☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 |
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
2951 28th Street, Suite 1000 | |
Santa Monica, California | 90405 |
(Address of Principal Executive Offices) | (Zip Code) |
Common Stock, par value $0.001 per share | TCPC | NASDAQ Global Select Market |
(Title of each class) | (Trading Symbol(s) ) | (Name of each exchange where registered) |
Large accelerated filer x | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |
Item 1. | Financial Statements | |
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||
(unaudited) | (unaudited) | |||||||||||||
Assets | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Companies less than 5% owned (cost of $1,404,434,176 and $1,356,459,251, respectively) | $ | 1,403,613,287 | $ | 1,362,514,206 | ||||||||||
Companies 5% to 25% owned (cost of $105,647,493 and $84,153,698, respectively) | 81,525,781 | 75,635,342 | ||||||||||||
Companies more than 25% owned (cost of $107,944,826 and $106,543,799, respectively) | 74,973,816 | 76,383,155 | ||||||||||||
Total investments (cost of $1,618,026,495 and $1,547,156,748, respectively) | 1,560,112,884 | 1,514,532,703 | ||||||||||||
Companies less than 5% owned (cost of $1,576,176,528 and $1,460,936,257, respectively) | $ | 1,549,241,885 | $ | 1,463,800,744 | ||||||||||
Companies 5% to 25% owned (cost of $94,022,360 and $78,353,253, respectively) | 73,909,982 | 63,193,357 | ||||||||||||
Companies more than 25% owned (cost of $104,824,283 and $110,258,458, respectively) | 66,030,402 | 70,291,689 | ||||||||||||
Total investments (cost of $1,775,023,171 and $1,649,547,968, respectively) | 1,689,182,269 | 1,597,285,790 | ||||||||||||
Cash and cash equivalents (including restricted cash of $0 and $798,108, respectively) | 90,282,658 | 86,625,237 | ||||||||||||
Cash and cash equivalents | 21,857,502 | 27,920,402 | ||||||||||||
Accrued interest income: | ||||||||||||||
Companies less than 5% owned | 21,309,269 | 18,533,095 | 19,087,851 | 20,898,838 | ||||||||||
Companies 5% to 25% owned | 1,126,960 | 817,984 | 1,039,655 | 678,057 | ||||||||||
Companies more than 25% owned | 81,032 | 16,859 | 212,221 | 124,009 | ||||||||||
Deferred debt issuance costs | 4,781,251 | 3,276,838 | 5,947,161 | 4,843,985 | ||||||||||
Receivable for investments sold | 59,006 | 431,483 | 433,969 | — | ||||||||||
Prepaid expenses and other assets | 7,456,175 | 5,188,169 | 4,716,366 | 7,784,608 | ||||||||||
Total assets | 1,685,209,235 | 1,629,422,368 | 1,742,476,994 | 1,659,535,689 | ||||||||||
Liabilities | ||||||||||||||
Debt, net of unamortized issuance costs of $7,356,870 and $8,624,072, respectively | 764,349,255 | 725,200,281 | ||||||||||||
Debt, net of unamortized issuance costs of $6,232,536 and $6,805,196, respectively | 907,390,166 | 805,202,192 | ||||||||||||
Payable for investments purchased | 53,040,539 | 16,474,632 | 12,001,815 | 908,759 | ||||||||||
Interest payable | 8,730,757 | 8,747,872 | ||||||||||||
Management and advisory fees payable | 5,313,570 | 5,247,344 | ||||||||||||
Incentive compensation payable | 6,127,983 | 5,983,135 | 4,830,994 | 5,840,346 | ||||||||||
Interest payable | 5,445,306 | 7,771,537 | ||||||||||||
Payable to the Advisor | 1,312,485 | 800,703 | 898,196 | 1,226,372 | ||||||||||
Unrealized depreciation on swaps | — | 603,745 | ||||||||||||
Accrued expenses and other liabilities | 1,920,132 | 1,860,209 | 1,970,236 | 1,888,077 | ||||||||||
Total liabilities | 832,195,700 | 758,694,242 | 941,135,734 | 829,060,962 | ||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Net assets applicable to common shareholders | $ | 853,013,535 | $ | 870,728,126 | $ | 801,341,260 | $ | 830,474,727 | ||||||
Composition of net assets applicable to common shareholders | ||||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,800,001 and 58,847,256 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | $ | 58,800 | $ | 58,847 | ||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,000 and 58,774,607 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | $ | 58,766 | $ | 58,775 | ||||||||||
Paid-in capital in excess of par | 1,038,172,843 | 1,038,855,948 | 999,953,094 | 1,000,073,183 | ||||||||||
Accumulated net investment income | 10,937,797 | 4,443,768 | ||||||||||||
Accumulated net realized losses | (138,209,470 | ) | (139,390,703 | ) | ||||||||||
Accumulated net unrealized depreciation | (57,946,435 | ) | (33,239,734 | ) | ||||||||||
Distributable earnings (loss) | (198,670,600 | ) | (169,657,231 | ) | ||||||||||
Net assets applicable to common shareholders | $ | 853,013,535 | $ | 870,728,126 | $ | 801,341,260 | $ | 830,474,727 | ||||||
Net assets per share | $ | 14.51 | $ | 14.80 | $ | 13.64 | $ | 14.13 |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | ||||||||||||||||||||||||||||||||||||||||||
Debt Investments (A) | Debt Investments (A) | Debt Investments (A) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | Advertising, Public Relations and Marketing | Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 8.81 | % | 11.19 | % | 6/1/2020 | $ | 22,500,000 | $ | 22,260,691 | $ | 22,279,503 | 1.35 | % | L/N | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 8.81 | % | 11.38 | % | 6/1/2020 | $ | 22,500,000 | $ | 22,368,601 | $ | 22,365,000 | 1.31 | % | L/N | ||||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (4.0% Exit Fee) | LIBOR (Q) | 1.37 | % | 8.13 | % | 10.50 | % | 12/31/2019 | $ | 22,775,057 | 22,563,672 | 22,775,057 | 1.38 | % | H/L/N | First Lien Term Loan | LIBOR (Q) | 1.37 | % | 8.13 | % | 10.69 | % | 9/30/2021 | $ | 37,775,057 | 37,502,461 | 37,134,770 | 2.17 | % | H/N | ||||||||||||||||||||||||||||||||
44,824,363 | 45,054,560 | 2.73 | % | 59,871,062 | 59,499,770 | 3.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Air Transportation | Air Transportation | Air Transportation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 9.50 | % | 12/14/2021 | $ | 13,361,703 | 13,205,321 | 13,552,107 | 0.82 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | 9.50 | % | 2/28/2022 | $ | 7,891,804 | 7,795,032 | 8,116,720 | 0.49 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | 9.50 | % | 7/31/2022 | $ | 3,288,984 | 3,247,375 | 3,382,720 | 0.20 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (M) | — | 7.25 | % | 9.50 | % | 9/30/2022 | $ | 5,037,745 | 4,965,350 | 5,181,320 | 0.31 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Term loan C-3 | LIBOR (M) | — | 7.25 | % | 9.50 | % | 2/28/2023 | $ | 1,397,218 | 1,375,000 | 1,462,328 | 0.09 | % | N | Aircraft Acquisition Loan | LIBOR (Q) | — | 5.25 | % | 7.69 | % | 6/5/2023 | $ | 24,781,126 | 24,475,342 | 24,471,362 | 1.43 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 2/1/2022 | $ | 1,080,614 | 1,070,374 | 1,072,564 | 0.06 | % | N | Junior Loan Agreement (N902FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 2/1/2022 | $ | 917,390 | 911,224 | 917,390 | 0.05 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 2/1/2022 | $ | 1,297,062 | 1,284,771 | 1,287,399 | 0.08 | % | N | Junior Loan Agreement (N903FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 2/1/2022 | $ | 1,089,767 | 1,082,443 | 1,089,767 | 0.06 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 2/1/2022 | $ | 1,486,622 | 1,472,534 | 1,475,547 | 0.09 | % | N | Junior Loan Agreement (N904FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 2/1/2022 | $ | 1,240,730 | 1,232,392 | 1,240,730 | 0.07 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 2/1/2022 | $ | 1,029,097 | 1,019,345 | 1,021,430 | 0.06 | % | N | Junior Loan Agreement (N905FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 2/1/2022 | $ | 876,362 | 870,472 | 876,362 | 0.05 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 5/1/2022 | $ | 1,069,288 | 1,059,064 | 1,061,322 | 0.06 | % | N | Junior Loan Agreement (N906FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 5/1/2022 | $ | 921,763 | 915,257 | 921,763 | 0.05 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 5/1/2022 | $ | 1,122,664 | 1,111,930 | 1,114,300 | 0.07 | % | N | Junior Loan Agreement (N907FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 5/1/2022 | $ | 965,175 | 958,363 | 965,175 | 0.06 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 5/1/2022 | $ | 1,737,178 | 1,720,569 | 1,724,236 | 0.10 | % | N | Junior Loan Agreement (N908FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 5/1/2022 | $ | 1,464,982 | 1,454,642 | 1,464,982 | 0.09 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 8/1/2022 | $ | 707,858 | 701,068 | 702,584 | 0.04 | % | N | Junior Loan Agreement (N909FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 8/1/2022 | $ | 634,089 | 629,539 | 634,089 | 0.04 | % | N | ||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR (Q) | — | 7.50 | % | 9.84 | % | 8/1/2022 | $ | 669,445 | 663,023 | 664,457 | 0.04 | % | N | Junior Loan Agreement (N910FJ) | LIBOR (Q) | — | 7.50 | % | 10.08 | % | 8/1/2022 | $ | 602,283 | 597,961 | 602,283 | 0.04 | % | N | ||||||||||||||||||||||||||||||||||
40,690,756 | 41,819,034 | 2.51 | % | 33,127,635 | 33,183,903 | 1.94 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amusement and Recreation | Amusement and Recreation | Amusement and Recreation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 7.91 | % | 6/15/2024 | $ | — | (15,857 | ) | — | — | K/N | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 5.75 | % | 8.34 | % | 6/15/2024 | $ | 55,556 | 41,744 | 53,472 | — | N | |||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR (M) | 1.00 | % | 5.75 | % | 7.91 | % | 6/15/2024 | $ | 122,222 | 119,040 | 118,972 | 0.01 | % | N | First Lien Revolver | LIBOR (Q) | 1.00 | % | 5.75 | % | 8.27 | % | 6/15/2024 | $ | 111,111 | 108,310 | 104,861 | 0.01 | % | N | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 7.91 | % | 6/15/2024 | $ | 1,500,000 | 1,470,816 | 1,470,750 | 0.09 | % | N | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.15 | % | 6/15/2024 | $ | 1,504,611 | 1,478,381 | 1,448,188 | 0.08 | % | N | ||||||||||||||||||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan | LIBOR (M) | — | 13.50 | % | 15.61 | % | 2/1/2021 | $ | 5,462,818 | 5,394,897 | 5,378,690 | 0.33 | % | N | First Lien Term Loan (10.0% Exit Fee) | LIBOR (Q) | — | 13.50 | % | 15.99 | % | 2/1/2021 | $ | 5,586,967 | 5,540,901 | 5,490,592 | 0.32 | % | L/N | ||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.89 | % | 11/3/2020 | $ | 23,890,041 | 23,630,028 | 24,337,980 | 1.47 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.83 | % | 11/3/2020 | $ | 4,876,530 | 4,843,584 | 4,876,530 | 0.29 | % | N | ||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.89 | % | 11/3/2020 | $ | 856,164 | 847,516 | 856,165 | 0.05 | % | N | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.83 | % | 11/3/2020 | $ | — | (5,432 | ) | — | — | K/N | ||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.83 | % | 11/2/2022 | $ | 290,821 | 288,474 | 290,822 | 0.02 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
31,446,440 | 32,162,557 | 1.95 | % | 12,295,962 | 12,264,465 | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Equipment Contractors | Building Equipment Contractors | Building Equipment Contractors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.74 | % | 7/25/2021 | $ | 2,527,258 | 2,467,928 | 2,543,685 | 0.15 | % | N | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.94 | % | 7/25/2021 | $ | 2,465,638 | 2,422,266 | 2,466,871 | 0.14 | % | N | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.74 | % | 7/25/2021 | $ | 13,977,627 | 13,851,306 | 14,068,481 | 0.85 | % | N | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.94 | % | 7/25/2021 | $ | 13,636,824 | 13,547,192 | 13,643,642 | 0.80 | % | N | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 6.25 | % | 8.63 | % | 5/22/2023 | $ | 481,249 | 472,104 | 472,106 | 0.03 | % | N | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 6.25 | % | 8.88 | % | 5/22/2023 | $ | 481,249 | 473,476 | 469,459 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 8.63 | % | 5/22/2023 | $ | 16,260,216 | 15,949,878 | 15,951,272 | 0.97 | % | N | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 8.88 | % | 5/22/2023 | $ | 15,931,362 | 15,672,907 | 15,541,044 | 0.91 | % | N | ||||||||||||||||||||||||||||||||||
32,741,216 | 33,035,544 | 2.00 | % | 32,115,841 | 32,121,016 | 1.88 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Support Services | Business Support Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.32 | % | 6/15/2025 | $ | 19,063,320 | 18,686,786 | 18,682,054 | 1.09 | % | H/N | ||||||||||||||||||||||||||||||||||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.32 | % | 6/15/2025 | $ | 829,146 | 813,275 | 812,563 | 0.05 | % | H/N | ||||||||||||||||||||||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 9.25 | % | 11.65 | % | 6/30/2023 | $ | 31,000,000 | 30,700,064 | 31,000,000 | 1.81 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
50,200,125 | 50,494,617 | 2.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | ||||||||||||||||||||||||||||||||||||||||||
Debt Investments (continued) | Debt Investments (continued) | Debt Investments (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 9.25 | % | 11.49 | % | 6/30/2023 | $ | 31,000,000 | $ | 30,663,535 | $ | 31,000,000 | 1.88 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Convertible Note | Fixed | — | 10.00% PIK | 10.00 | % | 6/30/2019 | $ | 10,500,000 | 10,476,512 | 1,382,199 | 0.08 | % | E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Sr Secured Term Loan (12.4 % Exit Fee) | Fixed | — | 10.00% PIK | 10.00 | % | 12/31/2020 | $ | 5,112,612 | 5,084,395 | 878,868 | 0.05 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Super Secured Term Loan (100.0% Exit Fee) | Fixed | — | 10.00% PIK | 10.00 | % | 6/30/2019 | $ | 1,570,362 | 1,570,362 | 1,875,936 | 0.11 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 12.19 | % | 4/1/2019 | $ | 5,773,290 | 5,688,380 | 5,787,723 | 0.35 | % | L/N | |||||||||||||||||||||||||||||||||||||||||||||||||
22,819,649 | 9,924,726 | 0.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Incremental Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 10.00 | % | 12/11/2021 | $ | 189,675 | 185,487 | 189,675 | 0.01 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Tranche Term Loan | LIBOR (Q) | 1.25 | % | 5.50 | % | 7.88 | % | 12/11/2021 | $ | 7,620,234 | 7,620,234 | 7,620,236 | 0.46 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | Second Tranche Term Loan | LIBOR (Q) | 1.25 | % | 8.00 | % | 10.38 | % | 12/11/2021 | $ | 2,587,800 | 2,587,800 | 2,587,800 | 0.16 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | Third Tranche Term Loan | Fixed | — | 12.50% PIK | 12.50 | % | 12/11/2021 | $ | 1,370,538 | 1,370,538 | 1,029,343 | 0.06 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | Fourth Tranche Term Loan | Fixed | — | 12.50% PIK | 12.50 | % | 12/11/2021 | $ | 2,477,512 | 2,477,512 | — | — | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | Incremental First Tranche Term Loan | LIBOR (Q) | 1.25 | % | 5.50 | % | 7.88 | % | 12/11/2021 | $ | 244,778 | 244,778 | 244,778 | 0.01 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||
14,486,349 | 11,671,832 | 0.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computer Systems Design and Related Services | Computer Systems Design and Related Services | Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00% PIK | 10.38 | % | 12/31/2022 | $ | 25,904,525 | 25,904,525 | 22,474,766 | 1.36 | % | N | First Lien Term Loan A | LIBOR (Q) | — | 4.00% PIK | 6.44 | % | 12/31/2022 | $ | 2,878,281 | $ | 2,878,281 | $ | 2,878,281 | 0.17 | % | N | ||||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan C | LIBOR (Q) | — | 10.00% PIK | 12.38 | % | 12/31/2022 | $ | 22,693,688 | 22,693,688 | 19,441,682 | 1.18 | % | N | First Lien Term Loan B | LIBOR (Q) | — | 8.00% PIK | 10.63 | % | 12/31/2022 | $ | 25,904,525 | 25,904,525 | 18,964,730 | 1.11 | % | C/N | ||||||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan C | LIBOR (Q) | — | 10.00% PIK | 12.63 | % | 12/31/2022 | $ | 26,765,575 | 27,804,525 | — | — | C/N | |||||||||||||||||||||||||||||||||||||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR (Q) | 2.00 | % | 6.00 | % | 8.38 | % | 4/17/2024 | $ | 13,081,645 | 12,827,963 | 12,820,012 | 0.75 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR (Q) | 2.00 | % | 6.00 | % | 8.38 | % | 4/17/2024 | $ | — | (83,660 | ) | (87,211 | ) | (0.01 | )% | K/N | ||||||||||||||||||||||||||||||||||||||||||||||
48,598,213 | 41,916,448 | 2.54 | % | 69,331,634 | 34,575,812 | 2.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brannan Sand Gravel Company, LLC | First Lien Term Loan | LIBOR (S) | — | 5.25 | % | 7.69 | % | 7/3/2023 | $ | 9,524,112 | 9,386,696 | 9,571,732 | 0.58 | % | N | First Lien Term Loan | LIBOR (Q) | — | 5.25 | % | 7.63 | % | 7/3/2023 | $ | 7,323,673 | 7,234,818 | 7,290,716 | 0.43 | % | N | ||||||||||||||||||||||||||||||||||
Credit (Nondepository) | Credit (Nondepository) | Credit (Nondepository) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.00 | % | 11.16 | % | 12/21/2021 | $ | 22,432,442 | 22,147,723 | 22,536,325 | 1.37 | % | N | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 6.50 | % | 8.89 | % | 12/21/2021 | $ | 23,971,792 | 23,767,318 | 23,951,418 | 1.40 | % | N | ||||||||||||||||||||||||||||||||
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,445,355 | 29,099,714 | 1.76 | % | E/G/H/N | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,466,270 | 28,314,000 | 1.65 | % | E/G/H/N | ||||||||||||||||||||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.34 | % | 7/20/2022 | $ | 2,875,801 | 2,801,748 | 2,818,301 | 0.17 | % | N | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.40 | % | 7/20/2022 | $ | 3,833,333 | 3,770,885 | 3,767,975 | 0.22 | % | N | ||||||||||||||||||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Incremental Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.40 | % | 7/20/2022 | $ | — | — | (75,632 | ) | — | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||
52,394,826 | 54,454,340 | 3.30 | % | 55,004,473 | 55,957,761 | 3.27 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Related Activities | Credit Related Activities | Credit Related Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.64 | % | 12/20/2021 | $ | 5,751,869 | 5,751,869 | 5,782,642 | 0.35 | % | N | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 12/20/2021 | $ | 5,707,706 | 5,707,706 | 5,799,030 | 0.34 | % | N | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.64 | % | 12/20/2021 | $ | 14,315,246 | 14,217,463 | 14,391,833 | 0.87 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 12/20/2021 | $ | 13,656,861 | 13,585,132 | 13,875,371 | 0.81 | % | N | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.64 | % | 12/20/2021 | $ | — | (4,391 | ) | — | — | % | K/N | Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 12/20/2021 | $ | — | (3,371 | ) | — | — | K/N | |||||||||||||||||||||||||||||||
Pacific Union Financial, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.60 | % | 4/21/2022 | $ | 24,895,833 | 24,712,707 | 23,372,208 | 1.42 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
44,677,648 | 43,546,683 | 2.64 | % | 19,289,467 | 19,674,401 | 1.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data Processing and Hosting Services | Data Processing and Hosting Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.00 | % | 7.59 | % | 9/20/2022 | $ | 20,772,306 | 20,480,808 | 20,724,530 | 1.21 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 5.00 | % | 7.59 | % | 9/20/2022 | $ | — | (19,513 | ) | (3,473 | ) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.40 | % | 10/31/2025 | $ | 9,590,821 | 9,565,616 | 9,542,867 | 0.56 | % | G | ||||||||||||||||||||||||||||||||||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (M) | — | 5.63% Cash+2.50% PIK | 10.56 | % | 10/1/2022 | $ | 51,473,500 | 51,078,926 | 51,167,233 | 2.99 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.65 | % | 9/17/2023 | $ | 373,849 | 347,395 | 359,366 | 0.02 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 9/17/2023 | $ | 10,965,517 | 10,679,937 | 10,812,000 | 0.63 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.44 | % | 5/1/2022 | $ | 11,263,705 | 11,167,150 | 11,267,084 | 0.66 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.44 | % | 5/1/2022 | $ | — | (11,461 | ) | — | — | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||
SnapLogic, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.81% Cash+2.00% PIK | 12.38 | % | 3/1/2022 | $ | 31,631,420 | 31,110,053 | 30,625,541 | 1.79 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.65 | % | 5/5/2025 | $ | 4,275,000 | 4,237,006 | 3,982,868 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.75 | % | 10.16 | % | 10/11/2026 | $ | 18,280,678 | 18,152,304 | 18,006,468 | 1.05 | % | J | |||||||||||||||||||||||||||||||||||||||||||||||||
156,788,221 | 156,484,484 | 9.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Software | Diversified Software | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.5% Cash+2.00% PIK | 16.13 | % | 7/16/2020 | $ | 14,881,496 | 14,885,844 | 14,933,581 | 0.87 | % | H/N | |||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.67 | % | 1/10/2025 | $ | 11,812,993 | 11,588,066 | 11,781,098 | 0.69 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | 9.67 | % | 1/10/2025 | $ | — | (14,178 | ) | (2,077 | ) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.38 | % | 12/31/2020 | $ | 38,379,156 | 38,218,436 | 38,954,844 | 2.28 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.38 | % | 12/31/2020 | $ | 15,188,522 | 15,038,538 | 15,416,350 | 0.90 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 10.50 | % | 13.10 | % | 11/4/2021 | $ | 26,358,696 | 26,023,011 | 26,555,068 | 1.55 | % | H/N |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 8.85 | % | 9/20/2022 | $ | 22,647,306 | $ | 22,265,837 | $ | 22,873,779 | 1.39 | % | N | ||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50 | % | 8.85 | % | 9/20/2022 | $ | — | (24,022 | ) | — | — | K/N | ||||||||||||||||
Datto, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.15 | % | 12/7/2022 | $ | 32,792,848 | 32,224,308 | 32,497,713 | 1.97 | % | N | ||||||||||||||||
Datto, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.15 | % | 12/7/2022 | $ | — | (36,994 | ) | (19,864 | ) | — | K/N | |||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.24 | % | 10/31/2025 | $ | 11,988,526 | 11,953,930 | 11,981,034 | 0.73 | % | G | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR (S) | — | 5.50% Cash+2.50% PIK | 10.50 | % | 6/1/2021 | $ | 50,511,351 | 49,914,262 | 51,183,152 | 3.10 | % | L/N | ||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 9/17/2023 | $ | 373,849 | 343,037 | 362,635 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.58 | % | 9/17/2023 | $ | 10,965,517 | 10,638,628 | 10,636,552 | 0.64 | % | N | ||||||||||||||||
Intralinks, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.25 | % | 11/14/2025 | $ | 2,635,569 | 2,611,372 | 2,677,303 | 0.16 | % | N | ||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.08 | % | 5/1/2022 | $ | 11,444,945 | 11,318,672 | 11,467,835 | 0.69 | % | N | ||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.08 | % | 5/1/2022 | $ | — | (14,478 | ) | — | — | K/N | ||||||||||||||||
SnapLogic, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.81% Cash+2.00% PIK | 12.19 | % | 3/1/2022 | $ | 21,196,755 | 20,858,494 | 21,249,746 | 1.29 | % | N | ||||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.49 | % | 5/5/2025 | $ | 5,625,000 | 5,571,802 | 5,545,913 | 0.34 | % | |||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 9.88 | % | 10/15/2026 | $ | 24,980,112 | 24,792,761 | 25,198,688 | 1.53 | % | J | |||||||||||||||||
