Maryland | 45-2460782 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
10 East 40th Street, 42nd Floor New York, NY | 10016 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
None | None | None |
Large accelerated filer | o | Accelerated filer | o | ||||||||
Non-accelerated filer | x | Smaller reporting company | o | ||||||||
Emerging growth company | o |
Page | ||||||||
PART I | FINANCIAL | |||||||
PART II | OTHER INFORMATION | |||||||
Assets | September 30, 2020 | June 30, 2020 | Assets | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||
(unaudited) | (audited) | (unaudited) | (audited) | |||||||||||||||||||||||
Investments at fair value: | Investments at fair value: | |||||||||||||||||||||||||
Affiliate investments (amortized cost of $472,357 and $472,357, respectively) | $ | 867,914 | $ | 786,988 | Affiliate investments (amortized cost of $472,357 and $472,357, respectively) | $ | 995,000 | $ | 786,988 | |||||||||||||||||
Non-control/non-affiliate investments (amortized cost of $39,124,370 and $38,402,556, respectively) | 36,982,186 | 35,876,715 | ||||||||||||||||||||||||
Total investments (amortized cost of $39,596,727 and $38,874,913, respectively) | 37,850,100 | 36,663,703 | ||||||||||||||||||||||||
Non-control/non-affiliate investments (amortized cost of $38,809,377 and $38,402,556, respectively) | Non-control/non-affiliate investments (amortized cost of $38,809,377 and $38,402,556, respectively) | 37,755,443 | 35,876,715 | |||||||||||||||||||||||
Total investments (amortized cost of $39,281,734 and $38,874,913, respectively) | Total investments (amortized cost of $39,281,734 and $38,874,913, respectively) | 38,750,443 | 36,663,703 | |||||||||||||||||||||||
Cash | 2,672,194 | 3,602,662 | Cash | 2,565,440 | 3,602,662 | |||||||||||||||||||||
Deferred financing costs (Note 11) | 507,345 | 522,163 | Deferred financing costs (Note 11) | 492,528 | 522,163 | |||||||||||||||||||||
Prepaid expenses and other assets | 352,367 | 385,597 | Prepaid expenses and other assets | 357,445 | 385,597 | |||||||||||||||||||||
Deferred offering costs | 267,074 | 281,203 | Deferred offering costs | 190,512 | 281,203 | |||||||||||||||||||||
Interest receivable | 142,158 | 64,550 | Interest receivable | 126,564 | 64,550 | |||||||||||||||||||||
Receivable for repayments of portfolio investments | Receivable for repayments of portfolio investments | 48,519 | — | |||||||||||||||||||||||
Receivable for investments sold | — | 381,075 | Receivable for investments sold | — | 381,075 | |||||||||||||||||||||
Total Assets | $ | 41,791,238 | $ | 41,900,953 | Total Assets | $ | 42,531,451 | $ | 41,900,953 | |||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||
Revolving Credit Facility (Note 11) | $ | 21,000,000 | $ | 21,000,000 | Revolving Credit Facility (Note 11) | $ | 21,000,000 | $ | 21,000,000 | |||||||||||||||||
Due to Administrator (Note 4) | Due to Administrator (Note 4) | 249,008 | 122,384 | |||||||||||||||||||||||
Due to Adviser (Note 4) | Due to Adviser (Note 4) | 184,345 | — | |||||||||||||||||||||||
Distributions payable | Distributions payable | 120,377 | 111,447 | |||||||||||||||||||||||
Accrued audit fees | 246,850 | 178,550 | Accrued audit fees | 114,000 | 178,550 | |||||||||||||||||||||
Due to Administrator (Note 4) | 225,651 | 122,384 | ||||||||||||||||||||||||
Distributions payable | 119,151 | 111,447 | ||||||||||||||||||||||||
Due to Affiliates (Note 4) | 101,000 | 94,975 | Due to Affiliates (Note 4) | 105,862 | 94,975 | |||||||||||||||||||||
Accrued legal fees | 91,126 | 55,241 | Accrued legal fees | 98,820 | 55,241 | |||||||||||||||||||||
Accrued expenses | 63,991 | 28,329 | Accrued expenses | 93,500 | 28,329 | |||||||||||||||||||||
Interest payable | 59,767 | 61,627 | Interest payable | 59,406 | 61,627 | |||||||||||||||||||||
Payable for investments purchased | — | 690,000 | Payable for investments purchased | — | 690,000 | |||||||||||||||||||||
Total Liabilities | $ | 21,907,536 | $ | 22,342,553 | Total Liabilities | $ | 22,025,318 | $ | 22,342,553 | |||||||||||||||||
Commitments and Contingencies (Note 10) | — | — | Commitments and Contingencies (Note 10) | — | — | |||||||||||||||||||||
Net Assets | $ | 19,883,702 | $ | 19,558,400 | Net Assets | $ | 20,506,133 | $ | 19,558,400 | |||||||||||||||||
Components of Net Assets | Components of Net Assets | |||||||||||||||||||||||||
Common Stock, par value $0.001 per share (75,000,000 shares authorized; 2,384,793 and 2,363,011 shares issued and outstanding, respectively) (Note 3) | $ | 2,385 | $ | 2,363 | ||||||||||||||||||||||
Common Stock, par value $0.001 per share (75,000,000 shares authorized; 2,384,673 and 2,363,011 shares issued and outstanding, respectively) (Note 3) | Common Stock, par value $0.001 per share (75,000,000 shares authorized; 2,384,673 and 2,363,011 shares issued and outstanding, respectively) (Note 3) | $ | 2,385 | $ | 2,363 | |||||||||||||||||||||
Paid-in capital in excess of par (Note 3) | 26,970,191 | 27,133,944 | Paid-in capital in excess of par (Note 3) | 25,952,125 | 27,133,944 | |||||||||||||||||||||
Total distributable earnings (loss) (Note 6) | (7,088,874 | ) | (7,577,907 | ) | Total distributable earnings (loss) (Note 6) | (5,448,377) | (7,577,907) | |||||||||||||||||||
Net Assets | $ | 19,883,702 | $ | 19,558,400 | Net Assets | $ | 20,506,133 | $ | 19,558,400 | |||||||||||||||||
Net Asset Value Per Share (Note 12) | $ | 8.34 | $ | 8.28 | Net Asset Value Per Share (Note 12) | $ | 8.60 | $ | 8.28 | |||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Investment Income | |||||||||||||||||||||||||||||
Interest income from non-control/non-affiliate investments | $ | 548,536 | $ | 619,251 | $ | 1,114,461 | $ | 1,133,160 | |||||||||||||||||||||
Interest income from structured credit securities | 322,559 | 234,597 | 604,679 | 469,332 | |||||||||||||||||||||||||
Total Investment Income | 871,095 | 853,848 | 1,719,140 | 1,602,492 | |||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||
Allocation of overhead from Prospect Administration (Note 4) | 249,280 | 173,523 | 474,273 | 337,316 | |||||||||||||||||||||||||
Base management fees (Note 4) | 184,345 | 182,205 | 367,731 | 339,614 | |||||||||||||||||||||||||
Interest expense and credit facility expenses (Note 11) | 144,803 | 175,833 | 291,451 | 276,003 | |||||||||||||||||||||||||
Audit and tax expense | 144,050 | 81,050 | 216,850 | 136,883 | |||||||||||||||||||||||||
Amortization of offering costs | 128,585 | 151,288 | 276,328 | 271,894 | |||||||||||||||||||||||||
Legal expense | 68,269 | 86,263 | 140,686 | 111,621 | |||||||||||||||||||||||||
General and administrative | 44,233 | 32,789 | 85,456 | 72,369 | |||||||||||||||||||||||||
Insurance expense | 43,104 | 38,461 | 86,208 | 76,923 | |||||||||||||||||||||||||
Transfer agent’s fees and expenses | 37,441 | 39,205 | 72,455 | 69,758 | |||||||||||||||||||||||||
Valuation services | 30,488 | 24,852 | 63,116 | 48,417 | |||||||||||||||||||||||||
Total Operating Expenses | 1,074,598 | 985,469 | 2,074,554 | 1,740,798 | |||||||||||||||||||||||||
Expense limitation payment (Note 4) | — | (182,205) | (183,386) | (339,614) | |||||||||||||||||||||||||
Total Net Operating Expenses | 1,074,598 | 803,264 | 1,891,168 | 1,401,184 | |||||||||||||||||||||||||
Net Investment Income (Loss) | (203,503) | 50,584 | (172,028) | 201,308 | |||||||||||||||||||||||||
Net Realized and Net Change in Unrealized Gains (Losses) on Investments | |||||||||||||||||||||||||||||
Net realized gains (losses): | |||||||||||||||||||||||||||||
Non-control/non-affiliate investments | — | (431,439) | 11,050 | (695,468) | |||||||||||||||||||||||||
Net realized gains (losses) | — | (431,439) | 11,050 | (695,468) | |||||||||||||||||||||||||
Net change in unrealized gains (losses): | |||||||||||||||||||||||||||||
Affiliate investments | 127,086 | 101,175 | 208,012 | 123,773 | |||||||||||||||||||||||||
Non-control/non-affiliate investments | 1,088,250 | (16,981) | 1,471,907 | (520,371) | |||||||||||||||||||||||||
Net change in unrealized gains (losses) | 1,215,336 | 84,194 | 1,679,919 | (396,598) | |||||||||||||||||||||||||
Net Realized and Net Change in Unrealized Gains (Losses) on Investments | 1,215,336 | (347,245) | 1,690,969 | (1,092,066) | |||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,011,833 | $ | (296,661) | $ | 1,518,941 | $ | (890,758) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share (Note 12)(1) | $ | 0.42 | $ | (0.13) | $ | 0.64 | $ | (0.38) | |||||||||||||||||||||
Distributions declared per share | $ | 0.17 | $ | 0.17 | $ | 0.31 | $ | 0.34 | |||||||||||||||||||||
(1) For the three months ended December 31, 2020 and 2019, the weighted average common shares outstanding were 2,385,301 and 2,364,411, respectively.For the six months ended December 31, 2020 and 2019, the weighted average common shares outstanding were 2,373,291 and 2,370,647, respectively. |
Three Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
Investment Income | |||||||||
Interest income from non-control/non-affiliate investments | $ | 565,925 | $ | 513,909 | |||||
Interest income from structured credit securities | 282,120 | 234,735 | |||||||
Total Investment Income | 848,045 | 748,644 | |||||||
Operating Expenses | |||||||||
Allocation of overhead from Prospect Administration (Note 4) | 224,993 | 163,793 | |||||||
Base management fees (Note 4) | 183,386 | 157,409 | |||||||
Amortization of offering costs | 147,743 | 120,606 | |||||||
Interest expense and credit facility expenses (Note 11) | 146,648 | 100,170 | |||||||
Audit and tax expense | 72,800 | 55,833 | |||||||
Legal expense | 72,417 | 25,358 | |||||||
Insurance expense | 43,104 | 38,462 | |||||||
General and administrative | 41,223 | 39,580 | |||||||
Transfer agent’s fees and expenses | 35,014 | 30,553 | |||||||
Valuation services | 32,628 | 23,565 | |||||||
Total Operating Expenses | 999,956 | 755,329 | |||||||
Expense limitation payment (Note 4) | (183,386 | ) | (157,409 | ) | |||||
Total Net Operating Expenses | 816,570 | 597,920 | |||||||
Net Investment Income | 31,475 | 150,724 | |||||||
Net Realized and Net Change in Unrealized Gains (Losses) on Investments | |||||||||
Net realized gains (losses): | |||||||||
Non-control/non-affiliate investments | 11,050 | (264,029 | ) | ||||||
Net realized gains (losses) | 11,050 | (264,029 | ) | ||||||
Net change in unrealized gains (losses): | |||||||||
Non-control/non-affiliate investments | 383,657 | (503,390 | ) | ||||||
Affiliate investments | 80,926 | 22,598 | |||||||
Net change in unrealized gains (losses) | 464,583 | (480,792 | ) | ||||||
Net Realized and Net Change in Unrealized Gains (Losses) on Investments | 475,633 | (744,821 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 507,108 | $ | (594,097 | ) | ||||
Net increase (decrease) in net assets resulting from operations per share (Note 12)(1) | $ | 0.21 | $ | (0.25 | ) | ||||
Distributions declared per share | $ | 0.16 | $ | 0.17 | |||||
(1) For the three months ended September 30, 2020 and 2019, the weighted average common shares outstanding were 2,364,156 and 2,382,257, respectively. |
Common Stock | ||||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2020 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Net Assets | |||||||||||||||||||||||||||
Balance as of September 30, 2020 | 2,384,793 | $ | 2,385 | $ | 26,970,191 | $ | (7,088,874) | $ | 19,883,702 | |||||||||||||||||||||||
Net increase in net assets resulting from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | (203,503) | (203,503) | |||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | 1,215,336 | 1,215,336 | |||||||||||||||||||||||||||
Distributions to Shareholders (Note 5) | ||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | 49,157 | 49,157 | |||||||||||||||||||||||||||
Return of capital distributions | — | — | (438,000) | — | (438,000) | |||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||
Shares issued | 3,318 | 3 | 29,997 | — | 30,000 | |||||||||||||||||||||||||||
Commissions and fees on shares issued | — | — | (1,803) | — | (1,803) | |||||||||||||||||||||||||||
Shares issued through reinvestment of distributions | 23,548 | 24 | 200,333 | — | 200,357 | |||||||||||||||||||||||||||
Repurchase of common shares | (26,986) | (27) | (229,086) | — | (229,113) | |||||||||||||||||||||||||||
Tax Reclassification of Net Assets (Note 6) | — | — | (579,507) | 579,507 | — | |||||||||||||||||||||||||||
Total Increase (Decrease) for the three months ended December 31, 2020 | (120) | — | (1,018,066) | 1,640,497 | 622,431 | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | 2,384,673 | $ | 2,385 | $ | 25,952,125 | $ | (5,448,377) | $ | 20,506,133 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||
For the Thee Months Ended September 30, 2020 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Net Assets | ||||||||||||||
Balance as of June 30, 2020 | 2,363,011 | $ | 2,363 | $ | 27,133,944 | $ | (7,577,907 | ) | $ | 19,558,400 | |||||||||
Net increase in net assets resulting from operations | |||||||||||||||||||
Net investment income | — | — | — | 31,475 | 31,475 | ||||||||||||||
Net realized gains (losses) on investments | — | — | — | 11,050 | 11,050 | ||||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | 464,583 | 464,583 | ||||||||||||||
Distributions to Shareholders (Note 5) | |||||||||||||||||||
Distributions from earnings | — | — | — | (18,437 | ) | (18,437 | ) | ||||||||||||
Return of capital distributions | — | — | (351,166 | ) | — | (351,166 | ) | ||||||||||||
Capital Transactions | |||||||||||||||||||
Shares issued | 27,815 | 28 | 250,972 | — | 251,000 | ||||||||||||||
Commissions and fees on shares issued | — | — | (15,059 | ) | — | (15,059 | ) | ||||||||||||
Shares issued through reinvestment of dividends | 22,753 | 23 | 189,321 | — | 189,344 | ||||||||||||||
Repurchase of common shares | (28,786 | ) | (29 | ) | (237,459 | ) | — | (237,488 | ) | ||||||||||
Tax Reclassification of Net Assets (Note 6) | — | — | (362 | ) | 362 | — | |||||||||||||
Total Increase (Decrease) for the three months ended September 30, 2020 | 21,782 | 22 | (163,753 | ) | 489,033 | 325,302 | |||||||||||||
Balance as of September 30, 2020 | 2,384,793 | $ | 2,385 | $ | 26,970,191 | $ | (7,088,874 | ) | $ | 19,883,702 | |||||||||
Common Stock | ||||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2019 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||||||
Balance as of September 30, 2019 | 2,392,140 | $ | 2,392 | $ | 29,936,368 | $ | (7,291,747) | $ | 22,647,013 | |||||||||||||||||||||||
Net decrease in net assets resulting from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | 50,584 | 50,584 | |||||||||||||||||||||||||||
Net realized gains (losses) on investments | — | — | — | (431,439) | (431,439) | |||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | 84,194 | 84,194 | |||||||||||||||||||||||||||
Distributions to Shareholders (Note 5) | ||||||||||||||||||||||||||||||||
Return of capital distributions | — | — | (404,093) | — | (404,093) | |||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||
Shares issued | 19,813 | 20 | 211,979 | — | 211,999 | |||||||||||||||||||||||||||
Shares issued through reinvestment of distributions | (86,204) | (86) | (786,962) | — | (787,048) | |||||||||||||||||||||||||||
Tax Reclassification of Net Assets (Note 6) | — | — | (1,348,284) | 1,348,284 | — | |||||||||||||||||||||||||||
Total Increase (Decrease) for the three months ended December 31, 2019 | (66,391) | (66) | (2,327,360) | 1,051,623 | (1,275,803) | |||||||||||||||||||||||||||
Balance as of December 31, 2019 | 2,325,749 | $ | 2,326 | $ | 27,609,008 | $ | (6,240,124) | $ | 21,371,210 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||
For the Three Months Ended September 30, 2019 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||
Balance as of June 30, 2019 | 2,370,011 | $ | 2,370 | $ | 30,105,995 | $ | (6,697,650 | ) | $ | 23,410,715 | |||||||||
Net decrease in net assets resulting from operations | |||||||||||||||||||
Net investment income | — | — | — | 150,724 | 150,724 | ||||||||||||||
Net realized gains (losses) on investments | — | — | — | (264,029 | ) | (264,029 | ) | ||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | (480,792 | ) | (480,792 | ) | ||||||||||||
Distributions to Shareholders (Note 5) | |||||||||||||||||||
Return of capital distributions | — | — | (406,041 | ) | — | (406,041 | ) | ||||||||||||
Capital Transactions | |||||||||||||||||||
Shares issued | 2,197 | 2 | 24,998 | — | 25,000 | ||||||||||||||
Commissions and fees on shares sold | — | — | (1,857 | ) | — | (1,857 | ) | ||||||||||||
Shares issued through reinvestment of dividends | 19,932 | 20 | 213,273 | — | 213,293 | ||||||||||||||
Total Increase (Decrease) for the three months ended September 30, 2019 | 22,129 | 22 | (169,627 | ) | (594,097 | ) | (763,702 | ) | |||||||||||
Balance as of September 30, 2019 | 2,392,140 | $ | 2,392 | $ | 29,936,368 | $ | (7,291,747 | ) | $ | 22,647,013 | |||||||||
Common Stock | ||||||||||||||||||||||||||||||||
For the Six Months Ended December 31, 2020 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Net Assets | |||||||||||||||||||||||||||
Balance as of June 30, 2020 | 2,363,011 | $ | 2,363 | $ | 27,133,944 | $ | (7,577,907) | $ | 19,558,400 | |||||||||||||||||||||||
Net increase in net assets resulting from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | (172,028) | (172,028) | |||||||||||||||||||||||||||
Net realized gains (losses) on investments | — | — | — | 11,050 | 11,050 | |||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | 1,679,919 | 1,679,919 | |||||||||||||||||||||||||||
Distributions to Shareholders (Note 5) | ||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | 30,720 | 30,720 | |||||||||||||||||||||||||||
Return of capital distributions | — | — | (789,166) | — | (789,166) | |||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||
Shares issued | 31,133 | 31 | 280,969 | — | 281,000 | |||||||||||||||||||||||||||
Commissions and fees on shares issued | — | — | (16,862) | — | (16,862) | |||||||||||||||||||||||||||
Shares issued through reinvestment of distributions | 46,301 | 47 | 389,654 | — | 389,701 | |||||||||||||||||||||||||||
Repurchase of common shares | (55,772) | (56) | (466,545) | — | (466,601) | |||||||||||||||||||||||||||
Tax Reclassification of Net Assets (Note 6) | — | — | (579,869) | 579,869 | — | |||||||||||||||||||||||||||
Total Increase (Decrease) for the six months ended December 31, 2020 | 21,662 | 22 | (1,181,819) | 2,129,530 | 947,733 | |||||||||||||||||||||||||||
Balance as of December 31, 2020 | 2,384,673 | $ | 2,385 | $ | 25,952,125 | $ | (5,448,377) | $ | 20,506,133 | |||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||
For the Six Months Ended December 31, 2019 | Shares | Par | Paid-in Capital in Excess of Par | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||||||
Balance as of June 30, 2019 | 2,370,011 | $ | 2,370 | $ | 30,105,995 | $ | (6,697,650) | $ | 23,410,715 | |||||||||||||||||||||||
Net decrease in net assets resulting from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | — | 201,308 | 201,308 | |||||||||||||||||||||||||||
Net realized gains (losses) on investments | — | — | — | (695,468) | (695,468) | |||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | — | — | — | (396,598) | (396,598) | |||||||||||||||||||||||||||
