cash flow | Revenue multiples | 0.4x | 0.2x | 0.9x | |||||||||||||||||||||||||||||
Market yields | 14.2% | 13.3% | 16.2% | ||||||||||||||||||||||||||||||||
Equity securities | 18,994 | Enterprise value | EBITDA multiples | 8.8x | 4.9x | 20.5x | |||||||||||||||||||||||||||||
Equity securities | 2,701 | Enterprise value | Revenue multiples | 3.7x | 0.9x | 11.8x | |||||||||||||||||||||||||||||
Equity securities | 2,160 | Option pricing model | Volatility | 59.0% | 35.0% | 70.0% | |||||||||||||||||||||||||||||
Equity securities | 1,380 | Discounted cash flow | EBITDA multiples | 6.0x | 6.0x | 6.0x | |||||||||||||||||||||||||||||
Market yields | 19.0% | 16.3% | 27.5% | ||||||||||||||||||||||||||||||||
Total Level 3 Assets | $ | 453,967 | (1) |
The significant unobservable inputs used in the yieldincome approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.
Portfolio Company | Fair value at December 31, 2016 |
Transfers in | Purchases (cost) | Sales and paydowns (cost) | PIK interest (cost) | Discount accretion | Net realized gains (losses) | Net unrealized gains (losses) | Fair value 2017 | |||||||||||||||||||||||||||
Non-controlled affiliate company investments(1) : | ||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | $ | 13,950 | $ | — | $ | 647 | $ | — | $ | 168 | $ | 52 | $ | — | $ | (1,310 | ) | $ | 13,507 | |||||||||||||||||
Luxury Optical Holdings Co.(2) | — | 3,970 | 808 | — | 68 | 4 | — | (364 | ) | 4,486 | ||||||||||||||||||||||||||
Rockdale Blackhawk, LLC(3) | 27,077 | — | 4,161 | (16 | ) | — | 147 | — | (6,394 | ) | 24,975 | |||||||||||||||||||||||||
Rocket Dog Brands, LLC | 1,054 | — | — | — | 130 | (1 | ) | — | (927 | ) | 256 | |||||||||||||||||||||||||
SHI Holdings, Inc. | 4,297 | — | 833 | — | — | 15 | 307 | 5,452 | ||||||||||||||||||||||||||||
Summit Container Corporation | 3,663 | — | 1,499 | (102 | ) | 55 | 18 | — | (214 | ) | 4,919 | |||||||||||||||||||||||||
Total non-controlled affiliate company investments | $ | 50,041 | $ | 3,970 | $ | 7,948 | $ | (118 | ) | $ | 421 | $ | 235 | $ | — | $ | (8,902 | ) | $ | 53,595 | ||||||||||||||||
Controlled affiliate company investments(1) : | ||||||||||||||||||||||||||||||||||||
TPP Acquisition, Inc.(4) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
TPP Operating, Inc.(4) | 8,899 | — | 4,330 | (972 | ) | — | — | — | (3,389 | ) | 8,868 | |||||||||||||||||||||||||
Total controlled affiliate company investments | $ | 8,899 | $ | — | $ | 4,330 | $ | (972 | ) | $ | — | $ | — | $ | — | $ | (3,389 | ) | $ | 8,868 |
Portfolio Company | Fair value at December 31, 2023 | Transfers in (out) | Purchases (cost) | Sales and paydowns (cost) | PIK interest (cost) | Discount accretion | Net realized gain (loss) | Net unrealized gain (loss) | Fair value at March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | $ | 8,110 | $ | — | $ | — | $ | — | $ | 243 | $ | — | $ | — | $ | (268) | $ | 8,085 | ||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 3,990 | — | — | — | 120 | — | — | (132) | 3,978 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 491 | — | — | — | 15 | — | — | (16) | 490 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 1,808 | — | — | — | 54 | — | — | (60) | 1,802 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 3,347 | — | — | — | 100 | — | — | (111) | 3,336 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 16 | — | — | — | — | — | — | — | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 77 | — | — | — | 2 | — | — | (2) | 77 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Revolver) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (4,940 shares of common stock) (1) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
17,839 | — | — | — | 534 | — | — | (589) | 17,784 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC (2,032,258 Class A units) | 1,932 | — | — | — | — | — | — | (280) | 1,652 | |||||||||||||||||||||||||||||||||||||||||||||||
1,932 | — | — | — | — | — | — | (280) | 1,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
Familia Dental Group Holdings, LLC (1,304 Class A units) | 2,226 | — | 254 | — | — | — | — | (117) | 2,363 | |||||||||||||||||||||||||||||||||||||||||||||||
2,226 | — | 254 | — | — | — | — | (117) | 2,363 | ||||||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 17,233 | — | — | — | — | — | — | 267 | 17,500 | |||||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 6,191 | — | — | — | — | — | — | 97 | 6,288 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC | 10,237 | — | — | — | 534 | — | — | — | 10,771 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC | 3,051 | — | — | — | 159 | — | — | — | 3,210 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (15.9% of interests) | 1,045 | — | — | — | — | — | — | (203) | 842 | |||||||||||||||||||||||||||||||||||||||||||||||
37,757 | — | — | — | 693 | — | — | 161 | 38,611 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | 55 | — | — | — | — | — | — | (1) | 54 | |||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | 6,187 | — | — | — | 80 | — | — | (148) | 6,119 | |||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Revolver) | 658 | — | 37 | (703) | — | — | — | 8 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (6,400 Class B units) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
6,900 | — | 37 | (703) | 80 | — | — | (141) | 6,173 | ||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (Revolver) | 424 | — | — | — | — | — | — | — | 424 | |||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC, LLC (20.8% of LLC units) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
424 | — | — | — | — | — | — | — | 424 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second Avenue SFR Holdings II LLC (Revolver) (2) | 3,323 | — | — | — | — | — | — | — | 3,323 | |||||||||||||||||||||||||||||||||||||||||||||||
3,323 | — | — | — | — | — | — | — | 3,323 | ||||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (Junior secured loan) | 5,539 | — | — | — | — | — | — | (6) | 5,533 | |||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (24.4% of interests) | 4,372 | — | — | — | — | — | — | 74 | 4,446 | |||||||||||||||||||||||||||||||||||||||||||||||
9,911 | — | — | — | — | — | — | 68 | 9,979 | ||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (Revolver) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (16 shares of common stock) | 3,229 | — | — | — | — | — | — | 95 | 3,324 | |||||||||||||||||||||||||||||||||||||||||||||||
3,229 | — | — | — | — | — | — | 95 | 3,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled affiliate company investments | $ | 83,541 | $ | — | $ | 291 | $ | (703) | $ | 1,307 | $ | — | $ | — | $ | (803) | $ | 83,633 | ||||||||||||||||||||||||||||||||||||||
Controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCC Senior Loan Fund I, LLC | $ | 33,122 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (132) | $ | 32,990 | ||||||||||||||||||||||||||||||||||||||
33,122 | — | — | — | — | — | — | (132) | 32,990 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total controlled affiliate company investments | $ | 33,122 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (132) | $ | 32,990 |
Portfolio Company | Fair value at December 31, 2015 |
Transfers in | Purchases (cost) | Sales and paydowns (cost) | PIK interest (cost) | Discount accretion | Net realized gains (losses) | Net unrealized gains (losses) | Fair value 2016 | |||||||||||||||||||||||||||
Non-controlled affiliate company investments(1) : | ||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | $ | 11,692 | $ | — | $ | 488 | $ | — | $ | 153 | $ | 44 | $ | — | $ | 1,045 | $ | 13,422 | ||||||||||||||||||
Rockdale Blackhawk, LLC | 21,903 | — | 462 | (2,187 | ) | — | 140 | — | 3,945 | 24,263 | ||||||||||||||||||||||||||
Rocket Dog Brands, LLC | 1,752 | — | 384 | (12 | ) | 319 | 7 | — | (1,293 | ) | 1,157 | |||||||||||||||||||||||||
Summit Container Corporation | 3,400 | — | 137 | (141 | ) | 48 | 20 | — | 117 | 3,581 | ||||||||||||||||||||||||||
Total non-controlled affiliate company investments | $ | 38,747 | $ | — | $ | 1,471 | $ | (2,340 | ) | $ | 520 | $ | 211 | $ | — | $ | 3,814 | $ | 42,423 | |||||||||||||||||
Controlled affiliate company investments(1) : | ||||||||||||||||||||||||||||||||||||
TPP Acquisition, Inc. | $ | 6,525 | $ | — | $ | 4,769 | $ | (1,304 | ) | $ | — | $ | — | $ | — | $ | (3,741 | ) | $ | 6,249 | ||||||||||||||||
Total controlled affiliate company investments | $ | 6,525 | $ | — | $ | 4,769 | $ | (1,304 | ) | $ | — | $ | — | $ | — | $ | (3,741 | ) | $ | 6,249 |
For the nine months ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Portfolio Company | Interest income | Dividend income | Fee income | Interest income | Dividend income | Fee income | ||||||||||||||||||
Non-controlled affiliate company investments (1) : | ||||||||||||||||||||||||
American Community Homes, Inc. | $ | 1,142 | $ | — | $ | — | $ | 1,073 | $ | — | $ | — | ||||||||||||
Luxury Optical Holdings Co. | 142 | — | — | — | — | — | ||||||||||||||||||
Rockdale Blackhawk, LLC | 1,518 | — | — | 1,373 | 3,546 | — | ||||||||||||||||||
Rocket Dog Brands, LLC | 126 | — | — | 351 | — | — | ||||||||||||||||||
SHI Holdings, Inc. | 367 | — | — | — | — | — | ||||||||||||||||||
Summit Container Corporation | 482 | — | — | 485 | — | — | ||||||||||||||||||
Total non-controlled affiliate company investments | $ | 3,777 | $ | — | $ | — | $ | 3,282 | $ | 3,546 | $ | — | ||||||||||||
Controlled affiliate company investments(1): | ||||||||||||||||||||||||
TPP Acquisition, Inc. | $ | — | $ | — | $ | — | $ | 30 | $ | — | $ | — | ||||||||||||
TPP Operating, Inc. | 594 | — | — | — | — | — | ||||||||||||||||||
Total controlled affiliate company investments | $ | 594 | $ | — | $ | — | $ | 30 | $ | — | $ | — |
Portfolio Company | Fair value at December 31, 2022 | Transfers in (out) | Purchases (cost) | Sales and paydowns (cost) | PIK interest (cost) | Discount accretion | Net realized gain (loss) | Net unrealized gain (loss) | Fair value at March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | $ | 8,953 | $ | — | $ | — | $ | — | $ | 366 | $ | — | $ | — | $ | (679) | $ | 8,640 | ||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 4,258 | — | — | — | 237 | — | — | (339) | 4,156 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 543 | — | — | — | 22 | — | — | (41) | 524 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 1,996 | — | — | — | 81 | — | — | (151) | 1,926 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 3,694 | — | — | — | 152 | — | — | (280) | 3,566 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 17 | — | — | — | 1 | — | — | (1) | 17 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 85 | — | — | — | 4 | — | — | (7) | 82 | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Revolver) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. (4,940 shares of common stock) (1) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
19,546 | — | — | — | 863 | — | — | (1,498) | 18,911 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC | 6,217 | — | — | (44) | — | 10 | — | (52) | 6,131 | |||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC (Revolver) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ascent Midco, LLC (2,032,258 Class A units) | 1,969 | — | — | — | — | — | — | (74) | 1,895 | |||||||||||||||||||||||||||||||||||||||||||||||
8,186 | — | — | (44) | — | 10 | — | (126) | 8,026 | ||||||||||||||||||||||||||||||||||||||||||||||||
C Parent Holdings, LLC. | 146 | — | — | — | — | — | — | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
C Parent Holdings, LLC. (58,779 shares of common stock) (3) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
146 | — | — | — | — | — | — | — | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||
Familia Dental Group Holdings, LLC (1,194 Class A units) | 2,625 | — | 60 | — | — | — | — | (256) | 2,429 | |||||||||||||||||||||||||||||||||||||||||||||||