192,417,609 | 195,654,486 | 11.86 | % | |||||||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.50%Cash+2.00% PIK | 15.88 | % | 7/16/2020 | $ | 15,821,243 | 15,825,865 | 15,821,243 | 0.96 | % | H/N | |||||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 12.08 | % | 1/31/2020 | $ | 30,996,656 | 30,822,146 | 30,638,645 | 1.86 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.13 | % | 12/31/2019 | $ | 37,601,014 | 37,430,046 | 37,582,214 | 2.28 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.13 | % | 12/31/2019 | $ | 14,903,731 | 14,685,602 | 14,896,279 | 0.90 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 10.00 | % | 12.34 | % | 11/4/2021 | $ | 26,358,696 | 25,933,533 | 25,820,978 | 1.56 | % | H/N | ||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR (S) | — | 6.25% Cash+2.00% PIK | 10.69 | % | 2/1/2023 | $ | 15,972,246 | 15,688,898 | 16,135,961 | 0.98 | % | N | ||||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.39 | % | 9/19/2025 | $ | 24,325,623 | 24,113,831 | 24,325,623 | 1.47 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (S) | — | 2.80% Cash+8.45% PIK | 13.69 | % | 1/26/2022 | $ | 21,324,066 | 20,867,635 | 20,590,518 | 1.25 | % | N | ||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 8.88 | % | 9/12/2024 | $ | 7,851,765 | 7,695,515 | 7,694,729 | 0.47 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50 | % | 8.88 | % | 9/12/2024 | $ | — | (9,729 | ) | (9,815 | ) | — | K/N | |||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.32 | % | 11/13/2022 | $ | 14,160,797 | 13,914,145 | 13,990,868 | 0.85 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.32 | % | 11/13/2022 | $ | — | (20,027 | ) | (14,569 | ) | — | K/N | |||||||||||||||
Lithium Technologies, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.35 | % | 10/3/2022 | $ | 20,884,731 | 20,503,975 | 20,523,425 | 1.24 | % | N | ||||||||||||||||
Lithium Technologies, LLC | First Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.35 | % | 10/3/2022 | $ | — | (27,607 | ) | (26,437 | ) | — | K/N | |||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR (Q) | — | 5.50 | % | 7.88 | % | 9/17/2023 | $ | — | (52,262 | ) | (52,668 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR (Q) | — | 5.50 | % | 7.88 | % | 9/17/2023 | $ | 13,167,038 | 12,970,849 | 12,969,533 | 0.79 | % | N | |||||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (Q) | — | 8.88 | % | 11.25 | % | 9/1/2020 | $ | 19,117,528 | 18,638,975 | 19,106,517 | 1.16 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 9.88 | % | 12.19 | % | 6/1/2019 | $ | 2,093,398 | 2,080,236 | 2,086,908 | 0.13 | % | L/N | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.50 | % | 7/31/2022 | $ | 2,726,918 | 2,678,325 | 2,725,555 | 0.17 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.50 | % | 7/31/2022 | $ | 16,397,517 | 16,134,619 | 16,389,318 | 0.99 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | 9.50 | % | 7/31/2022 | $ | — | (21,587 | ) | (703 | ) | — | K/N | |||||||||||||||
279,852,983 | 281,194,122 | 17.06 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Software (continued) | ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.15 | % | 2/28/2024 | $ | 531,438 | $ | 483,615 | $ | 485,522 | 0.03 | % | N | ||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.15 | % | 2/28/2024 | $ | 23,383,293 | 23,285,407 | 23,046,573 | 1.35 | % | N | ||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 5.75 | % | 8.15 | % | 2/28/2024 | $ | — | (15,943 | ) | (15,305 | ) | — | K/N | |||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR (Q) | — | 6.25% Cash+2.00% PIK | 10.63 | % | 2/1/2023 | $ | 16,096,320 | 15,855,682 | 16,292,695 | 0.95 | % | N | ||||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.40 | % | 6/14/2025 | $ | 16,927,201 | 16,547,284 | 16,546,339 | 0.97 | % | N | ||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.40 | % | 6/14/2025 | $ | 618,211 | 568,843 | 568,533 | 0.03 | % | N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.33 | % | 9/19/2025 | $ | 24,840,563 | 24,648,574 | 24,623,208 | 1.44 | % | |||||||||||||||||
FinancialForce.com | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR (Q) | — | 6.75 | % | 9.31 | % | 2/1/2024 | $ | 21,000,000 | 20,483,575 | 21,196,000 | 1.24 | % | L/N | |||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 2.80% Cash+8.45% PIK | 15.63 | % | 1/26/2022 | $ | 23,304,557 | 22,936,853 | 21,471,653 | 1.25 | % | N | ||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.90 | % | 9/12/2024 | $ | 9,482,016 | 9,305,976 | 9,293,324 | 0.54 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.50 | % | 8.90 | % | 9/12/2024 | $ | — | (8,513 | ) | (9,766 | ) | — | K/N | |||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.53 | % | 11/13/2022 | $ | 14,160,797 | 13,954,203 | 14,160,797 | 0.83 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.41 | % | 11/13/2022 | $ | 809,368 | 792,840 | 809,368 | 0.05 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.53 | % | 11/13/2022 | $ | 3,606,829 | 3,558,243 | 3,606,829 | 0.21 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.46 | % | 10/3/2022 | $ | 20,884,731 | 20,571,230 | 20,627,849 | 1.21 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.46 | % | 10/3/2022 | $ | — | (22,476 | ) | (18,796 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.46 | % | 10/3/2022 | $ | 7,131,905 | 6,997,747 | 7,044,183 | 0.41 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.46 | % | 10/3/2022 | $ | — | (8,342 | ) | (5,599 | ) | — | K/N | |||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR (M) | — | 8.00 | % | 10.44 | % | 4/2/2027 | $ | 9,903,019 | 9,707,918 | 9,952,534 | 0.58 | % | N | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.94 | % | 5/3/2025 | $ | — | (33,547 | ) | (34,463 | ) | — | K/N | |||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.94 | % | 5/3/2025 | $ | 14,314,408 | 14,033,860 | 14,028,120 | 0.82 | % | N | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.50 | % | 8.94 | % | 5/3/2025 | $ | — | (23,483 | ) | (24,124 | ) | — | K/N | |||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | 4,444,444 | 4,364,679 | 4,337,333 | 0.25 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR (Q) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | — | (4,927 | ) | (6,694 | ) | — | K/N | ||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR (Q) | 1.00 | % | 8.52 | % | 10.72 | % | 6/14/2021 | $ | 21,229,624 | 20,830,056 | 21,047,049 | 1.23 | % | N | ||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR (Q) | — | 5.50 | % | 7.88 | % | 9/17/2023 | $ | 1,404,484 | 1,359,747 | 1,357,785 | 0.08 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR (Q) | — | 5.50 | % | 7.88 | % | 9/17/2023 | $ | 13,167,038 | 12,996,904 | 12,991,917 | 0.76 | % | N | |||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.41 | % | 11/19/2023 | $ | 7,481,250 | 7,379,659 | 7,411,674 | 0.43 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.00 | % | 8.41 | % | 11/19/2023 | $ | — | (4,701 | ) | (3,321 | ) | — | K/N | |||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (Q) | — | 8.88 | % | 11.44 | % | 9/1/2020 | $ | 19,117,528 | 18,821,496 | 18,748,025 | 1.10 | % | L/N | |||||||||||||||||
Unanet, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 6.25 | % | 8.69 | % | 5/31/2021 | $ | — | — | (76,531 | ) | — | K/N | |||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.69 | % | 5/31/2024 | $ | — | (24,071 | ) | (24,490 | ) | — | K/N | ||||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.69 | % | 5/31/2024 | $ | 19,897,959 | 19,701,856 | 19,698,980 | 1.15 | % | N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 9.88 | % | 12.50 | % | 12/31/2019 | $ | 1,393,398 | 1,382,016 | 1,187,384 | 0.07 | % | L/N | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.66 | % | 7/31/2022 | $ | 2,726,918 | 2,687,452 | 2,700,603 | 0.16 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR (M) | 1.00 | % | 7.25 | % | 9.66 | % | 7/31/2022 | $ | 4,996,644 | 4,900,901 | 4,948,426 | 0.29 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.66 | % | 7/31/2022 | $ | 16,397,517 | 16,184,666 | 16,239,281 | 0.95 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | 9.66 | % | 7/31/2022 | $ | — | (17,387 | ) | (13,563 | ) | — | K/N | |||||||||||||||
419,917,609 | 421,828,196 | 24.67 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | ||||||||||||||||||||||||||||||||||||||||||
Debt Investments (continued) | Debt Investments (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Educational Support Services | Educational Support Services | Educational Support Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2021 | $ | 6,142,141 | $ | 5,155,348 | $ | 6,142,144 | 0.37 | % | B/N | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,320,228 | $ | 5,320,228 | $ | 5,320,233 | 0.31 | % | B/N | ||||||||||||||||||||||||||||||
Edmentum, Inc. | Junior Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 107,755 | 107,755 | 107,760 | 0.01 | % | B/N | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 9/30/2019 | $ | 3,644,068 | 3,623,080 | 3,644,068 | 0.21 | % | B/N | ||||||||||||||||||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 7,583,403 | 7,583,403 | 7,583,410 | 0.46 | % | B/N | First Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2021 | $ | 8,924,677 | 7,769,444 | 8,924,677 | 0.52 | % | B/N | |||||||||||||||||||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 7,993,119 | 7,993,119 | 7,993,127 | 0.47 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,303,690 | 3,303,690 | 3,303,690 | 0.20 | % | B/N | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,521,248 | 3,521,248 | 3,521,248 | 0.21 | % | B/N | |||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 15,534,546 | 15,264,741 | 10,874,182 | 0.66 | % | B/N | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 16,742,608 | 16,588,829 | 13,394,086 | 0.78 | % | B/N | |||||||||||||||||||||||||||||||||||
Educationcity Limited (Edmentum) | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 9/30/2019 | $ | 1,457,627 | 1,449,232 | 1,457,627 | 0.09 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
31,414,937 | 28,011,186 | 1.70 | % | 46,265,180 | 44,255,066 | 2.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electronic Component Manufacturing | Electronic Component Manufacturing | Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adesto Technologies Corporation | First Lien Term Loan | LIBOR (S) | 1.00 | % | 8.75 | % | 11.19 | % | 5/8/2022 | $ | 17,966,081 | 16,845,325 | 17,157,607 | 1.04 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 11.13 | % | 5/8/2022 | $ | 17,367,272 | 16,470,304 | 16,707,315 | 0.98 | % | N | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (4.33% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 11.65 | % | 12/31/2018 | $ | 7,570,571 | 7,566,324 | 7,593,283 | 0.46 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (Q) | 0.44 | % | 9.33 | % | 11.65 | % | 12/31/2018 | $ | 1,603,779 | 1,603,779 | 1,575,713 | 0.10 | % | N | Tranche A Term Loan (4.33% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 11.90 | % | 12/31/2019 | $ | 2,574,367 | 2,555,309 | 2,441,788 | 0.14 | % | L/N | ||||||||||||||||||||||||||||||||
26,015,428 | 26,326,603 | 1.60 | % | 19,025,613 | 19,149,103 | 1.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment Leasing | Equipment Leasing | Equipment Leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 28,434,419 | 28,434,419 | 28,434,418 | 1.72 | % | E/F/N | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 28,593,169 | 28,593,169 | 28,593,169 | 1.66 | % | E/F/N | ||||||||||||||||||||||||||||||||||
Financial Investment Activities | Financial Investment Activities | Financial Investment Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR (Q) | — | 8.25 | % | 10.57 | % | 8/15/2026 | $ | 27,105,263 | 26,834,210 | 27,173,026 | 1.65 | % | N | Second Lien Term Loan | LIBOR (M) | — | 8.25 | % | 10.65 | % | 10/1/2026 | $ | 27,105,263 | 26,844,698 | 26,664,802 | 1.56 | % | |||||||||||||||||||||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR (Q) | — | 9.50 | % | 11.80 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 38,026,600 | 2.30 | % | H/I/N | Asset-Backed Credit Linked Notes | LIBOR (M) | — | 9.50 | % | 11.97 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 37,471,800 | 2.19 | % | H/I/N | ||||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.37 | % | 1/31/2026 | $ | — | (127,317 | ) | (135,726 | ) | (0.01 | )% | K/N | Second Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.67 | % | 1/31/2026 | $ | 6,169,355 | 6,055,443 | 6,179,226 | 0.36 | % | N | ||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.37 | % | 1/31/2026 | $ | 15,080,645 | 14,689,595 | 14,748,871 | 0.89 | % | N | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.66 | % | 1/31/2026 | $ | 15,080,645 | 14,717,958 | 15,104,774 | 0.88 | % | N | ||||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.14 | % | 10/16/2025 | $ | 4,333,333 | 4,314,079 | 4,376,667 | 0.27 | % | N | Second Lien Term Loan | LIBOR (Q) | — | 8.50 | % | 10.83 | % | 3/5/2026 | $ | 5,820,856 | 5,650,921 | 5,806,304 | 0.34 | % | N | |||||||||||||||||||||||||||||||||
83,710,567 | 84,189,438 | 5.10 | % | 91,269,020 | 91,226,906 | 5.33 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Transportation | Ground Transportation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR (M) | — | 6.50 | % | 8.89 | % | 12/13/2021 | $ | 2,559,542 | 2,516,982 | 2,533,946 | 0.15 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.64 | % | 5/15/2027 | $ | 19,382,324 | 18,994,678 | 18,994,678 | 1.11 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
21,511,660 | 21,528,624 | 1.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care | Health Care | Health Care | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR (M) | — | 7.25 | % | 9.68 | % | 3/14/2024 | $ | 8,502,033 | 8,337,996 | 8,342,195 | 0.49 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR (M) | — | 7.25 | % | 9.68 | % | 3/14/2024 | $ | — | (11,431 | ) | (11,417 | ) | — | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.74 | % | 2/14/2021 | $ | 29,288,064 | 29,013,198 | 30,043,696 | 1.82 | % | N | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.90 | % | 2/14/2021 | $ | 29,288,064 | 29,103,029 | 29,727,385 | 1.74 | % | N | ||||||||||||||||||||||||||||||||
37,429,594 | 38,058,163 | 2.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | Insurance | Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 10.98 | % | 6/8/2023 | $ | 8,277,983 | 8,153,254 | 8,043,716 | 0.49 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.69 | % | 10/31/2024 | $ | 4,560,417 | 4,478,890 | 4,497,939 | 0.26 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.69 | % | 10/31/2024 | $ | — | (7,413 | ) | (5,708 | ) | — | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.49 | % | 12/19/2025 | $ | 16,417,578 | 16,310,823 | 16,335,490 | 0.99 | % | N | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.90 | % | 12/19/2025 | $ | 35,000,000 | 34,761,985 | 34,868,750 | 2.04 | % | N | ||||||||||||||||||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (M) | 1.00 | % | 5.50 | % | 7.90 | % | 1/24/2021 | $ | 5,464,286 | 5,434,064 | 5,440,789 | 0.32 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (M) | 1.00 | % | 5.50 | % | 7.74 | % | 1/24/2021 | $ | 5,682,857 | 5,638,858 | 5,671,491 | 0.34 | % | N | First Lien Delayed Draw Term Loan B | LIBOR (M) | 1.00 | % | 5.50 | % | 7.90 | % | 1/24/2021 | $ | 1,714,286 | 1,705,649 | 1,706,914 | 0.10 | % | N | ||||||||||||||||||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR (M) | 1.00 | % | 5.50 | % | 7.74 | % | 1/24/2021 | $ | — | (12,846 | ) | (3,429 | ) | — | K/N | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 7.90 | % | 1/24/2021 | $ | 4,045,299 | 4,022,875 | 4,027,904 | 0.24 | % | N | |||||||||||||||||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 7.74 | % | 1/24/2021 | $ | 4,234,286 | 4,201,426 | 4,225,817 | 0.26 | % | N | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 7.90 | % | 1/24/2021 | $ | 6,190,013 | 6,164,542 | 6,163,396 | 0.36 | % | N | ||||||||||||||||||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 15.94 | % | 8/29/2019 | $ | 20,121,212 | 19,938,486 | 20,121,212 | 1.22 | % | N | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 20,166,667 | 20,134,501 | 20,138,433 | 1.18 | % | N | ||||||||||||||||||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 16.01 | % | 8/29/2019 | $ | 4,350,600 | 4,312,024 | 4,350,600 | 0.26 | % | N | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.59 | % | 8/15/2020 | $ | 4,381,200 | 4,353,294 | 4,375,066 | 0.26 | % | N | ||||||||||||||||||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.63 | % | 8/15/2020 | $ | 12,000,000 | 11,962,661 | 11,983,200 | 0.70 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
58,542,025 | 58,744,897 | 3.56 | % | 93,011,048 | 93,196,683 | 5.46 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 9.99 | % | 9/29/2025 | $ | 15,000,000 | 14,897,537 | 15,131,250 | 0.92 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.65 | % | 11.90 | % | 3/21/2022 | $ | 29,572,309 | 29,349,777 | 29,397,833 | 1.78 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
44,247,314 | 44,529,083 | 2.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | ||||||||||||||||||||||||||||||||||||||||||
Debt Investments (continued) | Debt Investments (continued) | Debt Investments (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | Lessors of Nonfinancial Licenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.15 | % | 9/29/2025 | $ | 14,711,567 | $ | 14,615,236 | $ | 14,573,646 | 0.85 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.25 | % | 12/28/2023 | $ | 24,139,968 | 23,980,718 | 24,115,828 | 1.41 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | Prime | — | 7.25 | % | 12.75 | % | 10/12/2023 | $ | 10,793,402 | 10,530,662 | 10,503,599 | 0.61 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR (Q) | 1.50 | % | 8.00 | % | 10.58 | % | 10/12/2023 | $ | 40,857,522 | 39,869,101 | 39,846,299 | 2.33 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
88,995,717 | 89,039,372 | 5.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | Management, Scientific, and Technical Consulting Services | Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asentinel, LLC (Tangoe) | First Lien Last Out Term Loan | LIBOR (S) | 1.00 | % | 10.77%Cash+0.50% PIK | 13.76 | % | 6/16/2022 | $ | 24,219,476 | $ | 23,435,646 | $ | 24,025,720 | 1.46 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.31 | % | 5/1/2020 | $ | — | (2,226 | ) | (2,400 | ) | — | K/N | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.63 | % | 5/1/2020 | $ | 908,679 | 907,742 | 908,677 | 0.05 | % | N | |||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.31 | % | 5/1/2020 | $ | 39,243,446 | 39,145,781 | 39,145,338 | 2.37 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.63 | % | 5/1/2020 | $ | 36,757,364 | 36,717,210 | 36,757,364 | 2.15 | % | N | ||||||||||||||||||||||||||||||||
62,579,201 | 63,168,658 | 3.83 | % | 37,624,952 | 37,666,041 | 2.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal Manufacturing | Metal Manufacturing | Metal Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR (Q) | — | 6.50 | % | 8.79 | % | 12/13/2022 | $ | 5,652,336 | 5,600,727 | 5,624,075 | 0.34 | % | N | First Lien Term Loan B | LIBOR (Q) | — | 6.50 | % | 8.98 | % | 12/13/2022 | $ | 5,081,309 | 5,041,758 | 5,030,496 | 0.28 | % | N | ||||||||||||||||||||||||||||||||||
Motion Picture and Video Industries | Motion Picture and Video Industries | Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 10.39 | % | 10/17/2022 | $ | 1,532,537 | 1,532,537 | 1,532,537 | 0.09 | % | B/N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 10.33 | % | 10/17/2022 | $ | 1,658,962 | 1,658,961 | 1,658,963 | 0.09 | % | B/N | ||||||||||||||||||||||||||||||||||
Other Information Services | Other Information Services | Other Information Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 10.75 | % | 2/26/2024 | $ | 3,419,277 | 3,403,838 | 3,419,277 | 0.21 | % | N | Second Lien Term Loan | LIBOR (M) | — | 8.50 | % | 10.90 | % | 2/1/2027 | $ | 25,000,000 | 24,650,493 | 24,781,250 | 1.45 | % | ||||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 10.75 | % | 2/26/2024 | $ | 12,839,252 | 12,735,631 | 12,839,252 | 0.78 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Gladson, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.74 | % | 1/25/2023 | $ | 577,225 | 566,122 | 573,184 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Gladson, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.74 | % | 1/25/2023 | $ | 9,395,937 | 9,306,971 | 9,330,166 | 0.57 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,510,028 | 12,500,431 | 0.73 | % | L/N | |||||||||||||||||||||||||||||||||||||||||||||||||
26,012,562 | 26,161,879 | 1.59 | % | 37,160,521 | 37,281,681 | 2.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Manufacturing | Other Manufacturing | Other Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.28 | % | B/N | ||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 9,777,740 | 8,096,057 | 9,777,740 | 0.59 | % | B/E/N | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 10,315,515 | 8,633,832 | 10,153,561 | 0.59 | % | B/E/N | ||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 1,049,146 | 1,049,146 | 1,049,146 | 0.06 | % | B/N | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 1,049,146 | 1,049,146 | 1,049,146 | 0.06 | % | B/N | ||||||||||||||||||||||||||||||||||
14,014,780 | 15,696,463 | 0.95 | % | 14,552,555 | 16,072,284 | 0.93 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Activities | Other Real Estate Activities | Other Real Estate Activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.20 | % | 4/17/2024 | $ | 25,139,542 | 24,927,717 | 25,839,678 | 1.57 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.52 | % | 4/17/2024 | $ | 24,951,467 | 24,782,103 | 25,700,011 | 1.50 | % | N | ||||||||||||||||||||||||||||||||
Other Telecommunications | Other Telecommunications | Other Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.49 | % | 11/1/2025 | $ | 25,846,154 | 25,637,439 | 25,922,917 | 1.57 | % | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 10.58 | % | 11/1/2025 | $ | 25,846,154 | 25,648,884 | 24,101,538 | 1.41 | % | ||||||||||||||||||||||||||||||||||
Pharmaceuticals | Pharmaceuticals | Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.34 | % | 5/18/2022 | $ | 490,893 | 490,893 | 463,305 | 0.03 | % | N | First Lien Term Loan | LIBOR (Q) | 2.00 | % | 7.50 | % | 9.84 | % | 6/30/2024 | $ | 10,000,000 | 9,750,000 | 9,750,000 | 0.57 | % | N | ||||||||||||||||||||||||||||||||
Plastics Manufacturing | Plastics Manufacturing | Plastics Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 11.25 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 11.50 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.11 | % | B/N | ||||||||||||||||||||||||||||||||
Publishing | Publishing | Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 7.50 | % | 10.06 | % | 9/21/2022 | $ | — | (14,966 | ) | (2,400 | ) | — | K/N | First Lien Revolver | LIBOR (Q) | — | 7.50 | % | 10.13 | % | 9/21/2022 | $ | — | (12,154 | ) | — | — | K/N | |||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 7.50 | % | 9.88 | % | 9/21/2022 | $ | 11,520,287 | 11,352,915 | 11,497,246 | 0.70 | % | N | First Lien Term Loan | LIBOR (Q) | — | 7.50 | % | 10.13 | % | 9/21/2022 | $ | 10,881,394 | 10,750,982 | 10,930,361 | 0.64 | % | N | ||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.04 | % | 6/26/2022 | $ | 6,827,354 | 6,757,138 | 6,873,098 | 0.42 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 9.83 | % | 6/26/2022 | $ | 6,608,073 | 6,555,062 | 6,608,073 | 0.39 | % | N | ||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.50 | % | 10.04 | % | 6/26/2022 | $ | 264,285 | 260,008 | 264,285 | 0.02 | % | N | Sr Secured Revolver | Prime | 1.00 | % | 6.50 | % | 12.00 | % | 6/26/2022 | $ | 176,190 | 172,751 | 176,190 | 0.01 | % | N | ||||||||||||||||||||||||||||||||