Distributions to Shareholders (Note 5) | ||||||||||||||||||||||||||||||||
Return of capital distributions | — | — | (810,134) | — | (810,134) | |||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||
Shares issued | 2,197 | 2 | 24,998 | — | 25,000 | |||||||||||||||||||||||||||
Commissions and fees on shares sold | — | — | (1,857) | — | (1,857) | |||||||||||||||||||||||||||
Shares issued through reinvestment of distributions | 39,745 | 40 | 425,252 | — | 425,292 | |||||||||||||||||||||||||||
Repurchase of common shares | (86,204) | (86) | (786,962) | — | (787,048) | |||||||||||||||||||||||||||
Tax Reclassification of Net Assets (Note 6) | — | — | (1,348,284) | 1,348,284 | — | |||||||||||||||||||||||||||
Total Increase (Decrease) for the six months ended December 31, 2019 | (44,262) | (44) | (2,496,987) | 457,526 | (2,039,505) | |||||||||||||||||||||||||||
Balance as of December 31, 2019 | 2,325,749 | $ | 2,326 | $ | 27,609,008 | $ | (6,240,124) | $ | 21,371,210 | |||||||||||||||||||||||
Six Months Ended December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,518,941 | $ | (890,758) | |||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
Amortization of offering costs | 276,328 | 271,894 | |||||||||||||||
Purchases of investments | (1,274,290) | (19,425,198) | |||||||||||||||
Repayments and sales of portfolio investments | 1,105,458 | 3,275,274 | |||||||||||||||
Net change in unrealized (gains) losses on investments | (1,679,919) | 396,598 | |||||||||||||||
Net realized (gains) losses on investments | (11,050) | 695,468 | |||||||||||||||
Accretion of purchase discount on investments, net | (211,784) | (45,357) | |||||||||||||||
Amortization of deferred financing costs | 29,635 | 31,175 | |||||||||||||||
Payment-in-kind interest | (15,155) | (58) | |||||||||||||||
Changes in other assets and liabilities: | |||||||||||||||||
(Increase) Decrease in operating assets | |||||||||||||||||
Receivable for investments sold | 381,075 | 887,631 | |||||||||||||||
Receivable for repyaments from portfolio investments | (48,519) | — | |||||||||||||||
Interest receivable | (62,014) | (24,509) | |||||||||||||||
Due from Adviser (Note 4) | — | 128,852 | |||||||||||||||
Deferred offering costs (Note 4) | (185,637) | (305,288) | |||||||||||||||
Prepaid expenses and other assets | 28,152 | 79,220 | |||||||||||||||
Increase (Decrease) in operating liabilities | |||||||||||||||||
Due to Adviser (Note 4) | 184,345 | (127,414) | |||||||||||||||
Accrued expenses | 65,171 | (131,103) | |||||||||||||||
Accrued legal fees | 43,579 | (447,267) | |||||||||||||||
Accrued audit fees | (64,550) | (174,306) | |||||||||||||||
Due to Administrator (Note 4) | 126,624 | (53,079) | |||||||||||||||
Payable for investments purchased | (690,000) | (1,785,149) | |||||||||||||||
Due to Affiliates (Note 4) | 10,887 | 12,619 | |||||||||||||||
Interest payable | (2,221) | 52,839 | |||||||||||||||
Net cash provided by (used in) operating activities | (474,944) | (17,577,916) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Gross proceeds from shares issued (Note 3) | 281,000 | 25,000 | |||||||||||||||
Commissions and fees on shares issued | (16,862) | (1,857) | |||||||||||||||
Distributions paid to stockholders | (359,815) | (386,395) | |||||||||||||||
Repurchase of common shares | (466,601) | (821,768) | |||||||||||||||
Financing costs paid and deferred | — | (125,000) | |||||||||||||||
Borrowings under Revolving Credit Facility (Note 11) | — | 15,500,000 | |||||||||||||||
Net cash provided by (used in) financing activities | (562,278) | 14,189,980 | |||||||||||||||
Net increase (decrease) in cash | (1,037,222) | (3,387,936) | |||||||||||||||
Cash at beginning of period | 3,602,662 | 6,730,743 | |||||||||||||||
Cash at end of period | $ | 2,565,440 | $ | 3,342,807 | |||||||||||||
Supplemental disclosures: | |||||||||||||||||
Cash paid for interest | $ | 264,038 | $ | 191,989 | |||||||||||||
Non-cash financing activities: | |||||||||||||||||
Value of shares issued through reinvestment of distributions | $ | 389,701 | $ | 425,292 |
Three Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
Cash flows from operating activities: | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 507,108 | $ | (594,097 | ) | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||
Amortization of offering costs | 147,743 | 120,606 | |||||||
Purchases of investments | (1,234,517 | ) | (10,434,610 | ) | |||||
Repayments and sales of portfolio investments | 691,385 | 1,622,438 | |||||||
Net change in unrealized (gains) losses on investments | (464,583 | ) | 480,792 | ||||||
Net realized (gains) losses on investments | (11,050 | ) | 264,029 | ||||||
Accretion of purchase discount on investments, net | (160,125 | ) | (47,101 | ) | |||||
Amortization of deferred financing costs | 14,818 | 12,817 | |||||||
Payment-in-kind interest | (7,507 | ) | (29 | ) | |||||
Changes in other assets and liabilities: | |||||||||
(Increase) Decrease in operating assets | |||||||||
Receivable for investments sold | 381,075 | 456,406 | |||||||
Interest receivable | (77,608 | ) | (16,263 | ) | |||||
Due from Adviser (Note 4) | — | (28,557 | ) | ||||||
Deferred offering costs (Note 4) | (133,614 | ) | (142,144 | ) | |||||
Prepaid expenses and other assets | 33,230 | 40,759 | |||||||
Due from Affiliate (Note 4) | — | — | |||||||
Increase (Decrease) in operating liabilities | |||||||||
Due to Adviser (Note 4) | — | 29,995 | |||||||
Accrued expenses | 35,662 | (117,041 | ) | ||||||
Accrued legal fees | 35,885 | (213,657 | ) | ||||||
Accrued audit fees | 68,300 | 44,423 | |||||||
Due to Administrator (Note 4) | 103,267 | 4,140 | |||||||
Payable for investments purchased | (690,000 | ) | (1,961,399 | ) | |||||
Due to Affiliates (Note 4) | 6,025 | 8,281 | |||||||
Interest payable | (1,860 | ) | 26,914 | ||||||
Net cash provided by (used in) operating activities | (756,366 | ) | (10,443,298 | ) | |||||
Cash flows from financing activities: | |||||||||
Gross proceeds from shares issued (Note 3) | 251,000 | 25,000 | |||||||
Commissions and fees on shares issued | (15,059 | ) | (1,857 | ) | |||||
Distributions paid to stockholders | (172,555 | ) | (193,525 | ) | |||||
Repurchase of common shares | (237,488 | ) | (495,506 | ) | |||||
Financing costs paid and deferred | — | (125,000 | ) | ||||||
Borrowings under Revolving Credit Facility (Note 11) | — | 10,000,000 | |||||||
Net cash provided by (used in) financing activities | (174,102 | ) | 9,209,112 | ||||||
Net increase (decrease) in cash | (930,468 | ) | (1,234,186 | ) | |||||
Cash at beginning of period | 3,602,662 | 6,730,743 | |||||||
Cash at end of period | $ | 2,672,194 | $ | 5,496,557 | |||||
Supplemental disclosures: | |||||||||
Cash paid for interest | $ | 133,690 | $ | 60,439 | |||||
Non-cash financing activities: | |||||||||
Value of shares issued through reinvestment of dividends | $ | 189,344 | $ | 213,293 |
December 31, 2020 | |||||||||||||||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control): | |||||||||||||||||||||||||||||
Senior Secured Loans-First Lien(m)(n) | |||||||||||||||||||||||||||||
Amerilife Holdings, LLC (g)(j)(l) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (4.15%) | — | 3/18/2027 | $ | 746,354 | $ | 745,119 | $ | 746,354 | 3.64 | % | ||||||||||||||||
CareerBuilder (g)(l)(j) | Services: Consumer | 7/27/2017 | 3ML+6.75% (7.75%) | 1.00 | 7/31/2023 | 969,272 | 911,695 | 901,908 | 4.40 | % | |||||||||||||||||||
Correct Care Solutions Group Holdings, LLC (g)(l)(j) | Healthcare & Pharmaceuticals | 4/2/2019 | 1ML+5.50% (5.67%) | — | 10/1/2025 | 2,065,256 | 2,028,686 | 2,065,256 | 10.07 | % | |||||||||||||||||||
Digital Room Holdings, Inc(g)(l)(j) | Media: Broadcasting & Subscription | 5/14/2019 | 6ML+5.00% (5.27%) | — | 5/21/2026 | 1,970,000 | 1,944,749 | 1,945,400 | 9.49 | % | |||||||||||||||||||
First Brands, LLC (f/k/a Trico Group, LLC)(g)(j)(l) | Automotive | 7/23/2020 | 1ML+7.50% (8.50%) | 1.00 | 2/2/2024 | 1,234,350 | 1,180,030 | 1,234,350 | 6.02 | % | |||||||||||||||||||
GK Holdings, Inc.(i)(o)(j) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+6.00% (9.00%) | 1.00 | 1/20/2021 | 117,500 | 117,459 | 107,220 | 0.52 | % | |||||||||||||||||||
Global Tel*Link Corporation (g)(l)(j) | Telecommunications | 4/5/2019 | 1ML+4.25% (4.40%) | — | 11/28/2025 | 1,968,615 | 1,918,098 | 1,916,998 | 9.35 | % | |||||||||||||||||||
Help/Systems Holdings, Inc. (g)(j) | High Tech Industries | 11/14/2019 | 3ML+4.75% (5.75%) | 1.00 | 11/19/2026 | 1,488,750 | 1,476,109 | 1,488,750 | 7.26 | % | |||||||||||||||||||
Janus International Group, LLC (g)(l)(j) | Construction & Building | 7/9/2019 | 3ML+4.50% (5.50%) | 1.00 | 2/12/2025 | 1,721,837 | 1,721,837 | 1,717,533 | 8.38 | % | |||||||||||||||||||
Keystone Acquisition Corp. (g)(l)(j) | Healthcare & Pharmaceuticals | 4/10/2019 | 3ML+5.25% (6.25%) | 1.00 | 5/1/2024 | 2,066,064 | 2,044,109 | 2,066,064 | 10.08 | % | |||||||||||||||||||
McAfee LLC (g)(k) | High Tech Industries | 9/17/2017 | 1ML+3.75% (3.90%) | — | 9/30/2024 | 215,557 | 213,842 | 215,868 | 1.05 | % | |||||||||||||||||||
The Octave Music Group, Inc.(g)(j) | Consumer goods: Durable | 2/26/2020 | 1ML+5.25% (6.25%) | 1.00 | 5/29/2025 | 730,603 | 724,281 | 719,675 | 3.51 | % | |||||||||||||||||||
PGX Holdings, Inc. (f)(g)(j) | Services: Consumer | 4/2/2019 | 1ML+5.25% (6.25%) | 1.00 | 9/29/2023 | 647,645 | 644,342 | 647,645 | 3.16 | % | |||||||||||||||||||
Quidditch Acquisition, Inc. (g)(j) | Beverage, Food & Tobacco | 3/16/2018 | 3ML+7.00% (8.00%) | 1.00 | 3/21/2025 | 486,250 | 479,043 | 459,100 | 2.24 | % | |||||||||||||||||||
Research Now Group, Inc. & Survey Sampling International LLC (g)(j) | Services: Business | 4/2/2019 | 3ML+5.50% (6.50%) | 1.00 | 12/20/2024 | 1,970,806 | 1,970,806 | 1,970,806 | 9.61 | % | |||||||||||||||||||
Rocket Software, Inc. (g)(l)(k) | High Tech Industries | 4/2/2019 | 1ML+4.25% (4.40%) | — | 11/28/2025 | 2,065,343 | 2,050,070 | 2,058,940 | 10.04 | % | |||||||||||||||||||
Securus Technologies Holdings, Inc.(g)(l)(j) | Telecommunications | 7/31/2019 | 1ML+4.50% (5.50%) | 1.00 | 11/1/2024 | 1,969,543 | 1,833,831 | 1,900,600 | 9.27 | % | |||||||||||||||||||
Shutterfly, Inc.(g)(l)(j) | Media: Diversified and Production | 11/14/2019 | 3ML+6.00% (7.00%) | 1.00 | 9/25/2026 | 1,601,935 | 1,447,716 | 1,592,100 | 7.76 | % | |||||||||||||||||||
Sorenson Communications, LLC (g)(l)(j) | Services: Consumer | 4/26/2019 | 3ML+6.50% (6.75%) | — | 4/29/2024 | 1,088,337 | 1,075,411 | 1,088,337 | 5.31 | % | |||||||||||||||||||
Staples, Inc.(g)(l)(k) | Wholesale | 11/18/2019 | 3ML+5.00% (5.21%) | — | 4/16/2026 | 1,979,899 | 1,957,634 | 1,932,444 | 9.42 | % | |||||||||||||||||||
Transplace Holdings, Inc. (g)(j) | Transportation: Cargo | 4/10/2019 | 3ML+3.75% (4.75%) | 1.00 | 10/7/2024 | 1,478,471 | 1,463,257 | 1,478,471 | 7.21 | % | |||||||||||||||||||
Upstream Newco, Inc.(g)(j) | Services: Consumer | 10/24/2019 | 1ML+4.50% (4.65%) | — | 11/20/2026 | 1,736,875 | 1,729,503 | 1,736,848 | 8.47 | % | |||||||||||||||||||
Vero Parent Inc. (Sahara) (g)(j) | High Tech Industries | 8/11/2017 | 3ML+6.25% (6.48%) | — | 8/16/2024 | 338,704 | 336,299 | 338,577 | 1.65 | % | |||||||||||||||||||
Total Senior Secured Loans-First Lien | $ | 30,013,926 | $ | 30,329,244 | 147.91 | % | |||||||||||||||||||||||
Senior Secured Loans-Second Lien(j)(m)(n) | |||||||||||||||||||||||||||||
Encino Acquisition Partners Holdings, LLC (g) | Energy: Oil & Gas | 9/25/2018 | 1ML+6.75% (7.75%) | 1.00 | 10/29/2025 | $ | 500,000 | $ | 496,235 | $ | 460,938 | 2.25 | % | ||||||||||||||||
FullBeauty Brands Holding(f) | Retail | 2/7/2019 | 7% | — | 1/31/2025 | 12,009 | 9,927 | 9,306 | 0.04 | % | |||||||||||||||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+10.25% (13.25%) | 1.00 | 1/21/2022 | 125,000 | 123,983 | 75,000 | 0.37 | % | |||||||||||||||||||
Inmar, Inc. (g) | Media: Advertising, Printing&Publishing | 4/25/2017 | 3ML+8.00% (9.00%) | 1.00 | 5/1/2025 | 500,000 | 494,499 | 371,250 | 1.81 | % | |||||||||||||||||||
Total Senior Secured Loans-Second Lien | $ | 1,124,644 | $ | 916,494 | 4.47 | % | |||||||||||||||||||||||
Senior Secured Notes (j)(m)(p) | |||||||||||||||||||||||||||||
Ace Cash Express, Inc.(l) | Financial | 12/8/2017 | 12.00 | % | N/A | 12/15/2022 | $ | 1,000,000 | $ | 965,005 | $ | 935,847 | 4.56 | % | |||||||||||||||
Total Senior Secured Notes | $ | 965,005 | $ | 935,847 | 4.56 | % | |||||||||||||||||||||||
September 30, 2020 (Unaudited) | |||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control): | |||||||||||||||||
Senior Secured Loans-First Lien(j)(l)(n) | |||||||||||||||||
Amerilife Holdings, LLC (Delayed Draw - $39,773 Commitment) (g)(m) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | — | — | 3/18/2027 | $ | — | $ | — | $ | — | — | % | ||||
Amerilife Holdings, LLC (Delayed Draw) (g) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (4.15%) | — | 3/18/2027 | 45,341 | 45,341 | 45,341 | 0.23 | % | |||||||
Amerilife Holdings, LLC (g) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (4.15%) | — | 3/18/2027 | 663,111 | 661,826 | 661,826 | 3.33 | % | |||||||
CareerBuilder (g)(k) | Services: Consumer | 7/27/2017 | 3ML+6.75% (7.75%) | 1.00 | 7/31/2023 | 969,272 | 906,072 | 900,211 | 4.53 | % | |||||||
Correct Care Solutions Group Holdings, LLC (g)(k) | Healthcare & Pharmaceuticals | 4/2/2019 | 1ML+5.50% (5.72%) | — | 10/1/2025 | 2,070,525 | 2,032,015 | 2,070,525 | 10.41 | % | |||||||
Digital Room Holdings, Inc(g)(k) | Media: Broadcasting & Subscription | 5/14/2019 | 6ML+5.00% (5.27%) | — | 5/21/2026 | 1,975,000 | 1,948,568 | 1,926,200 | 9.69 | % | |||||||
First Brands, LLC (f/k/a Trico Group, LLC)(g)(k) | Automotive | 7/23/2020 | 3ML+7.50% (8.50%) | 1.00 | 2/2/2024 | 1,242,188 | 1,183,437 | 1,210,101 | 6.08 | % | |||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+6.00% (9.00%) | 1.00 | 1/20/2021 | 117,813 | 117,581 | 64,797 | 0.32 | % | |||||||
Global Tel*Link Corporation (g)(k) | Telecommunications | 4/5/2019 | 1ML+4.25% (4.40%) | — | 11/28/2025 | 1,973,637 | 1,920,528 | 1,893,013 | 9.52 | % | |||||||
Help/Systems Holdings, Inc. (g) | High Tech Industries | 11/14/2019 | 3ML+4.75% (5.75%) | 1.00 | 11/19/2026 | 1,492,500 | 1,479,318 | 1,492,500 | 7.51 | % | |||||||
Janus International Group, LLC (g)(k) | Construction & Building | 7/9/2019 | 6ML+4.50% (5.50%) | 1.00 | 2/12/2025 | 1,726,219 | 1,726,219 | 1,700,325 | 8.55 | % | |||||||
Keystone Acquisition Corp. (g)(k) | Healthcare & Pharmaceuticals | 4/10/2019 | 3ML+5.25% (6.25%) | 1.00 | 5/1/2024 | 2,071,403 | 2,047,788 | 2,047,788 | 10.30 | % | |||||||
McAfee LLC (g) | High Tech Industries | 9/27/2017 | 1ML+3.75% (3.90%) | — | 9/30/2024 | 239,833 | 238,003 | 238,535 | 1.20 | % | |||||||
The Octave Music Group, Inc.(g) | Consumer goods: Durable | 2/26/2020 | 1ML+5.25% (6.25%) | 1.00 | 5/29/2025 | 737,069 | 730,386 | 707,045 | 3.56 | % | |||||||
PGX Holdings, Inc. (g) | Services: Consumer | 4/2/2019 | 1ML+5.25% (6.25%) | 1.00 | 9/29/2023 | 653,387 | 649,780 | 649,780 | 3.27 | % | |||||||
Quidditch Acquisition, Inc. (g) | Beverage, Food & Tobacco | 3/16/2018 | 3ML+7.00% (8.00%) | 1.00 | 3/21/2025 | 487,563 | 479,926 | 453,433 | 2.28 | % | |||||||
Research Now Group, Inc. & Survey Sampling International LLC (g) | Services: Business | 4/2/2019 | 3ML+5.50% (6.50%) | 1.00 | 12/20/2024 | 1,975,885 | 1,975,885 | 1,954,348 | 9.83 | % | |||||||
Rocket Software, Inc. (g)(k) | High Tech Industries | 4/2/2019 | 1ML+4.25% (4.40%) | — | 11/28/2025 | 2,070,598 | 2,054,542 | 2,045,958 | 10.29 | % | |||||||
Securus Technologies Holdings, Inc.(g)(k) | Telecommunications | 7/31/2019 | 1ML+4.50% (5.50%) | 1.00 | 11/1/2024 | 1,974,619 | 1,829,995 | 1,796,781 | 9.04 | % | |||||||
Shutterfly, Inc.(g)(k) | Media: Diversified and Production | 11/14/2019 | 3ML+6.00% (7.00%) | 1.00 | 9/25/2026 | 1,741,935 | 1,580,941 | 1,656,200 | 8.33 | % | |||||||
Sorenson Communications, LLC (g)(k) | Services: Consumer | 4/26/2019 | 3ML+6.50% (6.72%) | — | 4/29/2024 | 1,248,450 | 1,234,546 | 1,248,450 | 6.28 | % | |||||||
Staples, Inc.(g)(k) | Wholesale | 11/18/2019 | 1ML+5.00% (5.25%) | — | 4/16/2026 | 1,984,925 | 1,961,599 | 1,875,111 | 9.43 | % | |||||||
Transplace Holdings, Inc. (g) | Transportation: Cargo | 4/10/2019 | 6ML+3.75% (4.75%) | 1.00 | 10/7/2024 | 1,482,714 | 1,466,482 | 1,466,482 | 7.37 | % | |||||||
Upstream Newco, Inc.(g) | Services: Consumer | 10/24/2019 | 1ML+4.50% (4.65%) | — | 11/20/2026 | 1,741,250 | 1,733,563 | 1,700,788 | 8.55 | % | |||||||
Vero Parent Inc. (Sahara) (g) | High Tech Industries | 8/11/2017 | 3ML+6.25% (6.51%) | — | 8/16/2024 | 339,570 | 336,998 | 335,166 | 1.68 | % | |||||||
Total Senior Secured Loans-First Lien | $ | 30,341,339 | $ | 30,140,704 | 151.58 | % | |||||||||||
Senior Secured Loans-Second Lien(j)(l)(n) | |||||||||||||||||
Encino Acquisition Partners Holdings, LLC (g) | Energy: Oil & Gas | 9/25/2018 | 1ML+6.75% (7.75%) | 1.00 | 10/29/2025 | $ | 500,000 | $ | 496,040 | $ | 401,875 | 2.02 | % | ||||
FullBeauty Brands Holding(f) | Retail | 2/7/2019 | 7% | — | 1/31/2025 | 11,825 | 9,742 | 7,982 | 0.04 | % | |||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+10.25% (13.25%) | 1.00 | 1/21/2022 | 125,000 | 123,740 | 37,500 | 0.19 | % | |||||||
Inmar, Inc. (g) | Media: Advertising, Printing&Publishing | 4/25/2017 | 6ML+8.00% (9.00%) | 1.00 | 5/1/2025 | 500,000 | 494,179 | 365,548 | 1.84 | % | |||||||
Total Senior Secured Loans-Second Lien | $ | 1,123,701 | $ | 812,905 | 4.09 | % | |||||||||||
Senior Secured Notes (a)(j)(l) | |||||||||||||||||
Ace Cash Express, Inc.(k) | Financial | 12/8/2017 | 12.00 | % | N/A | 12/15/2022 | $ | 1,000,000 | $ | 960,495 | $ | 846,716 | 4.26 | % | |||
Total Senior Secured Notes | $ | 960,495 | $ | 846,716 | 4.26 | % | |||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||||||||||||||
Structured Subordinated Notes (a)(e)(j)(m) | |||||||||||||||||||||||||||||
Apidos CLO XXIV | Structured Finance | 5/17/2019 | 23.24 | % | N/A | 10/20/2030 | $ | 250,000 | $ | 161,654 | $ | 153,954 | 0.75 | % | |||||||||||||||
Apidos CLO XXVI | Structured Finance | 7/25/2019 | 23.31 | % | N/A | 7/18/2029 | 250,000 | 182,901 | 195,004 | 0.95 | % | ||||||||||||||||||
California CLO IX, Ltd. | Structured Finance | 12/13/2019 | 28.40 | % | N/A | 7/16/2032 | 500,000 | 198,610 | 238,611 | 1.16 | % | ||||||||||||||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | 4/7/2017 | 18.93 | % | N/A | 7/15/2030 | 250,000 | 199,172 | 165,994 | 0.81 | % | ||||||||||||||||||
Carlyle Global Market Strategies CLO 2017-5, Ltd. | Structured Finance | 12/18/2017 | 15.44 | % | N/A | 1/22/2030 | 500,000 | 486,906 | 407,917 | 1.99 | % | ||||||||||||||||||
Galaxy XIX CLO, Ltd. | Structured Finance | 12/5/2016 | 19.34 | % | N/A | 7/24/2030 | 250,000 | 177,085 | 116,452 | 0.57 | % | ||||||||||||||||||
GoldenTree Loan Opportunities IX, Ltd. | Structured Finance | 7/19/2017 | 19.63 | % | N/A | 10/29/2029 | 250,000 | 197,372 | 146,799 | 0.72 | % | ||||||||||||||||||
Madison Park Funding XIII, Ltd. | Structured Finance | 11/6/2015 | 29.16 | % | N/A | 4/22/2030 | 250,000 | 178,962 | 180,474 | 0.88 | % | ||||||||||||||||||
Madison Park Funding XIV, Ltd. | Structured Finance | 11/16/2015 | 18.76 | % | N/A | 10/22/2030 | 250,000 | 195,317 | 160,907 | 0.78 | % | ||||||||||||||||||
