☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended March 31, | |
☐ | 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. |
March 31, 2019 | December 31, 2018 | March 31, 2020 | December 31, 2019 | |||||||||||
(unaudited) | (unaudited) | |||||||||||||
Assets | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Companies less than 5% owned (cost of $1,467,444,658 and $1,460,936,257, respectively) | $ | 1,472,434,592 | $ | 1,463,800,744 | ||||||||||
Companies 5% to 25% owned (cost of $84,991,955 and $78,353,253, respectively) | 66,820,880 | 63,193,357 | ||||||||||||
Companies more than 25% owned (cost of $103,594,995 and $110,258,458, respectively) | 65,572,776 | 70,291,689 | ||||||||||||
Total investments (cost of $1,656,031,608 and $1,649,547,968, respectively) | 1,604,828,248 | 1,597,285,790 | ||||||||||||
Companies less than 5% owned (cost of $1,550,870,770 and $1,483,508,500, respectively) | $ | 1,468,734,301 | $ | 1,474,318,011 | ||||||||||
Companies 5% to 25% owned (cost of $76,568,077 and $70,112,667, respectively) | 63,901,597 | 75,880,291 | ||||||||||||
Companies more than 25% owned (cost of $134,870,172 and $135,655,840, respectively) | 93,282,976 | 99,308,593 | ||||||||||||
Total investments (cost of $1,762,309,019 and $1,689,277,007, respectively) | 1,625,918,874 | 1,649,506,895 | ||||||||||||
Cash and cash equivalents | 26,751,746 | 27,920,402 | 8,574,859 | 44,848,539 | ||||||||||
Accrued interest income: | ||||||||||||||
Companies less than 5% owned | 20,586,529 | 20,898,838 | 17,329,567 | 16,937,339 | ||||||||||
Companies 5% to 25% owned | 1,106,449 | 678,057 | 729,805 | 665,165 | ||||||||||
Companies more than 25% owned | 167,998 | 124,009 | 349,945 | 305,721 | ||||||||||
Deferred debt issuance costs | 4,477,024 | 4,843,985 | 5,073,471 | 5,476,382 | ||||||||||
Receivable for investments sold | 433,969 | — | 510,570 | 1,316,667 | ||||||||||
Prepaid expenses and other assets | 4,746,929 | 7,784,608 | 4,917,342 | 3,012,488 | ||||||||||
Total assets | 1,663,098,892 | 1,659,535,689 | 1,663,404,433 | 1,722,069,196 | ||||||||||
Liabilities | ||||||||||||||
Debt, net of unamortized issuance costs of $6,265,516 and $6,805,196, respectively | 805,547,711 | 805,202,192 | ||||||||||||
Debt, net of unamortized issuance costs of $7,217,414 and $7,711,684, respectively | 965,458,014 | 907,802,387 | ||||||||||||
Management and advisory fees payable | 5,930,289 | 5,429,075 | ||||||||||||
Payable for investments purchased | 10,719,514 | 908,759 | 4,825,000 | 13,057,446 | ||||||||||
Interest payable | 5,791,760 | 8,747,872 | 4,424,813 | 10,837,121 | ||||||||||
Payable to the Advisor | 1,344,290 | 1,591,651 | ||||||||||||
Incentive compensation payable | 5,353,416 | 5,840,346 | — | 4,753,671 | ||||||||||
Management and advisory fees payable | — | 5,247,344 | ||||||||||||
Payable to the Advisor | 726,926 | 1,226,372 | ||||||||||||
Accrued expenses and other liabilities | 1,641,578 | 1,888,077 | 1,838,116 | 2,279,459 | ||||||||||
Total liabilities | 829,780,905 | 829,060,962 | 983,820,522 | 945,750,810 | ||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Net assets applicable to common shareholders | $ | 833,317,987 | $ | 830,474,727 | ||||||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | ||||||||||
Composition of net assets applicable to common shareholders | ||||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,765,800 and 58,774,607 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | $ | 58,766 | $ | 58,775 | ||||||||||
Composition of net assets | ||||||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,766,912 and 58,766,426 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | $ | 57,767 | $ | 58,766 | ||||||||||
Paid-in capital in excess of par | 999,950,251 | 1,000,073,183 | 991,283,210 | 997,379,362 | ||||||||||
Distributable earnings (loss) | (166,691,030 | ) | (169,657,231 | ) | (311,757,066 | ) | (221,119,742 | ) | ||||||
Net assets applicable to common shareholders | $ | 833,317,987 | $ | 830,474,727 | ||||||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | ||||||||||
Net assets per share | $ | 14.18 | $ | 14.13 | $ | 11.76 | $ | 13.21 |
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 | % | 11.50 | % | 6/1/2020 | $ | 22,500,000 | $ | 22,331,498 | $ | 22,343,625 | 1.37 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Term Loan | LIBOR (Q) | 1.37 | % | 8.13 | % | 10.75 | % | 9/30/2021 | $ | 37,775,057 | 37,472,624 | 37,792,056 | 2.32 | % | H/N | ||||||||||||||||
59,804,122 | 60,135,681 | 3.69 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 2/1/2022 | $ | 973,123 | 965,681 | 959,743 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 2/1/2022 | $ | 1,160,548 | 1,151,673 | 1,144,591 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 2/1/2022 | $ | 1,324,690 | 1,314,560 | 1,306,476 | 0.08 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 2/1/2022 | $ | 928,513 | 921,413 | 915,746 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 5/1/2022 | $ | 972,135 | 964,456 | 958,769 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 5/1/2022 | $ | 1,018,950 | 1,010,901 | 1,004,939 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 5/1/2022 | $ | 1,557,924 | 1,545,617 | 1,536,502 | 0.09 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 8/1/2022 | $ | 659,277 | 654,010 | 650,212 | 0.04 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR (Q) | — | 7.50 | % | 10.24 | % | 8/1/2022 | $ | 625,215 | 620,220 | 616,619 | 0.04 | % | N | |||||||||||||||||
9,148,531 | 9,093,597 | 0.56 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.24 | % | 6/15/2024 | $ | 55,556 | 41,071 | 54,500 | — | N | |||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR (M) | 1.00 | % | 5.75 | % | 8.24 | % | 6/15/2024 | $ | 66,667 | 63,755 | 63,500 | — | N | |||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.75 | % | 8.24 | % | 6/15/2024 | $ | 1,504,611 | 1,477,549 | 1,476,024 | 0.09 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR (M) | — | 13.50 | % | 15.99 | % | 2/1/2021 | $ | 5,544,352 | 5,490,664 | 5,451,207 | 0.33 | % | L/N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.10 | % | 11/3/2020 | $ | 6,138,211 | 6,088,843 | 6,138,211 | 0.38 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.10 | % | 11/3/2020 | $ | — | (6,443 | ) | — | — | K/N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 11.10 | % | 11/2/2022 | $ | 366,063 | 362,923 | 366,063 | 0.02 | % | N | |||||||||||||||||
13,518,362 | 13,549,505 | 0.82 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.00 | % | 7/25/2021 | $ | 2,496,448 | 2,447,980 | 2,451,512 | 0.15 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.00 | % | 7/25/2021 | $ | 13,807,225 | 13,707,361 | 13,558,695 | 0.83 | % | N | ||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 481,249 | 473,123 | 472,587 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR (Q) | — | 6.25 | % | 9.06 | % | 5/22/2023 | $ | 16,046,661 | 15,774,477 | 15,757,821 | 0.97 | % | N | |||||||||||||||||
32,402,941 | 32,240,615 | 1.98 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR (M) | 1.00 | % | 7.00 | % | 9.36 | % | 6/15/2025 | $ | 3,282,520 | 3,201,547 | 3,199,187 | 0.20 | % | D/H/N | ||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.61 | % | 6/15/2025 | $ | 831,240 | 815,008 | 814,615 | 0.05 | % | D/H/N | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 9.25 | % | 11.75 | % | 6/30/2023 | $ | 31,000,000 | 30,692,055 | 31,000,000 | 1.90 | % | N | ||||||||||||||||
34,708,610 | 35,013,802 | 2.15 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00% PIK | 10.81 | % | 12/31/2022 | $ | 25,904,525 | 25,904,525 | 22,549,889 | 1.38 | % | N | ||||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan C | LIBOR (Q) | — | 10.00% PIK | 12.81 | % | 12/31/2022 | $ | 25,240,108 | 25,240,108 | 21,608,057 | 1.32 | % | N | ||||||||||||||||||
51,144,633 | 44,157,946 | 2.70 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||
Unanet, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,062,492 | $ | 4,691,321 | 0.28 | % | N | |||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 19,897,959 | 19,719,334 | 18,763,776 | 1.15 | % | N | |||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 5/31/2024 | $ | 2,448,980 | 2,428,534 | 2,309,388 | 0.14 | % | K/N | |||||||||||||||||
27,210,360 | 25,764,485 | 1.57 | % | |||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 741,844 | 738,535 | 737,393 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 866,823 | 862,956 | 861,622 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 976,276 | 971,922 | 970,419 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 2/1/2022 | $ | 712,097 | 708,921 | 707,825 | 0.04 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 763,101 | 759,247 | 758,523 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 795,798 | 791,779 | 791,023 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 5/1/2022 | $ | 1,172,238 | 1,166,318 | 1,165,205 | 0.07 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 554,752 | 551,836 | 551,423 | 0.03 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.26 | % | 8/1/2022 | $ | 530,051 | 527,266 | 526,871 | 0.03 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 9/27/2023 | $ | 2,478,113 | 2,450,730 | 2,366,598 | 0.14 | % | N | ||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(Q) | 2.00 | % | 5.00 | % | 7.00 | % | 6/5/2023 | $ | 20,134,665 | 19,926,465 | 19,349,413 | 1.18 | % | N | ||||||||||||||||
One Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/27/2024 | $ | 19,750,000 | 19,469,804 | 19,335,250 | 1.18 | % | N | ||||||||||||||||
48,925,779 | 48,121,565 | 2.93 | % | |||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(M) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 38,966,342 | 38,882,813 | 36,823,193 | 2.25 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR(M) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.69 | % | 1/1/2022 | $ | 15,420,901 | 15,342,948 | 14,572,751 | 0.89 | % | N | |||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25% Cash+2.00% PIK | 9.75 | % | 2/1/2023 | $ | 16,225,890 | 16,025,364 | 16,160,986 | 0.99 | % | N | |||||||||||||||||
70,251,125 | 67,556,930 | 4.13 | % | |||||||||||||||||||||||||||||
Building Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 864,616 | 864,450 | 852,511 | 0.05 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.50 | % | 5/1/2020 | $ | 34,974,960 | 34,968,028 | 34,485,310 | 2.11 | % | N | ||||||||||||||||
35,832,478 | 35,337,821 | 2.16 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 15,080,645 | 14,746,553 | 14,503,056 | 0.89 | % | N | ||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 6,169,355 | 6,064,200 | 5,933,069 | 0.36 | % | N | ||||||||||||||||
Pico Quantitative Trading, LLC | First Lien Term Loan (1.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.25 | % | 8.75 | % | 2/7/2025 | $ | 21,791,007 | 20,850,269 | 20,592,502 | 1.26 | % | L | ||||||||||||||||
41,661,022 | 41,028,627 | 2.51 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 11,481,428 | 8,778,822 | 218,147 | 0.01 | % | B/C/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,147,915 | 1,147,915 | 1,147,915 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,328,009 | 5,328,009 | 5,328,009 | 0.33 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan A | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,191,316 | 1,144,606 | 1,191,318 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan A1 | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 249,123 | 224,211 | 249,123 | 0.02 | % | B/N | |||||||||||||||||
16,623,563 | 8,134,512 | 0.50 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Brannan Sand Gravel Company, LLC | First Lien Term Loan | LIBOR (Q) | — | 5.25 | % | 7.88 | % | 7/3/2023 | $ | 9,282,995 | $ | 9,162,047 | $ | 9,296,919 | 0.57 | % | N | |||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 6.50 | % | 8.98 | % | 12/21/2021 | $ | 23,971,792 | 23,748,941 | 24,012,422 | 1.47 | % | N | ||||||||||||||||
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) | Subordinated Class B Notes | Fixed | — | 9.42 | % | 9.42 | % | 11/15/2026 | $ | 28,314,000 | 27,459,166 | 28,836,393 | 1.77 | % | E/G/H | |||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.61 | % | 7/20/2022 | $ | 3,833,333 | 3,766,614 | 3,767,783 | 0.23 | % | N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Incremental Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.61 | % | 7/20/2022 | $ | — | — | 12,864 | — | N | |||||||||||||||||
54,974,721 | 56,629,462 | 3.47 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.86 | % | 12/20/2021 | $ | 5,722,427 | 5,722,427 | 5,815,417 | 0.36 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.86 | % | 12/20/2021 | $ | 14,241,964 | 14,162,155 | 14,473,396 | 0.89 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.86 | % | 12/20/2021 | $ | — | (3,708 | ) | — | — | K/N | ||||||||||||||||
19,880,874 | 20,288,813 | 1.25 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.00 | % | 7.76 | % | 9/20/2022 | $ | 20,772,306 | 20,463,229 | 20,651,826 | 1.27 | % | N | ||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 5.00 | % | 7.76 | % | 9/20/2022 | $ | — | (21,007 | ) | (8,757 | ) | — | K/N | |||||||||||||||
Datto, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 12/7/2022 | $ | 27,792,848 | 27,368,269 | 28,348,705 | 1.74 | % | N | ||||||||||||||||
Datto, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 12/7/2022 | $ | — | (27,630 | ) | — | — | K/N | ||||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.50 | % | 10/31/2025 | $ | 9,590,821 | 9,564,556 | 9,404,999 | 0.58 | % | G/N | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (M) | — | 5.50% Cash+2.50% PIK | 10.69 | % | 10/1/2022 | $ | 51,138,950 | 50,677,372 | 50,903,711 | 3.12 | % | L/N | ||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.85 | % | 9/17/2023 | $ | 373,849 | 346,030 | 365,998 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.25 | % | 8.85 | % | 9/17/2023 | $ | 10,965,517 | 10,668,288 | 10,735,241 | 0.66 | % | N | ||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 9.50 | % | 5/1/2022 | $ | 11,324,118 | 11,218,656 | 11,329,781 | 0.69 | % | N | ||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.00 | % | 9.50 | % | 5/1/2022 | $ | — | (12,468 | ) | — | — | K/N | ||||||||||||||||
SnapLogic, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.81% Cash+2.00% PIK | 12.44 | % | 3/1/2022 | $ | 31,466,808 | 30,901,671 | 31,104,939 | 1.91 | % | N | ||||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.75 | % | 5/5/2025 | $ | 4,275,000 | 4,236,055 | 4,066,594 | 0.25 | % | |||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.75 | % | 10.24 | % | 10/11/2026 | $ | 19,470,195 | 19,330,362 | 19,226,818 | 1.18 | % | J/N | |||||||||||||||||
184,713,383 | 186,129,855 | 11.42 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR (Q) | — | 8.50 | % | 11.24 | % | 6/9/2021 | $ | 6,238,884 | 5,403,665 | 6,238,886 | 0.38 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Junior Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 4,958,576 | 4,958,576 | 4,958,581 | 0.30 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 7,857,147 | 7,857,147 | 7,857,154 | 0.48 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,448,776 | 3,448,776 | 3,448,775 | 0.21 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 16,338,680 | 16,147,679 | 11,437,075 | 0.70 | % | B/N | ||||||||||||||||||
37,815,843 | 33,940,471 | 2.07 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 11/7/2026 | $ | — | $ | — | $ | (115,686 | ) | (0.01 | )% | K/N | |||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.24 | % | 11/7/2026 | $ | 6,519,608 | 6,460,124 | 6,134,951 | 0.38 | % | N | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.33 | % | 11/7/2026 | $ | 1,434,314 | 1,420,607 | 1,349,689 | 0.08 | % | N | ||||||||||||||||
Team Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 7,220,080 | 7,121,555 | 6,880,737 | 0.42 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 3,160,089 | 3,122,778 | 2,995,062 | 0.18 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.00 | % | 9/17/2023 | $ | 13,167,038 | 13,022,266 | 12,548,187 | 0.77 | % | N | |||||||||||||||||
31,147,330 | 29,792,940 | 1.82 | % | |||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,252,632 | 1,252,632 | 1,252,632 | 0.08 | % | L/N | |||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 291,730 | 249,246 | 291,730 | 0.02 | % | L/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,591,586 | 1,044,328 | 0.06 | % | C/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 | 4,064,219 | 2,664,831 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,157,683 | 5,253,521 | 0.32 | % | |||||||||||||||||||||||||||||
Construction and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 2,568,367 | 2,539,629 | 1,669,182 | 0.10 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan (3.15% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.11 | % | 7/25/2021 | $ | 14,208,421 | 14,149,294 | 9,234,053 | 0.56 | % | L/N | ||||||||||||||||
16,688,923 | 10,903,235 | 0.66 | % | |||||||||||||||||||||||||||||
Construction Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 6.75 | % | 7/3/2023 | $ | 6,561,998 | 6,497,633 | 6,617,775 | 0.40 | % | N | |||||||||||||||||
Consumer Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 7.20 | % | 12/21/2021 | $ | 23,971,792 | 23,822,888 | 23,971,792 | 1.46 | % | N | ||||||||||||||||
Barri Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 8.82 | % | 10/23/2024 | $ | 19,225,745 | 18,776,612 | 18,322,135 | 1.12 | % | N | ||||||||||||||||