18,355,095 | 18,632,229 | 1.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.15 | % | 1/23/2023 | $ | 11,536,391 | 11,518,541 | 11,579,652 | 0.70 | % | G | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 11.75 | % | 1/12/2020 | $ | 14,000,000 | 13,932,260 | 13,976,900 | 0.85 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.65 | % | 10/13/2022 | $ | — | — | 64,286 | — | N | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.49 | % | 10/13/2022 | $ | 2,857,143 | 2,815,833 | 2,900,000 | 0.18 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 9.83 | % | 6/26/2022 | $ | 1,273,610 | 1,260,963 | 1,276,285 | 0.07 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
16,748,093 | 16,941,186 | 1.03 | % | 18,727,604 | 18,990,909 | 1.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 0.00 | % | 3/30/2018 | $ | 2,210,269 | $ | 2,210,269 | $ | — | — | B/C/N | ||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 5,169,540 | 4,886,154 | 5,169,556 | 0.31 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Out Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 1,422,397 | 1,411,520 | 1,422,397 | 0.09 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 0.00 | % | 3/30/2018 | $ | 10,398,622 | 10,398,622 | — | — | B/C/N | ||||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 0.00 | % | 3/30/2018 | $ | 3,468,374 | 3,452,951 | — | — | B/C/N | ||||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 0.00 | % | 3/30/2018 | $ | 7,568,193 | 7,568,193 | 101,035 | 0.01 | % | B/C/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Super Priority Debtor-in-Possession Term Loan | Fixed | — | 8.50 | % | 8.50 | % | 12/15/2018 | $ | 720,500 | 712,034 | 720,500 | 0.04 | % | B/N | |||||||||||||||||
30,639,743 | 7,413,488 | 0.45 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 10.92 | % | 9/12/2022 | $ | 11,149,443 | 10,917,823 | 11,149,443 | 0.68 | % | N | ||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00 | % | 12.00 | % | 10/1/2022 | $ | 1,455,270 | 1,420,798 | 1,102,367 | 0.07 | % | E/G/H/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00 | % | 12.00 | % | 10/1/2022 | $ | 3,713,440 | 3,628,201 | 2,812,931 | 0.17 | % | E/G/H/N | |||||||||||||||||
5,048,999 | 3,915,298 | 0.24 | % | |||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (Q) | — | 5.75 | % | 10.14 | % | 4/29/2020 | $ | 1,857,267 | 1,729,512 | 1,792,262 | 0.11 | % | H/N | |||||||||||||||||
Envigo Holdings, Inc. (United Kingdom) | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.14 | % | 4/29/2020 | $ | 4,189,589 | 2,787,441 | 3,938,213 | 0.24 | % | H/N | |||||||||||||||||
Envigo Holdings, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 10.84 | % | 11/3/2021 | $ | 34,581,810 | 34,132,487 | 34,733,105 | 2.10 | % | G/H/N | ||||||||||||||||
38,649,440 | 40,463,580 | 2.45 | % | |||||||||||||||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.14 | % | 6/1/2025 | $ | 7,611,914 | 7,543,092 | 7,611,914 | 0.46 | % | G | ||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,773,808 | 0.11 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 8.50 | % | 10.88 | % | 8/1/2020 | $ | 6,167,814 | 6,109,125 | 6,037,057 | 0.37 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 11.44 | % | 13.81 | % | 8/1/2020 | $ | 3,338,282 | 3,144,704 | 3,341,620 | 0.20 | % | L/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | LIBOR (Q) | — | 8.00% PIK | 10.34 | % | 5/26/2020 | $ | 14,709,305 | 14,709,305 | 14,709,305 | 0.89 | % | F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 8,115,517 | 8,115,517 | 1,983,838 | 0.12 | % | C/F/H/N | ||||||||||||||||||
33,852,458 | 27,845,628 | 1.69 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
FreePoint Commodities, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.40 | % | 6/13/2023 | $ | 15,000,000 | 14,850,794 | 14,863,500 | 0.90 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 10.09 | % | 10/25/2022 | $ | 17,777,518 | 17,409,068 | 17,516,188 | 1.06 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.39 | % | 5/15/2023 | $ | 809,735 | 790,855 | 793,538 | 0.05 | % | N | ||||||||||||||||
18,199,923 | 18,309,726 | 1.11 | % | |||||||||||||||||||||||||||||
Total Debt Investments | 1,515,398,761 | 1,476,321,274 | 89.45 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,125,000 | $ | 185,450 | $ | 162,788 | 0.01 | % | C/E/N | ||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 9/18/2025 | 1,327,869 | 212,360 | 205,289 | 0.01 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock | 8/15/2027 | 1,049,996 | 276,492 | 479,638 | 0.03 | % | C/E/H/N | ||||||||||||||||||||
674,302 | 847,715 | 0.05 | % | |||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,617,734 | 2,921,471 | 0.18 | % | E/F/N | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,704,898 | 2,992,769 | 0.18 | % | E/F/N | |||||||||||||||||||||
Epic Aero, Inc (One Sky) | Warrants to Purchase Common Stock | 12/4/2018 | 1,843 | 855,313 | 4,773,297 | 0.29 | % | C/E/N | ||||||||||||||||||||
6,177,945 | 10,687,537 | 0.65 | % | |||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 60,908 | — | C/E/N | ||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 2,151,721 | 0.13 | % | C/E/N | |||||||||||||||||||||
556,370 | 2,212,629 | 0.13 | % | |||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||
Green Biologics, Inc. | Preferred Stock | 75,149 | — | — | — | C/E/N | ||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 10/1/2021 | 909,300 | 272,807 | — | — | C/E/N | |||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 820,720 | 0.05 | % | C/E/N | ||||||||||||||||||||
878,073 | 820,720 | 0.05 | % | |||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||
HCT Acquisition, LLC (Globecomm) | Membership Units | 8 | 531,576 | — | — | B/C/N | ||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series A Preferred Unites | 7/20/2028 | 21,888,917 | — | 1,637,291 | 0.10 | % | C/E/N | ||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series B Preferred Unites | 7/20/2028 | 24,972,917 | — | 1,867,974 | 0.11 | % | C/E/N | ||||||||||||||||||||
— | 3,505,265 | 0.21 | % | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,418,746 | 0.09 | % | C/E/F/N | |||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Common Stock | 12/30/2027 | 33,993 | 264,624 | 129,313 | 0.01 | % | C/E/N | ||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,260,000 | 169,402 | 437,472 | 0.03 | % | C/E/N | ||||||||||||||||||||
27,145,074 | 1,985,531 | 0.13 | % | |||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 437,482 | 0.03 | % | C/E/N | ||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 589,077 | 0.04 | % | C/E/N | ||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 88,488 | 0.01 | % | C/E/N | ||||||||||||||||||||
982,949 | 1,115,047 | 0.08 | % | |||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | — | — | B/C/E/N | ||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | — | — | — | B/C/E/N | |||||||||||||||||||||
680,226 | — | — | ||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal/ | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.00 | % | 9.40 | % | 10/19/2026 | $ | 23,565,964 | $ | 23,445,286 | $ | 23,448,134 | 1.37 | % | G | |||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 11.91 | % | 1/12/2020 | $ | 5,750,000 | 5,738,457 | 5,750,000 | 0.34 | % | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.65 | % | 10/13/2022 | $ | — | — | (14,679 | ) | — | K/N | ||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.65 | % | 10/13/2022 | $ | 2,857,143 | 2,823,088 | 2,837,571 | 0.17 | % | N | ||||||||||||||||
8,561,545 | 8,572,892 | 0.51 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR (Q) | — | 6.76 | % | 9.09 | % | 5/20/2025 | $ | 14,030,514 | 13,751,610 | 13,749,904 | 0.80 | % | N | |||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.84 | % | 11.27 | % | 9/12/2022 | $ | 6,968,402 | 6,849,755 | 6,968,053 | 0.41 | % | N | ||||||||||||||||
20,601,365 | 20,717,957 | 1.21 | % | |||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,563,970 | 1,064,080 | 0.06 | % | E/G/H/N | ||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 4,064,721 | 3,993,101 | 2,715,234 | 0.16 | % | E/G/H/N | ||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 730,749 | 702,838 | 660,945 | 0.04 | % | L/N | |||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 240,031 | 223,284 | 225,389 | 0.01 | % | L/N | |||||||||||||||||
6,483,193 | 4,665,648 | 0.27 | % | |||||||||||||||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.08 | % | 6/1/2025 | $ | 7,611,914 | 7,548,897 | 7,516,765 | 0.44 | % | G/N | ||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,806 | 1,497,092 | 0.09 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 8.50 | % | 11.06 | % | 8/1/2020 | $ | 3,911,427 | 3,890,090 | 3,732,871 | 0.22 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 11.44 | % | 14.00 | % | 8/1/2020 | $ | 2,139,110 | 2,062,162 | 2,091,301 | 0.12 | % | L/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 6,578,877 | 6,578,877 | 3,289,438 | 0.19 | % | C/F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,638,365 | 0.15 | % | C/F/H/N | |||||||||||||||||
22,973,785 | 13,249,067 | 0.77 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
Construction Supply Acquisition, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.41 | % | 6/30/2023 | $ | 11,908,696 | 11,849,450 | 11,878,924 | 0.69 | % | N | ||||||||||||||||
FreePoint Commodities, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.65 | % | 6/13/2023 | $ | 15,000,000 | 14,874,957 | 14,853,000 | 0.87 | % | N | ||||||||||||||||
26,724,407 | 26,731,924 | 1.56 | % | |||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (M) | 1.25 | % | 7.25 | % | 9.65 | % | 10/25/2022 | $ | 16,746,353 | 16,452,043 | 16,820,874 | 0.98 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.33 | % | 5/15/2023 | $ | 803,647 | 790,467 | 799,950 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.33 | % | 5/15/2020 | $ | — | (13,586 | ) | (3,627 | ) | — | K/N | |||||||||||||||
17,228,924 | 17,617,197 | 1.03 | % | |||||||||||||||||||||||||||||
Total Debt Investments | 1,651,693,321 | 1,609,094,467 | 94.04 | % | ||||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | $ | 846,724 | $ | 272,700 | 0.02 | % | C/E/N | ||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 8/29/2024 | 3,071,860 | 478,899 | 226,396 | 0.01 | % | C/E/N | ||||||||||||||||||||
1,325,623 | 499,096 | 0.03 | % | |||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 12,649,416 | 12,649,416 | 20,739,461 | 1.26 | % | E/F/N | |||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 8,778,033 | 8,778,033 | 9,447,794 | 0.57 | % | E/I/N | |||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 12,248,965 | 12,248,965 | 13,348,922 | 0.81 | % | E/I/N | |||||||||||||||||||||
21,026,998 | 22,796,716 | 1.38 | % | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 236,289 | 0.01 | % | B/C/E/N | |||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,546,895 | 0.40 | % | B/C/E/N | |||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 363,063 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 366,665 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,159,624 | 0.07 | % | B/C/N | |||||||||||||||||||||
3,166,925 | 8,436,247 | 0.51 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,148 | — | C/E/H/N | |||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 4,328,550 | 0.26 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 4,328,550 | 0.26 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 2,297,140 | 0.14 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 8/3/2022 | 233,470 | 300,322 | — | — | C/E/N | |||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/N | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | 1,316 | — | B/C/E/N | ||||||||||||||||||||||
2,010,777 | 1,316 | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 1,767,051 | 0.11 | % | C/D/H | |||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,125,000 | $ | 185,450 | $ | 238,245 | 0.01 | % | C/E/N | ||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 125,757 | 0.01 | % | C/E/H/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 428,177 | 0.03 | % | C/E/H/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 54,626 | — | C/E/H/N | |||||||||||||||||||||||||
767,709 | 846,805 | 0.05 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,346,353 | 2,678,925 | 0.16 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,417,176 | 2,679,749 | 0.16 | % | E/F/N | |||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 6,461,249 | 0.38 | % | C/N | |||||||||||||||||||||||||
5,618,842 | 11,819,923 | 0.70 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 49,576 | — | C/E/N | ||||||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 3,579,710 | 0.21 | % | C/E/N | |||||||||||||||||||||||||
556,370 | 3,629,286 | 0.21 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Green Biologics, Inc. (United Kingdom) | Common Stock | 34,761,145 | 20,528,870 | 3,476 | — | B/C/E/H/N | ||||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 832,160 | 0.05 | % | C/E/N | ||||||||||||||||||||||||
21,134,136 | 835,636 | 0.05 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series A Preferred Units | 7/20/2028 | 21,888,917 | — | 2,189 | — | C/E/N | |||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series B Preferred Units | 7/20/2028 | 24,972,917 | — | 2,497 | — | C/E/N | |||||||||||||||||||||||||
— | 4,686 | — | ||||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,155,085 | 0.07 | % | C/E/F/N | |||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | 511,349 | 847,261 | 0.05 | % | C/E/N | ||||||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 1,600,000 | 0.09 | % | C/E/N | ||||||||||||||||||||||||
27,600,119 | 3,602,346 | 0.21 | % | |||||||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 467,603 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
FinancialForce.com | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 293,268 | 0.02 | % | C/E/N | ||||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 633,245 | 0.04 | % | C/E/N | ||||||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 55,980 | — | C/E/N | |||||||||||||||||||||||||
1,270,934 | 1,450,096 | 0.09 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | — | — | B/C/E/N | ||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | — | — | — | B/C/E/N | |||||||||||||||||||||||||
680,226 | — | — |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series A Warrants to Purchase Common Stock | 4/29/2020 | 10,287 | $ | — | $ | — | — | C/E/H/N | |||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series B Warrants to Purchase Common Stock | 4/29/2020 | 16,494 | — | — | — | C/E/H/N | |||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series D Preferred Stock | 2/7/2027 | 448,000 | 76,950 | 48,877 | — | C/E/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 207,240 | 0.01 | % | C/E/N | ||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||
10,554,187 | 256,117 | 0.01 | % | |||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 1,214,035 | 0.07 | % | C/D/E/H/N | |||||||||||||||||||||
Total Equity Securities | 102,627,734 | 83,791,610 | 5.08 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,618,026,495 | $ | 1,560,112,884 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 88,282,658 | 5.35 | % | |||||||||||||||||||||||||
Wells Fargo Treasury Plus Government Money Market Fund | 2,000,000 | 0.12 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 90,282,658 | 5.47 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,650,395,542 | 100.00 | % | M |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | $ | 846,724 | $ | 703,245 | 0.04 | % | C/E/N | ||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | 1,067,406 | 0.06 | % | C/E/N | ||||||||||||||||||||
1,325,623 | 1,770,651 | 0.10 | % | |||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 16,090,666 | 16,090,666 | 22,082,923 | 1.29 | % | E/F/N | |||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 1,415,656 | 1,415,656 | 1,415,656 | 0.08 | % | E/F/I/N | |||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,909,060 | 1,909,060 | 2,363,610 | 0.14 | % | E/I/N | |||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 17,207,181 | 17,207,181 | 17,930,490 | 1.05 | % | E/I/N | |||||||||||||||||||||
20,531,897 | 21,709,756 | 1.27 | % | |||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,708,879 | 0.39 | % | B/C/E/N | |||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 372,559 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 376,255 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,084,249 | 0.06 | % | B/C/N | |||||||||||||||||||||
3,166,925 | 8,541,942 | 0.49 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 65,245 | — | C/E/N | |||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,143 | — | C/E/H/N | |||||||||||||||||||||
144,327 | 110,388 | — | ||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | — | — | B/C/E/N | ||||||||||||||||||||||
1,091,200 | — | — | ||||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 1,477,518 | 0.09 | % | B/C/E/N | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 573,610 | 0.03 | % | C/D/H | |||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 534,850 | 0.03 | % | C/E/N | |||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | $ | 1,000,000 | $ | — | — | C/E/F/H/N | ||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series D Preferred Stock | 2/7/2027 | 448,000 | 76,950 | 120,256 | 0.01 | % | C/E/N | ||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 107,372 | 0.01 | % | C/E/N | ||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||
10,554,187 | 227,628 | 0.02 | % | |||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 869,758 | 0.05 | % | C/D/E/H/N | |||||||||||||||||||||
Total Equity Securities | 123,329,850 | 80,087,802 | 4.68 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,775,023,171 | $ | 1,689,182,269 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 21,857,502 | 1.28 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 21,857,502 | 1.28 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,711,039,771 | 100.00 | % | M |
(A) | Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 8.81 | % | 10.31 | % | 6/1/2020 | $ | 18,750,000 | $ | 18,410,907 | $ | 18,383,250 | 1.15 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee) | LIBOR (M) | 1.37 | % | 8.13 | % | 9.63 | % | 12/31/2019 | $ | 24,897,542 | 24,417,800 | 24,593,791 | 1.54 | % | H/L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien UK Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 10.00 | % | 11.48 | % | 1/10/2020 | $ | 6,299,020 | 6,299,020 | 6,115,830 | 0.38 | % | L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien US Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 8.50 | % | 9.98 | % | 1/10/2020 | $ | 3,047,945 | 3,047,945 | 3,032,930 | 0.19 | % | L/N | ||||||||||||||||
52,175,672 | 52,125,801 | 3.26 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.88 | % | 12/14/2021 | $ | 14,609,503 | 14,400,062 | 14,686,203 | 0.92 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | 8.88 | % | 2/28/2022 | $ | 8,515,704 | 8,389,636 | 8,519,110 | 0.53 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | 8.88 | % | 7/31/2022 | $ | 3,538,544 | 3,486,116 | 3,508,467 | 0.22 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (M) | — | 7.25 | % | 8.88 | % | 9/30/2022 | $ | 5,412,085 | 5,320,659 | 5,339,563 | 0.33 | % | N | |||||||||||||||||
31,596,473 | 32,053,343 | 2.00 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash + 2.00%PIK | 10.19 | % | 11/3/2020 | $ | 24,342,738 | 23,991,933 | 23,790,158 | 1.49 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash + 2.00%PIK | N/A | 11/3/2020 | $ | — | (12,135 | ) | (19,435 | ) | — | K/N | |||||||||||||||||
23,979,798 | 23,770,723 | 1.49 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 9.07 | % | 7/25/2021 | $ | 13,626,146 | 13,467,549 | 13,769,221 | 0.86 | % | N | ||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | — | (23,000 | ) | — | K/N | |||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (3.77% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.60 | % | 11/30/2019 | $ | 22,687,500 | 22,487,892 | 22,557,047 | 1.41 | % | L/N | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.73 | % | 6/30/2023 | $ | 31,000,000 | 30,637,657 | 29,676,300 | 1.85 | % | N | ||||||||||||||||
53,125,549 | 52,210,347 | 3.26 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (M) | — | 10.63 | % | 12.13 | % | 2/1/2018 | $ | 1,147,372 | 1,159,323 | 1,147,372 | 0.07 | % | L/N | |||||||||||||||||
Green Biologics, Inc. | Convertible Note | Fixed | — | 10.00% PIK | 10.00 | % | 6/30/2019 | $ | 7,500,000 | 7,467,998 | 4,472,250 | 0.28 | % | E/N | ||||||||||||||||||
Green Biologics, Inc. | Sr Secured Term Loan (12.4 % Exit Fee) | Fixed | — | 10.00% PIK | 10.00 | % | 12/31/2020 | $ | 8,312,637 | 8,272,422 | 5,160,485 | 0.32 | % | L/N | ||||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.69 | % | 10/12/2021 | $ | 871,842 | 866,740 | 915,260 | 0.06 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.69 | % | 10/12/2021 | $ | 3,767,969 | 3,745,385 | 3,955,614 | 0.25 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | EURIBOR (Q) | — | 8.00 | % | 8.00 | % | 10/12/2021 | € | 6,377,358 | 6,966,626 | 8,037,289 | 0.50 | % | D/H/N | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 11.31 | % | 4/1/2019 | $ | 8,969,791 | 8,664,362 | 8,848,699 | 0.55 | % | L/N | |||||||||||||||||
37,142,856 | 32,536,969 | 2.03 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Incremental Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 9.11 | % | 12/21/2021 | $ | 175,824 | 171,604 | 175,824 | 0.01 | % | B/N | ||||||||||||||||
Globecomm Systems, Inc. | First Tranche Term Loan | LIBOR (Q) | 1.25 | % | 5.50 | % | 7.06 | % | 12/11/2021 | $ | 7,200,000 | 7,200,000 | 7,200,000 | 0.45 | % | B/N | ||||||||||||||||
Globecomm Systems, Inc. | Second Tranche Term Loan | LIBOR (Q) | 1.25 | % | 8.00 | % | 9.56 | % | 12/11/2021 | $ | 2,400,000 | 2,400,000 | 2,400,000 | 0.15 | % | B/N | ||||||||||||||||
Globecomm Systems, Inc. | Third Tranche Term Loan | Fixed | — | 12.50% PIK | 12.50 | % | 12/11/2021 | $ | 1,248,000 | 1,248,000 | 1,248,000 | 0.08 | % | B/N | ||||||||||||||||||
Globecomm Systems, Inc. | Fourth Tranche Term Loan | Fixed | — | 12.50% PIK | 12.50 | % | 12/11/2021 | $ | 2,256,000 | 2,256,000 | 2,256,000 | 0.14 | % | B/N | ||||||||||||||||||
13,275,604 | 13,279,824 | 0.83 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 8.81 | % | 11.56 | % | 6/1/2020 | $ | 22,500,000 | $ | 22,288,567 | $ | 22,343,623 | 1.37 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Term Loan | LIBOR (Q) | 1.37 | % | 8.13 | % | 10.88 | % | 9/30/2021 | $ | 37,775,057 | 37,432,000 | 37,727,838 | 2.32 | % | H/N | ||||||||||||||||
59,720,567 | 60,071,461 | 3.69 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 12/14/2021 | $ | 12,945,769 | 12,802,291 | 13,130,247 | 0.81 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 2/28/2022 | $ | 7,683,837 | 7,594,071 | 7,793,332 | 0.48 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 7/31/2022 | $ | 3,205,798 | 3,166,674 | 3,296,682 | 0.20 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 9/30/2022 | $ | 4,912,965 | 4,845,174 | 5,051,510 | 0.31 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Term loan C-3 | LIBOR (Q) | — | 7.25 | % | 9.81 | % | 2/28/2023 | $ | 1,353,738 | 1,332,947 | 1,391,236 | 0.08 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,027,521 | 1,018,433 | 1,014,163 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,229,633 | 1,218,758 | 1,213,648 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 1,406,638 | 1,394,198 | 1,388,352 | 0.09 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 2/1/2022 | $ | 979,415 | 970,753 | 966,683 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,021,301 | 1,012,097 | 1,008,024 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,071,436 | 1,061,780 | 1,057,507 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 5/1/2022 | $ | 1,648,638 | 1,633,781 | 1,627,206 | 0.10 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 8/1/2022 | $ | 683,862 | 677,658 | 674,972 | 0.04 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR (Q) | — | 7.50 | % | 10.04 | % | 8/1/2022 | $ | 647,598 | 641,723 | 639,179 | 0.04 | % | N | |||||||||||||||||
