☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
For the Quarter Ended | |||||
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 | ||||
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) | ||||
2951 28th Street, Suite 1000 | |||||
Santa Monica, California | 90405 | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Common Stock, par value $0.001 per share | TCPC | NASDAQ Global Select Market | ||||||
(Title of each class) | (Trading Symbol(s) ) | (Name of each exchange where registered) |
Large accelerated filer x | Accelerated filer ¨ | ||||
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. | Other Information | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. |
September 30, 2020 | December 31, 2019 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Investments, at fair value: | |||||||||||
Companies less than 5% owned (cost of $1,491,568,519 and $1,483,508,500, respectively) | $ | 1,455,065,353 | $ | 1,474,318,011 | |||||||
Companies 5% to 25% owned (cost of $66,501,857 and $70,112,667, respectively) | 77,568,333 | 75,880,291 | |||||||||
Companies more than 25% owned (cost of $134,012,301 and $135,655,840, respectively) | 96,131,168 | 99,308,593 | |||||||||
Total investments (cost of $1,692,082,677 and $1,689,277,007, respectively) | 1,628,764,854 | 1,649,506,895 | |||||||||
Cash and cash equivalents | 35,449,403 | 44,848,539 | |||||||||
Accrued interest income: | |||||||||||
Companies less than 5% owned | 15,101,313 | 16,937,339 | |||||||||
Companies 5% to 25% owned | 986,470 | 665,165 | |||||||||
Companies more than 25% owned | 13,611 | 305,721 | |||||||||
Deferred debt issuance costs | 5,276,610 | 5,476,382 | |||||||||
Receivable for investments sold | 167,273 | 1,316,667 | |||||||||
Prepaid expenses and other assets | 3,010,077 | 3,012,488 | |||||||||
Total assets | 1,688,769,611 | 1,722,069,196 | |||||||||
Liabilities | |||||||||||
Debt, net of unamortized issuance costs of $6,239,766 and $7,711,684, respectively | 931,750,580 | 907,802,387 | |||||||||
Payable for investments purchased | 6,585,962 | 13,057,446 | |||||||||
Management and advisory fees payable | 5,687,951 | 5,429,075 | |||||||||
Incentive compensation payable | 5,048,103 | 4,753,671 | |||||||||
Interest payable | 2,927,340 | 10,837,121 | |||||||||
Payable to the Advisor | 590,537 | 1,591,651 | |||||||||
Accrued expenses and other liabilities | 1,850,714 | 2,279,459 | |||||||||
Total liabilities | 954,441,187 | 945,750,810 | |||||||||
Commitments and contingencies (Note 5) | |||||||||||
Net assets | $ | 734,328,424 | $ | 776,318,386 | |||||||
Composition of net assets | |||||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and 58,766,426 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | $ | 57,767 | $ | 58,766 | |||||||
Paid-in capital in excess of par | 991,286,424 | 997,379,362 | |||||||||
Distributable earnings (loss) | (257,015,767) | (221,119,742) | |||||||||
Net assets | $ | 734,328,424 | $ | 776,318,386 | |||||||
Net assets per share | $ | 12.71 | $ | 13.21 |
March 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investments, at fair value: | |||||||
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 | 8,574,859 | 44,848,539 | |||||
Accrued interest income: | |||||||
Companies less than 5% owned | 17,329,567 | 16,937,339 | |||||
Companies 5% to 25% owned | 729,805 | 665,165 | |||||
Companies more than 25% owned | 349,945 | 305,721 | |||||
Deferred debt issuance costs | 5,073,471 | 5,476,382 | |||||
Receivable for investments sold | 510,570 | 1,316,667 | |||||
Prepaid expenses and other assets | 4,917,342 | 3,012,488 | |||||
Total assets | 1,663,404,433 | 1,722,069,196 | |||||
Liabilities | |||||||
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 | 4,825,000 | 13,057,446 | |||||
Interest payable | 4,424,813 | 10,837,121 | |||||
Payable to the Advisor | 1,344,290 | 1,591,651 | |||||
Incentive compensation payable | — | 4,753,671 | |||||
Accrued expenses and other liabilities | 1,838,116 | 2,279,459 | |||||
Total liabilities | 983,820,522 | 945,750,810 | |||||
Commitments and contingencies (Note 5) | |||||||
Net assets | $ | 679,583,911 | $ | 776,318,386 | |||
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 | 991,283,210 | 997,379,362 | |||||
Distributable earnings (loss) | (311,757,066 | ) | (221,119,742 | ) | |||
Net assets | $ | 679,583,911 | $ | 776,318,386 | |||
Net assets per share | $ | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace and Defense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unanet, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | — | 6.25 | % | 6.44 | % | 5/31/2024 | $ | 5,127,551 | $ | 5,068,367 | $ | 4,836,735 | 0.29 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unanet, Inc. | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 6.44 | % | 5/31/2024 | $ | 19,897,959 | 19,738,978 | 19,141,837 | 1.15 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unanet, Inc. | Sr Secured Revolver | LIBOR(M) | — | 6.25 | % | 6.44 | % | 5/31/2024 | $ | 2,448,980 | 2,430,383 | 2,355,918 | 0.14 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
27,237,728 | 26,334,490 | 1.58 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N902FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 2/1/2022 | $ | 617,512 | 615,492 | 600,221 | 0.04 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N903FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 2/1/2022 | $ | 708,921 | 706,602 | 689,071 | 0.04 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N904FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 2/1/2022 | $ | 788,974 | 786,394 | 766,883 | 0.05 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N905FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 2/1/2022 | $ | 595,755 | 593,806 | 579,074 | 0.03 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N906FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 5/1/2022 | $ | 650,727 | 648,128 | 632,507 | 0.04 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N907FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 5/1/2022 | $ | 675,835 | 673,135 | 656,912 | 0.04 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N908FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 5/1/2022 | $ | 964,899 | 961,044 | 937,882 | 0.06 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N909FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 8/1/2022 | $ | 498,560 | 496,442 | 484,600 | 0.03 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Junior Loan Agreement (N910FJ) | LIBOR(Q) | — | 7.50 | % | 7.75 | % | 8/1/2022 | $ | 478,892 | 476,858 | 465,483 | 0.03 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Incremental Loan | LIBOR(M) | 2.00 | % | 5.00 | % | 7.00 | % | 9/27/2023 | $ | 2,124,097 | 2,103,402 | 1,973,286 | 0.12 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa Airlines, Inc. | Aircraft Acquisition Loan | LIBOR(M) | 2.00 | % | 5.00 | % | 7.00 | % | 6/5/2023 | $ | 17,037,024 | 16,883,384 | 15,963,692 | 0.96 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Sky Flight, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 12/27/2024 | $ | 19,250,000 | 18,910,671 | 19,442,500 | 1.17 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
43,855,358 | 43,192,111 | 2.61 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 0.25 | % | 10.75 | % | 11.06 | % | 1/1/2022 | $ | 41,207,522 | 41,183,626 | 39,064,731 | 2.35 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR(Q) | 0.25 | % | 10.75 | % | 11.06 | % | 1/1/2022 | $ | 16,307,846 | 16,283,070 | 15,459,838 | 0.93 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DealerFX, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25% Cash + 2.00% PIK | 9.25 | % | 2/1/2023 | $ | 16,475,518 | 16,306,053 | 16,129,532 | 0.97 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
73,772,749 | 70,654,101 | 4.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Building Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.00 | % | 12/31/2020 | $ | 834,573 | 834,441 | 818,716 | 0.05 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.00 | % | 12/31/2020 | $ | 33,759,684 | 33,753,568 | 33,118,250 | 1.99 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
34,588,009 | 33,936,966 | 2.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 15,080,645 | 14,763,799 | 15,076,121 | 0.91 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HighTower Holding, LLC | Second Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 8.75 | % | 9.75 | % | 1/31/2026 | $ | 6,169,355 | 6,069,787 | 6,167,504 | 0.37 | % | 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 | 20,928,723 | 21,246,232 | 1.28 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
41,762,309 | 42,489,857 | 2.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Services and Supplies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.73 | % | 11/7/2026 | $ | 1,427,124 | 1,414,242 | 1,420,414 | 0.09 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.50 | % | 11/7/2026 | $ | 202,108 | 184,956 | 192,306 | 0.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.50 | % | 11/7/2026 | $ | 6,486,928 | 6,432,316 | 6,454,493 | 0.39 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Team Software, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | — | 5.50 | % | 5.75 | % | 9/17/2023 | $ | 7,220,080 | 7,135,091 | 7,090,119 | 0.43 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Team Software, Inc. | First Lien Revolver | LIBOR(Q) | — | 5.50 | % | 5.75 | % | 9/17/2023 | $ | 1,053,363 | 1,021,418 | 990,161 | 0.06 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Team Software, Inc. | First Lien Term Loan | LIBOR(Q) | — | 5.50 | % | 5.75 | % | 9/17/2023 | $ | 13,167,038 | 13,039,675 | 12,930,031 | 0.78 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
29,227,698 | 29,077,524 | 1.76 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited (United Kingdom) | 1.25 Lien Term Loan | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 225,764 | $ | 225,764 | $ | 225,764 | 0.01 | % | H/N | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited (United Kingdom) | 1.5 Lien Delayed Draw Term Loan | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 1,331,667 | 1,331,667 | 1,331,667 | 0.08 | % | H/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Avanti Communications Jersey Limited (United Kingdom) | 1.5 Lien Term Loan | Fixed | — | 12.50 | % | 12.50 | % | 5/24/2021 | $ | 310,137 | 276,288 | 310,137 | 0.02 | % | H/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 | 978,061 | 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 | 2,495,739 | 0.15 | % | C/E/G/H/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,489,524 | 5,341,368 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Engineering | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 10.00 | % | 11.00 | % | 7/25/2021 | $ | 2,628,475 | 2,610,742 | 2,142,470 | 0.13 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan (3.15% Exit Fee) | LIBOR(Q) | 1.00 | % | 10.00 | % | 11.00 | % | 7/25/2021 | $ | 14,548,744 | 14,514,161 | 11,858,681 | 0.71 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
17,124,903 | 14,001,151 | 0.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | 0.50 | % | 6.50 | % | 7.00 | % | 12/21/2021 | $ | 23,971,792 | 23,862,639 | 23,971,792 | 1.43 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Barri Financial Group, LL | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 8.75 | % | 10/23/2024 | $ | 16,507,539 | 16,160,090 | 16,656,107 | 1.00 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Open Lending, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 3/11/2027 | $ | 4,937,500 | 4,793,326 | 4,912,813 | 0.30 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
44,816,055 | 45,540,712 | 2.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 12/9/2021 | $ | 5,638,742 | 5,638,742 | 5,638,742 | 0.34 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc. | First Lien Term Loan B | LIBOR(Q) | 1.00 | % | 8.50 | % | 9.50 | % | 6/9/2021 | $ | 10,917,544 | 10,315,636 | 10,917,544 | 0.66 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc. | Second Lien Term Loan | Fixed | — | 7.00% PIK | 7.00 | % | 12/8/2021 | $ | 8,730,763 | 8,730,763 | 8,730,763 | 0.52 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc. | Second Lien Revolver | Fixed | — | 5.00% PIK | 5.00 | % | 12/9/2021 | $ | 5,732,733 | 5,732,733 | 5,732,733 | 0.34 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00% PIK | 10.00 | % | 12/9/2021 | $ | 18,983,826 | 18,821,668 | 18,983,826 | 1.14 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50% PIK | 8.50 | % | 12/9/2021 | $ | 3,918,862 | 3,918,862 | 3,918,862 | 0.24 | % | B/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Educationcity Limited (Edmentum) | Sr Unsecured Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 12/9/2021 | $ | 3,707,423 | 3,682,688 | 3,707,423 | 0.22 | % | B/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Spark Networks, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | — | (24,339) | (11,266) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Spark Networks, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 7/1/2023 | $ | 20,452,504 | 19,922,271 | 20,157,988 | 1.21 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