Octagon Investment Partners XIV, Ltd. | Structured Finance | 12/1/2017 | 20.20 | % | N/A | 7/16/2029 | 850,000 | 551,790 | 437,562 | 2.13 | % | ||||||||||||||||||
Octagon Investment Partners XV, Ltd. | Structured Finance | 5/23/2019 | 23.71 | % | N/A | 7/19/2030 | 500,000 | 292,475 | 300,520 | 1.47 | % | ||||||||||||||||||
Octagon Investment Partners XXI,Ltd.(l) | Structured Finance | 1/6/2016 | 17.66 | % | N/A | 2/14/2031 | 387,538 | 236,447 | 177,972 | 0.87 | % | ||||||||||||||||||
Octagon Investment Partners 30, Ltd. | Structured Finance | 11/16/2017 | 16.11 | % | N/A | 3/17/2030 | 475,000 | 437,843 | 370,352 | 1.81 | % | ||||||||||||||||||
Octagon Investment Partners 31, Ltd. | Structured Finance | 12/20/2019 | 36.13 | % | N/A | 7/20/2030 | 250,000 | 158,013 | 160,488 | 0.78 | % | ||||||||||||||||||
Octagon Investment Partners 36, Ltd. | Structured Finance | 12/20/2019 | 29.51 | % | N/A | 4/15/2031 | 500,000 | 416,623 | 378,276 | 1.84 | % | ||||||||||||||||||
Octagon Investment Partners 39, Ltd. | Structured Finance | 1/9/2020 | 28.67 | % | N/A | 10/21/2030 | 250,000 | 194,530 | 198,379 | 0.97 | % | ||||||||||||||||||
OZLM XII, Ltd. | Structured Finance | 1/17/2017 | 1.70 | % | N/A | 4/30/2027 | 275,000 | 181,476 | 126,572 | 0.62 | % | ||||||||||||||||||
Sound Point CLO II, Ltd. | Structured Finance | 5/16/2019 | 18.68 | % | N/A | 1/26/2031 | 1,500,000 | 864,392 | 681,142 | 3.32 | % | ||||||||||||||||||
Sound Point CLO VII-R, Ltd. | Structured Finance | 8/23/2019 | 23.06 | % | N/A | 10/23/2031 | 150,000 | 60,665 | 51,775 | 0.25 | % | ||||||||||||||||||
Sound Point CLO XVIII, Ltd. | Structured Finance | 5/16/2019 | 16.28 | % | N/A | 1/21/2031 | 250,000 | 234,149 | 208,327 | 1.02 | % | ||||||||||||||||||
THL Credit Wind River 2013-1 CLO, Ltd. | Structured Finance | 11/1/2017 | 16.45 | % | N/A | 7/22/2030 | 325,000 | 259,900 | 169,928 | 0.83 | % | ||||||||||||||||||
Venture XXXIV CLO, Ltd. | Structured Finance | 7/30/2019 | 22.11 | % | N/A | 10/15/2031 | 250,000 | 214,670 | 206,481 | 1.01 | % | ||||||||||||||||||
Voya IM CLO 2013-1, Ltd.(l) | Structured Finance | 6/9/2016 | 12.38 | % | N/A | 10/15/2030 | 278,312 | 199,837 | 144,184 | 0.70 | % | ||||||||||||||||||
Voya CLO 2016-1, Ltd. | Structured Finance | 1/22/2016 | 17.78 | % | N/A | 1/21/2031 | 250,000 | 216,259 | 195,788 | 0.95 | % | ||||||||||||||||||
Total Structured Subordinated Notes | $ | 6,497,048 | $ | 5,573,858 | 27.18 | % | |||||||||||||||||||||||
Equity/Other(a)(j)(m) | |||||||||||||||||||||||||||||
FullBeauty Brands Holding, Common Stock(h)(i) | Retail | 2/7/2019 | N/A | N/A | N/A | 72 | $ | 208,754 | $ | — | — | % | |||||||||||||||||
Total Equity/Other | $ | 208,754 | $ | — | — | % | |||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 38,809,377 | $ | 37,755,443 | 184.12 | % | |||||||||||||||||||||||
Affiliate Investments (5.00% to 24.99% voting control): | |||||||||||||||||||||||||||||
Equity/Other(a)(j)(m) | |||||||||||||||||||||||||||||
ACON IWP Investors I, L.L.C. (h)(i) | Healthcare & Pharmaceuticals | 4/30/2015 | N/A | N/A | N/A | $ | 472,357 | $ | 472,357 | $ | 995,000 | 4.85 | % | ||||||||||||||||
Total Equity/Other | $ | 472,357 | $ | 995,000 | 4.85 | % | |||||||||||||||||||||||
Total Affiliate Investments | $ | 472,357 | $ | 995,000 | 4.85 | % | |||||||||||||||||||||||
Total Portfolio Investments | $ | 39,281,734 | $ | 38,750,443 | 188.97 | % |
September 30, 2020 (Unaudited) | |||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||
Structured Subordinated Notes (a)(e)(j)(l) | |||||||||||||||||
Apidos CLO XXIV | Structured Finance | 5/17/2019 | 21.29 | % | N/A | 10/20/2030 | $ | 250,000 | $ | 161,596 | $ | 141,513 | 0.71 | % | |||
Apidos CLO XXVI | Structured Finance | 7/25/2019 | 21.66 | % | N/A | 7/18/2029 | 250,000 | 181,731 | 171,935 | 0.86 | % | ||||||
California CLO IX, Ltd. | Structured Finance | 12/13/2019 | 24.93 | % | N/A | 7/16/2032 | 500,000 | 194,477 | 223,340 | 1.12 | % | ||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | 4/7/2017 | 16.20 | % | N/A | 7/15/2030 | 250,000 | 191,148 | 158,177 | 0.79 | % | ||||||
Carlyle Global Market Strategies CLO 2017-5, Ltd. | Structured Finance | 12/18/2017 | 13.26 | % | N/A | 1/22/2030 | 500,000 | 489,886 | 387,564 | 1.95 | % | ||||||
Galaxy XIX CLO, Ltd. | Structured Finance | 12/5/2016 | 17.28 | % | N/A | 7/24/2030 | 250,000 | 175,897 | 108,669 | 0.55 | % | ||||||
GoldenTree Loan Opportunities IX, Ltd. | Structured Finance | 7/19/2017 | 16.19 | % | N/A | 10/29/2029 | 250,000 | 195,907 | 133,541 | 0.67 | % | ||||||
Madison Park Funding XIII, Ltd. | Structured Finance | 11/6/2015 | 25.17 | % | N/A | 4/22/2030 | 250,000 | 179,259 | 166,785 | 0.84 | % | ||||||
Madison Park Funding XIV, Ltd. | Structured Finance | 11/16/2015 | 17.43 | % | N/A | 10/22/2030 | 250,000 | 190,000 | 142,411 | 0.72 | % | ||||||
Octagon Investment Partners XIV, Ltd. | Structured Finance | 12/1/2017 | 17.31 | % | N/A | 7/16/2029 | 850,000 | 556,473 | 401,301 | 2.02 | % | ||||||
Octagon Investment Partners XV, Ltd. | Structured Finance | 5/23/2019 | 21.38 | % | N/A | 7/19/2030 | 500,000 | 290,911 | 273,933 | 1.38 | % | ||||||
Octagon Investment Partners XXI,Ltd.(k) | Structured Finance | 1/6/2016 | 15.74 | % | N/A | 2/14/2031 | 387,538 | 234,284 | 161,164 | 0.81 | % | ||||||
Octagon Investment Partners 30, Ltd. | Structured Finance | 11/16/2017 | 14.28 | % | N/A | 3/17/2030 | 475,000 | 442,616 | 339,622 | 1.71 | % | ||||||
Octagon Investment Partners 31, Ltd. | Structured Finance | 12/20/2019 | 32.74 | % | N/A | 7/20/2030 | 250,000 | 155,941 | 147,466 | 0.74 | % | ||||||
Octagon Investment Partners 36, Ltd. | Structured Finance | 12/20/2019 | 26.24 | % | N/A | 4/15/2031 | 500,000 | 418,475 | 361,499 | 1.82 | % | ||||||
Octagon Investment Partners 39, Ltd. | Structured Finance | 1/9/2020 | 25.32 | % | N/A | 10/21/2030 | 250,000 | 193,956 | 178,068 | 0.89 | % | ||||||
OZLM XII, Ltd.(p) | Structured Finance | 1/17/2017 | — | % | N/A | 4/30/2027 | 275,000 | 190,362 | 116,595 | 0.59 | % | ||||||
Sound Point CLO II, Ltd. | Structured Finance | 5/16/2019 | 16.70 | % | N/A | 1/26/2031 | 1,500,000 | 871,438 | 649,000 | 3.26 | % | ||||||
Sound Point CLO VII-R, Ltd. | Structured Finance | 8/23/2019 | 21.54 | % | N/A | 10/23/2031 | 150,000 | 61,521 | 49,281 | 0.25 | % | ||||||
Sound Point CLO XVIII, Ltd. | Structured Finance | 5/16/2019 | 15.17 | % | N/A | 1/21/2031 | 250,000 | 236,401 | 200,299 | 1.01 | % | ||||||
THL Credit Wind River 2013-1 CLO, Ltd. | Structured Finance | 11/1/2017 | 12.84 | % | N/A | 7/22/2030 | 325,000 | 249,415 | 156,263 | 0.79 | % | ||||||
Venture XXXIV CLO, Ltd. | Structured Finance | 7/30/2019 | 19.95 | % | N/A | 10/15/2031 | 250,000 | 215,206 | 193,154 | 0.97 | % | ||||||
Voya IM CLO 2013-1, Ltd.(k) | Structured Finance | 6/9/2016 | 9.02 | % | N/A | 10/15/2030 | 278,312 | 195,135 | 131,653 | 0.66 | % | ||||||
Voya CLO 2016-1, Ltd. | Structured Finance | 1/22/2016 | 15.21 | % | N/A | 1/21/2031 | 250,000 | 218,046 | 188,628 | 0.95 | % | ||||||
Total Structured Subordinated Notes(e) | $ | 6,490,081 | $ | 5,181,861 | 26.06 | % | |||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||
FullBeauty Brands Holding, Common Stock(h)(i) | Retail | 2/7/2019 | N/A | N/A | N/A | 72 | $ | 208,754 | $ | — | — | % | |||||
Total Equity/Other | $ | 208,754 | $ | — | — | % | |||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 39,124,370 | $ | 36,982,186 | 185.99 | % | |||||||||||
Affiliate Investments (5.00% to 24.99% voting control): | |||||||||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||
ACON IWP Investors I, L.L.C. (h)(i) | Healthcare & Pharmaceuticals | 4/30/2015 | N/A | N/A | N/A | $ | 472,357 | $ | 472,357 | $ | 867,914 | 4.37 | % | ||||
Total Equity/Other | $ | 472,357 | $ | 867,914 | 4.37 | % | |||||||||||
Total Affiliate Investments | $ | 472,357 | $ | 867,914 | 4.37 | % | |||||||||||
Total Portfolio Investments | $ | 39,596,727 | $ | 37,850,100 | 190.36 | % |
Non-controlled, Affiliated Investments | Number of Shares | Fair Value at June 30, 2020 | Gross Additions (Cost)* | Gross Reductions (Cost)** | Unrealized Change in FMV | Net Realized Gain (Loss) | Fair Value at September 30, 2020 | Interest & Dividends Credited to Income | Non-controlled, Affiliated Investments | Number of Shares | Fair Value at June 30, 2020 | Gross Additions (Cost)* | Gross Reductions (Cost)** | Unrealized Change in FMV | Net Realized Gain (Loss) | Fair Value at December 31, 2020 | Interest & Dividends Credited to Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACON IWP Investors I, L.L.C. | 472,357 | $ | 786,988 | $ | — | $ | — | $ | 80,926 | — | $ | 867,914 | $ | — | ACON IWP Investors I, L.L.C. | 472,357 | $ | 786,988 | $ | — | $ | — | $ | 208,012 | — | $ | 995,000 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 786,988 | $ | — | $ | — | $ | 80,926 | $ | — | $ | 867,914 | $ | — | Total | $ | 786,988 | $ | — | $ | — | $ | 208,012 | $ | — | $ | 995,000 | $ | — |
Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | |||||
Ace Cash Express, Inc. | Senior Secured Notes | 7/15/2019 | $ | 493,625 | ||||
CareerBuilder | Senior Secured Loans-First Lien | 6/5/2020 | 690,000 | |||||
Correct Care Solutions Group Holdings, LLC | Senior Secured Loans-First Lien | 4/10/2019, 7/25/2019 | 1,327,000 | |||||
Digital Room Holdings, Inc | Senior Secured Loans-First Lien | 7/16/2019 | 490,000 | |||||
First Brands, LLC (f/k/a Trico Group, LLC) | Senior Secured Loans-First Lien | 7/28/2020 | 750,000 | |||||
Global Tel*Link Corporation | Senior Secured Loans-First Lien | 7/9/2019, 7/16/2019 | 1,436,250 | |||||
Janus International Group, LLC | Senior Secured Loans-First Lien | 8/7/2019 | 1,498,125 | |||||
Keystone Acquisition Corp. | Senior Secured Loans-First Lien | 4/23/2019, 8/2/2019 | 1,576,000 | |||||
Octagon Investment Partners XXI, Ltd. | Structured subordinated notes | 2/14/19 | 35,015 | |||||
Rocket Software, Inc. | Senior Secured Loans-First Lien | 6/28/2019, 7/30/2019 | 1,327,272 | |||||
Securus Technologies Holdings, Inc. | Senior Secured Loans-First Lien | 8/2/2019 | 908,750 | |||||
Shutterfly, Inc. | Senior Secured Loans-First Lien | 11/18/2019, 11/20/2019 | 1,361,250 | |||||
Sorenson Communications, LLC | Senior Secured Loans-First Lien | 5/27/2020 | 985,000 | |||||
Staples, Inc. | Senior Secured Loans-First Lien | 2/3/2020 | 980,031 | |||||
Voya IM CLO 2013-1, Ltd. | Structured subordinated notes | 10/17/2017, 7/1/2019 | 20,584 |
Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) |
Ace Cash Express, Inc. | Senior Secured Notes | 7/15/2019 | $ | 493,625 | ||||||||||||||||
Senior Secured Loans-First Lien | 11/2/2020 |
85,227 | |||||
Senior Secured Loans-First Lien | 6/5/2020 | 690,000 | ||||||||||||
Senior Secured Loans-First Lien | 4/10/2019, 7/25/2019 | 1,327,000 | ||||||||||||||||||
Senior Secured Loans-First Lien | 7/16/2019 | 490,000 | ||||||||||||||||||
First Brands, LLC (f/k/a | Senior Secured Loans-First Lien | 7/28/2020 | 750,000 | |||||||||||||||||
Global Tel*Link Corporation | Senior Secured Loans-First Lien | 7/9/2019, 7/16/2019 | 1,436,250 | |||||||||||||||||
Janus International Group, LLC | Senior Secured Loans-First Lien | 8/7/2019 | 1,498,125 | |||||||||||||||||
Keystone Acquisition Corp. | Senior Secured Loans-First Lien | 4/23/2019, 8/2/2019 | 1,576,000 | |||||||||||||||||
Octagon Investment Partners XXI, Ltd. | Structured subordinated notes | 2/14/19 | 35,015 | |||||||||||||||||
Rocket Software, Inc. | Senior Secured Loans-First Lien | 6/28/2019, 7/30/2019 | 1,327,272 | |||||||||||||||||
Securus Technologies Holdings, Inc. | Senior Secured Loans-First Lien | 8/2/2019 | 908,750 | |||||||||||||||||
Shutterfly, Inc. | Senior Secured Loans-First Lien | 11/18/2019, 11/20/2019 | 1,361,250 | |||||||||||||||||
Sorenson Communications, LLC | Senior Secured Loans-First Lien | 5/27/2020 | 985,000 | |||||||||||||||||
Staples, Inc. | Senior Secured Loans-First Lien | 2/3/2020 | 980,031 | |||||||||||||||||
Voya IM CLO 2013-1, Ltd. | Structured subordinated notes | 10/17/2017, 7/1/2019 | 20,584 |
June 30, 2020 | |||||||||||||||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control): | |||||||||||||||||||||||||||||
Senior Secured Loans-First Lien(j)(l)(n) | |||||||||||||||||||||||||||||
Amerilife Holdings, LLC (Delayed Draw - $85,227 Commitment) (g)(m) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (5.00%) | — | 3/18/2027 | $ | — | $ | — | $ | — | — | % | ||||||||||||||||
Amerilife Holdings, LLC (g) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (4.17%) | — | 3/18/2027 | 664,773 | 663,305 | 663,305 | 3.39 | % | |||||||||||||||||||
CareerBuilder (g)(k) | Services: Consumer | 7/27/2017 | 3ML+6.75% (7.75%) | 1.00 | 7/31/2023 | 969,272 | 901,368 | 880,423 | 4.50 | % | |||||||||||||||||||
Correct Care Solutions Group Holdings, LLC (g)(k) | Healthcare & Pharmaceuticals | 4/2/2019 | 1ML+5.50% (5.67%) | — | 10/1/2025 | 2,075,793 | 2,035,345 | 2,048,026 | 10.47 | % | |||||||||||||||||||
Digital Room Holdings, Inc(g)(k) | Media: Broadcasting & Subscription | 5/14/2019 | 6ML+5.00% (6.45%) | — | 5/21/2026 | 1,980,000 | 1,952,387 | 1,871,800 | 9.57 | % | |||||||||||||||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+6.00% (7.94%) | 1.00 | 1/20/2021 | 118,125 | 117,703 | 84,164 | 0.43 | % | |||||||||||||||||||
Global Tel*Link Corporation (g)(k) | Telecommunications | 4/5/2019 | 1ML+4.25% (4.43%) | — | 11/28/2025 | 1,977,393 | 1,921,693 | 1,846,242 | 9.44 | % | |||||||||||||||||||
Help/Systems Holdings, Inc. (g) | High Tech Industries | 11/14/2019 | 3ML+4.75% (5.75%) | 1.00 | 11/19/2026 | 1,496,250 | 1,482,527 | 1,482,957 | 7.58 | % | |||||||||||||||||||
Janus International Group, LLC (g)(k) | Construction & Building | 7/9/2019 | 6ML+4.50% (5.57%) | 1.00 | 2/12/2025 | 1,730,600 | 1,730,600 | 1,644,070 | 8.41 | % | |||||||||||||||||||
Keystone Acquisition Corp. (g)(k) | Healthcare & Pharmaceuticals | 4/10/2019 | 3ML+5.25% (6.25%) | 1.00 | 5/1/2024 | 2,076,742 | 2,051,467 | 2,076,741 | 10.62 | % | |||||||||||||||||||
McAfee LLC (g) | High Tech Industries | 9/17/2017 | 1ML+3.75% (3.93%) | — | 9/30/2024 | 240,445 | 238,500 | 234,868 | 1.20 | % | |||||||||||||||||||
The Octave Music Group, Inc.(g) | Consumer goods: Durable | 2/26/2020 | 1ML+5.25% (6.25%) | 1.00 | 5/29/2025 | 743,534 | 736,490 | 705,287 | 3.61 | % | |||||||||||||||||||
PGX Holdings, Inc. (g) | Services: Consumer | 4/2/2019 | 1ML+5.25% (6.25%) | 1.00 | 9/29/2023 | 706,546 | 702,636 | 706,546 | 3.61 | % | |||||||||||||||||||
Quidditch Acquisition, Inc. (g) | Beverage, Food & Tobacco | 3/16/2018 | 3ML+7.00% (7.31%) | 1.00 | 3/21/2025 | 488,812 | 480,745 | 436,673 | 2.23 | % | |||||||||||||||||||
Research Now Group, Inc. & Survey Sampling International LLC (g) | Services: Business | 4/2/2019 | 3ML+5.50% (6.50%) | 1.00 | 12/20/2024 | 1,980,964 | 1,980,964 | 1,960,850 | 10.03 | % | |||||||||||||||||||
Rocket Software, Inc. (g)(k) | High Tech Industries | 4/2/2019 | 1ML+4.25% (4.42%) | — | 11/28/2025 | 2,075,854 | 2,059,014 | 2,038,281 | 10.42 | % | |||||||||||||||||||
Securus Technologies Holdings, Inc.(g)(k) | Telecommunications | 7/31/2019 | 1ML+4.50% (5.50%) | 1.00 | 11/1/2024 | 1,979,695 | 1,826,159 | 1,734,200 | 8.87 | % | |||||||||||||||||||
Shutterfly, Inc.(g)(k) | Media: Diversified and Production | 11/14/2019 | 3ML+6.00% (6.31%) | 1.00 | 9/25/2026 | 1,741,935 | 1,574,165 | 1,644,000 | 8.41 | % | |||||||||||||||||||
Sorenson Communications, LLC (g)(k) | Services: Consumer | 4/26/2019 | 3ML+6.50% (6.81%) | — | 4/29/2024 | 1,357,940 | 1,343,057 | 1,347,829 | 6.89 | % | |||||||||||||||||||
Staples, Inc.(g)(k) | Wholesale | 11/18/2019 | 1ML+5.00% (6.31%) | — | 4/16/2026 | 1,989,950 | 1,965,138 | 1,807,778 | 9.24 | % | |||||||||||||||||||
Transplace Holdings, Inc. (g) | Transportation: Cargo | 4/10/2019 | 6ML+3.75% (4.82%) | 1.00 | 10/7/2024 | 1,486,294 | 1,469,043 | 1,469,647 | 7.51 | % | |||||||||||||||||||
Upstream Newco, Inc.(g) | Services: Consumer | 10/24/2019 | 1ML+4.50% (4.68%) | — | 11/20/2026 | 1,745,625 | 1,737,622 | 1,654,970 | 8.46 | % | |||||||||||||||||||
Vero Parent Inc. (Sahara) (g) | High Tech Industries | 8/11/2017 | 3ML+6.25% (6.61%) | — | 8/16/2024 | 340,436 | 337,697 | 314,904 | 1.61 | % | |||||||||||||||||||
Total Senior Secured Loans-First Lien | $ | 29,307,625 | $ | 28,653,561 | 146.50 | % | |||||||||||||||||||||||
Senior Secured Loans-Second Lien(j)(l)(n) | |||||||||||||||||||||||||||||
Encino Acquisition Partners Holdings, LLC (g) | Energy: Oil & Gas | 9/25/2018 | 1ML+6.75% (7.75%) | 1.00 | 10/29/2025 | $ | 500,000 | $ | 495,842 | $ | 365,000 | 1.87 | % | ||||||||||||||||
FullBeauty Brands Holding(f) | Retail | 2/7/2019 | 7% | — | 1/31/2025 | 11,825 | 9,742 | 1,774 | 0.01 | % | |||||||||||||||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+10.25% (12.19%) | 1.00 | 1/21/2022 | 125,000 | 123,498 | 75,624 | 0.39 | % | |||||||||||||||||||
Inmar, Inc. (g) | Media: Advertising, Printing&Publishing | 4/25/2017 | 6ML+8.00% (9.07%) | 1.00 | 5/1/2025 | 500,000 | 493,860 | 332,812 | 1.70 | % | |||||||||||||||||||
McAfee LLC (g) | High Tech Industries | 9/27/2017 | 1ML+8.50% (9.50%) | 1.00 | 9/29/2025 | 437,500 | 435,130 | 437,938 | 2.24 | % | |||||||||||||||||||
Total Senior Secured Loans-Second Lien | $ | 1,558,072 | $ | 1,213,148 | 6.21 | % | |||||||||||||||||||||||
Senior Secured Notes (a)(j)(l) | |||||||||||||||||||||||||||||
Ace Cash Express, Inc.(k) | Financial | 12/8/2017 | 12.00 | % | N/A | 12/15/2022 | $ | 1,000,000 | $ | 955,986 | $ | 811,267 | 4.15 | % | |||||||||||||||
Total Senior Secured Notes | $ | 955,986 | $ | 811,267 | 4.15 | % | |||||||||||||||||||||||
Structured Subordinated Notes (a)(e)(j)(l) | |||||||||||||||||||||||||||||
Apidos CLO XXIV | Structured Finance | 5/17/2019 | 20.83 | % | N/A | 10/20/2030 | $ | 250,000 | $ | 158,111 | $ | 144,237 | 0.74 | % | |||||||||||||||
Apidos CLO XXVI | Structured Finance | 7/25/2019 | 20.52 | % | N/A | 7/18/2029 | 250,000 | 176,714 | 171,189 | 0.88 | % |
June 30, 2020 (Audited) | |||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control): | |||||||||||||||||
Senior Secured Loans-First Lien(j)(l)(n) | |||||||||||||||||
Amerilife Holdings, LLC (Delayed Draw - $85,227 Commitment) (g)(m) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (5.00%) | — | 3/18/2027 | $ | — | $ | — | $ | — | — | % | ||||
Amerilife Holdings, LLC (g) | Banking, Finance, Insurance & Real Estate | 2/6/2020 | 1ML+4.00% (4.17%) | — | 3/18/2027 | 664,773 | 663,305 | 663,305 | 3.39 | % | |||||||
CareerBuilder (g)(k) | Services: Consumer | 7/27/2017 | 3ML+6.75% (7.75%) | 1.00 | 7/31/2023 | 969,272 | 901,368 | 880,423 | 4.50 | % | |||||||
Correct Care Solutions Group Holdings, LLC (g)(k) | Healthcare & Pharmaceuticals | 4/2/2019 | 1ML+5.50% (5.67%) | — | 10/1/2025 | 2,075,793 | 2,035,345 | 2,048,026 | 10.47 | % | |||||||
Digital Room Holdings, Inc(g)(k) | Media: Broadcasting & Subscription | 5/14/2019 | 6ML+5.00% (6.45%) | — | 5/21/2026 | 1,980,000 | 1,952,387 | 1,871,800 | 9.57 | % | |||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+6.00% (7.94%) | 1.00 | 1/20/2021 | 118,125 | 117,703 | 84,164 | 0.43 | % | |||||||
Global Tel*Link Corporation (g)(k) | Telecommunications | 4/5/2019 | 1ML+4.25% (4.43%) | — | 11/28/2025 | 1,977,393 | 1,921,693 | 1,846,242 | 9.44 | % | |||||||
