FORM
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| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
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Maryland41-2230745 41-223074577056 (Address of principal executive offices) 77056
(Zip Code)
Trading Symbol Common Stock, par value $0.01 per share MAIN New York Stock ExchangeTitle of Each Class
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Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer | o | Smaller reporting company | o | ||||||||||||||||
Emerging growth company | o |
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| Consolidated Schedule of Investments (unaudited)—September 30, | |||||||
| 2021 |
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MAIN STREET CAPITAL CORPORATION
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| | September 30, | | December 31, | |||||||||||||
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| 2021 |
| 2020 | |||||||||||||
| | (Unaudited) | | | | ||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
ASSETS |
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| ASSETS | ||||||||||
Investments at fair value: |
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| Investments at fair value: | ||||||||||
Control investments (cost: $988,222 and $831,490 as of September 30, 2021 and December 31, 2020, respectively) | | $ | 1,336,218 | | $ | 1,113,725 | |||||||||||
Affiliate investments (cost: $505,935 and $416,479 as of September 30, 2021 and December 31, 2020, respectively) | |
| 485,139 | |
| 366,301 | |||||||||||
Non‑Control/Non‑Affiliate investments (cost: $1,338,405 and $1,268,740 as of September 30, 2021 and December 31, 2020, respectively) | |
| 1,295,747 | |
| 1,204,840 | |||||||||||
Total investments (cost: $2,832,562 and $2,516,709 as of September 30, 2021 and December 31, 2020, respectively) | |
| 3,117,104 | |
| 2,684,866 | |||||||||||
Control investments (cost: $1,199,446 and $1,107,597 as of September 30, 2022 and December 31, 2021, respectively) | Control investments (cost: $1,199,446 and $1,107,597 as of September 30, 2022 and December 31, 2021, respectively) | $ | 1,599,429 | $ | 1,489,257 | ||||||||||||
Affiliate investments (cost: $576,047 and $578,539 as of September 30, 2022 and December 31, 2021, respectively) | Affiliate investments (cost: $576,047 and $578,539 as of September 30, 2022 and December 31, 2021, respectively) | 552,581 | 549,214 | ||||||||||||||
Non‑Control/Non‑Affiliate investments (cost: $1,914,134 and $1,573,110 as of September 30, 2022 and December 31, 2021, respectively) | Non‑Control/Non‑Affiliate investments (cost: $1,914,134 and $1,573,110 as of September 30, 2022 and December 31, 2021, respectively) | 1,821,480 | 1,523,360 | ||||||||||||||
Total investments (cost: $3,689,627 and $3,259,246 as of September 30, 2022 and December 31, 2021, respectively) | Total investments (cost: $3,689,627 and $3,259,246 as of September 30, 2022 and December 31, 2021, respectively) | 3,973,490 | 3,561,831 | ||||||||||||||
Cash and cash equivalents | |
| 59,569 | |
| 31,919 | Cash and cash equivalents | 61,158 | 32,629 | ||||||||
Interest receivable and other assets | |
| 51,172 | |
| 49,761 | |||||||||||
Interest and dividend receivable and other assets | Interest and dividend receivable and other assets | 74,283 | 56,488 | ||||||||||||||
Receivable for securities sold | |
| 11,467 | |
| — | Receivable for securities sold | 20,929 | 35,125 | ||||||||
Deferred financing costs (net of accumulated amortization of $9,219 and $8,477 as of September 30, 2021 and December 31, 2020, respectively) | |
| 4,460 | |
| 2,818 | |||||||||||
Deferred financing costs (net of accumulated amortization of $10,203 and $9,462 as of September 30, 2022 and December 31, 2021, respectively) | Deferred financing costs (net of accumulated amortization of $10,203 and $9,462 as of September 30, 2022 and December 31, 2021, respectively) | 5,106 | 4,217 | ||||||||||||||
Total assets | | $ | 3,243,772 | | $ | 2,769,364 | Total assets | $ | 4,134,966 | $ | 3,690,290 | ||||||
LIABILITIES | |
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| | LIABILITIES | ||||||||||
Credit facility | | $ | 200,000 | | $ | 269,000 | Credit facility | $ | 561,000 | $ | 320,000 | ||||||
SBIC debentures (par: $350,000 and $309,800 as of September 30, 2021 and December 31, 2020, respectively) | |
| 342,435 | |
| 303,972 | |||||||||||
5.20% Notes due 2024 (par: $450,000 as of both September 30, 2021 and December 31, 2020) | |
| 451,408 | |
| 451,817 | |||||||||||
4.50% Notes due 2022 (par: $185,000 as of both September 30, 2021 and December 31, 2020) | |
| 184,292 | |
| 183,836 | |||||||||||
3.00% Notes due 2026 (par: $300,000 as of September 30, 2021) | |
| 295,445 | |
| — | |||||||||||
3.00% Notes due 2026 (par: $500,000 as of both September 30, 2022 and December 31, 2021) | 3.00% Notes due 2026 (par: $500,000 as of both September 30, 2022 and December 31, 2021) | 498,004 | 497,609 | ||||||||||||||
5.20% Notes due 2024 (par: $450,000 as of both September 30, 2022 and December 31, 2021) | 5.20% Notes due 2024 (par: $450,000 as of both September 30, 2022 and December 31, 2021) | 450,863 | 451,272 | ||||||||||||||
SBIC debentures (par: $350,000 ($16,000 due within one year) as of both September 30, 2022 and December 31, 2021) | SBIC debentures (par: $350,000 ($16,000 due within one year) as of both September 30, 2022 and December 31, 2021) | 343,618 | 342,731 | ||||||||||||||
4.50% Notes due 2022 (par: $185,000 as of both September 30, 2022 and December 31, 2021) | 4.50% Notes due 2022 (par: $185,000 as of both September 30, 2022 and December 31, 2021) | 184,899 | 184,444 | ||||||||||||||
Accounts payable and other liabilities | |
| 27,904 | |
| 20,833 | Accounts payable and other liabilities | 40,158 | 40,469 | ||||||||
Payable for securities purchased | |
| 5,084 | |
| — | Payable for securities purchased | — | 5,111 | ||||||||
Interest payable | |
| 15,303 | |
| 8,658 | Interest payable | 16,673 | 14,926 | ||||||||
Dividend payable | |
| 14,553 | |
| 13,889 | Dividend payable | 16,789 | 15,159 | ||||||||
Deferred tax liability, net | |
| 23,041 | |
| 2,592 | Deferred tax liability, net | 43,542 | 29,723 | ||||||||
Total liabilities | |
| 1,559,465 | |
| 1,254,597 | Total liabilities | 2,155,546 | 1,901,444 | ||||||||
Commitments and contingencies (Note K) | |
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| | Commitments and contingencies (Note K) | ||||||||||
NET ASSETS | |
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| | NET ASSETS | ||||||||||
Common stock, $0.01 par value per share (150,000,000 shares authorized; 69,346,340 and 67,674,853 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively) | |
| 694 | |
| 677 | |||||||||||
Common stock, $0.01 par value per share (150,000,000 shares authorized; 76,155,807 and 70,700,885 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively) | Common stock, $0.01 par value per share (150,000,000 shares authorized; 76,155,807 and 70,700,885 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively) | 763 | 707 | ||||||||||||||
Additional paid‑in capital | |
| 1,675,917 | |
| 1,615,940 | Additional paid‑in capital | 1,952,992 | 1,736,346 | ||||||||
Total undistributed (overdistributed) earnings | |
| 7,696 | |
| (101,850) | |||||||||||
Total undistributed earnings | Total undistributed earnings | 25,665 | 51,793 | ||||||||||||||
Total net assets | |
| 1,684,307 | |
| 1,514,767 | Total net assets | 1,979,420 | 1,788,846 | ||||||||
Total liabilities and net assets | | $ | 3,243,772 | | $ | 2,769,364 | Total liabilities and net assets | $ | 4,134,966 | $ | 3,690,290 | ||||||
NET ASSET VALUE PER SHARE | | $ | 24.27 | | $ | 22.35 | NET ASSET VALUE PER SHARE | $ | 25.94 | $ | 25.29 |
MAIN STREET CAPITAL CORPORATION
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| | Three Months Ended | | Nine Months Ended | |||||||||||||||||||||||||||||||
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| September 30, | | September 30, | |||||||||||||||||||||||||||||||
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| 2021 |
| 2020 |
| 2021 |
| 2020 | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
INVESTMENT INCOME: |
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| INVESTMENT INCOME: | ||||||||||||||||||||||
Interest, fee and dividend income: |
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| Interest, fee and dividend income: | ||||||||||||||||||||||
Control investments | | $ | 34,852 | | $ | 18,558 | | $ | 85,904 | | $ | 57,357 | Control investments | $ | 41,367 | $ | 34,852 | $ | 110,751 | $ | 85,904 | ||||||||||||||
Affiliate investments | |
| 12,274 | |
| 8,255 | |
| 34,785 | |
| 23,626 | Affiliate investments | 12,490 | 12,274 | 38,300 | 34,785 | ||||||||||||||||||
Non‑Control/Non‑Affiliate investments | |
| 29,653 | |
| 25,141 | |
| 86,192 | |
| 79,126 | Non‑Control/Non‑Affiliate investments | 44,530 | 29,653 | 113,930 | 86,192 | ||||||||||||||||||
Total investment income | |
| 76,779 | |
| 51,954 | |
| 206,881 | |
| 160,109 | Total investment income | 98,387 | 76,779 | 262,981 | 206,881 | ||||||||||||||||||
EXPENSES: | |
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| | EXPENSES: | ||||||||||||||||||||||
Interest | |
| (14,711) | |
| (12,489) | |