76,739,024 | 77,776,615 | 4.67 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 40,834,418 | 2.45 | % | E/F/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aretec Group, Inc. (Cetera) | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 8.40 | % | 10/1/2026 | $ | 27,105,263 | 26,869,689 | 23,129,735 | 1.39 | % | 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 | 32,490,000 | 1.95 | % | H/I/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Delayed Term Loan B | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 18,836,223 | 18,522,666 | 18,509,018 | 1.11 | % | H/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GC Agile Holdings Limited (Apex) (England) | First Lien Term Loan A | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.25 | % | 6/15/2025 | $ | 818,677 | 805,409 | 801,730 | 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 | 2,308,222 | 2,333,333 | 0.14 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
127,340,404 | 118,098,234 | 7.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 8.00 | % | 9.00 | % | 9/29/2025 | $ | 24,840,563 | 24,674,558 | 24,840,563 | 1.49 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Aventiv Technologies, Inc. (Securus) | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.25 | % | 9.25 | % | 11/1/2025 | $ | 25,846,154 | 25,664,949 | 16,208,382 | 0.97 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telarix, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 7,387,500 | 7,308,552 | 7,154,055 | 0.43 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telarix, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.00 | % | 7.00 | % | 11/19/2023 | $ | 357,143 | 353,704 | 345,857 | 0.02 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
58,001,763 | 48,548,857 | 2.91 | % |
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore) | First Lien Term Loan | Fixed | — | — | — | 6/30/2021 | $ | 2,110,141 | $ | 2,110,141 | $ | 1,290,984 | 0.08 | % | C/F/H/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | — | — | 9/30/2020 | $ | 6,578,877 | 6,578,877 | 3,267,728 | 0.20 | % | C/F/H/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | Fixed | — | — | — | 9/30/2020 | $ | 8,668,850 | 8,668,850 | 2,022,443 | 0.12 | % | C/F/H/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
17,357,868 | 6,581,155 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(Q) | — | 6.25 | % | 6.50 | % | 5/22/2023 | $ | 522,897 | 517,057 | 518,191 | 0.03 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.25 | % | 6.50 | % | 5/22/2023 | $ | 8,668,436 | 8,570,486 | 8,590,420 | 0.52 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9,087,543 | 9,108,611 | 0.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Equipment and Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Incremental Term Loan (4.0% Exit Fee) | LIBOR(M) | 2.00 | % | 8.50 | % | — | 8/31/2021 | $ | 4,245,365 | 4,230,963 | 1,485,878 | 0.09 | % | C/L/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Incremental Term Loan A | LIBOR(M) | 2.00 | % | 8.50 | % | 10.50 | % | 8/31/2021 | $ | 205,484 | 205,484 | 205,484 | 0.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(M) | — | 11.44 | % | — | 8/31/2021 | $ | 2,324,588 | 2,267,956 | 813,606 | 0.05 | % | C/L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sphera Solutions, Inc. (Diamondback) | First Lien FILO Term Loan B | LIBOR(Q) | 1.00 | % | 8.81 | % | 9.81 | % | 6/14/2022 | $ | 23,436,561 | 23,157,209 | 23,131,885 | 1.39 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
29,861,612 | 25,636,853 | 1.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAREATC, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 3/14/2024 | $ | 8,502,033 | 8,372,886 | 8,493,531 | 0.51 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CAREATC, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 3/14/2024 | $ | — | (8,556) | (607) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Edifecs, Inc | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 9/21/2026 | $ | 1,388,889 | 1,354,297 | 1,354,167 | 0.08 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 9.50 | % | 6/26/2022 | $ | 440,474 | 438,320 | 438,272 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 6/26/2022 | $ | 1,189,083 | 1,182,265 | 1,183,138 | 0.07 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 6/26/2022 | $ | 6,169,510 | 6,140,965 | 6,138,224 | 0.37 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | — | 6.00 | % | 6.25 | % | 7/23/2024 | $ | 20,250,000 | 20,003,511 | 19,561,500 | 1.18 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sandata Technologies, LLC | Sr Secured Revolver | LIBOR(Q) | — | 6.00 | % | 6.25 | % | 7/23/2024 | $ | 2,250,000 | 2,223,501 | 2,173,500 | 0.13 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
39,707,189 | 39,341,725 | 2.37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotels, Restaurants and Leisure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR(Q) | — | 1.3% Cash + 8.45% PIK | 10.00 | % | 1/26/2022 | $ | 25,662,183 | 25,456,660 | 15,730,918 | 0.95 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.25 | % | 12/20/2021 | $ | 5,634,101 | 5,634,101 | 4,552,354 | 0.27 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.25 | % | 12/20/2021 | $ | 13,473,657 | 13,434,395 | 10,886,715 | 0.65 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.25 | % | 12/20/2021 | $ | 671,356 | 669,543 | 542,455 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 3/31/2022 | $ | 2,406,653 | 2,391,015 | 2,146,734 | 0.13 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 3/31/2022 | $ | 143,525 | 142,836 | 128,024 | 0.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 3/31/2022 | $ | 553,360 | 553,360 | 493,597 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC (Southern Theatres) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 3/31/2022 | $ | 1,031,968 | 1,027,534 | 920,516 | 0.06 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
49,309,444 | 35,401,313 | 2.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.00 | % | 10/31/2024 | $ | 4,503,125 | 4,437,467 | 4,422,519 | 0.27 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2-10 Holdco, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.00 | % | 10/31/2024 | $ | — | (5,687) | (7,458) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings, LLC | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.50 | % | 9.50 | % | 3/18/2028 | $ | 21,356,400 | 20,939,684 | 21,164,193 | 1.27 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency, Inc. | Second Lien Term Loan | LIBOR(M) | 1.00 | % | 7.50 | % | 8.50 | % | 12/19/2025 | $ | 28,000,000 | 27,816,436 | 27,720,000 | 1.67 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
53,187,900 | 53,299,254 | 3.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internet and Catalog Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Live Auctioneers LLC | First Lien Last Out B-2 Term Loan | LIBOR(Q) | 1.00 | % | 6.76 | % | 7.76 | % | 5/20/2025 | $ | 13,855,133 | $ | 13,624,098 | $ | 13,550,320 | 0.81 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.00 | % | 11/1/2025 | $ | 16,648,997 | 16,354,623 | 16,782,188 | 1.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquia Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.00 | % | 11/1/2025 | $ | — | (30,611) | — | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Domo, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR(M) | 1.50 | % | 5.5% Cash + 2.5% PIK | 9.50 | % | 4/1/2025 | $ | 53,127,799 | 53,049,139 | 54,084,100 | 3.25 | % | L/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Domo, Inc. | First Lien Term Loan | LIBOR(M) | — | 9.5% PIK | 9.50 | % | 4/1/2025 | $ | 2,506,304 | 16,426 | 2,543,898 | 0.15 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FinancialForce.com, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR(M) | 2.75 | % | 6.75 | % | 9.50 | % | 2/1/2024 | $ | 28,000,000 | 27,600,518 | 28,420,000 | 1.71 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR(M) | 2.19 | % | 7.25 | % | 9.44 | % | 10/1/2022 | $ | 33,750,000 | 33,524,438 | 33,851,250 | 2.03 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Incremental Term Loan | LIBOR(M) | 2.19 | % | 7.25 | % | 9.44 | % | 10/1/2022 | $ | 7,500,000 | 7,260,786 | 7,477,500 | 0.45 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Metricstream, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 9/28/2024 | $ | 23,104,483 | 22,643,279 | 22,642,394 | 1.36 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Persado, Inc. | First Lien Delayed Term Loan (4.25% Exit Fee) | LIBOR(M) | 1.80 | % | 7.00 | % | 8.80 | % | 2/1/2025 | $ | 8,782,078 | 8,705,607 | 8,703,040 | 0.52 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | — | 8.00 | % | 8.15 | % | 4/2/2027 | € | 9,903,019 | 9,724,160 | 9,308,838 | 0.56 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ResearchGate GmBH (Germany) | First Lien Term Loan | LIBOR(M) | — | 8.55 | % | 8.55 | % | 10/1/2022 | € | 6,714,000 | 7,975,407 | 8,531,029 | 0.51 | % | D/H/L/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
186,823,772 | 192,344,237 | 11.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Donuts Inc. | First Lien Revolver | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.25 | % | 9/17/2023 | $ | — | (19,119) | (1,448) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Donuts Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.25 | % | 7.25 | % | 9/17/2023 | $ | 10,537,412 | 10,333,398 | 10,522,660 | 0.63 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Puppet, Inc. | First Lien Term Loan (3.0% Exit Fee) | LIBOR(Q) | 1.00 | % | 8.50 | % | 9.50 | % | 6/19/2023 | $ | 10,448,202 | 10,096,160 | 10,155,652 | 0.61 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Web.com Group Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.75 | % | 7.90 | % | 10/11/2026 | $ | 21,466,800 | 21,238,562 | 20,433,710 | 1.23 | % | G/J | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan B | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 4,996,644 | 4,936,062 | 4,941,681 | 0.30 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Xactly Corporation | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 2,726,918 | 2,701,907 | 2,696,922 | 0.16 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | 6,948,120 | 6,890,913 | 6,871,691 | 0.41 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Xactly Corporation | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.25 | % | 8.25 | % | 7/31/2022 | $ | — | (6,300) | (9,404) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
56,171,583 | 55,611,464 | 3.34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leisure Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 8.97 | % | 6/15/2024 | $ | 56,233 | 55,483 | 52,268 | — | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Revolver | LIBOR(Q) | 1.00 | % | 5.75 | % | 6.75 | % | 6/15/2024 | $ | 112,544 | 111,064 | 104,610 | 0.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | 8.75 | % | 6/15/2024 | $ | 1,545,548 | 1,524,619 | 1,436,587 | 0.09 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1,691,166 | 1,593,465 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR(Q) | — | 7.50 | % | 7.81 | % | 9/21/2022 | $ | 1,200,000 | 1,192,253 | 1,159,680 | 0.07 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR(Q) | — | 7.50 | % | 7.81 | % | 9/21/2022 | $ | 9,500,712 | 9,425,367 | 9,181,488 | 0.55 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.21 | % | 10/3/2022 | $ | 254,689 | 240,335 | 221,070 | 0.01 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Khoros, LLC (Lithium) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.21 | % | 10/3/2022 | $ | 75,871 | 70,560 | 65,856 | — | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Khoros, LLC (Lithium) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 7,131,905 | 7,044,936 | 6,975,003 | 0.42 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Khoros, LLC (Lithium) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 10/3/2022 | $ | 20,884,731 | 20,682,102 | 20,425,267 | 1.23 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NEP II, Inc. | Second Lien Term Loan | LIBOR(M) | — | 7.00 | % | 7.15 | % | 10/19/2026 | $ | 25,000,000 | 24,776,592 | 20,041,625 | 1.20 | % | G | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Quora, Inc. | First Lien Term Loan (4.0% Exit Fee) | Fixed | — | 10.10 | % | 10.10 | % | 5/1/2022 | $ | 12,692,602 | 12,569,345 | 12,756,065 | 0.77 | % | L/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
76,001,490 | 70,826,054 | 4.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal and Mining | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neenah Foundry Company | First Lien Term Loan B | LIBOR(Q) | 1.00 | % | 6.5% Cash + 2.5% PIK | 10.00 | % | 12/13/2022 | $ | 4,745,680 | 4,719,143 | 4,152,470 | 0.25 | % | 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 | 1,635,903 | 1,635,903 | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Olaplex, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2025 | $ | 670,000 | $ | 646,706 | $ | 670,000 | 0.04 | % | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 1/8/2026 | $ | 13,489,248 | 13,245,276 | 13,759,033 | 0.83 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
13,891,982 | 14,429,033 | 0.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cambrex Corporation | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 9.00 | % | 10.00 | % | 12/4/2027 | $ | 15,441,176 | 15,159,252 | 15,441,176 | 0.93 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
P&L Development, LLC | First Lien Term Loan | LIBOR(M) | 2.00 | % | 7.50 | % | 9.50 | % | 6/28/2024 | $ | 8,547,500 | 8,377,414 | 8,504,762 | 0.51 | % | G/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