Open Lending, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 3/11/2027 | $ | 5,000,000 | 4,825,000 | 4,850,000 | 0.30 | % | N | ||||||||||||||||
47,424,500 | 47,143,927 | 2.88 | % | |||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,498,865 | 5,498,865 | 5,498,865 | 0.34 | % | B/N | |||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2021 | $ | 10,792,686 | 9,801,903 | 10,792,686 | 0.66 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,429,803 | 8,429,803 | 8,429,803 | 0.52 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 18,059,291 | 18,029,203 | 11,292,474 | 0.69 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,755,736 | 3,755,736 | 3,755,736 | 0.23 | % | B/N | ||||||||||||||||||
Educationcity Limited (Edmentum) | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 8/31/2020 | $ | 3,707,423 | 3,677,040 | 3,707,423 | 0.23 | % | N | |||||||||||||||||
Spark Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | — | (28,700 | ) | (32,490 | ) | — | K/N | |||||||||||||||
Spark Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | 22,330,697 | 21,662,773 | 21,591,551 | 1.32 | % | N | ||||||||||||||||
70,826,623 | 65,036,048 | 3.99 | % | |||||||||||||||||||||||||||||
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 | % | 11.5% Cash+2.00% PIK | 16.31 | % | 7/16/2020 | $ | 15,196,285 | $ | 15,200,725 | $ | 15,196,285 | 0.93 | % | H/N | |||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 12.35 | % | 1/31/2020 | $ | 31,105,275 | 30,993,258 | 31,105,275 | 1.91 | % | N | |||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.74 | % | 1/10/2025 | $ | 9,230,769 | 9,051,684 | 9,046,154 | 0.55 | % | N | ||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | 9.74 | % | 1/10/2025 | $ | — | (14,811 | ) | (15,385 | ) | — | K/N | |||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.56 | % | 12/31/2020 | $ | 38,179,773 | 37,989,045 | 38,752,470 | 2.38 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 11.56 | % | 12/31/2020 | $ | 15,109,617 | 14,934,783 | 15,336,261 | 0.94 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 10.50 | % | 13.09 | % | 11/4/2021 | $ | 26,358,696 | 25,988,580 | 25,107,976 | 1.54 | % | H/N | ||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.50 | % | 2/28/2024 | $ | — | (47,829 | ) | (47,829 | ) | — | K/N | |||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.50 | % | 2/28/2024 | $ | 23,383,293 | 23,283,053 | 23,032,543 | 1.41 | % | N | ||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.00 | % | 8.50 | % | 2/28/2024 | $ | — | (15,943 | ) | (15,943 | ) | — | K/N | |||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR (Q) | — | 6.25% Cash+2.00% PIK | 10.88 | % | 2/1/2023 | $ | 16,054,755 | 15,800,276 | 15,962,440 | 0.98 | % | N | ||||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.60 | % | 9/19/2025 | $ | 24,840,563 | 24,641,322 | 24,467,955 | 1.50 | % | N | ||||||||||||||||
FinancialForce.com | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR (Q) | — | 6.75 | % | 9.44 | % | 2/1/2024 | $ | 21,000,000 | 20,458,182 | 20,432,015 | 1.25 | % | L/N | |||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 4.80% Cash+8.45% PIK | 15.88 | % | 1/26/2022 | $ | 22,623,667 | 22,225,492 | 21,003,812 | 1.29 | % | N | ||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 8.99 | % | 9/12/2024 | $ | 7,851,765 | 7,704,496 | 7,690,804 | 0.47 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.50 | % | 8.99 | % | 9/12/2024 | $ | — | (8,917 | ) | (10,060 | ) | — | K/N | |||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.69 | % | 11/13/2022 | $ | 14,160,797 | 13,942,696 | 14,118,315 | 0.87 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.50 | % | 11/13/2022 | $ | 809,368 | 791,901 | 805,726 | 0.05 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.69 | % | 11/13/2022 | $ | 3,606,829 | 3,555,555 | 3,596,009 | 0.22 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 10/3/2022 | $ | 20,884,731 | 20,551,403 | 20,660,220 | 1.27 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 10/3/2022 | $ | — | (24,187 | ) | (16,427 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 10/3/2022 | $ | 7,131,905 | 6,989,296 | 7,055,237 | 0.43 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 8.00 | % | 10.49 | % | 10/3/2022 | $ | — | (8,976 | ) | (4,894 | ) | — | K/N | |||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.75 | % | 12/5/2023 | $ | 4,444,444 | 4,361,057 | 4,353,111 | 0.27 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.75 | % | 12/5/2023 | $ | — | (5,200 | ) | (5,708 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR (Q) | — | 5.50 | % | 8.13 | % | 9/17/2023 | $ | — | (47,015 | ) | (54,950 | ) | — | K/N | ||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR (Q) | — | 5.50 | % | 8.13 | % | 9/17/2023 | $ | 13,167,038 | 12,990,686 | 12,960,974 | 0.79 | % | N | |||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 8.50 | % | 11/19/2023 | $ | 7,500,000 | 7,392,957 | 7,413,750 | 0.45 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 6.00 | % | 8.50 | % | 11/19/2023 | $ | — | (4,965 | ) | (4,107 | ) | — | K/N | |||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (Q) | — | 8.88 | % | 11.56 | % | 9/1/2020 | $ | 19,117,528 | 18,759,210 | 19,034,329 | 1.17 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 9.88 | % | 12.50 | % | 6/1/2019 | $ | 1,693,398 | 1,685,203 | 1,535,743 | 0.09 | % | L/N | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.75 | % | 7/31/2022 | $ | 2,726,918 | 2,684,559 | 2,735,780 | 0.17 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 9.75 | % | 7/31/2022 | $ | 16,397,517 | 16,168,918 | 16,450,809 | 1.01 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | 9.75 | % | 7/31/2022 | $ | — | (18,787 | ) | — | — | K/N | ||||||||||||||||
357,947,707 | 357,678,690 | 21.94 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Adesto Technologies Corporation | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 11.38 | % | 5/8/2022 | $ | 17,591,848 | 16,618,041 | 16,791,419 | 1.03 | % | N | ||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (4.33% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 11.96 | % | 12/31/2019 | $ | 5,425,530 | 5,365,856 | 5,194,403 | 0.32 | % | L/N | ||||||||||||||||
21,983,897 | 21,985,822 | 1.35 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 40,834,419 | $ | 40,834,418 | $ | 40,834,419 | 2.50 | % | E/F/N | |||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.24 | % | 10/1/2026 | $ | 27,105,263 | 26,851,602 | 20,328,947 | 1.24 | % | G/N | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.50 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 31,692,000 | 1.94 | % | H/I/N | |||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 18,931,720 | 18,591,397 | 18,360,659 | 1.12 | % | H/N | ||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(M) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 822,864 | 808,526 | 795,216 | 0.05 | % | H/N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/20/2022 | $ | 2,333,333 | 2,302,395 | 2,366,000 | 0.14 | % | N | ||||||||||||||||
127,388,338 | 114,377,241 | 6.99 | % | |||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 14,941,671 | 14,720,283 | 15,031,321 | 0.91 | % | N | ||||||||||||||||
American Broadband Holding Company | First Lien Incremental Term Loan | LIBOR(Q) | 1.25 | % | 7.25 | % | 8.70 | % | 10/25/2022 | $ | 1,244,358 | 1,244,358 | 1,251,824 | 0.08 | % | N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.45 | % | 9/29/2025 | $ | 24,840,563 | 24,664,685 | 23,673,057 | 1.45 | % | N | ||||||||||||||||
Aventiv Technologies, Inc. (Securus) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 11/1/2025 | $ | 25,846,154 | 25,653,114 | 13,569,231 | 0.83 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2023 | $ | 797,559 | 786,465 | 781,687 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.45 | % | 5/15/2020 | $ | 788,529 | 786,516 | 774,729 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 10/31/2020 | $ | — | — | (71,755 | ) | — | K/N | ||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 7,425,000 | 7,334,608 | 7,119,833 | 0.44 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 357,143 | 353,176 | 342,464 | 0.02 | % | N | ||||||||||||||||
75,543,205 | 62,472,391 | 3.83 | % | |||||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,479,533 | 0.09 | % | F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 6,578,877 | 6,578,877 | 3,289,438 | 0.20 | % | C/F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | 0.00 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,129,936 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.5% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.38 | % | 7/1/2020 | $ | 793,398 | 789,077 | 715,407 | 0.04 | % | L/N | |||||||||||||||||
17,810,611 | 7,614,314 | 0.46 | % | |||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 507,510 | 500,859 | 487,261 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.25 | % | 7.75 | % | 5/22/2023 | $ | 8,413,638 | 8,302,037 | 8,077,934 | 0.49 | % | N | |||||||||||||||||
8,802,896 | 8,565,195 | 0.52 | % | |||||||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 8.50 | % | 10.00 | % | 8/31/2021 | $ | 4,167,831 | 4,145,797 | 4,158,661 | 0.25 | % | L/N | ||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 1.06 | % | 11.44 | % | 12.94 | % | 8/31/2021 | $ | 2,276,123 | 2,190,099 | 2,222,407 | 0.14 | % | L/N | ||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.31 | % | 6/14/2022 | $ | 23,555,164 | 23,204,354 | 22,989,840 | 1.41 | % | N | ||||||||||||||||
29,540,250 | 29,370,908 | 1.80 | % | |||||||||||||||||||||||||||||
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 | $ | 28,593,169 | $ | 28,593,169 | $ | 28,593,169 | 1.75 | % | E/F/N | |||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR (M) | — | 8.25 | % | 10.75 | % | 10/1/2026 | $ | 27,105,263 | 26,841,206 | 26,901,974 | 1.65 | % | N | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR (M) | — | 9.50 | % | 11.70 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 37,578,200 | 2.30 | % | H/I/N | |||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.74 | % | 1/31/2026 | $ | 6,169,355 | 6,052,624 | 6,089,153 | 0.37 | % | N | ||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.74 | % | 1/31/2026 | $ | 15,080,645 | 14,710,348 | 14,884,597 | 0.91 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR (Q) | — | 8.50 | % | 11.12 | % | 3/5/2026 | $ | 5,820,856 | 5,647,044 | 5,704,439 | 0.35 | % | N | |||||||||||||||||
91,251,222 | 91,158,363 | 5.58 | % | |||||||||||||||||||||||||||||
Health Care | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR (Q) | — | 7.25 | % | 9.84 | % | 3/14/2024 | $ | 8,502,033 | 8,332,975 | 8,331,992 | 0.51 | % | N | |||||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR (Q) | — | 7.25 | % | 9.84 | % | 3/14/2024 | $ | — | (12,029 | ) | (12,146 | ) | — | K/N | ||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.00 | % | 2/14/2021 | $ | 29,288,064 | 29,077,947 | 29,727,385 | 1.82 | % | N | ||||||||||||||||
37,398,893 | 38,047,231 | 2.33 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR (M) | — | 6.25 | % | 8.75 | % | 10/31/2024 | $ | 4,571,875 | 4,487,401 | 4,475,866 | 0.27 | % | N | |||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR (M) | — | 6.25 | % | 8.75 | % | 10/31/2024 | $ | — | (7,757 | ) | (8,750 | ) | — | K/N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 10.00 | % | 12/19/2025 | $ | 35,000,000 | 34,753,031 | 34,868,750 | 2.14 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR (M) | 1.00 | % | 5.50 | % | 8.00 | % | 1/24/2021 | $ | 5,537,143 | 5,501,867 | 5,506,689 | 0.34 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR (M) | 1.00 | % | 5.50 | % | 8.00 | % | 1/24/2021 | $ | 600,000 | 590,102 | 590,571 | 0.04 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 8.00 | % | 1/24/2021 | $ | 4,100,714 | 4,074,530 | 4,078,160 | 0.25 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Incremental Term Loan | LIBOR (M) | 1.00 | % | 5.50 | % | 8.00 | % | 1/24/2021 | $ | 6,274,808 | 6,245,706 | 6,240,297 | 0.38 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.57 | % | 8/15/2020 | $ | 20,166,667 | 20,082,656 | 20,115,242 | 1.23 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 1.00 | % | 7.96 | % | 10.59 | % | 8/15/2020 | $ | 4,381,200 | 4,346,346 | 4,370,028 | 0.27 | % | 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 | 11,951,922 | 11,969,400 | 0.73 | % | N | ||||||||||||||||
92,025,804 | 92,206,253 | 5.65 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.25 | % | 9/29/2025 | $ | 15,000,000 | 14,900,898 | 14,850,000 | 0.91 | % | N | ||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 10.25 | % | 12/28/2023 | $ | 24,445,537 | 24,279,110 | 24,451,648 | 1.50 | % | N | ||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | Prime | — | 7.25 | % | 12.75 | % | 10/12/2023 | $ | 10,793,402 | 10,518,043 | 10,508,996 | 0.64 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 10.74 | % | 10/12/2023 | $ | 41,374,706 | 40,324,244 | 40,350,660 | 2.47 | % | N | |||||||||||||||||
90,022,295 | 90,161,304 | 5.52 | % | |||||||||||||||||||||||||||||
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 | $ | 919,694 | 918,377 | 919,694 | 0.06 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 9.81 | % | 5/1/2020 | $ | 37,202,965 | 37,146,931 | 37,202,965 | 2.28 | % | N | ||||||||||||||||
38,065,308 | 38,122,659 | 2.34 | % | |||||||||||||||||||||||||||||
Metal Manufacturing | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR (Q) | — | 6.50 | % | 9.08 | % | 12/13/2022 | $ | 5,149,975 | 5,108,529 | 5,098,476 | 0.31 | % | N | |||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 10.60 | % | 10/17/2022 | $ | 1,615,667 | 1,615,667 | 1,615,667 | 0.10 | % | B/N | |||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 3/14/2024 | $ | 8,502,033 | $ | 8,358,936 | $ | 8,221,466 | 0.50 | % | N | ||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.47 | % | 3/14/2024 | $ | 607,288 | 597,654 | 587,248 | 0.04 | % | K/N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | PRIME | — | 6.50 | % | 9.75 | % | 6/26/2022 | $ | 440,474 | 437,894 | 428,582 | 0.03 | % | N | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 1,222,894 | 1,213,925 | 1,189,876 | 0.07 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.95 | % | 6/26/2022 | $ | 6,344,935 | 6,307,776 | 6,173,622 | 0.38 | % | N | ||||||||||||||||
Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.50 | % | 7/23/2024 | $ | 20,250,000 | 19,975,035 | 18,994,500 | 1.16 | % | N | ||||||||||||||||
Sandata Technologies, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.00 | % | 7/23/2024 | $ | 2,250,000 | 2,220,849 | 2,110,500 | 0.13 | % | K/N | ||||||||||||||||
39,112,069 | 37,705,794 | 2.31 | % | |||||||||||||||||||||||||||||
Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80% Cash+8.45% PIK | 11.25 | % | 1/26/2022 | $ | 24,981,214 | 24,701,568 | 21,496,335 | 1.32 | % | N | ||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.71 | % | 12/20/2021 | $ | 5,663,543 | 5,663,543 | 5,043,385 | 0.31 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,546,938 | 13,495,185 | 12,063,549 | 0.74 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.21 | % | 12/20/2021 | $ | 671,356 | 668,989 | 597,842 | 0.04 | % | K/N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 2,395,992 | 2,375,761 | 2,242,649 | 0.14 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 142,889 | 142,000 | 133,744 | 0.01 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.95 | % | 3/31/2022 | $ | 550,909 | 550,909 | 515,651 | 0.03 | % | N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 4.50% Cash+2.00% PIK | 7.95 | % | 3/31/2022 | $ | 1,027,397 | 1,021,439 | 961,644 | 0.06 | % | K/N | |||||||||||||||||
48,619,394 | 43,054,799 | 2.65 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | 4,526,042 | 4,453,012 | 4,368,988 | 0.27 | % | N | ||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/31/2024 | $ | — | (6,377 | ) | (14,458 | ) | — | K/N | |||||||||||||||
AmeriLife Holdings, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.50 | % | 9.50 | % | 3/18/2028 | $ | 14,636,031 | 14,343,685 | 14,343,310 | 0.88 | % | N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/19/2025 | $ | 28,000,000 | 27,806,105 | 26,460,000 | 1.62 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 5,245,714 | 5,228,521 | 5,196,405 | 0.32 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 1,692,857 | 1,688,306 | 1,676,944 | 0.10 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 6.50 | % | 1/24/2021 | $ | 5,935,629 | 5,922,605 | 5,879,834 | 0.36 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50 | % | 7.10 | % | 1/24/2021 | $ | 3,879,054 | 3,866,313 | 3,842,591 | 0.24 | % | N | ||||||||||||||||
63,302,170 | 61,753,614 | 3.79 | % | |||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.58 | % | 11/1/2025 | $ | 16,648,997 | 16,332,788 | 15,500,216 | 0.95 | % | N | ||||||||||||||||
Acquia Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 11/1/2025 | $ | — | (33,594 | ) | (124,462 | ) | (0.01 | )% | K/N | ||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(Q) | 1.50 | % | 5.63% Cash+2.50% PIK | 9.63 | % | 10/1/2022 | $ | 52,457,612 | 52,243,816 | 52,431,219 | 3.21 | % | L/N | |||||||||||||||||
FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(Q) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,550,190 | 28,308,000 | 1.73 | % | L/N | ||||||||||||||||
Foursquare Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | 2.19 | % | 7.25 | % | 9.44 | % | 10/1/2022 | $ | 33,750,000 | 33,473,792 | 33,918,750 | 2.08 | % | L/N | ||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 8.25 | % | 9.63 | % | 5/22/2023 | $ | 30,906,865 | 30,745,904 | 30,906,865 | 1.89 | % | H/N | |||||||||||||||||