| (42,914) | |
| (36,827) | Interest | (21,234) | (14,711) | (55,216) | (42,914) | ||||||||||||||||||
Compensation | |
| (9,576) | |
| (4,980) | |
| (22,790) | |
| (12,280) | Compensation | (10,404) | (9,576) | (26,480) | (22,790) | ||||||||||||||||||
General and administrative | |
| (3,047) | |
| (3,354) | |
| (9,439) | |
| (9,827) | General and administrative | (4,018) | (3,047) | (11,483) | (9,439) | ||||||||||||||||||
Share‑based compensation | |
| (2,869) | |
| (2,561) | |
| (7,961) | |
| (8,215) | Share‑based compensation | (3,617) | (2,869) | (10,031) | (7,961) | ||||||||||||||||||
Expenses allocated to the External Investment Manager | |
| 2,728 | |
| 1,892 | |
| 7,680 | |
| 5,340 | Expenses allocated to the External Investment Manager | 3,334 | 2,728 | 9,613 | 7,680 | ||||||||||||||||||
Total expenses | |
| (27,475) | |
| (21,492) | |
| (75,424) | |
| (61,809) | Total expenses | (35,939) | (27,475) | (93,597) | (75,424) | ||||||||||||||||||
NET INVESTMENT INCOME | |
| 49,304 | |
| 30,462 | |
| 131,457 | |
| 98,300 | NET INVESTMENT INCOME | 62,448 | 49,304 | 169,384 | 131,457 | ||||||||||||||||||
NET REALIZED GAIN (LOSS): | |
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| | NET REALIZED GAIN (LOSS): | ||||||||||||||||||||||
Control investments | |
| 8,786 | |
| 4,041 | |
| (4,459) | |
| (15,825) | Control investments | (5,822) | 8,786 | (5,822) | (4,459) | ||||||||||||||||||
Affiliate investments | |
| (5,147) | |
| (172) | |
| 3,962 | |
| (407) | Affiliate investments | 601 | (5,147) | 1,340 | 3,962 | ||||||||||||||||||
Non‑Control/Non‑Affiliate investments | |
| 4,666 | |
| (17,743) | |
| 11,072 | |
| (28,091) | Non‑Control/Non‑Affiliate investments | 10,252 | 4,666 | 7,784 | 11,072 | ||||||||||||||||||
Realized loss on extinguishment of debt | |
| — | |
| — | |
| — | |
| (534) | |||||||||||||||||||||||
Total net realized gain (loss) | |
| 8,305 | |
| (13,874) | |
| 10,575 | |
| (44,857) | |||||||||||||||||||||||
Total net realized gain | Total net realized gain | 5,031 | 8,305 | 3,302 | 10,575 | ||||||||||||||||||||||||||||||
NET UNREALIZED APPRECIATION (DEPRECIATION): | |
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| | NET UNREALIZED APPRECIATION (DEPRECIATION): | ||||||||||||||||||||||
Control investments | |
| 20,671 | |
| 7,139 | |
| 65,756 | |
| (35,096) | Control investments | 7,517 | 20,671 | 20,618 | 65,756 | ||||||||||||||||||
Affiliate investments | |
| 14,285 | |
| 2,406 | |
| 30,518 | |
| (26,883) | Affiliate investments | (1,069) | 14,285 | 3,703 | 30,518 | ||||||||||||||||||
Non‑Control/Non‑Affiliate investments | |
| 3,675 | |
| 53,569 | |
| 20,798 | |
| (56,051) | Non‑Control/Non‑Affiliate investments | (16,529) | 3,675 | (44,243) | 20,798 | ||||||||||||||||||
SBIC debentures | |
| — | |
| — | |
| — | |
| 460 | |||||||||||||||||||||||
Total net unrealized appreciation (depreciation) | |
| 38,631 | |
| 63,114 | |
| 117,072 | |
| (117,570) | Total net unrealized appreciation (depreciation) | (10,081) | 38,631 | (19,922) | 117,072 | ||||||||||||||||||
INCOME TAXES: | |
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| | INCOME TAXES: | ||||||||||||||||||||||
Federal and state income, excise and other taxes | |
| (953) | |
| (1,165) | |
| (2,242) | |
| (1,420) | Federal and state income, excise and other taxes | (1,540) | (953) | (3,658) | (2,242) | ||||||||||||||||||
Deferred taxes | |
| (11,331) | |
| (342) | |
| (20,449) | |
| 15,673 | Deferred taxes | (520) | (11,331) | (13,819) | (20,449) | ||||||||||||||||||
Income tax benefit (provision) | |
| (12,284) | |
| (1,507) | |
| (22,691) | |
| 14,253 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 83,956 | | $ | 78,195 | | $ | 236,413 | | $ | (49,874) | |||||||||||||||||||||||
Income tax provision | Income tax provision | (2,060) | (12,284) | (17,477) | (22,691) | ||||||||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 55,338 | $ | 83,956 | $ | 135,287 | $ | 236,413 | ||||||||||||||||||||||||||
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED | | $ | 0.71 | | $ | 0.46 | | $ | 1.92 | | $ | 1.50 | NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED | $ | 0.83 | $ | 0.71 | $ | 2.31 | $ | 1.92 | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER | | $ | 1.22 | | $ | 1.18 | | $ | 3.45 | | $ | (0.76) | |||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED | $ | 0.74 | $ | 1.22 | $ | 1.84 | $ | 3.45 | ||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES | |
| 69,021,826 | |
| 66,110,555 | |
| 68,557,362 | |
| 65,319,784 | WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED | 75,036,522 | 69,021,826 | 73,363,281 | 68,557,362 |
MAIN STREET CAPITAL CORPORATION
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| | | | | | | | | | Total | | | | ||||||||||||||||||||||||||||||
| | Common Stock | | Additional | | Undistributed | | | | ||||||||||||||||||||||||||||||||||
| | Number of | | Par | | Paid‑In | | (Overdistributed) | | Total Net | |||||||||||||||||||||||||||||||||
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| Shares |
| Value |
| Capital |
| Earnings |
| Asset Value | |||||||||||||||||||||||||||||||||
Balances at December 31, 2019 |
| 64,252,937 | | $ | 643 | | $ | 1,512,435 | | $ | 23,312 | | $ | 1,536,390 | |||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs |
| 91,458 | |
| 1 | |
| 3,854 | |
| — | |
| 3,855 | |||||||||||||||||||||||||||||
Share‑based compensation |
| — | |
| — | |
| 2,837 | |
| — | |
| 2,837 | |||||||||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | | (851) | | | — | | | (29) | | | — | | | (29) | |||||||||||||||||||||||||||||
Dividend reinvestment |
| 108,722 | |
| 1 | |
| 3,929 | |
| — | |
| 3,930 | |||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation |
| — | |
| — | |
| 238 | |
| — | |
| 238 | |||||||||||||||||||||||||||||
Issuance of restricted stock |
| 10,383 | |
| — | |
| — | |
| — | |
| — | |||||||||||||||||||||||||||||
Dividends to stockholders |
| — | |
| — | |
| 93 | |
| (39,706) | |
| (39,613) | |||||||||||||||||||||||||||||
Net decrease resulting from operations |
| — | |
| — | |
| — | |
| (171,438) | |
| (171,438) | |||||||||||||||||||||||||||||
Balances at March 31, 2020 |
| 64,462,649 | | $ | 645 | | $ | 1,523,357 | | $ | (187,832) | | $ | 1,336,170 | |||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs |
| 824,968 | |
| 9 | |
| 26,007 | |
| — | |
| 26,016 | |||||||||||||||||||||||||||||
Share‑based compensation |
| — | | | — | | | 2,817 | | | — | | | 2,817 | |||||||||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
| (84,094) | |
| (1) | |
| (1,730) | |
| — | |
| (1,731) | |||||||||||||||||||||||||||||
Dividend reinvestment |
| 146,229 | |
| 1 | |
| 4,158 | |
| — | |
| 4,159 | |||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation |
| — | |
| — | |
| 224 | |
| — | |
| 224 | |||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares |
| 414,053 | |
| 4 | |
| (4) | |
| — | |
| — | |||||||||||||||||||||||||||||
Dividends to stockholders |
| — | |
| — | |
| 99 | |
| (40,179) | |
| (40,080) | |||||||||||||||||||||||||||||
Net increase resulting from operations |
| — | |
| — | |
| — | |
| 43,369 | |
| 43,369 | |||||||||||||||||||||||||||||
Balances at June 30, 2020 |
| 65,763,805 | | $ | 658 | | $ | 1,554,928 | | $ | (184,642) | | $ | 1,370,944 | |||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs | | 205,949 | | | 2 | | | 7,741 | | | — | | | 7,743 | |||||||||||||||||||||||||||||
Share‑based compensation | | — | | | — | | | 2,561 | | | — | | | 2,561 | |||||||||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding |
| (1,998) | |
| — | |
| (7) | |
| — | |
| (7) | |||||||||||||||||||||||||||||
Dividend reinvestment | | 132,583 | | | 1 | | | 4,129 | | | — | | | 4,130 | |||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation | | — | | | — | | | 195 | | | — | | | 195 | |||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | | (6,899) | | | — | | | — | | | — | | | — | |||||||||||||||||||||||||||||
Dividends to stockholders | | — | | | — | | | 95 | | | (40,674) | | | (40,579) | |||||||||||||||||||||||||||||
Net increase resulting from operations | | — | | | — | | | — | | | 78,195 | | | 78,195 | |||||||||||||||||||||||||||||
Balances at September 30, 2020 | | 66,093,440 | | $ | 661 | | $ | 1,569,642 | | $ | (147,121) | | $ | 1,423,182 | |||||||||||||||||||||||||||||
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Common Stock | Additional Paid-In Capital | Total Undistributed (Overdistributed) Earnings | Total Net Asset Value | ||||||||||||||||||||||||||||||||||||||||
Number of Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 |
| 67,762,032 | | $ | 677 | | $ | 1,615,940 | | $ | (101,850) | | $ | 1,514,767 | Balances at December 31, 2020 | 67,762,032 | $ | 677 | $ | 1,615,940 | $ | (101,850) | $ | 1,514,767 | |||||||||||||||||||
Public offering of common stock, net of offering costs | | 117,388 | |
| 2 | |
| 3,626 | |
| — | |
| 3,628 | Public offering of common stock, net of offering costs | 117,388 | 2 | 3,626 | — | 3,628 | |||||||||||||||||||||||
Share‑based compensation | | — | |
| — | |
| 2,333 | |
| — | |
| 2,333 | Share‑based compensation | — | — | 2,333 | — | 2,333 | |||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | | (180) | |
| — | |
| (7) | |
| — | |