23,536,666 | 23,945,938 | 1.44 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.00 | % | 9/20/2022 | $ | 20,772,306 | 20,586,103 | 20,668,444 | 1.24 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 5.00 | % | 6.00 | % | 9/20/2022 | $ | — | (11,967) | (7,549) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.75 | % | — | 6/1/2025 | $ | 7,875,338 | 7,820,788 | 4,016,422 | 0.24 | % | C/G/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dude Solutions Holdings, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 6/13/2025 | $ | 588,772 | 549,192 | 588,772 | 0.04 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 6/13/2025 | $ | 16,906,042 | 16,584,849 | 16,939,854 | 1.02 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dude Solutions Holdings, Inc. | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 7.50 | % | 8.50 | % | 6/13/2025 | $ | 2,230,299 | 2,183,968 | 2,234,760 | 0.13 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | — | (1,606) | (1,691) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
iCIMS, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.50 | % | 9/12/2024 | $ | 2,351,073 | 2,313,407 | 2,318,394 | 0.14 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. | Second Lien Term Loan | LIBOR(Q) | — | 8.50 | % | 8.72 | % | 3/5/2027 | $ | 5,820,856 | 5,667,360 | 5,529,814 | 0.33 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RigUp, Inc. | First Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR(M) | 1.50 | % | 7.00 | % | 8.50 | % | 3/1/2024 | $ | 19,333,333 | 18,824,182 | 18,840,333 | 1.13 | % | L/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
74,516,276 | 71,127,553 | 4.27 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Management and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Space Midco, Inc. (Archibus) | First Lien Term Loan | LIBOR(M) | — | 6.25 | % | 6.44 | % | 12/5/2023 | $ | 4,444,444 | 4,383,613 | 4,244,444 | 0.26 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Space Midco, Inc. (Archibus) | Sr Secured Revolver | LIBOR(Q) | — | 6.25 | % | 6.50 | % | 12/5/2023 | $ | — | (3,685) | (12,500) | — | % | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4,379,928 | 4,231,944 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Road and Rail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlobalTranz Enterprises LLC | Second Lien Term Loan | LIBOR(M) | — | 8.25 | % | 8.39 | % | 5/15/2027 | $ | 19,382,324 | 19,035,087 | 15,680,300 | 0.94 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Delayed Draw Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 3,188,631 | 3,147,840 | 3,137,613 | 0.19 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Certify, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | 23,383,293 | 23,307,545 | 23,009,160 | 1.38 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Certify, Inc. | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 5.75 | % | 6.75 | % | 2/28/2024 | $ | — | (15,572) | (17,006) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketlive, LLC (Kibo) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 12/18/2020 | $ | 5,038,346 | 5,016,655 | 5,023,231 | 0.30 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 7.00 | % | 8.09 | % | 5/3/2025 | $ | 331,750 | 305,087 | 319,658 | 0.02 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 5.5% Cash + 1% PIK | 8.09 | % | 5/3/2025 | $ | 14,616,458 | 14,385,444 | 14,514,143 | 0.87 | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | Sr Secured Revolver | LIBOR(Q) | 1.00 | % | 6.50 | % | 7.50 | % | 5/3/2025 | $ | 590,882 | 571,841 | 582,438 | 0.03 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Delayed Draw Term Loan | LIBOR(Q) | 1.00 | % | 6.50 | % | 8.09 | % | 5/3/2025 | $ | — | (12,698) | (5,710) | — | K/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | First Lien Incremental Term Loan | LIBOR(Q) | 1.00 | % | 5.5% Cash + 1% PIK | 8.09 | % | 5/3/2025 | $ | 1,235,747 | 1,216,240 | 1,227,097 | 0.07 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Snow Software AB | First Lien Term Loan | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 10,373,317 | 10,214,880 | 10,552,775 | 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 | 11,349,621 | 11,743,574 | 0.71 | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Snow Software AB | Sr Secured Revolver | LIBOR(Q) | 2.00 | % | 6.50 | % | 8.50 | % | 4/17/2024 | $ | 4,360,548 | 4,297,112 | 4,360,548 | 0.26 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Superman Holdings, LLC | Sr Secured Revolver | PRIME | — | 7.00 | % | 10.25 | % | 8/31/2026 | $ | — | (30,956) | (22,608) | — | K/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superman Holdings, LLC | Sr Secured Revolver | PRIME | — | 7.00 | % | 10.25 | % | 8/31/2027 | $ | 8,842,422 | 8,624,418 | 8,683,258 | 0.52 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Syntellis Performance Solutions, Inc. | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 8/2/2027 | $ | 21,455,939 | 20,821,672 | 21,026,820 | 1.26 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Winshuttle, LLC | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.42 | % | 9.02 | % | 8/9/2024 | $ | 13,902,629 | 13,593,407 | 13,847,019 | 0.83 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
116,792,536 | 117,982,010 | 7.07 | % |
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calceus Acquisition, Inc. (Cole Haan) | First Lien Term Loan B | LIBOR(Q) | — | 5.50 | % | 5.76 | % | 2/12/2025 | $ | 624,562 | $ | 591,483 | $ | 587,089 | 0.04 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||
Calceus Acquisition, Inc. (Cole Haan) | Sr Secured Notes | Fixed | — | 9.75 | % | 9.75 | % | 2/19/2025 | $ | 20,000,000 | 19,425,878 | 21,660,000 | 1.30 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 8.84 | % | 9.84 | % | 9/12/2022 | $ | 4,588,974 | 4,537,023 | 4,634,863 | 0.28 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
24,554,384 | 26,881,952 | 1.62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology Hardware, Storage and Peripherals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulse Secure, LLC | Sr Secured Revolver | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 8/22/2025 | $ | — | (27,196) | (27,630) | — | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.50 | % | 7.50 | % | 8/24/2027 | $ | 11,051,732 | 10,833,341 | 10,830,697 | 0.65 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10,806,145 | 10,803,067 | 0.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Textiles, Apparel and Luxury Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR(M) | 1.00 | % | 7.75 | % | 8.75 | % | 12/28/2023 | $ | 18,246,847 | 18,152,360 | 18,356,328 | 1.10 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien FILO II Term Loan | LIBOR(Q) | — | 7.25 | % | 10.50 | % | 10/12/2023 | $ | 10,793,402 | 10,591,168 | 10,793,402 | 0.65 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PSEB, LLC (Eddie Bauer) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00 | % | 9.50 | % | 10/12/2023 | $ | 38,271,603 | 37,566,458 | 38,730,863 | 2.32 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 9.26 | % | 7/16/2025 | $ | 26,553,863 | 26,320,303 | 26,075,893 | 1.57 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
WH Buyer, LLC (Anne Klein) | First Lien Incremental Term Loan | LIBOR(Q) | 1.50 | % | 7.76 | % | 9.26 | % | 7/16/2025 | $ | 5,094,580 | 5,047,397 | 5,002,878 | 0.30 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
97,677,686 | 98,959,364 | 5.94 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thrifts and Mortgage Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR(Q) | 1.00 | % | 8.00 | % | 9.00 | % | 4/17/2024 | $ | 24,641,129 | 24,522,306 | 24,887,540 | 1.49 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR(M) | 1.00 | % | 6.25 | % | 7.25 | % | 10/13/2022 | $ | 2,857,143 | 2,834,253 | 2,857,143 | 0.17 | % | N | ||||||||||||||||||||||||||||||||||||||||||||||||||||
27,356,559 | 27,744,683 | 1.66 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tobacco Related | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Juul Labs, Inc. | First Lien Term Loan | LIBOR(Q) | 1.50 | % | 8.00% Cash | 9.50 | % | 8/2/2023 | $ | 26,452,995 | 26,252,735 | 26,770,431 | 1.61 | % | N | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Investments - 204.6% of Net Assets | 1,559,934,219 | 1,502,631,085 | 90.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airlines | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky) | Common Stock | 1,842 | 855,313 | 7,408,042 | 0.46 | % | C/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Autoalert Acquisition Co, LLC | Warrants to Purchase LLC Interest | 6/28/2030 | 7 | 2,910,423 | 2,893,147 | 0.17 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Markets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pico Quantitative Trading, LLC | Warrants to Purchase Membership Units (144A) | 2/7/2030 | 287 | 645,121 | 741,425 | 0.04 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Series A Preferred Stock | 1,786,785 | 485,322 | 485,444 | 0.03 | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Series B Preferred Stock | 1,250,749 | — | — | — | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp. | Class C Common Stock | 982,732 | — | — | — | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
485,322 | 485,444 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 26,576,710 | 4,902,674 | — | — | C/D/H/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Consumer Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,001,450 | 0.06 | B/C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Warrants to Purchase Class A Units | 2/23/2028 | 788,112 | 1 | 4,947,854 | 0.30 | B/C/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
680,227 | 5,949,304 | 0.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 22,199,416 | $ | 22,199,416 | $ | 32,467,000 | 1.95 | % | E/F/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC | Membership Units | 16,680,869 | 16,680,869 | 15,846,826 | 0.95 | % | E/F/I/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GACP I, LP (Great American Capital) | Membership Units | 1,514,385 | 1,514,385 | 2,053,840 | 0.12 | % | E/I/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GACP II, LP (Great American Capital) | Membership Units | 19,481,513 | 19,481,513 | 20,364,250 | 1.22 | % | E/I/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
59,876,183 | 70,731,916 | 4.24 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Common Stock | 29,094 | 216,336 | — | — | C/E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilidata, Inc. | Series C Preferred Stock | 257,369 | 153,398 | 181,000 | 0.01 | C/E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilidata, Inc. | Series CC Preferred Stock | 500,000 | 500,000 | 12,000 | — | C/E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11,098,416 | 193,000 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electrical Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Series A Preferred Units | 8,020,824 | 7,511,391 | 7,948,637 | 0.49 | % | C/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TCFI Amteck Holdings, LLC | Common Units | 362,513 | 395,336 | 5,289,065 | 0.33 | % | C/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,906,727 | 13,237,702 | 0.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | C/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series E Preferred Stock | 2/7/2027 | 2048000 | 505,450 | 0 | 0 | C/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
754,005 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internet Software and Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domo, Inc. | Warrants to Purchase Class B Common Stock | 8/7/2023 | 49,792 | 1,543,054 | 1,908,527 | 0.12 | % | C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | 1/30/2029 | 840,000 | 287,985 | 387,600 | 0.02 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 5/4/2027 | 2,062,500 | 508,805 | 991,571 | 0.06 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 8/15/2027 | 1,327,869 | 212,360 | 392,459 | 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 | 473,606 | 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 | 328,986 | 0.02 | % | C/E/H/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ResearchGate Corporation (Germany) | Warrants to Purchase Series D Preferred Stock | 10/30/2029 | 333,370 | 202,001 | 80,000 | — | % | C/D/E/H/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Snaplogic, Inc. | Warrants to Purchase Series Preferred Stock | 3/19/2028 | 1,860,000 | 377,722 | 5,000,000 | 0.30 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3,501,826 | 9,562,749 | 0.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IT Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelis (SVC), LLC | Preferred Units | 657,932 | $ | 2,001,384 | $ | 77,482 | — | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Sciences Tools and Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Envigo RMS Holdings Corp. | Common Stock | 36,413 | — | 199,907 | 0.01 | % | C/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | 2,772,807 | 6,746,723 | 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 | 362,686 | 0.02 | % | B/C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 10/17/2026 | 346,794 | 198,032 | 366,284 | 0.02 | % | B/C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quora, Inc. | Warrants to Purchase Series D Preferred Stock | 4/11/2029 | 507,704 | 65,245 | 94,941 | 0.01 | 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 | 7,615,777 | 0.46 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil, Gas and Consumable Fuels | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 4,877,540 | 0.29 | % | B/C/E/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 401,769 | 0.02 | % | C/E/F/N | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Semiconductors and Semiconductor Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 3/29/2023 | 800,000 | 605,266 | 883,782 | 0.05 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series G Preferred Stock | 5/5/2027 | 1,052,651 | 188,770 | 371,021 | 0.02 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 3/26/2027 | 1,712,930 | 577,843 | 503,762 | 0.03 | % | C/E/N | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