2,625 | — | 60 | — | — | — | — | (256) | 2,429 | ||||||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 16,159 | — | — | — | — | — | — | 264 | 16,423 | |||||||||||||||||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 5,805 | — | — | — | — | — | — | 96 | 5,901 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC | 8,421 | — | — | — | 403 | — | — | — | 8,824 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (Delayed Draw) | 1,000 | — | 1,586 | — | 48 | — | — | — | 2,634 | |||||||||||||||||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (15.9% of interest) | 1,291 | — | — | — | — | — | — | 387 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||
32,676 | — | 1,586 | — | 451 | — | — | 747 | 35,460 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | 5,492 | — | — | — | 69 | 7 | — | (7) | 5,561 | |||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Revolver) | 214 | — | 293 | — | 4 | — | — | — | 511 | |||||||||||||||||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (6,400 Class B units) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
5,706 | — | 293 | — | 73 | 7 | — | (7) | 6,072 | ||||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC (Revolver) | 382 | — | — | — | — | — | — | — | 382 | |||||||||||||||||||||||||||||||||||||||||||||||
NECB Collections, LLC, LLC (20.8% of LLC units) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
382 | — | — | — | — | — | — | — | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second Avenue SFR Holdings II LLC (Revolver) (2) | 4,755 | — | — | — | — | — | — | (12) | 4,743 | |||||||||||||||||||||||||||||||||||||||||||||||
4,755 | — | — | — | — | — | — | (12) | 4,743 | ||||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (Junior secured loan) | 5,850 | — | — | — | — | — | — | — | 5,850 | |||||||||||||||||||||||||||||||||||||||||||||||
SFR Holdco, LLC (24.4% of interests) | 3,900 | — | — | — | — | — | — | — | 3,900 | |||||||||||||||||||||||||||||||||||||||||||||||
9,750 | — | — | — | — | — | — | — | 9,750 | ||||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (Revolver) | 80 | — | — | — | — | — | — | — | 80 | |||||||||||||||||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (16 shares of common stock) | 2,766 | — | — | — | — | — | — | 127 | 2,893 | |||||||||||||||||||||||||||||||||||||||||||||||
2,846 | — | — | — | — | — | — | 127 | 2,973 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled affiliate company investments | $ | 86,618 | $ | — | $ | 1,939 | $ | (44) | $ | 1,387 | $ | 17 | $ | — | $ | (1,025) | $ | 88,892 | ||||||||||||||||||||||||||||||||||||||
Controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCC Senior Loan Fund I, LLC | $ | 35,509 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 254 | $ | 35,763 | ||||||||||||||||||||||||||||||||||||||
35,509 | — | — | — | — | — | — | 254 | 35,763 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total controlled affiliate company investments | $ | 35,509 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 254 | $ | 35,763 |
For the three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||
Portfolio Company | Interest Income | Dividend Income | Fee Income | Interest Income | Dividend Income | Fee Income | ||||||||||||||||||||||||||||||||
Non-controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||
American Community Homes, Inc. | $ | 240 | $ | — | $ | — | $ | 359 | $ | — | $ | — | ||||||||||||||||||||||||||
American Community Homes, Inc. | 118 | — | — | 233 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 15 | — | — | 22 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 54 | — | — | 80 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 99 | — | — | 148 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 1 | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. | 2 | — | — | 3 | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Revolver) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
American Community Homes, Inc. (Common stock) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
529 | — | — | 846 | — | — | |||||||||||||||||||||||||||||||||
Ascent Midco, LLC | — | — | — | 169 | — | — | ||||||||||||||||||||||||||||||||
Ascent Midco, LLC (Revolver) | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||||||
Ascent Midco, LLC (Class A units) | — | 53 | — | — | 49 | — | ||||||||||||||||||||||||||||||||
— | 53 | — | 170 | 49 | — | |||||||||||||||||||||||||||||||||
Familia Dental Group Holdings, LLC (Class A units) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 588 | — | — | 564 | — | — | ||||||||||||||||||||||||||||||||
HFZ Capital Group, LLC | 212 | — | — | 203 | — | — | ||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC | 553 | — | — | 435 | — | — | ||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (Delayed Draw) | 165 | — | — | 126 | — | — | ||||||||||||||||||||||||||||||||
MC Asset Management (Corporate), LLC (LLC interest) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
1,518 | — | — | 1,328 | — | — | |||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | — | — | — | 190 | — | — | ||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. | 2 | — | — | 11 | — | — | ||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Revolver) | 8 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Mnine Holdings, Inc. (Class B units) | 216 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
226 | — | — | 201 | — | — | |||||||||||||||||||||||||||||||||
NECB Collections, LLC (Revolver) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
NECB Collections, LLC (LLC units) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Second Avenue SFR Holdings II LLC (Revolver) | 104 | — | — | 138 | — | — | ||||||||||||||||||||||||||||||||
104 | — | — | 138 | — | — | |||||||||||||||||||||||||||||||||
SFR Holdco, LLC (Junior secured loan) | 117 | — | — | 117 | — | — | ||||||||||||||||||||||||||||||||
SFR Holdco, LLC (LLC interest) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
117 | — | — | 117 | — | — | |||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (Revolver) | 1 | — | — | 4 | — | — | ||||||||||||||||||||||||||||||||
TJ Management HoldCo, LLC (Common stock) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
1 | — | — | 4 | — | — | |||||||||||||||||||||||||||||||||
Total non-controlled affiliate company investments | $ | 2,495 | $ | 53 | $ | — | $ | 2,804 | $ | 49 | $ | — | ||||||||||||||||||||||||||
Controlled affiliate company investments: | ||||||||||||||||||||||||||||||||||||||
MRCC Senior Loan Fund I, LLC | $ | — | $ | 900 | $ | — | $ | — | $ | 900 | $ | — | ||||||||||||||||||||||||||
— | 900 | — | — | 900 | — | |||||||||||||||||||||||||||||||||
Total controlled affiliate company investments | $ | — | $ | 900 | $ | — | $ | — | $ | 900 | $ | — |
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of “pre-incentive fee net investment income” for the immediately preceding quarter, subject to a 2% (8% annualized) preferred return, or “hurdle,” and a “catch up” feature. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of pre-incentive fee net investment income will be payable except to the extent that 20% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters.quarters (the “Incentive Fee Limitation”). Therefore, any ordinary income incentive fee that is payable in a calendar quarter will be limited to the lesser of (1) 20% of the amount by which pre-incentive fee net investment income for such calendar quarter exceeds the 2% hurdle, subject to the “catch-up” provision, and (2) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding calendar quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of pre-incentive fee net investment income, realized gains and losses and unrealized gains and losses for the then current and 11 preceding calendar quarters. The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year in an amount equal to 20% of realized capital gains, if any, on a cumulative basis from inception through the end of the year, computed net of all realized capital losses on a cumulative basis and unrealized depreciation, less the aggregate amount of any previously paid capital gain incentive fees.
Incentive fees, excluding the impact
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Part one incentive fees (1) | $ | 1,368 | $ | 1,657 | |||||||||||||||||||
Part two incentive fees (2) | — | — | |||||||||||||||||||||
Total incentive fees | $ | 1,368 | $ | 1,657 |
name or logo.
agent. The revolving credit facility is secured by a lien on allhas an accordion feature which permits the Company, under certain circumstances to increase the size of the Company’s assets, including cash on hand, but excluding the assets of the Company’s wholly-owned subsidiary, MRCC SBIC. The Company’s abilityfacility up to borrow under the revolving credit facility is subject to availability under a defined borrowing base, which varies based on portfolio characteristics and certain eligibility criteria and concentration limits, as well as required valuation methodologies.$400,000. The Company may make draws under the revolving credit facility to make or purchase additional investments through December 201927, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. Borrowings under the revolving credit facility bear interest, at the Company’s election, at an annual rate of LIBOR (one-month, two-month, three-month or six-month at our discretion based on the term of the borrowing) plus 2.75% or at a daily rate equal to 2.00% per annum plus the greater of the prime interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%. The LIBOR rate on the revolving credit facility was reduced to LIBOR plus 2.75% from LIBOR plus 3.00% in conjunction with the Company’s capital raise on June 9, 2017, as net worth (excluding investments in MRCC SBIC) exceeded $225,000. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a fee of 0.5% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is less than 65% of the then available maximum borrowing or a fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 65% of the then available maximum borrowing. As of September 30, 2017 and December 31, 2016, the outstanding borrowings were accruing at a weighted average interest rate of 4.0% and 3.8%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2017 was 4.1% and 4.1%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2017 was 0.5% and 0.5%, respectively. The weighted average interest rate of the revolving credit facility borrowings (excluding debt issuance costs) for the three and nine months ended September 30, 2016 was 3.7% and 3.6%, respectively. The weighted average fee rate on the unused portion of the revolving credit facility for the three and nine months ended September 30, 2016 was 0.5% and 0.5%, respectively.
SBA Debentures: On February 28, 2014,
the spot rate at each balance sheet date. The SBIC license allows MRCC SBIC to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a leverage commitment by the SBAimpact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis (pooling date) at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, has a superior claim to MRCC SBIC’s assets over the Company’s stockholders in the event the Company liquidates MRCC SBIC or the SBA exercises its remedies upon an event of default.
SBA regulations currently limit the amount that an individual SBIC may borrow to a maximum of $150,000 when it has at least $75,000 in regulatory capital, receives a leverage commitment from the SBA and has been through an audit examination by the SBA subsequent to licensing. The SBA also historically limited a related group of SBICs (commonly referred to as a “family of funds”) to a maximum of $225,000 in total borrowings. On December 18, 2015, this family of funds limitation was raised to $350,000 in total borrowings. As the Company has other affiliated SBICs already in operation, MRCC SBIC was historically limited to a maximum of $40,000 in borrowings. Pursuant to the increase in the family of funds limitation, the Company submitted a commitment application to the SBA and on April 13, 2016, MRCC SBIC was approved by the SBA for an additional $75,000 in SBA-guaranteed debentures, for a total of $115,000 in available debentures.