39,370,338 | 40,252,741 | 2.47 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | — | (15,165 | ) | — | — | K/N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | 122,222 | 119,176 | 119,139 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.22 | % | 6/15/2024 | $ | 1,500,000 | 1,472,068 | 1,472,250 | 0.09 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR (M) | — | 13.50 | % | 15.85 | % | 2/1/2021 | $ | 5,502,976 | 5,439,653 | 5,414,929 | 0.33 | % | L/N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/3/2020 | $ | 23,739,142 | 23,504,334 | 24,037,068 | 1.48 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/3/2020 | $ | 856,164 | 848,517 | 856,165 | 0.05 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.30 | % | 11/2/2022 | $ | 1,415,726 | 1,402,020 | 1,433,494 | 0.09 | % | N | |||||||||||||||||
32,770,603 | 33,333,045 | 2.05 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 7/25/2021 | $ | 2,496,448 | 2,442,261 | 2,490,207 | 0.15 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 7/25/2021 | $ | 13,807,225 | 13,691,491 | 13,772,707 | 0.85 | % | N | ||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 481,249 | 472,488 | 487,746 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 16,046,661 | 15,753,256 | 16,263,291 | 1.00 | % | N | |||||||||||||||||
32,359,496 | 33,013,951 | 2.03 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.44 | % | 9/1/2022 | $ | 7,918,930 | $ | 7,806,963 | $ | 7,839,741 | 0.49 | % | H/N | ||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.44 | % | 9/1/2022 | $ | 9,837,500 | 9,677,911 | 9,739,125 | 0.61 | % | H/N | ||||||||||||||||
Bracket Intermediate Holding Corp. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.48 | % | 3/14/2024 | $ | 10,925,551 | 10,622,213 | 10,783,519 | 0.67 | % | N | ||||||||||||||||
Dealersocket, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.49 | % | 2/10/2021 | $ | 14,875,000 | 14,462,683 | 14,875,000 | 0.93 | % | N | ||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash + 2.00%PIK | 9.38 | % | 11/4/2019 | $ | 43,440,093 | 43,045,225 | 39,712,933 | 2.48 | % | N | |||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.38 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 2,909,115 | 0.18 | % | N | ||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 11.19 | % | 8/16/2021 | $ | 23,295,455 | 22,749,196 | 23,295,455 | 1.45 | % | N | ||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | N/A | 8/16/2021 | $ | — | (37,215 | ) | — | — | K/N | |||||||||||||||||
111,509,119 | 109,154,888 | 6.81 | % | |||||||||||||||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.98 | % | 12/21/2021 | $ | 22,432,442 | 22,090,438 | 22,971,871 | 1.43 | % | N | ||||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.07 | % | 6/30/2020 | $ | 17,111,111 | 16,968,821 | 17,111,111 | 1.07 | % | N | ||||||||||||||||
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,425,923 | 27,530,552 | 1.72 | % | E/G/H/N | |||||||||||||||||
66,485,182 | 67,613,534 | 4.22 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.45 | % | 12/20/2021 | $ | 14,622,123 | 14,503,579 | 14,622,123 | 0.91 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | N/A | 12/20/2021 | $ | — | (5,405 | ) | — | — | K/N | |||||||||||||||||
Pacific Union Financials, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.86 | % | 4/21/2022 | $ | 25,000,000 | 24,774,024 | 25,000,000 | 1.56 | % | N | ||||||||||||||||
39,272,198 | 39,622,123 | 2.47 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 7.86 | % | 9/20/2022 | $ | 22,647,306 | 22,214,352 | 22,381,200 | 1.40 | % | N | ||||||||||||||||
Applause App Quality, Inc. | First Revolver | LIBOR (Q) | 1.00 | % | 6.50 | % | N/A | 9/20/2022 | $ | — | (28,508 | ) | (17,740 | ) | — | K/N | ||||||||||||||||
Datto, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 9.41 | % | 12/7/2022 | $ | 32,792,848 | 32,136,991 | 32,136,991 | 2.01 | % | N | ||||||||||||||||
Datto, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | N/A | 12/7/2022 | $ | — | (43,556 | ) | (44,143 | ) | — | K/N | ||||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.38 | % | 10/31/2025 | $ | 11,988,526 | 11,947,192 | 12,080,359 | 0.75 | % | |||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR (M) | — | 5.50% Cash + 2.50%PIK | 9.50 | % | 2/1/2021 | $ | 25,494,938 | 24,834,102 | 25,074,781 | 1.57 | % | L/N | ||||||||||||||||||
Internap Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.41 | % | 4/3/2022 | $ | 8,163,812 | 8,054,758 | 8,262,472 | 0.52 | % | J | ||||||||||||||||
Intralinks, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.70 | % | 11/14/2025 | $ | 4,045,291 | 4,004,922 | 4,045,291 | 0.25 | % | N | ||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 15,000,000 | 15,000,000 | 15,000,000 | 0.94 | % | N | |||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.34 | % | 5/1/2022 | $ | 11,961,813 | 11,800,299 | 11,997,700 | 0.75 | % | N | ||||||||||||||||
Pulse Secure, LLC | Revolver | LIBOR (Q) | 1.00 | % | 7.00 | % | N/A | 5/1/2022 | $ | — | (17,489 | ) | — | — | K/N | |||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.82 | % | 5/5/2025 | $ | 9,675,000 | 9,607,335 | 9,729,422 | 0.61 | % | |||||||||||||||||
139,510,398 | 140,646,333 | 8.80 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 2,189,581 | 2,189,581 | 2,189,584 | 0.14 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,099,573 | 3,099,573 | 3,099,573 | 0.19 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 14,413,652 | 14,039,962 | 10,377,830 | 0.65 | % | B/N | |||||||||||||||||
19,329,116 | 15,666,987 | 0.98 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 7,570,571 | 7,531,474 | 7,449,820 | 0.47 | % | L/N | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 1,603,779 | 1,593,183 | 1,579,883 | 0.10 | % | N | ||||||||||||||||
9,124,657 | 9,029,703 | 0.57 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 30,827,391 | 30,827,391 | 30,827,391 | 1.93 | % | E/F/N | |||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (Q) | 1.25 | % | 6.75 | % | 8.37 | % | 3/15/2018 | $ | 116,662 | 116,039 | 116,662 | 0.01 | % | N |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
STG-Fairway Acquisitions, Inc.(First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 11.96 | % | 6/30/2023 | $ | 31,000,000 | $ | 30,671,781 | $ | 31,000,000 | 1.91 | % | N | ||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 12.56 | % | 4/1/2019 | $ | 5,773,290 | 5,728,080 | 5,799,558 | 0.36 | % | L/N | |||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan B | LIBOR (M) | — | 8.00% PIK | 10.44 | % | 12/31/2022 | $ | 25,904,525 | 25,904,525 | 22,562,841 | 1.39 | % | N | ||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan C | LIBOR (M) | — | 10.00% PIK | 12.44 | % | 12/31/2022 | $ | 25,240,108 | 25,240,108 | 21,663,585 | 1.33 | % | N | ||||||||||||||||||
51,144,633 | 44,226,426 | 2.72 | % | |||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Brannan Sand Gravel Company, LLC | First Lien Term Loan | LIBOR (Q) | — | 5.25 | % | 8.06 | % | 7/3/2023 | $ | 9,403,553 | 9,272,489 | 9,417,659 | 0.58 | % | N | |||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 6.50 | % | 8.96 | % | 12/21/2021 | $ | 22,432,442 | 22,185,057 | 22,498,697 | 1.38 | % | N | ||||||||||||||||
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,452,195 | 28,998,633 | 1.78 | % | E/G/H | |||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 7/20/2022 | $ | 3,833,333 | 3,762,444 | 3,765,867 | 0.23 | % | N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Incremental Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 7/20/2022 | $ | — | — | 10,646 | — | N | |||||||||||||||||
53,399,696 | 55,273,843 | 3.39 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | 5,737,148 | 5,737,148 | 5,823,206 | 0.36 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | 14,278,605 | 14,188,274 | 14,492,784 | 0.89 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.06 | % | 12/20/2021 | $ | — | (4,047 | ) | — | — | K/N | ||||||||||||||||
Pacific Union Financial, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.85 | % | 4/21/2022 | $ | 24,583,333 | 24,410,715 | 24,891,854 | 1.53 | % | N | ||||||||||||||||
44,332,090 | 45,207,844 | 2.78 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.00 | % | 7.48 | % | 9/20/2022 | $ | 20,772,306 | 20,444,242 | 20,634,170 | 1.27 | % | N | ||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 5.00 | % | 7.48 | % | 9/20/2022 | $ | — | (22,511 | ) | (10,040 | ) | — | K/N | |||||||||||||||
Datto, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.46 | % | 12/7/2022 | $ | 27,792,848 | 27,330,546 | 27,695,573 | 1.70 | % | N | ||||||||||||||||
Datto, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.46 | % | 12/7/2022 | $ | — | (29,490 | ) | (6,547 | ) | — | K/N | |||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.52 | % | 10/31/2025 | $ | 9,590,821 | 9,562,544 | 9,339,062 | 0.57 | % | G | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR (Q) | — | 5.50% Cash+2.50% PIK | 10.50 | % | 6/1/2021 | $ | 50,827,704 | 50,270,460 | 50,601,521 | 3.11 | % | L/N | ||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.05 | % | 9/17/2023 | $ | 373,849 | 344,520 | 363,194 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 9.05 | % | 9/17/2023 | $ | 10,965,517 | 10,652,302 | 10,653,000 | 0.66 | % | N | ||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.39 | % | 5/1/2022 | $ | 11,384,532 | 11,264,016 | 11,430,070 | 0.70 | % | N | ||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.39 | % | 5/1/2022 | $ | — | (13,473 | ) | — | — | K/N | ||||||||||||||||
SnapLogic, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.81% Cash+2.00% PIK | 12.56 | % | 3/1/2022 | $ | 31,313,470 | 30,684,121 | 31,313,470 | 1.93 | % | N | ||||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.77 | % | 5/5/2025 | $ | 4,275,000 | 4,234,570 | 4,058,578 | 0.25 | % | |||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.17 | % | 10/11/2026 | $ | 23,493,200 | 23,320,082 | 23,317,001 | 1.43 | % | J/N | |||||||||||||||||
188,041,929 | 189,389,052 | 11.64 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 9.11 | % | 10/16/2025 | $ | 9,333,333 | $ | 9,286,899 | $ | 9,403,333 | 0.59 | % | N | ||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 3,497,286 | 3,483,906 | 3,497,286 | 0.22 | % | N | ||||||||||||||||
Health Care | ||||||||||||||||||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.07 | % | 2/14/2021 | $ | 29,288,064 | 28,933,992 | 29,712,741 | 1.86 | % | N | ||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 6.86 | % | 12/30/2022 | $ | 457,917 | 449,703 | 457,917 | 0.03 | % | N | ||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | LIBOR (M) | 1.00 | % | 5.50 | % | N/A | 12/30/2021 | $ | — | (7,558 | ) | — | — | K/N | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 6.86 | % | 12/30/2022 | $ | 3,381,568 | 3,353,038 | 3,381,568 | 0.21 | % | N | ||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 10.31 | % | 6/8/2023 | $ | 8,277,983 | 8,135,840 | 8,230,384 | 0.51 | % | N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.25 | % | 8.25 | % | 12/19/2025 | $ | 9,850,547 | 9,752,041 | 9,752,041 | 0.61 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (Q) | 1.00 | % | 5.50 | % | N/A | 1/24/2021 | $ | — | (57,726 | ) | (58,286 | ) | — | K/N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR (Q) | 1.00 | % | 5.50 | % | N/A | 1/24/2021 | $ | — | (16,978 | ) | (17,143 | ) | — | K/N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.90 | % | 1/24/2021 | $ | 4,401,429 | 4,357,753 | 4,357,414 | 0.27 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.96 | % | 8/29/2019 | $ | 20,075,758 | 19,756,604 | 20,075,758 | 1.25 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 15.08 | % | 8/29/2019 | $ | 4,320,000 | 4,253,133 | 4,320,000 | 0.27 | % | N | ||||||||||||||||
49,975,850 | 50,499,653 | 3.15 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 9.44 | % | 9/29/2025 | $ | 15,000,000 | 14,890,502 | 15,225,000 | 0.95 | % | N | ||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.65 | % | 11.21 | % | 3/21/2022 | $ | 32,220,576 | 31,934,409 | 31,932,202 | 1.99 | % | N | ||||||||||||||||
46,824,911 | 47,157,202 | 2.94 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Asentinel, LLC (Tangoe) | First Lien Last Out Term Loan | LIBOR (Q) | 1.00 | % | 10.77%Cash +0.50%PIK | 12.96 | % | 6/16/2022 | $ | 24,249,887 | 23,368,696 | 23,740,640 | 1.48 | % | N | |||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 10.13 | % | 10/31/2019 | $ | 22,948,395 | 22,732,919 | 22,948,395 | 1.43 | % | N | ||||||||||||||||
46,101,615 | 46,689,035 | 2.91 | % | |||||||||||||||||||||||||||||
Metal Manufacturing | ||||||||||||||||||||||||||||||||
Neenah Foundries Company | First Lien Term Loan B | LIBOR (M) | — | 6.50 | % | 7.97 | % | 12/13/2022 | $ | 5,872,557 | 5,813,832 | 5,843,195 | 0.36 | % | N | |||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.69 | % | 10/17/2022 | $ | 1,584,734 | 1,584,734 | 1,584,734 | 0.10 | % | N | |||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 10.07 | % | 2/26/2024 | $ | 12,839,252 | 12,715,576 | 12,707,649 | 0.79 | % | N | ||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.58 | % | B/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,147 | 0.07 | % | B/N | |||||||||||||||||
13,505,040 | 15,186,724 | 0.95 | % | |||||||||||||||||||||||||||||
Other Real Estate Activities | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.96 | % | 10.65 | % | 12/23/2019 | $ | 12,762,279 | 12,681,580 | 12,762,279 | 0.80 | % | N | ||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.40 | % | 4/17/2024 | $ | 25,202,549 | 24,956,798 | 25,661,235 | 1.60 | % | N | ||||||||||||||||
37,638,378 | 38,423,514 | 2.40 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.50%Cash+2.00% PIK | 16.31 | % | 7/16/2020 | $ | 15,196,285 | $ | 15,200,725 | $ | 15,196,285 | 0.94 | % | H/N | |||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 12.55 | % | 1/31/2020 | $ | 31,075,558 | 30,932,264 | 30,997,869 | 1.91 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.19 | % | 12/31/2020 | $ | 37,886,155 | 37,654,959 | 38,113,472 | 2.35 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.19 | % | 12/31/2020 | $ | 14,993,418 | 14,790,062 | 15,083,378 | 0.93 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 12.40 | % | 11/4/2021 | $ | 26,358,696 | 25,955,777 | 25,122,473 | 1.55 | % | H/N | ||||||||||||||||
Certify, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 1/30/2022 | $ | 15,863,835 | 15,632,297 | 15,625,877 | 0.96 | % | N | ||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR (Q) | — | 6.25% Cash+2.00% PIK | 11.06 | % | 2/1/2023 | $ | 16,016,055 | 15,742,618 | 16,118,558 | 0.99 | % | N | ||||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.80 | % | 9/19/2025 | $ | 24,840,563 | 24,634,138 | 24,343,752 | 1.50 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 4.80% Cash+8.45% PIK | 16.06 | % | 1/26/2022 | $ | 21,976,505 | 21,542,497 | 20,751,314 | 1.28 | % | N | ||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 9.02 | % | 9/12/2024 | $ | 7,851,765 | 7,699,495 | 7,698,655 | 0.47 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50 | % | 9.02 | % | 9/12/2024 | $ | — | (9,323 | ) | (9,569 | ) | — | K/N | |||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.61 | % | 11/13/2022 | $ | 14,160,797 | 13,927,609 | 13,990,868 | 0.86 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.61 | % | 11/13/2022 | $ | — | (18,815 | ) | (14,569 | ) | — | K/N | |||||||||||||||
Lithium Technologies, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | 20,884,731 | 20,520,511 | 20,529,691 | 1.26 | % | N | ||||||||||||||||
Lithium Technologies, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | — | (25,897 | ) | (25,978 | ) | — | K/N | |||||||||||||||
Lithium Technologies, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | 7,131,905 | 6,977,108 | 7,010,663 | 0.43 | % | N | ||||||||||||||||
Lithium Technologies, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.39 | % | 10/3/2022 | $ | — | (9,610 | ) | (7,739 | ) | — | K/N | |||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | 4,444,444 | 4,356,066 | 4,355,556 | 0.27 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.69 | % | 12/5/2023 | $ | — | (5,473 | ) | (5,556 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR (Q) | — | 5.50 | % | 8.31 | % | 9/17/2023 | $ | — | (49,632 | ) | (49,508 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR (Q) | — | 5.50 | % | 8.31 | % | 9/17/2023 | $ | 13,167,038 | 12,979,534 | 12,981,383 | 0.80 | % | N | |||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.47 | % | 11/19/2023 | $ | 7,500,000 | 7,388,692 | 7,387,500 | 0.45 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.00 | % | 8.47 | % | 11/19/2023 | $ | — | (5,231 | ) | (5,357 | ) | — | K/N | |||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (Q) | — | 8.88 | % | 11.63 | % | 9/1/2020 | $ | 19,117,528 | 18,692,528 | 19,569,008 | 1.20 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 9.88 | % | 12.63 | % | 6/1/2019 | $ | 1,973,398 | 1,955,853 | 1,888,937 | 0.12 | % | L/N | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | 2,726,918 | 2,680,492 | 2,726,918 | 0.17 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | 16,397,517 | 16,146,078 | 16,397,517 | 1.01 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 7.25 | % | 9.78 | % | 7/31/2022 | $ | — | (20,188 | ) | — | — | K/N | ||||||||||||||||
315,265,134 | 315,771,398 | 19.45 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR (Q) | — | 8.50 | % | 11.03 | % | 6/9/2021 | $ | 6,187,476 | 5,276,592 | 6,187,478 | 0.38 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Junior Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 1,153,071 | 1,153,071 | 1,153,076 | 0.07 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 7,719,061 | 7,719,061 | 7,719,069 | 0.47 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,375,453 | 3,375,453 | 3,375,453 | 0.21 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 15,931,540 | 15,700,810 | 11,152,078 | 0.69 | % | B/N | |||||||||||||||||
33,224,987 | 29,587,154 | 1.82 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Adesto Technologies Corporation | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 11.56 | % | 5/8/2022 | $ | 17,816,424 | 16,762,198 | 16,979,052 | 1.04 | % | N | ||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (4.33% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 12.15 | % | 12/31/2019 | $ | 5,425,530 | 5,345,178 | 5,042,759 | 0.31 | % | L/N | ||||||||||||||||
22,107,376 | 22,021,811 | 1.35 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 27,839,419 | $ | 27,839,419 | $ | 27,839,419 | 1.71 | % | E/F/N | |||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR (M) | — | 8.25 | % | 10.77 | % | 10/1/2026 | $ | 27,105,263 | 26,835,011 | 26,969,737 | 1.66 | % | N | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR (M) | — | 9.50 | % | 11.80 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 36,540,800 | 2.25 | % | H/I/N | |||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 10.77 | % | 1/31/2026 | $ | — | (123,019 | ) | (135,726 | ) | (0.01 | )% | K/N | ||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.64 | % | 1/31/2026 | $ | 15,080,645 | 14,696,998 | 14,748,871 | 0.91 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.55 | % | 10/16/2025 | $ | 4,333,333 | 4,314,098 | 4,268,333 | 0.26 | % | N | ||||||||||||||||
83,723,088 | 82,392,015 | 5.07 | % | |||||||||||||||||||||||||||||
Health Care | ||||||||||||||||||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.02 | % | 2/14/2021 | $ | 29,288,064 | 29,037,391 | 29,727,385 | 1.83 | % | N | ||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.77 | % | 10/31/2024 | $ | 4,583,333 | 4,493,433 | 4,491,667 | 0.28 | % | N | |||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.77 | % | 10/31/2024 | $ | — | (8,102 | ) | (8,333 | ) | — | K/N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.76 | % | 12/19/2025 | $ | 16,417,578 | 16,312,313 | 16,253,402 | 1.00 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 5,610,000 | 5,569,506 | 5,565,120 | 0.34 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 600,000 | 588,544 | 586,286 | 0.04 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 8.02 | % | 1/24/2021 | $ | 4,178,571 | 4,148,342 | 4,145,143 | 0.26 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 20,151,515 | 20,017,875 | 20,092,068 | 1.24 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 4,371,000 | 4,329,254 | 4,358,106 | 0.27 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 8/15/2020 | $ | 12,000,000 | 11,941,059 | 11,964,600 | 0.74 | % | N | ||||||||||||||||
67,392,224 | 67,448,059 | 4.17 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.27 | % | 9/29/2025 | $ | 15,000,000 | 14,897,544 | 14,775,000 | 0.91 | % | N | ||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.31 | % | 12/28/2023 | $ | 24,445,537 | 24,261,768 | 24,449,204 | 1.50 | % | N | ||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | Prime | — | 7.25 | % | 12.75 | % | 10/12/2023 | $ | 10,793,402 | 10,503,078 | 10,496,583 | 0.65 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | Prime | — | 7.00 | % | 12.25 | % | 10/12/2023 | $ | 41,374,706 | 40,270,155 | 40,236,902 | 2.48 | % | N | |||||||||||||||||
89,932,545 | 89,957,689 | 5.54 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 5/1/2020 | $ | 939,723 | 937,704 | 938,078 | 0.06 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 5/1/2020 | $ | 38,013,149 | 37,925,182 | 37,946,626 | 2.33 | % | N | ||||||||||||||||
38,862,886 | 38,884,704 | 2.39 | % | |||||||||||||||||||||||||||||
Metal Manufacturing | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR (Q) | — | 6.50 | % | 9.12 | % | 12/13/2022 | $ | 5,218,642 | 5,173,487 | 5,166,455 | 0.32 | % | N | |||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 10.80 | % | 10/17/2022 | $ | 1,574,099 | 1,574,099 | 1,574,099 | 0.10 | % | B/N | |||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | ||||||||||||||||||||||||||||||||||||||||||
Debt Investments (continued) | Debt Investments (continued) | Debt Investments (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information Services | Other Information Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 11.03 | % | 2/26/2024 | $ | 3,419,277 | $ | 3,404,541 | $ | 3,435,005 | 0.21 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 11.03 | % | 2/26/2024 | $ | 12,839,252 | 12,738,498 | 12,898,312 | 0.79 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
16,143,039 | 16,333,317 | 1.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Manufacturing | Other Manufacturing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 9,777,740 | 8,096,057 | 9,777,740 | 0.60 | % | B/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 5/18/2020 | $ | 1,049,146 | 1,049,146 | 1,049,147 | 0.06 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
14,014,780 | 15,696,464 | 0.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Activities | Other Real Estate Activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.51 | % | 4/17/2024 | $ | 25,076,693 | 24,873,125 | 25,828,994 | 1.59 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Telecommunications | Other Telecommunications | Other Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 9.87 | % | 11/1/2025 | $ | 25,846,154 | $ | 25,624,354 | $ | 26,169,231 | 1.63 | % | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.77 | % | 11/1/2025 | $ | 25,846,154 | 25,636,438 | 25,006,154 | 1.54 | % | ||||||||||||||||||||||||||||||||