| (7) | Purchase of vested stock for employee payroll tax withholding | (180) | — | (7) | — | (7) | |||||||||||||||||||||||
Dividend reinvestment | | 106,651 | |
| 1 | |
| 3,698 | |
| — | |
| 3,699 | Dividend reinvestment | 106,651 | 1 | 3,698 | — | 3,699 | |||||||||||||||||||||||
Amortization of directors’ deferred compensation | | — | |
| — | |
| 195 | |
| — | |
| 195 | Amortization of directors’ deferred compensation | — | — | 195 | — | 195 | |||||||||||||||||||||||
Issuance of restricted stock | | 15,007 | |
| — | |
| — | |
| — | |
| — | Issuance of restricted stock | 15,007 | — | — | — | — | |||||||||||||||||||||||
Dividends to stockholders | | — | |
| — | |
| 96 | |
| (41,893) | |
| (41,797) | Dividends to stockholders | — | — | 96 | (41,893) | (41,797) | |||||||||||||||||||||||
Net increase resulting from operations | | — | |
| — | |
| - | |
| 57,346 | |
| 57,346 | Net increase resulting from operations | — | — | — | 57,346 | 57,346 | |||||||||||||||||||||||
Balances at March 31, 2021 | | 68,000,898 | | $ | 680 | | $ | 1,625,881 | | $ | (86,397) | | $ | 1,540,164 | Balances at March 31, 2021 | 68,000,898 | $ | 680 | $ | 1,625,881 | $ | (86,397) | $ | 1,540,164 | |||||||||||||||||||
Public offering of common stock, net of offering costs | | 231,795 | |
| 2 | |
| 9,396 | |
| — | |
| 9,398 | Public offering of common stock, net of offering costs | 231,795 | 2 | 9,396 | — | 9,398 | |||||||||||||||||||||||
Share‑based compensation | | — | |
| — | |
| 2,759 | |
| — | |
| 2,759 | Share‑based compensation | — | — | 2,759 | — | 2,759 | |||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | | (114,357) | |
| (1) | |
| (4,464) | |
| — | |
| (4,465) | Purchase of vested stock for employee payroll tax withholding | (114,357) | (1) | (4,464) | — | (4,465) | |||||||||||||||||||||||
Dividend reinvestment | | 91,632 | |
| 1 | |
| 3,755 | |
| — | |
| 3,756 | Dividend reinvestment | 91,632 | 1 | 3,755 | — | 3,756 | |||||||||||||||||||||||
Amortization of directors’ deferred compensation | | — | |
| — | |
| 163 | |
| — | |
| 163 | Amortization of directors’ deferred compensation | — | — | 163 | — | 163 | |||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | | 321,821 | |
| 3 | |
| (3) | |
| — | |
| — | Issuance of restricted stock, net of forfeited shares | 321,821 | 3 | (3) | — | — | |||||||||||||||||||||||
Dividends to stockholders | | — | |
| — | |
| 96 | |
| (42,140) | |
| (42,044) | Dividends to stockholders | — | — | 96 | (42,140) | (42,044) | |||||||||||||||||||||||
Net increase resulting from operations | | — | |
| — | |
| — | |
| 95,110 | |
| 95,110 | Net increase resulting from operations | — | — | — | 95,110 | 95,110 | |||||||||||||||||||||||
Balances at June 30, 2021 | | 68,531,789 | | $ | 685 | | $ | 1,637,583 | | $ | (33,427) | | $ | 1,604,841 | Balances at June 30, 2021 | 68,531,789 | $ | 685 | $ | 1,637,583 | $ | (33,427) | $ | 1,604,841 | |||||||||||||||||||
Public offering of common stock, net of offering costs | | 772,274 | |
| 8 | |
| 31,812 | |
| — | |
| 31,820 | Public offering of common stock, net of offering costs | 772,274 | 8 | 31,812 | — | 31,820 | |||||||||||||||||||||||
Share‑based compensation | | — | |
| — | |
| 2,869 | |
| — | |
| 2,869 | Share‑based compensation | — | — | 2,869 | — | 2,869 | |||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | | (13,818) | |
| — | |
| (575) | |
| — | |
| (575) | Purchase of vested stock for employee payroll tax withholding | (13,818) | — | (575) | — | (575) | |||||||||||||||||||||||
Dividend reinvestment | | 95,364 | |
| 1 | |
| 3,984 | |
| — | |
| 3,985 | Dividend reinvestment | 95,364 | 1 | 3,984 | — | 3,985 | |||||||||||||||||||||||
Amortization of directors’ deferred compensation | | — | |
| — | |
| 147 | |
| — | |
| 147 | Amortization of directors’ deferred compensation | — | — | 147 | — | 147 | |||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | | 23,036 | |
| — | |
| — | |
| — | |
| — | Issuance of restricted stock, net of forfeited shares | 23,036 | — | — | — | — | |||||||||||||||||||||||
Dividends to stockholders | | — | |
| — | |
| 97 | |
| (42,833) | |
| (42,736) | Dividends to stockholders | — | — | 97 | (42,833) | (42,736) | |||||||||||||||||||||||
Net increase resulting from operations | | — | |
| — | |
| — | |
| 83,956 | |
| 83,956 | Net increase resulting from operations | — | — | — | 83,956 | 83,956 | |||||||||||||||||||||||
Balances at September 30, 2021 | | 69,408,645 | | $ | 694 | | $ | 1,675,917 | | $ | 7,696 | | $ | 1,684,307 | Balances at September 30, 2021 | 69,408,645 | $ | 694 | $ | 1,675,917 | $ | 7,696 | $ | 1,684,307 | |||||||||||||||||||
Balances at December 31, 2021 | Balances at December 31, 2021 | 70,737,021 | $ | 707 | $ | 1,736,346 | $ | 51,793 | $ | 1,788,846 | |||||||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs | Public offering of common stock, net of offering costs | 1,502,430 | 15 | 63,507 | — | 63,522 | |||||||||||||||||||||||||||||||||||||
Share‑based compensation | Share‑based compensation | — | — | 2,818 | — | 2,818 | |||||||||||||||||||||||||||||||||||||
Dividend reinvestment | Dividend reinvestment | 114,043 | 1 | 4,812 | — | 4,813 | |||||||||||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation | Amortization of directors’ deferred compensation | — | — | 147 | — | 147 | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | Issuance of restricted stock, net of forfeited shares | 16,913 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends to stockholders | Dividends to stockholders | — | — | 109 | (51,804) | (51,695) | |||||||||||||||||||||||||||||||||||||
Net increase resulting from operations | Net increase resulting from operations | — | — | — | 65,203 | 65,203 | |||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | Balances at March 31, 2022 | 72,370,407 | $ | 723 | $ | 1,807,739 | $ | 65,192 | $ | 1,873,654 | |||||||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs | Public offering of common stock, net of offering costs | 662,828 | 7 | 25,626 | — | 25,633 | |||||||||||||||||||||||||||||||||||||
Share‑based compensation | Share‑based compensation | — | — | 3,596 | — | 3,596 | |||||||||||||||||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | Purchase of vested stock for employee payroll tax withholding | (115,071) | (1) | (4,894) | — | (4,895) | |||||||||||||||||||||||||||||||||||||
Dividend reinvestment | Dividend reinvestment | 132,156 | 1 | 4,999 | — | 5,000 | |||||||||||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation | Amortization of directors’ deferred compensation | — | — | 130 | — | 130 | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | Issuance of restricted stock, net of forfeited shares | 467,238 | 5 | (5) | — | — | |||||||||||||||||||||||||||||||||||||
Dividends to stockholders | Dividends to stockholders | — | — | 114 | (52,818) | (52,704) | |||||||||||||||||||||||||||||||||||||
Net increase resulting from operations | Net increase resulting from operations | — | — | — | 14,749 | 14,749 | |||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | 73,517,558 | $ | 735 | $ | 1,837,305 | $ | 27,123 | $ | 1,865,163 | |||||||||||||||||||||||||||||||||
Public offering of common stock, net of offering costs | Public offering of common stock, net of offering costs | 2,618,225 | 26 | 105,323 | — | 105,349 | |||||||||||||||||||||||||||||||||||||
Share‑based compensation | Share‑based compensation | — | — | 3,617 | — | 3,617 | |||||||||||||||||||||||||||||||||||||
Purchase of vested stock for employee payroll tax withholding | Purchase of vested stock for employee payroll tax withholding | (1,106) | — | (48) | — | (48) | |||||||||||||||||||||||||||||||||||||
Dividend reinvestment | Dividend reinvestment | 164,216 | 2 | 6,555 | — | 6,557 | |||||||||||||||||||||||||||||||||||||
Amortization of directors’ deferred compensation | Amortization of directors’ deferred compensation | — | — | 121 | — | 121 | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeited shares | Issuance of restricted stock, net of forfeited shares | 9,937 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends to stockholders | Dividends to stockholders | — | — | 119 | (56,796) | (56,677) | |||||||||||||||||||||||||||||||||||||
Net increase resulting from operations | Net increase resulting from operations | — | — | — | 55,338 | 55,338 | |||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | 76,308,830 | $ | 763 | $ | 1,952,992 | $ | 25,665 | $ | 1,979,420 |
MAIN STREET CAPITAL CORPORATION
| | | | | | | |||||||||||||||||
| | Nine Months Ended | |||||||||||||||||||||
|
| September 30, | |||||||||||||||||||||
| | 2021 |
| 2020 | |||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | | $ | 236,413 | | $ | (49,874) | |||||||||||||||||
Net increase in net assets resulting from operations | Net increase in net assets resulting from operations | $ | 135,287 | $ | 236,413 | ||||||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||||
Investments in portfolio companies | | | (911,095) | | | (414,574) | Investments in portfolio companies | (911,273) | (911,095) | ||||||||||||||
Proceeds from sales and repayments of debt investments in portfolio companies | | | 530,964 | | | 255,147 | Proceeds from sales and repayments of debt investments in portfolio companies | 441,860 | 530,964 | ||||||||||||||