As of September 30, 2017, MRCC SBIC had $57,624 in leverageable capital and $92,100 in SBA-guaranteed debentures outstanding. As of December 31, 2016, MRCC SBIC had $41,000 in leverageable capital and $51,500 in SBA-guaranteed debentures outstanding. As of September 30, 2017, the Company has made all required leverageable capital contributions to MRCC SBIC in order to access the remaining $22,900 in available SBA-guaranteed debentures.
As of September 30, 2017, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):
Maturity Date | Interest Rate | Amount | ||||||
September 2024 | 3.4 | % | $ | 12,920 | ||||
March 2025 | 3.3 | % | 14,800 | |||||
March 2025 | 2.9 | % | 7,080 | |||||
September 2025 | 3.6 | % | 5,200 | |||||
March 2027 | 3.5 | % | 20,000 | |||||
September 2027 | 3.2 | % | 32,100 | |||||
Total | $ | 92,100 |
As of December 31, 2016, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):
Maturity Date | Interest Rate | Amount | ||||||
September 2024 | 3.4 | % | $ | 12,920 | ||||
March 2025 | 3.3 | % | 14,800 | |||||
March 2025 | 2.9 | % | 7,080 | |||||
September 2025 | 3.6 | % | 5,200 | |||||
March 2027 | 2.1 | %(1) | 9,200 | |||||
March 2027 | 2.0 | %(1) | 2,300 | |||||
Total | $ | 51,500 |
On October 2, 2014, the Company was granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the 200% asset coverage test under the 1940 Act. The receipt of this exemption for this SBA-guaranteed debt increases flexibility under the 200% asset coverage test.
Secured Borrowings: Certain partial loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investmenttransactions on the accompanyingCompany’s consolidated statements of assets and liabilities andoperations.
then available maximum borrowing. As of September 30, 2017, there were no secured borrowings. As ofboth March 31, 2024 and December 31, 2016, secured borrowings at fair value totaled $1,314 and2023, the fair value of the loans that are associated with these secured borrowings was $5,814. These securedoutstanding borrowings were created asaccruing at a result of the Company’s completion of partial loan sales of certain unitranche loan assets during the year ended December 31, 2013 that did not meet the definition of a “participating interest.” As a result, sale treatment was not allowed and these partial loan sales were treated as secured borrowings. No such partial loan sales occurred during the year ended December 31, 2016 and the nine months ended September 30, 2017. During the three and nine months ended September 30, 2017, repayments on secured borrowings totaled zero and $1,254, respectively. During the three and nine months ended September 30, 2016 repayments on secured borrowings totaled $625 and $902, respectively. The weighted average interest rate on the Company’s secured borrowings was approximately zero and 6.3% as of September 30, 20178.1%.
2023, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole” premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness.
Three months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest expense – revolving credit facility | $ | 944 | $ | 935 | ||||
Interest expense – SBA debentures | 683 | 329 | ||||||
Amortization of deferred financing costs | 274 | 222 | ||||||
Interest expense – secured borrowings | — | 27 | ||||||
Other | 6 | 10 | ||||||
Total interest and other debt financing expenses | $ | 1,907 | $ | 1,523 |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest expense - revolving credit facility | $ | 3,625 | $ | 3,638 | |||||||
Interest expense - 2026 Notes | 1,555 | 1,555 | |||||||||
Amortization of deferred financing costs | 327 | 321 | |||||||||
Total interest and other debt financing expenses | $ | 5,507 | $ | 5,514 | |||||||
Average debt outstanding | $ | 301,043 | $ | 324,082 | |||||||
Average stated interest rate | 6.9 | % | 6.5 | % |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest expense – revolving credit facility | $ | 3,674 | $ | 3,251 | ||||
Interest expense – SBA debentures | 1,607 | 981 | ||||||
Amortization of deferred financing costs | 760 | 603 | ||||||
Interest expense – secured borrowings | 34 | 99 | ||||||
Other | 26 | 53 | ||||||
Total interest and other debt financing expenses | $ | 6,101 | $ | 4,987 |
Date Declared | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | DRIP Shares Repurchased in the Open Market | Cost of DRIP Shares Repurchased | ||||||||||||||||||||
Nine months ended September 30, 2017: | ||||||||||||||||||||||||||||
March 7, 2017 | March 17, 2017 | March 31, 2017 | $ | 0.35 | $ | 5,549 | 16,217 | $ | 254 | — | $ | — | ||||||||||||||||
May 31, 2017 | June 15, 2017 | June 30, 2017 | 0.35 | 6,807 | 17,932 | 271 | — | — | ||||||||||||||||||||
August 31, 2017 | September 15, 2017 | September 29, 2017 | 0.35 | 7,084 | — | — | 6,508 | 93 | ||||||||||||||||||||
Total distributions declared | $ | 1.05 | $ | 19,440 | 34,149 | $ | 525 | 6,508 | $ | 93 | ||||||||||||||||||
Nine months ended September 30, 2016: | ||||||||||||||||||||||||||||
March 4, 2016 | March 15, 2016 | March 31, 2016 | $ | 0.35 | $ | 4,553 | — | $ | — | 20,144 | $ | 277 | ||||||||||||||||
June 1, 2016 | June 15, 2016 | June 30, 2016 | 0.35 | 4,553 | — | — | 18,518 | 275 | ||||||||||||||||||||
August 30, 2016 | September 15, 2016 | September 30, 2016 | 0.35 | 5,730 | 4,493 | 70 | — | — | ||||||||||||||||||||
Total distributions declared | $ | 1.05 | $ | 14,836 | 4,493 | $ | 70 | 38,662 | $ | 552 |
2023:
Date Declared | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | DRIP Shares Repurchased in the Open Market | Cost of DRIP Shares Repurchased | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2024: | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 5, 2024 | March 15, 2024 | March 29, 2024 | $ | 0.25 | $ | 5,417 | — | $ | — | 18,219 | $ | 134 | ||||||||||||||||||||||||||||||||||||||
Total distributions declared | $ | 0.25 | $ | 5,417 | — | $ | — | 18,219 | $ | 134 | ||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 1, 2023 | March 15, 2023 | March 31, 2023 | $ | 0.25 | $ | 5,417 | — | $ | — | 10,380 | $ | 81 | ||||||||||||||||||||||||||||||||||||||
Total distributions declared | $ | 0.25 | $ | 5,417 | — | $ | — | 10,380 | $ | 81 |
Issuances and Repurchases
On June 9, 2017, the Company closed a public offering of 3,000,000 shares of its common stock at a public offering price of $15.00 per share, raising approximately $45,000 in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, the Company sold an additional 450,000 shares of its common stock, at a public offering price of $15.00 per share,March 31, 2024 and additional $6,750 in gross proceeds for a total of $51,750. Aggregate underwriters’ discounts and commissions were $2,070 and offering costs were $127, resulting in net proceeds of approximately $49,553.
On July 25, 2016, the Company closed a public offering of 3,100,000 shares of common stock at a public offering price of $15.50 per share, raising approximately $48,050 in gross proceeds. On August 3, 2016, the Company sold an additional 465,000 shares of common stock at a public offering price of $15.50 per share, raising approximately $7,208 in gross proceeds pursuant to the underwriters’ exercise of the over-allotment option. Aggregate underwriters’ discounts and commissions were $2,210 and offering costs were $528, resulting in net proceeds of $52,520.
2023.
Indemnifications:commitments and subscription agreements, excluding unfunded commitments in SLF. As described in Note 3, the Company had unfunded commitments of $7,350, to SLF as of both March 31, 2024 and December 31, 2023, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of the Company’s representatives on SLF’s board of managers. Management believes that the Company’s available cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of March 31, 2024.
Concentration of credit and counterparty risk:
Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.September 30, 2017 | September 30, 2016 | |||||||
Per share data: | ||||||||
Net asset value at beginning of period | $ | 14.52 | $ | 14.19 | ||||
Net investment income(1) | 1.05 | 1.24 | ||||||
Net gain (loss) on investments, secured borrowings and foreign currency borrowings(1) | (0.50 | ) | (0.03 | ) | ||||
Net increase in net assets from operations(1) | 0.55 | 1.21 | ||||||
Stockholder distributions(2) | (1.05 | ) | (1.05 | ) | ||||
Other(3) | (0.01 | ) | 0.07 | |||||
Net asset value at end of period | $ | 14.01 | $ | 14.42 | ||||
Net assets at end of period | $ | 283,542 | $ | 239,087 | ||||
Shares outstanding at end of period | 20,239,957 | 16,577,500 | ||||||
Per share market value at end of period | $ | 14.31 | $ | 15.73 | ||||
Total return based on market value(4) | (0.29 | )% | 28.98 | % | ||||
Total return based on average net asset value(5) | 3.78 | % | 8.41 | % | ||||
Ratio/Supplemental data: | ||||||||
Ratio of net investment income to average net assets(6) | 10.24 | % | 12.15 | % | ||||
Ratio of total expenses to average net assets(6) (7) | 9.01 | % | 10.40 | % | ||||
Average debt outstanding | $ | 177,739 | $ | 153,163 | ||||
Average debt outstanding per share | $ | 9.83 | $ | 11.05 | ||||
Portfolio turnover(8) | 33.83 | % | 17.79 | % |
March 31, 2024 | March 31, 2023 | ||||||||||
Per share data: | |||||||||||
Net asset value at beginning of period | $ | 9.40 | $ | 10.39 | |||||||
Net investment income (1) | 0.25 | 0.31 | |||||||||
Net gain (loss) (1) | (0.10) | (0.16) | |||||||||
Net increase (decrease) in net assets resulting from operations (1) | 0.15 | 0.15 | |||||||||
Stockholder distributions - income (2) | (0.25) | (0.25) | |||||||||
Net asset value at end of period | $ | 9.30 | $ | 10.29 | |||||||
Net assets at end of period | $ | 201,502 | $ | 222,961 | |||||||
Shares outstanding at end of period | 21,666,340 | 21,666,340 | |||||||||
Per share market value at end of period | $ | 7.20 | $ | 7.65 | |||||||
Total return based on market value (3) | 5.30 | % | (7.55) | % | |||||||
Total return based on average net asset value (4) | 1.58 | % | 1.50 | % | |||||||
Ratio/Supplemental data: | |||||||||||
Ratio of net investment income to average net assets (5) | 12.90 | % | 14.26 | % | |||||||
Ratio of total expenses to average net assets (5) (6) | 17.24 | % | 16.17 | % | |||||||
Portfolio turnover (7) | 2.44 | % | 4.15 | % |
(1)The per share data was derived by using the weighted average shares outstanding during the periods presented. (2)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return |
September 30, 2017 | September 30, 2016 | |||||||
Ratio of interest and other debt financing expenses to average net assets | 3.11 | % | 3.33 | % | ||||
Ratio of total expenses (without incentive fees) to average net assets | 7.40 | % | 8.26 | % | ||||
Ratio of incentive fees, net of incentive fee waiver, to average net assets (not annualized)(9) | 1.61 | % | 2.14 | % |
Note 12. Subsequent Events
On November 1, 2017, the Company announced the formation of a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company, to create MRCC Senior Loan Fund I, LLC (the “Senior Loan Fund”). The Senior Loan Fund is expected to invest primarily in senior secured loans to middle market companies in the United States. The Company and NLV have each initially committed $50,000 of capital to the joint venture. In addition,Company’s stockholders. The tax character of distributions will be determined at the Senior Loan Fund intendsend of the fiscal year. However, if the character of such distributions were determined as of March 31, 2024 and 2023, none of the distributions would have been characterized as a tax return of capital to obtain third party financing thatthe Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.