Persado, Inc. | First Lien Delayed Term Loan (4.25% Exit Fee) | LIBOR(Q) | 1.80 | % | 7.00 | % | 8.80 | % | 2/1/2025 | $ | 10,538,494 | 10,403,930 | 10,468,237 | 0.64 | % | L/N | ||||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 8.86 | % | 4/2/2027 | $ | 9,903,019 | 9,715,185 | 9,754,474 | 0.60 | % | N | |||||||||||||||||
ResearchGate GmBH (Germany) | First Lien Term Loan | EURIBOR(M) | — | 8.25 | % | 8.55 | % | 5/22/2023 | € | 6,714,000 | 7,893,464 | 7,091,830 | 0.43 | % | D/H/L/N | |||||||||||||||||
188,325,475 | 188,255,129 | 11.52 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (Q) | — | 8.50 | % | 11.24 | % | 2/1/2027 | $ | 25,000,000 | $ | 24,636,264 | $ | 25,062,500 | 1.54 | % | N | |||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 10.56 | % | 4/17/2024 | $ | 25,014,002 | 24,833,733 | 25,764,422 | 1.58 | % | N | ||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.75 | % | 11/1/2025 | $ | 25,846,154 | 25,644,272 | 25,458,462 | 1.56 | % | |||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 11.80 | % | 5/18/2022 | $ | 491,976 | 491,976 | 481,619 | 0.03 | % | N | ||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 11.50 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | ||||||||||||||||
Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 7.50 | % | 10.31 | % | 9/21/2022 | $ | — | (13,086 | ) | (600 | ) | — | K/N | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 7.50 | % | 10.31 | % | 9/21/2022 | $ | 11,412,284 | 11,267,462 | 11,406,578 | 0.70 | % | N | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.10 | % | 6/26/2022 | $ | 6,695,785 | 6,638,643 | 6,695,785 | 0.41 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | Prime | 1.00 | % | 6.50 | % | 12.00 | % | 6/26/2022 | $ | 286,308 | 282,591 | 286,309 | 0.02 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 10.10 | % | 6/26/2022 | $ | 1,290,515 | 1,276,766 | 1,297,613 | 0.08 | % | N | ||||||||||||||||
19,452,376 | 19,685,685 | 1.21 | % | |||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR (M) | — | 7.00 | % | 9.50 | % | 10/19/2026 | $ | 23,565,964 | 23,443,774 | 23,330,304 | 1.43 | % | G/N | |||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 12.00 | % | 1/12/2020 | $ | 5,750,000 | 5,733,047 | 5,750,000 | 0.35 | % | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.75 | % | 10/13/2022 | $ | — | — | 19,714 | — | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.75 | % | 10/13/2022 | $ | 2,857,143 | 2,821,132 | 2,840,571 | 0.17 | % | N | ||||||||||||||||
8,554,179 | 8,610,285 | 0.52 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 11.32 | % | 9/12/2022 | $ | 7,247,138 | 7,115,006 | 7,250,037 | 0.44 | % | N | ||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,524,339 | 1,493,487 | 1,266,345 | 0.08 | % | 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 | $ | 3,889,686 | 3,813,396 | 3,231,356 | 0.20 | % | E/G/H/N | ||||||||||||||||||
5,306,883 | 4,497,701 | 0.28 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(M) | 1.00 | % | 6.76 | % | 7.83 | % | 5/20/2025 | $ | 13,925,285 | $ | 13,672,271 | $ | 13,229,021 | 0.81 | % | N | ||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | 11,812,993 | 11,605,658 | 11,269,595 | 0.69 | % | N | ||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 1/10/2025 | $ | — | (12,267 | ) | (35,385 | ) | — | K/N | |||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 7.37 | % | 9/17/2023 | $ | 608,276 | 586,267 | 586,345 | 0.04 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.32 | % | 9/17/2023 | $ | 10,883,276 | 10,641,943 | 10,652,550 | 0.65 | % | N | ||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 8.95 | % | 10/11/2026 | $ | 21,466,800 | 21,228,480 | 16,600,920 | 1.02 | % | G/J | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 4,996,644 | 4,920,427 | 4,896,711 | 0.30 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 2,726,918 | 2,695,367 | 2,672,380 | 0.16 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 16,397,517 | 16,227,000 | 16,069,567 | 0.98 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | — | (13,173 | ) | (28,110 | ) | — | K/N | |||||||||||||||
67,879,702 | 62,684,573 | 3.84 | % | |||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.63 | % | 6/15/2024 | $ | 55,556 | 54,729 | 50,511 | — | N | |||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 6/15/2024 | $ | 111,111 | 108,671 | 95,978 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.82 | % | 6/15/2024 | $ | 1,504,611 | 1,481,487 | 1,367,992 | 0.08 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(Q) | 1.00 | % | 13.50 | % | 15.16 | % | 2/1/2021 | $ | 5,715,838 | 5,689,916 | 5,612,953 | 0.34 | % | L/N | ||||||||||||||||
7,334,803 | 7,127,434 | 0.43 | % | |||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | — | (9,330 | ) | (41,400 | ) | — | K/N | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 8.95 | % | 9/21/2022 | $ | 10,449,384 | 10,349,000 | 10,088,880 | 0.62 | % | N | |||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | — | (23,861 | ) | (75,368 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 7,131,905 | 7,027,393 | 6,860,893 | 0.42 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 20,884,731 | 20,642,106 | 20,091,111 | 1.23 | % | N | ||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.45 | % | 10/19/2026 | $ | 25,000,000 | 24,759,843 | 12,812,500 | 0.78 | % | G | |||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,543,121 | 12,709,103 | 0.78 | % | L/N | |||||||||||||||||
75,288,272 | 62,445,719 | 3.83 | % | |||||||||||||||||||||||||||||
Metal and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(Q) | — | 6.50 | % | 7.76 | % | 12/13/2022 | $ | 4,875,310 | 4,843,543 | 4,265,896 | 0.26 | % | N | |||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Personal Products | ||||||||||||||||||||||||||||||||
Olaplex, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2025 | $ | 1,340,000 | 1,314,356 | 1,247,540 | 0.08 | % | N | ||||||||||||||||
Olaplex, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2026 | $ | 13,660,000 | 13,398,537 | 12,717,460 | 0.78 | % | N | ||||||||||||||||
14,712,893 | 13,965,000 | 0.86 | % | |||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.00 | % | 12/4/2027 | $ | 15,441,176 | 15,143,538 | 13,125,000 | 0.80 | % | N | ||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,623,333 | 8,432,764 | 8,278,400 | 0.51 | % | G/N | ||||||||||||||||
23,576,302 | 21,403,400 | 1.31 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | 20,772,306 | $ | 20,541,653 | $ | 20,356,860 | 1.24 | % | N | ||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.81 | % | 9/20/2022 | $ | — | (14,980 | ) | (30,196 | ) | — | K/N | |||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.20 | % | 6/1/2025 | $ | 7,611,914 | 7,553,720 | 5,328,340 | 0.33 | % | G/N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.50 | % | 10.08 | % | 2/1/2027 | $ | 15,000,000 | 14,814,437 | 13,650,000 | 0.84 | % | G/N | ||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 588,772 | 545,351 | 487,209 | 0.03 | % | K/N | ||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 16,927,201 | 16,577,841 | 16,148,550 | 0.99 | % | N | ||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.07 | % | 6/13/2025 | $ | 2,233,091 | 2,183,170 | 2,130,368 | 0.13 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | — | (7,292 | ) | (19,433 | ) | — | K/N | |||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | 9,482,016 | 9,322,135 | 9,106,836 | 0.56 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 9.57 | % | 3/5/2027 | $ | 5,820,856 | 5,659,794 | 4,511,164 | 0.28 | % | N | |||||||||||||||||
RigUp, Inc. | First Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR(Q) | 1.50 | % | 7.00 | % | 8.50 | % | 3/1/2024 | $ | 19,333,333 | 18,758,439 | 18,753,333 | 1.15 | % | L/N | ||||||||||||||||
95,934,268 | 90,423,031 | 5.55 | % | |||||||||||||||||||||||||||||
Real Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 2,310,027 | 2,282,306 | 2,188,058 | 0.13 | % | N | |||||||||||||||||
Florida East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 7.67 | % | 12/13/2021 | $ | 872,116 | 866,435 | 826,068 | 0.05 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 6.88 | % | 12/5/2023 | $ | 4,444,444 | 4,375,654 | 4,160,000 | 0.25 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 7.25 | % | 12/5/2023 | $ | 277,778 | 273,672 | 260,000 | 0.02 | % | K/N | |||||||||||||||||
7,798,067 | 7,434,126 | 0.45 | % | |||||||||||||||||||||||||||||
Road and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 9.25 | % | 5/15/2027 | $ | 19,382,324 | 19,019,738 | 17,269,651 | 1.06 | % | N | ||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 2,125,754 | 2,080,618 | 2,022,761 | 0.12 | % | N | ||||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 23,383,293 | 23,299,187 | 22,628,012 | 1.38 | % | N | ||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 159,432 | 143,621 | 125,101 | 0.01 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 3,606,829 | 3,567,399 | 3,570,039 | 0.22 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | 14,160,797 | 13,993,233 | 14,016,357 | 0.86 | % | N | ||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.70 | % | 11/13/2022 | $ | — | (13,110 | ) | (12,383 | ) | — | K/N | |||||||||||||||
Marketlive, LLC (Kibo) | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.08 | % | 12/18/2020 | $ | 5,063,792 | 4,996,869 | 4,825,794 | 0.30 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.91 | % | 5/3/2025 | $ | 224,974 | 195,553 | 149,113 | 0.01 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 14,399,654 | 14,148,558 | 13,766,069 | 0.83 | % | N | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | 1,194,139 | 1,173,466 | 1,141,066 | 0.07 | % | N | ||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | — | (14,061 | ) | (35,872 | ) | — | K/N | |||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 5.50% Cash+1.00% PIK | 8.91 | % | 5/3/2025 | $ | 1,223,592 | 1,202,464 | 1,169,754 | 0.07 | % | N | |||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 10,373,317 | 10,195,940 | 10,236,389 | 0.63 | % | N | ||||||||||||||||
Snow Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 11,543,865 | 11,326,462 | 11,391,486 | 0.70 | % | N | ||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 4,360,548 | 4,289,518 | 4,302,989 | 0.26 | % | N | ||||||||||||||||
Winshuttle, LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.42 | % | 9.42 | % | 8/9/2024 | $ | 13,972,844 | 13,629,530 | 13,106,528 | 0.80 | % | N | ||||||||||||||||
104,215,247 | 102,403,203 | 6.26 | % | |||||||||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 8.84 | % | 10.46 | % | 9/12/2022 | $ | 6,132,194 | 6,047,422 | 6,187,383 | 0.38 | % | N | ||||||||||||||||
Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.00 | % | 5/1/2022 | $ | — | (8,437 | ) | (11,411 | ) | — | K/N | |||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.61 | % | 5/1/2022 | $ | 11,082,466 | 11,008,729 | 10,988,265 | 0.66 | % | N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 9.50 | % | 5/5/2025 | $ | 2,322,000 | 2,302,698 | 2,275,560 | 0.14 | % | |||||||||||||||||
13,302,990 | 13,252,414 | 0.80 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity/Expiration | Principal/Shares | 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 | % | 8.35 | % | 4/29/2020 | $ | 1,857,267 | $ | 1,767,206 | $ | 1,792,262 | 0.11 | % | H/N | |||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | Second Lien Term Loan | LIBOR (Q) | — | 7.75 | % | 10.35 | % | 4/29/2020 | $ | 4,189,589 | 2,787,441 | 3,896,317 | 0.24 | % | H/N | |||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 11.30 | % | 11/3/2021 | $ | 34,407,434 | 34,033,606 | 32,687,063 | 2.00 | % | G/H/N | ||||||||||||||||
38,588,253 | 38,375,642 | 2.35 | % | |||||||||||||||||||||||||||||
Support Activities for Rail Transportation | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR (M) | — | 6.50 | % | 8.99 | % | 12/13/2021 | $ | 3,206,250 | 3,148,267 | 3,174,188 | 0.19 | % | N | |||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 10.35 | % | 6/1/2025 | $ | 7,611,914 | 7,548,567 | 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 | 1,724,229 | 0.11 | % | F/H/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR (Q) | — | 8.50 | % | 11.13 | % | 8/1/2020 | $ | 4,679,685 | 4,647,831 | 4,632,654 | 0.28 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (Q) | — | 11.44 | % | 14.06 | % | 8/1/2020 | $ | 2,549,597 | 2,438,511 | 2,559,030 | 0.16 | % | 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 | 4,126,930 | 0.25 | % | 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 | 2,343,623 | 0.14 | % | C/F/H/N | |||||||||||||||||
24,107,876 | 15,386,466 | 0.94 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
FreePoint Commodities, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.25 | % | 10.73 | % | 6/13/2023 | $ | 15,000,000 | 14,868,873 | 14,870,250 | 0.91 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR (M) | 1.25 | % | 7.25 | % | 9.75 | % | 10/25/2022 | $ | 16,920,893 | 16,606,122 | 17,043,569 | 1.04 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 6.00 | % | 8.60 | % | 5/15/2023 | $ | 805,676 | 788,628 | 798,997 | 0.05 | % | N | ||||||||||||||||
17,394,750 | 17,842,566 | 1.09 | % | |||||||||||||||||||||||||||||
Total Debt Investments | 1,532,337,120 | 1,520,048,389 | 93.16 | % | ||||||||||||||||||||||||||||
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 | 176,929 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 348,348 | 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 | 564,541 | 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 | 168,432 | 0.01 | % | C/E/H/N | ||||||||||||||||||||||||
767,709 | 1,258,250 | 0.07 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,436,813 | 2,749,261 | 0.17 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,513,083 | 2,819,400 | 0.17 | % | E/F/N | |||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 5,479,054 | 0.34 | % | C/N | |||||||||||||||||||||||||
5,805,209 | 11,047,715 | 0.68 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.38 | % | 12/28/2023 | $ | 18,857,986 | $ | 18,750,498 | $ | 18,876,844 | 1.15 | % | N | ||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 10.50 | % | 10/12/2023 | $ | 10,793,402 | 10,563,596 | 10,771,815 | 0.66 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 10/12/2023 | $ | 39,305,971 | 38,478,947 | 40,013,478 | 2.44 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 8.25 | % | 7/16/2025 | $ | 27,664,640 | 27,400,966 | 26,115,420 | 1.60 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Incremental Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 9.26 | % | 7/16/2025 | $ | 5,307,692 | 5,255,062 | 5,010,462 | 0.31 | % | |||||||||||||||||
100,449,069 | 100,788,019 | 6.16 | % | |||||||||||||||||||||||||||||
Thrifts and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.15 | % | 4/17/2024 | $ | 24,764,798 | 24,626,784 | 25,012,446 | 1.53 | % | N | ||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.85 | % | 10/13/2022 | $ | 2,857,143 | 2,829,339 | 2,820,000 | 0.17 | % | N | ||||||||||||||||
27,456,123 | 27,832,446 | 1.70 | % | |||||||||||||||||||||||||||||
Tobacco Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00% Cash+1.50% PIK | 11.25 | % | 8/2/2023 | $ | 26,354,167 | 26,126,494 | 25,827,083 | 1.58 | % | N | |||||||||||||||||
Total Debt Investments - 224.0% of Net Assets | 1,627,984,533 | 1,522,035,073 | 93.12 | % | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 3,714,085 | 0.24 | % | C/N | |||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,105,126 | 2,025,233 | 0.12 | % | E/F/N | |||||||||||||||||||||||||
2,960,439 | 5,739,318 | 0.36 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
Pico Quantitative Trading, LLC | Warrants to Purchase Membership Units (144A) | 2/7/2030 | 287 | 645,121 | 634,065 | 0.04 | % | C/E/N | ||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 3,301 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 16 | — | B/C/E/N | ||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | — | — | B/C/E/N | |||||||||||||||||||||||||
680,227 | 16 | — | ||||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 27,887,607 | 1.72 | % | E/F/N | |||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 15,769,948 | 15,769,948 | 14,192,953 | 0.87 | % | E/F/I/N | |||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,757,364 | 1,757,364 | 2,774,710 | 0.17 | % | E/I/N | |||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 20,338,470 | 20,338,470 | 21,172,740 | 1.30 | % | E/I/N | |||||||||||||||||||||||||
60,065,198 | 66,028,010 | 4.06 | % |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | $ | 230,938 | $ | 51,701 | — | C/E/N | ||||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 3,077,021 | 0.19 | % | C/E/N | |||||||||||||||||||||||||
556,370 | 3,128,722 | 0.19 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Green Biologics, Inc. (United Kingdom) | Common Stock | 34,761,145 | 20,528,870 | 3,195,947 | 0.20 | % | B/C/E/H/N | |||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 825,678 | 0.05 | % | C/E/N | ||||||||||||||||||||||||
21,134,136 | 4,021,625 | 0.25 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series A Preferred Units | 7/20/2028 | 21,888,917 | — | 408,906 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
Fidelis Topco LP | Warrants to Purchase Series B Preferred Units | 7/20/2028 | 24,972,917 | — | 466,518 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