Pharmaceuticals | Pharmaceuticals | Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nephron Pharmaceuticals Corporation | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 10.12 | % | 8/7/2019 | $ | 41,439,197 | 40,499,748 | 41,298,303 | 2.58 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.40 | % | 5/18/2022 | $ | 489,643 | 489,643 | 460,460 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
Plastics Manufacturing | Plastics Manufacturing | Plastics Manufacturing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 10.63 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 11.63 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | ||||||||||||||||||||||||||||||||
Publishing | Publishing | Publishing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | (24,000 | ) | — | — | K/N | First Lien Revolver | LIBOR (Q) | — | 7.50 | % | 9.94 | % | 9/21/2022 | $ | — | (14,023 | ) | (1,800 | ) | — | K/N | ||||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 10.38 | % | 4/29/2021 | $ | 7,962,890 | 7,847,037 | 8,050,482 | 0.50 | % | N | First Lien Term Loan | LIBOR (Q) | — | 7.50 | % | 9.94 | % | 9/21/2022 | $ | 11,412,284 | 11,255,232 | 11,395,166 | 0.70 | % | N | ||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Second Out Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 9.07 | % | 6/26/2022 | $ | 6,959,497 | 6,876,410 | 6,882,942 | 0.43 | % | N | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | 6,783,498 | 6,717,412 | 6,825,895 | 0.42 | % | N | ||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.50 | % | N/A | 6/26/2022 | $ | — | (5,082 | ) | (4,845 | ) | — | K/N | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | — | (3,994 | ) | — | — | K/N | ||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.30 | % | 6/26/2022 | $ | 1,307,421 | 1,291,842 | 1,315,592 | 0.08 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
14,694,365 | 14,928,579 | 0.93 | % | 19,246,469 | 19,534,853 | 1.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radio and Television Broadcasting | Radio and Television Broadcasting | Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.43 | % | 1/23/2023 | $ | 11,536,391 | 11,509,202 | 11,637,334 | 0.73 | % | G | ||||||||||||||||||||||||||||||||||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.00 | % | 9.52 | % | 10/19/2026 | $ | 18,769,990 | 18,676,292 | 17,737,641 | 1.09 | % | G/N | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 9.50 | % | 10.89 | % | 1/12/2020 | $ | 14,000,000 | 13,892,791 | 13,949,600 | 0.87 | % | N | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 11.85 | % | 1/12/2020 | $ | 14,000,000 | 13,945,511 | 13,878,900 | 0.85 | % | N | ||||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.50 | % | 10/13/2022 | $ | 5,000,000 | 4,916,646 | 5,100,000 | 0.32 | % | N | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 10/13/2022 | $ | — | — | 19,286 | — | N | |||||||||||||||||||||||||||||||||
18,809,437 | 19,049,600 | 1.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 2,117,626 | 2,117,626 | 862,509 | 0.05 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 4,899,257 | 4,615,870 | 4,899,257 | 0.31 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | First Out Term Loan Tranche A | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | — | (38,949 | ) | — | — | B/K/N | |||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 10,398,622 | 10,398,622 | — | — | B/C/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 3,322,997 | 3,307,575 | 1,353,457 | 0.08 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 7,250,973 | 7,250,973 | 7,250,973 | 0.45 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 10/13/2022 | $ | 2,857,143 | 2,817,711 | 2,840,000 | 0.17 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
27,651,717 | 14,366,196 | 0.89 | % | 16,763,222 | 16,738,186 | 1.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Retail | Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bon-Ton, Inc. | First Lien Tranche A-1 Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.91 | % | 3/15/2021 | $ | 15,515,269 | 15,341,877 | 15,422,178 | 0.96 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 10.18 | % | 9/12/2022 | $ | 11,149,443 | 10,879,867 | 11,149,443 | 0.70 | % | N | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 11.18 | % | 9/12/2022 | $ | 7,525,874 | 7,376,741 | 7,531,142 | 0.46 | % | N | ||||||||||||||||||||||||||||||||
26,221,744 | 26,571,621 | 1.66 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Satellite Telecommunications | Satellite Telecommunications | Satellite Telecommunications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 1,368,694 | 1,337,235 | 1,108,642 | 0.07 | % | E/G/H/N | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,524,339 | 1,491,697 | 1,152,172 | 0.07 | % | E/G/H/N | |||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 3,492,521 | 3,414,731 | 2,828,942 | 0.18 | % | E/G/H/N | Sr Second-Priority PIK Toggle Note | Fixed | — | 9.00 | % | 9.00 | % | 10/1/2022 | $ | 3,889,686 | 3,808,971 | 2,940,019 | 0.18 | % | E/G/H/N | ||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Third-Priority Note | Fixed | — | 12.00 | % | 12.00 | % | 10/1/2023 | $ | 7,318,661 | 4,070,879 | 1,976,038 | 0.12 | % | E/G/H/N | |||||||||||||||||||||||||||||||||||||||||||||||||
8,822,845 | 5,913,622 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 4.19 | % | 4/29/2020 | $ | 1,857,267 | 1,675,566 | 1,847,981 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | Second Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 4.19 | % | 4/29/2020 | $ | 4,189,589 | 2,787,441 | 4,147,693 | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.87 | % | 11/3/2021 | $ | 34,843,373 | 34,277,807 | 34,930,481 | 2.18 | % | G | ||||||||||||||||||||||||||||||||||||||||||||||||
38,740,814 | 40,926,155 | 2.55 | % | 5,300,668 | 4,092,191 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | First Lien Term Loan | LIBOR (Q) | — | 5.75 | % | 8.55 | % | 4/29/2020 | $ | 1,857,267 | $ | 1,747,856 | $ | 1,792,262 | 0.11 | % | H/N | |||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.55 | % | 4/29/2020 | $ | 4,189,589 | 2,787,441 | 3,906,792 | 0.24 | % | H/N | |||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 10.93 | % | 11/3/2021 | $ | 34,494,622 | 34,071,469 | 32,769,891 | 2.02 | % | G/H/N | ||||||||||||||||
38,606,766 | 38,468,945 | 2.37 | % | |||||||||||||||||||||||||||||
Support Activities for Rail Transportation | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR (M) | — | 6.50 | % | 8.93 | % | 12/13/2021 | $ | 3,214,286 | 3,150,403 | 3,182,143 | 0.20 | % | N | |||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.55 | % | 6/1/2025 | $ | 7,611,914 | 7,544,882 | 7,516,765 | 0.46 | % | G/N | ||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,773,807 | 0.11 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 8.50 | % | 11.25 | % | 8/1/2020 | $ | 5,434,622 | 5,387,085 | 5,355,005 | 0.33 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 11.44 | % | 14.19 | % | 8/1/2020 | $ | 2,951,368 | 2,798,858 | 2,958,156 | 0.18 | % | L/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 14,155,971 | 14,155,971 | 11,682,923 | 0.72 | % | C/F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,922,269 | 0.18 | % | C/F/H/N | |||||||||||||||||
32,784,571 | 24,692,160 | 1.52 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
FreePoint Commodities, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.71 | % | 6/13/2023 | $ | 15,000,000 | 14,855,083 | 14,875,500 | 0.92 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 10.55 | % | 10/25/2022 | $ | 17,500,308 | 17,152,164 | 17,363,805 | 1.07 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.80 | % | 5/15/2023 | $ | 807,706 | 789,592 | 794,042 | 0.05 | % | N | ||||||||||||||||
17,941,756 | 18,157,847 | 1.12 | % | |||||||||||||||||||||||||||||
Total Debt Investments | 1,526,248,949 | 1,515,109,263 | 93.22 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 13.50 | % | 16.38 | % | 7/16/2018 | $ | 17,446,997 | $ | 17,452,145 | $ | 17,446,997 | 1.09 | % | H/N | ||||||||||||||
Actifio, Inc. | First Lien Term Loan (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 7.50% Cash +1.00% PIK | 10.00 | % | 11/1/2020 | $ | 35,293,567 | 34,828,518 | 34,857,692 | 2.18 | % | L/N | |||||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash + 1.25%PIK | 11.08 | % | 1/31/2020 | $ | 30,643,867 | 30,381,023 | 30,179,612 | 1.88 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash + 3.00%PIK | 10.13 | % | 3/31/2019 | $ | 36,791,873 | 36,573,746 | 37,150,593 | 2.32 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.37 | % | 11/4/2021 | $ | 26,358,696 | 25,845,796 | 26,008,125 | 1.62 | % | H/N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.69 | % | 9/19/2025 | $ | 24,325,623 | 24,095,710 | 24,295,216 | 1.52 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 2.80% Cash + 8.45%PIK | 13.00 | % | 1/26/2022 | $ | 19,778,356 | 19,241,895 | 19,548,927 | 1.22 | % | N | ||||||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.41 | % | 11/13/2022 | $ | 14,160,797 | 13,882,080 | 13,877,581 | 0.87 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | N/A | 11/13/2022 | $ | — | (23,635 | ) | (24,281 | ) | — | K/N | ||||||||||||||||
Lithium Technologies, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.39 | % | 10/3/2022 | $ | 20,884,731 | 20,434,582 | 20,414,823 | 1.28 | % | N | ||||||||||||||||
Lithium Technologies, LLC | First Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | N/A | 10/3/2022 | $ | — | (32,719 | ) | (34,383 | ) | — | K/N | ||||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (M) | — | 8.88 | % | 10.38 | % | 9/1/2020 | $ | 16,058,724 | 15,410,629 | 15,575,433 | 0.97 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | LIBOR (M) | 0.62 | % | 9.88 | % | 11.25 | % | 1/1/2019 | $ | 2,255,976 | 2,216,688 | 2,235,108 | 0.14 | % | L/N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.82 | % | 7/31/2022 | $ | 16,397,517 | 16,089,310 | 16,143,356 | 1.01 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | N/A | 7/31/2022 | $ | — | (25,774 | ) | (21,785 | ) | — | K/N | ||||||||||||||||
256,369,994 | 257,653,014 | 16.10 | % | |||||||||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash + 1.00%PIK | 12.34 | % | 12/19/2019 | $ | 20,748,146 | 20,748,146 | 20,561,413 | 1.28 | % | L/N | |||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan B (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash + 1.00%PIK | 12.34 | % | 12/19/2019 | $ | 7,117,096 | 7,028,637 | 7,053,042 | 0.44 | % | L/N | |||||||||||||||||
27,776,783 | 27,614,455 | 1.72 | % | |||||||||||||||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 9.44 | % | 6/1/2025 | $ | 7,611,914 | 7,538,934 | 7,726,092 | 0.48 | % | |||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 6/30/2018 | $ | 666,667 | 666,667 | 666,667 | 0.04 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 11.44 | % | 12.94 | % | 8/1/2020 | $ | 3,642,021 | 3,358,719 | 3,554,248 | 0.22 | % | L/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | LIBOR (Q) | — | 8.00% PIK | 9.34 | % | 7/2/2018 | $ | 16,233,432 | 16,233,433 | 16,233,431 | 1.01 | % | F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | 0.00 | % | 0.00 | % | 7/2/2018 | $ | 7,048,850 | 7,048,850 | 7,048,850 | 0.44 | % | C/F/H/N | |||||||||||||||||
27,307,669 | 27,503,196 | 1.71 | % | |||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 9.12 | % | 10/25/2022 | $ | 18,480,691 | 18,032,158 | 18,018,674 | 1.13 | % | N | ||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Gogo, LLC | Sr Secured Notes | Fixed | — | 12.50 | % | 12.50 | % | 7/1/2022 | $ | 10,000,000 | 10,000,000 | 11,331,250 | 0.71% | E/G | ||||||||||||||||||
Total Debt Investments | 1,458,302,831 | 1,445,736,970 | 90.29% | |||||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,125,000 | $ | 185,450 | $ | 130,725 | 0.01 | % | C/E/N | ||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 340,200 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/2025 | 1,049,996 | 276,492 | 558,388 | 0.03 | % | C/E/H/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/3/2028 | 1,511,002 | 93,407 | 164,095 | 0.01 | % | C/E/H/N | ||||||||||||||||||||
767,709 | 1,193,408 | 0.07 | % | |||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,527,274 | 2,826,708 | 0.17 | % | E/F/N | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,608,991 | 2,896,083 | 0.18 | % | E/F/N | |||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 5,030,670 | 0.31 | % | C/N | |||||||||||||||||||||
5,991,578 | 10,753,461 | 0.66 | % | |||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 33,995 | — | C/E/N | ||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 2,708,384 | 0.17 | % | C/E/N | |||||||||||||||||||||
556,370 | 2,742,379 | 0.17 | % | |||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||
Green Biologics, Inc. | Common Stock | 34,761,145 | 18,522,593 | 3,670,777 | 0.23 | B/C/E/H/N | ||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 814,640 | 0.05 | C/E/N | |||||||||||||||||||||
19,127,859 | 4,485,417 | 0.28 | % | |||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series A Preferred Units | 7/20/2028 | 21,888,917 | — | 663,234 | 0.04 | C/E/N | |||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series B Preferred Units | 7/20/2028 | 24,972,917 | — | 756,679 | 0.05 | C/E/N | |||||||||||||||||||||
— | 1,419,913 | 0.09 | % | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,418,746 | 0.09 | C/E/F/N | ||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Common Stock | 12/30/2027 | 33,993 | 264,624 | 296,840 | 0.02 | C/E/N | |||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 2,510,070 | 0.15 | C/E/N | |||||||||||||||||||||
27,353,394 | 4,225,656 | 0.26 | % | |||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 456,745 | 0.03 | C/E/N | |||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 647,316 | 0.04 | C/E/N | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 9,936 | — | C/E/N | |||||||||||||||||||||
982,949 | 1,113,997 | 0.07 | % | |||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | — | — | B/C/E/N | ||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | — | — | — | B/C/E/N | |||||||||||||||||||||
680,226 | — | — | ||||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,125,000 | $ | 185,450 | $ | 170,888 | 0.01 | % | C/E/N | ||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 995,902 | 159,270 | 160,838 | 0.01 | % | C/E/H/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock | 9/18/2025 | 1,049,996 | 276,492 | 485,518 | 0.03 | % | C/E/H/N | ||||||||||||||||||||||||
621,212 | 817,244 | 0.05 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,889,115 | 3,161,798 | 0.20 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,992,621 | 3,228,449 | 0.20 | % | E/F/N | |||||||||||||||||||||||||
Epic Aero, Inc. (One Sky) | Warrants to Purchase Common Stock | 12/4/2018 | 1,843 | 855,313 | 3,534,383 | 0.22 | % | C/E/N | ||||||||||||||||||||||||
6,737,049 | 9,924,630 | 0.62 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 57,012 | — | C/E/N | ||||||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 950,925 | 0.06 | % | C/E/N | |||||||||||||||||||||||||
556,370 | 1,007,937 | 0.06 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 10/1/2021 | 909,300 | 272,807 | — | — | C/E/N | |||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 805,600 | 0.05 | % | C/E/N | ||||||||||||||||||||||||
878,073 | 805,600 | 0.05 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
HCT Acquisition, LLC (Globecomm) | Membership Units | 909,300 | 531,575 | 531,575 | 0.03 | % | B/C/N | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,418,746 | 0.09 | % | C/E/F/N | |||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Series D-2 Preferred Stock | 12/30/2027 | 1,835,636 | 264,624 | 264,882 | 0.02 | % | C/E/N | ||||||||||||||||||||||||
26,975,672 | 1,683,628 | 0.11 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | — | — | B/C/E/N | ||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 8/29/2024 | 3,071,860 | 478,899 | 1,843 | — | C/E/N | |||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 8,945,992 | 8,945,992 | 12,576,276 | 0.79 | % | C/E/F/N | |||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 16,349,004 | 16,438,809 | 16,463,873 | 1.03 | % | E/I/N | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 210,035 | 0.01 | % | B/C/E/N | |||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 4,345,010 | 0.27 | % | C/E/N | |||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 111,875 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 112,985 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,201,138 | 0.08 | % | C/N | |||||||||||||||||||||||||
3,166,925 | 5,771,008 | 0.37 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | $ | 846,724 | $ | 76,356 | — | C/E/N | |||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 8/29/2024 | 3,071,860 | 478,899 | 207,658 | 0.01 | % | C/E/N | ||||||||||||||||||||
1,325,623 | 284,014 | 0.01 | % | |||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 15,744,416 | 15,744,416 | 18,931,734 | 1.16 | % | E/F/N | |||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 5,919,194 | 5,919,194 | 6,590,430 | 0.41 | % | E/I/N | |||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 16,861,296 | 16,861,296 | 17,308,120 | 1.06 | % | E/I/N | |||||||||||||||||||||
22,780,490 | 23,898,550 | 1.47 | % | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 26,254 | — | B/C/E/N | ||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,543,086 | 0.40 | % | B/C/E/N | |||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 10/17/2026 | 343,387 | 196,086 | 364,299 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 367,914 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,118,110 | 0.07 | % | B/C/N | |||||||||||||||||||||
3,166,925 | 8,393,409 | 0.51 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,148 | — | C/E/H/N | |||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 969,224 | 0.06 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 969,224 | 0.06 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 1,375,243 | 0.08 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 8/3/2022 | 233,470 | 300,322 | — | — | C/E/N | |||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 847,398 | 0.05 | % | C/D/H | |||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | $ | 79,082 | $ | 45,148 | — | C/E/H/N | |||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 11,034,519 | 0.69 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 11,034,519 | 0.69 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,458,749 | 0.22 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 8/3/2022 | 233,470 | 300,322 | — | — | C/E/N | |||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/N | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | — | — | B/C/E/N | ||||||||||||||||||||||
2,010,777 | — | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,048 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 245,368 | 3,086 | 28,614 | — | C/D/H | ||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series A Warrants to Purchase Common Stock | 4/29/2020 | 10,287 | — | — | — | C/E/N | |||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series B Warrants to Purchase Common Stock | 4/29/2020 | 16,494 | — | — | — | C/E/N | |||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series F Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 186,424 | 0.01 | % | C/E/N | ||||||||||||||||||||
Blackline, Inc. | Common Stock | 1,797 | 4,450 | 58,941 | — | C/J | ||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 590,790 | 0.04 | % | C/E/N | ||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,335 | 369,215 | 0.02 | % | C/E/N | ||||||||||||||||||||
987,397 | 1,205,370 | 0.07 | % | |||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | 1,027,700 | 0.06 | % | C/E/F/H/N | |||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | 193,847 | 0.01 | % | C/E/F/H/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 1,100,000 | 248,555 | 250,360 | 0.02 | % | C/E/N | ||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||
10,477,237 | 1,471,907 | 0.09 | % | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series A Warrants to Purchase Common Stock | 4/29/2020 | 10,287 | $ | — | $ | — | — | C/E/H/N | |||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series B Warrants to Purchase Common Stock | 4/29/2020 | 16,494 | — | — | — | C/E/H/N | |||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | — | — | C/E/F/H/N | ||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | — | — | C/E/F/H/N | ||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series D Preferred Stock | 2/7/2027 | 448,000 | 76,950 | 50,714 | — | C/E/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 221,320 | 0.01 | % | C/E/N | ||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | — | — | C/E/F/H/N | ||||||||||||||||||||||
10,554,187 | 272,034 | 0.01 | % | |||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 1,199,288 | 0.07 | % | C/D/E/H/N | |||||||||||||||||||||
Total Equity Securities | 123,299,019 | 82,176,527 | 5.06 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,649,547,968 | $ | 1,597,285,790 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 27,920,402 | 1.72 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 27,920,402 | 1.72 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,625,206,192 | 100.00 | % | M |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 1,757,777 | 0.11 | % | C/D/E/H/N | |||||||||||||||||||
Total Equity Securities | 88,853,917 | 68,795,733 | 4.30 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,547,156,748 | $ | 1,514,532,703 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 65,625,237 | 4.10 | % | |||||||||||||||||||||||||
Wells Fargo Treasury Plus Government Money Market Fund | 21,000,000 | 1.31 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents (including restricted cash of $798,108) | 86,625,237 | 5.41 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,601,157,940 | 100.00 | % | M |
(A) | Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
Swaps at December 31, 2017 were as follows: | ||||||||||||||||||||
Receive | Pay | Counter Party | Maturity | Notional Amount | Fair Value | Upfront payments/receipts | Unrealized appreciation/depreciation | |||||||||||||
Interest at LIBOR plus 8.68% on USD 7,270,250 | Interest at 8.00% on EUR 6,500,000 | Wells Fargo Bank, N.A. | 5/31/2019 | USD 7,270,250/ EUR 6,500,000 | $ | (603,745 | ) | $ | — | $ | (603,745 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | 44,534,087 | $ | 38,318,839 | $ | 127,316,161 | $ | 113,121,497 | |||||||
Companies 5% to 25% owned | 604,116 | 918,345 | 1,737,510 | 2,713,699 | |||||||||||
Companies more than 25% owned | 918,146 | 9,830 | 2,747,763 | 1,137,955 | |||||||||||
PIK income: | |||||||||||||||
Companies less than 5% owned | 1,968,566 | 801,806 | 5,462,468 | 3,895,424 | |||||||||||
Companies 5% to 25% owned | 1,151,270 | 938,367 | 3,576,948 | 2,651,854 | |||||||||||
Companies more than 25% owned | 170,938 | 1,353,910 | 649,680 | 3,582,861 | |||||||||||
Dividend income: | |||||||||||||||
Companies less than 5% owned | — | — | — | 16,627 | |||||||||||
Companies more than 25% owned | 59,006 | — | 105,287 | — | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | 74,457 | 74,457 | 223,370 | 223,370 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | — | 841,895 | — | 1,424,831 | |||||||||||
Companies 5% to 25% owned | — | 31,486 | 297,356 | 94,458 | |||||||||||
Total investment income | 49,480,586 | 43,288,935 | 142,116,543 | 128,862,576 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 10,071,574 | 8,213,045 | 29,817,623 | 23,863,700 | |||||||||||