Help/Systems Holdings, Inc. (g) | High Tech Industries | 11/14/2019 | 3ML+4.75% (5.75%) | 1.00 | 11/19/2026 | 1,496,250 | 1,482,527 | 1,482,957 | 7.58 | % | |||||||
Janus International Group, LLC (g)(k) | Construction & Building | 7/9/2019 | 6ML+4.50% (5.57%) | 1.00 | 2/12/2025 | 1,730,600 | 1,730,600 | 1,644,070 | 8.41 | % | |||||||
Keystone Acquisition Corp. (g)(k) | Healthcare & Pharmaceuticals | 4/10/2019 | 3ML+5.25% (6.25%) | 1.00 | 5/1/2024 | 2,076,742 | 2,051,467 | 2,076,741 | 10.62 | % | |||||||
McAfee LLC (g) | High Tech Industries | 9/17/2017 | 1ML+3.75% (3.93%) | — | 9/30/2024 | 240,445 | 238,500 | 234,868 | 1.20 | % | |||||||
The Octave Music Group, Inc.(g) | Consumer goods: Durable | 2/26/2020 | 1ML+5.25% (6.25%) | 1.00 | 5/29/2025 | 743,534 | 736,490 | 705,287 | 3.61 | % | |||||||
PGX Holdings, Inc. (g) | Services: Consumer | 4/2/2019 | 1ML+5.25% (6.25%) | 1.00 | 9/29/2023 | 706,546 | 702,636 | 706,546 | 3.61 | % | |||||||
Quidditch Acquisition, Inc. (g) | Beverage, Food & Tobacco | 3/16/2018 | 3ML+7.00% (7.31%) | 1.00 | 3/21/2025 | 488,812 | 480,745 | 436,673 | 2.23 | % | |||||||
Research Now Group, Inc. & Survey Sampling International LLC (g) | Services: Business | 4/2/2019 | 3ML+5.50% (6.50%) | 1.00 | 12/20/2024 | 1,980,964 | 1,980,964 | 1,960,850 | 10.03 | % | |||||||
Rocket Software, Inc. (g)(k) | High Tech Industries | 4/2/2019 | 1ML+4.25% (4.42%) | — | 11/28/2025 | 2,075,854 | 2,059,014 | 2,038,281 | 10.42 | % | |||||||
Securus Technologies Holdings, Inc.(g)(k) | Telecommunications | 7/31/2019 | 1ML+4.50% (5.50%) | 1.00 | 11/1/2024 | 1,979,695 | 1,826,159 | 1,734,200 | 8.87 | % | |||||||
Shutterfly, Inc.(g)(k) | Media: Diversified and Production | 11/14/2019 | 3ML+6.00% (6.31%) | 1.00 | 9/25/2026 | 1,741,935 | 1,574,165 | 1,644,000 | 8.41 | % | |||||||
Sorenson Communications, LLC (g)(k) | Services: Consumer | 4/26/2019 | 3ML+6.50% (6.81%) | — | 4/29/2024 | 1,357,940 | 1,343,057 | 1,347,829 | 6.89 | % | |||||||
Staples, Inc.(g)(k) | Wholesale | 11/18/2019 | 1ML+5.00% (6.31%) | — | 4/16/2026 | 1,989,950 | 1,965,138 | 1,807,778 | 9.24 | % | |||||||
Transplace Holdings, Inc. (g) | Transportation: Cargo | 4/10/2019 | 6ML+3.75% (4.82%) | 1.00 | 10/7/2024 | 1,486,294 | 1,469,043 | 1,469,647 | 7.51 | % | |||||||
Upstream Newco, Inc.(g) | Services: Consumer | 10/24/2019 | 1ML+4.50% (4.68%) | — | 11/20/2026 | 1,745,625 | 1,737,622 | 1,654,970 | 8.46 | % | |||||||
Vero Parent Inc. (Sahara) (g) | High Tech Industries | 8/11/2017 | 3ML+6.25% (6.61%) | — | 8/16/2024 | 340,436 | 337,697 | 314,904 | 1.61 | % | |||||||
Total Senior Secured Loans-First Lien | $ | 29,307,625 | $ | 28,653,561 | 146.50 | % | |||||||||||
Senior Secured Loans-Second Lien(j)(l)(n) | |||||||||||||||||
Encino Acquisition Partners Holdings, LLC (g) | Energy: Oil & Gas | 9/25/2018 | 1ML+6.75% (7.75%) | 1.00 | 10/29/2025 | $ | 500,000 | $ | 495,842 | $ | 365,000 | 1.87 | % | ||||
FullBeauty Brands Holding(f) | Retail | 2/7/2019 | 7% | — | 1/31/2025 | 11,825 | 9,742 | 1,774 | 0.01 | % | |||||||
GK Holdings, Inc.(i)(o) | Media: Broadcasting & Subscription | 1/30/2015 | 3ML+10.25% (12.19%) | 1.00 | 1/21/2022 | 125,000 | 123,498 | 75,624 | 0.39 | % | |||||||
Inmar, Inc. (g) | Media: Advertising, Printing&Publishing | 4/25/2017 | 6ML+8.00% (9.07%) | 1.00 | 5/1/2025 | 500,000 | 493,860 | 332,812 | 1.70 | % | |||||||
McAfee LLC (g) | High Tech Industries | 9/27/2017 | 1ML+8.50% (9.50%) | 1.00 | 9/29/2025 | 437,500 | 435,130 | 437,938 | 2.24 | % | |||||||
Total Senior Secured Loans-Second Lien | $ | 1,558,072 | $ | 1,213,148 | 6.21 | % | |||||||||||
Senior Secured Notes (a)(j)(l) | |||||||||||||||||
Ace Cash Express, Inc.(k) | Financial | 12/8/2017 | 12.00 | % | N/A | 12/15/2022 | $ | 1,000,000 | $ | 955,986 | $ | 811,267 | 4.15 | % | |||
Total Senior Secured Notes | $ | 955,986 | $ | 811,267 | 4.15 | % | |||||||||||
Structured Subordinated Notes (a)(e)(j)(l) | |||||||||||||||||
Apidos CLO XXIV | Structured Finance | 5/17/2019 | 20.83 | % | N/A | 10/20/2030 | $ | 250,000 | $ | 158,111 | $ | 144,237 | 0.74 | % | |||
Apidos CLO XXVI | Structured Finance | 7/25/2019 | 20.52 | % | N/A | 7/18/2029 | 250,000 | 176,714 | 171,189 | 0.88 | % |
June 30, 2020 | |||||||||||||||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||||||||||||||
California CLO IX, Ltd. | Structured Finance | 12/13/2019 | 23.03 | % | N/A | 7/16/2032 | 500,000 | 183,350 | 219,316 | 1.12 | % | ||||||||||||||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | 4/7/2017 | 16.89 | % | N/A | 7/15/2030 | 250,000 | 183,549 | 152,090 | 0.78 | % | ||||||||||||||||||
Carlyle Global Market Strategies CLO 2017-5, Ltd. | Structured Finance | 12/18/2017 | 13.44 | % | N/A | 1/22/2030 | 500,000 | 480,053 | 388,680 | 1.99 | % | ||||||||||||||||||
Galaxy XIX CLO, Ltd. | Structured Finance | 12/5/2016 | 15.57 | % | N/A | 7/24/2030 | 250,000 | 172,025 | 107,770 | 0.55 | % | ||||||||||||||||||
GoldenTree Loan Opportunities IX, Ltd. | Structured Finance | 7/19/2017 | 14.57 | % | N/A | 10/29/2029 | 250,000 | 192,349 | 132,052 | 0.68 | % | ||||||||||||||||||
Madison Park Funding XIII, Ltd. | Structured Finance | 11/6/2015 | 21.73 | % | N/A | 4/22/2030 | 250,000 | 174,573 | 163,995 | 0.84 | % | ||||||||||||||||||
Madison Park Funding XIV, Ltd. | Structured Finance | 11/16/2015 | 14.66 | % | N/A | 10/22/2030 | 250,000 | 183,577 | 141,354 | 0.72 | % | ||||||||||||||||||
Octagon Investment Partners XIV, Ltd. | Structured Finance | 12/1/2017 | 15.14 | % | N/A | 7/16/2029 | 850,000 | 540,175 | 412,590 | 2.11 | % | ||||||||||||||||||
Octagon Investment Partners XV, Ltd. | Structured Finance | 5/23/2019 | 18.90 | % | N/A | 7/19/2030 | 500,000 | 284,052 | 261,483 | 1.34 | % | ||||||||||||||||||
Octagon Investment Partners XXI,Ltd.(k) | Structured Finance | 1/6/2016 | 13.69 | % | N/A | 2/14/2031 | 387,538 | 233,443 | 161,650 | 0.83 | % | ||||||||||||||||||
Octagon Investment Partners 30, Ltd. | Structured Finance | 11/16/2017 | 12.72 | % | N/A | 3/17/2030 | 475,000 | 439,458 | 338,256 | 1.73 | % | ||||||||||||||||||
Octagon Investment Partners 31, Ltd. | Structured Finance | 12/20/2019 | 30.01 | % | N/A | 7/20/2030 | 250,000 | 150,012 | 142,543 | 0.73 | % | ||||||||||||||||||
Octagon Investment Partners 36, Ltd. | Structured Finance | 12/20/2019 | 24.76 | % | N/A | 4/15/2031 | 500,000 | 405,831 | 366,602 | 1.87 | % | ||||||||||||||||||
Octagon Investment Partners 39, Ltd. | Structured Finance | 1/9/2020 | 23.29 | % | N/A | 10/21/2030 | 250,000 | 188,817 | 176,010 | 0.90 | % | ||||||||||||||||||
OZLM XII, Ltd. | Structured Finance | 1/17/2017 | 0.33 | % | N/A | 4/30/2027 | 275,000 | 197,010 | 117,712 | 0.60 | % | ||||||||||||||||||
Sound Point CLO II, Ltd. | Structured Finance | 5/16/2019 | 15.39 | % | N/A | 1/26/2031 | 1,500,000 | 870,827 | 675,904 | 3.45 | % | ||||||||||||||||||
Sound Point CLO VII-R, Ltd. | Structured Finance | 8/23/2019 | 19.90 | % | N/A | 10/23/2031 | 150,000 | 60,832 | 51,653 | 0.25 | % | ||||||||||||||||||
Sound Point CLO XVIII, Ltd. | Structured Finance | 5/16/2019 | 14.01 | % | N/A | 1/21/2031 | 250,000 | 236,191 | 204,742 | 1.05 | % | ||||||||||||||||||
THL Credit Wind River 2013-1 CLO, Ltd. | Structured Finance | 11/1/2017 | 9.84 | % | N/A | 7/22/2030 | 325,000 | 241,512 | 145,769 | 0.75 | % | ||||||||||||||||||
Venture XXXIV CLO, Ltd. | Structured Finance | 7/30/2019 | 17.97 | % | N/A | 10/15/2031 | 250,000 | 212,471 | 195,325 | 1.00 | % | ||||||||||||||||||
Voya IM CLO 2013-1, Ltd.(k) | Structured Finance | 6/9/2016 | 8.67 | % | N/A | 10/15/2030 | 278,312 | 190,763 | 136,471 | 0.70 | % | ||||||||||||||||||
Voya CLO 2016-1, Ltd. | Structured Finance | 1/22/2016 | 15.31 | % | N/A | 1/21/2031 | 250,000 | 216,424 | 191,346 | 0.97 | % | ||||||||||||||||||
Total Structured Subordinated Notes(e) | $ | 6,372,119 | $ | 5,198,739 | 26.58 | % | |||||||||||||||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||||||||||||||
FullBeauty Brands Holding, Common Stock(h)(i) | Retail | 2/7/2019 | N/A | N/A | N/A | $ | 72 | $ | 208,754 | $ | — | — | % | ||||||||||||||||
Total Equity/Other | $ | 208,754 | $ | — | — | % | |||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 38,402,556 | $ | 35,876,715 | 183.44 | % | |||||||||||||||||||||||
Affiliate Investments (5.00% to 24.99% voting control): | |||||||||||||||||||||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||||||||||||||
ACON IWP Investors I, L.L.C. (h)(i) | Healthcare & Pharmaceuticals | 4/30/2015 | N/A | N/A | N/A | $ | 472,357 | $ | 472,357 | $ | 786,988 | 4.02 | % | ||||||||||||||||
Total Equity/Other | $ | 472,357 | $ | 786,988 | 4.02 | % | |||||||||||||||||||||||
Total Affiliate Investments | $ | 472,357 | $ | 786,988 | 4.02 | % | |||||||||||||||||||||||
Total Portfolio Investments | $ | 38,874,913 | $ | 36,663,703 | 187.46 | % |
June 30, 2020 (Audited) | |||||||||||||||||
Portfolio Company / Security Type | Industry | Acquisition Date | Coupon/Yield (b) | Floor | Legal Maturity | Principal/ Quantity | Amortized Cost (d) | Fair Value (c) | % of Net Assets | ||||||||
California CLO IX, Ltd. | Structured Finance | 12/13/2019 | 23.03 | % | N/A | 7/16/2032 | 500,000 | 183,350 | 219,316 | 1.12 | % | ||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | 4/7/2017 | 16.89 | % | N/A | 7/15/2030 | 250,000 | 183,549 | 152,090 | 0.78 | % | ||||||
Carlyle Global Market Strategies CLO 2017-5, Ltd. | Structured Finance | 12/18/2017 | 13.44 | % | N/A | 1/22/2030 | 500,000 | 480,053 | 388,680 | 1.99 | % | ||||||
Galaxy XIX CLO, Ltd. | Structured Finance | 12/5/2016 | 15.57 | % | N/A | 7/24/2030 | 250,000 | 172,025 | 107,770 | 0.55 | % | ||||||
GoldenTree Loan Opportunities IX, Ltd. | Structured Finance | 7/19/2017 | 14.57 | % | N/A | 10/29/2029 | 250,000 | 192,349 | 132,052 | 0.68 | % | ||||||
Madison Park Funding XIII, Ltd. | Structured Finance | 11/6/2015 | 21.73 | % | N/A | 4/22/2030 | 250,000 | 174,573 | 163,995 | 0.84 | % | ||||||
Madison Park Funding XIV, Ltd. | Structured Finance | 11/16/2015 | 14.66 | % | N/A | 10/22/2030 | 250,000 | 183,577 | 141,354 | 0.72 | % | ||||||
Octagon Investment Partners XIV, Ltd. | Structured Finance | 12/1/2017 | 15.14 | % | N/A | 7/16/2029 | 850,000 | 540,175 | 412,590 | 2.11 | % | ||||||
Octagon Investment Partners XV, Ltd. | Structured Finance | 5/23/2019 | 18.90 | % | N/A | 7/19/2030 | 500,000 | 284,052 | 261,483 | 1.34 | % | ||||||
Octagon Investment Partners XXI,Ltd.(k) | Structured Finance | 1/6/2016 | 13.69 | % | N/A | 2/14/2031 | 387,538 | 233,443 | 161,650 | 0.83 | % | ||||||
Octagon Investment Partners 30, Ltd. | Structured Finance | 11/16/2017 | 12.72 | % | N/A | 3/17/2030 | 475,000 | 439,458 | 338,256 | 1.73 | % | ||||||
Octagon Investment Partners 31, Ltd. | Structured Finance | 12/20/2019 | 30.01 | % | N/A | 7/20/2030 | 250,000 | 150,012 | 142,543 | 0.73 | % | ||||||
Octagon Investment Partners 36, Ltd. | Structured Finance | 12/20/2019 | 24.76 | % | N/A | 4/15/2031 | 500,000 | 405,831 | 366,602 | 1.87 | % | ||||||
Octagon Investment Partners 39, Ltd. | Structured Finance | 1/9/2020 | 23.29 | % | N/A | 10/21/2030 | 250,000 | 188,817 | 176,010 | 0.90 | % | ||||||
OZLM XII, Ltd. | Structured Finance | 1/17/2017 | 0.33 | % | N/A | 4/30/2027 | 275,000 | 197,010 | 117,712 | 0.60 | % | ||||||
Sound Point CLO II, Ltd. | Structured Finance | 5/16/2019 | 15.39 | % | N/A | 1/26/2031 | 1,500,000 | 870,827 | 675,904 | 3.45 | % | ||||||
Sound Point CLO VII-R, Ltd. | Structured Finance | 8/23/2019 | 19.90 | % | N/A | 10/23/2031 | 150,000 | 60,832 | 51,653 | 0.25 | % | ||||||
Sound Point CLO XVIII, Ltd. | Structured Finance | 5/16/2019 | 14.01 | % | N/A | 1/21/2031 | 250,000 | 236,191 | 204,742 | 1.05 | % | ||||||
THL Credit Wind River 2013-1 CLO, Ltd. | Structured Finance | 11/1/2017 | 9.84 | % | N/A | 7/22/2030 | 325,000 | 241,512 | 145,769 | 0.75 | % | ||||||
Venture XXXIV CLO, Ltd. | Structured Finance | 7/30/2019 | 17.97 | % | N/A | 10/15/2031 | 250,000 | 212,471 | 195,325 | 1.00 | % | ||||||
Voya IM CLO 2013-1, Ltd.(k) | Structured Finance | 6/9/2016 | 8.67 | % | N/A | 10/15/2030 | 278,312 | 190,763 | 136,471 | 0.70 | % | ||||||
Voya CLO 2016-1, Ltd. | Structured Finance | 1/22/2016 | 15.31 | % | N/A | 1/21/2031 | 250,000 | 216,424 | 191,346 | 0.97 | % | ||||||
Total Structured Subordinated Notes(e) | $ | 6,372,119 | $ | 5,198,739 | 26.58 | % | |||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||
FullBeauty Brands Holding, Common Stock(h)(i) | Retail | 2/7/2019 | N/A | N/A | N/A | 72 | 208,754 | — | — | % | |||||||
Total Equity/Other | $ | 208,754 | $ | — | — | % | |||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 38,402,556 | $ | 35,876,715 | 183.44 | % | |||||||||||
Affiliate Investments (5.00% to 24.99% voting control): | |||||||||||||||||
Equity/Other(a)(j)(l) | |||||||||||||||||
ACON IWP Investors I, L.L.C. (h)(i) | Healthcare & Pharmaceuticals | 4/30/2015 | N/A | N/A | N/A | $ | 472,357 | $ | 472,357 | $ | 786,988 | 4.02 | % | ||||
Total Equity/Other | $ | 472,357 | $ | 786,988 | 4.02 | % | |||||||||||
Total Affiliate Investments | $ | 472,357 | $ | 786,988 | 4.02 | % | |||||||||||
Total Portfolio Investments | $ | 38,874,913 | $ | 36,663,703 | 187.46 | % |
Non-controlled, Affiliated Investments | Number of Shares | Fair Value at June 30, 2019 | Gross Additions (Cost)* | Gross Reductions (Cost)** | Unrealized Change in FMV | Net Realized Gain (Loss) | Fair Value at June 30, 2020 | Interest & Dividends Credited to Income | |||||||||||||||||||||||||||||||||||||||||||||
ACON IWP Investors I, L.L.C. | 472,357 | $ | 570,816 | $ | — | $ | — | $ | 216,172 | — | $ | 786,988 | $ | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 570,816 | $ | — | $ | — | $ | 216,172 | $ | — | $ | 786,988 | $ | — |
Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | |||||
Ace Cash Express, Inc. | Senior Secured Notes | 7/15/2019 | $ | 493,625 | ||||
CareerBuilder | Senior Secured Loans-First Lien | 6/5/2020 | 690,000 | |||||
Correct Care Solutions Group Holdings, LLC | Senior Secured Loans-First Lien | 4/10/2019, 7/25/2019 | 1,327,000 | |||||
Digital Room Holdings, Inc | Senior Secured Loans-First Lien | 7/16/2019 | 490,000 | |||||
Global Tel*Link Corporation | Senior Secured Loans-First Lien | 7/9/2019, 7/16/2019 | 1,436,250 | |||||
Janus International Group, LLC | Senior Secured Loans-First Lien | 8/7/2019 | 1,498,125 | |||||
Keystone Acquisition Corp. | Senior Secured Loans-First Lien | 4/23/2019, 8/2/2019 | 1,576,000 | |||||
Octagon Investment Partners XXI, Ltd. | Structured subordinated notes | 2/14/19 | 35,015 | |||||
Rocket Software, Inc. | Senior Secured Loans-First Lien | 6/28/2019, 7/30/2019 | 1,327,272 | |||||
Securus Technologies Holdings, Inc. | Senior Secured Loans-First Lien | 8/2/2019 | 908,750 | |||||
Shutterfly, Inc. | Senior Secured Loans-First Lien | 11/18/2019, 11/20/2019 | 1,361,250 | |||||
Sorenson Communications, LLC | Senior Secured Loans-First Lien | 5/27/2020 | 985,000 | |||||
Staples, Inc. | Senior Secured Loans-First Lien | 2/3/2020 | 980,031 | |||||
Voya IM CLO 2013-1, Ltd. | Structured subordinated notes | 10/17/2017, 7/1/2019 | 20,584 |
Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) |
Ace Cash Express, Inc. | Senior Secured Notes | 7/15/2019 | $ | 493,625 | ||||||||||||||||
Senior Secured Loans-First Lien | 6/5/2020 |
690,000 | |||||
Senior Secured Loans-First Lien | 4/10/2019, 7/25/2019 | 1,327,000 | ||||||||||||||||||
Senior Secured Loans-First Lien | 7/16/2019 | 490,000 | ||||||||||||||||||
Global Tel*Link Corporation | Senior Secured Loans-First Lien | 7/9/2019, 7/16/2019 | 1,436,250 | |||||||||||||||||
Janus International Group, LLC | Senior Secured Loans-First Lien | 8/7/2019 | 1,498,125 | |||||||||||||||||
Keystone Acquisition Corp. | Senior Secured Loans-First Lien | 4/23/2019, 8/2/2019 | 1,576,000 | |||||||||||||||||
Octagon Investment | Structured subordinated notes | 2/14/19 | 35,015 | |||||||||||||||||
Rocket Software, Inc. | Senior Secured Loans-First Lien | 6/28/2019, 7/30/2019 | 1,327,272 | |||||||||||||||||
Securus Technologies Holdings, Inc. | Senior Secured Loans-First Lien | 8/2/2019 | 908,750 | |||||||||||||||||
Shutterfly, Inc. | Senior Secured Loans-First Lien | 11/18/2019, 11/20/2019 | 1,361,250 | |||||||||||||||||
Sorenson Communications, LLC | Senior Secured Loans-First Lien | 5/27/2020 | 985,000 | |||||||||||||||||
Staples, Inc. | Senior Secured Loans-First Lien | 2/3/2020 | 980,031 | |||||||||||||||||
Voya IM CLO 2013-1, Ltd. | Structured subordinated notes | 10/17/2017, 7/1/2019 | 20,584 |
Three Months Ended December 31, 2020 | Six Months Ended December 31, 2020 | ||||||||||||||||
FLEX Class A Common Shares | FLEX Class A Common Shares | ||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Shares issued | 3,318 | $ | 30,000 | 31,133 | $ | 281,000 | |||||||||||
Shares issued through reinvestment of distributions | 23,548 | 200,357 | 46,301 | 389,701 | |||||||||||||
Repurchase of common shares | (26,986) | (229,113) | (55,772) | (466,601) | |||||||||||||
Net increase/(decrease) from capital transactions | (120) | $ | 1,244 | 21,662 | $ | 204,100 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | |||||||||||||||||||
FLEX Class A Common Shares | FLEX Class A Common Shares | FLEX Class A Common Shares | FLEX Class A Common Shares | |||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
Shares issued | 27,815 | $251,000 | 2,197 | $25,000 | Shares issued | — | $ | — | 2,197 | $ | 25,000 | |||||||||||
Shares issued through reinvestment of distributions | 22,753 | 189,344 | 19,932 | 213,293 | Shares issued through reinvestment of distributions | 19,813 | 211,999 | 39,745 | 425,292 | |||||||||||||
Repurchase of common shares | (28,786) | (237,488) | — | Repurchase of common shares | (86,204) | (787,048) | (86,204) | (787,048) | ||||||||||||||
Net increase from capital transactions | 21,782 | $202,856 | 22,129 | $238,293 | ||||||||||||||||||
Net increase/(decrease) from capital transactions | Net increase/(decrease) from capital transactions | (66,391) | $ | (575,049) | (44,262) | $ | (336,756) |
Quarterly Offer Date | Repurchase Effective Date | Shares Repurchased | Percentage of Shares Tendered That Were Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares | |||||||||||
Three months ended September 30, 2020 | ||||||||||||||||
September 30, 2020 | July 22, 2020 | 28,786 | 44 | % | $ | 8.25 | $ | 237,488 | ||||||||
Total for the three months ended September 30, 2020 | 28,786 | $ | 237,488 | |||||||||||||
Year ended June 30, 2020 | ||||||||||||||||
September 30, 2019(1) | October 8, 2019 | 34,489 | 100 | % | $ | 9.46 | $ | 326,262 | ||||||||
December 31, 2019(1) | December 27, 2019 | 51,715 | 100 | % | $ | 8.91 | 460,786 | |||||||||
March 31, 2020 | February 21, 2020 | 19,743 | 12 | % | $ | 10.70 | 211,246 | |||||||||
June 30, 2020(1) | April 14, 2020 | 52,987 | 100 | % | $ | 8.05 | 426,546 | |||||||||
Total for the year ended June 30, 2020 | 158,934 | $ | 1,424,840 | |||||||||||||
Year ended June 30, 2019 | ||||||||||||||||
June 30, 2018(2) | August 7, 2018 | 31,716 | 100 | % | Class A:$12.67 Class I: $12.70 | $ | 401,849 | |||||||||
September 30, 2018(2) | November 13, 2018 | 19,180 | 100 | % | Class A:$11.35 | 217,695 | ||||||||||
December 31, 2018(2) | February 15, 2019 | 17,748 | 100 | % | Class A:$10.80 | 191,672 | ||||||||||
June 30, 2019(1) | June 27, 2019 | 49,916 | 100 | % | Class A:$9.93 | 495,169 | ||||||||||