— | 875,424 | 0.06 | % | |||||||||||||||||||||||||||||
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 Class B Common Stock | 6/28/2021 | 62,247 | 511,349 | 1,588,394 | 0.10 | % | C/E/N | ||||||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 1,690,000 | 0.10 | % | C/E/N | ||||||||||||||||||||||||
27,600,119 | 4,697,140 | 0.29 | % | |||||||||||||||||||||||||||||
Diversified Software | ||||||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 463,018 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
FinancialForce.com | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 287,984 | 0.02 | % | C/N | ||||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 642,424 | 0.04 | % | C/E/N | ||||||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 9,870 | — | C/E/N | |||||||||||||||||||||||||
1,270,934 | 1,403,296 | 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 | — | — | ||||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 243,826 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | 1,814,232 | 0.11 | % | C/E/N | ||||||||||||||||||||||||
1,325,623 | 2,058,058 | 0.12 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 16,090,666 | 16,090,666 | 21,797,418 | 1.34 | % | E/F/N | |||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 3,568,231 | 3,568,231 | 4,056,749 | 0.25 | % | E/I/N | |||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 17,207,181 | 17,207,181 | 17,598,160 | 1.08 | % | E/I/N | |||||||||||||||||||||||||
20,775,412 | 21,654,909 | 1.33 | % | |||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 4/29/2025 | 946,498 | 79,082 | 45,143 | — | C/E/H/N |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 662,497 | 0.04 | % | C/D/E/H/N | |||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 52,000 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 52,000 | — | ||||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Series A Preferred Units | 8,020,824 | 7,511,391 | 7,459,366 | 0.47 | % | C/N | |||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Common Units | 362,513 | 395,336 | 206,632 | 0.01 | % | C/N | |||||||||||||||||||||||||
7,906,727 | 7,665,998 | 0.48 | % | |||||||||||||||||||||||||||||
Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,448,000 | 754,005 | 107,200 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | 511,349 | 108,061 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 247,600 | 0.02 | % | C/E/N | ||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 992,250 | 0.06 | % | C/E/N | ||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 83,361 | 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 | 278,852 | 0.02 | % | 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 | 333,107 | 0.02 | % | C/E/H/N | ||||||||||||||||||||||||
ResearchGate Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 140,000 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,900,000 | 0.31 | % | C/E/N | ||||||||||||||||||||||||
2,258,677 | 7,083,231 | 0.46 | % | |||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 45,271 | — | C/E/N | ||||||||||||||||||||||||||
Life Sciences Tools and Services | ||||||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 439,869 | 0.03 | % | C/E/N | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 6,556,131 | 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 | 362,044 | 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 | 198,033 | 365,636 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,107,040 | 0.07 | % | B/C/N | |||||||||||||||||||||
3,166,926 | 8,390,851 | 0.51 | % | |||||||||||||||||||||||||
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 | 1,262,445 | 0.08 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 1,262,445 | 0.08 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 818,302 | 0.05 | % | 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 | 893,783 | 0.05 | % | C/D/H | |||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series A Warrants to Purchase Common Stock | 4/29/2020 | 13,987 | — | — | — | C/E/H/N | |||||||||||||||||||||
Lions Holdings, Inc. (Envigo) (United Kingdom) | Series B Warrants to Purchase Common Stock | 4/29/2020 | 22,426 | — | — | — | 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 | 46,396 | — | C/E/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 207,136 | 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 | 253,532 | 0.01 | % | |||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 1,173,246 | 0.07 | % | C/D/E/H/N | |||||||||||||||||||||
Total Equity Securities | 123,694,488 | 84,779,859 | 5.20 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,656,031,608 | $ | 1,604,828,248 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 26,751,746 | 1.64 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 26,751,746 | 1.64 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,631,579,994 | 100.00 | % | M |
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 6,172,630 | 0.38 | % | 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 | 288,567 | 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 | 291,430 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 59,401 | — | C/E/N | |||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | 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 | |||||||||||||||||||||
3,791,301 | 6,857,171 | 0.42 | % | |||||||||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,901,552 | 0.24 | % | B/C/E/N | |||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,443,857 | 0.09 | % | C/E/F/N | |||||||||||||||||||||
Semiconductors and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 1,557,149 | 0.11 | % | C/E/N | ||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 816,398 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 2,373,547 | 0.16 | % | |||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 340,492 | 0.02 | % | C/E/N | ||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 506,406 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 846,898 | 0.05 | % | |||||||||||||||||||||||||
Total Equity Securities - 15.3% of Nets Assets | 134,324,486 | 103,883,801 | 6.36 | % | ||||||||||||||||||||||||
Total Investments - 239.3% of Net Assets | $ | 1,762,309,019 | $ | 1,625,918,874 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 8,574,859 | 0.52 | % | |||||||||||||||||||||||||
Total Cash and Investments - 240.5% of Net Assets | $ | 1,634,493,733 | 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 (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 (A) | ||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||
Unanet, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,059,515 | $ | 5,135,971 | 0.30 | % | N | |||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | 19,897,959 | 19,710,909 | 19,919,847 | 1.18 | % | N | |||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.06 | % | 5/31/2024 | $ | — | (21,632 | ) | — | — | K/N | |||||||||||||||||
24,748,792 | 25,055,818 | 1.48 | % | |||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 801,784 | 797,527 | 801,784 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 942,947 | 937,941 | 942,947 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 1,066,574 | 1,060,912 | 1,066,574 | 0.06 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 2/1/2022 | $ | 768,185 | 764,107 | 768,185 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 817,276 | 812,522 | 817,276 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 853,632 | 848,667 | 853,632 | 0.05 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 5/1/2022 | $ | 1,272,196 | 1,264,796 | 1,272,196 | 0.08 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 581,841 | 578,354 | 581,841 | 0.03 | % | N | |||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 9.41 | % | 8/1/2022 | $ | 554,715 | 551,390 | 554,715 | 0.03 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(M) | — | 5.25 | % | 7.00 | % | 9/27/2023 | $ | 2,655,121 | 2,623,792 | 2,620,870 | 0.15 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(M) | — | 5.00 | % | 6.75 | % | 6/5/2023 | $ | 21,683,485 | 21,440,802 | 21,653,129 | 1.28 | % | N | |||||||||||||||||
One Sky Flight, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/27/2024 | $ | 12,500,000 | 12,187,500 | 12,250,000 | 0.72 | % | N | ||||||||||||||||
43,868,310 | 44,183,149 | 2.61 | % | |||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 38,966,342 | 38,845,649 | 39,356,005 | 2.32 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR(Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.88 | % | 1/1/2022 | $ | 15,420,901 | 15,313,907 | 15,575,110 | 0.92 | % | N | |||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR(Q) | — | 6.25% Cash+2.00% PIK | 10.25 | % | 2/1/2023 | $ | 16,183,673 | 15,965,712 | 16,345,510 | 0.96 | % | N | ||||||||||||||||||
70,125,268 | 71,276,625 | 4.20 | % | |||||||||||||||||||||||||||||
Building Products | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 875,631 | 875,023 | 875,106 | 0.05 | % | N | ||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.00 | % | 5/1/2020 | $ | 35,420,561 | 35,395,034 | 35,399,308 | 2.09 | % | N | ||||||||||||||||
36,270,057 | 36,274,414 | 2.14 | % | |||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 15,080,645 | 14,733,952 | 15,082,153 | 0.89 | % | N | ||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 10.49 | % | 1/31/2026 | $ | 6,169,355 | 6,059,721 | 6,169,972 | 0.36 | % | N | ||||||||||||||||
20,793,673 | 21,252,125 | 1.25 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2020 | $ | 10,315,515 | 8,778,822 | 3,708,428 | 0.22 | % | B/C/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 1,114,120 | 1,114,120 | 1,114,120 | 0.07 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2020 | $ | 5,171,151 | 5,171,151 | 5,171,151 | 0.31 | % | B/N | |||||||||||||||||
15,064,093 | 9,993,699 | 0.60 | % | |||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | $ | — | $ | (13,529 | ) | — | K/N | ||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | — | — | (17,647 | ) | — | K/N | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.39 | % | 11/7/2026 | $ | 6,535,948 | 6,472,583 | 6,477,124 | 0.38 | % | N | ||||||||||||||||
Team Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 7,220,080 | 7,114,156 | 7,172,428 | 0.42 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 1,228,924 | 1,189,152 | 1,205,750 | 0.07 | % | N | |||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 7.50 | % | 9/17/2023 | $ | 13,167,038 | 13,012,854 | 13,080,136 | 0.77 | % | N | |||||||||||||||||
27,788,745 | 27,904,262 | 1.64 | % | |||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,214,371 | 1,214,371 | 1,214,371 | 0.07 | % | L/N | |||||||||||||||||
Avanti Communications Jersey Limited | 1.5 Lien Term Loan (2.5% Exit Fee) | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 282,820 | 238,768 | 282,820 | 0.02 | % | L/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 9.00% PIK | 9.00 | % | 10/1/2022 | $ | 1,592,934 | 1,591,586 | 1,074,115 | 0.06 | % | C/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 | 4,064,219 | 2,740,841 | 0.16 | % | C/E/G/H/N | ||||||||||||||||||
7,108,944 | 5,312,147 | 0.31 | % | |||||||||||||||||||||||||||||
Construction and Engineering | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 2,536,311 | 2,502,108 | 2,090,739 | 0.12 | % | N | ||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan (5.4% Exit Fee) | LIBOR(Q) | 1.00 | % | 9.50 | % | 11.41 | % | 7/25/2021 | $ | 14,031,084 | 13,959,042 | 11,566,142 | 0.67 | % | L/N | ||||||||||||||||
16,461,150 | 13,656,881 | 0.79 | % | |||||||||||||||||||||||||||||
Construction Materials | ||||||||||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC | First Lien Term Loan | LIBOR(Q) | — | 5.25 | % | 7.25 | % | 7/3/2023 | $ | 6,682,556 | 6,612,301 | 6,652,484 | 0.39 | % | N | |||||||||||||||||
Consumer Finance | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 8.24 | % | 12/21/2021 | $ | 23,971,792 | 23,800,742 | 23,749,039 | 1.40 | % | N | ||||||||||||||||
Barri Financial Group, LL | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.54 | % | 10/23/2024 | $ | 19,346,662 | 18,873,298 | 19,031,311 | 1.12 | % | N | ||||||||||||||||
42,674,040 | 42,780,350 | 2.52 | % | |||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | 5,235,973 | 5,235,973 | 5,235,978 | 0.31 | % | B/N | |||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR(Q) | — | 8.50 | % | 10.43 | % | 6/9/2021 | $ | 10,740,023 | 9,566,580 | 10,740,023 | 0.63 | % | B/N | |||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,281,653 | 8,281,653 | 8,281,661 | 0.49 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 6/9/2020 | $ | 17,609,276 | 17,536,516 | 17,609,276 | 1.04 | % | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 6/9/2020 | $ | 3,675,888 | 3,675,888 | 3,675,888 | 0.22 | % | B/N | ||||||||||||||||||
Spark Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | — | (30,874 | ) | (38,827 | ) | — | K/N | |||||||||||||||
Spark Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.95 | % | 7/1/2023 | $ | 22,934,229 | 22,203,944 | 22,062,728 | 1.30 | % | N | ||||||||||||||||
66,469,680 | 67,566,727 | 3.99 | % | |||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 40,834,419 | 40,834,418 | 40,834,419 | 2.41 | % | E/F/N/O | |||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 10.05 | % | 10/1/2026 | $ | 27,105,263 | 26,845,399 | 26,788,945 | 1.58 | % | G | |||||||||||||||||
Credit Suisse AG (Cayman Islands) | Asset-Backed Credit Linked Notes | LIBOR(Q) | — | 9.50 | % | 11.45 | % | 4/12/2025 | $ | 38,000,000 | 38,000,000 | 37,604,800 | 2.22 | % | H/I/N | |||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 18,979,469 | 18,625,118 | 18,629,867 | 1.10 | % | H/N | ||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(Q) | 1.00 | % | 7.00 | % | 9.11 | % | 6/15/2025 | $ | 824,958 | 810,028 | 809,366 | 0.05 | % | H/N | ||||||||||||||||
RSB-160, LLC (Lat20) | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.90 | % | 7/20/2022 | $ | 2,333,333 | 2,299,659 | 2,335,900 | 0.14 | % | N | ||||||||||||||||
127,414,622 | 127,003,297 | 7.50 | % |
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 | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
American Broadband Holding Company | First Lien Term Loan | LIBOR(M) | 1.25 | % | 7.25 | % | 9.05 | % | 10/25/2022 | $ | 15,395,873 | $ | 15,151,000 | $ | 15,796,166 | 0.93 | % | N | ||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.94 | % | 9/29/2025 | $ | 24,840,563 | 24,660,905 | 24,571,540 | 1.45 | % | |||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.05 | % | 11/1/2025 | $ | 25,846,154 | 25,648,456 | 12,509,538 | 0.74 | % | |||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2023 | $ | 799,588 | 787,670 | 796,310 | 0.05 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 5/15/2020 | $ | 525,686 | 519,722 | 522,453 | 0.03 | % | N | ||||||||||||||||
TPC Intermediate Holdings, LLC | First Lien Incremental Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.94 | % | 10/31/2020 | $ | — | — | (16,811 | ) | — | K/N | ||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 7,443,750 | 7,348,457 | 7,349,959 | 0.43 | % | N | ||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.00 | % | 7.80 | % | 11/19/2023 | $ | 178,571 | 174,365 | 174,071 | 0.01 | % | N | ||||||||||||||||
74,290,575 | 61,703,226 | 3.64 | % | |||||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | 10.00 | % | 10.00 | % | 5/26/2020 | $ | 1,773,807 | 1,773,807 | 1,207,785 | 0.07 | % | F/H/N | |||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | 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 | % | 5/26/2020 | $ | 8,668,850 | 8,668,850 | 2,208,823 | 0.13 | % | C/F/H/N | ||||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 9.88 | % | 11.81 | % | 7/1/2020 | $ | 1,033,398 | 1,024,722 | 942,562 | 0.06 | % | L/N | |||||||||||||||||
18,046,256 | 7,648,608 | 0.45 | % | |||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 497,143 | 490,068 | 497,143 | 0.03 | % | N | |||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR(M) | — | 8.25 | % | 9.75 | % | 5/22/2023 | $ | 16,237,115 | 16,003,295 | 16,237,115 | 0.96 | % | N | |||||||||||||||||
16,493,363 | 16,734,258 | 0.99 | % | |||||||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (4.0% Exit Fee) | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 12/31/2020 | $ | 4,167,831 | 4,147,728 | 3,999,033 | 0.24 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 11.44 | % | 13.38 | % | 12/31/2020 | $ | 2,276,123 | 2,204,998 | 2,226,731 | 0.13 | % | L/N | |||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 2.00 | % | 8.81 | % | 10.81 | % | 6/14/2022 | $ | 23,614,465 | 23,255,646 | 23,371,236 | 1.38 | % | N | ||||||||||||||||
29,608,372 | 29,597,000 | 1.75 | % | |||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | 8,502,033 | 8,351,441 | 8,483,328 | 0.50 | % | N | |||||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR(M) | — | 7.25 | % | 9.14 | % | 3/14/2024 | $ | — | (10,223 | ) | (1,336 | ) | — | K/N | ||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 264,285 | 261,418 | 262,347 | 0.02 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 1,239,799 | 1,229,504 | 1,234,344 | 0.07 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.44 | % | 6/26/2022 | $ | 6,432,648 | 6,389,679 | 6,404,344 | 0.38 | % | N | ||||||||||||||||
Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | 20,250,000 | 19,961,722 | 19,942,200 | 1.18 | % | N | |||||||||||||||||
Sandata Technologies, LLC | Sr Secured Revolver | LIBOR(Q) | — | 6.00 | % | 8.00 | % | 7/23/2024 | $ | — | (30,795 | ) | (34,200 | ) | — | K/N | ||||||||||||||||