766,613 | 874,783 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity Securities - 17.2% of Net Assets | 132,148,458 | 126,133,769 | 7.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments - 221.8% of Net Assets | $ | 1,692,082,677 | $ | 1,628,764,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 35,449,403 | 2.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 35,449,403 | 2.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cash and Investments - 226.6% of Net Assets | $ | 1,664,214,257 | 100.00 | % | M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||
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 |
(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 |
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 (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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
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 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) | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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 | 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 | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Investment income | Investment income | |||||||||||||||||||||||||||||
Interest income (excluding PIK): | Interest income (excluding PIK): | |||||||||||||||||||||||||||||
Companies less than 5% owned | $ | 35,989,337 | $ | 42,956,654 | Companies less than 5% owned | $ | 34,362,132 | $ | 44,778,592 | $ | 105,290,665 | $ | 128,578,869 | |||||||||||||||||
Companies 5% to 25% owned | 552,275 | 729,267 | Companies 5% to 25% owned | 1,047,031 | 495,480 | 2,051,272 | 2,208,502 | |||||||||||||||||||||||
Companies more than 25% owned | 1,676,256 | 896,257 | Companies more than 25% owned | 1,225,033 | 1,024,457 | 4,419,429 | 2,822,733 | |||||||||||||||||||||||
PIK interest income: | PIK interest income: | |||||||||||||||||||||||||||||
Companies less than 5% owned | 1,411,631 | 1,678,016 | Companies less than 5% owned | 2,275,382 | 2,525,116 | 6,244,827 | 8,363,204 | |||||||||||||||||||||||
Companies 5% to 25% owned | 1,002,130 | 716,626 | Companies 5% to 25% owned | 913,580 | 1,030,375 | 2,779,536 | 2,488,171 | |||||||||||||||||||||||
Dividend income: | Dividend income: | |||||||||||||||||||||||||||||
Companies more than 25% owned | 428,419 | 480,404 | Companies more than 25% owned | 1,270,626 | 914,330 | 2,000,771 | 1,786,932 | |||||||||||||||||||||||
Lease income: | Lease income: | |||||||||||||||||||||||||||||
Companies more than 25% owned | 38,136 | 74,457 | Companies more than 25% owned | — | 74,457 | 38,136 | 223,370 | |||||||||||||||||||||||
Other income: | Other income: | |||||||||||||||||||||||||||||
Companies less than 5% owned | 153,014 | 8,848 | Companies less than 5% owned | 1,753,914 | 797,542 | 5,739,886 | 883,721 | |||||||||||||||||||||||
Companies 5% to 25% owned | Companies 5% to 25% owned | — | — | 648,799 | — | |||||||||||||||||||||||||
Total investment income | 41,251,198 | 47,540,529 | Total investment income | 42,847,698 | 51,640,349 | 129,213,321 | 147,355,502 | |||||||||||||||||||||||
Operating expenses | Operating expenses | |||||||||||||||||||||||||||||
Interest and other debt expenses | 10,955,646 | 10,687,633 | Interest and other debt expenses | 9,729,241 | 12,419,312 | 31,330,324 | 34,251,576 | |||||||||||||||||||||||
Management and advisory fees | 6,117,043 | 6,034,741 | Management and advisory fees | 5,883,493 | 6,356,723 | 17,804,678 | 18,510,954 | |||||||||||||||||||||||
Incentive fee | Incentive fee | 5,048,103 | 5,369,678 | 10,293,407 | 15,554,088 | |||||||||||||||||||||||||
Administrative expenses | 539,947 | 599,559 | Administrative expenses | 539,947 | 599,559 | 1,619,841 | 1,798,677 | |||||||||||||||||||||||
Legal fees, professional fees and due diligence expenses | 498,410 | 437,137 | Legal fees, professional fees and due diligence expenses | 437,127 | 492,847 | 1,438,195 | 1,360,860 | |||||||||||||||||||||||
Director fees | 232,232 | 188,798 | Director fees | 220,557 | 194,396 | 660,789 | 585,522 | |||||||||||||||||||||||
Insurance expense | 175,080 | 127,328 | Insurance expense | 175,080 | 160,578 | 525,241 | 416,647 | |||||||||||||||||||||||
Custody fees | 111,667 | 99,609 | Custody fees | 106,209 | 104,841 | 329,649 | 302,054 | |||||||||||||||||||||||
Incentive fee | — | 5,353,416 | ||||||||||||||||||||||||||||
Other operating expenses | 568,249 | 692,210 | Other operating expenses | 585,228 | 628,220 | 1,983,186 | 2,127,194 | |||||||||||||||||||||||
Total operating expenses | 19,198,274 | 24,220,431 | Total operating expenses | 22,724,985 | 26,326,154 | 65,985,310 | 74,907,572 | |||||||||||||||||||||||
Net investment income | 22,052,924 | 23,320,098 | Net investment income | 20,122,713 | 25,314,195 | 63,228,011 | 72,447,930 | |||||||||||||||||||||||
Realized and unrealized gain (loss) on investments and foreign currency | ||||||||||||||||||||||||||||||
Realized and unrealized gain (loss) | Realized and unrealized gain (loss) | |||||||||||||||||||||||||||||
Net realized gain (loss): | Net realized gain (loss): | |||||||||||||||||||||||||||||
Investments in companies less than 5% owned | 4,794,459 | (300,322 | ) | Investments in companies less than 5% owned | (2,077,025) | (224,682) | 2,333,558 | (525,041) | ||||||||||||||||||||||
Investments in companies 5% to 25% owned | — | 43,320 | Investments in companies 5% to 25% owned | (15,918,435) | — | (15,918,435) | 43,320 | |||||||||||||||||||||||
Investments in companies more than 25% owned | 162,012 | — | Investments in companies more than 25% owned | — | — | 129,950 | — | |||||||||||||||||||||||
Net realized gain (loss) | 4,956,471 | (257,002 | ) | |||||||||||||||||||||||||||
Net realized loss | Net realized loss | (17,995,460) | (224,682) | (13,454,927) | (481,721) | |||||||||||||||||||||||||
Change in net unrealized appreciation/depreciation | (96,490,806 | ) | 1,058,724 | Change in net unrealized appreciation/depreciation | 46,825,959 | (6,651,462) | (23,950,016) | (40,230,222) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (91,534,335 | ) | 801,722 | Net realized and unrealized gain (loss) | 28,830,499 | (6,876,144) | (37,404,943) | (40,711,943) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (69,481,411 | ) | $ | 24,121,820 | |||||||||||||||||||||||||
Realized loss on extinguishment of debt | Realized loss on extinguishment of debt | (2,436,913) | — | (2,436,913) | — | |||||||||||||||||||||||||
Basic and diluted earnings (loss) per common share | $ | (1.18 | ) | $ | 0.41 | |||||||||||||||||||||||||
Net increase in net assets resulting from operations | Net increase in net assets resulting from operations | $ | 46,516,299 | $ | 18,438,051 | $ | 23,386,155 | $ | 31,735,987 | |||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | 58,668,432 | 58,767,442 | ||||||||||||||||||||||||||||
Basic and diluted earnings per share | Basic and diluted earnings per share | $ | 0.81 | $ | 0.31 | $ | 0.40 | $ | 0.54 | |||||||||||||||||||||
Basic and diluted weighted average shares outstanding | Basic and diluted weighted average shares outstanding | 57,767,264 | 58,766,002 | 58,066,434 | 58,766,410 |
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | |||||||||||||||||||||||||||||
Shares | Par Amount | |||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231) | $ | 830,474,727 | |||||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 193 | — | 2,738 | — | 2,738 | |||||||||||||||||||||||||||
Repurchase of common stock | (9,000) | (9) | (125,670) | — | (125,679) | |||||||||||||||||||||||||||
Net investment income | — | — | — | 23,320,098 | 23,320,098 | |||||||||||||||||||||||||||
Net realized and unrealized gain | — | — | — | 801,722 | 801,722 | |||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,619) | (21,155,619) | |||||||||||||||||||||||||||
Balance at March 31, 2019 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030) | $ | 833,317,987 | |||||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 200 | — | 2,843 | — | 2,843 | |||||||||||||||||||||||||||
Net investment income | — | — | — | 23,813,638 | 23,813,638 | |||||||||||||||||||||||||||
Net realized and unrealized loss | — | — | — | (34,637,520) | (34,637,520) | |||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,688) | (21,155,688) | |||||||||||||||||||||||||||
Balance at June 30, 2019 | 58,766,000 | $ | 58,766 | $ | 999,953,094 | $ | (198,670,600) | $ | 801,341,260 | |||||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 215 | — | 2,913 | — | 2,913 | |||||||||||||||||||||||||||
Net investment income | — | — | — | 25,314,195 | 25,314,195 | |||||||||||||||||||||||||||
Net realized and unrealized loss | — | — | — | (6,876,144) | (6,876,144) | |||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,760) | (21,155,760) | |||||||||||||||||||||||||||
Balance at September 30, 2019 | 58,766,215 | $ | 58,766 | $ | 999,956,007 | $ | (201,388,309) | $ | 798,626,464 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 352 | — | 3,214 | — | 3,214 | |||||||||||||||||||||||||||
Net investment income | — | — | — | 21,052,373 | 21,052,373 | |||||||||||||||||||||||||||
Net realized and unrealized gain | — | — | — | 25,298,894 | 25,298,894 | |||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (20,796,088) | (20,796,088) | |||||||||||||||||||||||||||
Balance at June 30, 2020 | 57,767,264 | $ | 57,767 | $ | 991,286,424 | $ | (286,201,887) | $ | 705,142,304 | |||||||||||||||||||||||
Net investment income | — | — | — | 20,122,713 | 20,122,713 | |||||||||||||||||||||||||||
Net realized and unrealized gain | — | — | — | 28,830,499 | 28,830,499 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (2,436,913) | (2,436,913) | |||||||||||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (17,330,179) | (17,330,179) | |||||||||||||||||||||||||||
Balance at September 30, 2020 | 57,767,264 | $ | 57,767 | $ | 991,286,424 | $ | (257,015,767) | $ | 734,328,424 |
Common Stock | Paid in Capital in Excess of Par | Distributable earnings (loss) | Total Net Assets | ||||||||||||||||
Shares | Par Amount | ||||||||||||||||||
Balance at December 31, 2018 | 58,774,607 | $ | 58,775 | $ | 1,000,073,183 | $ | (169,657,231 | ) | $ | 830,474,727 | |||||||||
Issuance of common stock from dividend reinvestment plan | 193 | — | 2,738 | — | 2,738 | ||||||||||||||
Repurchase of common stock | (9,000 | ) | (9 | ) | (125,670 | ) | — | (125,679 | ) | ||||||||||
Net investment income | — | — | — | 23,320,098 | 23,320,098 | ||||||||||||||
Net realized and unrealized gain | — | — | — | 801,722 | 801,722 | ||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (21,155,619 | ) | (21,155,619 | ) | ||||||||||||
Balance at March 31, 2019 | 58,765,800 | $ | 58,766 | $ | 999,950,251 | $ | (166,691,030 | ) | $ | 833,317,987 | |||||||||
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 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net increase in net assets resulting from operations | $ | 23,386,155 | $ | 31,735,987 | |||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net realized loss | 13,454,927 | 481,721 | |||||||||
Realized loss on extinguishment of debt | 2,436,913 | — | |||||||||
Change in net unrealized appreciation/depreciation of investments | 23,545,215 | 40,230,013 | |||||||||
Net amortization of investment discounts and premiums | (6,403,254) | (10,379,654) | |||||||||
Amortization of original issue discount on convertible debt | 896,286 | 965,771 | |||||||||
Interest and dividend income paid in kind | (9,024,363) | (10,851,375) | |||||||||
Amortization of deferred debt issuance costs | 2,635,272 | 2,718,735 | |||||||||
Changes in assets and liabilities: | |||||||||||
Purchases of investment securities | (268,627,023) | (547,538,826) | |||||||||
Proceeds from sales, maturities and pay downs of investments | 267,794,042 | 444,068,802 | |||||||||
Decrease in accrued interest income - companies less than 5% owned | 1,836,026 | 1,894,105 | |||||||||
Decrease (increase) in accrued interest income - companies 5% to 25% owned | (321,305) | 25,936 | |||||||||
Decrease (increase) in accrued interest income - companies more than 25% owned | 292,110 | (136,531) | |||||||||
Decrease (increase) in receivable for investments sold | 1,149,394 | (7,433,969) | |||||||||
Decrease in prepaid expenses and other assets | 2,411 | 1,832,059 | |||||||||
Increase (decrease) in payable for investments purchased | (6,471,484) | 950,987 | |||||||||
Increase (decrease) in incentive compensation payable | 294,432 | (470,668) | |||||||||
Decrease in interest payable | (7,909,781) | (2,126,330) | |||||||||
Decrease in payable to the Advisor | (1,001,114) | (467,340) | |||||||||
Increase (decrease) in management and advisory fees payable | 258,876 | (5,247,344) | |||||||||
Increase (decrease) in accrued expenses and other liabilities | (428,745) | 551,611 | |||||||||
Net cash provided by (used in) operating activities | 37,794,990 | (59,196,310) | |||||||||