Total for the year ended June 30, 2019 | 118,560 | $ | 1,306,385 | |||||||||||||
Quarterly Offer Date | Repurchase Effective Date | Shares Repurchased | Percentage of Shares Tendered That Were Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares | |||||||||||||||||||||||||||
Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||
December 31, 2020 | November 2, 2020 | 26,986 | 15 | % | $ | 8.49 | 229,113 | |||||||||||||||||||||||||
Total for the three months ended December 31, 2020 | 26,986 | $ | 229,113 | |||||||||||||||||||||||||||||
Six months ended December 31, 2020 | ||||||||||||||||||||||||||||||||
September 30, 2020 | July 22, 2020 | 28,786 | 44 | % | $ | 8.25 | $ | 237,488 | ||||||||||||||||||||||||
December 31, 2020 | November 2, 2020 | 26,986 | 15 | % | $ | 8.49 | 229,113 | |||||||||||||||||||||||||
Total for the six months ended December 31, 2020 | 55,772 | $ | 466,601 | |||||||||||||||||||||||||||||
Year ended June 30, 2020 | ||||||||||||||||||||||||||||||||
September 30, 2019(1) | October 8, 2019 | 34,489 | 100 | % | $ | 9.46 | $ | 326,262 | ||||||||||||||||||||||||
December 31, 2019(1) | December 27, 2019 | 51,715 | 100 | % | $ | 8.91 | 460,786 | |||||||||||||||||||||||||
March 31, 2020 | February 21, 2020 | 19,743 | 12 | % | $ | 10.70 | 211,246 | |||||||||||||||||||||||||
June 30, 2020(1) | April 14, 2020 | 52,987 | 100 | % | $ | 8.05 | 426,546 | |||||||||||||||||||||||||
Total for the year ended June 30, 2020 | 158,934 | $ | 1,424,840 | |||||||||||||||||||||||||||||
Year ended June 30, 2019 | ||||||||||||||||||||||||||||||||
June 30, 2018(2) | August 7, 2018 | 31,716 | 100 | % | Class A:$12.67 Class I: $12.70 | $ | 401,849 | |||||||||||||||||||||||||
September 30, 2018(2) | November 13, 2018 | 19,180 | 100 | % | Class A:$11.35 | 217,695 | ||||||||||||||||||||||||||
December 31, 2018(2) | February 15, 2019 | 17,748 | 100 | % | Class A:$10.80 | 191,672 | ||||||||||||||||||||||||||
June 30, 2019(1) | June 27, 2019 | 49,916 | 100 | % | Class A:$9.93 | 495,169 | ||||||||||||||||||||||||||
Total for the year ended June 30, 2019 | 118,560 | $ | 1,306,385 | |||||||||||||||||||||||||||||
Period Ended | ELA Reimbursement Payable to the Adviser | ELA Reimbursement Payment to the Adviser | Unreimbursed ELA Reimbursement | Operating Expense Ratio | Annualized Distribution Rate | Eligible to be Repaid Through | Period Ended | ELA Reimbursement Payable to the Adviser | ELA Reimbursement Payment to the Adviser | Unreimbursed ELA Reimbursement | Operating Expense Ratio | Annualized Distribution Rate | Eligible to be Repaid Through | |||||||||||||||||||
June 30, 2019 | $ | 128,852 | $ | — | $ | 128,852 | 5.54% | 6.00% | June 30, 2022 | June 30, 2019 | $ | 128,852 | $ | — | $ | 128,852 | 5.54% | 6.00% | June 30, 2022 | |||||||||||||
September 30, 2019 | $ | 157,409 | $ | — | $ | 157,409 | 2.84% | 6.00% | September 30, 2022 | September 30, 2019 | $ | 157,409 | $ | — | $ | 157,409 | 2.84% | 6.00% | September 30, 2022 | |||||||||||||
December 31, 2019 | $ | 182,205 | $ | — | $ | 182,205 | 3.68% | 6.00% | December 31, 2022 | December 31, 2019 | $ | 182,205 | $ | — | $ | 182,205 | 3.68% | 6.00% | December 31, 2022 | |||||||||||||
March 31, 2020 | $ | 185,935 | $ | — | $ | 185,935 | 3.39% | 7.00% | March 31, 2023 | March 31, 2020 | $ | 185,935 | $ | — | $ | 185,935 | 3.39% | 7.00% | March 31, 2023 | |||||||||||||
June 30, 2020 | $ | 182,915 | $ | — | $ | 182,915 | 3.76% | 7.00% | June 30, 2023 | June 30, 2020 | $ | 182,915 | $ | — | $ | 182,915 | 3.76% | 7.00% | June 30, 2023 | |||||||||||||
September 30, 2020 | $ | 183,386 | $ | — | $ | 183,386 | 4.33% | 7.00% | September 30, 2023 | September 30, 2020 | $ | 183,386 | $ | — | $ | 183,386 | 4.33% | 7.00% | September 30, 2023 | |||||||||||||
December 31, 2020 | December 31, 2020 | $ | — | $ | — | $ | — | —% | N/A | |||||||||||||||||||||||
Total | $ | 1,020,702 | $ | 1,020,702 | Total | $ | 1,020,702 | $ | 1,020,702 |
Distributions | ||||||||||||||||||||||
Distributions | ||||||||||||||||||||||
For the Three Months Ended | FLEX Class A Common Shares, per share | FLEX Class A Common Shares, Amount Distributed | ||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||
For the Six Months Ended | For the Six Months Ended | FLEX Class A Common Shares, per share | FLEX Class A Common Shares, Amount Distributed | |||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||
July 6, 10, 17, 24 and 31, 2020 | $ | 0.05895 | $ | 139,125 | July 6, 10, 17, 24 and 31, 2020 | $ | 0.05895 | $ | 139,125 | |||||||||||||
August 7, 14, 21 and 28, 2020 | $ | 0.04716 | $ | 111,326 | August 7, 14, 21 and 28, 2020 | $ | 0.04716 | $ | 111,326 | |||||||||||||
September 4, 11, 18 and 25, 2020 | $ | 0.05012 | $ | 119,152 | September 4, 11, 18 and 25, 2020 | $ | 0.05012 | $ | 119,152 | |||||||||||||
Total for the Three Months Ended September 30, 2020 | $ | 369,603 | ||||||||||||||||||||
October 2, 9, 16, 23 and 30, 2020 | October 2, 9, 16, 23 and 30, 2020 | $ | 0.06265 | $ | 149,320 | |||||||||||||||||
November 6, 13, 20 and 27, 2020 | November 6, 13, 20 and 27, 2020 | $ | 0.05012 | $ | 119,146 | |||||||||||||||||
December 4, 11, 18 and 25, 2020 | December 4, 11, 18 and 25, 2020 | $ | 0.05048 | $ | 120,377 | |||||||||||||||||
Total for the Six Months Ended December 31, 2020 | Total for the Six Months Ended December 31, 2020 | $ | 758,446 | |||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||
Distributions | ||||||||||||||||||||||
For the Six Months Ended | For the Six Months Ended | FLEX Class A Common Shares, per share | FLEX Class A Common Shares, Amount Distributed | |||||||||||||||||||
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||
July 5, 12, 19 and 26, 2019 | $ | 0.05240 | $ | 124,512 | July 5, 12, 19 and 26, 2019 | $ | 0.05240 | $ | 124,512 | |||||||||||||
August 2, 9, 16, 23 and 30, 2019 | $ | 0.06550 | $ | 156,184 | August 2, 9, 16, 23 and 30, 2019 | $ | 0.06550 | $ | 156,184 | |||||||||||||
September 6, 13, 20 and 27, 2019 | $ | 0.05240 | $ | 125,345 | September 6, 13, 20 and 27, 2019 | $ | 0.05240 | $ | 125,345 | |||||||||||||
Total for the Three Months Ended September 30, 2019 | $ | 406,041 | ||||||||||||||||||||
October 4, 11, 18 and 25, 2019 | October 4, 11, 18 and 25, 2019 | $ | 0.05240 | $ | 124,308 | |||||||||||||||||
November 1, 8, 15, 22 and 29, 2019 | November 1, 8, 15, 22 and 29, 2019 | $ | 0.06550 | $ | 155,217 | |||||||||||||||||
December 6, 13, 20 and 27, 2019 | December 6, 13, 20 and 27, 2019 | $ | 0.05240 | $ | 124,568 | |||||||||||||||||
Total for the Six Months Ended December 31, 2019 | Total for the Six Months Ended December 31, 2019 | $ | 810,134 | |||||||||||||||||||
Record Date | Payment date | FLEX Class A Common Shares, per share | |||||
October 2, 9, 16, 23 and 30, 2020 | November 6, 2020 | $ | 0.06265 | ||||
November 6, 13, 20 and 27, 2020 | December 4, 2020 | $ | 0.05012 |
Record Date | Payment date | FLEX Class A Common Shares, per share | |||||||||||||||
January 4, 8, 15, 22 and 29, 2021 | February 5, 2021 | $ | 0.06310 | ||||||||||||||
February 5, 12, 19 and 26, 2021 | March 5, 2021 | $ | 0.05048 |
Unaudited TPIC January 1, 2019 - March 31, 2019 | FLEX April 1, 2019 - December 31, 2019 | Tax Year Ended December 31, 2019 | ||||||||||||||||||
Ordinary income | $ | 48,359 | $ | — | $ | 48,359 | ||||||||||||||
Return of capital | 113,975 | 1,221,101 | 1,335,076 | |||||||||||||||||
Total distributions paid to stockholders | $ | 162,334 | $ | 1,221,101 | $ | 1,383,435 |
Unaudited FLEX January 1, 2020- December 31, 2020 | ||||||||
Ordinary income | $ | 315,994 | ||||||
Return of capital | 1,232,806 | |||||||
Total distributions paid to stockholders(1) | $ | 1,548,800 |
Unaudited FLEX January 1, 2020 - September 30, 2020 | ||||
Ordinary income | $ | 365,151 | ||
Return of capital | 892,075 | |||
Total distributions paid to stockholders | $ | 1,257,226 |
Unaudited TPIC January 1, 2019 - March 31, 2019 | FLEX April 1, 2019 - December 31, 2019 | Tax Year Ended December 31, 2019 | ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (775,946 | ) | $ | (1,838,219 | ) | $ | (2,614,165 | ) | |||
Net realized (gains) losses on investments | (1,672 | ) | 1,880,543 | 1,878,871 | ||||||||
Net unrealized (gains) losses on investments | 61,423 | (522,667 | ) | (461,244 | ) | |||||||
Other temporary book-to-tax differences | — | (468,645 | ) | (468,645 | ) | |||||||
Permanent differences | 659,270 | 372,911 | 1,032,181 | |||||||||
Taxable income (loss) before deductions for distributions | $ | (56,925 | ) | $ | (576,077 | ) | $ | (633,002 | ) |
January 1, 2020 - December 31, 2020 | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 92,077 | ||||||
Net realized (gains) losses on investments | 845,773 | |||||||
Net unrealized (gains) losses on investments | (744,114) | |||||||
Other temporary book-to-tax differences | (495,971) | |||||||
Permanent differences | 579,507 | |||||||
Taxable income (loss) before deductions for distributions | $ | 277,272 |
Unaudited TPIC January 1, 2019 - March 31, 2019 | FLEX April 1, 2019 - December 31, 2019 | Tax Year Ended December 31, 2019 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (775,946) | $ | (1,838,219) | $ | (2,614,165) | ||||||||||||||
Net realized (gains) losses on investments | (1,672) | 1,880,543 | 1,878,871 | |||||||||||||||||
Net unrealized (gains) losses on investments | 61,423 | (522,667) | (461,244) | |||||||||||||||||
Other temporary book-to-tax differences | — | (468,645) | (468,645) | |||||||||||||||||
Permanent differences | 659,270 | 372,911 | 1,032,181 | |||||||||||||||||
Taxable income (loss) before deductions for distributions | $ | (56,925) | $ | (576,077) | $ | (633,002) |
Nine Months Ended March 31, 2019(1) | |||||
Ordinary income | $ | 23,732 | |||
Return of capital | 300,907 | ||||
Total distributions paid to stockholders | $ | 324,639 |
Nine Months Ended March 31, 2019(1) | |||||||||||
Ordinary income | $ | 23,732 | |||||||||
Return of capital | 300,907 | ||||||||||
Total distributions paid to stockholders | $ | 324,639 |
Year Ended June 30, 2018 | ||||||||
Capital gain | $ | 161,753 | ||||||
Return of capital | 403,766 | |||||||
Total distributions paid to stockholders | $ | 565,519 |
Year Ended June 30, 2018 | ||||
Capital gain | $ | 161,753 | ||
Return of capital | 403,766 | |||
Total distributions paid to stockholders | $ | 565,519 |
Nine Months Ended March 31, 2019 | Year Ended June 30, 2018 | Nine Months Ended March 31, 2019 | Year Ended June 30, 2018 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 163,573 | $ | (5,126 | ) | Net increase (decrease) in net assets resulting from operations | $ | 163,573 | $ | (5,126) | ||||||||||||||||
Net realized (gain) loss on investments | 45,453 | (181,007 | ) | Net realized (gain) loss on investments | 45,453 | (181,007) | ||||||||||||||||||||
Net unrealized (gain) losses on investments | 769,197 | 704,925 | Net unrealized (gain) losses on investments | 769,197 | 704,925 | |||||||||||||||||||||
Other temporary book-to-tax differences | (83,713 | ) | (230,457 | ) | Other temporary book-to-tax differences | (83,713) | (230,457) | |||||||||||||||||||
Permanent differences | (899,819 | ) | (855,526 | ) | Permanent differences | (899,819) | (855,526) | |||||||||||||||||||
Taxable income before deductions for distributions | $ | (5,309 | ) | $ | (567,191 | ) | Taxable income before deductions for distributions | $ | (5,309) | $ | (567,191) |
December 31, 2020 | ||||||||||||||||||||
Investments at Amortized Cost(1) | Investments at Fair Value | Fair Value Percentage of Total Portfolio | ||||||||||||||||||
Senior Secured Loans-First Lien | $ | 30,013,926 | $ | 30,329,244 | 78 | % | ||||||||||||||
Senior Secured Loans-Second Lien | 1,124,644 | 916,494 | 2 | % | ||||||||||||||||
Senior Secured Notes | 965,005 | 935,847 | 2 | % | ||||||||||||||||
Structured Subordinated Notes | 6,497,048 | 5,573,858 | 15 | % | ||||||||||||||||
Equity/Other | 681,111 | 995,000 | 3 | % | ||||||||||||||||
Total Portfolio Investments | $ | 39,281,734 | $ | 38,750,443 | 100 | % | ||||||||||||||
June 30, 2020 | ||||||||||||||||||||
Investments at Amortized Cost(1) | Investments at Fair Value | Fair Value Percentage of Total Portfolio | ||||||||||||||||||
Senior Secured Loans-First Lien | $ | 29,307,625 | $ | 28,653,561 | 78 | % | ||||||||||||||
Senior Secured Loans-Second Lien | 1,558,072 | 1,213,148 | 4 | % | ||||||||||||||||
Senior Secured Notes | 955,986 | 811,267 | 2 | % | ||||||||||||||||
Structured Subordinated Notes | 6,372,119 | 5,198,739 | 14 | % | ||||||||||||||||
Equity/Other | 681,111 | 786,988 | 2 | % | ||||||||||||||||
Total Portfolio Investments | $ | 38,874,913 | $ | 36,663,703 | 100 | % | ||||||||||||||
(1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. |
September 30, 2020 | |||||||||||
Investments at Amortized Cost(1) | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||
Senior Secured Loans-First Lien | $ | 30,341,339 | $ | 30,140,704 | 80 | % | |||||
Senior Secured Loans-Second Lien | 1,123,701 | 812,905 | 2 | % | |||||||
Senior Secured Notes | 960,495 | 846,716 | 2 | % | |||||||
Structured Subordinated Notes | 6,490,081 | 5,181,861 | 14 | % | |||||||
Equity/Other | 681,111 | 867,914 | 2 | % | |||||||
Total Portfolio Investments | $ | 39,596,727 | $ | 37,850,100 | 100 | % | |||||
June 30, 2020 | |||||||||||
Investments at Amortized Cost(1) | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||
Senior Secured Loans-First Lien | $ | 29,307,625 | $ | 28,653,561 | 78 | % | |||||
Senior Secured Loans-Second Lien | 1,558,072 | 1,213,148 | 4 | % | |||||||
Senior Secured Notes | 955,986 | 811,267 | 2 | % | |||||||
Structured Subordinated Notes | 6,372,119 | 5,198,739 | 14 | % | |||||||
Equity/Other | 681,111 | 786,988 | 2 | % | |||||||
Total Portfolio Investments | $ | 38,874,913 | $ | 36,663,703 | 100 | % | |||||
(1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. |
December 31, 2020 | ||||||||||||||
Industry | Investments at Fair Value | Percentage of Portfolio | ||||||||||||
Structured Finance | $ | 5,573,858 | 15 | % | ||||||||||
Healthcare & Pharmaceuticals | 5,126,320 | 13 | % | |||||||||||
Services: Consumer | 4,374,738 | 11 | % | |||||||||||
High Tech Industries | 4,102,135 | 11 | % | |||||||||||
Telecommunications | 3,817,598 | 10 | % | |||||||||||
Media: Broadcasting & Subscription | 2,127,620 | 6 | % | |||||||||||
Services: Business | 1,970,806 | 5 | % | |||||||||||
Wholesale | 1,932,444 | 5 | % | |||||||||||
Construction & Building | 1,717,533 | 4 | % | |||||||||||
Media: Diversified and Production | 1,592,100 | 4 | % | |||||||||||
Transportation: Cargo | 1,478,471 | 4 | % | |||||||||||
Automotive | 1,234,350 | 3 | % | |||||||||||
Financial | 935,847 | 2 | % | |||||||||||
Banking, Finance, Insurance & Real Estate | 746,354 | 2 | % | |||||||||||
Consumer goods: Durable | 719,675 | 2 | % | |||||||||||
Energy: Oil & Gas | 460,938 | 1 | % | |||||||||||
Beverage, Food & Tobacco | 459,100 | 1 | % | |||||||||||
Media: Advertising, Printing & Publishing | 371,250 | 1 | % | |||||||||||
Retail | 9,306 | — | % | |||||||||||
Total | $ | 38,750,443 | 100 | % | ||||||||||
June 30, 2020 | ||||||||||||||
Industry | Investments at Fair Value | Percentage of Portfolio | ||||||||||||
Structured Finance | $ | 5,198,739 | 14 | % | ||||||||||
Healthcare & Pharmaceuticals | 4,911,755 | 13 | % | |||||||||||
Services: Consumer | 4,589,768 | 13 | % | |||||||||||
High Tech Industries | 4,508,948 | 12 | % | |||||||||||
Telecommunications | 3,580,442 | 10 | % | |||||||||||
Media: Broadcasting & Subscription | 2,031,588 | 6 | % | |||||||||||
Services: Business | 1,960,850 | 5 | % | |||||||||||
Wholesale | 1,807,778 | 5 | % | |||||||||||
Construction & Building | 1,644,070 | 5 | % | |||||||||||
Media: Diversified and Production | 1,644,000 | 4 | % | |||||||||||
Transportation: Cargo | 1,469,647 | 4 | % | |||||||||||
Financial | 811,267 | 2 | % | |||||||||||
Consumer goods: Durable | 705,287 | 2 | % | |||||||||||
Banking, Finance, Insurance & Real Estate | 663,305 | 2 | % | |||||||||||
Beverage, Food & Tobacco | 436,673 | 1 | % | |||||||||||
Energy: Oil & Gas | 365,000 | 1 | % | |||||||||||
Media: Advertising, Printing & Publishing | 332,812 | 1 | % | |||||||||||
Retail | 1,774 | 0% | ||||||||||||
Total | $ | 36,663,703 | 100 | % |
September 30, 2020 | |||||||
Industry | Investments at Fair Value | Percentage of Portfolio | |||||
Structured Finance | $ | 5,181,861 | 14 | % | |||
Healthcare & Pharmaceuticals | 4,986,227 | 13 | % | ||||
Services: Consumer | 4,499,229 | 12 | % | ||||
High Tech Industries | 4,112,159 | 11 | % | ||||
Telecommunications | 3,689,794 | 10 | % | ||||
Media: Broadcasting & Subscription | 2,028,497 | 5 | % | ||||
Services: Business | 1,954,348 | 5 | % | ||||
Wholesale | 1,875,111 | 5 | % | ||||
Construction & Building | 1,700,325 | 4 | % | ||||
Media: Diversified and Production | 1,656,200 | 4 | % | ||||
Transportation: Cargo | 1,466,482 | 4 | % | ||||
Automotive | 1,210,101 | 3 | % | ||||
Financial | 846,716 | 2 | % | ||||
Banking, Finance, Insurance & Real Estate | 707,167 | 2 | % | ||||
Consumer goods: Durable | 707,045 | 2 | % | ||||
Beverage, Food & Tobacco | 453,433 | 1 | % | ||||
Energy: Oil & Gas | 401,875 | 1 | % | ||||
Media: Advertising, Printing & Publishing | 365,548 | 1 | % | ||||
Retail | 7,982 | 1 | % | ||||
Total | $ | 37,850,100 | 100 | % | |||
June 30, 2020 | |||||||
Industry | Investments at Fair Value | Percentage of Portfolio | |||||
Structured Finance | $ | 5,198,739 | 14 | % | |||
Healthcare & Pharmaceuticals | 4,911,755 | 13 | % | ||||
Services: Consumer | 4,589,768 | 13 | % | ||||
High Tech Industries | 4,508,948 | 12 | % | ||||
Telecommunications | 3,580,442 | 10 | % | ||||
Media: Broadcasting & Subscription | 2,031,588 | 6 | % | ||||
Services: Business | 1,960,850 | 5 | % | ||||
Wholesale | 1,807,778 | 5 | % | ||||
Construction & Building | 1,644,070 | 5 | % | ||||
Media: Diversified and Production | 1,644,000 | 4 | % | ||||
Transportation: Cargo | 1,469,647 | 4 | % | ||||
Financial | 811,267 | 2 | % | ||||
Consumer goods: Durable | 705,287 | 2 | % | ||||
Banking, Finance, Insurance & Real Estate | 663,305 | 2 | % | ||||
Beverage, Food & Tobacco | 436,673 | 1 | % | ||||
Energy: Oil & Gas | 365,000 | 1 | % | ||||
Media: Advertising, Printing & Publishing | 332,812 | 1 | % | ||||
Retail | 1,774 | 0% | |||||
Total | $ | 36,663,703 | 100 | % |
As of December 31, 2020 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Portfolio Investments | ||||||||||||||||||||||||||
Senior Secured Loans-First Lien | $ | — | $ | 4,207,252 | $ | 26,121,992 | $ | 30,329,244 | ||||||||||||||||||
Senior Secured Loans-Second Lien | — | — | 916,494 | 916,494 | ||||||||||||||||||||||
Senior Secured Notes | — | — | 935,847 | 935,847 | ||||||||||||||||||||||
Structured Subordinated Notes | — | — | 5,573,858 | 5,573,858 | ||||||||||||||||||||||
Equity/Other | — | — | 995,000 | 995,000 | ||||||||||||||||||||||
Total Portfolio Investments | $ | — | $ | 4,207,252 | $ | 34,543,191 | $ | 37,755,443 | ||||||||||||||||||
As of June 30, 2020 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Portfolio Investments | ||||||||||||||||||||||||||
Senior Secured Loans-First Lien | $ | — | $ | — | $ | 28,653,561 | $ | 28,653,561 | ||||||||||||||||||
Senior Secured Loans-Second Lien | — | — | 1,213,148 | 1,213,148 | ||||||||||||||||||||||