36,152,746 | 36,291,027 | 2.15 | % | |||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | 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 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | 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 | ||||||||||||||||||||||||||||||||
Bisnow, LLC | 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) | — | 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 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 (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 | ||||||||||||||||
19,246,469 | 19,534,853 | 1.20 | % | |||||||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | 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 Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 8.77 | % | 10/13/2022 | $ | — | — | 19,286 | — | 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 | ||||||||||||||||
16,763,222 | 16,738,186 | 1.02 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | 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 | ||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | 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 | — | 9.00 | % | 9.00 | % | 10/1/2022 | $ | 3,889,686 | 3,808,971 | 2,940,019 | 0.18 | % | E/G/H/N | |||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 2.80% Cash+8.45% PIK | 13.25 | % | 1/26/2022 | $ | 24,564,304 | $ | 24,250,372 | $ | 22,591,790 | 1.33 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 5,678,264 | 5,678,264 | 5,735,615 | 0.34 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | 13,583,579 | 13,524,243 | 13,720,773 | 0.81 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.20 | % | 12/20/2021 | $ | — | (2,686 | ) | — | — | K/N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 2,395,992 | 2,373,398 | 2,443,913 | 0.14 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | 142,889 | 141,895 | 145,747 | 0.01 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.44 | % | 3/31/2022 | $ | 550,909 | 550,909 | 561,927 | 0.03 | % | N | ||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 10.44 | % | 3/31/2022 | $ | — | (6,733 | ) | — | — | K/N | |||||||||||||||||
46,509,662 | 45,199,765 | 2.66 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | 4,537,500 | 4,461,178 | 4,479,420 | 0.26 | % | N | |||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.05 | % | 10/31/2024 | $ | — | (6,724 | ) | (5,333 | ) | — | K/N | ||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 9.30 | % | 12/19/2025 | $ | 28,000,000 | 27,801,191 | 27,860,000 | 1.64 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan A | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 5,318,571 | 5,296,361 | 5,295,702 | 0.31 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Delayed Draw Term Loan B | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 1,714,286 | 1,708,138 | 1,706,914 | 0.10 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 6,020,424 | 6,002,687 | 5,994,536 | 0.35 | % | N | ||||||||||||||||
IAS Investco, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.50 | % | 7.30 | % | 1/24/2021 | $ | 3,934,469 | 3,918,004 | 3,917,550 | 0.23 | % | N | ||||||||||||||||
49,180,835 | 49,248,789 | 2.89 | % | |||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(M) | — | 6.76 | % | 8.56 | % | 5/20/2025 | $ | 13,960,362 | 13,698,968 | 13,635,085 | 0.79 | % | N | |||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | 16,648,997 | 16,321,473 | 16,345,985 | 0.96 | % | N | |||||||||||||||||
Acquia Inc. | Sr Secured Revolver | LIBOR(Q) | — | 7.00 | % | 8.91 | % | 11/1/2025 | $ | — | (35,084 | ) | (32,829 | ) | — | K/N | ||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(M) | — | 5.63% Cash+2.50% PIK | 9.94 | % | 10/1/2022 | $ | 52,127,502 | 51,828,896 | 51,270,531 | 3.03 | % | L/N | ||||||||||||||||||
FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(Q) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,522,676 | 28,464,800 | 1.68 | % | L/N | ||||||||||||||||
Foursquare Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(Q) | — | 7.25 | % | 9.19 | % | 10/1/2022 | $ | 33,750,000 | 33,445,277 | 33,237,000 | 1.96 | % | L/N | |||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Term Loan | LIBOR(Q) | 1.37 | % | 8.13 | % | 10.06 | % | 9/30/2021 | $ | 30,906,865 | 30,717,380 | 30,545,254 | 1.80 | % | H/N | ||||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 9.71 | % | 4/2/2027 | $ | 9,903,019 | 9,708,757 | 9,878,261 | 0.58 | % | N | |||||||||||||||||
ResearchGate GmBH (Germany) | First Lien Term Loan (4.0% Exit Fee) | EURIBOR(M) | — | 8.55 | % | 8.55 | % | 10/1/2022 | € | 7,500,000 | 7,856,974 | 7,952,439 | 0.47 | % | D/H/L/N | |||||||||||||||||
177,366,349 | 177,661,441 | 10.48 | % | |||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | 11,812,993 | 11,598,319 | 11,567,282 | 0.68 | % | N | ||||||||||||||||
Apptio, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 8.96 | % | 1/10/2025 | $ | — | (12,904 | ) | (16,000 | ) | — | K/N | |||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 6.25 | % | 8.15 | % | 9/17/2023 | $ | 373,849 | 350,320 | 364,746 | 0.02 | % | N | ||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 8.19 | % | 9/17/2023 | $ | 10,910,690 | 10,653,623 | 10,814,676 | 0.64 | % | N | ||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 9.49 | % | 10/11/2026 | $ | 16,280,678 | 16,166,395 | 15,715,983 | 0.93 | % | G/J | |||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 4,996,644 | 4,913,115 | 4,990,148 | 0.29 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 2,726,918 | 2,692,315 | 2,723,373 | 0.16 | % | N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | 16,397,517 | 16,210,453 | 16,376,200 | 0.97 | % | N | ||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 7/31/2022 | $ | — | (14,579 | ) | (1,827 | ) | — | K/N | |||||||||||||||
62,557,057 | 62,534,581 | 3.69 | % |
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) | ||||||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 5.75 | % | 7.76 | % | 6/15/2024 | $ | 55,556 | $ | 54,693 | $ | 53,556 | — | N | |||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 111,111 | 108,557 | 105,111 | 0.01 | % | N | ||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 7.55 | % | 6/15/2024 | $ | 1,504,611 | 1,480,597 | 1,450,445 | 0.09 | % | N | ||||||||||||||||
Machine Zone, Inc. | First Lien Term Loan (10.0% Exit Fee) | LIBOR(M) | — | 13.50 | % | 15.20 | % | 2/1/2021 | $ | 5,672,712 | 5,637,816 | 5,588,188 | 0.33 | % | L/N | |||||||||||||||||
7,281,663 | 7,197,300 | 0.43 | % | |||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | — | (10,270 | ) | — | — | K/N | |||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 9.63 | % | 9/21/2022 | $ | 10,557,386 | 10,446,491 | 10,628,121 | 0.63 | % | N | |||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (7,100 | ) | (5,736 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | — | (19,127 | ) | (19,255 | ) | — | K/N | |||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 7,131,905 | 7,016,707 | 7,042,043 | 0.42 | % | N | ||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 10.04 | % | 10/3/2022 | $ | 20,884,731 | 20,616,273 | 20,621,583 | 1.22 | % | N | ||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.00 | % | 8.80 | % | 10/19/2026 | $ | 25,000,000 | 24,753,355 | 22,687,500 | 1.34 | % | G | |||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,528,197 | 12,709,103 | 0.75 | % | L/N | |||||||||||||||||
75,324,526 | 73,663,359 | 4.36 | % | |||||||||||||||||||||||||||||
Metal and Mining | ||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(M) | — | 6.50 | % | 8.35 | % | 12/13/2022 | $ | 4,943,976 | 4,909,287 | 4,845,097 | 0.29 | % | ||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.88 | % | 4/13/2021 | $ | 1,635,903 | 1,635,902 | 1,635,903 | 0.10 | % | B/N | ||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.00 | % | 10.70 | % | 12/6/2027 | $ | 15,441,176 | 15,133,798 | 15,363,971 | 0.91 | % | N | ||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,645,000 | 8,447,637 | 8,601,775 | 0.51 | % | G/N | ||||||||||||||||
23,581,435 | 23,965,746 | 1.42 | % | |||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | 20,772,306 | 20,522,294 | 20,851,241 | 1.23 | % | N | ||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.93 | % | 9/20/2022 | $ | — | (16,489 | ) | — | — | K/N | ||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 9.69 | % | 6/1/2025 | $ | 7,611,914 | 7,551,528 | 7,155,199 | 0.42 | % | G/N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR(M) | — | 8.50 | % | 10.19 | % | 2/1/2027 | $ | 15,000,000 | 14,795,054 | 15,075,000 | 0.89 | % | G | |||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | — | (45,365 | ) | (40,404 | ) | — | K/N | |||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.80 | % | 6/13/2025 | $ | 16,927,201 | 16,566,086 | 16,617,434 | 0.98 | % | N | ||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | — | (7,699 | ) | (11,385 | ) | — | K/N | |||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 8.29 | % | 9/12/2024 | $ | 9,482,016 | 9,315,912 | 9,262,034 | 0.55 | % | N | ||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 8.50 | % | 10.44 | % | 3/5/2026 | $ | 5,820,856 | 5,658,368 | 5,588,022 | 0.33 | % | N | |||||||||||||||||
STG-Fairway Acquisitions, Inc.(First Advantage) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 9.25 | % | 11.05 | % | 6/30/2023 | $ | 31,000,000 | 30,701,658 | 31,000,000 | 1.83 | % | N | ||||||||||||||||
105,041,347 | 105,497,141 | 6.23 | % | |||||||||||||||||||||||||||||
Real Estate Management and Development | ||||||||||||||||||||||||||||||||
Florida East Coast Industries, LLC | First Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 2,321,694 | 2,289,777 | 2,310,086 | 0.14 | % | N | |||||||||||||||||
Florida East Coast Industries, LLC | First Lien Incremental Lien Term Loan B | LIBOR(M) | — | 6.75 | % | 8.51 | % | 12/13/2021 | $ | 876,520 | 869,946 | 872,138 | 0.05 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | 4,444,444 | 4,371,064 | 4,371,111 | 0.26 | % | N | |||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 8.00 | % | 12/5/2023 | $ | — | (4,371 | ) | (4,583 | ) | — | K/N | ||||||||||||||||
7,526,416 | 7,548,752 | 0.45 | % | |||||||||||||||||||||||||||||
Road and Rail | ||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.25 | % | 10.04 | % | 5/15/2027 | $ | 19,382,324 | 19,008,604 | 18,796,978 | 1.11 | % | N |
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 | Ref | Floor | Spread | Total Coupon | Maturity/Expiration | Principal/Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 1,594,315 | $ | 1,547,623 | $ | 1,537,877 | 0.09 | % | N | |||||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 23,383,293 | 23,292,776 | 22,969,408 | 1.36 | % | N | |||||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 5.75% | 7.55% | 2/28/2024 | $ | 159,432 | 143,495 | 140,619 | 0.01 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 3,606,829 | 3,563,940 | 3,606,829 | 0.21 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00% | 7.00% | 8.91% | 11/13/2022 | $ | 14,160,797 | 13,978,598 | 14,160,797 | 0.84 | % | N | |||||||||||||||||||
JAMF Holdings, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00% | 7.00% | 8.80% | 11/13/2022 | $ | — | (14,355 | ) | — | — | K/N | |||||||||||||||||||
Marketlive, LLC (Kibo) | First Lien Term Loan | LIBOR(Q) | — | 8.00% | 9.91% | 12/18/2020 | $ | 5,076,516 | 4,988,719 | 4,989,707 | 0.29 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00% | 6.50% | 8.60% | 5/3/2025 | $ | 224,401 | 193,557 | 190,964 | 0.01 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00% | 5.50% Cash+1.00% PIK | 8.72% | 5/3/2025 | $ | 14,362,948 | 14,098,242 | 14,084,307 | 0.82 | % | N | |||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(M) | 1.00% | 6.50% | 8.30% | 5/3/2025 | $ | 689,257 | 667,641 | 665,857 | 0.04 | % | N | |||||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 13,081,645 | 12,846,264 | 12,860,565 | 0.76 | % | N | |||||||||||||||||||
Snow Software AB | First Lien Incremental Term Loan | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 14,557,807 | 14,269,367 | 14,311,780 | 0.84 | % | N | |||||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00% | 6.50% | 8.50% | 4/17/2024 | $ | 1,744,219 | 1,668,977 | 1,670,526 | 0.10 | % | N | |||||||||||||||||||
Winshuttle, LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00% | 8.42% | 10.22% | 8/9/2024 | $ | 14,007,952 | 13,649,539 | 13,665,177 | 0.81 | % | N | |||||||||||||||||||
104,894,383 | 104,854,413 | 6.18 | % | |||||||||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.84 | % | 10.54 | % | 9/12/2022 | $ | 6,410,930 | 6,314,032 | 6,404,519 | 0.38 | % | N | ||||||||||||||||
Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | — | (9,446 | ) | (3,893 | ) | — | K/N | |||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 7.00 | % | 8.71 | % | 5/1/2022 | $ | 11,142,879 | 11,057,992 | 11,110,565 | 0.66 | % | N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.25 | % | 9.05 | % | 5/5/2025 | $ | 2,880,000 | 2,854,404 | 2,558,405 | 0.15 | % | |||||||||||||||||
13,902,950 | 13,665,077 | 0.81 | % | |||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands) | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.55 | % | 9/29/2025 | $ | 11,967,243 | 11,888,882 | 11,987,228 | 0.71 | % | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 9.50 | % | 12/28/2023 | $ | 23,528,829 | 23,383,523 | 23,507,653 | 1.39 | % | N | ||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | PRIME | — | 7.25 | % | 12.00 | % | 10/12/2023 | $ | 10,793,402 | 10,549,564 | 10,793,402 | 0.64 | % | N | |||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.91 | % | 10/12/2023 | $ | 39,823,155 | 38,936,624 | 39,624,039 | 2.34 | % | N | ||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 6.75 | % | 8.75 | % | 7/16/2025 | $ | 27,664,640 | 27,395,096 | 27,410,125 | 1.62 | % | N | ||||||||||||||||
112,153,689 | 113,322,447 | 6.70 | % | |||||||||||||||||||||||||||||
Thrifts and Mortgage Finance | ||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.93 | % | 4/17/2024 | $ | 24,826,865 | 24,672,974 | 25,571,671 | 1.51 | % | N | ||||||||||||||||
Home Partners of America, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | — | — | — | — | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 8.05 | % | 10/13/2022 | $ | 2,857,143 | 2,826,874 | 2,857,145 | 0.17 | % | N | ||||||||||||||||
27,499,848 | 28,428,816 | 1.68 | % | |||||||||||||||||||||||||||||
Tobacco Related | ||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(M) | 1.50 | % | 7.00 | % | 8.90 | % | 8/2/2023 | $ | 26,315,789 | 26,067,931 | 26,202,632 | 1.55 | % | N | ||||||||||||||||
Total Debt Investments | 1,564,445,871 | 1,535,193,938 | 90.60 | % | ||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 6,333,559 | 0.38 | % | C/N | |||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,165,433 | 2,300,366 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 2,225,361 | 2,347,314 | 0.14 | % | E/F/N | |||||||||||||||||||||||||
5,246,107 | 10,981,239 | 0.66 | % | |||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | 3,523 | — | C/D/H/N | ||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,433,968 | 0.08 | % | B/C/E/N | |||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | 7,084,470 | 0.42 | % | B/C/E/N | ||||||||||||||||||||||||
680,227 | 8,518,438 | 0.50 | % | |||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | 22,199,416 | 31,682,859 | 1.87 | % | E/F/N/O | |||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 14,269,948 | 14,269,948 | 14,269,948 | 0.84 | % | E/F/I/N | |||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,772,812 | 1,772,812 | 2,384,330 | 0.14 | % | E/I/N | |||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 18,039,482 | 18,039,482 | 18,764,975 | 1.11 | % | E/I/N | |||||||||||||||||||||||||
56,281,658 | 67,102,112 | 3.96 | % | |||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 95,280 | 0.01 | % | C/D/E/H/N | |||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 12/22/2022 | 719,998 | 216,336 | 29,070 | — | C/E/N | |||||||||||||||||||||||||
10,445,018 | 29,070 | — | ||||||||||||||||||||||||||||||
Electronic Equipment, Instruments and Components | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Preferred Stock | 8/29/2024 | 3,071,860 | 478,899 | — | — | C/E/N | |||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 400,000 | 248,555 | 113,280 | 0.01 | % | C/E/N | ||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2,048,000 | 505,450 | 579,992 | 0.03 | % | C/E/N | ||||||||||||||||||||||||
754,005 | 693,272 | 0.04 | % |
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) | ||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 6/28/2021 | 62,247 | $ | 511,349 | $ | 509,086 | 0.03 | % | C/E/N | ||||||||||||||||||
FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 271,044 | 0.02 | % | C/E/N | ||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 1,687,500 | 297,361 | 347,063 | 0.02 | % | C/E/N | ||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 180,797 | 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 | 396,397 | 0.02 | % | 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 | 335,614 | 0.02 | % | C/E/H/N | ||||||||||||||||||||
ResearchGate Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 205,018 | 0.01 | % | C/D/E/H/N | ||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 4,600,000 | 0.27 | % | C/E/N | ||||||||||||||||||||
2,258,677 | 6,845,019 | 0.40 | % | |||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | 2,001,384 | 47,518 | — | C/E/N | ||||||||||||||||||||||