Management and advisory fees | 6,265,432 | 5,611,249 | 18,149,243 | 15,624,277 | |||||||||||
Incentive fee | 6,127,983 | N/A | 17,505,818 | N/A | |||||||||||
Administrative expenses | 599,559 | 597,232 | 1,794,023 | 1,730,638 | |||||||||||
Legal fees, professional fees and due diligence expenses | 625,181 | 288,180 | 1,639,293 | 1,127,387 | |||||||||||
Director fees | 212,135 | 114,098 | 545,718 | 422,108 | |||||||||||
Insurance expense | 123,109 | 111,585 | 338,027 | 327,725 | |||||||||||
Custody fees | 95,692 | 85,035 | 278,795 | 244,427 | |||||||||||
Other operating expenses | 847,988 | 700,780 | 2,024,732 | 2,036,376 | |||||||||||
Total operating expenses | 24,968,653 | 15,721,204 | 72,093,272 | 45,376,638 | |||||||||||
Net investment income | 24,511,933 | 27,567,731 | 70,023,271 | 83,485,938 | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | 1,106,469 | (4,663,896 | ) | 1,181,233 | (11,540,457 | ) | |||||||||
Net realized gain (loss) | 1,106,469 | (4,663,896 | ) | 1,181,233 | (11,540,457 | ) | |||||||||
Change in net unrealized appreciation/depreciation | (10,427,026 | ) | (2,772,338 | ) | (24,706,701 | ) | (967,257 | ) | |||||||
Net realized and unrealized loss | (9,320,557 | ) | (7,436,234 | ) | (23,525,468 | ) | (12,507,714 | ) | |||||||
Net increase in net assets from operations | 15,191,376 | 20,131,497 | 46,497,803 | 70,978,224 | |||||||||||
Distributions of incentive allocation to the General Partner from: | |||||||||||||||
Net investment income | N/A | (5,513,546 | ) | N/A | (16,697,188 | ) | |||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 15,191,376 | $ | 14,617,951 | $ | 46,497,803 | $ | 54,281,036 | |||||||
Basic and diluted earnings per common share | $ | 0.26 | $ | 0.25 | $ | 0.79 | $ | 0.96 | |||||||
Basic and diluted weighted average common shares outstanding | 58,806,049 | 58,792,204 | 58,824,514 | 56,390,954 |
Common Stock | Paid in Capital in Excess of Par | Accumulated Net Investment Income | Accumulated Net Realized Losses | Accumulated Net Unrealized Depreciation | Total Net Assets | ||||||||||||||||||||||
Shares | Par Amount | ||||||||||||||||||||||||||
Balance at December 31, 2016 | 53,041,900 | $ | 53,042 | $ | 944,426,650 | $ | 12,533,289 | $ | (134,960,267 | ) | $ | (31,116,723 | ) | $ | 790,935,991 | ||||||||||||
Issuance of common stock in public offering, net | 5,750,000 | 5,750 | 93,591,750 | — | — | — | 93,597,500 | ||||||||||||||||||||
Issuance of common stock from at-the-market offerings, net | 54,713 | 55 | 863,343 | — | — | — | 863,398 | ||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 643 | — | 10,585 | — | — | — | 10,585 | ||||||||||||||||||||
Net investment income | — | — | — | 113,401,620 | — | — | 113,401,620 | ||||||||||||||||||||
Net realized and unrealized loss | — | — | — | — | (20,667,272 | ) | (2,123,011 | ) | (22,790,283 | ) | |||||||||||||||||
General Partner incentive allocation | — | — | — | (22,680,323 | ) | — | — | (22,680,323 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (82,610,362 | ) | — | — | (82,610,362 | ) | ||||||||||||||||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | — | — | (36,380 | ) | (16,200,456 | ) | 16,236,836 | — | — | ||||||||||||||||||
Balance at December 31, 2017 | 58,847,256 | $ | 58,847 | $ | 1,038,855,948 | $ | 4,443,768 | $ | (139,390,703 | ) | $ | (33,239,734 | ) | $ | 870,728,126 | ||||||||||||
Issuance of common stock from dividend reinvestment plan | 563 | — | 8,029 | — | — | — | 8,029 | ||||||||||||||||||||
Repurchase of common stock | (47,818 | ) | (47 | ) | (691,134 | ) | — | — | — | (691,181 | ) | ||||||||||||||||
Net investment income | — | — | — | 70,023,271 | — | — | 70,023,271 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | — | — | — | — | 1,181,233 | (24,706,701 | ) | (23,525,468 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (63,529,242 | ) | — | — | (63,529,242 | ) | ||||||||||||||||||
Balance at September 30, 2018 | 58,800,001 | $ | 58,800 | $ | 1,038,172,843 | $ | 10,937,797 | $ | (138,209,470 | ) | $ | (57,946,435 | ) | $ | 853,013,535 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Investment income | |||||||||||||||
Interest income (excluding PIK): | |||||||||||||||
Companies less than 5% owned | $ | 40,843,623 | $ | 43,611,423 | $ | 83,800,277 | $ | 82,782,074 | |||||||
Companies 5% to 25% owned | 983,755 | 485,488 | 1,713,023 | 1,133,394 | |||||||||||
Companies more than 25% owned | 902,019 | 549,004 | 1,798,275 | 1,829,619 | |||||||||||
PIK interest income: | |||||||||||||||
Companies less than 5% owned | 4,160,072 | 1,866,698 | 5,838,088 | 3,493,902 | |||||||||||
Companies 5% to 25% owned | 741,170 | 1,326,720 | 1,457,796 | 2,425,678 | |||||||||||
Companies more than 25% owned | — | 478,742 | — | 478,740 | |||||||||||
Dividend income: | |||||||||||||||
Companies more than 25% owned | 392,198 | 28,379 | 872,602 | 46,281 | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | 74,457 | 74,457 | 148,914 | 148,914 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | 77,331 | — | 86,179 | — | |||||||||||
Companies 5% to 25% owned | — | — | — | 297,356 | |||||||||||
Total investment income | 48,174,625 | 48,420,911 | 95,715,154 | 92,635,958 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 11,144,631 | 10,104,153 | 21,832,263 | 19,746,047 | |||||||||||
Management and advisory fees | 6,119,490 | 6,177,575 | 12,154,231 | 11,883,811 | |||||||||||
Incentive fee | 4,830,994 | 5,986,557 | 10,184,410 | 11,377,835 | |||||||||||
Administrative expenses | 599,559 | 597,232 | 1,199,118 | 1,194,464 | |||||||||||
Legal fees, professional fees and due diligence expenses | 430,876 | 579,809 | 868,013 | 1,014,111 | |||||||||||
Director fees | 202,328 | 176,767 | 391,126 | 333,583 | |||||||||||
Insurance expense | 128,742 | 108,053 | 256,070 | 214,918 | |||||||||||
Custody fees | 97,603 | 91,248 | 197,213 | 183,103 | |||||||||||
Other operating expenses | 806,764 | 653,288 | 1,498,974 | 1,176,745 | |||||||||||
Total operating expenses | 24,360,987 | 24,474,682 | 48,581,418 | 47,124,617 | |||||||||||
Net investment income | 23,813,638 | 23,946,229 | 47,133,736 | 45,511,341 | |||||||||||
Realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | (37 | ) | 707,539 | (300,359 | ) | 74,764 | |||||||||
Investments in companies 5% to 25% owned | — | — | 43,320 | — | |||||||||||
Net realized gain (loss) | (37 | ) | 707,539 | (257,039 | ) | 74,764 | |||||||||
Change in net unrealized appreciation/depreciation | (34,637,483 | ) | (20,536,124 | ) | (33,578,759 | ) | (14,279,675 | ) | |||||||
Net realized and unrealized loss | (34,637,520 | ) | (19,828,585 | ) | (33,835,798 | ) | (14,204,911 | ) | |||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (10,823,882 | ) | $ | 4,117,644 | $ | 13,297,938 | $ | 31,306,430 | ||||||
Basic and diluted earnings per common share | $ | (0.18 | ) | $ | 0.07 | $ | 0.23 | $ | 0.53 | ||||||
Basic and diluted weighted average common shares outstanding | 58,765,802 | 58,823,534 | 58,766,618 | 58,833,900 |
Common Stock | Paid in Capital in Excess of Par | Total Net Assets | |||||||||||||||||
Shares | Par Amount | Distributable Earnings (Loss) | |||||||||||||||||
Balance at December 31, 2017 | 58,847,256 | $ | 58,847 | $ | 1,038,855,948 | $ | (168,186,669 | ) | $ | 870,728,126 | |||||||||
Issuance of common stock from dividend reinvestment plan | 192 | — | 2,723 | — | 2,723 | ||||||||||||||
Repurchase of common stock | (11,300 | ) | (11 | ) | (160,604 | ) | — | (160,615 | ) | ||||||||||
Net investment income | — | — | — | 21,565,113 | 21,565,113 | ||||||||||||||
Net realized and unrealized gain | — | — | — | 5,623,672 | 5,623,672 | ||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,184,004 | ) | (21,184,004 | ) | ||||||||||||
Balance at March 31, 2018 | 58,836,148 | $ | 58,836 | $ | 1,038,698,067 | $ | (162,181,888 | ) | $ | 876,575,015 | |||||||||
Issuance of common stock from dividend reinvestment plan | 182 | — | 2,620 | — | 2,620 | ||||||||||||||
Repurchase of common stock | (23,316 | ) | (23 | ) | (338,035 | ) | — | (338,058 | ) | ||||||||||
Net investment income | — | — | — | 23,946,228 | 23,946,228 | ||||||||||||||
Net realized and unrealized gain | — | — | — | (19,828,583 | ) | (19,828,583 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,174,966 | ) | (21,174,966 | ) | ||||||||||||
Balance at June 30, 2018 | 58,813,014 | $ | 58,813 | $ | 1,038,362,652 | $ | (179,239,209 | ) | $ | 859,182,256 | |||||||||
Common Stock | Paid in Capital in Excess of Par | Total Net Assets | |||||||||||||||||
Shares | Par Amount | Distributable Earnings (Loss) | |||||||||||||||||
Balance at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231 | ) | $ | 830,474,727 | |||||||||
Issuance of common stock from dividend reinvestment plan | 193 | — | 2,738 | — | 2,738 | ||||||||||||||
Repurchase of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||
Net investment income | — | — | — | 23,320,098 | 23,320,098 | ||||||||||||||
Net realized and unrealized gain | — | — | — | 801,722 | 801,722 | ||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,619 | ) | (21,155,619 | ) | ||||||||||||
Balance at March 31, 2019 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030 | ) | $ | 833,317,987 | |||||||||
Issuance of common stock from dividend reinvestment plan | 200 | — | 2,843 | — | 2,843 | ||||||||||||||
Net investment income | — | — | — | 23,813,638 | 23,813,638 | ||||||||||||||
Net realized and unrealized gain | — | — | — | (34,637,520 | ) | (34,637,520 | ) | ||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,688 | ) | (21,155,688 | ) | ||||||||||||
Balance at June 30, 2019 | 58,766,000 | $ | 58,766 | $ | 999,953,094 | $ | (198,670,600 | ) | $ | 801,341,260 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Operating activities | ||||||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 46,497,803 | $ | 54,281,036 | $ | 13,297,938 | $ | 31,306,430 | ||||||
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||
Net realized (gain)/loss | (1,181,233 | ) | 11,540,457 | |||||||||||
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash used in operating activities: | ||||||||||||||
Net realized loss (gain) | 257,039 | (74,764 | ) | |||||||||||
Change in net unrealized appreciation/depreciation of investments | 24,685,820 | 973,415 | 33,578,725 | 14,273,455 | ||||||||||
Net amortization of investment discounts and premiums | (7,782,322 | ) | (10,569,705 | ) | (6,821,574 | ) | (4,819,559 | ) | ||||||
Amortization of original issue discount on convertible debt | 881,772 | 763,012 | 615,313 | 583,820 | ||||||||||
Interest and dividend income paid in kind | (9,689,096 | ) | (10,130,140 | ) | (7,295,884 | ) | (6,398,320 | ) | ||||||
Amortization of deferred debt issuance costs | 2,956,637 | 2,646,451 | 1,837,576 | 2,029,881 | ||||||||||
Changes in assets and liabilities: | ||||||||||||||
Purchases of investment securities | (447,934,418 | ) | (642,264,119 | ) | (375,078,270 | ) | (287,490,866 | ) | ||||||
Proceeds from sales, maturities and pay downs of investments | 395,717,322 | 434,061,754 | 263,463,486 | 184,249,156 | ||||||||||
Increase in accrued interest income - companies less than 5% owned | (2,776,174 | ) | (1,809,544 | ) | ||||||||||
Decrease (increase) in accrued interest income - companies less than 5% owned | 1,810,987 | (3,941,666 | ) | |||||||||||
Increase in accrued interest income - companies 5% to 25% owned | (308,976 | ) | (1,284,273 | ) | (361,598 | ) | (43,985 | ) | ||||||
Decrease (increase) in accrued interest income - companies more than 25% owned | (64,173 | ) | 13,845 | |||||||||||
Decrease (increase) in receivable for investments sold | 372,477 | (13,414,257 | ) | |||||||||||
Increase in prepaid expenses and other assets | (2,268,006 | ) | (2,978,344 | ) | ||||||||||
Increase in payable for investments purchased | 36,565,907 | 73,196,164 | ||||||||||||
Increase in incentive compensation payable | 144,848 | 796,712 | ||||||||||||
Decrease in interest payable | (2,326,231 | ) | (487,058 | ) | ||||||||||
Increase in payable to the Advisor | 511,782 | 768,459 | ||||||||||||
Increase in accrued interest income - companies more than 25% owned | (88,212 | ) | (34,542 | ) | ||||||||||
Increase in receivable for investments sold | (433,969 | ) | (7,506,136 | ) | ||||||||||
Decrease (increase) in prepaid expenses and other assets | 3,068,242 | (1,660,227 | ) | |||||||||||
Increase (decrease) in payable for investments purchased | 11,093,056 | (9,017,359 | ) | |||||||||||
Increase (decrease) in incentive compensation payable | (1,009,352 | ) | 3,422 | |||||||||||
Increase (decrease) in interest payable | (17,115 | ) | 481,898 | |||||||||||
Decrease in payable to the Advisor | (328,176 | ) | (800,703 | ) | ||||||||||
Increase in management and advisory fees payable | 66,226 | — | ||||||||||||
Increase (decrease) in accrued expenses and other liabilities | 59,923 | (408,038 | ) | 82,159 | (80,675 | ) | ||||||||
Net cash provided by (used in) operating activities | 34,063,662 | (104,304,173 | ) | |||||||||||
Net cash used in operating activities | (62,263,403 | ) | (88,940,740 | ) | ||||||||||
Financing activities | ||||||||||||||
Borrowings | 330,953,697 | 321,000,000 | 309,500,000 | 291,953,697 | ||||||||||
Repayments of debt | (293,953,697 | ) | (352,500,000 | ) | (208,500,000 | ) | (216,000,000 | ) | ||||||
Payments of debt issuance costs | (3,193,847 | ) | (2,652,000 | ) | (2,368,092 | ) | (3,193,847 | ) | ||||||
Regular dividends paid to common shareholders | (63,529,242 | ) | (61,425,414 | ) | ||||||||||
Dividends paid to common shareholders | (42,311,307 | ) | (42,358,970 | ) | ||||||||||
Repurchase of common shares | (691,181 | ) | — | (125,679 | ) | (498,639 | ) | |||||||
Proceeds from issuances of convertible debt | — | 124,626,250 | ||||||||||||
Proceeds from shares issued in connection with dividend reinvestment plan | 8,029 | 7,854 | 5,581 | 5,343 | ||||||||||
Proceeds from common shares sold, net of underwriting and offering costs | — | 93,597,500 | ||||||||||||
Net cash provided by (used in) financing activities | (30,406,241 | ) | 122,654,190 | |||||||||||
Net cash provided by financing activities | 56,200,503 | 29,907,584 | ||||||||||||
Net increase in cash and cash equivalents (including restricted cash) | 3,657,421 | 18,350,017 | ||||||||||||
Net decrease in cash and cash equivalents (including restricted cash) | (6,062,900 | ) | (59,033,156 | ) | ||||||||||
Cash and cash equivalents (including restricted cash) at beginning of period | 86,625,237 | 53,579,868 | 27,920,402 | 86,625,237 | ||||||||||
Cash and cash equivalents (including restricted cash) at end of period | $ | 90,282,658 | $ | 71,929,885 | $ | 21,857,502 | $ | 27,592,081 | ||||||
Supplemental cash flow information | ||||||||||||||
Interest payments | $ | 27,442,833 | $ | 19,746,066 | $ | 18,978,694 | $ | 15,982,231 | ||||||
Excise tax payments | $ | 86,106 | $ | 528,603 | $ | — | $ | 86,106 |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 1,767,051 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 573,610 | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 102,971,368 | — | — | Other direct and indirect observable market inputs * | 169,724,801 | — | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,262,713,938 | 110,635,968 | 80,263,468 | Independent third-party valuation sources that employ significant unobservable inputs | 1,331,057,822 | 108,311,844 | 77,432,228 | ||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 1,761,091 | Advisor valuations with significant unobservable inputs | — | — | 2,081,964 | ||||||||||||||||||||
$ | 1,365,685,306 | $ | 110,635,968 | $ | 83,791,610 | |||||||||||||||||||||||
Total | $ | 1,500,782,623 | $ | 108,311,844 | $ | 80,087,802 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||||||||
Bank Debt | $ | 1,043,775,765 | Income approach | Discount rate | 7.3% - 31.5% (12.5%) | 1,175,005,956 | Income approach | Discount rate | 6.1% - 48.2% (10.8%) | |||||||||||
158,460,126 | Market quotations | Indicative bid/ask quotes | 1 - 3 (1) | 85,012,614 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
24,173,885 | Market comparable companies | Revenue multiples | 0.3x - 2.9x (2.0x) | 41,092,263 | Market comparable companies | Revenue multiples | 1.5x - 3.0x (2.3x) | |||||||||||||
36,304,162 | Market comparable companies | EBITDA multiples | 0.9x - 10.5x (7.6x) | 29,946,989 | Market comparable companies | EBITDA multiples | 6.5x - 12.7x (11.7x) | |||||||||||||
Other Corporate Debt | 38,026,600 | Income approach | Discount rate | 12.8% (12.8%) | 41,251,114 | Income approach | Discount rate | 12.7% - 34.0% (14.7%) | ||||||||||||
33,015,012 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||||||
28,434,418 | Market comparable companies | Book value multiples | 1.4x (1.4x) | 28,314,000 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
1,382,199 | Market comparable companies | Revenue multiples | 2.6x (2.6x) | 28,593,169 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||
9,777,739 | Market comparable companies | EBITDA multiples | 9.4x (9.4x) | 10,153,561 | Market comparable companies | EBITDA multiples | 9.6x (9.6x) | |||||||||||||
Equity | 7,062,810 | Income approach | Discount rate | 4.5% - 17.0% (6.5%) | 5,358,674 | Income approach | Discount rate | 4.5% (4.5%) | ||||||||||||
23,349,409 | Market quotations | Indicative bid/ask quotes | 1 (1) | 3,373,139 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
13,158,918 | Option Pricing Model | EBITDA/Revenue multiples | 1.6x - 10.5x (6.4x) | 8,438,489 | Option Pricing Model | EBITDA/Revenue multiples | 0.6x - 19.3x (3.1x) | |||||||||||||
Implied volatility | 30.0% - 125.0% (49.7%) | Implied volatility | 30.0% - 200.0% (49.4%) | |||||||||||||||||
Yield | 0.0% (0.0%) | Yield | 0.0% (0.0%) | |||||||||||||||||
Term | 0.4 years - 3.5 years (2.1 years) | Term | 0.5 years - 3.5 years (2.2 years) | |||||||||||||||||
1,480,970 | Market comparable companies | Revenue multiples | 0.3x - 2.9x (1.1x) | 1,204,661 | Market comparable companies | Revenue multiples | 0.4x - 3.0x (1.1x) | |||||||||||||
14,175,736 | Market comparable companies | EBITDA multiples | 0.9x - 10.5x (8.2x) | 18,762,206 | Market comparable companies | EBITDA multiples | 5.0x - 12.7x (8.5x) | |||||||||||||
22,796,716 | Other * | N/A | N/A | 22,082,923 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||
$ | 1,455,374,465 | 20,294,100 | Other * | N/A | N/A | |||||||||||||||
$ | 1,518,883,858 |
* | Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date. |
† | Weighted by fair value |
Input | Impact to Value if Input Increases | Impact to Value if Input Decreases | ||
Discount rate | Decrease | Increase | ||
Revenue multiples | Increase | Decrease | ||
EBITDA multiples | Increase | Decrease | ||
Book value multiples | Increase | Decrease | ||
Implied volatility | Increase | Decrease | ||
Term | Increase | Decrease | ||
Yield | Increase | Decrease |
Independent Third-Party Valuation | Independent Third-Party Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 1,313,883,048 | $ | 114,727,490 | $ | 77,048,806 | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | ||||||||||
Net realized and unrealized gains (losses) | (12,399,759 | ) | (2,632,446 | ) | 5,218,251 | (28,259,140 | ) | (1,935,636 | ) | (3,747,919 | ) | |||||||||||
Acquisitions * | 144,664,104 | (4,115,432 | ) | 3,704,001 | 204,334,925 | 802,037 | 1,480,877 | |||||||||||||||
Dispositions | (197,230,787 | ) | 2,656,356 | (5,707,590 | ) | (109,775,921 | ) | — | (1,845,539 | ) | ||||||||||||
Transfers into Level 3 † | 13,797,332 | — | — | — | 28,998,633 | — | ||||||||||||||||
Transfers out of Level 3 ‡ | (116,482,193 | ) | — | — | ||||||||||||||||||
Ending balance | $ | 1,262,713,938 | $ | 110,635,968 | $ | 80,263,468 | $ | 1,331,057,822 | $ | 108,311,844 | $ | 77,432,228 | ||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (10,826,186 | ) | $ | (2,632,447 | ) | $ | 4,967,192 | $ | (27,967,502 | ) | $ | (1,935,636 | ) | $ | (3,747,919 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,731,295 | |||||
Net realized and unrealized gains (losses) | — | — | 29,796 | ||||||||
Ending balance | $ | — | $ | — | $ | 1,761,091 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | 29,796 |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,239,746,177 | $ | 78,011,815 | $ | 66,977,237 | |||||
Net realized and unrealized gains (losses) | (21,042,870 | ) | (2,746,039 | ) | 4,317,752 | ||||||
Acquisitions * | 372,824,279 | 37,741,071 | 21,100,155 | ||||||||
Dispositions | (346,675,061 | ) | (2,370,879 | ) | (12,131,676 | ) | |||||
Transfers into Level 3 † | 54,723,486 | — | — | ||||||||
Transfers out of Level 3 ‡ | (36,862,073 | ) | — | — | |||||||
Ending balance | $ | 1,262,713,938 | $ | 110,635,968 | $ | 80,263,468 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (18,173,326 | ) | $ | (4,841,557 | ) | $ | 4,156,499 |
Advisor Valuation | Advisor Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 116,662 | $ | — | $ | 1,730,941 | $ | — | $ | — | $ | 2,341,267 | ||||||||||
Net realized and unrealized gains (losses) | (623 | ) | — | 30,150 | — | — | (259,303 | ) | ||||||||||||||
Acquisitions * | 623 | — | — | |||||||||||||||||||
Dispositions | (116,662 | ) | — | — | ||||||||||||||||||
Ending balance | $ | — | $ | — | $ | 1,761,091 | $ | — | $ | — | $ | 2,081,964 | ||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | 30,150 | $ | — | $ | — | $ | (259,303 | ) |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | |||||
Net realized and unrealized gains (losses) | (31,126,651 | ) | (498,941 | ) | (1,889,248 | ) | |||||
Acquisitions * | 350,660,759 | 1,562,002 | 7,481,923 | ||||||||
Dispositions | (250,789,839 | ) | — | (7,150,795 | ) | ||||||
Transfers into Level 3 † | 9,339,062 | 28,998,633 | — | ||||||||
Transfer out of Level 3 ‡ | (116,482,193 | ) | — | — | |||||||
Reclassifications within Level 3 § | — | — | (814,640 | ) | |||||||
Ending balance | $ | 1,331,057,822 | $ | 108,311,844 | $ | 77,432,228 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (29,283,502 | ) | $ | (498,941 | ) | $ | (1,889,248 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of four investments that were transferred from Level 2 due to reduced trading volumes |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net realized and unrealized gains (losses) | — | — | (213,522 | ) | |||||||
Dispositions | — | — | (43,297 | ) | |||||||
Reclassifications within Level 3 * | — | — | 814,640 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,081,964 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (230,564 | ) |
* | Comprised of one investment that was reclassified from Independent Third-Party Valuation |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 87,555 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 847,398 | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 116,531,066 | 11,331,250 | — | Other direct and indirect observable market inputs * | 38,403,794 | 28,998,633 | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,239,746,177 | 78,011,815 | 66,977,237 | Independent third-party valuation sources that employ significant unobservable inputs | 1,369,456,684 | 78,250,150 | 79,804,988 | ||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | 116,662 | — | 1,730,941 | Advisor valuations with significant unobservable inputs | — | — | 1,524,143 | ||||||||||||||||||||
Total | $ | 1,356,393,905 | $ | 89,343,065 | $ | 68,795,733 | $ | 1,407,860,478 | $ | 107,248,783 | $ | 82,176,529 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | ||||||
Bank Debt | $ | 1,089,247,230 | Income approach | Discount rate | 5.1% - 32.5% (12.5%) | |||||
92,717,995 | Market quotations | Indicative bid/ask quotes | 1 - 2 (1) | |||||||
22,199,690 | Market comparable companies | Revenue multiples | 0.3x - 2.9x (1.2x) | |||||||
35,697,924 | Market comparable companies | EBITDA multiples | 3.5x - 10.0x (6.9x) | |||||||
Other Corporate Debt | 64,271,565 | Market quotations | Indicative bid/ask quotes | 1 - 8 (1) | ||||||