Senior Secured Notes | — | — | 811,267 | 811,267 | ||||||||||||||||||||||
Structured Subordinated Notes | — | — | 5,198,739 | 5,198,739 | ||||||||||||||||||||||
Equity/Other | — | — | 786,988 | 786,988 | ||||||||||||||||||||||
Total Portfolio Investments | $ | — | $ | — | $ | 36,663,703 | $ | 36,663,703 |
As of September 30, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Portfolio Investments | ||||||||||||||||
Senior Secured Loans-First Lien | $ | — | $ | — | $ | 30,140,704 | $ | 30,140,704 | ||||||||
Senior Secured Loans-Second Lien | — | — | 812,905 | 812,905 | ||||||||||||
Senior Secured Notes | — | — | 846,716 | 846,716 | ||||||||||||
Structured Subordinated Notes | — | — | 5,181,861 | 5,181,861 | ||||||||||||
Equity/Other | — | — | 867,914 | 867,914 | ||||||||||||
Total Portfolio Investments | $ | — | $ | — | $ | 37,850,100 | $ | 37,850,100 | ||||||||
As of June 30, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Portfolio Investments | ||||||||||||||||
Senior Secured Loans-First Lien | $ | — | $ | — | $ | 28,653,561 | $ | 28,653,561 | ||||||||
Senior Secured Loans-Second Lien | — | — | 1,213,148 | 1,213,148 | ||||||||||||
Senior Secured Notes | — | — | 811,267 | 811,267 | ||||||||||||
Structured Subordinated Notes | — | — | 5,198,739 | 5,198,739 | ||||||||||||
Equity/Other | — | — | 786,988 | 786,988 | ||||||||||||
Total Portfolio Investments | $ | — | $ | — | $ | 36,663,703 | $ | 36,663,703 |
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | ||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Notes | Equity/Other | Structured Subordinated Notes | Total | |||||||||||||||||||
Fair Value at June 30, 2020 | $ | 28,653,561 | $ | 1,213,148 | $ | 811,267 | $ | — | $ | 5,198,739 | $ | 35,876,715 | ||||||||||||
Net realized gains on investments | — | 11,050 | — | — | — | 11,050 | ||||||||||||||||||
Net change in unrealized gains (losses) on investments | 453,431 | 34,126 | 30,940 | — | (134,840 | ) | 383,657 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 453,431 | 45,176 | 30,940 | — | (134,840 | ) | 394,707 | |||||||||||||||||
Purchases of investments | 1,234,517 | — | — | — | — | 1,234,517 | ||||||||||||||||||
Payment-in-kind interest | 7,507 | — | — | — | — | 7,507 | ||||||||||||||||||
Accretion (amortization) of purchase discount and premium, net | 36,823 | 831 | 4,509 | — | 117,962 | 160,125 | ||||||||||||||||||
Repayments and sales of portfolio investments | (245,135 | ) | (446,250 | ) | — | — | — | (691,385 | ) | |||||||||||||||
Transfers within Level 3(1) | — | — | — | — | — | — | ||||||||||||||||||
Transfers into Level 3(1) | — | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3(1) | — | — | — | — | — | — | ||||||||||||||||||
Fair Value at September 30, 2020 | $ | 30,140,704 | $ | 812,905 | $ | 846,716 | $ | — | $ | 5,181,861 | $ | 36,982,186 | ||||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 453,431 | $ | 36,934 | $ | 30,940 | $ | — | $ | (134,840 | ) | $ | 386,465 | |||||||||||
(1) Transfer are assumed to have occurred at the beginning of the quarter during which the asset was transferred. There were no transfers in or out of Level 3 during the period ended September 30, 2020. |
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Senior Secured Notes | Equity/Other | Structured Subordinated Notes | Total | |||||||||||||||||||||||||||||||||
Fair Value at June 30, 2020 | $ | 28,653,561 | $ | 1,213,148 | $ | 811,267 | $ | — | $ | 5,198,739 | $ | 35,876,715 | ||||||||||||||||||||||||||
Net realized gains on investments | — | 11,050 | — | — | — | 11,050 | ||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | 889,135 | 136,774 | 115,562 | — | 250,190 | 1,391,661 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 889,135 | 147,824 | 115,562 | — | 250,190 | 1,402,711 | ||||||||||||||||||||||||||||||||
Purchases of investments | 1,274,290 | — | — | — | — | 1,274,290 | ||||||||||||||||||||||||||||||||
Payment-in-kind interest | 14,971 | 184 | — | — | — | 15,155 | ||||||||||||||||||||||||||||||||
Accretion (amortization) of purchase discount and premium, net | 74,291 | 1,588 | 9,018 | — | 124,929 | 209,826 | ||||||||||||||||||||||||||||||||
Repayments and sales of portfolio investments | (624,652) | (446,250) | — | — | — | (1,070,902) | ||||||||||||||||||||||||||||||||
Transfers within Level 3(1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers into Level 3(1) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3(1) | (4,159,604) | — | — | — | — | (4,159,604) | ||||||||||||||||||||||||||||||||
Fair Value at December 31, 2020 | $ | 26,121,992 | $ | 916,494 | $ | 935,847 | $ | — | $ | 5,573,858 | $ | 33,548,191 | ||||||||||||||||||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 801,950 | $ | 139,582 | $ | 115,562 | $ | — | $ | 250,190 | $ | 1,307,284 | ||||||||||||||||||||||||||
(1) Transfer are assumed to have occurred at the beginning of the quarter during which the asset was transferred. Transfers out of Level 3 were due to increased observability of the inputs during the quarter ended December 31, 2020. |
Affiliate Investments (5.00% to 24.99% voting control) | ||||||||||||||
Equity/Other | Total | |||||||||||||
Fair Value at June 30, 2020 | $ | 786,988 | $ | 786,988 | ||||||||||
Net realized (losses) on investments | — | — | ||||||||||||
Net change in unrealized gains (losses) on investments | 208,012 | 208,012 | ||||||||||||
Net realized and unrealized gains (losses) on investments | 208,012 | 208,012 | ||||||||||||
Fair Value at December 31, 2020 | $ | 995,000 | $ | 995,000 | ||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 208,012 | $ | 208,012 |
Affiliate Investments (5.00% to 24.99% voting control) | ||||||||
Equity/Other | Total | |||||||
Fair Value at June 30, 2020 | $ | 786,988 | $ | 786,988 | ||||
Net realized (losses) on investments | — | — | ||||||
Net change in unrealized gains (losses) on investments | 80,926 | 80,926 | ||||||
Net realized and unrealized gains (losses) on investments | 80,926 | 80,926 | ||||||
Fair Value at September 30, 2020 | $ | 867,914 | $ | 867,914 | ||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 80,926 | $ | 80,926 |
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | ||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Equity/Other | Structured Subordinated notes | Total | ||||||||||||||||
Fair Value at June 30, 2019 | $ | 15,825,870 | $ | 2,505,227 | $ | — | $ | 4,715,487 | $ | 23,046,584 | ||||||||||
Net realized (losses) on investments | (264,029 | ) | — | — | — | (264,029 | ) | |||||||||||||
Net change in unrealized gains (losses) on investments | (157,812 | ) | (317,167 | ) | — | (111,199 | ) | (586,178 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | (421,841 | ) | (317,167 | ) | — | (111,199 | ) | (850,207 | ) | |||||||||||
Purchases of investments | 9,502,125 | — | — | 438,860 | 9,940,985 | |||||||||||||||
Payment-in-kind interest | — | 29 | — | — | 29 | |||||||||||||||
Accretion (amortization) of purchase discount and premium, net | 33,389 | 1,512 | — | 8,250 | 43,151 | |||||||||||||||
Repayments and sales of portfolio investments | (1,622,438 | ) | — | — | — | (1,622,438 | ) | |||||||||||||
Transfers within Level 3(1) | — | — | — | — | — | |||||||||||||||
Transfers in out of Level 3(1) | — | — | — | — | — | |||||||||||||||
Fair Value at September 30, 2019 | $ | 23,317,105 | $ | 2,189,601 | $ | — | $ | 5,051,398 | $ | 30,558,104 | ||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | (197,337 | ) | $ | (317,138 | ) | $ | — | $ | (111,199 | ) | $ | (625,674 | ) | ||||||
(1) Transfer are assumed to have occurred at the beginning of the quarter during which the asset was transferred. There were no transfers in or out of Level 3 during the period ended September 30, 2019. |
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Senior Secured Loans - First Lien | Senior Secured Loans - Second Lien | Equity/Other | Structured Subordinated notes | Total | |||||||||||||||||||||||||||||||
Fair Value at June 30, 2019 | $ | 15,825,870 | $ | 2,505,227 | $ | — | $ | 4,715,487 | $ | 23,046,584 | |||||||||||||||||||||||||
Net realized (losses) on investments | (264,029) | (432,689) | — | — | (696,718) | ||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments | (156,976) | 12,901 | — | (188,477) | (332,552) | ||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (421,005) | (419,788) | — | (188,477) | (1,029,270) | ||||||||||||||||||||||||||||||
Purchases of investments | 16,778,375 | — | — | 1,163,198 | 17,941,573 | ||||||||||||||||||||||||||||||
Payment-in-kind interest | — | 58 | — | — | 58 | ||||||||||||||||||||||||||||||
Accretion (amortization) of purchase discount and premium, net | 66,156 | 2,921 | — | (41,480) | 27,597 | ||||||||||||||||||||||||||||||
Repayments and sales of portfolio investments | (3,200,211) | (65,000) | — | — | (3,265,211) | ||||||||||||||||||||||||||||||
Transfers within Level 3(1) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers in out of Level 3(1) | (3,309,573) | — | — | — | (3,309,573) | ||||||||||||||||||||||||||||||
Fair Value at December 31, 2019 | $ | 25,739,612 | $ | 2,023,418 | $ | — | $ | 5,648,728 | $ | 33,411,758 | |||||||||||||||||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | (191,916) | $ | 12,930 | $ | — | $ | (188,477) | $ | (367,463) | |||||||||||||||||||||||||
(1) Transfer are assumed to have occurred at the beginning of the quarter during which the asset was transferred. Transfers out of Level 3 were due to increased observability of the inputs during the quarter ended December 31, 2019. |
Affiliate Investments (5.00% to 24.99% voting control) | Affiliate Investments (5.00% to 24.99% voting control) | |||||||||||||||||||||
Equity/Other | Total | Equity/Other | Total | |||||||||||||||||||
Fair Value at June 30, 2019 | $ | 570,816 | $ | 570,816 | Fair Value at June 30, 2019 | $ | 570,816 | $ | 570,816 | |||||||||||||
Net realized (losses) on investments | — | — | Net realized (losses) on investments | — | — | |||||||||||||||||
Net change in unrealized gains (losses) on investments | 22,598 | 22,598 | Net change in unrealized gains (losses) on investments | 123,773 | 123,773 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 22,598 | 22,598 | Net realized and unrealized gains (losses) on investments | 123,773 | 123,773 | |||||||||||||||||
Fair Value at September 30, 2019 | $ | 593,414 | $ | 593,414 | ||||||||||||||||||
Fair Value at December 31, 2019 | Fair Value at December 31, 2019 | $ | 694,589 | $ | 694,589 | |||||||||||||||||
Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 22,598 | $ | 22,598 | Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period | $ | 123,773 | $ | 123,773 |
Unobservable Inputs | ||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Inputs | Range | Weighted Average | |||||||
Senior Secured First Lien Debt | $ | 5,738,425 | Market quotes | Indicative dealer quotes | 53.17%-99.76% | 96.69% | ||||||
Senior Secured First Lien Debt | 24,402,279 | Discounted Cash Flow (Yield Analysis) | Market Yield | 4.78%-10.52% | 6.89% | |||||||
Senior Secured Second Lien Debt | 812,905 | Market quotes | Indicative dealer quotes | 25.00%-81.50% | 74.66% | |||||||
Senior Secured Notes | 846,716 | Discounted Cash Flow (Yield Analysis) | Market Yield | 20.61%-21.73% | 21.17% | |||||||
Equity/Other | 867,914 | Enterprise Value Waterfall (Market Approach) | EBITDA multiples (x) | 0.00x-7.50x | 7.50x | |||||||
Subordinated Structured Notes | 5,181,861 | Discounted Cash Flow | Discount Rate | 20.51%- 36.54%(1) | 27.29%(1) | |||||||
$ | 37,850,100 | |||||||||||
(1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. |
Unobservable Inputs | ||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Inputs | Range | Weighted Average | |||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 3,524,338 | Market quotes | Indicative dealer quotes | 89.00%-100.50% | 97.10% | ||||||||||||||||||||||||||
Senior Secured First Lien Debt | 22,597,654 | Discounted Cash Flow (Yield Analysis) | Market Yield | 3.97%-8.94% | 6.24% | |||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 841,494 | Market quotes | Indicative dealer quotes | 72.00%-93.25% | 84.11% | |||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 75,000 | Recovery Analysis | Recovery Rate | 60% | 60% | |||||||||||||||||||||||||||
Senior Secured Notes | 935,847 | Discounted Cash Flow (Yield Analysis) | Market Yield | 17.39%-20.39% | 18.89 | |||||||||||||||||||||||||||
Equity/Other | 995,000 | Enterprise Value Waterfall (Market Approach) | EBITDA multiples (x) | 0.00x-8.25x | 8.16x | |||||||||||||||||||||||||||
Subordinated Structured Notes | 5,573,858 | Discounted Cash Flow | Discount Rate | 20.72%- 36.29%(1) | 27.06%(1) | |||||||||||||||||||||||||||
$ | 34,543,191 | |||||||||||||||||||||||||||||||
(1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. |
Unobservable Inputs | ||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Technique | Inputs | Range | Weighted Average | |||||||||||||||||||||||||||
Senior Secured First Lien Debt | $ | 3,595,102 | Market quotes | Indicative dealer quotes | 71.25%-97.68% | 92.69% | ||||||||||||||||||||||||||
Senior Secured First Lien Debt | 25,058,459 | Discounted Cash Flow (Yield Analysis) | Market Yield | 4.38%-12.50% | 7.22% | |||||||||||||||||||||||||||
Senior Secured Second Lien Debt | 1,213,148 | Market quotes | Indicative dealer quotes | 15.00%-100.10% | 80.15% | |||||||||||||||||||||||||||
Senior Secured Notes | 811,267 | Discounted Cash Flow (Yield Analysis) | Market Yield | 21.48%-22.64% | 22.06% | |||||||||||||||||||||||||||
Equity/Other | 786,988 | Enterprise Value Waterfall (Market Approach) | EBITDA multiples (x) | 0.00x-7.50x | 7.50x | |||||||||||||||||||||||||||
Subordinated Structured Notes | 5,198,739 | Discounted Cash Flow | Discount Rate | 17.83%- 32.90%(1) | 24.13%(1) | |||||||||||||||||||||||||||
$ | 36,663,703 | |||||||||||||||||||||||||||||||
(1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. |
NAV/Share ($) | Conversion Ratio | |||||||||||||
Triton Pacific Investment Corporation, Inc. | $ | 10.48 | N/A | |||||||||||
Pathway Capital Opportunity Fund, Inc.: Class A | $ | 13.46 | 1.2848 | |||||||||||
Pathway Capital Opportunity Fund, Inc.: Class I | $ | 13.50 | 1.2884 |
TPIC | |||||
Cost of investments | $ | 12,106,879 | |||
Fair value of investments | 11,431,241 | ||||
Net unrealized appreciation (depreciation) on investments | $ | (675,638 | ) |
TPIC | |||||||||||
Cost of investments | $ | 12,106,879 | |||||||||
Fair value of investments | 11,431,241 | ||||||||||
Net unrealized appreciation (depreciation) on investments | $ | (675,638) |
Accounting Acquirer - Prior to Merger | PWAY Class A | PWAY Class I | ||||||||||||
Common shares outstanding | 570,431 | 32,834 | ||||||||||||
Net assets applicable to common shares | $ | 7,679,839 | $ | 443,296 | ||||||||||
NAV per common share | $ | 13.46 | $ | 13.50 | ||||||||||
Legal Acquiring Fund - Prior to Merger | TPIC | |||||||||||||
Common shares outstanding | 1,614,221 | |||||||||||||
Net assets applicable to common shares | $ | 16,915,592 | ||||||||||||
NAV per common share | $ | 10.48 | ||||||||||||
Legal Acquiring Fund - Post Merger | FLEX | |||||||||||||
Common shares outstanding | 2,403,349 | |||||||||||||
Net assets applicable to common shares | $ | 25,086,682 | ||||||||||||
NAV per common share | $ | 10.44 |
PWAY as acquirer | |||||||||||
Value of Common Stock Issued | $ | 17,052,546 | |||||||||
Assets acquired: | |||||||||||
Investments | 11,431,241 | ||||||||||
Cash and cash equivalents | 5,055,456 | ||||||||||
Other assets | 607,163 | ||||||||||
Total assets acquired | 17,093,860 | ||||||||||
Total liabilities assumed | 41,314 | ||||||||||
Net assets acquired | 17,052,546 | ||||||||||
Total purchase price | $ | 17,052,546 |
PWAY as acquirer | |||||
Value of Common Stock Issued | $ | 17,052,546 | |||
Assets acquired: | |||||
Investments | 11,431,241 | ||||
Cash and cash equivalents | 5,055,456 | ||||
Other assets | 607,163 | ||||
Total assets acquired | 17,093,860 | ||||
Total liabilities assumed | 41,314 | ||||
Net assets acquired | 17,052,546 | ||||
Total purchase price | $ | 17,052,546 |
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||
Per Share Data(a): | ||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.34 | $ | 9.47 | $ | 8.28 | $ | 9.88 | ||||||||||||||||||
Net investment income (loss) | (0.09) | 0.02 | (0.07) | 0.08 | ||||||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments | 0.51 | (0.15) | 0.71 | (0.46) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 0.42 | (0.13) | 0.64 | (0.38) | ||||||||||||||||||||||
Distributions(b) | ||||||||||||||||||||||||||
Return of capital distributions | (0.13) | (0.17) | (0.26) | (0.34) | ||||||||||||||||||||||
Distributions from net investment income | (0.03) | — | (0.06) | — | ||||||||||||||||||||||
Total Distributions | (0.16) | (0.17) | (0.32) | (0.34) | ||||||||||||||||||||||
Other (c) | — | 0.02 | — | 0.03 | ||||||||||||||||||||||
Net asset value at end of period | $ | 8.60 | $ | 9.19 | $ | 8.60 | $ | 9.19 | ||||||||||||||||||
Total return based on net asset value (d) | 5.12 | % | (1.34) | % | 7.88 | % | (3.95) | % | ||||||||||||||||||
Supplemental Data: | ||||||||||||||||||||||||||
Net assets at end of period | $ | 20,506,133 | $ | 21,371,210 | $ | 20,506,133 | $ | 21,371,210 | ||||||||||||||||||
Average net assets | $ | 20,194,918 | $ | 22,009,112 | $ | 19,982,746 | $ | 22,476,313 | ||||||||||||||||||
Average shares outstanding | 2,385,301 | 2,364,411 | 2,373,291 | 2,370,647 | ||||||||||||||||||||||
Ratio to average net assets: | ||||||||||||||||||||||||||
Total annual expenses | 21.28 | % | 17.91 | % | 20.76 | % | 15.49 | % | ||||||||||||||||||
Total annual expenses (after expense limitation agreement) | 21.28 | % | 14.60 | % | 18.93 | % | 12.47 | % | ||||||||||||||||||
Net investment income (loss) | (4.03) | % | 0.92 | % | (1.72) | % | 1.79 | % | ||||||||||||||||||
Portfolio Turnover | 0.10 | % | 0.18 | % | 2.93 | % | 1.93 | % | ||||||||||||||||||
(a) Calculated based on weighted average shares outstanding. | ||||||||||||||||||||||||||
(b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01. | ||||||||||||||||||||||||||
(c) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the period. | ||||||||||||||||||||||||||
(d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. Total return has not been annualized. |
Three Months Ended September 30, | |||||||||
2020 | 2019 | ||||||||
(unaudited) | (unaudited) | ||||||||
Per Share Data(a): | |||||||||
Net asset value at beginning of period | $ | 8.28 | $ | 9.88 | |||||
Net investment income | 0.01 | 0.06 | |||||||
Net realized and change in unrealized gains (losses) on investments | 0.20 | (0.31 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | 0.21 | (0.25 | ) | ||||||
Distributions(b) | |||||||||
Return of capital distributions | (0.15 | ) | (0.17 | ) | |||||
Dividends from net investment income | (0.01 | ) | — | ||||||
Total Distributions | (0.16 | ) | (0.17 | ) | |||||
Other (c) | 0.01 | 0.01 | |||||||
Net asset value at end of period | $ | 8.34 | $ | 9.47 | |||||
Total return based on net asset value (d) | 2.62 | % | (2.64 | )% | |||||
Supplemental Data: | |||||||||
Net assets at end of period | $ | 19,883,702 | $ | 22,647,013 | |||||