Financing activities | |||||||||||
Borrowings | 380,175,324 | 519,000,000 | |||||||||
Repayments of debt | (358,518,019) | (487,500,000) | |||||||||
Payments of debt issuance costs | (3,475,314) | (4,706,156) | |||||||||
Dividends paid to common shareholders | (59,282,180) | (63,467,067) | |||||||||
Repurchase of common shares | (6,100,190) | (125,679) | |||||||||
Proceeds from issuance of notes | — | 148,135,500 | |||||||||
Proceeds from shares issued in connection with dividend reinvestment plan | 6,253 | 8,494 | |||||||||
Net cash provided by (used in) financing activities | (47,194,126) | 111,345,092 | |||||||||
Net increase (decrease) in cash and cash equivalents (including restricted cash) | (9,399,136) | 52,148,782 | |||||||||
Cash and cash equivalents (including restricted cash) at beginning of period | 44,848,539 | 27,920,402 | |||||||||
Cash and cash equivalents (including restricted cash) at end of period | $ | 35,449,403 | $ | 80,069,184 | |||||||
Supplemental cash flow information | |||||||||||
Interest payments | $ | 34,765,953 | $ | 32,007,334 | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Operating activities | |||||||
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 | 96,620,032 | (1,058,816 | ) | ||||
Net amortization of investment discounts and premiums | (1,987,612 | ) | (2,950,121 | ) | |||
Amortization of original issue discount on convertible debt | 296,039 | 305,838 | |||||
Interest and dividend income paid in kind | (2,413,761 | ) | (2,394,642 | ) | |||
Amortization of deferred debt issuance costs | 897,181 | 906,641 | |||||
Changes in assets and liabilities: | |||||||
Purchases of investment securities | (140,555,042 | ) | (147,747,739 | ) | |||
Proceeds from sales, maturities and pay downs of investments | 76,880,873 | 146,351,859 | |||||
Decrease (increase) in accrued interest income - companies less than 5% owned | (392,228 | ) | 312,309 | ||||
Increase in accrued interest income - companies 5% to 25% owned | (64,640 | ) | (428,392 | ) | |||
Increase in accrued interest income - companies more than 25% owned | (44,224 | ) | (43,989 | ) | |||
Decrease (increase) in receivable for investments sold | 806,097 | (433,969 | ) | ||||
Decrease (increase) in prepaid expenses and other assets | (1,904,854 | ) | 3,037,679 | ||||
Increase (decrease) in payable for investments purchased | (8,232,446 | ) | 9,810,755 | ||||
Decrease in incentive compensation payable | (4,753,671 | ) | (486,930 | ) | |||
Decrease in interest payable | (6,412,308 | ) | (2,956,112 | ) | |||
Decrease in payable to the Advisor | (247,361 | ) | (499,446 | ) | |||
Increase (decrease) in management and advisory fees payable | 501,214 | (5,247,344 | ) | ||||
Decrease in accrued expenses and other liabilities | (441,343 | ) | (246,499 | ) | |||
Net cash provided by (used in) operating activities | (65,885,936 | ) | 20,609,904 | ||||
Financing activities | |||||||
Borrowings | 118,085,624 | 95,000,000 | |||||
Repayments of debt | (61,220,304 | ) | (95,500,000 | ) | |||
Dividends paid to common shareholders | (21,155,913 | ) | (21,155,619 | ) | |||
Repurchase of common shares | (6,100,190 | ) | (125,679 | ) | |||
Proceeds from shares issued in connection with dividend reinvestment plan | 3,039 | 2,738 | |||||
Net cash provided by (used in) financing activities | 29,612,256 | (21,778,560 | ) | ||||
Net decrease in cash and cash equivalents (including restricted cash) | (36,273,680 | ) | (1,168,656 | ) | |||
Cash and cash equivalents (including restricted cash) at beginning of period | 44,848,539 | 27,920,402 | |||||
Cash and cash equivalents (including restricted cash) at end of period | $ | 8,574,859 | $ | 26,751,746 | |||
Supplemental cash flow information | |||||||
Interest payments | $ | 15,823,217 | $ | 12,233,405 | |||
Excise tax payments | $ | — | $ | — |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | 1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 1,908,527 | |||||||||||||||||||||||||
2 | Other direct and indirect observable market inputs * | 37,017,320 | — | — | 2 | Other direct and indirect observable market inputs * | 92,334,635 | — | — | |||||||||||||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,408,564,028 | 76,453,725 | 100,870,636 | 3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,311,838,240 | 98,458,217 | 122,313,295 | |||||||||||||||||||||||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 3,013,165 | 3 | Advisor valuations with significant unobservable inputs | — | — | 1,911,940 | |||||||||||||||||||||||||||||||
Total | $ | 1,445,581,348 | $ | 76,453,725 | $ | 103,883,801 | Total | $ | 1,404,172,875 | $ | 98,458,217 | $ | 126,133,762 |
* For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | $ | 1,216,821,170 | Income approach | Discount rate | 6.6% - 51.3% (10.6%) | |||||
117,413,619 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
1,544,362 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||
72,784,877 | Market comparable companies | EBITDA multiples | 5.4x - 12.6x (10.7x) | |||||||
Other Corporate Debt | 31,692,000 | Income approach | Discount rate | 23.8% (23.8%) | ||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
3,709,159 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||
218,147 | Market comparable companies | EBITDA multiples | 6.9x (6.9x) | |||||||
Equity | 9,484,599 | Income approach | Discount rate | 5.9% - 10.5% (9.5%) | ||||||
14,900,721 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
11,781,481 | Option Pricing Model | EBITDA/Revenue multiples | 1.0x - 24.5x (4.0x) | |||||||
Implied volatility | 30.0% - 200.0% (40.7%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.8 years - 5.0 years (2.1 years) | |||||||||
1,447,158 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (1.1x) | |||||||
14,434,785 | Market comparable companies | EBITDA multiples | 2.5x - 12.6x (6.0x) | |||||||
27,887,607 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
23,947,450 | Other * | N/A | N/A | |||||||
$ | 1,588,901,554 |
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | |||||||||||||||||||||||
Bank Debt | $ | 1,129,186,744 | Income approach | Discount rate | 5.8% - 16.2% (9.9%) | |||||||||||||||||||||
76,738,323 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||||||||||||
32,646,226 | Market comparable companies | Revenue multiples | 1.5x - 5.0x (3.3x) | |||||||||||||||||||||||
73,266,947 | Market comparable companies | EBITDA multiples | 6.0x - 10.5x (9.8x) | |||||||||||||||||||||||
Other Corporate Debt | 55,886,900 | Income approach | Discount rate | 7.9% - 13.8% (11.1%) | ||||||||||||||||||||||
40,834,417 | Market comparable companies | Book value | 1.3x (1.3x) |
1,736,900 | Market comparable companies | Revenue multiples | 4.3x (4.3x) | |||||||||||||||||||||||
7,948,636 | Income approach | Discount rate | 10.0% - 13.8% (10.0%) | |||||||||||||||||||||||
15,924,308 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||||||||||||
18,864,267 | Option Pricing Model | EBITDA/Revenue multiples | 4.4x - 10.5x (9.4x) | |||||||||||||||||||||||
Implied volatility | 35.0% - 88.5% (49.2%) | |||||||||||||||||||||||||
Term | 0.8 years - 4 years (2.4 years) | |||||||||||||||||||||||||
1,080,216 | Market comparable companies | Revenue multiples | 0.5x - 24.8x (4.4x) | |||||||||||||||||||||||
25,522,718 | Market comparable companies | EBITDA multiples | 3.6x - 10.5x (7.4x) | |||||||||||||||||||||||
32,467,000 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||||||||
22,418,090 | Other * | N/A | N/A | |||||||||||||||||||||||
$ | 1,534,521,692 |
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 | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | Beginning balance | $ | 1,363,063,199 | $ | 98,073,190 | $ | 106,916,536 | |||||||||||||||
Net realized and unrealized gains (losses) | (51,401,936 | ) | (9,508,878 | ) | (15,833,406 | ) | Net realized and unrealized gains (losses) | 13,046,136 | (114,207) | 15,947,865 | ||||||||||||||||||
Acquisitions * | 115,437,916 | 10,752 | 12,517,409 | Acquisitions * | 76,650,858 | 499,234 | 2,266,062 | |||||||||||||||||||||
Dispositions | (44,598,972 | ) | (10,752 | ) | (7,808,196 | ) | Dispositions | (85,866,496) | — | (2,293,367) | ||||||||||||||||||
Transfers into Level 3 † | 83,790,120 | — | — | |||||||||||||||||||||||||
Transfers out of Level 3 ‡ | (7,155,199 | ) | — | — | ||||||||||||||||||||||||
Transfers out of Level 3 † | Transfers out of Level 3 † | (55,055,457) | — | — | ||||||||||||||||||||||||
Reclassifications within Level 3 ‡ | Reclassifications within Level 3 ‡ | — | — | (523,801) | ||||||||||||||||||||||||
Ending balance | $ | 1,408,564,028 | $ | 76,453,725 | $ | 100,870,636 | Ending balance | $ | 1,311,838,240 | $ | 98,458,217 | $ | 122,313,295 | |||||||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (51,186,966 | ) | $ | (9,508,879 | ) | $ | (15,671,067 | ) | 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) | $ | 20,092,206 | $ | 4,067,814 | $ | 15,357,002 |
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||
Beginning balance | $ | — | $ | — | $ | 2,254,668 | |||||||||||
Net realized and | — | — | (73,894) |
— | (792,635) | ||||||||||||||||
Reclassifications within Level | — | — | 523,801 |
Ending balance | $ | — | $ | — | $ | 1,911,940 | |||||||||||
— | $ | — | $ | (771,248) |
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 |
Independent Third-Party Valuation | |||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||
Beginning balance | $ | 1,312,492,099 | $ | 85,962,603 | $ | 111,994,829 | |||||||||||
Net realized and unrealized gains (losses) | (30,837,007) | (7,403,855) | 6,134,133 | ||||||||||||||
Acquisitions * | 239,421,150 | 19,899,469 | 17,058,242 | ||||||||||||||
Dispositions | (237,972,665) | — | (12,350,108) | ||||||||||||||
Transfers into Level 3 † | 83,790,120 | — | — | ||||||||||||||
Transfers out of Level 3 ‡ | (55,055,457) | — | — | ||||||||||||||
Reclassifications within Level 3 § | — | — | (523,801) | ||||||||||||||
Ending balance | $ | 1,311,838,240 | $ | 98,458,217 | $ | 122,313,295 | |||||||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (22,167,391) | $ | (3,221,835) | $ | 6,116,787 |
Advisor Valuation | |||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||
Beginning balance | $ | — | $ | — | $ | 2,318,128 | |||||||||||
Net realized and unrealized gains (losses) | — | — | (13,414) | ||||||||||||||
Dispositions | — | — | (916,575) | ||||||||||||||
Reclassifications within Level 3 * | — | — | 523,801 | ||||||||||||||
Ending balance | $ | — | $ | — | $ | 1,911,940 | |||||||||||
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) | $ | — | $ | — | $ | (710,771) |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||||||||||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | 1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
2 | Other direct and indirect observable market inputs * | 136,739,236 | — | — | 2 | Other direct and indirect observable market inputs * | 136,739,236 | — | — | |||||||||||||||||||||||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,312,492,099 | 85,962,603 | 111,994,829 | 3 | 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 | — | — | 2,318,128 | 3 | Advisor valuations with significant unobservable inputs | — | — | 2,318,128 | |||||||||||||||||||||||||||||||
Total | $ | 1,449,231,335 | $ | 85,962,603 | $ | 114,312,957 | Total | $ | 1,449,231,335 | $ | 85,962,603 | $ | 114,312,957 |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † | ||||||
Bank Debt | $ | 1,147,288,529 | Income approach | Discount rate | 6.7% - 46.3% (9.9%) | |||||
96,585,498 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
24,268,604 | Market comparable companies | Revenue multiples | 3.6x - 4.4x (3.6x) | |||||||
44,349,468 | Market comparable companies | EBITDA multiples | 6.5x - 14.3x (10.8x) | |||||||
Other Corporate Debt | 37,604,800 | Income approach | Discount rate | 12.3% (12.3%) | ||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
3,814,956 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||
3,708,428 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||
Equity | 4,647,680 | Income approach | Discount rate | 3.6% - 3.7% (3.7%) | ||||||
14,412,746 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
18,048,138 | Option Pricing Model | EBITDA/Revenue multiples | 1.2x - 27.2x (8.3x) | |||||||
Implied volatility | 30.0% - 200.0% (27.4%) | |||||||||
Yield | 0.0% (0.0%) | |||||||||
Term | 0.5 years - 3.5 years (1.4 years) | |||||||||
2,012,088 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.0x) | |||||||
22,360,141 | Market comparable companies | EBITDA multiples | 2.5x - 14.3x (9.1x) | |||||||
31,682,859 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||
21,149,305 | Other * | N/A | N/A | |||||||
$ | 1,512,767,659 |
Fair | Valuation Technique | Unobservable Input | Range (Weighted Avg.) † |
Bank Debt | $ | 1,147,288,529 | Income approach | Discount rate | 6.7% - 46.3% (9.9%) | |||||||||||||||||||||
96,585,498 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||||||||||||
24,268,604 | Market comparable companies | Revenue multiples | 3.6x - 4.4x (3.6x) | |||||||||||||||||||||||
44,349,468 | Market comparable companies | EBITDA multiples | 6.5x - 14.3x (10.8x) | |||||||||||||||||||||||
Other Corporate Debt | 37,604,800 | Income approach | Discount rate | 12.3% (12.3%) | ||||||||||||||||||||||
40,834,419 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||||||||
3,814,956 | Market comparable companies | Revenue multiples | 4.4x (4.4x) | |||||||||||||||||||||||