March 31, 2024 | March 31, 2023 | ||||||||||
Ratio of total investment income to average net assets | 30.14 | % | 30.43 | % | |||||||
Ratio of interest and other debt financing expenses to average net assets | 10.93 | % | 9.98 | % | |||||||
Ratio of total expenses to average net assets | 16.56 | % | 15.43 | % | |||||||
Ratio of incentive fees to average net assets (7) | 0.68 | % | 0.74 | % |
On February 28, 2014, our wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958. MRCC SBIC commenced operations on September 16, 2013. As of September 30, 2017, MRCC SBIC had $57.6 million in leverageable capital and $92.1 million in SBA-guaranteed debentures outstanding. See “SBA Debentures” below for more information.
On June 9, 2017, we closed a public offering of 3,000,000 shares of our common stock at a public offering price of $15.00 per share, raising approximately $45.0 million in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, we sold an additional 450,000 shares of our common stock, at a public offering price of $15.00 per share, and additional $6.8 million in gross proceeds for a total of $51.8 million. Aggregate underwriters’ discounts and commissions were $2.1 and offering costs were $0.1 million, resulting in net proceeds of approximately $49.6 million.
Investment income
and LP investments may fluctuate significantly from period to period.
During the three months ended September 30, 2016, we invested $44.3 million in eight new portfolio companies and $5.5 million in seven existing portfolio companies and had $15.1 million in aggregate amount
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Weighted Average Annualized Contractual Coupon Yield (1) | Weighted Average Annualized Effective Yield (2) | Weighted Average Annualized Contractual Coupon Yield (1) | Weighted Average Annualized Effective Yield (2) | ||||||||||||||||||||
Senior secured loans | 12.4 | % | 12.4 | % | 12.6 | % | 12.6 | % | |||||||||||||||
Unitranche secured loans | 12.5 | 13.8 | 12.8 | 14.1 | |||||||||||||||||||
Junior secured loans | 8.5 | 8.5 | 8.6 | 8.6 | |||||||||||||||||||
Preferred equity securities | 2.8 | 2.8 | 2.8 | 2.8 | |||||||||||||||||||
Total | 11.9 | % | 11.9 | % | 12.1 | % | 12.1 | % |
September 30, 2017 | ||||||||||||||||
Fair Value | Percentage of | Weighted Average Annualized Contractual Coupon Yield(1) | Weighted Average Annualized Effective Yield(2) | |||||||||||||
Senior secured loans | $ | 327,984 | 76.1 | % | 9.5 | % | 9.5 | % | ||||||||
Unitranche loans | 44,592 | 10.4 | 9.7 | 11.1 | ||||||||||||
Junior secured loans | 38,555 | 8.9 | 9.4 | 9.4 | ||||||||||||
Equity securities | 19,966 | 4.6 | 10.8 | 10.8 | ||||||||||||
Total | $ | 431,097 | 100.0 | % | 9.8 | % | 9.9 | % |
December 31, 2016 | ||||||||||||||||
Fair Value | Percentage of | Weighted Average Annualized Contractual Coupon Yield(1) | Weighted Average Annualized Effective Yield(2) | |||||||||||||
Senior secured loans | $ | 275,253 | 66.7 | % | 9.2 | % | 9.2 | % | ||||||||
Unitranche loans | 51,638 | 12.5 | 10.9 | 11.4 | ||||||||||||
Junior secured loans | 59,366 | 14.4 | 9.7 | 9.7 | ||||||||||||
Equity securities | 26,663 | 6.4 | 10.8 | 10.8 | ||||||||||||
Total | $ | 412,920 | 100.0 | % | 9.5 | % | 9.6 | % |
The portfolio weighted average contractual coupon yield.
or sales load that may be paid by stockholders.
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||
Senior secured loans | $ | 404,051 | 80.7 | % | $ | 388,882 | 79.6 | % | |||||||||||||||
Unitranche secured loans | 6,091 | 1.2 | 13,877 | 2.8 | |||||||||||||||||||
Junior secured loans | 27,427 | 5.5 | 26,594 | 5.5 | |||||||||||||||||||
LLC equity interest in SLF | 32,990 | 6.6 | 33,122 | 6.8 | |||||||||||||||||||
Equity securities | 30,330 | 6.0 | 25,911 | 5.3 | |||||||||||||||||||
Total | $ | 500,889 | 100.0 | % | $ | 488,386 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||
Aerospace & Defense | $ | 5,028 | 1.2 | % | $ | 10,601 | 2.6 | % | ||||||||
Automotive | — | — | 7,514 | 1.8 | ||||||||||||
Banking, Finance, Insurance & Real Estate | 46,912 | 10.9 | 37,130 | 9.0 | ||||||||||||
Beverage, Food & Tobacco | 17,788 | 4.1 | 16,794 | 4.1 | ||||||||||||
Chemicals, Plastics & Rubber | 8,864 | 2.1 | 4,040 | 1.0 | ||||||||||||
Construction & Building | 17,933 | 4.2 | 18,602 | 4.5 | ||||||||||||
Consumer Goods: Durable | 11,952 | 2.8 | 3,620 | 0.9 | ||||||||||||
Consumer Goods: Non-Durable | 19,462 | 4.5 | 32,000 | 7.7 | ||||||||||||
Containers, Packaging & Glass | 4,919 | 1.1 | 3,663 | 0.9 | ||||||||||||
Energy: Oil & Gas | 2,346 | 0.5 | 7,803 | 1.9 | ||||||||||||
Environmental Industries | 3,644 | 0.8 | 3,768 | 0.9 | ||||||||||||
Healthcare & Pharmaceuticals | 66,275 | 15.4 | 56,435 | 13.7 | ||||||||||||
High Tech Industries | 36,085 | 8.4 | 18,899 | 4.6 | ||||||||||||
Hotels, Gaming & Leisure | 42,738 | 9.9 | 38,010 | 9.2 | ||||||||||||
Media: Advertising, Printing & Publishing | 13,356 | 3.1 | 11,742 | 2.8 | ||||||||||||
Media: Broadcasting & Subscription | 16,466 | 3.8 | 18,046 | 4.4 | ||||||||||||
Media: Diversified & Production | 5,006 | 1.2 | 4,938 | 1.2 | ||||||||||||
Metals & Mining | — | — | 5,268 | 1.3 | ||||||||||||
Retail | 40,740 | 9.5 | 38,147 | 9.2 | ||||||||||||
Services: Business | 27,264 | 6.3 | 40,164 | 9.7 | ||||||||||||
Services: Consumer | 21,170 | 4.9 | 24,807 | 6.0 | ||||||||||||
Telecommunications | 3,333 | 0.8 | 3,430 | 0.8 | ||||||||||||
Utilities: Electric | 2,801 | 0.6 | 2,999 | 0.7 | ||||||||||||
Wholesale | 17,015 | 3.9 | 4,500 | 1.1 | ||||||||||||
Total | $ | 431,097 | 100.0 | % | $ | 412,920 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Fair Value: | |||||||||||||||||||||||
Aerospace & Defense | $ | — | — | % | $ | 7,876 | 1.6 | % | |||||||||||||||
Automotive | 17,924 | 3.6 | 18,495 | 3.8 | |||||||||||||||||||
Banking | 15,163 | 3.0 | 15,385 | 3.2 | |||||||||||||||||||
Beverage, Food & Tobacco | 6,187 | 1.2 | 6,098 | 1.2 | |||||||||||||||||||
Capital Equipment | 4,924 | 1.0 | 4,893 | 1.0 | |||||||||||||||||||
Chemicals, Plastics & Rubber | 3,525 | 0.7 | 3,987 | 0.8 | |||||||||||||||||||
Construction & Building | 9,937 | 2.0 | 8,813 | 1.8 | |||||||||||||||||||
Consumer Goods: Durable | 8,087 | 1.6 | 8,242 | 1.7 | |||||||||||||||||||
Consumer Goods: Non-Durable | 2,198 | 0.5 | 2,387 | 0.5 | |||||||||||||||||||
Environmental Industries | 5,871 | 1.2 | 5,896 | 1.2 | |||||||||||||||||||
FIRE: Finance | 15,718 | 3.1 | 15,388 | 3.3 | |||||||||||||||||||
FIRE: Real Estate | 88,564 | 17.7 | 85,153 | 17.4 | |||||||||||||||||||
Healthcare & Pharmaceuticals | 78,105 | 15.6 | 69,354 | 14.2 | |||||||||||||||||||
High Tech Industries | 39,305 | 7.8 | 40,723 | 8.3 | |||||||||||||||||||
Hotels, Gaming & Leisure | 140 | 0.0 | 110 | 0.0 | |||||||||||||||||||
Investment Funds & Vehicles | 32,990 | 6.6 | 33,122 | 6.8 | |||||||||||||||||||
Media: Advertising, Printing & Publishing | 20,670 | 4.1 | 20,238 | 4.1 | |||||||||||||||||||
Media: Broadcasting & Subscription | 1,973 | 0.4 | 2,217 | 0.5 | |||||||||||||||||||
Media: Diversified & Production | 42,621 | 8.5 | 41,897 | 8.6 | |||||||||||||||||||
Retail | 1,886 | 0.4 | 1,995 | 0.4 | |||||||||||||||||||
Services: Business | 59,705 | 11.9 | 56,655 | 11.6 | |||||||||||||||||||
Services: Consumer | 17,244 | 3.5 | 16,772 | 3.4 | |||||||||||||||||||
Telecommunications | 7,746 | 1.5 | 7,508 | 1.5 | |||||||||||||||||||
Transportation: Cargo | 4,913 | 1.0 | — | — | |||||||||||||||||||
Wholesale | 15,493 | 3.1 | 15,182 | 3.1 | |||||||||||||||||||
Total | $ | 500,889 | 100.0 | % | $ | 488,386 | 100.0 | % |
Investment Performance Risk Rating | Summary Description | |||||||
Grade 1 | Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive. | |||||||
Grade 2 | Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive. | |||||||
Grade 3 | Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due. | |||||||
Grade 4 | Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due). | |||||||
Grade 5 | Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in |
Investment Performance Rating | Investments at Fair Value | Percentage of Total Investments | ||||||
1 | $ | — | — | % | ||||
2 | 350,064 | 81.2 | ||||||
3 | 62,504 | 14.5 | ||||||
4 | 18,529 | 4.3 | ||||||
5 | — | — | ||||||
Total | $ | 431,097 | 100.0 | % |
Investment Performance Risk Rating | Investments at Fair Value | Percentage of Total Investments | ||||||||||||
1 | $ | — | — | % | ||||||||||
2 | 423,325 | 84.5 | ||||||||||||
3 | 64,433 | 12.9 | ||||||||||||
4 | 7,648 | 1.5 | ||||||||||||
5 | 5,483 | 1.1 | ||||||||||||
Total | $ | 500,889 | 100.0 | % |
Investment Performance Rating | Investments at Fair Value | Percentage of Total Investments | ||||||
1 | $ | — | — | % | ||||
2 | 360,338 | 87.3 | ||||||
3 | 40,192 | 9.7 | ||||||
4 | 12,390 | 3.0 | ||||||
5 | — | — | ||||||
Total | $ | 412,920 | 100.0 | % |
Investment Performance Risk Rating | Investments at Fair Value | Percentage of Total Investments | ||||||||||||
1 | $ | — | — | % | ||||||||||
2 | 405,888 | 83.1 | ||||||||||||
3 | 74,224 | 15.2 | ||||||||||||
4 | 4,721 | 1.0 | ||||||||||||
5 | 3,553 | 0.7 | ||||||||||||
Total | $ | 488,386 | 100.0 | % |
Three months ended September 30, | ||||||||
2017 | 2016 | |||||||
Total investment income | $ | 13,469 | $ | 11,128 | ||||
Total expenses | 6,582 | 5,545 | ||||||
Net investment income | 6,887 | 5,583 | ||||||
Net realized gain (loss) on investments | (2,900 | ) | — | |||||
Net realized gain (loss) on secured borrowings | — | — | ||||||
Net change in unrealized gain (loss) on investments | 2,398 | (1,848 | ) | |||||