Life Sciences Tools and Services | ||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 526,350 | 0.03 | % | C/E/N | |||||||||||||||||||||
Media | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,925,847 | 0.41 | % | 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 | 391,407 | 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 | 395,290 | 0.02 | % | B/C/E/N | ||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 64,803 | — | C/E/N | |||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | 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 | |||||||||||||||||||||
3,791,301 | 7,822,490 | 0.45 | % | |||||||||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 2,476,881 | 0.15 | % | B/C/E/N | |||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,167,641 | 0.07 | % | C/E/F/N | |||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 123,939 | 0.01 | % | C/E/N | |||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 5,380,520 | 0.32 | % | C/E/N | |||||||||||||||||||||
27,267,418 | 6,672,100 | 0.40 | % | |||||||||||||||||||||||||
Semiconductors and Semiconductor Equipment | ||||||||||||||||||||||||||||
Adesto Technologies Corporation | Warrants to Purchase Common Stock | 5/8/2024 | 436,320 | 846,724 | 667,570 | 0.04 | % | C/E/N | ||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 838,607 | 0.05 | % | C/E/N | ||||||||||||||||||||
1,451,990 | 1,506,177 | 0.09 | % | |||||||||||||||||||||||||
Issuer | Instrument | Expiration | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | $ | 188,770 | $ | 469,687 | 0.03 | % | C/E/N | ||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,842 | 523,801 | 0.03 | % | C/E/N | ||||||||||||||||||||
766,612 | 993,488 | 0.06 | % | |||||||||||||||||||||||||
Total Equity Securities | 124,831,136 | 114,312,957 | 6.75 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,689,277,077 | $ | 1,649,506,895 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 44,848,539 | 2.65 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,694,355,434 | 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. |
(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. |
(O) | 36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC. |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||
Investment income | ||||||||||||||
Interest income: | ||||||||||||||
Interest income (excluding PIK): | ||||||||||||||
Companies less than 5% owned | $ | 42,956,654 | $ | 39,170,651 | $ | 35,989,337 | $ | 42,956,654 | ||||||
Companies 5% to 25% owned | 729,267 | 647,906 | 552,275 | 729,267 | ||||||||||
Companies more than 25% owned | 896,257 | 1,280,613 | 1,676,256 | 896,257 | ||||||||||
PIK income: | ||||||||||||||
PIK interest income: | ||||||||||||||
Companies less than 5% owned | 1,678,016 | 1,627,203 | 1,411,631 | 1,678,016 | ||||||||||
Companies 5% to 25% owned | 716,626 | 1,098,958 | 1,002,130 | 716,626 | ||||||||||
Dividend income: | ||||||||||||||
Companies more than 25% owned | 480,404 | 17,902 | 428,419 | 480,404 | ||||||||||
Lease income: | ||||||||||||||
Companies more than 25% owned | 74,457 | 74,457 | 38,136 | 74,457 | ||||||||||
Other income: | ||||||||||||||
Companies less than 5% owned | 8,848 | — | 153,014 | 8,848 | ||||||||||
Companies 5% to 25% owned | — | 297,356 | ||||||||||||
Total investment income | 47,540,529 | 44,215,046 | 41,251,198 | 47,540,529 | ||||||||||
Operating expenses | ||||||||||||||
Interest and other debt expenses | 10,687,633 | 9,641,894 | 10,955,646 | 10,687,633 | ||||||||||
Management and advisory fees | 6,034,741 | 5,706,236 | 6,117,043 | 6,034,741 | ||||||||||
Incentive fee | 5,353,416 | 5,391,278 | ||||||||||||
Administrative expenses | 599,559 | 597,232 | 539,947 | 599,559 | ||||||||||
Legal fees, professional fees and due diligence expenses | 437,137 | 434,303 | 498,410 | 437,137 | ||||||||||
Director fees | 188,798 | 156,816 | 232,232 | 188,798 | ||||||||||
Insurance expense | 127,328 | 106,865 | 175,080 | 127,328 | ||||||||||
Custody fees | 99,609 | 91,855 | 111,667 | 99,609 | ||||||||||
Incentive fee | — | 5,353,416 | ||||||||||||
Other operating expenses | 692,210 | 523,454 | 568,249 | 692,210 | ||||||||||
Total operating expenses | 24,220,431 | 22,649,933 | 19,198,274 | 24,220,431 | ||||||||||
Net investment income | 23,320,098 | 21,565,113 | 22,052,924 | 23,320,098 | ||||||||||
Realized and unrealized gain (loss) on investments and foreign currency | ||||||||||||||
Net realized gain (loss): | ||||||||||||||
Investments in companies less than 5% owned | (300,322 | ) | (632,776 | ) | 4,794,459 | (300,322 | ) | |||||||
Investments in companies 5% to 25% owned | 43,320 | — | — | 43,320 | ||||||||||
Net realized loss | (257,002 | ) | (632,776 | ) | ||||||||||
Investments in companies more than 25% owned | 162,012 | — | ||||||||||||
Net realized gain (loss) | 4,956,471 | (257,002 | ) | |||||||||||
Change in net unrealized appreciation/depreciation | 1,058,724 | 6,256,448 | (96,490,806 | ) | 1,058,724 | |||||||||
Net realized and unrealized gain | 801,722 | 5,623,672 | ||||||||||||
Net realized and unrealized gain (loss) | (91,534,335 | ) | 801,722 | |||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 24,121,820 | $ | 27,188,785 | ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | |||||||||
Basic and diluted earnings per common share | $ | 0.41 | $ | 0.46 | ||||||||||
Basic and diluted earnings (loss) per common share | $ | (1.18 | ) | $ | 0.41 | |||||||||
Basic and diluted weighted average common shares outstanding | 58,767,442 | 58,844,381 | 58,668,432 | 58,767,442 |
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 | ||||||||||||||||||||||||||||
Common Stock | Paid in Capital in Excess of Par | Total Net Assets | Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||||||||||||||||||
Shares | Par Amount | Distributable Earnings (Loss) | Shares | Par Amount | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231 | ) | $ | 830,474,727 | 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 | 193 | — | 2,738 | — | 2,738 | ||||||||||||||||||||||||||||
Repurchase of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||||||||||||
Net investment income | — | — | — | 23,320,098 | 23,320,098 | — | — | — | 23,320,098 | 23,320,098 | ||||||||||||||||||||||||||||
Net realized and unrealized gain | — | — | — | 801,722 | 801,722 | — | — | — | 801,722 | 801,722 | ||||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,619 | ) | (21,155,619 | ) | — | — | — | (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 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030 | ) | $ | 833,317,987 | ||||||||||||||||||
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | |||||||||||||||||||||||||||||||||||
Shares | Par Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 58,766,426 | $ | 58,766 | $ | 997,379,362 | $ | (221,119,742 | ) | $ | 776,318,386 | ||||||||||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 486 | 1 | 3,038 | — | 3,039 | |||||||||||||||||||||||||||||||||
Repurchase of common stock | (1,000,000 | ) | (1,000 | ) | (6,099,190 | ) | — | (6,100,190 | ) | |||||||||||||||||||||||||||||
Net investment income | — | — | — | 22,052,924 | 22,052,924 | |||||||||||||||||||||||||||||||||
Net realized and unrealized loss | — | — | — | (91,534,335 | ) | (91,534,335 | ) | |||||||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,913 | ) | (21,155,913 | ) | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 57,766,912 | $ | 57,767 | $ | 991,283,210 | $ | (311,757,066 | ) | $ | 679,583,911 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||
Operating activities | ||||||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 24,121,820 | $ | 27,188,785 | ||||||||||
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 loss | 257,002 | 632,776 | ||||||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | |||||||||
Adjustments to reconcile net increase (decrease) in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||
Net realized gain (loss) | (4,956,471 | ) | 257,002 | |||||||||||
Change in net unrealized appreciation/depreciation of investments | (1,058,816 | ) | (6,236,730 | ) | 96,620,032 | (1,058,816 | ) | |||||||
Net amortization of investment discounts and premiums | (2,950,121 | ) | (2,713,434 | ) | (1,987,612 | ) | (2,950,121 | ) | ||||||
Amortization of original issue discount on convertible debt | 305,838 | 290,321 | 296,039 | 305,838 | ||||||||||
Interest and dividend income paid in kind | (2,394,642 | ) | (2,726,161 | ) | (2,413,761 | ) | (2,394,642 | ) | ||||||
Amortization of deferred debt issuance costs | 906,641 | 1,172,399 | 897,181 | 906,641 | ||||||||||
Changes in assets and liabilities: | ||||||||||||||
Purchases of investment securities | (147,747,739 | ) | (166,342,394 | ) | (140,555,042 | ) | (147,747,739 | ) | ||||||
Proceeds from sales, maturities and pay downs of investments | 146,351,859 | 70,968,080 | 76,880,873 | 146,351,859 | ||||||||||
Decrease (increase) in accrued interest income - companies less than 5% owned | 312,309 | (1,085,395 | ) | (392,228 | ) | 312,309 | ||||||||
Increase in accrued interest income - companies 5% to 25% owned | (428,392 | ) | (323,482 | ) | (64,640 | ) | (428,392 | ) | ||||||
Increase in accrued interest income - companies more than 25% owned | (43,989 | ) | (369,769 | ) | (44,224 | ) | (43,989 | ) | ||||||
Decrease (increase) in receivable for investments sold | (433,969 | ) | 232,821 | 806,097 | (433,969 | ) | ||||||||
Decrease (increase) in prepaid expenses and other assets | 3,037,679 | (756,688 | ) | (1,904,854 | ) | 3,037,679 | ||||||||
Increase (decrease) in payable for investments purchased | 9,810,755 | (15,069,545 | ) | (8,232,446 | ) | 9,810,755 | ||||||||
Decrease in incentive compensation payable | (486,930 | ) | (591,857 | ) | (4,753,671 | ) | (486,930 | ) | ||||||
Decrease in interest payable | (2,956,112 | ) | (2,607,338 | ) | (6,412,308 | ) | (2,956,112 | ) | ||||||
Increase (decrease) in payable to the Advisor | (499,446 | ) | 22,758 | |||||||||||
Decrease in payable to the Advisor | (247,361 | ) | (499,446 | ) | ||||||||||
Increase (decrease) in management and advisory fees payable | (5,247,344 | ) | 5,552,866 | 501,214 | (5,247,344 | ) | ||||||||
Increase (decrease) in accrued expenses and other liabilities | (246,499 | ) | 188,194 | |||||||||||
Decrease in accrued expenses and other liabilities | (441,343 | ) | (246,499 | ) | ||||||||||
Net cash provided by (used in) operating activities | 20,609,904 | (92,573,793 | ) | (65,885,936 | ) | 20,609,904 | ||||||||
Financing activities | ||||||||||||||
Borrowings | 95,000,000 | 190,953,697 | 118,085,624 | 95,000,000 | ||||||||||
Repayments of debt | (95,500,000 | ) | (148,000,000 | ) | (61,220,304 | ) | (95,500,000 | ) | ||||||
Payments of debt issuance costs | — | (1,926,621 | ) | |||||||||||
Dividends paid to common shareholders | (21,155,619 | ) | (21,184,004 | ) | (21,155,913 | ) | (21,155,619 | ) | ||||||
Repurchase of common shares | (125,679 | ) | (160,615 | ) | (6,100,190 | ) | (125,679 | ) | ||||||
Proceeds from shares issued in connection with dividend reinvestment plan | 2,738 | 2,723 | 3,039 | 2,738 | ||||||||||
Net cash provided by (used in) financing activities | (21,778,560 | ) | 19,685,180 | 29,612,256 | (21,778,560 | ) | ||||||||
Net decrease in cash and cash equivalents (including restricted cash) | (1,168,656 | ) | (72,888,613 | ) | (36,273,680 | ) | (1,168,656 | ) | ||||||
Cash and cash equivalents (including restricted cash) at beginning of period | 27,920,402 | 86,625,237 | 44,848,539 | 27,920,402 | ||||||||||
Cash and cash equivalents (including restricted cash) at end of period | $ | 26,751,746 | $ | 13,736,624 | $ | 8,574,859 | $ | 26,751,746 | ||||||
Supplemental cash flow information | ||||||||||||||
Interest payments | $ | 12,233,405 | $ | 10,398,997 | $ | 15,823,217 | $ | 12,233,405 | ||||||
Excise tax payments | $ | — | $ | 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 | $ | — | $ | — | $ | 893,783 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 29,525,035 | 28,836,393 | — | Other direct and indirect observable market inputs * | 37,017,320 | — | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,381,240,151 | 80,446,810 | 81,544,809 | Independent third-party valuation sources that employ significant unobservable inputs | 1,408,564,028 | 76,453,725 | 100,870,636 | ||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 2,341,267 | Advisor valuations with significant unobservable inputs | — | — | 3,013,165 | ||||||||||||||||||||
Total | $ | 1,410,765,186 | $ | 109,283,203 | $ | 84,779,859 | $ | 1,445,581,348 | $ | 76,453,725 | $ | 103,883,801 |
* | 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 | 1,094,253,000 | Income approach | Discount rate | 7.2% - 48.5% (11.8%) | $ | 1,216,821,170 | Income approach | Discount rate | 6.6% - 51.3% (10.6%) | |||||||||||
246,177,591 | Market quotations | Indicative bid/ask quotes | 1 - 2 (1) | 117,413,619 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
16,970,235 | Market comparable companies | Revenue multiples | 2.8x (2.8x) | 1,544,362 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||
23,839,325 | Market comparable companies | EBITDA multiples | 5.0x - 11.2x (10.6x) | 72,784,877 | Market comparable companies | EBITDA multiples | 5.4x - 12.6x (10.7x) | |||||||||||||
Other Corporate Debt | 42,075,921 | Income approach | Discount rate | 13.1% - 15.3% (13.3%) | 31,692,000 | Income approach | Discount rate | 23.8% (23.8%) | ||||||||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||
28,593,149 | Market comparable companies | Book value multiples | 1.2x (1.2x) | 3,709,159 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||
9,777,740 | Market comparable companies | EBITDA multiples | 9.8x (9.8x) | 218,147 | Market comparable companies | EBITDA multiples | 6.9x (6.9x) | |||||||||||||
Equity | 6,265,797 | Income approach | Discount rate | 4.6% - 13.0% (5.3%) | 9,484,599 | Income approach | Discount rate | 5.9% - 10.5% (9.5%) | ||||||||||||
2,280,286 | Market quotations | Indicative bid/ask quotes | 1 (1) | 14,900,721 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
10,437,471 | Option Pricing Model | EBITDA/Revenue multiples | 0.5x - 11.2x (3.3x) | 11,781,481 | Option Pricing Model | EBITDA/Revenue multiples | 1.0x - 24.5x (4.0x) | |||||||||||||
Implied volatility | 30.0% - 200.0% (49.6%) | Implied volatility | 30.0% - 200.0% (40.7%) | |||||||||||||||||
Yield | 0.0% (0.0%) | Yield | 0.0% (0.0%) | |||||||||||||||||
Term | 0.8 years - 3.5 years (1.9 years) | Term | 0.8 years - 5.0 years (2.1 years) | |||||||||||||||||
4,666,394 | Market comparable companies | Revenue multiples | 0.4x - 2.8x (2.0x) | 1,447,158 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (1.1x) | |||||||||||||
16,783,803 | Market comparable companies | EBITDA multiples | 5.0x - 11.2x (8.6x) | 14,434,785 | Market comparable companies | EBITDA multiples | 2.5x - 12.6x (6.0x) | |||||||||||||
21,797,416 | Market comparable companies | Book value multiples | 1.2x (1.2x) | 27,887,607 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||
21,654,909 | Other * | N/A | N/A | 23,947,450 | Other * | N/A | N/A | |||||||||||||
$ | 1,545,573,037 | $ | 1,588,901,554 |
* | 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 | $ | 1,369,456,684 | $ | 78,250,150 | $ | 79,804,988 | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | ||||||||||
Net realized and unrealized gains (losses) | (2,867,511 | ) | 1,436,695 | 1,858,671 | (51,401,936 | ) | (9,508,878 | ) | (15,833,406 | ) | ||||||||||||
Acquisitions * | 146,325,834 | 759,965 | 6,001,046 | 115,437,916 | 10,752 | 12,517,409 | ||||||||||||||||
Dispositions | (141,013,918 | ) | — | (5,305,256 | ) | (44,598,972 | ) | (10,752 | ) | (7,808,196 | ) | |||||||||||
Transfers into Level 3 † | 9,339,062 | — | — | 83,790,120 | — | — | ||||||||||||||||
Reclassifications within Level 3 ‡ | — | — | (814,640 | ) | ||||||||||||||||||
Transfers out of Level 3 ‡ | (7,155,199 | ) | — | — | ||||||||||||||||||
Ending balance | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | $ | 1,408,564,028 | $ | 76,453,725 | $ | 100,870,636 | ||||||||||
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) | $ | (1,316,000 | ) | $ | 1,436,695 | $ | 1,858,671 | $ | (51,186,966 | ) | $ | (9,508,879 | ) | $ | (15,671,067 | ) |
* | 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 | $ | — | $ | — | $ | 1,524,143 | |||||
Net realized and unrealized gains (losses) | — | — | 45,781 | ||||||||
Dispositions | — | — | (43,297 | ) | |||||||
Reclassifications within Level 3 * | — | — | 814,640 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,341,267 | |||||
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) | $ | — | $ | — | $ | 28,739 |
Comprised of one investment that was |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 2,318,128 | |||||
Net realized and unrealized gains (losses) | — | — | 818,977 | ||||||||
Dispositions | — | — | (123,940 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 3,013,165 | |||||
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) | $ | — | $ | — | $ | 818,977 |
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 | $ | — | $ | — | $ | 847,398 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | ||||||||||||||
2 | Other direct and indirect observable market inputs * | 38,403,794 | 28,998,633 | — | Other direct and indirect observable market inputs * | 136,739,236 | — | — | ||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,369,456,684 | 78,250,150 | 79,804,988 | Independent third-party valuation sources that employ significant unobservable inputs | 1,312,492,099 | 85,962,603 | 111,994,829 | ||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 1,524,143 | Advisor valuations with significant unobservable inputs | — | — | 2,318,128 | ||||||||||||||||||||