Average net assets | $ | 19,721,052 | $ | 23,028,864 | |||||
Average shares outstanding | 2,364,156 | 2,382,257 | |||||||
Ratio to average net assets: | |||||||||
Total annual expenses | 20.28 | % | 13.12 | % | |||||
Total annual expenses (after expense limitation agreement) | 16.56 | % | 10.39 | % | |||||
Net investment income (loss) | 0.64 | % | 2.62 | % | |||||
Portfolio Turnover | 1.86 | % | 1.95 | % | |||||
(a) Calculated based on weighted average shares outstanding. | |||||||||
(b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01. | |||||||||
(c) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the period. | |||||||||
(d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. Total return has not been annualized. |
Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019(e) | June 30, 2018(f) | June 30, 2018(f) | ||||||||||||||||||||||||||
PWAY Class A | PWAY Class I | ||||||||||||||||||||||||||||
Per Share Data(a): | |||||||||||||||||||||||||||||
Net asset value at beginning of period | 9.88 | $ | 9.89 | $ | 13.53 | $ | 13.53 | ||||||||||||||||||||||
Net investment income | 0.24 | 0.91 | 0.79 | 0.81 | |||||||||||||||||||||||||
Net realized and unrealized (losses) on investments | (1.22) | (1.11) | (0.80) | (0.79) | |||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (0.98) | (0.20) | (0.01) | 0.02 | |||||||||||||||||||||||||
Distributions(b) | |||||||||||||||||||||||||||||
Return of capital distributions | (0.57) | (0.54) | (0.62) | (0.62) | |||||||||||||||||||||||||
Distributions from net investment income | (0.15) | (0.03) | (0.24) | (0.24) | |||||||||||||||||||||||||
Total Distributions | (0.72) | (0.57) | (0.86) | (0.86) | |||||||||||||||||||||||||
Offering costs | 0.61 | — | — | ||||||||||||||||||||||||||
Other (c) | 0.10 | 0.15 | 0.05 | 0.04 | |||||||||||||||||||||||||
Net asset value at end of year | $ | 8.28 | $ | 9.88 | $ | 12.71 | $ | 12.73 | |||||||||||||||||||||
Total return based on net asset value (d) | (10.13) | % | 7.52 | % | 0.18 | % | 0.33 | % | |||||||||||||||||||||
Supplemental Data: | |||||||||||||||||||||||||||||
Net assets at end of year | $ | 19,558,400 | $ | 23,410,715 | $ | 7,933,028 | $ | 420,136 | |||||||||||||||||||||
Average net assets | $ | 21,234,189 | $ | 12,536,923 | $ | 8,314,166 | $ | 439,787 | |||||||||||||||||||||
Average shares outstanding | 2,366,005 | 1,297,582 | 622,683 | 32,914 | |||||||||||||||||||||||||
Ratio to average net assets: | |||||||||||||||||||||||||||||
Total annual expenses | 16.41 | % | 23.48 | % | 22.69 | % | 22.43 | % | |||||||||||||||||||||
Total annual expenses (after expense support agreement/expense limitation agreement) | 13.07 | % | 9.11 | % | 8.91 | % | 8.73 | % | |||||||||||||||||||||
Net investment income | 2.67 | % | 2.15 | % | 5.92 | % | 6.04 | % | |||||||||||||||||||||
Portfolio Turnover | 24.56% | 93.42 | % | 37.42 | % | 37.42 | % | ||||||||||||||||||||||
(a) Calculated based on weighted average shares outstanding. | |||||||||||||||||||||||||||||
(b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01. | |||||||||||||||||||||||||||||
(c) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year. | |||||||||||||||||||||||||||||
(d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. | |||||||||||||||||||||||||||||
(e) Data presented for the year ended June 30, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the Merger and conversion into shares of the Company. The net asset value per share at beginning of year has been adjusted by the exchange ratio used in the Merger. | |||||||||||||||||||||||||||||
(f)The per share data and total return include the shareholder activity prior to PWAY’s conversion to an interval fund. PWAY Class A Shares include the activity for Class R shares prior to such conversion and PWAY Class I Shares include activity for PWAY Class I Shares and Class RIA shares prior to such conversion. |
Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||
June 30, 2020 | June 30, 2019(e) | June 30, 2018(f) | June 30, 2018(f) | ||||||||||||||
PWAY Class A | PWAY Class I | ||||||||||||||||
Per Share Data(a): | |||||||||||||||||
Net asset value at beginning of period | 9.88 | $ | 9.89 | $ | 13.53 | $ | 13.53 | ||||||||||
Net investment income | 0.24 | 0.91 | 0.79 | 0.81 | |||||||||||||
Net realized and unrealized (losses) on investments | (1.22 | ) | (1.11 | ) | (0.80 | ) | (0.79 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (0.98 | ) | (0.20 | ) | (0.01 | ) | 0.02 | ||||||||||
Distributions(b) | |||||||||||||||||
Return of capital distributions | (0.57 | ) | (0.54 | ) | (0.62 | ) | (0.62 | ) | |||||||||
Dividends from net investment income | (0.15 | ) | (0.03 | ) | (0.24 | ) | (0.24 | ) | |||||||||
Total Distributions | (0.72 | ) | (0.57 | ) | (0.86 | ) | (0.86 | ) | |||||||||
Offering costs | 0.61 | — | — | ||||||||||||||
Other (c) | 0.10 | 0.15 | 0.05 | 0.04 | |||||||||||||
Net asset value at end of year | $ | 8.28 | $ | 9.88 | $ | 12.71 | $ | 12.73 | |||||||||
Total return based on net asset value (d) | (10.13 | )% | 7.52 | % | 0.18 | % | 0.33 | % | |||||||||
Supplemental Data: | |||||||||||||||||
Net assets at end of year | $ | 19,558,402 | $ | 23,410,715 | $ | 7,933,028 | $ | 420,136 | |||||||||
Average net assets | $ | 21,234,189 | $ | 12,536,923 | $ | 8,314,166 | $ | 439,787 | |||||||||
Average shares outstanding | 2,366,005 | 1,297,582 | 622,683 | 32,914 | |||||||||||||
Ratio to average net assets: | |||||||||||||||||
Total annual expenses | 16.41 | % | 23.48 | % | 22.69 | % | 22.43 | % | |||||||||
Total annual expenses (after expense support agreement/expense limitation agreement) | 13.07 | % | 9.11 | % | 8.91 | % | 8.73 | % | |||||||||
Net investment income | 2.67 | % | 2.15 | % | 5.92 | % | 6.04 | % | |||||||||
Portfolio Turnover | 24.56% | 93.42 | % | 37.42 | % | 37.42 | % | ||||||||||
(a) Calculated based on weighted average shares outstanding. | |||||||||||||||||
(b) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year. Distributions per share are rounded to the nearest $0.01. | |||||||||||||||||
(c) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year. | |||||||||||||||||
(d) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year and assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. | |||||||||||||||||
(e) Data presented for the year ended June 30, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the Merger and conversion into shares of the Company. The net asset value per share at beginning of year has been adjusted by the exchange ratio used in the Merger. | |||||||||||||||||
(f)The per share data and total return include the shareholder activity prior to PWAY’s conversion to an interval fund. PWAY Class A Shares include the activity for Class R shares prior to such conversion and PWAY Class I Shares include activity for PWAY Class I Shares and Class RIA shares prior to such conversion. |
Year Ended | Period Ended | ||||||||||||||||
June 30, 2017 | June 30, 2016 (a) | ||||||||||||||||
PWAY Class R, RIA and I | PWAY Class R, RIA and I | ||||||||||||||||
Per Share Data(b): | |||||||||||||||||
Net asset value, beginning of year or period | $ | 12.81 | $ | 13.80 | |||||||||||||
Net investment income | 0.71 | 1.21 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.68 | (0.03) | |||||||||||||||
Net increase in net assets resulting from operations | 1.39 | 1.18 | |||||||||||||||
Return of capital distributions(c) | (0.92) | (0.75) | |||||||||||||||
Offering costs | 0.03 | (0.62) | |||||||||||||||
Other(d) | 0.22 | (0.80) | |||||||||||||||
Net asset value, end of year or period | $ | 13.53 | $ | 12.81 | |||||||||||||
Total return, based on NAV(e) | 13.20 | % | (1.75) | % | |||||||||||||
Supplemental Data: | |||||||||||||||||
Net assets, end of year or period | $ | 8,405,744 | $ | 5,976,355 | |||||||||||||
Average net assets | $ | 7,508,410 | $ | 3,597,990 | |||||||||||||
Average shares outstanding | 550,843 | 341,596 | |||||||||||||||
Ratio to average net assets: | |||||||||||||||||
Expenses without expense support payment | 22.05 | % | 36.65 | % | |||||||||||||
Expenses after expense support payment | 10.52 | % | 3.41 | % | |||||||||||||
Net investment income | 5.19 | % | 11.50 | % | |||||||||||||
Portfolio turnover | 27.54 | % | 4.27 | % | |||||||||||||
(a) The net asset value at the beginning of the period is the net offering price as of August 25, 2015, which is the date that the Company satisfied its minimum offering requirement by raising over $2.5 million from selling shares to persons not affiliated with the Company or the Adviser (the “Minimum Offering Requirement”), and as a result, broke escrow and commenced making investments. | |||||||||||||||||
(b) Calculated based on weighted average shares outstanding. | |||||||||||||||||
(c) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year or period. Distributions per share are rounded to the nearest $0.01. | |||||||||||||||||
(d) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year or period. | |||||||||||||||||
(e) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year or period and assumes that distributions are reinvested in accordance with the Company’s dividend reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. For the period less than one year, total return is not annualized. |
Year Ended | Period Ended | ||||||||
June 30, 2017 | June 30, 2016 (a) | ||||||||
PWAY Class R, RIA and I | PWAY Class R, RIA and I | ||||||||
Per Share Data(b): | |||||||||
Net asset value, beginning of year or period | $ | 12.81 | $ | 13.80 | |||||
Net investment income | 0.71 | 1.21 | |||||||
Net realized and unrealized gains (losses) on investments | 0.68 | (0.03 | ) | ||||||
Net increase in net assets resulting from operations | 1.39 | 1.18 | |||||||
Return of capital distributions(c) | (0.92 | ) | (0.75 | ) | |||||
Offering costs | 0.03 | (0.62 | ) | ||||||
Other(d) | 0.22 | (0.80 | ) | ||||||
Net asset value, end of year or period | $ | 13.53 | $ | 12.81 | |||||
Total return, based on NAV(e) | 13.20 | % | (1.75 | )% | |||||
Supplemental Data: | |||||||||
Net assets, end of year or period | $ | 8,405,744 | $ | 5,976,355 | |||||
Average net assets | $ | 7,508,410 | $ | 3,597,990 | |||||
Average shares outstanding | 550,843 | 341,596 | |||||||
Ratio to average net assets: | |||||||||
Expenses without expense support payment | 22.05 | % | 36.65 | % | |||||
Expenses after expense support payment | 10.52 | % | 3.41 | % | |||||
Net investment income | 5.19 | % | 11.50 | % | |||||
Portfolio turnover | 27.54 | % | 4.27 | % | |||||
(a) The net asset value at the beginning of the period is the net offering price as of August 25, 2015, which is the date that the Company satisfied its minimum offering requirement by raising over $2.5 million from selling shares to persons not affiliated with the Company or the Adviser (the “Minimum Offering Requirement”), and as a result, broke escrow and commenced making investments. | |||||||||
(b) Calculated based on weighted average shares outstanding. | |||||||||
(c) The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the year or period. Distributions per share are rounded to the nearest $0.01. | |||||||||
(d) The amount shown represents the balancing figure derived from the other figures in the schedule, and is primarily attributable to the accretive effects from the sales of the Company’s shares and the effects of share repurchases during the year or period. | |||||||||
(e) Total return is based upon the change in net asset value per share between the opening and ending net asset values per share during the year or period and assumes that distributions are reinvested in accordance with the Company’s dividend reinvestment plan. The computation does not reflect the sales load for any class of shares. Total return based on market value is not presented since the Company’s shares are not publicly traded. For the period less than one year, total return is not annualized. |
Revolving Credit Facility | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) | ||||||||||
December 31, 2020 | $ | 21,000,000 | $ | 1,976 | — | — | ||||||||
September 30, 2020 | $ | 21,000,000 | $ | 1,947 | — | — | ||||||||
June 30, 2020 | $ | 21,000,000 | $ | 1,931 | — | — | ||||||||
March 31, 2020 | $ | 21,000,000 | $ | 1,914 | — | — | ||||||||
December 31, 2019 | $ | 21,000,000 | $ | 2,018 | — | — | ||||||||
September 30, 2019 | $ | 15,500,000 | $ | 2,461 | — | — | ||||||||
June 30, 2019 | $ | 5,500,000 | $ | 5,256 | — | — | ||||||||
(1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. | ||||||||||||||
(2) This column is inapplicable. |
Revolving Credit Facility | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) | ||||||
September 30, 2020 | $ | 21,000,000 | $ | 1,947 | — | — | ||||
June 30, 2020 | $ | 21,000,000 | $ | 1,931 | — | — | ||||
March 31, 2020 | $ | 21,000,000 | $ | 1,914 | — | — | ||||
December 31, 2019 | $ | 21,000,000 | $ | 2,018 | — | — | ||||
September 30, 2019 | $ | 15,500,000 | $ | 2,461 | — | — | ||||
June 30, 2019 | $ | 5,500,000 | $ | 5,256 | — | — | ||||
(1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. | ||||||||||
(2) This column is inapplicable. |
Investment Income | Net Investment Income | ||||||||||||||||||||||||||||||||||
Quarter Ended | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I)(1)(2) | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | |||||||||||||||||||||||||||
September 30, 2018 | $314,140 | N/A | $0.49 | $0.49 | $(279,116) | N/A | $(0.43) | $(0.44) | |||||||||||||||||||||||||||
December 31, 2018 | 284,830 | N/A | 0.46 | 0.46 | (46,857) | N/A | (0.08) | (0.07) | |||||||||||||||||||||||||||
March 31, 2019 | 251,386 | N/A | 0.41 | 0.41 | 1,304,197 | N/A | 2.13 | 2.17 | |||||||||||||||||||||||||||
June 30, 2019 | 560,370 | $0.23 | N/A | N/A | (709,296) | $(0.30) | N/A | N/A | |||||||||||||||||||||||||||
September 30, 2019 | $748,644 | $0.31 | N/A | N/A | $150,724 | $0.06 | N/A | N/A | |||||||||||||||||||||||||||
December 31, 2019 | 853,848 | 0.36 | N/A | N/A | 50,584 | 0.02 | N/A | N/A | |||||||||||||||||||||||||||
March 31, 2020 | 900,371 | 0.38 | N/A | N/A | 219,821 | 0.09 | N/A | N/A | |||||||||||||||||||||||||||
June 30, 2020 | 839,755 | 0.35 | N/A | N/A | 145,913 | 0.06 | N/A | N/A | |||||||||||||||||||||||||||
September 30, 2020 | $848,045 | $0.36 | N/A | N/A | $31,475 | $0.01 | N/A | N/A | |||||||||||||||||||||||||||
December 31, 2020 | 871,095 | 0.37 | N/A | N/A | (203,503) | (0.09) | N/A | N/A | |||||||||||||||||||||||||||
(1) | Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year. | ||||||||||||||||||||||||||||||||||
(2) | Data presented for September 30, 2018- March 31, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the Merger. |
Investment Income | Net Investment Income | ||||||||||
Quarter Ended | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I)(1)(2) | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | |||
September 30, 2018 | $314,140 | N/A | $0.49 | $0.49 | $(279,116) | N/A | $(0.43) | $(0.44) | |||
December 31, 2018 | 284,830 | N/A | 0.46 | 0.46 | (46,857) | N/A | (0.08) | (0.07) | |||
March 31, 2019 | 251,386 | N/A | 0.41 | 0.41 | 1,304,197 | N/A | 2.13 | 2.17 | |||
June 30, 2019 | 560,370 | $0.23 | N/A | N/A | (709,296) | $(0.30) | N/A | N/A | |||
September 30, 2019 | $748,644 | $0.31 | N/A | N/A | $150,724 | $0.06 | N/A | N/A | |||
December 31, 2019 | 853,848 | 0.36 | N/A | N/A | 50,584 | 0.02 | N/A | N/A | |||
March 31, 2020 | 900,371 | 0.38 | N/A | N/A | 219,821 | 0.09 | N/A | N/A | |||
June 30, 2020 | 839,755 | 0.35 | N/A | N/A | 145,913 | 0.06 | N/A | N/A | |||
September 30, 2020 | $848,045 | $0.36 | N/A | N/A | $31,475 | $0.01 | N/A | N/A | |||
(1) | Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year. | ||||||||||
(2) | Data presented for September 30, 2018-March 31, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the merger. |
Net Realized and Unrealized (Losses) Gains | Net Increase (Decrease) in Net Assets from Operations | ||||||||||||||||||||||||||||||||||
Quarter Ended | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | |||||||||||||||||||||||||||
September 30, 2018 | $(142,584) | N/A | $(0.22) | $(0.23) | $(421,700) | N/A | $(0.65) | $(0.66) | |||||||||||||||||||||||||||
December 31, 2018 | (847,927) | N/A | (1.36) | (1.37) | (894,784) | N/A | (1.43) | (1.44) | |||||||||||||||||||||||||||
March 31, 2019 | 175,862 | N/A | 0.29 | 0.28 | 1,480,059 | N/A | 2.42 | 2.45 | |||||||||||||||||||||||||||
June 30, 2019 | (238,167) | $(0.10) | N/A | N/A | (947,463) | $(0.40) | N/A | N/A | |||||||||||||||||||||||||||
September 30, 2019 | $(744,821) | $(0.31) | N/A | N/A | $(594,097) | $(0.25) | N/A | N/A | |||||||||||||||||||||||||||
December 31, 2019 | (347,245) | (0.15) | N/A | N/A | (296,661) | (0.13) | N/A | N/A | |||||||||||||||||||||||||||
March 31, 2020 | (2,566,076) | (1.09) | N/A | N/A | (2,346,255) | (1.00) | N/A | N/A | |||||||||||||||||||||||||||
June 30, 2020 | 773,450 | 0.32 | N/A | N/A | 919,363 | 0.38 | N/A | N/A | |||||||||||||||||||||||||||
September 30, 2020 | $475,633 | $0.20 | N/A | N/A | $507,108 | $0.21 | N/A | N/A | |||||||||||||||||||||||||||
December 31, 2020 | 1,215,336 | 0.51 | N/A | N/A | 1,011,833 | 0.42 | N/A | N/A | |||||||||||||||||||||||||||
(1) | Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year. | ||||||||||||||||||||||||||||||||||
(2) | Data presented for September 30, 2018- March 31, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the Merger. |
Net Realized and Unrealized (Losses) Gains | Net Increase (Decrease) in Net Assets from Operations | |||||||||||
Quarter Ended | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | Total | Per Share(1) | Per Share (PWAY Class A)(1)(2) | Per Share (PWAY Class I(1)(2) | ||||
September 30, 2018 | $(142,584) | N/A | $(0.22) | $(0.23) | $(421,700) | N/A | $(0.65) | $(0.66) | ||||
December 31, 2018 | (847,927) | N/A | (1.36) | (1.37) | (894,784) | N/A | (1.43) | (1.44) | ||||
March 31, 2019 | 175,862 | N/A | 0.29 | 0.28 | 1,480,059 | N/A | 2.42 | 2.45 | ||||
June 30, 2019 | (238,167) | $(0.10) | N/A | N/A | (947,463) | $(0.40) | N/A | N/A | ||||
September 30, 2019 | $(744,821) | $(0.31) | N/A | N/A | $(594,097) | $(0.25) | N/A | N/A | ||||
December 31, 2019 | (347,245) | (0.15) | N/A | N/A | (296,661) | (0.13) | N/A | N/A | ||||
March 31, 2020 | (2,566,076) | (1.09) | N/A | N/A | (2,346,255) | (1.00) | N/A | N/A | ||||
June 30, 2020 | 773,450 | 0.32 | N/A | N/A | 919,363 | 0.38 | N/A | N/A | ||||
September 30, 2020 | $475,633 | $0.20 | N/A | N/A | $507,108 | $0.21 | N/A | N/A | ||||
(1 | ) | Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year. | ||||||||||
(2 | ) | Data presented for September 30, 2018-March 31, 2019 includes the shareholder activity of PWAY Class A and Class I shares, prior to the merger. |
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,011,833 | $ | (296,661) | $ | 1,518,941 | $ | (890,758) | ||||||||||||||||||
Weighted average common shares outstanding | 2,385,301 | 2,364,411 | 2,373,291 | 2,370,647 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share | $ | 0.42 | $ | (0.13) | $ | 0.64 | $ | (0.38) |
Three Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 507,108 | $ | (594,097 | ) | |||
Weighted average common shares outstanding | 2,364,156 | 2,382,257 | ||||||
Net increase (decrease) in net assets resulting from operations per share | $ | 0.21 | $ | (0.25 | ) |