Net change in unrealized gain (loss) on secured borrowings | — | (123 | ) | |||||
Net change in unrealized gain (loss) on foreign currency borrowings | (67 | ) | — | |||||
Net increase (decrease) in net assets resulting from operations | $ | 6,318 | $ | 3,612 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Total investment income | $ | 37,743 | $ | 33,785 | ||||
Total expenses, net of incentive fee waiver | 18,734 | 16,656 | ||||||
Net investment income | 19,009 | 17,129 | ||||||
Net realized gain (loss) on investments | (572 | ) | 587 | |||||
Net realized gain (loss) on secured borrowings | 66 | — | ||||||
Net change in unrealized gain (loss) on investments | (8,503 | ) | (847 | ) | ||||
Net change in unrealized gain (loss) on secured borrowings | (6 | ) | (36 | ) | ||||
Net change in unrealized gain (loss) on foreign currency borrowings | (83 | ) | — | |||||
Net increase (decrease) in net assets resulting from operations | $ | 9,911 | $ | 16,833 |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Total investment income | $ | 15,182 | $ | 16,804 | |||||||
Total operating expenses | 9,694 | 9,944 | |||||||||
Net investment income before income taxes | 5,488 | 6,860 | |||||||||
Income taxes, including excise taxes | 18 | 233 | |||||||||
Net investment income | 5,470 | 6,627 | |||||||||
Net realized gain (loss) on investments | 4 | 706 | |||||||||
Net realized gain (loss) on foreign currency forward contracts | — | 37 | |||||||||
Net realized gain (loss) on foreign currency and other transactions | — | (3) | |||||||||
Net realized gain (loss) | 4 | 740 | |||||||||
Net change in unrealized gain (loss) on investments | (2,279) | (4,188) | |||||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | — | 180 | |||||||||
Net change in unrealized gain (loss) | (2,279) | (4,008) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,195 | $ | 3,359 |
Three months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest income | $ | 11,511 | $ | 8,914 | ||||
Dividend income | 251 | 1,384 | ||||||
Fee income | 661 | 220 | ||||||
Prepayment gain (loss) | 514 | 227 | ||||||
Accretion of discounts and amortization of premium | 532 | 383 | ||||||
Total investment income | $ | 13,469 | $ | 11,128 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest income | $ | 32,600 | $ | 26,448 | ||||
Dividend income | 751 | 4,297 | ||||||
Fee income | 1,626 | 1,067 | ||||||
Prepayment gain (loss) | 1,488 | 836 | ||||||
Accretion of discounts and amortization of premium | 1,278 | 1,137 | ||||||
Total investment income | $ | 37,743 | $ | 33,785 |
The increase in
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest income | $ | 11,662 | $ | 12,524 | |||||||
PIK interest income | 2,115 | 2,272 | |||||||||
Dividend income (1) | 1,012 | 1,095 | |||||||||
Fee income | 37 | 310 | |||||||||
Prepayment gain (loss) | 105 | 243 | |||||||||
Accretion of discounts and amortization of premiums | 251 | 360 | |||||||||
Total investment income | $ | 15,182 | $ | 16,804 |
Three months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest and other debt financing expenses | $ | 1,907 | $ | 1,523 | ||||
Base management fees | 1,953 | 1,594 | ||||||
Incentive fees | 1,721 | 1,223 | ||||||
Professional fees | 277 | 237 | ||||||
Administrative service fees | 295 | 324 | ||||||
General and administrative expenses | 292 | 265 | ||||||
Excise taxes | 100 | 342 | ||||||
Directors’ fees | 37 | 37 | ||||||
Total expenses | $ | 6,582 | $ | 5,545 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest and other debt financing expenses | $ | 6,101 | $ | 4,987 | ||||
Base management fees | 5,661 | 4,598 | ||||||
Incentive fees, net of incentive fee waiver | 4,221 | 4,282 | ||||||
Professional fees | 854 | 682 | ||||||
Administrative service fees | 926 | 956 | ||||||
General and administrative expenses | 760 | 611 | ||||||
Excise taxes | 100 | 429 | ||||||
Directors’ fees | 111 | 111 | ||||||
Total expenses, net of incentive fee waiver | $ | 18,734 | $ | 16,656 |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest and other debt financing expenses | $ | 5,507 | $ | 5,514 | |||||||
Base management fees | 2,048 | 2,200 | |||||||||
Incentive fees | 1,368 | 1,657 | |||||||||
Professional fees | 268 | 128 | |||||||||
Administrative service fees | 209 | 255 | |||||||||
General and administrative expenses | 218 | 155 | |||||||||
Directors’ fees | 76 | 35 | |||||||||
Total operating expenses | $ | 9,694 | $ | 9,944 |
Three months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest expense – revolving credit facility | $ | 944 | $ | 935 | ||||
Interest expense – SBA debentures | 683 | 329 | ||||||
Amortization of deferred financing costs | 274 | 222 | ||||||
Interest expense – secured borrowings | — | 27 | ||||||
Other | 6 | 10 | ||||||
Total interest and other debt financing expenses | $ | 1,907 | $ | 1,523 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Interest expense – revolving credit facility | $ | 3,674 | $ | 3,251 | ||||
Interest expense – SBA debentures | 1,607 | 981 | ||||||
Amortization of deferred financing costs | 760 | 603 | ||||||
Interest expense – secured borrowings | 34 | 99 | ||||||
Other | 26 | 53 | ||||||
Total interest and other debt financing expenses | $ | 6,101 | $ | 4,987 |
The increase in expenses of $1.0 million during
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest expense - revolving credit facility | $ | 3,625 | $ | 3,638 | |||||||
Interest expense - 2026 Notes | 1,555 | 1,555 | |||||||||
Amortization of deferred financing costs | 327 | 321 | |||||||||
Total interest and other debt financing expenses | $ | 5,507 | $ | 5,514 | |||||||
Average debt outstanding | $ | 301,043 | $ | 324,082 | |||||||
Average stated interest rate | 6.9 | % | 6.5 | % |
The increase in expenses2023, we recorded a net expense (benefit) on the consolidated statements of $2.1operations of $11 thousand and $0.2 million duringfor U.S. federal excise tax, respectively.
For the nine months ended September 30, 2017 and 2016, our investments had ($8.5) million and ($0.8)4.2) million of net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the nineperiods.
.
For the nine months ended September 30, 2017 and 2016, the net increase in net assets from operations was $9.9 million and $16.8 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2017 and 2016, our per share net increase(decrease) in net assets resulting from operations was $0.55 and $1.21, respectively. The $6.9 millionprimarily due to lower investment income, offset by a decrease during the nine months ended September 30, 2017, as compared to nine months ended September 30, 2016, is primarily the result of an increase in net unrealized mark-to-market losses on investments in the portfolio duringnet loss for the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016, partially offset by an increase in net investment income over the same period.
Capital Resources
We may also use available funds to repay outstanding borrowings.
outstanding.
On June 9, 2017, we closed a public offering of 3,000,000 shares of our common stock at a public offering price of $15.00 per share, raising approximately $45.0 million in gross proceeds. On June 14, 2017, pursuant to the underwriters’ exercise of the over-allotment option, we sold an additional 450,000 shares of our common stock, at a public offering price of $15.00 per share,March 31, 2024 and additional $6.8 million in gross proceeds for a total of $51.8 million. Aggregate underwriters’ discounts and commissions were $2.1 and offering costs were $0.1 million, resulting in net proceeds of approximately $49.6 million.
On July 25, 2016, we closed a public offering of 3,100,000 shares of our common stock at a public offering price of $15.50 per share, raising approximately $48.1 million in gross proceeds. On August 3, 2016, we sold an additional 465,000 shares of our common stock, at a public offering price of $15.50 per share, raising approximately $7.2 million in gross proceeds pursuant to the underwriters’ exercise of the over-allotment option. Aggregate underwriters’ discounts and commissions were $2.2 million and offering costs were $0.5 million, resulting in net proceeds of $52.5 million.
2023, respectively.
up to $400.0 million. The revolving credit facility is secured by a lien on all of our assets, including cash on hand, but excluding the assets of our wholly-owned subsidiary, MRCC SBIC. Our ability to borrow under the revolving credit facility is subject to availability under a defined borrowing base, which varies based on portfolio characteristics and certain eligibility criteria and concentration limits, as well as required valuation methodologies.hand. We may make draws under the revolving credit facility to make or purchase additional investments through December 201927, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. Borrowings under the revolving credit facility bear interest, at our election, at an annual rate
SBA Debentures: On February 28, 2014,
The SBIC license allows MRCC SBIC to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a leverage commitment by the SBAforeign currency and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixedtransactions on a semi-annual basis (pooling date) at a market-driven spread over U.S. Treasury Notes with 10-year maturities. The SBA, as a creditor, has a superior claim to MRCC SBIC’s assets over our stockholders in the event we liquidate MRCC SBIC or the SBA exercises its remedies upon an event of default.