3,708,428 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||||||||||||||||||
Equity | 4,647,680 | Income approach | Discount rate | 3.6% - 3.7% (3.7%) | ||||||||||||||||||||||
14,412,746 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||||||||||||||||||
18,048,138 | Option Pricing Model | EBITDA/Revenue multiples | 1.2x - 27.2x (8.3x) | |||||||||||||||||||||||
Implied volatility | 30.0% - 200.0% (27.4%) | |||||||||||||||||||||||||
Yield | 0.0% (0.0%) | |||||||||||||||||||||||||
Term | 0.5 years - 3.5 years (1.4 years) | |||||||||||||||||||||||||
2,012,088 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.0x) | |||||||||||||||||||||||
22,360,141 | Market comparable companies | EBITDA multiples | 2.5x - 14.3x (9.1x) | |||||||||||||||||||||||
31,682,859 | Market comparable companies | Book value multiples | 1.3x (1.3x) | |||||||||||||||||||||||
21,149,305 | Other * | N/A | N/A | |||||||||||||||||||||||
$ | 1,512,767,659 |
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 | Beginning balance | $ | 1,331,057,822 | $ | 108,311,844 | $ | 77,432,228 | |||||||||||||||
Net realized and unrealized gains (losses) | (2,867,511 | ) | 1,436,695 | 1,858,671 | Net realized and unrealized gains (losses) | (4,701,308) | (3,879,678) | 9,451,849 | ||||||||||||||||||||
Acquisitions * | 146,325,834 | 759,965 | 6,001,046 | Acquisitions * | 146,841,282 | 11,884,200 | 18,811,209 | |||||||||||||||||||||
Dispositions | (141,013,918 | ) | — | (5,305,256 | ) | Dispositions | (129,200,777) | (28,281,745) | (362,348) | |||||||||||||||||||
Transfers into Level 3 † | 9,339,062 | — | — | Transfers into Level 3 † | — | — | 847,398 | |||||||||||||||||||||
Reclassification within Level 3 ‡ | — | — | (814,640 | ) | ||||||||||||||||||||||||
Transfers out of Level 3 ‡ | Transfers out of Level 3 ‡ | (5,166,455) | — | — | ||||||||||||||||||||||||
Reclassifications within Level 3 § | Reclassifications within Level 3 § | — | — | (3,670,777) | ||||||||||||||||||||||||
Ending balance | $ | 1,381,240,151 | $ | 80,446,810 | $ | 81,544,809 | Ending balance | $ | 1,338,830,564 | $ | 88,034,621 | $ | 102,509,559 | |||||||||||||||
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 | 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) | $ | (4,392,445) | $ | (2,333,240) | $ | 9,451,849 |
Advisor Valuation | |||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||
Beginning balance | $ | — | $ | — | $ | 2,081,964 | |||||||||||
Net realized and unrealized gains (losses) | — | — | (5,692,253) | ||||||||||||||
Acquisitions | — | — | 2,006,277 | ||||||||||||||
Dispositions | — | — | (3,475) | ||||||||||||||
Reclassifications within Level 3 * | — | 3,670,777 |
Ending balance | $ | — | $ | — | $ | 2,063,290 | |||||||||||
— | ||||||||
$ | (5,692,253) |
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 |
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) | (35,827,959) | (4,378,619) | 7,562,601 | ||||||||||||||
Acquisitions * | 497,502,041 | 13,446,202 | 26,293,132 | ||||||||||||||
Dispositions | (379,990,616) | (28,281,745) | (7,513,143) | ||||||||||||||
Transfers into Level 3 † | — | 28,998,633 | 847,398 | ||||||||||||||
Transfer out of Level 3 ‡ | (112,309,586) | — | — | ||||||||||||||
Reclassifications within Level 3 § | — | — | (4,485,417) | ||||||||||||||
Ending balance | $ | 1,338,830,564 | $ | 88,034,621 | $ | 102,509,559 | |||||||||||
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) | $ | (33,675,947) | $ | (2,832,181) | $ | 7,562,601 |
Advisor Valuation | |||||||||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||||||||
Beginning balance | $ | — | $ | — | $ | 1,524,143 | |||||||||||
Net realized and unrealized gains (losses) | — | — | (5,905,775) | ||||||||||||||
Acquisitions | — | — | 2,006,277 | ||||||||||||||
Dispositions | — | — | (46,772) | ||||||||||||||
Reclassifications within Level 3 * | — | — | 4,485,417 | ||||||||||||||
Ending balance | $ | — | $ | — | $ | 2,063,290 | |||||||||||
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) | $ | — | $ | — | $ | (5,922,817) |
September 30, 2020 | |||||
Tax basis of investments | $ | 1,692,082,677 | |||
Unrealized appreciation | $ | 58,711,318 | |||
Unrealized depreciation | (122,029,141) | ||||
Net unrealized depreciation | $ | (63,317,823) |
March 31, 2020 | |||
Tax basis of investments | $ | 1,762,309,019 | |
Unrealized appreciation | $ | 27,320,266 | |
Unrealized depreciation | (163,710,411 | ) | |
Net unrealized depreciation | $ | (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 |
Maturity | Rate | Carrying Value * | Available | Total Capacity | |||||||||||||||||||||||||||||||
Operating Facility | 2024 | L+2.00% | † | $ | 163,077,610 | $ | 136,922,390 | $ | 300,000,000 | ‡ | |||||||||||||||||||||||||
Funding Facility II | 2025 | L+2.00% | § | 125,000,000 | 75,000,000 | 200,000,000 | ** | ||||||||||||||||||||||||||||
SBA Debentures | 2024−2029 | 2.63% | †† | 138,000,000 | 12,000,000 | 150,000,000 | |||||||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 139,056,214 | — | 139,056,214 | ||||||||||||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,745,328 | — | 174,745,328 | ||||||||||||||||||||||||||||||
2024 Notes ($200 million par) ‡‡ | 2024 | 3.900% | 198,111,194 | — | 198,111,194 | ||||||||||||||||||||||||||||||
Total leverage | 937,990,346 | $ | 223,922,390 | $ | 1,161,912,736 | ||||||||||||||||||||||||||||||
Unamortized issuance costs | (6,239,766) | ||||||||||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 931,750,580 |
* 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 September 30, 2020, $8.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $3.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%. ‡ Facility has a $100 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. § Subject to certain funding requirements **Facility has a $50 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. †† Weighted-average interest rate, excluding fees of 0.36% or 0.35% ‡‡On October 2, 2020, the Company issued an additional $50.0 million of its 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||||||||||||||||||||||
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Operating Facility | Operating Facility | 2023 | L+2.00% | † | $ | 108,497,620 | $ | 161,502,380 | $ | 270,000,000 | |||||||||||||||||||||||||||||||||||
Funding Facility I | Funding Facility I | 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 | SBA Debentures | 2024−2029 | 2.63 | % | § | 138,000,000 | 12,000,000 | 150,000,000 | ||||||||||||||||||||||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625 | % | 138,584,313 | — | 138,584,313 | 2022 Convertible Notes ($140 million par) | 2022 | 4.625 | % | 138,584,313 | — | 138,584,313 | ||||||||||||||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125 | % | 174,649,566 | — | 174,649,566 | 2022 Notes ($175 million par) | 2022 | 4.125 | % | 174,649,566 | — | 174,649,566 | ||||||||||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900 | % | 197,782,572 | — | 197,782,572 | 2024 Notes ($200 million par) | 2024 | 3.900 | % | 197,782,572 | — | 197,782,572 | ||||||||||||||||||||||||||||||||
Total leverage | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | Total leverage | 915,514,071 | $ | 315,502,380 | $ | 1,231,016,451 | ||||||||||||||||||||||||||||||||||
Unamortized issuance costs | (7,711,684 | ) | Unamortized issuance costs | (7,711,684) | |||||||||||||||||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 907,802,387 | Debt, net of unamortized issuance costs | $ | 907,802,387 |
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Interest expense | $ | 9,706,948 | $ | 9,583,131 | Interest expense | $ | 27,752,458 | $ | 30,846,775 | |||||||||
Amortization of deferred debt issuance costs | 897,181 | 906,641 | Amortization of deferred debt issuance costs | 2,635,272 | 2,718,735 | |||||||||||||
Commitment fees | 351,517 | 197,861 | Commitment fees | 942,594 | 686,066 | |||||||||||||
Total | $ | 10,955,646 | $ | 10,687,633 | Total | $ | 31,330,324 | $ | 34,251,576 |
September 30, 2020 | December 31, 2019 | ||||||||||
Principal amount of debt | $ | 140,000,000 | $ | 140,000,000 | |||||||
Original issue discount, net of accretion | (943,786) | (1,415,687) | |||||||||
Carrying value of debt | $ | 139,056,214 | $ | 138,584,313 |
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, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 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 | N/A | $ | 1,618,750 | $ | 1,417,500 | $ | 1,618,750 | Stated interest expense | N/A | $ | 4,856,250 | $ | 4,252,500 | $ | 4,856,250 | |||||||||||||||||||||
Amortization of original issue discount | N/A | 155,544 | 127,540 | 147,869 | Amortization of original issue discount | N/A | 471,902 | 387,867 | 449,900 | |||||||||||||||||||||||||||
Total interest expense | N/A | $ | 1,774,294 | $ | 1,545,040 | $ | 1,766,619 | Total interest expense | N/A | $ | 5,328,152 | $ | 4,640,367 | $ | 5,306,150 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | $ | 200,000,000 | |||||||||||||||
Original issue discount, net of accretion | (254,672) | (1,888,806) | (350,434) | (2,217,428) | |||||||||||||||||||
Carrying value of debt | $ | 174,745,328 | $ | 198,111,194 | $ | 174,649,566 | $ | 197,782,572 |
March 31, 2020 | December 31, 2019 | ||||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||
Principal amount of debt | $ | 175,000,000 | $ | 200,000,000 | $ | 175,000,000 | $ | 200,000,000 | |||||||
Original issue discount, net of accretion | (318,710 | ) | (2,108,659 | ) | (350,434 | ) | (2,217,428 | ) | |||||||
Carrying value of debt | $ | 174,681,290 | $ | 197,891,341 | $ | 174,649,566 | $ | 197,782,572 |
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||||||||||||
Stated interest expense | $ | 5,414,063 | $ | 5,850,000 | $ | 5,414,063 | $ | 617,500 | |||||||||||||||
Amortization of original issue discount | 95,763 | 328,622 | 92,211 | 35,794 | |||||||||||||||||||
Total interest expense | $ | 5,509,826 | $ | 6,178,622 | $ | 5,506,274 | $ | 653,294 |
Three Months Ended March 31, | |||||||||||||
2020 | 2019 | ||||||||||||
2022 Notes | 2024 Notes | 2022 Notes | 2024 Notes | ||||||||||
Stated interest expense | $ | 1,804,688 | $ | 1,950,000 | $ | 1,804,688 | N/A | ||||||
Amortization of original issue discount | 31,725 | 108,770 | 30,430 | N/A | |||||||||
Total interest expense | $ | 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 | % | ||||||||||||||||||||
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 | % | * |
Unfunded Balances | Unfunded Balances | |||||||||||||||||||||||||||||
Issuer | Maturity | March 31, 2020 | December 31, 2019 | Issuer | Maturity | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | 2-10 Holdco, Inc. | 10/31/2024 | $ | 416,667 | $ | 416,667 | |||||||||||||||||||
Acquia Inc. | 11/1/2025 | 1,803,792 | 1,803,792 | Acquia Inc. | 11/1/2025 | 1,803,792 | 1,803,792 | |||||||||||||||||||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | 1,509,820 | Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | 1,509,820 | |||||||||||||||||||||||
Apptio, Inc. | 1/10/2025 | 769,231 | 769,231 | Apptio, Inc. | 1/10/2025 | N/A | 769,231 | |||||||||||||||||||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 3,193,208 | Auto Trakk SPV, LLC | 12/21/2021 | 3,193,208 | 3,193,208 | |||||||||||||||||||||||
Bisnow, LLC | 9/21/2022 | 1,200,000 | 1,200,000 | Bisnow, LLC | 9/21/2022 | N/A | 1,200,000 | |||||||||||||||||||||||
Blue Star Sports Holdings, Inc. | 6/15/2024 | 55,556 | 55,556 | Blue Star Sports Holdings, Inc. | 6/15/2024 | N/A | 55,556 | |||||||||||||||||||||||
CAREATC, Inc. | 3/14/2024 | N/A | 607,288 | CAREATC, Inc. | 3/14/2024 | 607,288 | 607,288 | |||||||||||||||||||||||
Certify, Inc. | 2/28/2024 | 1,966,322 | 2,497,761 | Certify, Inc. | 2/28/2024 | 1,062,877 | 2,497,761 | |||||||||||||||||||||||
Donuts Inc. | 9/17/2023 | 426,207 | 660,634 | Donuts Inc. | 9/17/2023 | 1,034,483 | 660,634 | |||||||||||||||||||||||
Dude Solutions Holdings, Inc. | 6/14/2025 | 1,619,124 | 2,207,896 | Dude Solutions Holdings, Inc. | 6/13/2025 | 1,619,124 | 2,207,896 | |||||||||||||||||||||||
Edmentum, Inc. | 6/9/2020 | N/A | 205,642 | Edmentum, Inc. | 12/9/2021 | 1,482,970 | 205,642 | |||||||||||||||||||||||
Home Partners of America, Inc. | 10/13/2022 | N/A | 2,142,857 | Home Partners of America, Inc. | 10/13/2022 | N/A | 2,142,857 | |||||||||||||||||||||||
iCIMS, Inc. | 9/12/2024 | 490,735 | 490,735 | iCIMS, Inc. | 9/12/2024 | 121,678 | 490,735 | |||||||||||||||||||||||
JAMF Holdings, Inc. | 11/13/2022 | 1,214,052 | 1,214,052 | JAMF Holdings, Inc. | 11/13/2022 | N/A | 1,214,052 | |||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC | 11/7/2026 | 1,960,784 | 3,464,052 | Kellermeyer Bergensons Services, LLC | 11/7/2026 | 1,758,170 | 3,464,052 | |||||||||||||||||||||||
Khoros LLC (Lithium) | 10/3/2022 | 1,983,364 | 1,983,364 | Khoros LLC (Lithium) | 10/3/2022 | 1,652,803 | 1,983,364 | |||||||||||||||||||||||
Olaplex, Inc. | Olaplex, Inc. | 1/8/2025 | 670,000 | N/A | ||||||||||||||||||||||||||
Patient Point Network Solutions, LLC | 6/26/2022 | N/A | 176,190 | Patient Point Network Solutions, LLC | 6/26/2022 | 87,713 | 176,190 | |||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | N/A | 671,356 | Pegasus Business Intelligence, LP (Onyx Centersource) | 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 | Pulse Secure, LLC | 8/22/2025 | 1,381,494 | 1,342,516 | |||||||||||||||||||||||
Puppet, Inc. | Puppet, Inc. | 6/19/2023 | 3,482,734 | N/A | ||||||||||||||||||||||||||
ResearchGate GmBH | 10/1/2022 | 8,286,000 | 8,286,000 | ResearchGate GmBH | 10/1/2022 | 8,286,000 | 8,286,000 | |||||||||||||||||||||||
Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,326,925 | 2,016,078 | Rhode Holdings, Inc. (Kaseya) | 5/3/2025 | 2,826,793 | 2,016,078 | |||||||||||||||||||||||
RigUp, Inc. | 3/1/2024 | 9,666,667 | N/A | RigUp, Inc. | 3/1/2024 | 9,666,667 | N/A | |||||||||||||||||||||||
Sandata Technologies, LLC | 7/23/2024 | N/A | 2,250,000 | Sandata Technologies, LLC | 7/23/2024 | N/A | 2,250,000 | |||||||||||||||||||||||
Snow Software AB | 4/17/2024 | N/A | 2,616,329 | Snow Software AB | 4/17/2024 | N/A | 2,616,329 | |||||||||||||||||||||||
Space Midco, Inc. (Archibus) | 12/5/2023 | N/A | 277,778 | Space Midco, Inc. (Archibus) | 12/5/2023 | 277,778 | 277,778 | |||||||||||||||||||||||
Spark Networks, Inc. | 7/1/2023 | 1,005,887 | 1,005,887 | Spark Networks, Inc. | 7/1/2023 | 1,005,887 | 1,005,887 | |||||||||||||||||||||||
Superman Holdings, LLC (Foundation Software) | Superman Holdings, LLC (Foundation Software) | 8/31/2026 | 1,256,026 | N/A | ||||||||||||||||||||||||||
Team Software, Inc. | 9/17/2023 | 351,121 | 2,282,287 | Team Software, Inc. | 9/17/2023 | 2,457,847 | 2,282,287 | |||||||||||||||||||||||
Telarix, Inc. | 11/19/2023 | N/A | 178,571 | Telarix, Inc. | 11/19/2023 | N/A | 178,571 | |||||||||||||||||||||||
TPC Intermediate Holdings, LLC | 5/15/2020 | 4,100,294 | 4,363,137 | TPC Intermediate Holdings, LLC | 5/15/2020 | N/A | 4,363,137 | |||||||||||||||||||||||
Unanet, Inc. | 5/31/2024 | 2,525,510 | 4,974,490 | Unanet, Inc. | 5/31/2024 | 2,525,510 | 4,974,490 | |||||||||||||||||||||||
VSS-Southern Holdings, LLC | 3/31/2022 | N/A | 1,027,397 | VSS-Southern Holdings, LLC | 3/31/2022 | N/A | 1,027,397 | |||||||||||||||||||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | 1,405,501 | Xactly Corporation | 7/31/2022 | 854,898 | 1,405,501 | |||||||||||||||||||||||
Total Unfunded Balances | $ | 53,132,114 | $ | 57,296,072 | Total Unfunded Balances | $ | 51,042,227 | $ | 57,296,072 |
2020 | 2019 | ||||||||||
Shares Issued | 838 | 608 | |||||||||
Average Price Per Share | $ | 7.46 | $ | 13.97 | |||||||
Proceeds | $ | 6,253 | $ | 8,494 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||||||||||||||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 | |||||||||||||||||||||||||
May 11, 2020 | June 16, 2020 | June 30, 2020 | Regular | 0.36 | 20,796,088 | |||||||||||||||||||||||||||
August 6, 2020 | September 16, 2020 | September 30, 2020 | Regular | 0.30 | 17,330,179 | |||||||||||||||||||||||||||
$ | 1.02 | $ | 59,282,180 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
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 | |||||||||||||||||||||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | |||||||||||||||||||||||||
May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | |||||||||||||||||||||||||||
August 8, 2019 | September 16, 2019 | September 30, 2019 | Regular | 0.36 | 21,155,760 | |||||||||||||||||||||||||||
$ | 1.08 | $ | 63,467,067 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 |
Shares Repurchased | Price Per Share | Total Cost | |||||||||||||||
Company Repurchase Plan | 1,000,000 | $ | 6.10 | * | $ | 6,100,190 |
Shares Repurchased | Price Per Share | Total Cost | |||||||||||||||
Company Repurchase Plan | 9,000 | $ | 13.96 | * | $ | 125,679 |
* Weighted-average price per share |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Net increase in net assets resulting from operations | $ | 23,386,155 | $ | 31,735,987 | |||||||
Weighted average shares outstanding | 58,066,434 | 58,766,410 | |||||||||
Earnings per share | $ | 0.40 | $ | 0.54 |
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 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Per Common Share | |||||||||||
Per share NAV at beginning of period | $ | 13.21 | $ | 14.13 | |||||||
Investment operations: | |||||||||||
Net investment income | 1.09 | 1.23 | |||||||||
Net realized and unrealized losses | (0.65) | (0.69) | |||||||||
Total from investment operations | 0.44 | 0.54 | |||||||||
Repurchase of common stock | 0.12 | — | |||||||||
Loss on extinguishment of debt | (0.04) | — | |||||||||
Distributions to common shareholders | (1.02) | (1.08) | |||||||||
Per share NAV at end of period | $ | 12.71 | $ | 13.59 | |||||||
Per share market price at end of period | $ | 9.81 | $ | 13.56 | |||||||
Total return based on market value (1), (2) | (22.9) | % | 12.3 | % | |||||||
Total return based on net asset value (1), (3) | 3.9 | % | 3.8 | % | |||||||
Shares outstanding at end of period | 57,767,264 | 58,766,215 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Per Common Share | |||||||
Per share NAV at beginning of period | $ | 13.21 | $ | 14.13 | |||
Investment operations: | |||||||
Net investment income | 0.38 | 0.40 | |||||
Net realized and unrealized losses | (1.56 | ) | 0.01 | ||||
Total from investment operations | (1.18 | ) | 0.41 | ||||
Repurchase of common stock | 0.09 | — | |||||
Distributions to common shareholders | (0.36 | ) | (0.36 | ) | |||
Per share NAV at end of period | $ | 11.76 | $ | 14.18 | |||
Per share market price at end of period | $ | 6.25 | $ | 14.18 | |||
Total return based on market value (1), (2) | (53.0 | )% | 11.5 | % | |||
Total return based on net asset value (1), (3) | (8.3 | )% | 2.9 | % | |||
Shares outstanding at end of period | 57,766,912 | 58,765,800 |
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Ratios to average common equity: (4) | Ratios to average common equity: (4) | |||||||||||||||||
Net investment income | 11.7 | % | 13.3 | % | Net investment income | 12.0 | % | 12.4 | % | |||||||||
Expenses excluding incentive compensation | 10.2 | % | 9.1 | % | Expenses excluding incentive compensation | 10.2 | % | 9.6 | % | |||||||||
Expenses including incentive compensation | 10.2 | % | 9.7 | % | Expenses including incentive compensation | 11.6 | % | 11.5 | % | |||||||||
Ending common shareholder equity | $ | 679,583,911 | $ | 833,317,987 | Ending common shareholder equity | $ | 734,328,424 | $ | 798,626,464 | |||||||||
Portfolio turnover rate | 4.7 | % | 9.1 | % | Portfolio turnover rate | 16.5 | % | 26.8 | % | |||||||||
Weighted-average leverage outstanding | $ | 934,766,749 | $ | 808,228,913 | Weighted-average leverage outstanding | $ | 943,329,378 | $ | 881,959,850 | |||||||||
Weighted-average interest rate on leverage | 4.2 | % | 4.8 | % | Weighted-average interest rate on leverage | 3.9 | % | 4.7 | % | |||||||||
Weighted-average number of common shares | 58,668,432 | 58,767,442 | Weighted-average number of common shares | 58,066,434 | 58,766,410 | |||||||||||||
Average leverage per share | $ | 15.93 | $ | 13.75 | Average leverage per share | $ | 16.25 | $ | 15.01 |
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 | 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 September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | 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 2nd Lien Notes, 11%, due 11/15/20 | 473,593 | 3,708,428 | (9,252,415) | 5,070,394 | 473,593 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 A, 12%, due 9/15/20 | 47,313 | 46,711 | — | 1,180,742 | (1,227,453) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Delayed Draw Term Loan, 12%, due 9/15/20 | 33,424 | 1,114,120 | (1,147,915) | — | 33,795 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 A1, 12%, due 9/15/20 | 26,184 | 71,000 | — | 650,295 | (721,295) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 156,911 | 5,171,151 | — | — | 156,858 | — | 5,328,009 | AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 | 155,135 | 5,171,151 | (4,589,653) | — | 156,858 | (738,356) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,433,968 | — | (1,433,952 | ) | — | — | 16 | Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,433,968 | — | (432,518) | — | — | 1,001,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, Junior PIK Notes, 10%, due 12/9/21 | Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 12/9/21 | 1,308,825 | 17,609,276 | — | 89,398 | 1,285,152 | — | 18,983,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, Senior PIK Notes, 8.5%, due 6/9/20 | 246,531 | 3,675,888 | — | — | 242,974 | — | 3,918,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | 7,084,470 | — | (7,084,470 | ) | — | — | — | Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units | — | 7,084,470 | — | (2,136,616) | — | — | 4,947,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 68,690 | 5,235,978 | — | (5 | ) | 262,892 | — | 5,498,865 | Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 210,536 | 5,235,978 | — | (6) | 402,770 | — | 5,638,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 1st Lien Term Loan B, 8.5%, due 6/9/21 | 1,386,655 | 10,740,023 | — | (571,535) | 749,056 | — | 10,917,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 454,525 | 8,281,661 | — | (8) | 449,110 | — | 8,730,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum, Inc., Senior Secured 2nd Lien Revolver, 5% PIK, due 12/9/21 | Edmentum, Inc., Senior Secured 2nd Lien Revolver, 5% PIK, due 12/9/21 | 777,075 | — | — | — | 5,732,733 | — | 5,732,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 | 40,718 | — | — | 30,383 | 3,677,040 | — | 3,707,423 | Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 | 232,245 | — | — | 24,735 | 3,682,688 | — | 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 International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 127,566 | 1,635,903 | — | — | — | — | 1,635,903 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 2,476,881 | — | 1,424,671 | — | — | 3,901,552 | Iracore Investments Holdings, Inc., Class A Common Stock | — | 2,476,881 | — | 2,400,659 | — | — | 4,877,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | — | — | — | — | — | — | KAGY Holding Company, Inc., Series A Preferred Stock | — | — | (1,091,200) | 1,091,200 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Units | — | 6,925,848 | — | (179,125) | — | — | 6,746,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 A Warrants to Purchase Class A Units | — | 391,407 | — | (28,721) | — | — | 362,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 395,290 | — | (103,860 | ) | — | — | 291,430 | NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 395,290 | — | (29,006) | — | — | 366,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,554,405 | $ | 75,880,292 | $ | — | $ | (18,434,105 | ) | $ | 6,455,410 | $ | — | $ | 63,901,597 | Total | $ | 5,479,607 | $ | 75,880,292 | $ | (15,963,472) | $ | 5,298,851 | $ | 15,039,766 | $ | (2,687,104) | $ | 77,568,333 |
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 | 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 September 30, 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, Membership Units | $ | 1,998,321 | $ | 31,682,859 | $ | — | $ | 784,141 | $ | — | $ | — | $ | 32,467,000 | ||||||||||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 1,225,033 | 40,834,419 | — | — | — | — | 40,834,419 | 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,675,098 | 40,834,419 | — | (2) | — | — | 40,834,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,167,640 | — | 276,216 | — | — | 1,443,856 | Anacomp, Inc., Class A Common Stock | — | 1,167,640 | — | (765,870) | — | — | 401,770 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 44,222 | 1,207,786 | — | (253,135) | 336,333 | — | 1,290,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary 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 | Conventional Lending TCP Holdings, LLC, Membership Units | 702,558 | 14,269,948 | — | (834,043) | 2,410,921 | — | 15,846,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 3,289,438 | — | — | — | — | 3,289,438 | Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 3,289,438 | — | (21,710) | — | — | 3,267,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | 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, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,208,823 | — | (186,380) | — | — | 2,022,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | 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 N659UA-767, LLC (Aircraft Trust Holding Company) | 26,635 | 2,300,366 | 0 | (32,062) | (134,933) | — | (2,133,371) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 11,502 | 2,347,314 | 162,012 | (121,954 | ) | — | (2,387,372 | ) | — | 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 | Total | $ | 6,458,336 | $ | 99,308,593 | $ | 129,950 | $ | (1,533,886) | $ | 2,747,254 | $ | (4,520,743) | $ | 96,131,168 |