Proceeds from sales and return of capital of equity investments in portfolio companies | | | 83,376 | | | 21,210 | Proceeds from sales and return of capital of equity investments in portfolio companies | 64,161 | 83,376 | ||||||||||||||
Net unrealized (appreciation) depreciation | | | (117,072) | | | 117,570 | Net unrealized (appreciation) depreciation | 19,922 | (117,072) | ||||||||||||||
Net realized (gain) loss | | | (10,575) | | | 44,857 | |||||||||||||||||
Net realized gain | Net realized gain | (3,302) | (10,575) | ||||||||||||||||||||
Accretion of unearned income | | | (10,972) | | | (8,239) | Accretion of unearned income | (9,908) | (10,972) | ||||||||||||||
Payment-in-kind interest | | | (6,280) | | | (3,816) | Payment-in-kind interest | (3,511) | (6,280) | ||||||||||||||
Cumulative dividends | | | (1,296) | | | (1,404) | Cumulative dividends | (1,390) | (1,296) | ||||||||||||||
Share-based compensation expense | | | 7,961 | | | 8,215 | Share-based compensation expense | 10,031 | 7,961 | ||||||||||||||
Amortization of deferred financing costs | | | 2,277 | | | 1,986 | Amortization of deferred financing costs | 2,068 | 2,277 | ||||||||||||||
Deferred tax (benefit) provision | | | 20,449 | | | (15,673) | |||||||||||||||||
Deferred tax provision | Deferred tax provision | 13,819 | 20,449 | ||||||||||||||||||||
Changes in other assets and liabilities: | | | | | | | Changes in other assets and liabilities: | ||||||||||||||||
Interest receivable and other assets | | | (669) | | | 12,661 | |||||||||||||||||
Interest and dividend receivable and other assets | Interest and dividend receivable and other assets | (18,984) | (669) | ||||||||||||||||||||
Interest payable | | | 6,645 | | | 6,100 | Interest payable | 1,747 | 6,645 | ||||||||||||||
Accounts payable and other liabilities | | | 7,576 | | | (4,739) | Accounts payable and other liabilities | 199 | 7,576 | ||||||||||||||
Deferred fees and other | | | 3,586 | | | 2,296 | Deferred fees and other | 1,946 | 3,586 | ||||||||||||||
Net cash used in operating activities | | | (158,712) | | | (28,277) | Net cash used in operating activities | (257,328) | (158,712) | ||||||||||||||
| | | | | | | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from public offering of common stock, net of offering costs | | | 44,846 | | | 37,614 | Proceeds from public offering of common stock, net of offering costs | 194,504 | 44,846 | ||||||||||||||
Proceeds from public offering of 5.20% Notes due 2024 | | | - | | | 125,000 | |||||||||||||||||
Proceeds from public offering of 3.00% Notes due 2026 | | | 300,000 | | | - | Proceeds from public offering of 3.00% Notes due 2026 | — | 300,000 | ||||||||||||||
Dividends paid | | | (114,471) | | | (107,673) | Dividends paid | (143,075) | (114,471) | ||||||||||||||
Proceeds from issuance of SBIC debentures | | | 80,200 | | | 35,000 | Proceeds from issuance of SBIC debentures | — | 80,200 | ||||||||||||||
Repayments of SBIC debentures | | | (40,000) | | | (42,000) | Repayments of SBIC debentures | — | (40,000) | ||||||||||||||
Proceeds from credit facility | | | 645,000 | | | 292,000 | Proceeds from credit facility | 730,000 | 645,000 | ||||||||||||||
Repayments on credit facility | | | (714,000) | | | (339,000) | Repayments on credit facility | (489,000) | (714,000) | ||||||||||||||
Debt issuance premiums (costs), net | | | (10,166) | | | 978 | |||||||||||||||||
Debt issuance costs, net | Debt issuance costs, net | (1,629) | (10,166) | ||||||||||||||||||||
Purchases of vested stock for employee payroll tax withholding | | | (5,047) | | | (1,767) | Purchases of vested stock for employee payroll tax withholding | (4,943) | (5,047) | ||||||||||||||
Net cash provided by financing activities | | | 186,362 | | | 152 | Net cash provided by financing activities | 285,857 | 186,362 | ||||||||||||||
| | | | | | | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | | | 27,650 | | | (28,125) | |||||||||||||||||
— | |||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 28,529 | 27,650 | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | | | 31,919 | | | 55,246 | CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 32,629 | 31,919 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 59,569 | | $ | 27,121 | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 61,158 | $ | 59,569 | ||||||||||||
| | | | | | | |||||||||||||||||
Supplemental cash flow disclosures: | | | | | | | Supplemental cash flow disclosures: | ||||||||||||||||
Interest paid | | $ | 33,898 | | $ | 28,646 | Interest paid | $ | 51,306 | $ | 33,898 | ||||||||||||
Taxes paid | | $ | 2,046 | | $ | 2,439 | Taxes paid | $ | 4,896 | $ | 2,046 | ||||||||||||
Operating non-cash activities: | | | | | | | |||||||||||||||||
Non-cash financing activities: | Non-cash financing activities: | ||||||||||||||||||||||
Value of shares issued pursuant to the DRIP | | $ | 11,440 | | $ | 12,219 | Value of shares issued pursuant to the DRIP | $ | 16,370 | $ | 11,440 |
2022
(Unaudited)
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Control Investments (5) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Analytical Systems Keco Holdings, LLC | | August 16, 2019 | Manufacturer of Liquid and Gas Analyzers | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+10.00%, Floor 2.00%) | 8/16/2024 | $ | 5,015 | $ | 4,787 | $ | 4,787 |
| | | | Preferred Member Units | | 3,200 | | | | | | 3,200 | | - |
| | | | Preferred Member Units | | 2,427 | | | | | | 2,427.00 | | 4,783 |
| | | | Warrants | (27) | 420 | | 8/16/2029 | | | | 316 | | - |
| | | | | | | | | | | | 10,730 | | 9,570 |
ASC Interests, LLC | | August 1, 2013 | Recreational and Educational Shooting Facility | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 7/31/2022 | | 1,850 | | 1,831 | | 1,831 |
| | | | Member Units | | 1,500 | | | | | | 1,500 | | 720 |
| | | | | | | | | | | | 3,331 | | 2,551 |
ATS Workholding, LLC | (10) | March 10, 2014 | Manufacturer of Machine Cutting Tools and Accessories | | | | | | | | | | | |
| | | | Secured Debt | (14) | | 5.00% | 8/16/2023 | | 4,814 | | 4,655 | | 2,875 |
| | | | Preferred Member Units | | 3,725,862 | | | | | | 3,726 | | - |
| | | | | | | | | | | | 8,381 | | 2,875 |
Barfly Ventures, LLC | (10) | August 31, 2015 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | | | 7.00% | 10/31/2024 | | 711 | | 711 | | 711 |
| | | | Member Units | | 37 | | | | | | 1,584 | | 1,929 |
| | | | | | | | | | | | 2,295 | | 2,640 |
Bolder Panther Group, LLC | | December 31, 2020 | Consumer Goods and Fuel Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.50% (L+9.00%, Floor 1.50%) | 12/31/2025 | | 39,000 | | 38,671 | | 39,000 |
| | | | Class A Preferred Member Units | (8) | | 14.00% | | | | | 10,194 | | 10,194 |
| | | | Class B Preferred Member Units | (8) | 140,000 | 8.00% | | | | | 14,000 | | 20,310 |
| | | | | | | | | | | | 62,865 | | 69,504 |
Brewer Crane Holdings, LLC | | January 9, 2018 | Provider of Crane Rental and Operating Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 1/9/2023 | | 8,184 | | 8,156 | | 8,156 |
| | | | Preferred Member Units | (8) | 2,950 | | | | | | 4,280 | | 4,280 |
| | | | | | | | | | | | 12,436 | | 12,436 |
Bridge Capital Solutions Corporation | | April 18, 2012 | Financial Services and Cash Flow Solutions Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 12/11/2024 | | 8,813 | | 8,813 | | 8,813 |
| | | | Warrants | (27) | 82 | | 7/25/2026 | | | | 2,132 | | 4,060 |
| | | | Secured Debt | (30) | | 13.00% | 12/11/2024 | | | | 1,000 | | 1,000 |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Control Investments (5) | ||||||||||||||||||||||||||||||||||||||||||||
Analytical Systems Keco Holdings, LLC | Manufacturer of Liquid and Gas Analyzers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 8/16/2019 | L + | 10.00% | 8/16/2024 | $ | — | $ | (3) | $ | (3) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/16/2019 | 12.63% | L + | 10.00% | 8/16/2024 | 4,735 | 4,595 | 4,595 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | 8/16/2019 | 3,200 | 12.63% | 3,200 | — | |||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 5/20/2021 | 2,427 | 2,427 | 3,844 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 8/16/2019 | 420 | 8/16/2029 | 316 | — | ||||||||||||||||||||||||||||||||||||||
10,535 | 8,436 | |||||||||||||||||||||||||||||||||||||||||||
ASC Interests, LLC | Recreational and Educational Shooting Facility | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2019 | 13.00% | 7/31/2024 | 300 | 300 | 300 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/1/2013 | 13.00% | 7/31/2024 | 1,650 | 1,648 | 1,648 | ||||||||||||||||||||||||||||||||||||||
Member Units | 8/1/2013 | 1,500 | 1,500 | 800 | ||||||||||||||||||||||||||||||||||||||||
3,448 | 2,748 | |||||||||||||||||||||||||||||||||||||||||||
ATS Workholding, LLC | (10) | Manufacturer of Machine Cutting Tools and Accessories | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 11/16/2017 | 5.00% | 8/16/2023 | 1,859 | 1,859 | 800 | |||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 11/16/2017 | 5.00% | 8/16/2023 | 3,015 | 2,857 | 1,298 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 11/16/2017 | 3,725,862 | 3,726 | — | ||||||||||||||||||||||||||||||||||||||||
8,442 | 2,098 | |||||||||||||||||||||||||||||||||||||||||||