SBA regulations currently limit the amount that an individual SBIC may borrow to a maximum of $150.0 million when it has at least $75.0 million in regulatory capital, receives a leverage commitment from the SBA and has been through an audit examination by the SBA subsequent to licensing. The SBA also historically limited a related group of SBICs (commonly referred to as a “family of funds”) to a maximum of $225.0 million in total borrowings. On December 18, 2015, this family of funds limitation was raised to $350.0 million in total borrowings. As we have other affiliated SBICs already in operation, MRCC SBIC was historically limited to a maximum of $40.0 million in borrowings. Pursuant to the increase in the family of funds limitation, we submitted a commitment application to the SBA and on April 13, 2016 we were approved for $75.0 million in additional SBA-guaranteed debentures for MRCC SBIC for a total of $115.0 million in available debentures.
As of September 30, 2017, MRCC SBIC had $57.6 million in leverageable capital and $92.1 million in SBA-guaranteed debentures outstanding. As of December 31, 2016, MRCC SBIC had $41.0 million in leverageable capital and $51.5 million in SBA-guaranteed debentures outstanding. As of September 30, 2017, we have made all required leverageable capital contributions to MRCC SBIC in order to access the remaining $22.9 million in available SBA-guaranteed debentures.
As of September 30, 2017, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):
Maturity Date | Interest Rate | Amount | ||||||
September 2024 | 3.4 | % | $ | 12,920 | ||||
March 2025 | 3.3 | % | 14,800 | |||||
March 2025 | 2.9 | % | 7,080 | |||||
September 2025 | 3.6 | % | 5,200 | |||||
March 2027 | 3.5 | % | 20,000 | |||||
September 2027 | 3.2 | % | 32,100 | |||||
Total | $ | 92,100 |
As of December 31, 2016, MRCC SBIC had the following SBA-guaranteed debentures outstanding (dollars in thousands):
Maturity Date | Interest Rate | Amount | ||||||
September 2024 | 3.4 | % | $ | 12,920 | ||||
March 2025 | 3.3 | % | 14,800 | |||||
March 2025 | 2.9 | % | 7,080 | |||||
September 2025 | 3.6 | % | 5,200 | |||||
March 2027 | 2.1 | %(1) | 9,200 | |||||
March 2027 | 2.0 | %(1) | 2,300 | |||||
Total | $ | 51,500 |
On October 2, 2014, the Company was granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the 200% asset coverage test under the 1940 Act. The receipt of this exemption for this SBA-guaranteed debt increases flexibility under the 200% asset coverage test.
Secured Borrowings: Certain partial loan sales do not qualify for sale accounting under Accounting Standards Codification (“ASC”) Topic 860 —Transfers and Servicing (“ASC Topic 860”) because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment on the accompanying consolidated statements of assets and liabilities andoperations.
then available maximum borrowing. As of September 30, 2017, we did not have secured borrowings. As ofboth March 31, 2024 and December 31, 2016, secured borrowings at fair value totaled $1.3 million and2023, the fair value of the loans that are associated with these secured borrowings was $5.8 million. These securedoutstanding borrowings were created asaccruing at a result of our completion of partial loan sales of certain unitranche loan assets during the year ended December 31, 2013, that did not meet the definition of a “participating interest.” As a result, sale treatment was not allowed and these partial loan sales were treated as secured borrowings. No such partial loan sales occurred during the year ended December 31, 2016 and the nine months ended September 30, 2017. During the three and nine months ended September 30, 2017, repayments on secured borrowings totaled zero and $1.3 million, respectively. During the three and nine months ended September 30, 2016 repayments on secured borrowings totaled $0.6 million and $0.9 million, respectively. The weighted average interest rate of 8.1%.
Distribution Policy
future unsecured indebtedness.
We have
March 31, 2024 | December 31, 2023 | ||||||||||
Secured loans (1) | 124,816 | 150,674 | |||||||||
Weighted average current interest rate on secured loans (2) | 10.2% | 10.2% | |||||||||
Number of portfolio company investments in SLF | 41 | 49 | |||||||||
Largest portfolio company investment (1) | 6,580 | 6,580 | |||||||||
Total of five largest portfolio company investments (1) | 26,366 | 26,415 |
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 2,406 | $ | 2,388 | |||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 746 | 741 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.65 | % | 10.96 | % | 2/26/2027 | 188 | 186 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (Revolver) | SF | 5.60 | % | 10.93 | % | 2/26/2027 | 319 | 317 | ||||||||||||||||||||||||||||||
3,659 | 3,632 | |||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.24 | % | 12/1/2027 | 1,354 | 1,337 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.22 | % | 12/1/2027 | 387 | 382 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC (Revolver) (d) | SF | 4.90 | % | 10.24 | % | 12/1/2027 | 132 | 21 | ||||||||||||||||||||||||||||||
1,873 | 1,740 | |||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||
SW Ingredients Holdings, LLC | SF | 5.50 | % | 10.93 | % | 7/3/2025 | 3,534 | 3,534 | ||||||||||||||||||||||||||||||
3,534 | 3,534 | |||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||
MacQueen Equipment, LLC | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 2,070 | 2,069 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Delayed Draw) (d) | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 590 | 334 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Revolver) (d) | SF | 5.51 | % | 10.81 | % | 1/7/2028 | 296 | — | ||||||||||||||||||||||||||||||
2,956 | 2,403 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Phoenix Chemical Holding Company LLC | SF | 7.11 | % | 12.44 | % | 8/2/2024 | 1,129 | 964 | ||||||||||||||||||||||||||||||
TJC Spartech Acquisition Corp. | SF | 4.75 | % | 10.07 | % | 5/5/2028 | 4,200 | 3,507 | ||||||||||||||||||||||||||||||
5,329 | 4,471 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) | SF | 6.65 | % | 11.98% (e) | 9/30/2027 | 796 | 585 | |||||||||||||||||||||||||||||||
Runner Buyer INC. | SF | 5.61 | % | 10.96 | % | 10/23/2028 | 2,940 | 2,245 | ||||||||||||||||||||||||||||||
3,736 | 2,830 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||
PH Beauty Holdings III, INC. | SF | 5.00 | % | 10.72 | % | 9/26/2025 | 2,361 | 2,338 | ||||||||||||||||||||||||||||||
2,361 | 2,338 | |||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||
Polychem Acquisition, LLC | SF | 5.11 | % | 10.44 | % | 3/17/2025 | 2,850 | 2,836 | ||||||||||||||||||||||||||||||
PVHC Holding Corp | SF | 5.65 | % | 10.96% Cash/ 0.75% PIK | 2/17/2027 | 1,894 | 1,894 | |||||||||||||||||||||||||||||||
4,744 | 4,730 | |||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.44 | % | 6/22/2026 | 2,249 | 2,248 | ||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.44 | % | 6/22/2026 | 856 | 856 | ||||||||||||||||||||||||||||||
3,105 | 3,104 | |||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.15 | % | 10.45 | % | 12/13/2024 | 2,842 | 2,842 | ||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.10 | % | 10.43 | % | 12/13/2024 | 61 | 61 | ||||||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | SF | 4.85 | % | 10.18 | % | 3/27/2026 | 4,794 | 4,805 | ||||||||||||||||||||||||||||||
TEAM Public Choices, LLC | SF | 5.00 | % | 10.58 | % | 12/17/2027 | 2,917 | 2,921 | ||||||||||||||||||||||||||||||
10,614 | 10,629 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (f) | SF | 6.50 | % | 11.84% (e) | 3/12/2028 | 606 | 599 | |||||||||||||||||||||||||||||||
606 | 599 | |||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Cano Health, LLC | SF | 4.00 | % | 9.33% (e) | 11/23/2027 | 1,950 | 590 | |||||||||||||||||||||||||||||||
HAH Group Holding Company LLC | SF | 5.00 | % | 10.44 | % | 10/29/2027 | 2,943 | 2,936 | ||||||||||||||||||||||||||||||
LSCS Holdings, Inc. | SF | 4.61 | % | 9.94 | % | 12/15/2028 | 1,805 | 1,781 | ||||||||||||||||||||||||||||||
Natus Medical Incorporated | SF | 5.65 | % | 10.96 | % | 7/20/2029 | 4,937 | 4,666 |
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
11,635 | $ | 9,973 | ||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||
Corel Inc. (c) | SF | 5.10 | % | 10.44 | % | 7/2/2026 | 3,350 | 3,303 | ||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | SF | 5.26 | % | 10.56 | % | 5/11/2026 | 4,763 | 4,620 | ||||||||||||||||||||||||||||||
TGG TS Acquisition Company | SF | 6.61 | % | 11.94 | % | 12/12/2025 | 2,885 | 2,880 | ||||||||||||||||||||||||||||||
10,998 | 10,803 | |||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | SF | 5.40 | % | 10.70 | % | 4/27/2029 | 4,309 | 4,309 | ||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. (Revolver) (d) | SF | 5.40 | % | 10.70 | % | 4/28/2028 | 625 | — | ||||||||||||||||||||||||||||||
North Haven Spartan US Holdco, LLC | SF | 6.25 | % | 11.57 | % | 6/5/2026 | 2,244 | 2,244 | ||||||||||||||||||||||||||||||
7,178 | 6,553 | |||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | SF | 5.76 | % | 11.07 | % | 12/20/2024 | 6,580 | 3,971 | ||||||||||||||||||||||||||||||
STATS Intermediate Holdings, LLC | SF | 5.51 | % | 10.83 | % | 7/10/2026 | 4,788 | 4,746 | ||||||||||||||||||||||||||||||
TA TT Buyer, LLC | SF | 5.00 | % | 10.30 | % | 3/30/2029 | 3,283 | 3,301 | ||||||||||||||||||||||||||||||
14,651 | 12,018 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Eliassen Group, LLC | SF | 5.50 | % | 10.81 | % | 4/14/2028 | 3,209 | 3,177 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC (Delayed Draw) (d) | SF | 5.50 | % | 10.82 | % | 4/14/2028 | 738 | 229 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 3,907 | 3,912 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 705 | 706 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 6.60 | % | 11.78 | % | 7/1/2024 | 550 | 550 | ||||||||||||||||||||||||||||||
Output Services Group, Inc. | SF | 6.68 | % | 12.07% (e) | 11/30/2028 | 1,042 | 1,040 | |||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.32 | % | 12/29/2028 | 1,672 | 1,663 | ||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.32 | % | 12/29/2028 | 267 | 265 | ||||||||||||||||||||||||||||||