4,472,250 | Market comparable companies | Revenue multiples | 2.0x (2.0x) | |||||||
9,268,000 | Market comparable companies | EBITDA multiples | 7.9x (7.9x) | |||||||
Equity | 8,119,621 | Income approach | Discount rate | 3.7% - 19.0% (7.0%) | ||||||
15,745,225 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
7,090,750 | Option Pricing Model | EBITDA/Revenue multiples | 1.9x - 12.2x (5.1x) | |||||||
Implied volatility | 25.0% - 95.0% (55.0%) | |||||||||
Risk free rate | 1.3% - 2.0% (1.9%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.1 years - 4.5 years (2.5 years) | |||||||||
1,475,758 | Market comparable companies | Revenue multiples | 0.3x - 2.9x (1.0x) | |||||||
19,812,951 | Market comparable companies | EBITDA multiples | 3.5x - 15.3x (8.9x) | |||||||
16,463,873 | Other * | N/A | N/A | |||||||
$ | 1,386,582,832 |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,131,662,534 | $ | 95,645,627 | $ | 65,359,889 | |||||
Net realized and unrealized gains (losses) | (1,698,366 | ) | (2,413,331 | ) | (539,557 | ) | |||||
Acquisitions * | 219,258,618 | 10,349,086 | 11,837,810 | ||||||||
Dispositions | (109,506,611 | ) | (31,735,226 | ) | (13,440,362 | ) | |||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (1,940,418 | ) | $ | (2,413,332 | ) | $ | (2,625,120 | ) |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | 1,134,622,267 | Income approach | Discount rate | 7.5% - 42.2% (12.3%) | ||||||
193,682,097 | Market quotations | Indicative bid/ask quotes | 1 - 2 (1) | |||||||
14,793,577 | Market comparable companies | Revenue multiples | 2.9x (2.9x) | |||||||
26,358,743 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.7x) | |||||||
Other Corporate Debt | 40,632,991 | Income approach | Discount rate | 14.6% - 17.8% (14.9%) | ||||||
27,839,419 | Market comparable companies | Book value multiples | 1.2x (1.2x) | |||||||
9,777,740 | Market comparable companies | EBITDA multiples | 10.0x (10.0x) | |||||||
Equity | 6,410,413 | Income approach | Discount rate | 4.7% - 13.0% (5.6%) | ||||||
2,343,653 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
8,682,278 | Option Pricing Model | EBITDA/Revenue multiples | 2.0x - 11.0x (5.5x) | |||||||
Implied volatility | 30.0% - 200.0% (44.7%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.4 years - 3.5 years (1.8 years) | |||||||||
5,123,517 | Market comparable companies | Revenue multiples | 0.4x - 2.9x (2.0x) | |||||||
15,938,987 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.5x) | |||||||
18,931,733 | Market comparable companies | Book value multiples | 1.2x (1.2x) | |||||||
23,898,550 | Other * | N/A | N/A | |||||||
$ | 1,529,035,965 |
* |
† | Weighted by fair value |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 2,221,444 | |||||
Net realized and unrealized gains (losses) | — | — | (69,630 | ) | |||||||
Dispositions | — | — | (1,687 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (69,630 | ) |
Independent Third-Party Valuation | Independent Third-Party Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 1,036,044,457 | $ | 101,934,853 | $ | 64,521,901 | $ | 1,331,139,346 | $ | 117,620,538 | $ | 70,267,145 | ||||||||||
Net realized and unrealized gains (losses) | (17,582,409 | ) | (3,758,757 | ) | 34,522 | (12,950,140 | ) | 420,760 | (2,772,657 | ) | ||||||||||||
Acquisitions * | 559,544,251 | 25,582,996 | 28,384,223 | 105,988,908 | 798,878 | 12,771,894 | ||||||||||||||||
Dispositions | (307,732,609 | ) | (51,912,936 | ) | (27,845,217 | ) | (87,230,325 | ) | (4,112,686 | ) | (3,217,576 | ) | ||||||||||
Transfers out of Level 3 † | (30,557,515 | ) | — | — | (23,064,741 | ) | — | — | ||||||||||||||
Reclassifications within Level 3 ‡ | — | — | (1,877,649 | ) | ||||||||||||||||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | $ | 1,313,883,048 | $ | 114,727,490 | $ | 77,048,806 | ||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (9,121,109 | ) | $ | (3,393,578 | ) | $ | 819,830 | $ | (12,344,234 | ) | $ | (1,674,757 | ) | $ | (2,772,655 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of two investments that were transferred to Level 2 due to increased observable market activity |
Advisor Valuation | Advisor Valuation | |||||||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||
Beginning balance | $ | 107,199 | $ | — | $ | 1,560,161 | $ | — | $ | — | $ | 1,744,043 | ||||||||||
Net realized and unrealized gains (losses) | 65,797 | — | (1,285,996 | ) | — | — | (12,748 | ) | ||||||||||||||
Acquisitions * | (20,962 | ) | — | — | ||||||||||||||||||
Dispositions | (152,034 | ) | — | (1,687 | ) | |||||||||||||||||
Reclassifications within Level 3 † | — | — | 1,877,649 | |||||||||||||||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | $ | — | $ | — | $ | 1,731,295 | ||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (1,285,996 | ) | $ | — | $ | — | $ | (12,748 | ) |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,239,746,177 | $ | 78,011,815 | $ | 66,977,237 | |||||
Net realized and unrealized gains (losses) | (8,643,111 | ) | (113,593 | ) | (900,499 | ) | |||||
Acquisitions * | 228,160,175 | 41,856,503 | 17,396,154 | ||||||||
Dispositions | (149,444,274 | ) | (5,027,235 | ) | (6,424,086 | ) | |||||
Transfers into Level 3 † | 40,926,154 | — | — | ||||||||
Transfers out of Level 3 ‡ | (36,862,073 | ) | — | — | |||||||
Ending balance | $ | 1,313,883,048 | $ | 114,727,490 | $ | 77,048,806 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (7,347,140 | ) | $ | (2,209,110 | ) | $ | (810,693 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of three investments that were |
‡ | Comprised of four investments that were transferred to Level 2 due to increased observable market activity |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 116,662 | $ | — | $ | 1,730,941 | |||||
Net realized and unrealized gains (losses) | (623 | ) | — | 354 | |||||||
Acquisitions * | 623 | — | — | ||||||||
Dispositions | (116,662 | ) | — | — | |||||||
Ending balance | $ | — | $ | — | $ | 1,731,295 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | 354 |
* | Includes payments received in kind and accretion of original issue and market discounts |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | (726,950 | ) | $ | 603,745 |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | — | $ | (470,202 | ) |
September 30, 2018 | December 31, 2017 | ||||||
Unrealized appreciation | $ | 50,509,424 | $ | 40,379,148 | |||
Unrealized depreciation | (108,423,034 | ) | (73,606,938 | ) | |||
Net unrealized depreciation | $ | (57,913,610 | ) | $ | (33,227,790 | ) | |
Cost | $ | 1,618,026,495 | $ | 1,547,156,748 |
June 30, 2019 | |||
Tax Cost of Investments | $ | 1,775,023,171 | |
Unrealized appreciation | $ | 38,701,035 | |
Unrealized depreciation | (124,541,937 | ) | |
Net unrealized depreciation | $ | (85,840,902 | ) |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||||||||||||
SVCP 2022 Facility | 2022 | L+2.25% | $ | 50,000,000 | $ | 75,000,000 | $ | 125,000,000 | |||||||||||||||||||||||
SVCP Facility | 2023 | L+2.00% | $ | 136,000,000 | $ | 84,000,000 | $ | 220,000,000 | † | ||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 107,376,637 | — | 107,376,637 | 2019 | 5.25% | 107,757,138 | — | 107,757,138 | |||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,833,569 | — | 137,833,569 | 2022 | 4.625% | 138,278,427 | — | 138,278,427 | |||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,495,919 | — | 174,495,919 | 2022 | 4.125% | 174,587,137 | — | 174,587,137 | |||||||||||||||||||||
TCPC Funding Facility | 2022 | L+2.00%† | 204,000,000 | 96,000,000 | 300,000,000 | 2023 | L+2.00% | ‡ | 239,000,000 | 111,000,000 | 350,000,000 | ||||||||||||||||||||
SBA Debentures | 2024−2028 | 2.77%‡ | 98,000,000 | 52,000,000 | 150,000,000 | 2024−2028 | 2.77% | § | 118,000,000 | 32,000,000 | 150,000,000 | ||||||||||||||||||||
Total leverage | 771,706,125 | $ | 223,000,000 | $ | 994,706,125 | 913,622,702 | $ | 227,000,000 | $ | 1,140,622,702 | |||||||||||||||||||||
Unamortized issuance costs | (7,356,870 | ) | (6,232,536 | ) | |||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 764,349,255 | $ | 907,390,166 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† | Increased to $270,000,000 effective August 6, 2019 |
‡ | Subject to certain funding requirements |
Weighted-average interest rate on pooled loans, excluding fees of 0.36% or 0.35%. As of June 30, 2019, $15.0 million and $5.0 million of the outstanding amount was not yet pooled, and bore interest at a temporary rate of 2.72% and 2.69%, respectively, plus fees of 0.35% through September 25, 2019, the date of the next SBA pooling. |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||
SVCP 2018 Facility | 2018 | L+2.50%† | $ | 57,000,000 | $ | 59,000,000 | $ | 116,000,000 | ||||||||||||||||||||||
SVCP Facility | 2022 | L+2.25% | † | $ | 82,000,000 | $ | 88,000,000 | $ | 170,000,000 | |||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 107,011,061 | — | 107,011,061 | 2019 | 5.25% | 107,501,207 | — | 107,501,207 | ||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,405,870 | — | 137,405,870 | 2022 | 4.625% | 137,980,185 | — | 137,980,185 | ||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,407,422 | — | 174,407,422 | 2022 | 4.125% | 174,525,996 | — | 174,525,996 | ||||||||||||||||||||
TCPC Funding Facility | 2021 | L+2.50%‡ | 175,000,000 | 175,000,000 | 350,000,000 | 2022 | L+2.00% | ‡ | 212,000,000 | 88,000,000 | 300,000,000 | |||||||||||||||||||
SBA Debentures | 2024−2028 | 2.57%§ | 83,000,000 | 67,000,000 | 150,000,000 | 2024−2028 | 2.77% | § | 98,000,000 | 52,000,000 | 150,000,000 | |||||||||||||||||||
Total leverage | 733,824,353 | $ | 301,000,000 | $ | 1,034,824,353 | 812,007,388 | $ | 228,000,000 | $ | 1,040,007,388 | ||||||||||||||||||||
Unamortized issuance costs | (8,624,072 | ) | (6,805,196 | ) | ||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 725,200,281 | $ | 805,202,192 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† |
‡ |
§ | Weighted-average interest rate, |
Nine Months Ended September 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2019 | 2018 | ||||||||||||
Interest expense | $ | 25,998,374 | $ | 20,022,020 | $ | 19,576,892 | $ | 17,047,949 | |||||||
Amortization of deferred debt issuance costs | 2,956,637 | * | 2,646,451 | 1,837,576 | 2,029,881 | * | |||||||||
Commitment fees | 862,612 | 1,195,229 | 417,795 | 668,217 | |||||||||||
Total | $ | 29,817,623 | $ | 23,863,700 | $ | 21,832,263 | $ | 19,746,047 |
* | Includes approximately $0.3 million of amortized debt costs related to the early termination of the SVCP 2018 Facility. |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | |||||||||||||||||||||||
Principal amount of debt | $ | 108,000,000 | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | ||||||||||||||
Original issue discount, net of accretion | (623,363 | ) | (2,166,431 | ) | (988,939 | ) | (2,594,130 | ) | (242,862 | ) | (1,721,573 | ) | (498,793 | ) | (2,019,815 | ) | ||||||||||||||
Carrying value of debt | $ | 107,376,637 | $ | 137,833,569 | $ | 107,011,061 | $ | 137,405,870 | $ | 107,757,138 | $ | 138,278,427 | $ | 107,501,207 | $ | 137,980,185 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | |||||||||||||||||||||||
Stated interest expense | $ | 4,252,500 | $ | 4,856,250 | $ | 4,252,500 | $ | 4,874,236 | $ | 2,835,000 | $ | 3,237,500 | $ | 2,835,000 | $ | 3,237,500 | ||||||||||||||
Amortization of original issue discount | 365,575 | 427,700 | 345,427 | 408,129 | 255,931 | 298,242 | 241,600 | 283,525 | ||||||||||||||||||||||
Total interest expense | $ | 4,618,075 | $ | 5,283,950 | $ | 4,597,927 | $ | 5,282,365 | $ | 3,090,931 | $ | 3,535,742 | $ | 3,076,600 | $ | 3,521,025 |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 175,000,000 | $ | 175,000,000 | $ | 175,000,000 | ||||||
Original issue discount, net of accretion | (504,081 | ) | (592,578 | ) | (412,863 | ) | (474,004 | ) | ||||||
Carrying value of debt | $ | 174,495,919 | $ | 174,407,422 | $ | 174,587,137 | $ | 174,525,996 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Stated interest expense | $ | 5,414,063 | $ | 716,146 | $ | 3,609,375 | $ | 3,609,375 | ||||||
Amortization of original issue discount | 88,497 | 9,456 | 61,141 | 58,695 | ||||||||||
Total interest expense | $ | 5,502,560 | $ | 725,602 | $ | 3,670,516 | $ | 3,668,070 |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
Pooled loans: | ||||||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
October 20, 2017 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
$ | 98,000,000 | 2.77 | % | * |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
Pooled loans: | ||||||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
75,000,000 | 2.57 | % | * | |||||||||
Non-pooled loans: | ||||||||||||
October 20, 2017 | March 20, 2018 | 8,000,000 | 1.79 | % | 0.35 | % | ||||||
$ | 83,000,000 |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
Pooled loans: | ||||||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
October 20, 2017 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
$ | 98,000,000 | 2.77 | % | * | ||||||||
Non-pooled loans: | ||||||||||||
June 12, 2019 | September 25, 2019 | 15,000,000 | 2.72 | % | 0.35 | % | ||||||
June 14, 2019 | September 25, 2019 | 5,000,000 | 2.69 | % | 0.35 | % | ||||||
$ | 118,000,000 |
* | Weighted-average interest rate on pooled loans |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
October 20, 2017 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
$ | 98,000,000 | 2.77 | % | * |
* | Weighted-average interest rate |
Unfunded Balances | Unfunded Balances | |||||||||||||||||||
Issuer | Maturity | September 30, 2018 | December 31, 2017 | Maturity | June 30, 2019 | December 31, 2018 | ||||||||||||||
Alera Group Intermediate Holdings, Inc. | 12/30/2021 | N/A | $ | 759,546 | ||||||||||||||||
Alera Group Intermediate Holdings, Inc. | 12/30/2022 | N/A | 375,000 | |||||||||||||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | |||||||||||||||
Applause App Quality, Inc. | 9/20/2022 | $ | 1,509,820 | 1,509,820 | 9/20/2022 | 1,509,820 | 1,509,820 | |||||||||||||
Apptio, Inc. | 1/10/2025 | 769,231 | N/A | |||||||||||||||||
Auto Trakk SPV, LLC | 12/21/2021 | 6,996,308 | 6,996,308 | 12/21/2021 | 3,193,208 | 4,732,558 | ||||||||||||||
Avanti Communications Jersey Limited | 6/15/2024 | 413,584 | N/A | |||||||||||||||||
Bisnow, LLC | 4/29/2021 | 1,200,000 | 1,200,000 | 4/29/2021 | 1,200,000 | 1,200,000 | ||||||||||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 877,777 | N/A | 6/15/2024 | 833,333 | 877,777 | ||||||||||||||
Caliber Home Loans, Inc. | 6/30/2020 | N/A | 2,888,889 | |||||||||||||||||
CAREATC, Inc. | 3/14/2024 | 607,288 | N/A | |||||||||||||||||
Certify, Inc. | 2/28/2024 | 3,720,069 | N/A | |||||||||||||||||
Datto, Inc. | 12/7/2022 | 2,207,152 | 2,207,152 | 12/7/2022 | N/A | 1,870,622 | ||||||||||||||
Domo, Inc. | 2/1/2021 | N/A | 15,296,963 | |||||||||||||||||
Dodge Data & Analystics, LLC | 5/1/2020 | 959,933 | N/A | |||||||||||||||||
Donuts Inc. | 9/17/2023 | 660,634 | N/A | 9/17/2023 | 660,634 | 660,634 | ||||||||||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 1,589,685 | N/A | |||||||||||||||||
Edmentum, Inc. | 6/9/2020 | 5,131,312 | 1,179,005 | 6/9/2020 | N/A | 4,103,102 | ||||||||||||||
Enerwise Global Technologies, Inc. | 11/30/2017 | N/A | 4,000,000 | |||||||||||||||||
Foursquare Labs, Inc. | 6/1/2020 | N/A | 3,750,000 | |||||||||||||||||
FinancialForce.Com | 2/1/2024 | 7,000,000 | N/A | |||||||||||||||||
HighTower Holding, LLC | 1/31/2026 | 6,169,355 | N/A | 1/31/2026 | N/A | 6,169,355 | ||||||||||||||
Home Partners of America, Inc. | 10/13/2022 | 2,142,857 | N/A | 10/13/2022 | 2,142,857 | 2,142,857 | ||||||||||||||
IAS Investco, Inc. | 1/24/2021 | 1,714,286 | 7,542,857 | 1/24/2021 | N/A | 1,114,286 | ||||||||||||||
iCIMS, Inc. | 9/12/2024 | 490,735 | N/A | 9/12/2024 | 490,735 | 490,735 | ||||||||||||||
InMobi, Inc. | 12/31/2019 | N/A | 8,299,181 | |||||||||||||||||
JAMF Holdings, Inc. | 11/13/2022 | 1,214,052 | 1,214,052 | 11/13/2022 | 404,684 | 1,214,052 | ||||||||||||||
Lithium Technologies, LLC | 10/3/2022 | 1,528,136 | 1,528,136 | |||||||||||||||||
Marketo, Inc. | 8/16/2021 | N/A | 1,704,545 | |||||||||||||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||||||||||||
Patient Point Network Solutions, LLC | 6/26/2022 | 176,190 | 440,474 | 6/26/2022 | 264,285 | 440,475 | ||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | 671,356 | 671,356 | 12/20/2021 | 671,356 | 671,356 | ||||||||||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | 1,342,516 | 5/1/2022 | 1,342,516 | 1,342,516 | ||||||||||||||
RM OpCo, LLC (Real Mex) | 3/30/2018 | N/A | 1,298,304 | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,929,344 | N/A | |||||||||||||||||
RSB-160, LLC (Lat20), LLC | 7/20/2022 | 957,533 | N/A | 7/20/2022 | 4,435,914 | 4,435,914 | ||||||||||||||
Snow Software AB | 4/17/2024 | 4,360,548 | N/A | |||||||||||||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | 277,778 | 277,778 | |||||||||||||||||
Team Software, Inc. | 9/17/2023 | 3,511,210 | N/A | 9/17/2023 | 2,106,726 | 3,511,210 | ||||||||||||||
Telarix, Inc. | 11/19/2023 | 357,143 | 357,143 | |||||||||||||||||
TPC Intermediate Holdings, LLC | 5/15/2023 | 188,235 | �� | N/A | 5/15/2023 | 788,529 | 188,235 | |||||||||||||
Tradeshift Holdings, Inc. | 9/1/2020 | 5,352,908 | 8,411,712 | 9/1/2020 | 5,352,908 | 5,352,908 | ||||||||||||||
Unanet, Inc. | 5/31/2024 | 10,102,040 | N/A | |||||||||||||||||
VSS-Southern Holdings, LLC | 11/3/2020 | N/A | 856,164 | 11/3/2026 | 1,027,397 | N/A | ||||||||||||||
Videology Tech Technologies, LLC | 1/10/2020 | N/A | 10,673,794 | |||||||||||||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | 7/31/2022 | 1,405,501 | 1,405,501 | ||||||||||||||
Total Unfunded Balances | $ | 46,407,806 | $ | 85,551,275 | $ | 62,357,144 | $ | 46,468,865 |
Shares Issued | Price Per Share | Net Proceeds | |||||||
Shares issued from dividend reinvestment plan | 563 | $ | 14.26 | * | $ | 8,029 |
2019 | 2018 | ||||||
Shares Issued | 393 | 374 | |||||
Average Price Per Share | $ | 14.20 | $ | 14.29 | |||
Proceeds | $ | 5,581 | $ | 5,343 |
Shares Issued | Price Per Share | Net Proceeds | |||||||
Shares issued from dividend reinvestment plan | 643 | $ | 16.46 | * | $ | 10,585 | |||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 | ||||||
At-the-market offerings | 54,713 | 15.78 | * | 863,398 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
August 8, 2018 | September 14, 2018 | September 28, 2018 | Regular | 0.36 | 21,170,272 | |||||||||
$ | 1.08 | $ | 63,529,242 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||
$ | 0.72 | $ | 42,311,307 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
$ | 0.72 | $ | 42,358,970 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 47,818 | $ | 14.45 | * | $ | 691,181 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* | Weighted-average price per share |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 34,616 | $ | 14.40 | * | $ | 498,639 |
* | Weighted-average price per share |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 46,497,803 | $ | 54,281,036 | |||
Weighted average shares outstanding | 58,824,514 | 56,390,954 | |||||
Earnings per share | $ | 0.79 | $ | 0.96 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 13,297,938 | $ | 31,306,430 | |||
Weighted average shares outstanding | 58,766,618 | 58,833,900 | |||||
Earnings per share | $ | 0.23 | $ | 0.53 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Per Common Share | ||||||||||||||
Per share NAV at beginning of period | $ | 14.80 | $ | 14.91 | $ | 14.13 | $ | 14.80 | ||||||
Investment operations: | ||||||||||||||
Net investment income (net of incentive fees for periods after January 1, 2018) | 1.20 | 1.48 | ||||||||||||
Net realized and unrealized losses | (0.41 | ) | (0.22 | ) | ||||||||||
Incentive allocation reserve and distributions | N/A | (0.30 | ) | |||||||||||
Net investment income | 0.81 | 0.78 | ||||||||||||
Net realized and unrealized gain | (0.58 | ) | (0.25 | ) | ||||||||||
Total from investment operations | 0.79 | 0.96 | 0.23 | 0.53 | ||||||||||
Issuance of common stock | — | 0.13 | ||||||||||||
Repurchase of common stock | — | — | — | — | ||||||||||
Distributions to common shareholders from: | ||||||||||||||
Net investment income | (1.08 | ) | (1.08 | ) | ||||||||||
Distributions to common shareholders | (0.72 | ) | (0.72 | ) | ||||||||||
Per share NAV at end of period | $ | 14.51 | $ | 14.92 | $ | 13.64 | $ | 14.61 | ||||||
Per share market price at end of period | $ | 14.23 | $ | 16.49 | $ | 14.25 | $ | 14.45 | ||||||
Total return based on market value (1), (2) | (0.2 | )% | 4.0 | % | 14.8 | % | (7.0 | )% | ||||||
Total return based on net asset value (1), (3) | 5.3 | % | 7.3 | % | 1.6 | % | 3.6 | % | ||||||
Shares outstanding at end of period | 58,800,001 | 58,792,364 | 58,766,000 | 58,813,014 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||
Ratios to average common equity: (4) | ||||||||||||||
Net investment income | 11.4 | % | 11.1 | % | 12.6 | % | 11.8 | % | ||||||
Expenses excluding incentive compensation | 8.4 | % | 7.1 | % | 9.3 | % | 8.2 | % | ||||||
Expenses including incentive compensation | 10.4 | % | 9.1 | % | 10.5 | % | 9.5 | % | ||||||
Ending common shareholder equity | $ | 853,013,535 | $ | 877,396,967 | $ | 801,341,260 | $ | 859,182,290 | ||||||
Portfolio turnover rate | 25.1 | % | 31.1 | % | 16.2 | % | 11.7 | % | ||||||
Weighted-average leverage outstanding | $ | 751,842,574 | $ | 599,740,024 | $ | 827,366,166 | $ | 740,156,090 | ||||||
Weighted-average interest rate on leverage | 4.6 | % | 4.5 | % | 4.8 | % | 4.6 | % | ||||||
Weighted-average number of common shares | 58,824,514 | 56,390,954 | 58,766,618 | 58,833,900 | ||||||||||
Average leverage per share | $ | 12.78 | $ | 10.64 | $ | 14.08 | $ | 12.58 | ||||||
(2) | Total return based on market value equals the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period. |
(3) | Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at June 30, 2019 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 545,334 | 9,777,740 | — | (161,954 | ) | 537,775 | — | 10,153,561 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 | 63,299 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 | 293,798 | 4,869,577 | — | — | — | — | 4,869,577 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 901,987 | 11,152,078 | — | 1,353,989 | 888,019 | — | 13,394,086 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 147,929 | 3,375,453 | — | — | 145,795 | — | 3,521,248 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 106,776 | 1,153,076 | — | — | 4,177,024 | (9,867 | ) | 5,320,233 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 523,137 | 6,187,478 | — | 244,346 | 2,492,853 | — | 8,924,677 | |||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 277,362 | 7,719,069 | — | — | 274,058 | — | 7,993,127 | |||||||||||||||||||||
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 | 82,344 | — | — | 20,988 | 3,623,080 | — | 3,644,068 | |||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 | 32,938 | — | — | 8,395 | 1,449,232 | — | 1,457,627 | |||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 26,254 | 43,320 | (26,254 | ) | — | (43,320 | ) | — | |||||||||||||||||||
Green Biologics, Inc., Common Stock | — | 3,670,777 | — | (5,673,578 | ) | 2,006,277 | — | 3,476 | ||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 110,097 | 1,900,733 | — | — | — | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | 102,275 | — | — | 1,477,518 | |||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | (969,224 | ) | — | — | — | ||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 85,818 | 1,574,099 | — | — | 84,863 | — | 1,658,962 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 165,793 | — | — | 6,708,879 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | 8,260 | — | — | 372,559 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | 8,341 | — | — | 376,255 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | — | (33,861 | ) | — | — | 1,084,249 | ||||||||||||||||||||