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 December 31, 2019 | 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 December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | AGY Holding Corp., Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 545,334 | 9,777,740 | — | (6,752,077 | ) | 682,765 | — | 3,708,428 | AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 | 545,334 | 9,777,740 | — | (6,752,077) | 682,765 | — | 3,708,428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 | 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, Class A Common Units | — | — | — | 1,433,968 | — | — | 1,433,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,864,600 | 11,152,078 | — | 4,621,493 | 1,835,705 | — | 17,609,276 | Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 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 | 304,833 | 3,375,453 | — | — | 300,435 | — | 3,675,888 | Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 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 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 | 217,659 | 1,153,076 | — | — | 6,149,380 | (2,066,478 | ) | 5,235,978 | Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 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 | 1,327,742 | 6,187,478 | — | 262,555 | 4,289,990 | — | 10,740,023 | Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 | 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 | 569,374 | 7,719,069 | — | — | 562,592 | — | 8,281,661 | Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 | 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 | ) | — | 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 | ) | — | 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 | ) | — | EPMC HoldCo, LLC, Membership Units | — | 26,254 | 43,320 | (26,254) | — | (43,320) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Green Biologics, Inc., Common Stock | — | 3,670,777 | (20,524,650 | ) | 14,851,816 | 2,006,277 | (4,220 | ) | — | Green Biologics, Inc., Common Stock | — | 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 | 220,506 | 1,900,733 | — | — | — | (264,830 | ) | 1,635,903 | Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 220,506 | 1,900,733 | — | — | — | (264,830) | 1,635,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | 1,101,638 | — | — | 2,476,881 | Iracore Investments Holdings, Inc., Class A Common Stock | — | 1,375,243 | — | 1,101,638 | — | — | 2,476,881 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | (969,224 | ) | — | — | — | KAGY Holding Company, Inc., Series A Preferred Stock | — | 969,224 | — | (969,224) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 101,051 | 1,574,099 | — | — | 84,863 | (1,658,962 | ) | — | NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 | 101,051 | 1,574,099 | — | — | 84,863 | (1,658,962) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 382,762 | — | — | 6,925,848 | NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | — | 6,543,086 | — | 382,762 | — | — | 6,925,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | 27,107 | — | — | 391,406 | NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | — | 364,299 | — | 27,107 | — | — | 391,406 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | 27,376 | — | — | 395,290 | NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | — | 367,914 | — | 27,376 | — | — | 395,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | 809,444 | (1,118,110 | ) | — | (809,444 | ) | — | NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units | — | 1,118,110 | 809,444 | (1,118,110) | — | (809,444) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,148,696 | $ | 63,193,357 | $ | (19,671,886 | ) | $ | 20,927,520 | $ | 21,380,249 | $ | (9,948,949 | ) | $ | 75,880,291 | Total | $ | 6,148,696 | $ | 63,193,357 | $ | (19,671,886) | $ | 20,927,520 | $ | 21,380,249 | $ | (9,948,949) | $ | 75,880,291 |
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 December 31, 2019 | 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 December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | 2,392,274 | $ | 18,931,734 | $ | — | $ | 6,296,773 | $ | 6,454,352 | $ | — | $ | 31,682,859 | 36th Street Capital Partners Holdings, LLC, Membership Units | $ | 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 | 3,874,967 | 27,839,419 | — | — | 12,995,000 | — | 40,834,419 | 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 3,874,967 | 27,839,419 | — | — | 12,995,000 | — | 40,834,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | (251,106 | ) | — | — | 1,167,640 | Anacomp, Inc., Class A Common Stock | — | 1,418,746 | — | (251,106) | — | — | 1,167,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 177,381 | 1,773,807 | — | (566,022 | ) | — | — | 1,207,785 | Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 | 177,381 | 1,773,807 | — | (566,022) | — | — | 1,207,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | Conergy Asia Holdings Limited, Class B Shares | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | Conergy Asia Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Lending TCP Holdings, LLC, Membership Units | 981,790 | — | — | — | 14,269,948 | — | 14,269,948 | 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, Bank Guarantee Credit Facility, 0%, due 5/26/20 | — | 11,682,923 | — | (816,391) | — | (7,577,094) | 3,289,438 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | (578,646 | ) | — | 578,646 | — | Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | (578,646) | — | 578,646 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | (134,800 | ) | — | (578,645 | ) | 2,208,824 | Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 | — | 2,922,269 | — | (134,800) | — | (578,645) | 2,208,824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 2,826,708 | — | (164,500 | ) | — | (361,842 | ) | 2,300,366 | United N659UA-767, LLC (Aircraft Trust Holding Company) | 159,808 | 2,826,708 | — | (164,500) | — | (361,842) | 2,300,366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
United N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 2,896,083 | — | (165,139 | ) | — | (383,630 | ) | 2,347,314 | United N661UA-767, LLC (Aircraft Trust Holding Company) | 138,019 | 2,896,083 | — | (165,139) | — | (383,630) | 2,347,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,724,239 | $ | 70,291,689 | $ | — | $ | 3,620,169 | $ | 33,719,300 | $ | (8,322,565 | ) | $ | 99,308,593 | Total | $ | 7,724,239 | $ | 70,291,689 | $ | — | $ | 3,620,169 | $ | 33,719,300 | $ | (8,322,565) | $ | 99,308,593 |
Investment | Acquisition Date | |||||||
Actifio, Inc., Warrants to Purchase Series G Preferred Stock | 5/5/17 | |||||||
9/21/20 | ||||||||
AGY Equity, LLC, Class B Preferred Units | 9/21/20 | |||||||
AGY Equity, LLC, Class C Common Units | 9/21/20 | |||||||
Autoalert Acquisition Co, LLC, Warrants to | ||||||||
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/ | |||||||
Envigo RMS Holding Corp., Common Stock | 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 | 2/7/17 | |||||||
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., | 7/6/20 | |||||||
Utilidata, Inc., Series C Preferred Stock | ||||||||
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 (SVC) LLC, Series C Preferred Units | 12/31/19 | |||||||
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock | 1/30/19 | |||||||
Findly Talent, LLC, Class A Membership Units | 1/1/14 | |||||||
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |||||||
GACP I, LP (Great American Capital), Membership Units | 10/1/15 | |||||||
GACP II, LP (Great American Capital), Membership Units | 1/12/18 | |||||||
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |||||||
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock | 3/16/18 | |||||||
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |||||||
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) | 9/18/15 | |||||||
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) | 10/1/18 | |||||||
Nanosys, Inc., Warrants to Purchase Preferred Stock | 3/29/16 | |||||||
Quora, Inc., Warrants to Purchase Series D Preferred Stock | 4/12/19 | |||||||
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 | |||||||
Internet Software and Services | % | |||||||
Diversified Financial Services | % | |||||||
Software | % | |||||||
Textiles, Apparel and Luxury Goods | ||||||||
% | ||||||||
Diversified Consumer Services | % | |||||||
Media | 4.8 | % | ||||||
Automobiles | 4.5 | % | ||||||
Professional Services | 4.4 | % | ||||||
IT Services | 3.4 | % | ||||||
Insurance | 3.3 | % | ||||||
Airlines | 3.1 | % | ||||||
Diversified Telecommunication Services | ||||||||
% | ||||||||
Consumer Finance | % | |||||||
Capital Markets | 2.7 | % | ||||||
Health Care Technology | 2.4 | % | ||||||
Hotels, Restaurants and Leisure | ||||||||
% | ||||||||
Building Products | % | |||||||
Commercial Services and Supplies | 1.8 | % | ||||||
Specialty Retail | 1.7 | % | ||||||
Thrifts and Mortgage Finance | 1.7 | % | ||||||
Tobacco Related | 1.6 | % | ||||||
Aerospace and Defense | 1.6 | % | ||||||
Energy Equipment and Services | ||||||||
1.6 | ||||||||
% | ||||||||
Pharmaceuticals | % | |||||||
Electrical Equipment | 1.4 | % | ||||||
Road and Rail | ||||||||
1.0 | % | |||||||
Other | % | |||||||
Total | 100.0 | % |
2020 | 2019 | ||||||||||
Shares Issued | 838 | 608 | |||||||||
Average Price Per Share | $ | 7.46 | $ | 13.97 | |||||||
Proceeds | $ | 6,253 | $ | 8,494 |
2020 | 2019 | ||||||
Shares Issued | 486 | 193 | |||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | |||
Proceeds | $ | 3,039 | $ | 2,738 |
2020 | 2019 | ||||||||||
Shares Repurchased | 1,000,000 | 9,000 | |||||||||
Price Per Share * | $ | 6.10 | $ | 13.96 | |||||||
Total Cost | $ | 6,100,190 | $ | 125,679 |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Operating Facility | Operating Facility | 2024 | L+2.00% | † | $ | 163,077,610 | $ | 136,922,390 | $ | 300,000,000 | ‡ | ||||||||||||||||||||||||||||||||||||
Funding Facility II | Funding Facility II | 2025 | L+2.00% | § | 125,000,000 | 75,000,000 | 200,000,000 | ** | |||||||||||||||||||||||||||||||||||||||
SBA Debentures | 2024−2029 | 2.63% | § | 138,000,000 | 12,000,000 | 150,000,000 | 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 Convertible Notes ($140 million par) | 2022 | 4.625% | 139,056,214 | — | 139,056,214 | ||||||||||||||||||||||||||||||||||||
2022 Notes ($175 million par) | 2022 | 4.125% | 174,681,290 | — | 174,681,290 | 2022 Notes ($175 million par) | 2022 | 4.125% | 174,745,328 | — | 174,745,328 | ||||||||||||||||||||||||||||||||||||
2024 Notes ($200 million par) | 2024 | 3.900% | 197,891,341 | — | 197,891,341 | ||||||||||||||||||||||||||||||||||||||||||
2024 Notes ($200 million par) ‡‡ | 2024 Notes ($200 million par) ‡‡ | 2024 | 3.900% | 198,111,194 | — | 198,111,194 | |||||||||||||||||||||||||||||||||||||||||
Total leverage | 972,675,428 | $ | 258,637,060 | $ | 1,231,312,488 | Total leverage | 937,990,346 | $ | 223,922,390 | $ | 1,161,912,736 | ||||||||||||||||||||||||||||||||||||
Unamortized issuance costs | (7,217,414 | ) | Unamortized issuance costs | (6,239,766) | |||||||||||||||||||||||||||||||||||||||||||
Debt, net of unamortized issuance costs | $ | 965,458,014 | Debt, net of unamortized issuance costs | $ | 931,750,580 |
* 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 September 30, 2020, $8.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $3.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%. ‡ Facility has a $100 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. § Subject to certain funding requirements **Facility has a $50 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. †† Weighted-average interest rate, excluding fees of 0.36% or 0.35% ‡‡On October 2, 2020, the Company issued an additional $50.0 million of its 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||||||||||||||||||||
February 26, 2020 | March 17, 2020 | March 31, 2020 | Regular | $ | 0.36 | $ | 21,155,913 | |||||||||||||||||||||||||
May 11, 2020 | June 16, 2020 | June 30, 2020 | Regular | 0.36 | 20,796,088 | |||||||||||||||||||||||||||
August 6, 2020 | September 16, 2020 | September 30, 2020 | Regular | 0.30 | 17,330,179 | |||||||||||||||||||||||||||
$ | 1.02 | $ | 59,282,180 |
Date Declared | Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | ||||||||||||||||||||||||||||||||||||||||
February 28, 2019 | February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 | ||||||||||||||||||||||||||||||||||||||
May 8, 2019 | May 8, 2019 | June 14, 2019 | June 28, 2019 | Regular | 0.36 | 21,155,688 | ||||||||||||||||||||||||||||||||||||||||
August 8, 2019 | August 8, 2019 | September 16, 2019 | September 30, 2019 | Regular | 0.36 | 21,155,760 | ||||||||||||||||||||||||||||||||||||||||
$ | 1.08 | $ | 63,467,067 | |||||||||||||||||||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||
February 28, 2019 | March 15, 2019 | March 29, 2019 | Regular | $ | 0.36 | $ | 21,155,619 |
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Shares Issued | 486 | 193 | Shares Issued | 838 | 608 | |||||||||||||
Average Price Per Share | $ | 6.25 | $ | 14.19 | Average Price Per Share | $ | 7.46 | $ | 13.97 | |||||||||
Proceeds | $ | 3,039 | $ | 2,738 | Proceeds | $ | 6,253 | $ | 8,494 |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | |||||||||||||||||
Up 300 basis points | $ | 31,760,801 | $ | (8,642,328) | $ | 23,118,473 | ||||||||||||||
Up 200 basis points | 17,101,229 | (5,761,552) | 11,339,677 | |||||||||||||||||
Up 100 basis points | 4,598,975 | (2,880,776) | 1,718,199 | |||||||||||||||||
Down 100 basis points | (615,688) | 682,427 | 66,739 | |||||||||||||||||
Down 200 basis points | (615,688) | 682,427 | 66,739 | |||||||||||||||||
Down 300 basis points | (615,688) | 682,427 | 66,739 |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | |||||||||
Up 300 basis points | $ | 43,928,868 | $ | (9,700,844 | ) | $ | 34,228,024 | |||||
Up 200 basis points | 28,390,955 | (6,467,229 | ) | 21,923,726 | ||||||||
Up 100 basis points | 13,136,788 | (3,233,615 | ) | 9,903,173 | ||||||||
Down 100 basis points | (5,420,996 | ) | 3,233,615 | (2,187,381 | ) | |||||||
Down 200 basis points | (5,832,005 | ) | 3,564,737 | (2,267,268 | ) | |||||||
Down 300 basis points | (5,946,845 | ) | 3,564,737 | (2,382,108 | ) |
Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
31.1 |
31.2 | ||||||||
32.1 |
Date: | ||||||||
By: | /s/ Howard M. Levkowitz | |||||||
Name: | Howard M. Levkowitz | |||||||
Title: | Chief Executive Officer | |||||||
Date: | ||||||||
By: | /s/ Paul L. Davis | |||||||
Name: | Paul L. Davis | |||||||
Title: | Chief Financial Officer |