Total | $ | 1,407,860,478 | $ | 107,248,783 | $ | 82,176,529 | $ | 1,449,231,335 | $ | 85,962,603 | $ | 114,312,957 |
* | 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 | 1,134,622,267 | Income approach | Discount rate | 7.5% - 42.2% (12.3%) | $ | 1,147,288,529 | Income approach | Discount rate | 6.7% - 46.3% (9.9%) | |||||||||||
193,682,097 | Market quotations | Indicative bid/ask quotes | 1 - 2 (1) | 96,585,498 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
14,793,577 | Market comparable companies | Revenue multiples | 2.9x (2.9x) | 24,268,604 | Market comparable companies | Revenue multiples | 3.6x - 4.4x (3.6x) | |||||||||||||
26,358,743 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.7x) | 44,349,468 | Market comparable companies | EBITDA multiples | 6.5x - 14.3x (10.8x) | |||||||||||||
Other Corporate Debt | 40,632,991 | Income approach | Discount rate | 14.6% - 17.8% (14.9%) | 37,604,800 | Income approach | Discount rate | 12.3% (12.3%) | ||||||||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||
27,839,419 | Market comparable companies | Book value multiples | 1.2x (1.2x) | 3,814,956 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||
9,777,740 | Market comparable companies | EBITDA multiples | 10.0x (10.0x) | 3,708,428 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||||||||
Equity | 6,410,413 | Income approach | Discount rate | 4.7% - 13.0% (5.6%) | 4,647,680 | Income approach | Discount rate | 3.6% - 3.7% (3.7%) | ||||||||||||
2,343,653 | Market quotations | Indicative bid/ask quotes | 1 (1) | 14,412,746 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||
8,682,278 | Option Pricing Model | EBITDA/Revenue multiples | 2.0x - 11.0x (5.5x) | 18,048,138 | Option Pricing Model | EBITDA/Revenue multiples | 1.2x - 27.2x (8.3x) | |||||||||||||
Implied volatility | 30.0% - 200.0% (44.7%) | Implied volatility | 30.0% - 200.0% (27.4%) | |||||||||||||||||
Yield | 0.0% (0.0%) | Yield | 0.0% (0.0%) | |||||||||||||||||
Term | 0.4 years - 3.5 years (1.8 years) | Term | 0.5 years - 3.5 years (1.4 years) | |||||||||||||||||
5,123,517 | Market comparable companies | Revenue multiples | 0.4x - 2.9x (2.0x) | 2,012,088 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.0x) | |||||||||||||
15,938,987 | Market comparable companies | EBITDA multiples | 0.8x - 11.0x (8.5x) | 22,360,141 | Market comparable companies | EBITDA multiples | 2.5x - 14.3x (9.1x) | |||||||||||||
18,931,733 | Market comparable companies | Book value multiples | 1.2x (1.2x) | 31,682,859 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||
23,898,550 | Other * | N/A | N/A | 21,149,305 | Other * | N/A | N/A | |||||||||||||
$ | 1,529,035,965 | $ | 1,512,767,659 |
* | 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. |
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) | 4,307,029 | (534,353 | ) | 1,872,158 | |||||||
Acquisitions * | 122,171,267 | 41,057,625 | 4,624,260 | ||||||||
Dispositions | (62,213,949 | ) | (914,549 | ) | (3,206,510 | ) | |||||
Transfers into Level 3 † | 40,926,154 | — | — | ||||||||
Transfers out of Level 3 ‡ | (13,797,332 | ) | — | — | |||||||
Ending balance | $ | 1,331,139,346 | $ | 117,620,538 | $ | 70,267,145 | |||||
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) | $ | 4,997,094 | $ | (534,353 | ) | $ | 1,961,962 |
† |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 116,662 | $ | — | $ | 1,730,941 | |||||
Net realized and unrealized gains (losses) | (623 | ) | — | 13,102 | |||||||
Acquisitions * | 623 | — | — | ||||||||
Dispositions | (116,662 | ) | — | — | |||||||
Ending balance | $ | — | $ | — | $ | 1,744,043 | |||||
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) | $ | — | $ | — | $ | 13,102 |
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) | (2,867,511 | ) | 1,436,695 | 1,858,671 | |||||||
Acquisitions * | 146,325,834 | 759,965 | 6,001,046 | ||||||||
Dispositions | (141,013,918 | ) | — | (5,305,256 | ) | ||||||
Transfers into Level 3 † | 9,339,062 | — | — | ||||||||
Reclassification within Level 3 ‡ | — | — | (814,640 | ) | |||||||
Ending balance | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | |||||
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) | $ | (1,316,000 | ) | $ | 1,436,695 | $ | 1,858,671 |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of one investment that was transferred from Level 2 due to reduced trading volumes |
‡ | Comprised of one investment that was reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||
Net realized and unrealized gains (losses) | — | — | 45,781 | ||||||||
Dispositions | — | — | (43,297 | ) | |||||||
Reclassification within Level 3 * | — | — | 814,640 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,341,267 | |||||
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) | $ | — | $ | — | $ | 28,739 |
* | Comprised of one investment that was reclassified from Independent Third-Party Valuation |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | (726,950 | ) | $ | 603,745 |
March 31, 2019 | March 31, 2020 | |||||
Tax Cost of Investments | $ | 1,656,031,608 | ||||
Tax basis of investments | $ | 1,762,309,019 | ||||
Unrealized appreciation | $ | 40,534,272 | $ | 27,320,266 | ||
Unrealized depreciation | (91,737,632 | ) | (163,710,411 | ) | ||
Net unrealized depreciation | $ | (51,203,360 | ) | $ | (136,390,145 | ) |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | ||||||
TCPC Funding Facility | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | |||||||||
SBA Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | ||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | ||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | ||||||||||
Total leverage | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||
Unamortized issuance costs | (7,217,414 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 965,458,014 |
* | Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding. |
† | As of March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
** | In April 2020, the maturity was extended to May 6, 2024 |
Maturity | Rate | Carrying Value* | Available | Total Capacity | Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||||||||||||
SVCP 2022 Facility | 2022 | L+2.25% | $ | 85,000,000 | $ | 85,000,000 | $ | 170,000,000 | |||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 107,628,747 | — | 107,628,747 | ||||||||||||||||||||||||||
SVCP Facility | 2023 | L+2.00% | † | $ | 108,497,620 | $ | 161,502,380 | $ | 270,000,000 | ||||||||||||||||||||||
TCPC Funding Facility | 2023 | L+2.00% | ‡ | 158,000,000 | 142,000,000 | 300,000,000 | |||||||||||||||||||||||||
SBA Debentures | 2024−2029 | 2.63 | % | § | 138,000,000 | 12,000,000 | 150,000,000 | ||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,128,054 | — | 138,128,054 | 2022 | 4.625 | % | 138,584,313 | — | 138,584,313 | ||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,556,426 | — | 174,556,426 | 2022 | 4.125 | % | 174,649,566 | — | 174,649,566 | ||||||||||||||||||||
TCPC Funding Facility | 2022 | L+2.00% | † | 208,500,000 | 91,500,000 | 300,000,000 | |||||||||||||||||||||||||
SBA Debentures | 2024−2028 | 2.77% | ‡ | 98,000,000 | 52,000,000 | 150,000,000 | |||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900 | % | 197,782,572 | — | 197,782,572 | |||||||||||||||||||||||||
Total leverage | 811,813,227 | $ | 228,500,000 | $ | 1,040,313,227 | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | |||||||||||||||||||||
Unamortized issuance costs | (6,265,516 | ) | (7,711,684 | ) | |||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 805,547,711 | $ | 907,802,387 |
* | Except for the convertible notes, |
Maturity | Rate | Carrying Value* | Available | Total Capacity | ||||||||||||
SVCP 2022 Facility | 2022 | L+2.25% | $ | 82,000,000 | † | $ | 88,000,000 | $ | 170,000,000 | |||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25 | % | 107,501,207 | — | 107,501,207 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625 | % | 137,980,185 | — | 137,980,185 | ||||||||||
2022 Notes ($175 million par) | 2022 | 4.125 | % | 174,525,996 | — | 174,525,996 | ||||||||||
TCPC Funding Facility | 2022 | L+2.00% | ‡ | 212,000,000 | 88,000,000 | 300,000,000 | ||||||||||
SBA Debentures | 2024−2028 | 2.77% | § | 98,000,000 | 52,000,000 | 150,000,000 | ||||||||||
Total leverage | 812,007,388 | $ | 228,000,000 | $ | 1,040,007,388 | |||||||||||
Unamortized issuance costs | (6,805,196 | ) | ||||||||||||||
Debt, net of unamortized issuance costs | $ | 805,202,192 |
† | As of December 31, |
‡ | Subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Interest expense | $ | 9,706,948 | $ | 9,583,131 | |||
Amortization of deferred debt issuance costs | 897,181 | 906,641 | |||||
Commitment fees | 351,517 | 197,861 | |||||
Total | $ | 10,955,646 | $ | 10,687,633 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Interest expense | $ | 9,583,131 | $ | 8,081,980 | ||||
Amortization of deferred debt issuance costs | 906,641 | 1,172,399 | * | |||||
Commitment fees | 197,861 | 387,515 | ||||||
Total | $ | 10,687,633 | $ | 9,641,894 |
March 31, 2019 | December 31, 2018 | ||||||||||||||
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 | |||||||
Original issue discount, net of accretion | (371,253 | ) | (1,871,946 | ) | (498,793 | ) | (2,019,815 | ) | |||||||
Carrying value of debt | $ | 107,628,747 | $ | 138,128,054 | $ | 107,501,207 | $ | 137,980,185 |
March 31, 2020 | December 31, 2019 | ||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||
Principal amount of debt | N/A | $ | 140,000,000 | N/A | $ | 140,000,000 | |||||
Original issue discount, net of accretion | N/A | (1,260,143 | ) | N/A | (1,415,687 | ) | |||||
Carrying value of debt | N/A | $ | 138,739,857 | N/A | $ | 138,584,313 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||
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 | $ | 1,417,500 | $ | 1,618,750 | $ | 1,417,500 | $ | 1,618,750 | N/A | $ | 1,618,750 | $ | 1,417,500 | $ | 1,618,750 | |||||||||||||
Amortization of original issue discount | 127,540 | 147,869 | 120,511 | 140,572 | N/A | 155,544 | 127,540 | 147,869 | ||||||||||||||||||||
Total interest expense | $ | 1,545,040 | $ | 1,766,619 | $ | 1,538,011 | $ | 1,759,322 | N/A | $ | 1,774,294 | $ | 1,545,040 | $ | 1,766,619 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||
March 31, 2019 | December 31, 2018 | 2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | |||||||||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 175,000,000 | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | $ | 200,000,000 | ||||||||||
Original issue discount, net of accretion | (443,574 | ) | (474,004 | ) | (318,710 | ) | (2,108,659 | ) | (350,434 | ) | (2,217,428 | ) | ||||||||||
Carrying value of debt | $ | 174,556,426 | $ | 174,525,996 | $ | 174,681,290 | $ | 197,891,341 | $ | 174,649,566 | $ | 197,782,572 |
Three Months Ended March 31, | ||||||||||||||||||||
Three Months Ended March 31, | 2020 | 2019 | ||||||||||||||||||
2019 | 2018 | 2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | |||||||||||||||
Stated interest expense | $ | 1,804,688 | $ | 1,804,688 | $ | 1,804,688 | $ | 1,950,000 | $ | 1,804,688 | N/A | |||||||||
Amortization of original issue discount | 30,430 | 29,237 | 31,725 | 108,770 | 30,430 | N/A | ||||||||||||||
Total interest expense | $ | 1,835,118 | $ | 1,833,925 | $ | 1,836,413 | $ | 2,058,770 | $ | 1,835,118 | N/A |
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 | % | ||||||
March 21, 2018 | March 1, 2028 | 8,000,000 | 3.19 | % | 0.35 | % | ||||||
September 19, 2018 | September 1, 2028 | 15,000,000 | 3.55 | % | 0.35 | % | ||||||
September 25, 2019 | September 1, 2029 | 40,000,000 | 2.28 | % | 0.35 | % | ||||||
$ | 138,000,000 | 2.63 | % | * |
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 | March 31, 2019 | December 31, 2018 | Maturity | March 31, 2020 | December 31, 2019 | ||||||||||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | 10/31/2024 | $ | 416,667 | $ | 416,667 | ||||||||||
Acquia Inc. | 11/1/2025 | 1,803,792 | 1,803,792 | |||||||||||||||||
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 | 1/10/2025 | 769,231 | 769,231 | ||||||||||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 4,732,558 | 12/21/2021 | 3,193,208 | 3,193,208 | ||||||||||||||
Bisnow, LLC | 4/29/2021 | 1,200,000 | 1,200,000 | 9/21/2022 | 1,200,000 | 1,200,000 | ||||||||||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 877,777 | 877,777 | 6/15/2024 | 55,556 | 55,556 | ||||||||||||||
CAREATC, Inc. | 3/14/2024 | 607,288 | N/A | 3/14/2024 | N/A | 607,288 | ||||||||||||||
Certify, Inc. | 2/28/2024 | 4,251,508 | N/A | 2/28/2024 | 1,966,322 | 2,497,761 | ||||||||||||||
Datto, Inc. | 12/7/2022 | 1,870,622 | 1,870,622 | |||||||||||||||||
Donuts Inc. | 9/17/2023 | 660,634 | 660,634 | 9/17/2023 | 426,207 | 660,634 | ||||||||||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 1,619,124 | 2,207,896 | |||||||||||||||||
Edmentum, Inc. | 6/9/2020 | 308,372 | 4,103,102 | 6/9/2020 | N/A | 205,642 | ||||||||||||||
FinancialForce.Com | 2/1/2024 | 7,000,000 | N/A | |||||||||||||||||
GC Agile Holdings Limited (Apex) | 6/15/2025 | 884,146 | N/A | |||||||||||||||||
HighTower Holding, LLC | 1/31/2026 | N/A | 6,169,355 | |||||||||||||||||
Home Partners of America, Inc. | 10/13/2022 | 2,142,857 | 2,142,857 | 10/13/2022 | N/A | 2,142,857 | ||||||||||||||
IAS Investco, Inc. | 1/24/2021 | 1,114,286 | 1,114,286 | |||||||||||||||||
iCIMS, Inc. | 9/12/2024 | 490,735 | 490,735 | 9/12/2024 | 490,735 | 490,735 | ||||||||||||||
JAMF Holdings, Inc. | 11/13/2022 | 404,684 | 1,214,052 | 11/13/2022 | 1,214,052 | 1,214,052 | ||||||||||||||
Lithium Technologies, LLC | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||||||||||||
Kellermeyer Bergensons Services, LLC | 11/7/2026 | 1,960,784 | 3,464,052 | |||||||||||||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | |||||||||||||||||
Patient Point Network Solutions, LLC | 6/26/2022 | 154,166 | 440,475 | 6/26/2022 | N/A | 176,190 | ||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | 671,356 | 671,356 | 12/20/2021 | N/A | 671,356 | ||||||||||||||
Persado, Inc. | 2/1/2025 | 3,512,831 | N/A | |||||||||||||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | 1,342,516 | 5/1/2022 | 1,342,516 | 1,342,516 | ||||||||||||||
RSB-160, LLC (Lat20), LLC | 7/20/2022 | 4,435,914 | 4,435,914 | |||||||||||||||||
ResearchGate GmBH | 10/1/2022 | 8,286,000 | 8,286,000 | |||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,326,925 | 2,016,078 | |||||||||||||||||
RigUp, Inc. | 3/1/2024 | 9,666,667 | N/A | |||||||||||||||||
Sandata Technologies, LLC | 7/23/2024 | N/A | 2,250,000 | |||||||||||||||||
Snow Software AB | 4/17/2024 | N/A | 2,616,329 | |||||||||||||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | 277,778 | 277,778 | 12/5/2023 | N/A | 277,778 | ||||||||||||||
Spark Networks, Inc. | 7/1/2023 | 1,005,887 | 1,005,887 | |||||||||||||||||
Team Software, Inc. | 9/17/2023 | 3,511,210 | 3,511,210 | 9/17/2023 | 351,121 | 2,282,287 | ||||||||||||||
Telarix, Inc. | 11/19/2023 | 357,143 | 357,143 | 11/19/2023 | N/A | 178,571 | ||||||||||||||
TPC Intermediate Holdings, LLC | 5/15/2023 | 188,235 | 188,235 | 5/15/2020 | 4,100,294 | 4,363,137 | ||||||||||||||
Tradeshift Holdings, Inc. | 9/1/2020 | 5,352,908 | 5,352,908 | |||||||||||||||||
Unanet, Inc. | 5/31/2024 | 2,525,510 | 4,974,490 | |||||||||||||||||
VSS-Southern Holdings, LLC | 11/3/2026 | 1,027,397 | N/A | 3/31/2022 | N/A | 1,027,397 | ||||||||||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | 7/31/2022 | 1,405,501 | 1,405,501 | ||||||||||||||
Total Unfunded Balances | $ | 48,409,323 | $ | 46,468,865 | $ | 53,132,114 | $ | 57,296,072 |
2019 | 2018 | 2020 | 2019 | |||||||||||
Shares Issued | 193 | 192 | 486 | 193 | ||||||||||
Average Price Per Share | $ | 14.19 | $ | 14.18 | $ | 6.25 | $ | 14.19 | ||||||
Proceeds | $ | 2,738 | $ | 2,723 | $ | 3,039 | $ | 2,738 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | 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 | |||||||||||||||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | 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 | |||||||||||||||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 1,000,000 | $ | 6.10 | * | $ | 6,100,190 |
* | Weighted-average price per share |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 11,300 | $ | 14.21 | * | $ | 160,615 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* | Weighted-average price per share |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 24,121,820 | $ | 27,188,785 | |||
Weighted average shares outstanding | 58,767,442 | 58,844,381 | |||||
Earnings per share | $ | 0.41 | $ | 0.46 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | ||
Weighted average shares outstanding | 58,668,432 | 58,767,442 | |||||
Earnings (loss) per share | $ | (1.18 | ) | $ | 0.41 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||
Per Common Share | ||||||||||||||
Per share NAV at beginning of period | $ | 14.13 | $ | 14.80 | $ | 13.21 | $ | 14.13 | ||||||
Investment operations: | ||||||||||||||
Net investment income | 0.40 | 0.37 | 0.38 | 0.40 | ||||||||||
Net realized and unrealized gain | 0.01 | 0.09 | ||||||||||||
Net realized and unrealized losses | (1.56 | ) | 0.01 | |||||||||||
Total from investment operations | 0.41 | 0.46 | (1.18 | ) | 0.41 | |||||||||
Repurchase of common stock | — | — | 0.09 | — | ||||||||||
Distributions to common shareholders | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | ||||||