Total | $ | 3,170,819 | $ | 63,193,357 | $ | 43,320 | $ | (4,952,484 | ) | $ | 15,678,976 | $ | (53,187 | ) | $ | 73,909,982 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) |
Security | Dividends or Interest (2) | Fair Value at December 31, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at June 30, 2019 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 872,602 | $ | 18,931,734 | $ | — | $ | 2,804,939 | $ | 346,250 | $ | — | $ | 22,082,923 | ||||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 1,710,314 | 27,839,419 | — | — | 753,750 | — | 28,593,169 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | (263,661 | ) | — | — | 1,155,085 | ||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 87,961 | 1,773,807 | — | (276,715 | ) | — | — | 1,497,092 | ||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | — | — | — | 1,415,656 | — | 1,415,656 | ||||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 11,682,923 | — | (816,391 | ) | — | (7,577,094 | ) | 3,289,438 | |||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | (578,646 | ) | — | 578,646 | — | ||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | 294,742 | — | (578,646 | ) | 2,638,365 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 79,904 | 2,826,708 | — | 33,139 | — | (180,922 | ) | 2,678,925 | ||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 69,010 | 2,896,083 | — | (24,520 | ) | — | (191,814 | ) | 2,679,749 | |||||||||||||||||||
Total | $ | 2,819,791 | $ | 70,291,689 | $ | — | $ | 1,172,887 | $ | 2,515,656 | $ | (7,949,830 | ) | $ | 66,030,402 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at September 30, 2018 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 105,288 | $ | 12,576,276 | $ | — | $ | 4,459,018 | $ | 3,704,167 | $ | — | $ | 20,739,461 | ||||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 2,682,792 | 30,827,391 | — | — | — | (2,392,973 | ) | 28,434,418 | ||||||||||||||||||||
AGY Holding Corp., Common Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 785,793 | 9,268,000 | — | — | 509,739 | — | 9,777,739 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 | 95,472 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 | 443,131 | 4,869,577 | — | — | — | — | 4,869,577 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | — | — | — | 1,418,746 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 67,645 | 666,667 | — | — | 1,107,141 | — | 1,773,808 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | 1,027,700 | — | (1,027,600 | ) | — | (100 | ) | — | |||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | 193,847 | — | (193,847 | ) | — | — | — | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,244,083 | 10,377,830 | — | (728,426 | ) | 1,224,778 | — | 10,874,182 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 207,104 | 3,099,573 | — | — | 204,117 | — | 3,303,690 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | 78 | — | (78 | ) | — | ||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 125,363 | 2,189,584 | — | 2 | 2,694,993 | (4,776,819 | ) | 107,760 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 55,022 | — | — | 986,793 | 5,155,352 | — | 6,142,144 | |||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 584,965 | — | — | 8 | 7,583,403 | — | 7,583,410 | |||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | — | 26,254 | — | — | 236,289 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21 | 10,751 | 175,824 | — | (32 | ) | 13,883 | — | 189,675 | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 423,656 | 7,200,000 | — | — | 420,236 | — | 7,620,236 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 | 189,220 | 2,400,000 | — | — | 187,800 | — | 2,587,800 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 | 122,913 | 1,248,000 | — | (341,196 | ) | 122,538 | — | 1,029,343 | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 | 222,190 | 2,256,000 | — | (2,477,509 | ) | 221,510 | — | — | ||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 5,795 | — | — | — | 244,778 | — | 244,778 | |||||||||||||||||||||
HCT Acquisition, LLC (Globecomm), Membership Units | — | 531,575 | — | (531,575 | ) | — | — | — | ||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 157,464 | 1,900,733 | — | — | — | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 3,458,749 | — | (1,161,609 | ) | — | — | 2,297,140 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 11,034,519 | — | (6,705,836 | ) | — | (133 | ) | 4,328,550 | |||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, LIBOR + 8% PIK, due 5/26/20 | 647,005 | 16,233,431 | — | — | (290,793 | ) | (1,233,333 | ) | 14,709,304 | |||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 7,048,850 | — | (6,131,679 | ) | 1,066,667 | — | 1,983,838 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 77,404 | 1,584,734 | — | — | 77,327 | (129,524 | ) | 1,532,537 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 4,345,010 | — | 2,201,885 | — | — | 6,546,895 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 111,875 | — | 251,188 | — | — | 363,063 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 112,985 | — | 253,680 | — | — | 366,665 | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,201,138 | — | (41,514 | ) | — | — | 1,159,624 | ||||||||||||||||||||
RM Holdco, LLC (Real Mex), Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC (Real Mex), Membership Units | 31,486 | — | — | 1,316 | — | — | 1,316 | |||||||||||||||||||||
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 77,143 | 862,509 | — | (955,150 | ) | 92,641 | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 264,147 | 7,250,973 | — | (7,467,158 | ) | 317,220 | — | 101,035 |
Security | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at September 30, 2018 | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 1,054,681 | 9,268,000 | — | — | 509,740 | — | 9,777,740 | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 | 127,646 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 | 592,465 | 4,869,577 | — | — | — | — | 4,869,577 | |||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,686,990 | 10,377,830 | — | (886,600 | ) | 1,660,848 | — | 11,152,078 | ||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 279,918 | 3,099,573 | — | — | 275,880 | — | 3,375,453 | |||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 129,029 | 2,189,584 | — | 2 | 3,740,309 | (4,776,819 | ) | 1,153,076 | ||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 332,418 | — | — | 910,888 | 5,293,696 | (17,106 | ) | 6,187,478 | ||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 722,259 | — | — | 8 | 7,719,061 | — | 7,719,069 | |||||||||||||||||||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | 196,908 | (183,781 | ) | — | (196,908 | ) | 26,254 | |||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21 | 14,923 | 175,824 | 3,917 | (4,221 | ) | 14,155 | (189,675 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 547,010 | 7,200,000 | — | — | 420,234 | (7,620,234 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 | 244,408 | 2,400,000 | — | — | 187,800 | (2,587,800 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 | 158,129 | 1,248,000 | (1,117,442 | ) | — | 122,538 | (253,096 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 | 205,845 | 2,256,000 | (2,477,512 | ) | — | 221,512 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 9,757 | — | — | — | 244,778 | (244,778 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc., Common Stock | — | — | — | (14,851,816 | ) | 18,522,593 | — | 3,670,777 | ||||||||||||||||||||||||||||||||||||||||||||||||
HCT Acquisition, LLC (Globecomm), Membership Units | — | 531,575 | (531,575 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 213,331 | 1,900,733 | — | — | — | — | 1,900,733 | |||||||||||||||||||||||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 3,458,749 | — | (2,083,506 | ) | — | — | 1,375,243 | ||||||||||||||||||||||||||||||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 11,034,519 | — | (10,065,295 | ) | — | — | 969,224 | ||||||||||||||||||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 118,111 | 1,584,734 | — | — | 118,889 | (129,524 | ) | 1,574,099 | ||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 4,345,010 | — | 2,198,076 | — | — | 6,543,086 | |||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 111,875 | — | 252,424 | — | — | 364,299 | |||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 112,985 | — | 254,929 | — | — | 367,914 | |||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,201,138 | — | (83,028 | ) | — | — | 1,118,110 | ||||||||||||||||||||||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex), Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex), Membership Units | 31,486 | — | (2,010,777 | ) | 2,010,777 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 77,143 | 862,509 | (2,210,269 | ) | 1,255,117 | 92,643 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 264,147 | 7,250,973 | (7,568,193 | ) | — | 317,220 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18 | $ | 267,891 | $ | 4,899,257 | $ | — | $ | — | $ | 270,299 | $ | — | $ | 5,169,556 | 297,194 | 4,899,257 | (150,583 | ) | (283,386 | ) | 297,423 | (4,762,711 | ) | — | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 7%, due 3/30/18 | 90,368 | — | — | (28,072 | ) | 1,450,469 | — | 1,422,397 | 101,757 | — | 7,551 | (38,950 | ) | 1,461,263 | (1,429,864 | ) | — | |||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | — | — | — | 10 | — | (10 | ) | — | — | — | (10,398,622 | ) | 10,398,622 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 121,054 | 1,353,457 | — | (1,498,830 | ) | 145,373 | — | — | 121,054 | 1,353,457 | (3,452,951 | ) | 1,954,117 | 145,377 | — | — | ||||||||||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured Super Priority Debtor-in-Possession Term Loan, 8.5%, due 12/15/18 | 9,396 | — | — | 8,466 | 712,034 | — | 720,500 | 18,337 | — | 5,251 | — | 715,249 | (720,500 | ) | — | |||||||||||||||||||||||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 119,856 | 3,161,798 | — | 31,054 | — | (271,381 | ) | 2,921,471 | ||||||||||||||||||||||||||||||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 103,514 | 3,228,449 | — | 52,043 | — | (287,723 | ) | 2,992,769 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,348,038 | $ | 82,991,084 | $ | (29,704,297 | ) | $ | (9,245,623 | ) | $ | 42,081,208 | $ | (22,929,015 | ) | $ | 63,193,357 |
(1) | The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% |
(2) | Also includes fee and lease income as |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2016 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2017 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 237,398 | $ | 6,818,897 | $ | — | $ | 3,630,283 | $ | 3,739,948 | $ | (1,612,852 | ) | $ | 12,576,276 | |||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,531,468 | 29,203,304 | — | — | 19,453,808 | (17,829,721 | ) | 30,827,391 | ||||||||||||||||||||
AGY Holding Corp., Common Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/18 | 1,019,480 | 9,268,000 | — | — | — | — | 9,268,000 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 | 127,646 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/18 | 592,465 | 4,869,710 | — | (133 | ) | — | — | 4,869,577 | ||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,205,306 | — | 213,440 | — | — | 1,418,746 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 6/30/2018 | 2,374 | — | — | — | 666,667 | — | 666,667 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | 27,700 | 1,000,000 | 1,027,700 | ||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | (7,639,487 | ) | 7,833,334 | — | 193,847 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,523,633 | 12,101,483 | — | (3,223,635 | ) | 1,499,982 | — | 10,377,830 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 257,039 | 2,846,246 | — | — | 253,327 | — | 3,099,573 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 94,882 | — | — | — | 5,558,173 | (3,368,589 | ) | 2,189,584 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,123,591 | — | (1,123,591 | ) | — | — | — | ||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | — | — | — | — | 210,035 | |||||||||||||||||||||
Essex Ocean II, LLC, Membership Units | — | 159,045 | (103,398 | ) | (55,647 | ) | — | — | — | |||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 1,229,572 | 14,480,002 | (2,113,201 | ) | (144,800 | ) | 1,450,895 | (13,672,896 | ) | — | ||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 5,322 | — | (138 | ) | 4,220 | 204,227 | (32,485 | ) | 175,824 | |||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 | 28,250 | — | — | — | 7,200,000 | — | 7,200,000 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 | 12,750 | — | — | — | 2,400,000 | — | 2,400,000 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 | 8,667 | — | — | — | 1,248,000 | — | 1,248,000 | |||||||||||||||||||||
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 | 15,667 | — | — | — | 2,256,000 | — | 2,256,000 | |||||||||||||||||||||
HCT Acquisition, LLC (Globecomm), Membership Units | — | — | — | — | 531,575 | — | 531,575 | |||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 141,935 | — | — | — | 1,900,733 | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | — | — | (718,961 | ) | 4,177,710 | — | 3,458,749 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 4,607,246 | — | 6,427,273 | — | — | 11,034,519 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, LIBOR + 8% PIK, due 7/2/18 | 2,019,092 | 21,276,653 | — | — | 676,937 | (5,720,159 | ) | 16,233,431 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 7/2/18 | 291,523 | 4,000,000 | — | — | 3,048,850 | — | 7,048,850 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | 1,395,350 | — | (1,395,350 | ) | — | — | — | ||||||||||||||||||||
RM Holdco, LLC (Real Mex), Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC (Real Mex), Membership Units | 125,944 | — | — | — | — | — | — | |||||||||||||||||||||
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 175,531 | 1,943,371 | — | (1,255,117 | ) | 174,255 | — | 862,509 | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 518,652 | 4,251,368 | — | — | 2,999,605 | — | 7,250,973 | |||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18 | 346,793 | 4,871,284 | — | — | 27,973 | — | 4,899,257 | |||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 8.5%, due 3/30/18 | — | — | — | 38,949 | — | (38,949 | ) | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | 644,597 | 3,154,770 | — | (3,870,242 | ) | 715,472 | — | — | ||||||||||||||||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 275,444 | 3,049,555 | — | (1,969,541 | ) | 273,443 | — | 1,353,457 | ||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 3,191,938 | — | 331,701 | — | (361,841 | ) | 3,161,798 | ||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 134,558 | 3,266,101 | — | 345,978 | — | (383,630 | ) | 3,228,449 | ||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. (Globecomm), Limited Partnership Units | — | 1,530,000 | (5,000,000 | ) | 3,470,000 | — | — | — |
Security | Dividends or Interest (2) | Fair Value at December 31, 2017 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at December 31, 2018 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 750,715 | $ | 12,576,276 | $ | — | $ | (443,614 | ) | $ | 7,049,072 | $ | (250,000 | ) | $ | 18,931,734 | ||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,537,166 | 30,827,391 | — | — | 1,155,002 | (4,142,974 | ) | 27,839,419 | ||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | — | — | — | 1,418,746 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 112,355 | 666,667 | — | — | 1,107,140 | — | 1,773,807 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | 1,027,700 | — | (1,027,700 | ) | — | — | — | ||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | 193,847 | — | (193,847 | ) | — | — | — | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 | 645,470 | 16,233,431 | — | (2,473,048 | ) | (290,793 | ) | (1,786,667 | ) | 11,682,923 | ||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 7,048,850 | — | (5,746,581 | ) | 1,620,000 | — | 2,922,269 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 3,161,798 | — | 26,751 | — | (361,841 | ) | 2,826,708 | ||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 3,228,449 | — | 51,265 | — | (383,631 | ) | 2,896,083 | ||||||||||||||||||||
Total | $ | 5,343,533 | $ | 76,383,155 | $ | — | $ | (9,806,774 | ) | $ | 10,640,421 | $ | (6,925,113 | ) | $ | 70,291,689 |
(1) | The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of |
(2) | Also includes fee and lease income as |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/26 | 11/7/17 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Envigo RMS Holding Corp., Common Stock | 6/3/19 | |
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units | 7/20/18 | |
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units | 7/20/18 | |
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Nanosys, Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |
Adesto Technologies Corporation, Warrants to Purchase Common Stock | 5/8/18 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22 | 1/26/17 | |
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/26 | 11/7/17 | |
Domo, Inc., Warrants to Purchase | 12/5/17 | |
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units | 7/20/18 | |
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units | 7/20/18 | |
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
Fuse Media, LLC, Warrants to Purchase Common Stock | 8/3/12 | |
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |
Lions Holdings, Inc., | 7/14/17 | |
Lions Holdings, Inc., | 7/14/17 | |
Nanosys, Inc., Warrants to Purchase | 3/29/16 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock | 3/20/18 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Preferred Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Industry | Percent of Total Investments | ||
Diversified Software | % | ||
Data Processing and Hosting Services | % | ||
Financial Investment Activities | % | ||
Insurance | 5.5 | % | |
Lessors of Nonfinancial Licenses | 5.3 | % | |
Advertising, Public Relations and Marketing | 3.6 | % | |
Credit (Nondepository) | 3.3 | % | |
Business Support Services | 3.2 | % | |
Equipment Leasing | 3.0 | % | |
Air Transportation | 2.8 | % | |
Educational Support Services | 2.6 | % | |
Health Care | 2.3 | % | |
Management, Scientific, and Technical Consulting Services | % | ||
% | |||
Computer Systems Design and Related Services | |||
% | |||
Building Equipment Contractors | |||
1.9 | % | ||
% | |||
Other Real Estate Activities | % | ||
Other Telecommunications | % | ||
1.4 | % | ||
Ground Transportation | 1.3 | % | |
1.2 | % | ||
Electronic Component Manufacturing | 1.2 | % | |
Retail | 1.2 | % | |
Publishing | |||
1.1 | % | ||
1.0 | % | ||
Wired Telecommunications Carriers | 1.0 | % | |
Other | % | ||
Total | 100.0 | % |
Shares Issued | Price Per Share | Net Proceeds | |||||||
Shares issued from dividend reinvestment plan | 563 | $ | 14.26 | * | $ | 8,029 |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 643 | $ | 16.46 | * | $ | 10,585 | ||||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 | |||||||
At-the-market offerings | 54,713 | 15.78 | * | 863,398 |
2019 | 2018 | ||||||
Shares Issued | 393 | 374 | |||||
Average Price Per Share | $ | 14.20 | $ | 14.29 | |||
Proceeds | $ | 5,581 | $ | 5,343 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 47,818 | $ | 14.45 | * | $ | 691,181 |
2019 | 2018 | ||||||
Shares Repurchased | 9,000 | 34,616 | |||||
Price Per Share * | $ | 13.96 | $ | 14.40 | |||
Total Cost | $ | 125,679 | $ | 498,639 |
* | Weighted-average price per share |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||||||||||||
SVCP 2022 Facility | 2022 | L+2.25% | $ | 50,000,000 | $ | 75,000,000 | $ | 125,000,000 | |||||||||||||||||||||||
SVCP Facility | 2023 | L+2.00% | $ | 136,000,000 | $ | 84,000,000 | $ | 220,000,000 | † | ||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 107,376,637 | — | 107,376,637 | 2019 | 5.25% | 107,757,138 | — | 107,757,138 | |||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,833,569 | — | 137,833,569 | 2022 | 4.625% | 138,278,427 | — | 138,278,427 | |||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,495,919 | — | 174,495,919 | 2022 | 4.125% | 174,587,137 | — | 174,587,137 | |||||||||||||||||||||
TCPC Funding Facility | 2022 | L+2.00%† | 204,000,000 | 96,000,000 | 300,000,000 | 2023 | L+2.00% | ‡ | 239,000,000 | 111,000,000 | 350,000,000 | ||||||||||||||||||||
SBA Debentures | 2024−2028 | 2.77%‡ | 98,000,000 | 52,000,000 | 150,000,000 | 2024−2028 | 2.77% | § | 118,000,000 | 32,000,000 | 150,000,000 | ||||||||||||||||||||
Total leverage | 771,706,125 | $ | 223,000,000 | $ | 994,706,125 | 913,622,702 | $ | 227,000,000 | $ | 1,140,622,702 | |||||||||||||||||||||
Unamortized issuance costs | (7,356,870 | ) | (6,232,536 | ) | |||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 764,349,255 | �� | $ | 907,390,166 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† | Increased to $270,000,000 effective August 6, 2019 |
‡ | Subject to certain funding requirements |
Weighted-average interest rate on pooled loans, excluding fees of 0.36% or 0.35% . As of June 30, 2019, $15.0 million and $5.0 million of the outstanding amount was not yet pooled, and bore interest at a temporary rate of 2.72% and 2.69%, respectively, plus fees of 0.35% through September 25, 2019, the date of the next SBA pooling. |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
August 8, 2018 | September 14, 2018 | September 28, 2018 | Regular | 0.36 | 21,170,272 | |||||||||
$ | 1.08 | $ | 63,529,242 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||
$ | 0.72 | $ | 42,311,307 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 27, 2018 | March 16, 2018 | March 30, 2018 | Regular | $ | 0.36 | $ | 21,184,004 | |||||||
May 9, 2018 | June 15, 2018 | June 29, 2018 | Regular | 0.36 | 21,174,966 | |||||||||
$ | 0.72 | $ | 42,358,970 |
2018 | 2017 | 2019 | 2018 | |||||||||||
Shares Issued | 563 | 464 | 393 | 374 | ||||||||||
Average Price Per Share | $ | 14.26 | $ | 16.93 | $ | 14.20 | $ | 14.29 | ||||||
Proceeds | $ | 8,029 | $ | 7,854 | $ | 5,581 | $ | 5,343 |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | Interest income | Interest Expense | Net Investment Income | ||||||||||||||||||
Up 300 basis points | $ | 42,196,199 | $ | (10,560,000 | ) | $ | 31,636,199 | $ | 44,672,370 | $ | (11,250,000 | ) | $ | 33,422,370 | ||||||||||
Up 200 basis points | 28,130,799 | (7,040,000 | ) | 21,090,799 | 29,781,580 | (7,500,000 | ) | 22,281,580 | ||||||||||||||||
Up 100 basis points | 14,065,400 | (3,520,000 | ) | 10,545,400 | 14,890,790 | (3,750,000 | ) | 11,140,790 | ||||||||||||||||
Down 100 basis points | (13,916,735 | ) | 3,520,000 | (10,396,735 | ) | (14,611,625 | ) | 3,750,000 | (10,861,625 | ) | ||||||||||||||
Down 200 basis points | (22,543,607 | ) | 7,040,000 | (15,503,607 | ) | (23,613,558 | ) | 7,500,000 | (16,113,558 | ) | ||||||||||||||
Down 300 basis points | (24,281,489 | ) | 8,269,888 | (16,011,601 | ) | (25,638,535 | ) | 8,699,550 | (16,938,985 | ) |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Item 5. | Other Information. |
Number | Description | |
3.1 | ||
3.2 | ||
3.3 | ||
31.1 | ||
31.2 | ||
32.1 |
(1) | Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011 |
(2) | Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018 |
(3) | Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018 |
Date: | ||
By: | /s/ Howard M. Levkowitz | |
Name: | Howard M. Levkowitz | |
Title: | Chief Executive Officer | |
Date: | ||
By: | /s/ Paul L. Davis | |
Name: | Paul L. Davis | |
Title: | Chief Financial Officer |