SIRVA Worldwide Inc. | SF | 5.76 | % | 11.10 | % | 8/4/2025 | 1,738 | 1,267 | ||||||||||||||||||||||||||||||
13,828 | 12,809 | |||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||
Laseraway Intermediate Holdings II, LLC | SF | 5.75 | % | 11.33 | % | 10/14/2027 | 2,172 | 2,167 | ||||||||||||||||||||||||||||||
McKissock Investment Holdings, LLC | SF | 5.00 | % | 10.46 | % | 3/9/2029 | 2,450 | 2,461 | ||||||||||||||||||||||||||||||
4,622 | 4,628 | |||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | SF | 6.11 | % | 11.43 | % | 7/21/2025 | 1,737 | 1,720 | ||||||||||||||||||||||||||||||
Mavenir Systems, Inc. | SF | 5.01 | % | 10.34 | % | 8/18/2028 | 1,633 | 1,169 | ||||||||||||||||||||||||||||||
Sandvine Corporation | SF | 4.93 | % | 10.15 | % | 10/31/2025 | 1,973 | 1,473 | ||||||||||||||||||||||||||||||
5,343 | 4,362 | |||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||
Keystone Purchaser, LLC | SF | 6.18 | % | 11.51 | % | 5/7/2027 | 4,892 | 4,874 | ||||||||||||||||||||||||||||||
4,892 | 4,874 | |||||||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||
HALO Buyer, Inc. | SF | 4.60 | % | 9.93 | % | 6/30/2025 | 4,710 | 3,452 | ||||||||||||||||||||||||||||||
4,710 | 3,452 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 120,374 | 109,482 | ||||||||||||||||||||||||||||||||||||
Junior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | SF | 3.76 | % | 9.09% Cash/ 1.50% PIK | 1/31/2029 | 4,236 | 4,102 | |||||||||||||||||||||||||||||||
4,236 | 4,102 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. | SF | 8.26 | % | 13.58% (e) | 3/12/2029 | 1,492 | 1,193 | |||||||||||||||||||||||||||||||
Avison Young (USA) Inc. | SF | 8.26 | % | 13.58% (e) | 3/12/2029 | 510 | 305 | |||||||||||||||||||||||||||||||
2,002 | 1,498 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Junior Secured Loans | 6,238 | 5,600 | ||||||||||||||||||||||||||||||||||||
Portfolio Company (a) | Index (b) | Spread (b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Equity Securities (g) (h) | ||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) | — | — | — (i) | — | 26 | $ | 83 | |||||||||||||||||||||||||||||||
26 | 83 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Polyventive Lender Holding Company LLC (0.84% of the equity) | — | — | — (i) | — | — | — | ||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (1,605,312 Class A preferred shares) | n/a | n/a | 12.50% PIK (e) | n/a | 1,605 | 722 | ||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (1,199 Class F common shares) | — | — | — (i) | — | 1 | — | ||||||||||||||||||||||||||||||||
1,606 | 722 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Output Services Group, Inc. (51,370 Class A units) | — | — | — (i) | — | 51 | 552 | ||||||||||||||||||||||||||||||||
51 | 552 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equities | 1,683 | 1,357 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 116,439 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Company Investments | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.95 | % | 2/26/2027 | 2,414 | $ | 2,385 | |||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.95 | % | 2/26/2027 | 746 | 737 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. | SF | 5.60 | % | 10.96 | % | 2/26/2027 | 188 | 186 | ||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (Revolver) | SF | 5.60 | % | 10.96 | % | 2/26/2027 | 319 | 315 | ||||||||||||||||||||||||||||||
3,667 | 3,623 | |||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.29 | % | 12/1/2027 | 1,358 | 1,342 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC | SF | 4.90 | % | 10.30 | % | 12/1/2027 | 388 | 383 | ||||||||||||||||||||||||||||||
Accelerate Auto Works Intermediate, LLC (Revolver) (d) | SF | 4.90 | % | 10.29 | % | 12/1/2027 | 132 | — | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 1,674 | 1,670 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 248 | 248 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC | SF | 6.35 | % | 11.71 | % | 12/14/2026 | 42 | 42 | ||||||||||||||||||||||||||||||
3,842 | 3,685 | |||||||||||||||||||||||||||||||||||||
Beverage, Food & Tobacco | ||||||||||||||||||||||||||||||||||||||
SW Ingredients Holdings, LLC | SF | 4.75 | % | 10.21 | % | 7/3/2025 | 3,544 | 3,539 | ||||||||||||||||||||||||||||||
3,544 | 3,539 | |||||||||||||||||||||||||||||||||||||
Capital Equipment | ||||||||||||||||||||||||||||||||||||||
DS Parent, Inc. | SF | 5.75 | % | 11.21 | % | 12/8/2028 | 2,700 | 2,706 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 2,075 | 2,075 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Delayed Draw) (d) | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 591 | 78 | ||||||||||||||||||||||||||||||
MacQueen Equipment, LLC (Revolver) (d) | SF | 5.51 | % | 10.86 | % | 1/7/2028 | 296 | — | ||||||||||||||||||||||||||||||
5,662 | 4,859 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Phoenix Chemical Holding Company LLC | SF | 7.11 | % | 12.47 | % | 8/2/2024 | 1,131 | 1,020 | ||||||||||||||||||||||||||||||
TJC Spartech Acquisition Corp. | SF | 4.75 | % | 10.16 | % | 5/5/2028 | 4,210 | 4,063 | ||||||||||||||||||||||||||||||
5,341 | 5,083 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) | SF | 6.65 | % | 12.04% (e) | 9/30/2027 | 798 | 798 | |||||||||||||||||||||||||||||||
Runner Buyer INC. | SF | 5.61 | % | 11.00 | % | 10/23/2028 | 2,948 | 2,333 | ||||||||||||||||||||||||||||||
3,746 | 3,131 | |||||||||||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | ||||||||||||||||||||||||||||||||||||||
PH Beauty Holdings III, INC. | SF | 5.00 | % | 10.35 | % | 9/26/2025 | 2,368 | 2,253 | ||||||||||||||||||||||||||||||
2,368 | 2,253 | |||||||||||||||||||||||||||||||||||||
Containers, Packaging & Glass | ||||||||||||||||||||||||||||||||||||||
Polychem Acquisition, LLC | SF | 5.11 | % | 10.47 | % | 3/17/2025 | 2,858 | 2,855 | ||||||||||||||||||||||||||||||
PVHC Holding Corp | SF | 5.65 | % | 11.00% Cash/ 0.75% PIK | 2/17/2027 | 1,895 | 1,895 | |||||||||||||||||||||||||||||||
4,753 | 4,750 | |||||||||||||||||||||||||||||||||||||
Energy: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.47 | % | 6/22/2026 | 2,249 | 2,249 | ||||||||||||||||||||||||||||||
Offen, Inc. | SF | 5.11 | % | 10.47 | % | 6/22/2026 | 858 | 858 | ||||||||||||||||||||||||||||||
3,107 | 3,107 | |||||||||||||||||||||||||||||||||||||
FIRE: Finance | ||||||||||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.15 | % | 10.50 | % | 12/13/2024 | 2,854 | 2,852 | ||||||||||||||||||||||||||||||
Harbour Benefit Holdings, Inc. | SF | 5.10 | % | 10.46 | % | 12/13/2024 | 61 | 61 | ||||||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | SF | 4.85 | % | 10.21 | % | 3/27/2026 | 4,806 | 4,814 | ||||||||||||||||||||||||||||||
TEAM Public Choices, LLC | SF | 5.43 | % | 10.88 | % | 12/17/2027 | 2,925 | 2,908 | ||||||||||||||||||||||||||||||
10,646 | 10,635 | |||||||||||||||||||||||||||||||||||||
FIRE: Real Estate | ||||||||||||||||||||||||||||||||||||||
Avison Young (USA) Inc. (c) | SF | 6.50 | % | 11.97% (e) | 1/30/2026 | 4,775 | 1,564 | |||||||||||||||||||||||||||||||
4,775 | 1,564 | |||||||||||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Cano Health, LLC (e) | SF | 4.10 | % | 9.42% (e) | 11/23/2027 | 1,950 | 857 | |||||||||||||||||||||||||||||||
HAH Group Holding Company LLC | SF | 5.00 | % | 10.46 | % | 10/29/2027 | 2,950 | 2,942 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
LSCS Holdings, Inc. | SF | 4.61 | % | 9.97 | % | 12/15/2028 | 1,809 | $ | 1,786 | |||||||||||||||||||||||||||||
Natus Medical Incorporated | SF | 5.50 | % | 10.85 | % | 7/20/2029 | 4,950 | 4,604 | ||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. | SF | 5.85 | % | 11.25 | % | 1/19/2027 | 2,105 | 2,083 | ||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. | SF | 5.75 | % | 11.22 | % | 1/19/2027 | 363 | 359 | ||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. (Revolver) (d) | SF | 5.75 | % | 11.22 | % | 1/19/2027 | 490 | — | ||||||||||||||||||||||||||||||
Radiology Partners, Inc. | SF | 4.68 | % | 10.18 | % | 7/9/2025 | 4,737 | 3,844 | ||||||||||||||||||||||||||||||
19,354 | 16,475 | |||||||||||||||||||||||||||||||||||||
High Tech Industries | ||||||||||||||||||||||||||||||||||||||
Corel Inc. (c) | SF | 5.10 | % | 10.49 | % | 7/2/2026 | 3,400 | 3,323 | ||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | SF | 5.26 | % | 10.61 | % | 5/11/2026 | 4,775 | 4,632 | ||||||||||||||||||||||||||||||
TGG TS Acquisition Company | SF | 6.61 | % | 11.97 | % | 12/12/2025 | 2,885 | 2,791 | ||||||||||||||||||||||||||||||
11,060 | 10,746 | |||||||||||||||||||||||||||||||||||||
Hotels, Gaming & Leisure | ||||||||||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. | SF | 5.40 | % | 10.75 | % | 4/27/2029 | 4,320 | 4,308 | ||||||||||||||||||||||||||||||
Excel Fitness Holdings, Inc. (Revolver) (d) | SF | 5.40 | % | 10.75 | % | 4/28/2028 | 625 | — | ||||||||||||||||||||||||||||||
North Haven Spartan US Holdco, LLC | SF | 6.25 | % | 11.63 | % | 6/6/2025 | 2,250 | 2,241 | ||||||||||||||||||||||||||||||
Tait LLC | SF | 4.50 | % | 10.00 | % | 3/28/2025 | 4,040 | 4,026 | ||||||||||||||||||||||||||||||
Tait LLC (Revolver) (d) | SF | 4.50 | % | 10.00 | % | 3/28/2025 | 769 | — | ||||||||||||||||||||||||||||||
12,004 | 10,575 | |||||||||||||||||||||||||||||||||||||
Media: Diversified & Production | ||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | SF | 5.76 | % | 11.14 | % | 12/20/2024 | 6,580 | 4,914 | ||||||||||||||||||||||||||||||
STATS Intermediate Holdings, LLC | SF | 5.51 | % | 10.88 | % | 7/10/2026 | 4,800 | 4,684 | ||||||||||||||||||||||||||||||
TA TT Buyer, LLC | SF | 5.00 | % | 10.35 | % | 3/30/2029 | 3,292 | 3,275 | ||||||||||||||||||||||||||||||
14,672 | 12,873 | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
CHA Holdings, Inc | SF | 4.61 | % | 9.97 | % | 4/10/2025 | 1,939 | 1,908 | ||||||||||||||||||||||||||||||
CHA Holdings, Inc | SF | 4.61 | % | 9.97 | % | 4/10/2025 | 409 | 402 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC | SF | 5.50 | % | 10.85 | % | 4/14/2028 | 3,218 | 3,152 | ||||||||||||||||||||||||||||||