Barfly Ventures, LLC | (10) | Casual Restaurant Group | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/15/2020 | 7.00% | 10/31/2024 | 711 | 711 | 711 | ||||||||||||||||||||||||||||||||||||||
Member Units | 10/26/2020 | 37 | 1,584 | 3,320 | ||||||||||||||||||||||||||||||||||||||||
2,295 | 4,031 | |||||||||||||||||||||||||||||||||||||||||||
Batjer TopCo, LLC | HVAC Mechanical Contractor | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 3/7/2022 | 3/31/2027 | — | (8) | (8) | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/7/2022 | 11.00% | 3/31/2027 | 11,025 | 10,927 | 10,927 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | 3/7/2022 | 4,073 | 4,095 | 4,095 | ||||||||||||||||||||||||||||||||||||||||
15,014 | 15,014 | |||||||||||||||||||||||||||||||||||||||||||
Bolder Panther Group, LLC | Consumer Goods and Fuel Retailer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/31/2020 | L + | 8.00% | 12/31/2025 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/31/2020 | 12.63% | L + | 10.00% | 12/31/2025 | 99,194 | 98,615 | 99,194 | |||||||||||||||||||||||||||||||||||
Class B Preferred Member Units | (8) | 12/31/2020 | 140,000 | 8.00% | 14,000 | 27,010 | ||||||||||||||||||||||||||||||||||||||
112,615 | 126,204 | |||||||||||||||||||||||||||||||||||||||||||
Brewer Crane Holdings, LLC | Provider of Crane Rental and Operating Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/9/2018 | 12.56% | L + | 10.00% | 1/9/2023 | 6,088 | 6,084 | 6,084 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 1/9/2018 | 2,950 | 4,280 | 5,670 | |||||||||||||||||||||||||||||||||||||||
10,364 | 11,754 | |||||||||||||||||||||||||||||||||||||||||||
Bridge Capital Solutions Corporation | Financial Services and Cash Flow Solutions Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/25/2016 | 13.00% | 12/11/2024 | 8,813 | 8,813 | 8,813 |
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (30) | 7/25/2016 | 13.00% | 12/11/2024 | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 7/25/2016 | 17,742 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 7/25/2016 | 82 | 7/25/2026 | 2,132 | 4,260 | ||||||||||||||||||||||||||||||||||||||
12,945 | 15,073 | |||||||||||||||||||||||||||||||||||||||||||
Café Brazil, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/9/2006 | 1,233 | 1,742 | 2,370 | |||||||||||||||||||||||||||||||||||||||
California Splendor Holdings LLC | Processor of Frozen Fruits | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/30/2018 | 12.38% | L + | 10.00% | 7/29/2026 | 28,000 | 27,948 | 28,000 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/30/2018 | 6,157 | 10,775 | 21,025 | |||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 7/31/2019 | 3,671 | 15.00% | 15.00% | 3,853 | 3,853 | |||||||||||||||||||||||||||||||||||||
42,576 | 52,878 | |||||||||||||||||||||||||||||||||||||||||||
CBT Nuggets, LLC | Produces and Sells IT Training Certification Videos | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/1/2006 | 416 | 1,300 | 48,250 | |||||||||||||||||||||||||||||||||||||||
Centre Technologies Holdings, LLC | Provider of IT Hardware Services and Software Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 1/4/2019 | L + | 9.00% | 1/4/2026 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/4/2019 | 11.63% | L + | 9.00% | 1/4/2026 | 15,030 | 14,947 | 14,947 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/4/2019 | 13,309 | 6,122 | 8,160 | ||||||||||||||||||||||||||||||||||||||||
21,069 | 23,107 | |||||||||||||||||||||||||||||||||||||||||||
Chamberlin Holding LLC | Roofing and Waterproofing Specialty Contractor | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 2/26/2018 | L + | 6.00% | 2/26/2023 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/26/2018 | 10.63% | L + | 8.00% | 2/26/2023 | 17,466 | 17,438 | 17,466 | |||||||||||||||||||||||||||||||||||
Member Units | (8) | 2/26/2018 | 4,347 | 11,440 | 22,330 | |||||||||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 11/2/2018 | 1,047,146 | 1,773 | 1,991 | |||||||||||||||||||||||||||||||||||||||
30,651 | 41,787 | |||||||||||||||||||||||||||||||||||||||||||
Charps, LLC | Pipeline Maintenance and Construction | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | 8/26/2020 | 10.00% | 1/31/2026 | 5,694 | 4,635 | 5,694 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 2/3/2017 | 1,829 | 1,963 | 13,210 | |||||||||||||||||||||||||||||||||||||||
6,598 | 18,904 | |||||||||||||||||||||||||||||||||||||||||||
Clad-Rex Steel, LLC | Specialty Manufacturer of Vinyl-Clad Metal | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/20/2016 | 12.13% | L + | 9.50% | 1/15/2024 | 10,480 | 10,430 | 10,430 | |||||||||||||||||||||||||||||||||||
Secured Debt | 12/20/2016 | 10.00% | 12/20/2036 | 1,057 | 1,047 | 1,047 | ||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/20/2016 | 717 | 7,280 | 9,490 | |||||||||||||||||||||||||||||||||||||||
Member Units | (30) | 12/20/2016 | 800 | 210 | 610 | |||||||||||||||||||||||||||||||||||||||
18,967 | 21,577 | |||||||||||||||||||||||||||||||||||||||||||
CMS Minerals Investments | Oil & Gas Exploration & Production |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | (8) (30) | 17,742 | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | 12,945 | | 14,873 |
Café Brazil, LLC | | April 20, 2004 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Member Units | (8) | 1,233 | | | | | | 1,742 | | 2,570 |
| | | | | | | | | | | | | | |
California Splendor Holdings LLC | | March 30, 2018 | Processor of Frozen Fruits | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 3/30/2023 | | 28,000 | | 27,899 | | 27,899 |
| | | | Preferred Member Units | (8) (19) | 6,725 | 15.00% PIK | | | | | 9,194 | | 9,194 |
| | | | Preferred Member Units | (8) | 6,157 | | | | | | 10,775 | | 10,805 |
| | | | | | | | | | | | 47,868 | | 47,898 |
CBT Nuggets, LLC | | June 1, 2006 | Produces and Sells IT Training Certification Videos | | | | | | | | | | | |
| | | | Member Units | (8) | 416 | | | | | | 1,300 | | 52,620 |
| | | | | | | | | | | | | | |
Centre Technologies Holdings, LLC | | January 4, 2019 | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+10.00%, Floor 2.00%) | 1/4/2024 | | 9,569 | | 9,518 | | 9,518 |
| | | | Preferred Member Units | | 12,696 | | | | | | 5,840 | | 5,840 |
| | | | | | | | | | | | 15,358 | | 15,358 |
Chamberlin Holding LLC | | February 26, 2018 | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 2/26/2023 | | 17,817 | | 17,722 | | 17,817 |
| | | | Member Units | (8) | 4,347 | | | | | | 11,440 | | 24,140 |
| | | | Member Units | (8) (30) | 1,047,146 | | | | | | 1,322 | | 1,430 |
| | | | | | | | | | | | 30,484 | | 43,387 |
Charps, LLC | | February 3, 2017 | Pipeline Maintenance and Construction | | | | | | | | | | | |
| | | | Unsecured Debt | | | 10.00% | 1/31/2024 | | 5,694 | | 4,582 | | 5,034 |
| | | | Preferred Member Units | (8) | 1,600 | | | | | | 400 | | 14,240 |
| | | | | | | | | | | | 4,982 | | 19,274 |
Clad-Rex Steel, LLC | | December 20, 2016 | Specialty Manufacturer of Vinyl-Clad Metal | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.50% (L+9.50%, Floor 1.00%) | 1/15/2024 | | 10,480 | | 10,393 | | 10,393 |
| | | | Member Units | (8) | 717 | | | | | | 7,280 | | 10,250 |
| | | | Secured Debt | | | 10.00% | 12/20/2036 | | 1,089 | | 1,078 | | 1,078 |
| | | | Member Units | (30) | 800 | | | | | | 210 | | 530 |
| | | | | | | | | | | | 18,961 | | 22,251 |
CMS Minerals Investments | | January 30, 2015 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Member Units | (8) (30) | 100 | | | | | | 1,985 | | 1,883 |
6
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 4/1/2016 | 100 | 1,423 | 1,890 | |||||||||||||||||||||||||||||||||||||||
Cody Pools, Inc. | Designer of Residential and Commercial Pools | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 3/6/2020 | L + | 10.50% | 12/17/2026 | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/6/2020 | 13.63% | L + | 10.50% | 12/17/2026 | 41,225 | 40,924 | 41,225 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 3/6/2020 | 587 | 8,317 | 57,210 | |||||||||||||||||||||||||||||||||||||||
49,230 | 98,424 | |||||||||||||||||||||||||||||||||||||||||||
Colonial Electric Company LLC | Provider of Electrical Contracting Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 3/31/2021 | 3/31/2026 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 12.00% | 3/31/2026 | 23,625 | 23,451 | 23,451 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/31/2021 | 17,280 | 7,680 | 9,210 | |||||||||||||||||||||||||||||||||||||||
31,131 | 32,661 | |||||||||||||||||||||||||||||||||||||||||||
CompareNetworks Topco, LLC | Internet Publishing and Web Search Portals | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/29/2019 | 11.63% | L + | 9.00% | 1/29/2024 | 5,350 | 5,339 | 5,350 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 1/29/2019 | 1,975 | 1,975 | 18,570 | |||||||||||||||||||||||||||||||||||||||
7,314 | 23,920 | |||||||||||||||||||||||||||||||||||||||||||
Copper Trail Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (CTMH, LP) | (31) | 7/17/2017 | 38.75% | 710 | 710 | |||||||||||||||||||||||||||||||||||||||
Datacom, LLC | Technology and Telecommunications Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/1/2022 | 7.50% | 12/31/2025 | 223 | 223 | 223 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 7.50% | 12/31/2025 | 8,690 | 8,217 | 7,749 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/31/2021 | 9,000 | 2,610 | 2,670 | |||||||||||||||||||||||||||||||||||||||