Record Date | Payment Date | FLEX Class A Common Shares, per share | ||||||||||||
March 5, 12, 19, and 26, 2021 | April 2, 2021 | $ | 0.05204 | |||||||||||
April 2, 9, 16, 23, and 30, 2021 | May 7, 2021 | $ | 0.06505 | |||||||||||
May 7, 14, 21, and 28, 2021 | June 7, 2021 | $ | 0.05204 |
Record Date | Payment Date | FLEX Class A Common Shares, per share | ||||
December 4, 11, 18 and 25, 2020 | January 4, 2021 | $ | 0.05048 | |||
January 4, 8, 15, 22 and 29, 2021 | February 5, 2021 | $ | 0.06310 | |||
February 5, 12, 19 and 26, 2021 | March 5, 2021 | $ | 0.05048 |
NAV/Share ($) | Conversion Ratio | |||||||||||||
Triton Pacific Investment Corporation, Inc. | $ | 10.48 | N/A | |||||||||||
Pathway Capital Opportunity Fund, Inc.: Class A | $ | 13.46 | 1.2848 | |||||||||||
Pathway Capital Opportunity Fund, Inc.: Class I | $ | 13.50 | 1.2884 |
TPIC | |||||||||||
Cost of investments | $ | 12,106,879 | |||||||||
Fair value of investments | 11,431,241 | ||||||||||
Net unrealized appreciation (depreciation) on investments | $ | (675,638) |
TPIC | |||||
Cost of investments | $ | 12,106,879 | |||
Fair value of investments | 11,431,241 | ||||
Net unrealized appreciation (depreciation) on investments | $ | (675,638 | ) |
Accounting Acquirer - Prior to Merger | PWAY Class A | PWAY Class I | ||||||||||||
Common shares outstanding | 570,431 | 32,834 | ||||||||||||
Net assets applicable to common shares | $ | 7,679,839 | $ | 443,296 | ||||||||||
NAV per common share | $ | 13.46 | $ | 13.50 | ||||||||||
Legal Acquiring Fund - Prior to Merger | TPIC | |||||||||||||
Common shares outstanding | 1,614,221 | |||||||||||||
Net assets applicable to common shares | $ | 16,915,592 | ||||||||||||
NAV per common share | $ | 10.48 | ||||||||||||
Legal Acquiring Fund - Post Merger | FLEX | |||||||||||||
Common shares outstanding | 2,403,349 | |||||||||||||
Net assets applicable to common shares | $ | 25,086,682 | ||||||||||||
NAV per common share | $ | 10.44 |
PWAY as acquirer | |||||||||||
Value of Common Stock Issued | $ | 17,052,546 | |||||||||
Assets acquired: | |||||||||||
Investments | 11,431,241 | ||||||||||
Cash and cash equivalents | 5,055,456 | ||||||||||
Other assets | 607,163 | ||||||||||
Total assets acquired | 17,093,860 | ||||||||||
Total liabilities assumed | 41,314 | ||||||||||
Net assets acquired | 17,052,546 | ||||||||||
Total purchase price | $ | 17,052,546 |
PWAY as acquirer | |||||
Value of Common Stock Issued | $ | 17,052,546 | |||
Assets acquired: | |||||
Investments | 11,431,241 | ||||
Cash and cash equivalents | 5,055,456 | ||||
Other assets | 607,163 | ||||
Total assets acquired | 17,093,860 | ||||
Total liabilities assumed | 41,314 | ||||
Net assets acquired | 17,052,546 | ||||
Total purchase price | $ | 17,052,546 |
As of December 31, 2020 | As of June 30, 2020 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | As Percent of Total Fair Value | Amortized Cost | Fair Value | As Percent of Total Fair Value | |||||||||||||||||||||
Senior Secured Loans-First Lien | $ | 30,013,926 | $ | 30,329,244 | 78 | % | $ | 29,307,625 | $ | 28,653,561 | 78 | % | ||||||||||||||
Senior Secured Loans-Second Lien | 1,124,644 | 916,494 | 2 | % | 1,558,072 | 1,213,148 | 4 | % | ||||||||||||||||||
Equity/Other | 681,111 | 995,000 | 3 | % | 681,111 | 786,988 | 2 | % | ||||||||||||||||||
Senior Secured Notes | 965,005 | 935,847 | 2 | % | 955,986 | 811,267 | 2 | % | ||||||||||||||||||
Structured subordinated notes | 6,497,048 | 5,573,858 | 15 | % | 6,372,119 | 5,198,739 | 14 | % | ||||||||||||||||||
Total | $ | 39,281,734 | $ | 38,750,443 | 100 | % | $ | 38,874,913 | $ | 36,663,703 | 100 | % | ||||||||||||||
Number of portfolio companies | 28 | 27 | ||||||||||||||||||||||||
Number of Structured subordinated notes | 24 | 24 | ||||||||||||||||||||||||
% Variable Rate (based on fair value)(1) | 98% | 98% | ||||||||||||||||||||||||
% Fixed Rate (based on fair value)(1) | 2 | % | 2 | % | ||||||||||||||||||||||
% Weighted Average Yield Variable Rate (based on principal outstanding)(1)(2) | 6 | % | 7 | % | ||||||||||||||||||||||
% Weighted Average Yield Fixed Rate (based on principal outstanding)(1) | 14 | % | 14 | % | ||||||||||||||||||||||
% Weighted Average Yield on Structured Subordinated Notes (based on cost) | 20 | % | 16 | % | ||||||||||||||||||||||
% Weighted Average Yield on Fixed Rate Debt, Variable Rate Debt and Structured Subordinated Notes (based on cost)(3) | 9 | % | 8 | % | ||||||||||||||||||||||
(1) The interest rate by type information is calculated using the Company’s debt portfolio and excludes equity investments. | ||||||||||||||||||||||||||
(2) The interest rate by type information is calculated using the Company’s debt portfolio and excludes structured subordinated notes. | ||||||||||||||||||||||||||
(3) The interest rate by type information is calculated excluding the Company’s equity investments. |
As of September 30, 2020 | As of June 30, 2020 | |||||||
Amortized Cost | Fair Value | As Percent of Total Fair Value | Amortized Cost | Fair Value | As Percent of Total Fair Value | |||
Senior Secured Loans-First Lien | $30,341,339 | $30,140,704 | 80% | $29,307,625 | $28,653,561 | 78% | ||
Senior Secured Loans-Second Lien | 1,123,701 | 812,905 | 2% | 1,558,072 | 1,213,148 | 4% | ||
Equity/Other | 681,111 | 867,914 | 2% | 681,111 | 786,988 | 2% | ||
Senior Secured Notes | 960,495 | 846,716 | 2% | 955,986 | 811,267 | 2% | ||
Structured subordinated notes | 6,490,081 | 5,181,861 | 14% | 6,372,119 | 5,198,739 | 14% | ||
Total | $39,596,727 | $37,850,100 | 100% | $38,874,913 | $36,663,703 | 100% | ||
Number of portfolio companies | 28 | 27 | ||||||
Number of Structured subordinated notes | 24 | 24 | ||||||
% Variable Rate (based on fair value)(1) | 98% | 98% | ||||||
% Fixed Rate (based on fair value)(1) | 2% | 2% | ||||||
% Weighted Average Yield Variable Rate (based on principal outstanding)(1)(2) | 6% | 7% | ||||||
% Weighted Average Yield Fixed Rate (based on principal outstanding)(1) | 14% | 14% | ||||||
% Weighted Average Yield on Structured Subordinated Notes (based on cost) | 18% | 16% | ||||||
% Weighted Average Yield on Fixed Rate Debt, Variable Rate Debt and Structured Subordinated Notes (based on cost)(3) | 8% | 8% | ||||||
(1) The interest rate by type information is calculated using the Company’s debt portfolio and excludes equity investments. | ||||||||
(2) The interest rate by type information is calculated using the Company’s debt portfolio and excludes structured subordinated notes. | ||||||||
(3) The interest rate by type information is calculated excluding the Company’s equity investments. |
December 31, 2020 | ||||||||||||||||||||||||||
Industry | Investments at Amortized Cost | Percentage of Portfolio | Investments at Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Structured Finance | $ | 6,497,048 | 16 | % | $ | 5,573,858 | 15 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 4,545,152 | 12 | % | 5,126,320 | 13 | % | ||||||||||||||||||||
Services: Consumer | 4,360,951 | 11 | % | 4,374,738 | 11 | % | ||||||||||||||||||||
High Tech Industries | 4,076,320 | 10 | % | 4,102,135 | 11 | % | ||||||||||||||||||||
Telecommunications | 3,751,929 | 10 | % | 3,817,598 | 10 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | 2,186,191 | 6 | % | 2,127,620 | 6 | % | ||||||||||||||||||||
Services: Business | 1,970,806 | 5 | % | 1,970,806 | 5 | % | ||||||||||||||||||||
Wholesale | 1,957,634 | 5 | % | 1,932,444 | 5 | % | ||||||||||||||||||||
Construction & Building | 1,721,837 | 4 | % | 1,717,533 | 4 | % | ||||||||||||||||||||
Transportation: Cargo | 1,463,257 | 4 | % | 1,478,471 | 4 | % | ||||||||||||||||||||
Media: Diversified and Production | 1,447,716 | 4 | % | 1,592,100 | 4 | % | ||||||||||||||||||||
Automotive | 1,180,030 | 3 | % | 1,234,350 | 3 | % | ||||||||||||||||||||
Financial | 965,005 | 2 | % | 935,847 | 2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 745,119 | 2 | % | 746,354 | 2 | % | ||||||||||||||||||||
Consumer goods: Durable | 724,281 | 2 | % | 719,675 | 2 | % | ||||||||||||||||||||
Energy: Oil & Gas | 496,235 | 1 | % | 460,938 | 1 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 494,499 | 1 | % | 371,250 | 1 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 479,043 | 1 | % | 459,100 | 1 | % | ||||||||||||||||||||
Retail | 218,681 | 1 | % | 9,306 | — | % | ||||||||||||||||||||
Total | $ | 39,281,734 | 100 | % | $ | 38,750,443 | 100 | % | ||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||
Industry | Investments at Amortized Cost | Percentage of Portfolio | Investments at Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Structured Finance | $ | 6,372,119 | 16 | % | $ | 5,198,739 | 14 | % | ||||||||||||||||||
Healthcare & Pharmaceuticals | 4,559,170 | 12 | % | 4,911,755 | 13 | % | ||||||||||||||||||||
Services: Consumer | 4,684,684 | 12 | % | 4,589,768 | 13 | % | ||||||||||||||||||||
High Tech Industries | 4,552,866 | 12 | % | 4,508,948 | 12 | % | ||||||||||||||||||||
Telecommunications | 3,747,852 | 10 | % | 3,580,442 | 10 | % | ||||||||||||||||||||
Media: Broadcasting & Subscription | 2,193,588 | 6 | % | 2,031,588 | 6 | % | ||||||||||||||||||||
Services: Business | 1,980,964 | 5 | % | 1,960,850 | 5 | % | ||||||||||||||||||||
Wholesale | 1,965,137 | 5 | % | 1,807,778 | 5 | % | ||||||||||||||||||||
Construction & Building | 1,730,600 | 4 | % | 1,644,070 | 5 | % | ||||||||||||||||||||
Media: Diversified and Production | 1,574,165 | 4 | % | 1,644,000 | 4 | % | ||||||||||||||||||||
Transportation: Cargo | 1,469,043 | 4 | % | 1,469,647 | 4 | % | ||||||||||||||||||||
Financial | 955,986 | 2 | % | 811,267 | 2 | % | ||||||||||||||||||||
Consumer goods: Durable | 736,490 | 2 | % | 705,287 | 2 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 663,305 | 2 | % | 663,305 | 2 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 480,744 | 1 | % | 436,673 | 1 | % | ||||||||||||||||||||
Energy: Oil & Gas | 495,843 | 1 | % | 365,000 | 1 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 493,860 | 1 | % | 332,812 | 1 | % | ||||||||||||||||||||
Retail | 218,497 | 1 | % | 1,774 | 0% | |||||||||||||||||||||
Total | $ | 38,874,913 | 100 | % | $ | 36,663,703 | 100 | % |
September 30, 2020 | ||||||||||||||
Industry | Investments at Amortized Cost | Percentage of Portfolio | Investments at Fair Value | Percentage of Portfolio | ||||||||||
Structured Finance | $ | 6,490,081 | 16 | % | $ | 5,181,861 | 14 | % | ||||||
Healthcare & Pharmaceuticals | 4,552,160 | 12 | % | 4,986,227 | 13 | % | ||||||||
Services: Consumer | 4,523,961 | 11 | % | 4,499,229 | 12 | % | ||||||||
High Tech Industries | 4,108,861 | 10 | % | 4,112,159 | 11 | % | ||||||||
Telecommunications | 3,750,523 | 10 | % | 3,689,794 | 10 | % | ||||||||
Media: Broadcasting & Subscription | 2,189,889 | 6 | % | 2,028,497 | 5 | % | ||||||||
Services: Business | 1,975,885 | 5 | % | 1,954,348 | 5 | % | ||||||||
Wholesale | 1,961,599 | 5 | % | 1,875,111 | 5 | % | ||||||||
Construction & Building | 1,726,219 | 4 | % | 1,700,325 | 4 | % | ||||||||
Media: Diversified and Production | 1,580,941 | 4 | % | 1,656,200 | 4 | % | ||||||||
Transportation: Cargo | 1,466,482 | 4 | % | 1,466,482 | 4 | % | ||||||||
Automotive | 1,183,437 | 3 | % | 1,210,101 | 3 | % | ||||||||
Financial | 960,495 | 2 | % | 846,716 | 2 | % | ||||||||
Banking, Finance, Insurance & Real Estate | 707,167 | 2 | % | 707,167 | 2 | % | ||||||||
Consumer goods: Durable | 730,386 | 2 | % | 707,045 | 2 | % | ||||||||
Beverage, Food & Tobacco | 479,926 | 1 | % | 453,433 | 1 | % | ||||||||
Energy: Oil & Gas | 496,039 | 1 | % | 401,875 | 1 | % | ||||||||
Media: Advertising, Printing & Publishing | 494,179 | 1 | % | 365,548 | 1 | % | ||||||||
Retail | 218,497 | 1 | % | 7,982 | 1 | % | ||||||||
Total | $ | 39,596,727 | 100 | % | $ | 37,850,100 | 100 | % | ||||||
June 30, 2020 | ||||||||||||||
Industry | Investments at Amortized Cost | Percentage of Portfolio | Investments at Fair Value | Percentage of Portfolio | ||||||||||
Structured Finance | $ | 6,372,119 | 16 | % | $ | 5,198,739 | 14 | % | ||||||
Healthcare & Pharmaceuticals | 4,559,170 | 12 | % | 4,911,755 | 13 | % | ||||||||
Services: Consumer | 4,684,684 | 12 | % | 4,589,768 | 13 | % | ||||||||
High Tech Industries | 4,552,866 | 12 | % | 4,508,948 | 12 | % | ||||||||
Telecommunications | 3,747,852 | 10 | % | 3,580,442 | 10 | % | ||||||||
Media: Broadcasting & Subscription | 2,193,588 | 6 | % | 2,031,588 | 6 | % | ||||||||
Services: Business | 1,980,964 | 5 | % | 1,960,850 | 5 | % | ||||||||
Wholesale | 1,965,137 | 5 | % | 1,807,778 | 5 | % | ||||||||
Construction & Building | 1,730,600 | 4 | % | 1,644,070 | 5 | % | ||||||||
Media: Diversified and Production | 1,574,165 | 4 | % | 1,644,000 | 4 | % | ||||||||
Transportation: Cargo | 1,469,043 | 4 | % | 1,469,647 | 4 | % | ||||||||
Financial | 955,986 | 2 | % | 811,267 | 2 | % | ||||||||
Consumer goods: Durable | 736,490 | 2 | % | 705,287 | 2 | % | ||||||||
Banking, Finance, Insurance & Real Estate | 663,305 | 2 | % | 663,305 | 2 | % | ||||||||
Beverage, Food & Tobacco | 480,744 | 1 | % | 436,673 | 1 | % | ||||||||
Energy: Oil & Gas | 495,843 | 1 | % | 365,000 | 1 | % | ||||||||
Media: Advertising, Printing & Publishing | 493,860 | 1 | % | 332,812 | 1 | % | ||||||||
Retail | 218,497 | 1 | % | 1,774 | 0% | |||||||||
Total | $ | 38,874,913 | 100 | % | $ | 36,663,703 | 100 | % |
December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||
Level of Control | Cost | % of Portfolio | Fair Value(1) | % of Portfolio | Cost | % of Portfolio | Fair Value(1) | % of Portfolio | ||||||||||||||||||||||||
Affiliate | $ | 472,357 | 1 | % | $ | 995,000 | 3 | % | $ | 472,357 | 1 | % | $ | 786,988 | 2 | % | ||||||||||||||||
Non-Control/Non-Affiliate | 38,809,377 | 99 | % | 37,755,443 | 97 | % | 38,402,556 | 99 | % | 35,876,715 | 98 | % | ||||||||||||||||||||
Total Investments | $ | 39,281,734 | 100 | % | $ | 38,750,443 | 100 | % | $ | 38,874,913 | 100 | % | $ | 36,663,703 | 100 | % | ||||||||||||||||
(1) As of December 31, 2020 and June 30, 2020, the fair value of our investments was negatively impacted by the uncertainty surrounding the impact of the Wuhan Virus pandemic. For more information, see “Valuation of Portfolio Investments”. | ||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||
Level of Control | Cost | % of Portfolio | Fair Value(1) | % of Portfolio | Cost | % of Portfolio | Fair Value(1) | % of Portfolio | |||||||||||||||
Affiliate | $ | 472,357 | 1 | % | $ | 867,914 | 2 | % | $ | 472,357 | 1 | % | $ | 786,988 | 2 | % | |||||||
Non-Control/Non-Affiliate | 39,124,370 | 99 | % | 36,982,186 | 98 | % | 38,402,556 | 99 | % | 35,876,715 | 98 | % | |||||||||||
Total Investments | $ | 39,596,727 | 100 | % | $ | 37,850,100 | 100 | % | $ | 38,874,913 | 100 | % | $ | 36,663,703 | 100 | % | |||||||
(1) As of September 30, 2020 and June 30, 2020, the fair value of our investments was negatively impacted by the uncertainty surrounding the impact of the Wuhan Virus pandemic. For more information, see “Valuation of Portfolio Investments”. | |||||||||||||||||||||||
December 31, 2020 | June 30, 2020 | |||||||||||||
Net assets | $ | 20,506,133 | $ | 19,558,400 | ||||||||||
Shares of common stock issued and outstanding | 2,384,673 | 2,363,011 | ||||||||||||
Net asset value per share | $ | 8.60 | $ | 8.28 |
September 30, 2020 | June 30, 2020 | |||||||
Net assets | $ | 19,883,702 | $ | 19,558,400 | ||||
Shares of common stock issued and outstanding | 2,384,793 | 2,363,011 | ||||||
Net asset value per share | $ | 8.34 | $ | 8.28 |
Record Date | Payment Date | FLEX Class A Common Shares, per share | ||||||||||||
March 5, 12, 19, and 26, 2021 | April 2, 2021 | $ | 0.05204 | |||||||||||
April 2, 9, 16, 23, and 30, 2021 | May 7, 2021 | $ | 0.06505 | |||||||||||
May 7, 14, 21, and 28, 2021 | June 7, 2021 | $ | 0.05204 |
Record Date | Payment Date | FLEX Class A Common Shares, per share | ||||
December 4, 11, 18 and 25, 2020 | January 4, 2021 | $ | 0.05048 | |||
January 4, 8, 15, 22 and 29, 2021 | February 5, 2021 | $ | 0.06310 | |||
February 5, 12, 19 and 26, 2021 | March 5, 2021 | $ | 0.05048 |
Revolving Credit Facility | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) | ||||||||||
December 31, 2020 | $ | 21,000,000 | $ | 1,976 | — | — | ||||||||
September 30, 2020 | $ | 21,000,000 | $ | 1,947 | — | — | ||||||||
June 30, 2020 | $ | 21,000,000 | $ | 1,931 | — | — | ||||||||
March 31, 2020 | $ | 21,000,000 | $ | 1,914 | — | — | ||||||||
December 31, 2019 | $ | 21,000,000 | $ | 2,018 | — | — | ||||||||
September 30, 2019 | $ | 15,500,000 | $ | 2,461 | — | — | ||||||||
June 30, 2019 | $ | 5,500,000 | $ | 5,256 | — | — | ||||||||
(1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. | ||||||||||||||
(2) This column is inapplicable. |
Revolving Credit Facility | Total Amount Outstanding | Asset Coverage per Unit(1) | Involuntary Liquidating Preference per Unit(2) | Average Market Value per Unit(2) | ||||||
September 30, 2020 | $ | 21,000,000 | $ | 1,947 | — | — | ||||
June 30, 2020 | $ | 21,000,000 | $ | 1,931 | — | — | ||||
March 31, 2020 | $ | 21,000,000 | $ | 1,914 | — | — | ||||
December 31, 2019 | $ | 21,000,000 | $ | 2,018 | — | — | ||||
September 30, 2019 | $ | 15,500,000 | $ | 2,461 | — | — | ||||
June 30, 2019 | $ | 5,500,000 | $ | 5,256 | — | — | ||||
(1) The asset coverage ratio is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. | ||||||||||
(2) This column is inapplicable. |
LIBOR Basis Point Change | Interest Income | Interest Expense | Net Investment Income | |||||||||||||||||
Up 300 basis points | $ | 953,489 | $ | 630,000 | $ | 323,489 | ||||||||||||||
Up 200 basis points | $ | 635,659 | $ | 420,000 | $ | 215,659 | ||||||||||||||
Up 100 basis points | $ | 317,830 | $ | 210,000 | $ | 107,830 | ||||||||||||||
Down 100 basis points | $ | (29,012) | $ | (50,060) | $ | 21,048 |
LIBOR Basis Point Change | Interest Income | Interest Expense | Net Investment Income | |||||||||
Up 300 basis points | $ | 964,494 | $ | 630,000 | $ | 334,494 | ||||||
Up 200 basis points | $ | 642,996 | $ | 420,000 | $ | 222,996 | ||||||
Up 100 basis points | $ | 321,498 | $ | 210,000 | $ | 111,498 | ||||||
Down 100 basis points | $ | (31,008 | ) | $ | (49,115 | ) | $ | 18,107 |
Date of Issuance | Record Date | Number of Shares | Purchase Price per Share | Date of Issuance | Record Date | Number of Shares | Purchase Price per Share | |||||||||
July 6, 2020 | June 5, 12, 19, and 26, 2020 | 7,120 | $ | 8.25 | July 6, 2020 | June 5, 12, 19, and 26, 2020 | 7,120 | $ | 8.25 | |||||||
August 7, 2020 | July 6, 10, 17, 24 and 31, 2020 | 8,839 | $ | 8.25 | August 7, 2020 | July 6, 10, 17, 24 and 31, 2020 | 8,839 | $ | 8.25 | |||||||
September 4, 2020 | August 7, 14, 21 and 28, 2020 | 6,795 | $ | 8.49 | September 4, 2020 | August 7, 14, 21 and 28, 2020 | 6,795 | $ | 8.49 | |||||||
October 2, 2020 | September 4, 11, 18 and 25, 2020 | 7,247 | $ | 8.49 | October 2, 2020 | September 4, 11, 18 and 25, 2020 | 7,247 | $ | 8.49 | |||||||
November 6, 2020 | November 6, 2020 | October 2, 9, 16, 23 and 30, 2020 | 9,108 | $ | 8.49 | |||||||||||
December 4, 2020 | December 4, 2020 | November 6, 13, 20 and 27, 2020 | 7,193 | $ | 8.55 | |||||||||||
January 4, 2021 | January 4, 2021 | December 4, 11, 18 and 25, 2020 | 7,289 | $ | 8.55 |