Per share NAV at end of period | $ | 14.18 | $ | 14.90 | $ | 11.76 | $ | 14.18 | ||||||
Per share market price at end of period | $ | 14.18 | $ | 14.22 | $ | 6.25 | $ | 14.18 | ||||||
Total return based on market value (1), (2) | 11.5 | % | (4.6 | )% | (53.0 | )% | 11.5 | % | ||||||
Total return based on net asset value (1), (3) | 2.9 | % | 3.1 | % | (8.3 | )% | 2.9 | % | ||||||
Shares outstanding at end of period | 58,765,800 | 58,836,148 | 57,766,912 | 58,765,800 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||
Ratios to average common equity: (4) | ||||||||||||||
Net investment income | 13.3 | % | 11.8 | % | 11.7 | % | 13.3 | % | ||||||
Expenses excluding incentive compensation | 9.1 | % | 8.0 | % | 10.2 | % | 9.1 | % | ||||||
Expenses and incentive compensation | 9.7 | % | 8.6 | % | ||||||||||
Expenses including incentive compensation | 10.2 | % | 9.7 | % | ||||||||||
Ending common shareholder equity | $ | 833,317,987 | $ | 876,575,015 | $ | 679,583,911 | $ | 833,317,987 | ||||||
Portfolio turnover rate | 9.1 | % | 4.6 | % | 4.7 | % | 9.1 | % | ||||||
Weighted-average leverage outstanding | $ | 808,228,913 | $ | 708,131,148 | $ | 934,766,749 | $ | 808,228,913 | ||||||
Weighted-average interest rate on leverage | 4.8 | % | 4.6 | % | 4.2 | % | 4.8 | % | ||||||
Weighted-average number of common shares | 58,767,442 | 58,844,381 | 58,668,432 | 58,767,442 | ||||||||||
Average leverage per share | $ | 13.75 | $ | 12.03 | $ | 15.93 | $ | 13.75 |
(1) | Not annualized. |
(2) | Total return based on market value equals the change in ending market value per share during the period |
(3) | Total return based on net asset value equals the change in net asset value per share during the period plus |
(4) | Annualized, except for incentive compensation. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2020 | |||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | — | 3,708,428 | — | (3,490,281 | ) | — | — | 218,147 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan A, 12%, due 9/15/20 | 24,344 | — | 46,712 | 1,144,606 | — | 1,191,318 | ||||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 33,806 | 1,114,120 | — | — | 33,795 | — | 1,147,915 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan A1, 12%, due 9/15/20 | 166 | — | 24,912 | 224,211 | — | 249,123 | ||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 156,911 | 5,171,151 | — | — | 156,858 | — | 5,328,009 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,433,968 | — | (1,433,952 | ) | — | — | 16 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 495,420 | 17,609,276 | — | (6,809,489 | ) | 492,687 | — | 11,292,474 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 80,131 | 3,675,888 | — | — | 79,848 | — | 3,755,736 | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | 7,084,470 | — | (7,084,470 | ) | — | — | — | ||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 68,690 | 5,235,978 | — | (5 | ) | 262,892 | — | 5,498,865 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 461,515 | 10,740,023 | — | (182,660 | ) | 235,323 | — | 10,792,686 | ||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 148,296 | 8,281,661 | — | (8 | ) | 148,150 | — | 8,429,803 | ||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 | 40,718 | — | — | 30,383 | 3,677,040 | — | 3,707,423 | |||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 44,408 | 1,635,903 | — | — | — | — | 1,635,903 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 2,476,881 | — | 1,424,671 | — | — | 3,901,552 | |||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,925,848 | — | (753,218 | ) | — | — | 6,172,630 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 391,407 | — | (102,840 | ) | — | — | 288,567 | ||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 395,290 | — | (103,860 | ) | — | — | 291,430 | ||||||||||||||||||||
Total | $ | 1,554,405 | $ | 75,880,292 | $ | — | $ | (18,434,105 | ) | $ | 6,455,410 | $ | — | $ | 63,901,597 |
(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) | 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, 2019 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2020 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 428,419 | $ | 31,682,859 | $ | — | $ | (3,795,252 | ) | $ | — | $ | — | $ | 27,887,607 | |||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 1,225,033 | 40,834,419 | — | — | — | — | 40,834,419 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,167,640 | — | 276,216 | — | — | 1,443,856 | |||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 44,222 | 1,207,786 | — | 271,747 | — | — | 1,479,533 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | 407,000 | 14,269,948 | — | (1,576,995 | ) | 1,500,000 | — | 14,192,953 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 3,289,438 | — | — | — | — | 3,289,438 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,208,823 | — | (78,887 | ) | — | — | 2,129,936 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 26,635 | 2,300,366 | — | (214,824 | ) | — | (60,308 | ) | 2,025,234 | |||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 11,502 | 2,347,314 | 162,012 | (121,954 | ) | — | (2,387,372 | ) | — | |||||||||||||||||||
Total | $ | 2,142,811 | $ | 99,308,593 | $ | 162,012 | $ | (5,239,949 | ) | $ | 1,500,000 | $ | (2,447,680 | ) | $ | 93,282,976 |
(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, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2019 | 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 December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 268,888 | 9,777,740 | — | — | — | — | 9,777,740 | 545,334 | 9,777,740 | — | (6,752,077 | ) | 682,765 | — | 3,708,428 | |||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 | 31,474 | 1,049,147 | — | — | — | — | 1,049,147 | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 | 146,087 | 4,869,577 | — | — | — | — | 4,869,577 | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 | 128,644 | 1,049,147 | — | — | 64,973 | — | 1,114,120 | |||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 597,096 | 4,869,577 | — | — | 301,574 | — | 5,171,151 | |||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | — | — | — | — | — | — | — | — | — | 1,433,968 | — | — | 1,433,968 | ||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 444,804 | 11,152,078 | — | (161,872 | ) | 446,869 | — | 11,437,075 | 1,864,600 | 11,152,078 | — | 4,621,493 | 1,835,705 | — | 17,609,276 | |||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 72,767 | 3,375,453 | — | — | 73,322 | — | 3,448,775 | 304,833 | 3,375,453 | — | — | 300,435 | — | 3,675,888 | ||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | — | — | — | — | — | — | — | — | — | 7,084,470 | — | — | 7,084,470 | ||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 40,184 | 1,153,076 | — | — | 3,815,372 | (9,867 | ) | 4,958,581 | 217,659 | 1,153,076 | — | — | 6,149,380 | (2,066,478 | ) | 5,235,978 | ||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 207,627 | 6,187,478 | — | (75,668 | ) | 127,076 | — | 6,238,886 | 1,327,742 | 6,187,478 | — | 262,555 | 4,289,990 | — | 10,740,023 | |||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 136,695 | 7,719,069 | — | — | 138,085 | — | 7,857,154 | 569,374 | 7,719,069 | — | — | 562,592 | — | 8,281,661 | ||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 | 194,184 | — | — | — | 3,644,068 | (3,644,068 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 | 77,673 | — | — | — | 1,457,627 | (1,457,627 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 26,254 | 43,320 | (26,254 | ) | — | (43,320 | ) | — | — | 26,254 | 43,320 | (26,254 | ) | — | (43,320 | ) | — | ||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc., Common Stock | — | 3,670,777 | — | (2,481,107 | ) | 2,006,277 | — | 3,195,947 | — | 3,670,777 | (20,524,650 | ) | 14,851,816 | 2,006,277 | (4,220 | ) | — | |||||||||||||||||||||||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 54,844 | 1,900,733 | — | — | — | — | 1,900,733 | 220,506 | 1,900,733 | — | — | — | (264,830 | ) | 1,635,903 | |||||||||||||||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | (556,941 | ) | — | — | 818,302 | — | 1,375,243 | — | 1,101,638 | — | — | 2,476,881 | |||||||||||||||||||||||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | 293,221 | — | — | 1,262,445 | — | 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 | 42,523 | 1,574,099 | — | — | 41,568 | — | 1,615,667 | 101,051 | 1,574,099 | — | — | 84,863 | (1,658,962 | ) | — | |||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 13,045 | — | — | 6,556,131 | — | 6,543,086 | — | 382,762 | — | — | 6,925,848 | ||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | (2,255 | ) | — | — | 362,044 | — | 364,299 | — | 27,107 | — | — | 391,406 | |||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | (2,278 | ) | — | — | 365,636 | — | 367,914 | — | 27,376 | — | — | 395,290 | |||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | — | (11,070 | ) | — | — | 1,107,040 | — | 1,118,110 | 809,444 | (1,118,110 | ) | — | (809,444 | ) | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,445,893 | $ | 63,193,357 | $ | 43,320 | $ | (3,011,179 | ) | $ | 6,648,569 | $ | (53,187 | ) | $ | 66,820,880 | $ | 6,148,696 | $ | 63,193,357 | $ | (19,671,886 | ) | $ | 20,927,520 | $ | 21,380,249 | $ | (9,948,949 | ) | $ | 75,880,291 |
(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) | 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, 2018 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at March 31, 2019 | 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 December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 480,404 | $ | 18,931,733 | $ | — | $ | 2,519,435 | $ | 346,250 | $ | — | $ | 21,797,418 | $ | 2,392,274 | $ | 18,931,734 | $ | — | $ | 6,296,773 | $ | 6,454,352 | $ | — | $ | 31,682,859 | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 852,519 | 27,839,419 | — | — | 753,750 | — | 28,593,169 | 3,874,967 | 27,839,419 | — | — | 12,995,000 | — | 40,834,419 | ||||||||||||||||||||||||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | — | — | — | 1,418,746 | — | 1,418,746 | — | (251,106 | ) | — | — | 1,167,640 | |||||||||||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 43,738 | 1,773,807 | — | (49,578 | ) | — | — | 1,724,229 | 177,381 | 1,773,807 | — | (566,022 | ) | — | — | 1,207,785 | ||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 | — | 11,682,923 | — | 21,101 | — | (7,577,094 | ) | 4,126,930 | ||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | 981,790 | — | — | — | 14,269,948 | — | 14,269,948 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (578,646 | ) | — | 578,646 | — | ||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | — | — | (578,646 | ) | 2,343,623 | — | 2,922,269 | — | (134,800 | ) | — | (578,645 | ) | 2,208,824 | |||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 39,952 | 2,826,708 | — | 13,014 | — | (90,461 | ) | 2,749,261 | 159,808 | 2,826,708 | — | (164,500 | ) | — | (361,842 | ) | 2,300,366 | |||||||||||||||||||||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 34,505 | 2,896,083 | — | 19,224 | — | (95,907 | ) | 2,819,400 | 138,019 | 2,896,083 | — | (165,139 | ) | — | (383,630 | ) | 2,347,314 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,451,118 | $ | 70,291,688 | $ | — | $ | 1,944,550 | $ | 1,100,000 | $ | (7,763,462 | ) | $ | 65,572,776 | $ | 7,724,239 | $ | 70,291,689 | $ | — | $ | 3,620,169 | $ | 33,719,300 | $ | (8,322,565 | ) | $ | 99,308,593 |
(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 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 | 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 | 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 | — | — | (10,398,622 | ) | 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 | (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 | 18,337 | — | 5,251 | — | 715,249 | (720,500 | ) | — | ||||||||||||||||||||
Total | $ | 7,348,038 | $ | 82,991,084 | $ | (29,704,297 | ) | $ | (9,245,623 | ) | $ | 42,081,208 | $ | (22,929,015 | ) | $ | 63,193,357 |
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 |
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 | |
12/5/17 | ||
Envigo RMS Holding Corp., | 6/3/19 | |
Fidelis (SVC) LLC, Series C Preferred Units | 12/31/19 | |
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |
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 | |
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units | 2/7/20 | |
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock | 11/7/19 | |
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 | |
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% 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 | |
Domo, Inc., Warrants to Purchase Common Stock | 12/5/17 | |
Envigo RMS Holding Corp., Common Stock | 6/3/19 | |
Fidelis | 12/31/19 | |
FinancialForce.com, Inc., Warrants to Purchase Series | ||
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 | |
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock | 11/7/19 | |
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 |
Industry | Percent of Total Investments | ||
% | |||
% | |||
% | |||
Textiles, Apparel and Luxury Goods | 6.2 | % | |
Professional Services | 5.7 | % | |
Media | 4.3 | % | |
Automobiles | 4.2 | % | |
Diversified Consumer Services | 4.0 | % | |
Diversified Telecommunication Services | 3.9 | % | |
IT Services | 3.8 | % | |
Insurance | |||
3.8 | % | ||
% | |||
% | |||
% | |||
% | |||
Health Care Technology | |||
% | |||
Building | % | ||
1.8 | % | ||
Energy Equipment and Services | 1.8 | % | |
Thrifts and Mortgage Finance | 1.7 | % | |
Tobacco Related | 1.6 | % | |
1.6 | % | ||
1.3 | % | ||
1.1 | % | ||
1.0 | % | ||
Other | % | ||
Total | 100.0 | % |
2019 | 2018 | 2020 | 2019 | |||||||||||
Shares Issued | 193 | 192 | 486 | 193 | ||||||||||
Average Price Per Share | $ | 14.19 | $ | 14.18 | $ | 6.25 | $ | 14.19 | ||||||
Proceeds | $ | 2,738 | $ | 2,723 | $ | 3,039 | $ | 2,738 |
2019 | 2018 | 2020 | 2019 | |||||||||||
Shares Repurchased | 9,000 | 11,300 | 1,000,000 | 9,000 | ||||||||||
Price Per Share * | $ | 13.96 | $ | 14.21 | $ | 6.10 | $ | 13.96 | ||||||
Total Cost | $ | 125,679 | $ | 160,615 | $ | 6,100,190 | $ | 125,679 |
* | 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% | $ | 85,000,000 | $ | 85,000,000 | $ | 170,000,000 | ||||||||||||||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 107,628,747 | — | 107,628,747 | |||||||||||||||||||||||||
SVCP Facility | 2023 ** | L+2.00% | † | $ | 108,362,940 | $ | 161,637,060 | $ | 270,000,000 | |||||||||||||||||||||
TCPC Funding Facility | 2023 | L+2.00% | ‡ | 215,000,000 | 85,000,000 | 300,000,000 | ||||||||||||||||||||||||
SBA Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | ||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 138,128,054 | — | 138,128,054 | 2022 | 4.625% | 138,739,857 | — | 138,739,857 | ||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,556,426 | — | 174,556,426 | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | ||||||||||||||||||||
TCPC Funding Facility | 2022 | L+2.00% | † | 208,500,000 | 91,500,000 | 300,000,000 | ||||||||||||||||||||||||
SBA Debentures | 2024−2028 | 2.77% | ‡ | 98,000,000 | 52,000,000 | 150,000,000 | ||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | |||||||||||||||||||||||||
Total leverage | 811,813,227 | $ | 228,500,000 | $ | 1,040,313,227 | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | ||||||||||||||||||||
Unamortized issuance costs | (6,265,516 | ) | (7,217,414 | ) | ||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 805,547,711 | $ | 965,458,014 |
* | Except for the convertible notes, the 2022 Notes and |
† | As of March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% |
‡ | Subject to certain funding requirements |
Weighted-average interest rate, excluding fees of 0.36% or 0.35% |
** | In April 2020, the maturity was extended to May 6, 2024 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | 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 | |||||||||||||||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | 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 | |||||||||||||||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 |
2019 | 2018 | 2020 | 2019 | |||||||||||
Shares Issued | 193 | 192 | 486 | 193 | ||||||||||
Average Price Per Share | $ | 14.19 | $ | 14.18 | $ | 6.25 | $ | 14.19 | ||||||
Proceeds | $ | 2,738 | $ | 2,723 | $ | 3,039 | $ | 2,738 |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | Interest income | Interest Expense | Net Investment Income | ||||||||||||||||||
Up 300 basis points | $ | 44,420,451 | $ | (8,805,000 | ) | $ | 35,615,451 | $ | 43,928,868 | $ | (9,700,844 | ) | $ | 34,228,024 | ||||||||||
Up 200 basis points | 29,613,634 | (5,870,000 | ) | 23,743,634 | 28,390,955 | (6,467,229 | ) | 21,923,726 | ||||||||||||||||
Up 100 basis points | 14,806,817 | (2,935,000 | ) | 11,871,817 | 13,136,788 | (3,233,615 | ) | 9,903,173 | ||||||||||||||||
Down 100 basis points | (14,806,817 | ) | 2,935,000 | (11,871,817 | ) | (5,420,996 | ) | 3,233,615 | (2,187,381 | ) | ||||||||||||||
Down 200 basis points | (26,218,945 | ) | 5,870,000 | (20,348,945 | ) | (5,832,005 | ) | 3,564,737 | (2,267,268 | ) | ||||||||||||||
Down 300 basis points | (29,975,205 | ) | 7,647,730 | (22,327,475 | ) | (5,946,845 | ) | 3,564,737 | (2,382,108 | ) |
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: May | ||
By: | /s/ Howard M. Levkowitz | |
Name: | Howard M. Levkowitz | |
Title: | Chief Executive Officer | |
Date: May | ||
By: | /s/ Paul L. Davis | |
Name: | Paul L. Davis | |
Title: | Chief Financial Officer |