11,050 | 10,642 | |||||||||||||||||||||||||||||||||||||||||||
Digital Products Holdings LLC | Designer and Distributor of Consumer Electronics | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/1/2018 | 12.63% | L + | 10.00% | 4/1/2023 | 15,863 | 15,844 | 15,844 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 4/1/2018 | 3,857 | 9,501 | 9,835 | |||||||||||||||||||||||||||||||||||||||
25,345 | 25,679 | |||||||||||||||||||||||||||||||||||||||||||
Direct Marketing Solutions, Inc. | Provider of Omni-Channel Direct Marketing Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/13/2018 | 13.63% | L + | 11.00% | 2/13/2024 | 3,400 | 3,386 | 3,400 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/13/2018 | 13.63% | L + | 11.00% | 2/13/2024 | 23,050 | 22,966 | 23,050 | |||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 2/13/2018 | 8,400 | 8,400 | 22,220 | |||||||||||||||||||||||||||||||||||||||
34,752 | 48,670 | |||||||||||||||||||||||||||||||||||||||||||
Flame King Holdings, LLC | Propane Tank and Accessories Distributor | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/29/2021 | 9.25% | L + | 6.50% | 10/31/2026 | 7,600 | 7,536 | 7,600 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Cody Pools, Inc. | | March 6, 2020 | Designer of Residential and Commercial Pools | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.25% (L+10.50%, Floor 1.75%) | 3/6/2025 | | 18,047 | | 17,916 | | 18,047 |
| | | | Preferred Member Units | (8) | 587 | | | | | | 8,317 | | 30,390 |
| | | | | | | | | | | | 26,233 | | 48,437 |
Colonial Electric Company LLC | | March 31, 2021 | Provider of Electrical Contracting Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/31/2026 | | 24,885 | | 24,654 | | 24,654 |
| | | | Preferred Member Units | | 17,280 | | | | | | 7,680 | | 8,460 |
| | | | | | | | | | | | 32,334 | | 33,114 |
CompareNetworks Topco, LLC | | January 29, 2019 | Internet Publishing and Web Search Portals | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+9.00%, Floor 1.00%) | 1/29/2024 | | 6,477 | | 6,450 | | 6,477 |
| | | | Preferred Member Units | (8) | 1,975 | | | | | | 1,975 | | 12,000 |
| | | | | | | | | | | | 8,425 | | 18,477 |
Copper Trail Fund Investments | (12) (13) | July 17, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (CTMH, LP) | (31) | 38.8% | | | | | | 710 | | 710 |
| | | | | | | | | | | | | | |
Datacom, LLC | | May 30, 2014 | Technology and Telecommunications Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 5.00% | 12/31/2025 | | 8,919 | | 8,207 | | 8,207 |
| | | | Preferred Member Units | | 9,000 | | | | | | 2,610 | | 2,610 |
| | | | | | | | | | | | 10,817 | | 10,817 |
Digital Products Holdings LLC | | April 1, 2018 | Designer and Distributor of Consumer Electronics | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 4/1/2023 | | 17,183 | | 17,120 | | 17,120 |
| | | | Preferred Member Units | (8) | 3,857 | | | | | | 9,501 | | 9,835 |
| | | | | | | | | | | | 26,621 | | 26,955 |
Direct Marketing Solutions, Inc. | | February 13, 2018 | Provider of Omni-Channel Direct Marketing Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 2/13/2023 | | 14,855 | | 14,799 | | 14,799 |
| | | | Preferred Stock | (8) | 8,400 | | | | | | 8,400 | | 17,150 |
| | | | | | | | | | | | 23,199 | | 31,949 |
Gamber-Johnson Holdings, LLC | | June 24, 2016 | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 9.00% (L+7.00%, Floor 2.00%) | 6/24/2021 | | 20,638 | | 20,638 | | 20,638 |
| | | | Member Units | (8) | 9,042 | | | | | | 17,692 | | 55,370 |
| | | | | | | | | | | | 38,330 | | 76,008 |
Garreco, LLC | | July 15, 2013 | Manufacturer and Supplier of Dental Products | | | | | | | | | | | |
7
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/29/2021 | 13.75% | L + | 11.00% | 10/31/2026 | 21,200 | 21,027 | 21,200 | |||||||||||||||||||||||||||||||||||
Preferred Equity | (8) | 10/29/2021 | 9,360 | 10,400 | 13,840 | |||||||||||||||||||||||||||||||||||||||
38,963 | 42,640 | |||||||||||||||||||||||||||||||||||||||||||
Gamber-Johnson Holdings, LLC | Manufacturer of Ruggedized Computer Mounting Systems | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 6/24/2016 | L + | 8.00% | 1/1/2025 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/24/2016 | 10.63% | L + | 8.00% | 1/1/2025 | 24,078 | 24,019 | 24,078 | |||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/24/2016 | 9,042 | 17,692 | 46,470 | |||||||||||||||||||||||||||||||||||||||
41,711 | 70,548 | |||||||||||||||||||||||||||||||||||||||||||
Garreco, LLC | Manufacturer and Supplier of Dental Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (37) | 7/15/2013 | 9.50% | L + | 8.00% | 7/31/2023 | 3,826 | 3,826 | 3,826 | |||||||||||||||||||||||||||||||||||
Member Units | (8) | 7/15/2013 | 1,200 | 1,200 | 1,990 | |||||||||||||||||||||||||||||||||||||||
5,026 | 5,816 | |||||||||||||||||||||||||||||||||||||||||||
GRT Rubber Technologies LLC | Manufacturer of Engineered Rubber Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/19/2014 | 10.56% | L + | 8.00% | 10/29/2026 | 40,493 | 40,301 | 40,493 | ||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/19/2014 | 5,879 | 13,065 | 46,190 | |||||||||||||||||||||||||||||||||||||||
53,366 | 86,683 | |||||||||||||||||||||||||||||||||||||||||||
Gulf Manufacturing, LLC | Manufacturer of Specialty Fabricated Industrial Piping Products | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 8/31/2007 | 438 | 2,980 | 5,810 | |||||||||||||||||||||||||||||||||||||||
Gulf Publishing Holdings, LLC | Energy Industry Focused Media and Publishing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 9/29/2017 | L + | 9.50% | 7/1/2027 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | 7/1/2022 | 12.50% | 6/30/2027 | 2,400 | 2,400 | 2,284 | ||||||||||||||||||||||||||||||||||||||
Member Units | 4/29/2016 | 3,681 | 3,681 | — | ||||||||||||||||||||||||||||||||||||||||
Member Units | 7/1/2022 | 63,720 | 5,600 | 3,920 | ||||||||||||||||||||||||||||||||||||||||
11,681 | 6,204 | |||||||||||||||||||||||||||||||||||||||||||
Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (2717 MH, L.P.) | (31) | 10/1/2017 | 49.26% | 3,895 | 7,142 | |||||||||||||||||||||||||||||||||||||||
LP Interests (2717 HPP-MS, L.P.) | (31) | 3/11/2022 | 49.26% | 244 | 244 | |||||||||||||||||||||||||||||||||||||||
4,139 | 7,386 | |||||||||||||||||||||||||||||||||||||||||||
Harrison Hydra-Gen, Ltd. | Manufacturer of Hydraulic Generators | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | 6/4/2010 | 107,456 | 718 | 3,280 | ||||||||||||||||||||||||||||||||||||||||
Jensen Jewelers of Idaho, LLC | Retail Jewelry Store | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/14/2006 | 12.25% | P + | 6.75% | 11/14/2023 | 2,450 | 2,442 | 2,450 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%) | 7/31/2022 | | 4,519 | | 4,519 | | 4,519 |
| | | | Member Units | | 1,200 | | | | | | 1,200 | | 2,210 |
| | | | | | | | | | | | 5,719 | | 6,729 |
GRT Rubber Technologies LLC | | December 19, 2014 | Manufacturer of Engineered Rubber Products | | | | | | | | | | | |
| | | | Secured Debt | | | 7.10% (L+7.00%) | 12/31/2023 | | 16,775 | | 16,775 | | 16,775 |
| | | | Member Units | (8) | 5,879 | | | | | | 13,065 | | 44,900 |
| | | | | | | | | | | | 29,840 | | 61,675 |
Gulf Manufacturing, LLC | | August 31, 2007 | Manufacturer of Specialty Fabricated Industrial Piping Products | | | | | | | | | | | |
| | | | Member Units | (8) | 438 | | | | | | 2,980 | | 5,640 |
| | | | | | | | | | | | | | |
Gulf Publishing Holdings, LLC | | April 29, 2016 | Energy Industry Focused Media and Publishing | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) (19) | | 10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) | 9/30/2020 | | 257 | | 257 | | 257 |
| | | | Secured Debt | (17) (19) | | 12.50% (6.25% Cash, 6.25% PIK) | 4/29/2021 | | 13,565 | | 13,565 | | 10,462 |
| | | | Member Units | | 3,681 | | | | | | 3,681 | | - |
| | | | | | | | | | | | 17,503 | | 10,719 |
Harris Preston Fund Investments | (12) (13) | October 1, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (2717 MH, L.P.) | (31) | 49.3% | | | | | | 2,703 | | 3,391 |
| | | | | | | | | | | | | | |
Harrison Hydra-Gen, Ltd. | | June 4, 2010 | Manufacturer of Hydraulic Generators | | | | | | | | | | | |
| | | | Common Stock | | 107,456 | | | | | | 718 | | 3,530 |
| | | | | | | | | | | | | | |
J&J Services, Inc. | | October 31, 2019 | Provider of Dumpster and Portable Toilet Rental Services | | | | | | | | | | | |
| | | | Secured Debt | | | 11.50% | 10/31/2024 | | 10,800 | | 10,727 | | 10,800 |
| | | | Preferred Stock | | 2,814 | | | | | | 7,085 | | 15,400 |
| | | | | | | | | | | | 17,812 | | 26,200 |
Jensen Jewelers of Idaho, LLC | | November 14, 2006 | Retail Jewelry Store | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (Prime+6.75%, Floor 2.00%) | 11/14/2023 | | 2,750 | | 2,734 | | 2,750 |
| | | | Member Units | (8) | 627 | | | | | | 811 | | 11,260 |
| | | | | | | | | | | | 3,545 | | 14,010 |
KBK Industries, LLC | | January 23, 2006 | Manufacturer of Specialty Oilfield and Industrial Products | | | | | | | | | | | |
| | | | Member Units | (8) | 325 | | | | | | 783 | | 13,620 |
| | | | | | | | | | | | | | |