Eliassen Group, LLC (Delayed Draw) (d) | SF | 5.50 | % | 10.86 | % | 4/14/2028 | 739 | 227 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 3,918 | 3,918 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 707 | 707 | ||||||||||||||||||||||||||||||
Engage2Excel, Inc. (Revolver) | SF | 7.35 | % | 12.53 | % | 7/1/2024 | 550 | 550 | ||||||||||||||||||||||||||||||
Output Services Group, Inc. | SF | 6.68 | % | 12.07% (e) | 11/30/2028 | 1,042 | 1,041 | |||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.36 | % | 12/29/2028 | 1,676 | 1,676 | ||||||||||||||||||||||||||||||
Secretariat Advisors LLC | SF | 5.01 | % | 10.36 | % | 12/29/2028 | 267 | 267 | ||||||||||||||||||||||||||||||
SIRVA Worldwide Inc. | SF | 5.76 | % | 11.15 | % | 8/4/2025 | 1,750 | 1,556 | ||||||||||||||||||||||||||||||
Teneo Holdings LLC | SF | 5.35 | % | 10.71 | % | 7/11/2025 | 4,787 | 4,791 | ||||||||||||||||||||||||||||||
21,002 | 20,195 | |||||||||||||||||||||||||||||||||||||
Services: Consumer | ||||||||||||||||||||||||||||||||||||||
360Holdco, Inc. | SF | 5.60 | % | 10.96 | % | 8/1/2025 | 2,124 | 2,124 | ||||||||||||||||||||||||||||||
360Holdco, Inc. | SF | 5.60 | % | 10.96 | % | 8/1/2025 | 821 | 821 | ||||||||||||||||||||||||||||||
Laseraway Intermediate Holdings II, LLC | SF | 5.75 | % | 11.41 | % | 10/14/2027 | 2,178 | 2,153 | ||||||||||||||||||||||||||||||
McKissock Investment Holdings, LLC | SF | 5.00 | % | 10.54 | % | 3/9/2029 | 2,456 | 2,459 | ||||||||||||||||||||||||||||||
7,579 | 7,557 | |||||||||||||||||||||||||||||||||||||
Telecommunications | ||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | SF | 6.11 | % | 11.47 | % | 7/21/2025 | 1,742 | 1,687 | ||||||||||||||||||||||||||||||
Mavenir Systems, Inc. | SF | 5.01 | % | 10.39 | % | 8/18/2028 | 1,638 | 1,159 | ||||||||||||||||||||||||||||||
Sandvine Corporation | SF | 4.50 | % | 9.97 | % | 10/31/2025 | 1,973 | 1,598 | ||||||||||||||||||||||||||||||
5,353 | 4,444 | |||||||||||||||||||||||||||||||||||||
Transportation: Cargo | ||||||||||||||||||||||||||||||||||||||
Keystone Purchaser, LLC | SF | 6.18 | % | 11.53 | % | 5/7/2027 | 4,905 | 4,868 | ||||||||||||||||||||||||||||||
4,905 | 4,868 | |||||||||||||||||||||||||||||||||||||
Utilities: Oil & Gas | ||||||||||||||||||||||||||||||||||||||
Dresser Utility Solutions, LLC | SF | 4.10 | % | 9.46 | % | 10/1/2025 | 1,660 | 1,602 | ||||||||||||||||||||||||||||||
Dresser Utility Solutions, LLC | SF | 5.35 | % | 10.71 | % | 10/1/2025 | 243 | 239 | ||||||||||||||||||||||||||||||
1,903 | 1,841 |
Portfolio Company (a) | Index (b) | Spread(b) | Interest Rate (b) | Maturity | Principal | Fair Value | ||||||||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||||||||||||||
HALO Buyer, Inc. | SF | 4.60 | % | 9.96 | % | 6/30/2025 | 4,723 | $ | 3,570 | |||||||||||||||||||||||||||||
4,723 | 3,570 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Senior Secured Loans | 154,006 | 139,373 | ||||||||||||||||||||||||||||||||||||
Equity Securities (f) (g) | ||||||||||||||||||||||||||||||||||||||
Consumer Goods: Durable | ||||||||||||||||||||||||||||||||||||||
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) | — | — | — (h) | — | 26 | 103 | ||||||||||||||||||||||||||||||||
26 | 103 | |||||||||||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | ||||||||||||||||||||||||||||||||||||||
Polyventive Lender Holding Company LLC (0.84% of the equity) | — | — | — (h) | — | — | — | ||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||
Services: Business | ||||||||||||||||||||||||||||||||||||||
Output Services Group, Inc. (51,370 Class A units) | — | — | — (h) | — | 51 | 438 | ||||||||||||||||||||||||||||||||
51 | 438 | |||||||||||||||||||||||||||||||||||||
Total Non-Controlled/Non-Affiliate Equities | 77 | 541 | ||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 139,914 |
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investments, at fair value | $ | 116,439 | $ | 139,914 | |||||||
Cash and cash equivalents | 2,335 | 1,884 | |||||||||
Restricted cash and cash equivalents | 4,842 | 5,265 | |||||||||
Interest receivable | 1,248 | 1,380 | |||||||||
Other assets | — | 6 | |||||||||
Total assets | $ | 124,864 | $ | 148,449 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | 58,014 | $ | 82,014 | |||||||
Less: Unamortized deferred financing costs | (518) | (717) | |||||||||
Total debt, less unamortized deferred financing costs | 57,496 | 81,297 | |||||||||
Interest payable | 446 | 590 | |||||||||
Payable for open trades | 592 | — | |||||||||
Accounts payable and accrued expenses | 349 | 320 | |||||||||
Total liabilities | 58,883 | 82,207 | |||||||||
Members’ capital | 65,981 | 66,242 | |||||||||
Total liabilities and members’ capital | $ | 124,864 | $ | 148,449 |
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income | $ | 4,038 | $ | 5,143 | |||||||||||||||||||
Total investment income | 4,038 | 5,143 | |||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Interest and other debt financing expenses | 1,690 | 2,352 | |||||||||||||||||||||
Professional fees and other expenses | 227 | 206 | |||||||||||||||||||||
Total expenses | 1,917 | 2,558 | |||||||||||||||||||||
Net investment income | 2,121 | 2,585 | |||||||||||||||||||||
Net gain (loss): | |||||||||||||||||||||||
Net realized gain (loss) | 36 | (540) | |||||||||||||||||||||
Net change in unrealized gain (loss) | (618) | 264 | |||||||||||||||||||||
Net gain (loss) | (582) | (276) | |||||||||||||||||||||
Net increase (decrease) in members’ capital | $ | 1,539 | $ | 2,309 |
We
liabilities.
Recent Developments
On November 1, 2017, we announced the formation of a joint venture with NLV Financial Corporation (“NLV”), the parent of National Life Insurance Company, to create MRCC Senior Loan Fund I, LLC (the “Senior Loan Fund”). The Senior Loan Fund is expected to invest primarily in senior secured loans to
Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service is completed.
As
Our Board is ultimately and solely responsible for determining the fair value of the portfolio investments that are not publicly traded, whose market prices are not readily available on a quarterly basis in good faith or any other situation where portfolio investments require a fair value determination.Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our BoardValuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.
The Board, together•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;
debt instrument.
ASU 2014-09 also specified the accounting for some costs to obtain or fulfill a contract with a customer. In addition, ASU 2014-09 requires that an entity disclose sufficient information to enable users of financial statements to understand the nature, amount, timingcontracts, hedging relationships, and uncertainty of revenue and cash flows arising from contracts with customers.other transactions affected by reference rate reform if certain criteria are met. The initial effective date of ASU 2014-09 was for fiscal periods beginning after December 15, 2016. However, in August 2015, the FASB issued ASU 2015-14,Revenue from Contracts with Customers (ASC Topic 606): Deferral of the Effective Date, which deferred the effective date to fiscal periods beginning after December 15, 2017. Management is currently evaluating the impact these changes will have on our consolidated financial statements and disclosures.
In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10):Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidancestandard is effective for annualas of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact these changes will have on our consolidated financial statements and disclosures.
In October 2016, the SEC adopted new rules and amended rules (together “final rules”) intended to modernize the reporting and disclosures of informationexceptions provided by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was August 1, 2017. We have adopted the final rules, as applicable, and the revised presentation is reflected in our consolidated financial statements for the periods presented.
In November 2016, the FASB issued ASU 2016-18,Statement of Cash Flows (Topic 230):Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that the statements of cash flows explain the change2020-04 during the period in the total of cash, cash equivalents,three months ended March 31, 2024 and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The new guidance is effective for annual and interim periods, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. We have adopted ASU 2016-18 and the revised presentation is reflected in our consolidated financial statements for the periods presented.
Change in Interest Rates | Increase (decrease) in interest income | Increase (decrease) in interest expense | Net increase (decrease) in net investment income (1) | |||||||||||||||||
Down 25 basis points | $ | (1,028) | $ | (479) | $ | (549) | ||||||||||||||
Up 100 basis points | 4,170 | 1,923 | 2,247 | |||||||||||||||||
Up 200 basis points | 8,306 | 3,840 | 4,466 | |||||||||||||||||
Up 300 basis points | 12,442 | 5,757 | 6,685 |
Increase (decrease) in | Increase (decrease) in | Net increase (decrease) in | ||||||||||
Change in Interest Rates | interest income | interest expense | net investment income | |||||||||
(in thousands) | ||||||||||||
Down 25 basis points | $ | (863 | ) | $ | (152 | ) | $ | (711 | ) | |||
Up 100 basis points | 3,851 | 606 | 3,245 | |||||||||
Up 200 basis points | 7,907 | 1,212 | 6,695 | |||||||||
Up 300 basis points | 11,964 | 1,818 | 10,146 |
near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.
Neither
effect upon our financial condition or results of operations.
None.
Exhibit Number | Description of Document | |||||||
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 |
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |
Date: | By | /s/ Theodore L. Koenig | ||||||
Theodore L. Koenig | ||||||||
Chairman, Chief Executive Officer and Director | ||||||||
(Principal Executive Officer) | ||||||||
Monroe Capital Corporation | ||||||||
Date: | By | /s/ | ||||||
Lewis W. Solimene, Jr. | ||||||||
Chief Financial Officer and Chief Investment Officer | ||||||||
(Principal Financial and Accounting Officer) | ||||||||
Monroe Capital Corporation |