Kickhaefer Manufacturing Company, LLC | | October 31, 2018 | Precision Metal Parts Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | | | 11.50% | 10/31/2023 | | 20,415 | | 20,313 | | 20,313 |
| | | | Member Units | | 581 | | | | | | 12,240 | | 12,240 |
8
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Member Units | (8) | 11/14/2006 | 627 | 811 | 14,970 | |||||||||||||||||||||||||||||||||||||||
3,253 | 17,420 | |||||||||||||||||||||||||||||||||||||||||||
Johnson Downie Opco, LLC | Executive Search Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/10/2021 | L + | 11.50% | 12/10/2026 | — | (15) | (15) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/10/2021 | 14.13% | L + | 11.50% | 12/10/2026 | 9,999 | 9,915 | 9,999 | |||||||||||||||||||||||||||||||||||
Preferred Equity | (8) | 12/10/2021 | 3,150 | 3,150 | 5,880 | |||||||||||||||||||||||||||||||||||||||
13,050 | 15,864 | |||||||||||||||||||||||||||||||||||||||||||
JorVet Holdings, LLC | Supplier and Distributor of Veterinary Equipment and Supplies | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/28/2022 | 12.00% | 3/28/2027 | 25,650 | 25,419 | 25,419 | ||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 3/28/2022 | 107,406 | 10,741 | 10,741 | |||||||||||||||||||||||||||||||||||||||
36,160 | 36,160 | |||||||||||||||||||||||||||||||||||||||||||
KBK Industries, LLC | Manufacturer of Specialty Oilfield and Industrial Products | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 1/23/2006 | 325 | 783 | 14,390 | |||||||||||||||||||||||||||||||||||||||
Kickhaefer Manufacturing Company, LLC | Precision Metal Parts Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/31/2018 | 11.50% | 10/31/2023 | 20,415 | 20,361 | 20,361 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/31/2018 | 9.00% | 10/31/2048 | 3,888 | 3,851 | 3,851 | ||||||||||||||||||||||||||||||||||||||
Member Units | 10/31/2018 | 581 | 12,240 | 9,250 | ||||||||||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 10/31/2018 | 800 | 992 | 2,460 | |||||||||||||||||||||||||||||||||||||||
37,444 | 35,922 | |||||||||||||||||||||||||||||||||||||||||||
Market Force Information, LLC | Provider of Customer Experience Management Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/28/2017 | 13.38% | L + | 11.00% | 7/28/2023 | 5,000 | 5,000 | 5,000 | |||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 7/28/2017 | 12.00% | 12.00% | 7/28/2023 | 26,079 | 25,952 | 2,871 | ||||||||||||||||||||||||||||||||||||
Member Units | 7/28/2017 | 743,921 | 16,642 | — | ||||||||||||||||||||||||||||||||||||||||
47,594 | 7,871 | |||||||||||||||||||||||||||||||||||||||||||
MH Corbin Holding LLC | Manufacturer and Distributor of Traffic Safety Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2015 | 13.00% | 12/31/2022 | 6,236 | 6,236 | 2,709 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 3/15/2019 | 66,000 | 4,400 | — | ||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 9/1/2015 | 4,000 | 6,000 | — | ||||||||||||||||||||||||||||||||||||||||
16,636 | 2,709 | |||||||||||||||||||||||||||||||||||||||||||
MS Private Loan Fund I, LP | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 1/26/2021 | 12/31/2024 | — | — | — | ||||||||||||||||||||||||||||||||||||||
LP Interests | (8) (31) | 1/26/2021 | 14.51% | 14,250 | 14,351 | |||||||||||||||||||||||||||||||||||||||
14,250 | 14,351 | |||||||||||||||||||||||||||||||||||||||||||
MSC Adviser I, LLC | (16) | Third Party Investment Advisory Services | ||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 11/22/2013 | 1 | 29,500 | 112,490 | |||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | | | 9.00% | 10/31/2048 | | 3,924 | | 3,885 | | 3,885 |
| | | | Member Units | (8) (30) | 800 | | | | | | 992 | | 1,210 |
| | | | | | | | | | | | 37,430 | | 37,648 |
Market Force Information, LLC | | July 28, 2017 | Provider of Customer Experience Management Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 7/28/2023 | | 3,400 | | 3,400 | | 3,400 |
| | | | Secured Debt | (14) (19) | | 12.00% PIK | 7/28/2023 | | 26,079 | | 25,952 | | 11,159 |
| | | | Member Units | | 743,921 | | | | | | 16,642 | | - |
| | | | | | | | | | | | 45,994 | | 14,559 |
MH Corbin Holding LLC | | August 31, 2015 | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 3/31/2022 | | 8,330 | | 8,312 | | 6,006 |
| | | | Preferred Member Units | | 66,000 | | | | | | 4,400 | | - |
| | | | Preferred Member Units | | 4,000 | | | | | | 6,000 | | - |
| | | | | | | | | | | | 18,712 | | 6,006 |
MS Private Loan Fund I, LP | (12) (13) | January 26, 2021 | Investment Partnership | | | | | | | | | | | |
| | | | Unsecured Debt | | | 5.00% | 6/30/2022 | | 30,291 | | 30,291 | | 30,291 |
| | | | LP Interests | (31) | 13.9% | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | 31,291 | | 31,291 |
MSC Adviser I, LLC | (16) | November 22, 2013 | Third Party Investment Advisory Services | | | | | | | | | | | |
| | | | Member Units | (8) | | | | | | | 29,500 | | 128,080 |
| | | | | | | | | | | | | | |
MSC Income Fund Inc. | (12) (13) | January 28, 2021 | Business Development Company | | | | | | | | | | | |
| | | | Unsecured Debt | | | 5.00% | 1/28/2026 | | 60,000 | | 59,648 | | 60,000 |
| | | | | | | | | | | | | | |
Mystic Logistics Holdings, LLC | | August 18, 2014 | Logistics and Distribution Services Provider for Large Volume Mailers | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 1/17/2022 | | 6,709 | | 6,706 | | 6,706 |
| | | | Common Stock | (8) | 5,873 | | | | | | 2,720 | | 7,170 |
| | | | | | | | | | | | 9,426 | | 13,876 |
NAPCO Precast, LLC | | January 31, 2008 | Precast Concrete Manufacturing | | | | | | | | | | | |
| | | | Member Units | (8) | 2,955 | | | | | | 2,975 | | 13,560 |
| | | | | | | | | | | | | | |
Nebraska Vet AcquireCo, LLC | | December 31, 2020 | Mixed-Animal Veterinary and Animal Health Product Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 12/31/2025 | | 10,500 | | 10,408 | | 10,408 |
| | | | Preferred Member Units | | 6,500 | | | | | | 6,500 | | 6,500 |
| | | | | | | | | | | | 16,908 | | 16,908 |
NexRev LLC | | February 28, 2018 | Provider of Energy Efficiency Products & Services | | | | | | | | | | | |
| | | | Secured Debt | | | 11.00% | 2/28/2023 | | 16,443 | | 16,390 | | 14,750 |
9
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
MSC Income Fund, Inc. | (12) (13) | Business Development Company | ||||||||||||||||||||||||||||||||||||||||||
Common Equity | (8) | 5/2/2022 | 94,697 | 750 | 761 | |||||||||||||||||||||||||||||||||||||||
Mystic Logistics Holdings, LLC | Logistics and Distribution Services Provider for Large Volume Mailers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 8/18/2014 | 1/31/2024 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/18/2014 | 10.00% | 1/31/2024 | 5,746 | 5,746 | 5,746 | ||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 8/18/2014 | 5,873 | 2,720 | 20,700 | |||||||||||||||||||||||||||||||||||||||
8,466 | 26,446 | |||||||||||||||||||||||||||||||||||||||||||
NAPCO Precast, LLC | Precast Concrete Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Member Units | 1/31/2008 | 2,955 | 2,975 | 11,180 | ||||||||||||||||||||||||||||||||||||||||
Nebraska Vet AcquireCo, LLC | Mixed-Animal Veterinary and Animal Health Product Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2020 | 12.00% | 12/31/2025 | 18,281 | 18,160 | 18,281 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2020 | 12.00% | 12/31/2025 | 10,500 | 10,429 | 10,500 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 12/31/2020 | 6,987 | 6,987 | 7,700 | ||||||||||||||||||||||||||||||||||||||||
35,576 | 36,481 | |||||||||||||||||||||||||||||||||||||||||||
NexRev LLC | Provider of Energy Efficiency Products & Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 2/28/2018 | 11.00% | 2/28/2025 | 160 | 160 | 160 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 2/28/2018 | 11.00% | 2/28/2025 | 12,265 | 12,110 | 9,053 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 2/28/2018 | 103,144,186 | 8,213 | 1,110 | |||||||||||||||||||||||||||||||||||||||
20,483 | 10,323 | |||||||||||||||||||||||||||||||||||||||||||
NRP Jones, LLC | Manufacturer of Hoses, Fittings and Assemblies | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/21/2017 | 12.00% | 3/20/2023 | 2,080 | 2,080 | 2,080 | ||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/22/2011 | 65,962 | 3,717 | 4,790 | |||||||||||||||||||||||||||||||||||||||
5,797 | 6,870 | |||||||||||||||||||||||||||||||||||||||||||
NuStep, LLC | Designer, Manufacturer and Distributor of Fitness Equipment | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/31/2017 | 9.13% | L + | 6.50% | 1/31/2025 | 4,400 | 4,399 | 4,399 | |||||||||||||||||||||||||||||||||||
Secured Debt | 1/31/2017 | 12.00% | 1/31/2025 | 18,440 | 18,411 | 18,411 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/31/2017 | 406 | 10,200 | 10,200 | ||||||||||||||||||||||||||||||||||||||||
33,010 | 33,010 | |||||||||||||||||||||||||||||||||||||||||||
OMi Topco, LLC | Manufacturer of Overhead Cranes | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2021 | 12.00% | 8/31/2026 | 16,250 | 16,122 | 16,250 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 4/1/2008 | 900 | 1,080 | 20,680 | |||||||||||||||||||||||||||||||||||||||
17,202 | 36,930 | |||||||||||||||||||||||||||||||||||||||||||
Orttech Holdings, LLC | Distributor of Industrial Clutches, Brakes and Other Components | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 7/30/2021 | L + | 11.00% | 7/31/2026 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/30/2021 | 13.63% | L + | 11.00% | 7/31/2026 | 23,600 | 23,417 | 23,417 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | (8) | 86,400,000 | | | | | | 6,880 | | 3,280 |
| | | | | | | | | | | | 23,270 | | 18,030 |
NRP Jones, LLC | | December 22, 2011 | Manufacturer of Hoses, Fittings and Assemblies | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/20/2023 | | 2,080 | | 2,080 | | 2,080 |
| | | | Member Units | (8) | 65,962 | | | | | | 114 | | 240 |
| | | | | | | | | | | | 3,603 | | 6,200 |
| | | | | | | | | | | | 5,797 | | 8,520 |
NuStep, LLC | | January 31, 2017 | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 1/31/2025 | | 1,600 | | 1,600 | | 1,600 |
| | | | Secured Debt | | | 10.50% | 1/31/2025 | | 17,240 | | 17,223 | | 17,240 |
| | | | Preferred Member Units | | 406 | | | | | | 10,200 | | 13,500 |
| | | | | | | | | | | | 29,023 | | 32,340 |
Orttech Holdings, LLC | | July 30, 2021 | Distributor of Industrial Clutches, Brakes and Other Components | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 7/31/2026 | | 24,416 | | 24,183 | | 24,183 |
| | | | Preferred Stock | (30) | 11,600 | | | | | | 11,600 | | 11,600 |
| | | | | | | | | | | | 35,783 | | 35,783 |
Pearl Meyer Topco LLC | | April 27, 2020 | Provider of Executive Compensation Consulting Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 4/27/2025 | | 33,674 | | 33,416 | | 33,674 |
| | | | Member Units | (8) | 13,800 | | | | | | 13,000 | | 21,480 |
| | | | | | | | | | | | 46,416 | | 55,154 |
Pegasus Research Group, LLC | | January 6, 2011 | Provider of Telemarketing and Data Services | | | | | | | | | | | |
| | | | Member Units | | 460 | | | | | | 1,290 | | 7,280 |
| | | | | | | | | | | | | | |
PPL RVs, Inc. | | June 10, 2010 | Recreational Vehicle Dealer | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 12,405 | | 12,369 | | 12,375 |
| | | | Common Stock | (8) | 2,000 | | | | | | 2,150 | | 13,690 |
| | | | | | | | | | | | 14,519 | | 26,065 |
Principle Environmental, LLC | | February 1, 2011 | Noise Abatement Service Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 4/30/2023 | | 6,397 | | 6,352 | | 6,352 |
| | | | Preferred Member Units | | 19,631 | | | | | | 4,600 | | 9,580 |
| | | | Common Stock | | 1,036 | | | | | | 1,200 | | 710 |
| | | | | | | | | | | | 12,152 | | 16,642 |
Quality Lease Service, LLC | | June 8, 2015 | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | |
| | | | Member Units | | 1,000 | | | | | | 9,813 | | 3,030 |
| | | | | | | | | | | | | | |
10
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Stock | (8) (30) | 7/30/2021 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||||||||||||||||||
33,417 | 33,417 | |||||||||||||||||||||||||||||||||||||||||||
Pearl Meyer Topco LLC | Provider of Executive Compensation Consulting Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 4/27/2020 | 4/27/2025 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 4/27/2020 | 12.00% | 4/27/2025 | 28,681 | 28,521 | 28,681 | ||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 4/27/2020 | 13,800 | 13,000 | 41,820 | |||||||||||||||||||||||||||||||||||||||
41,521 | 70,501 | |||||||||||||||||||||||||||||||||||||||||||
PPL RVs, Inc. | Recreational Vehicle Dealer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 10/31/2019 | L + | 7.00% | 11/15/2027 | — | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/15/2016 | 8.75% | L + | 7.00% | 11/15/2027 | 19,655 | 19,416 | 19,655 | |||||||||||||||||||||||||||||||||||
Common Stock | (8) | 6/10/2010 | 2,000 | 2,150 | 19,510 | |||||||||||||||||||||||||||||||||||||||
Common Stock | 6/14/2022 | 156,574 | 157 | 157 | ||||||||||||||||||||||||||||||||||||||||
21,714 | 39,313 | |||||||||||||||||||||||||||||||||||||||||||
Principle Environmental, LLC | Noise Abatement Service Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/1/2011 | 13.00% | 11/15/2026 | 5,897 | 5,800 | 5,800 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 2/1/2011 | 21,806 | 5,709 | 12,230 | |||||||||||||||||||||||||||||||||||||||
Common Stock | 1/27/2021 | 1,037 | 1,200 | 790 | ||||||||||||||||||||||||||||||||||||||||
12,709 | 18,820 | |||||||||||||||||||||||||||||||||||||||||||
Quality Lease Service, LLC | Provider of Rigsite Accommodation Unit Rentals and Related Services | |||||||||||||||||||||||||||||||||||||||||||
Member Units | 6/8/2015 | 1,000 | 7,613 | 625 | ||||||||||||||||||||||||||||||||||||||||
River Aggregates, LLC | Processor of Construction Aggregates | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (30) | 12/20/2013 | 1,500 | 369 | 3,460 | |||||||||||||||||||||||||||||||||||||||
Robbins Bros. Jewelry, Inc. | Bridal Jewelry Retailer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/15/2021 | L + | 11.00% | 12/15/2026 | — | (38) | (38) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/15/2021 | 13.63% | L + | 11.00% | 12/15/2026 | 35,910 | 35,609 | 35,609 | |||||||||||||||||||||||||||||||||||
Preferred Equity | 12/15/2021 | 11,070 | 11,070 | 15,210 | ||||||||||||||||||||||||||||||||||||||||
46,641 | 50,781 | |||||||||||||||||||||||||||||||||||||||||||
Tedder Industries, LLC | Manufacturer of Firearm Holsters and Accessories | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 12.00% | 8/31/2023 | 1,840 | 1,840 | 1,840 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 12.00% | 8/31/2023 | 15,200 | 15,188 | 15,117 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 8/31/2018 | 533 | 9,068 | 7,137 | ||||||||||||||||||||||||||||||||||||||||
26,096 | 24,094 | |||||||||||||||||||||||||||||||||||||||||||
Televerde, LLC | Provider of Telemarketing and Data Services | |||||||||||||||||||||||||||||||||||||||||||
Member Units | 1/6/2011 | 460 | 1,290 | 5,204 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock | 1/26/2022 | 248 | 718 | 1,794 | ||||||||||||||||||||||||||||||||||||||||
2,008 | 6,998 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
River Aggregates, LLC | | March 30, 2011 | Processor of Construction Aggregates | | | | | | | | | | | |
| | | | Member Units | (8) (30) | 1,500 | | | | | | 369 | | 3,400 |
| | | | | | | | | | | | | | |
Tedder Industries, LLC | | August 31, 2018 | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 8/31/2022 | | 16,800 | | 16,733 | | 16,733 |
| | | | Preferred Member Units | | 479 | | | | | | 8,136 | | 8,136 |
| | | | | | | | | | | | 24,869 | | 24,869 |
Trantech Radiator Topco, LLC | | May 31, 2019 | Transformer Cooling Products and Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 5/31/2024 | | 8,720 | | 8,658 | | 8,658 |
| | | | Common Stock | (8) | 615 | | | | | | 4,655 | | 6,650 |
| | | | | | | | | | | | 13,313 | | 15,308 |
UnionRock Energy Fund II, LP | (12) (13) | June 15, 2020 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests | (31) | 49.6% | | | | | | 4,048 | | 6,455 |
| | | | | | | | | | | | | | |
Vision Interests, Inc. | | June 5, 2007 | Manufacturer / Installer of Commercial Signage | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 9/30/2022 | | 2,028 | | 2,028 | | 2,028 |
| | | | Series A Preferred Stock | | 3,000,000 | | | | | | 3,000 | | 3,000 |
| | | | | | | | | | | | 5,028 | | 5,028 |
Ziegler’s NYPD, LLC | | October 1, 2008 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 10/1/2022 | | 625 | | 625 | | 625 |
| | | | Secured Debt | | | 6.50% | 10/1/2022 | | 1,000 | | 1,000 | | 1,000 |
| | | | Secured Debt | | | 14.00% | 10/1/2022 | | 2,750 | | 2,750 | | 2,750 |
| | | | Preferred Member Units | | 10,072 | | | | | | 2,834 | | 2,130 |
| | | | Warrants | (27) | 587 | | 10/1/2025 | | | | 600 | | - |
| | | | | | | | | | | | 7,809 | | 6,505 |
OMi Topco, LLC | | April 1, 2008 | Manufacturer of Overhead Cranes | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 8/31/2026 | | 18,000 | | 17,824 | | 18,000 |
| | | | Preferred Member Units | (8) | 900 | | | | | | 1,080 | | 20,210 |
| | | | | | | | | | | | 18,904 | | 38,210 |
Subtotal Control Investments (79.3% of net assets at fair value) | | | | | | | | | | | $ | 988,222 | $ | 1,336,218 |
11
2022
(Unaudited)
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Affiliate Investments (6) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
AAC Holdings, Inc. | (11) | June 30, 2017 | Substance Abuse Treatment Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 18.00% (10.00% Cash, 8.00% PIK) | 6/25/2025 | $ | 9,995 | $ | 9,799 | $ | 9,708 |
| | | | Common Stock | | 593,928 | | | | | | 3,148 | | 2,110 |
| | | | Warrants | (27) | 554,353 | | 12/11/2025 | | | | - | | 1,970 |
| | | | | | | | | | | | 12,947 | | 13,788 |
AFG Capital Group, LLC | | November 7, 2014 | Provider of Rent-to-Own Financing Solutions and Services | | | | | | | | | | | |
| | | | Secured Debt | | | 10.00% | 5/25/2022 | | 231 | | 231 | | 231 |
| | | | Preferred Member Units | (8) | 186 | | | | | | 1,200 | | 7,380 |
| | | | | | | | | | | | 1,431 | | 7,611 |
ATX Networks Corp. | (11) | June 30, 2015 | Provider of Radio Frequency Management Equipment | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 9/1/2026 | | 7,667 | | 7,092 | | 7,092 |
| | | | Unsecured Debt | (19) | | 10.00% PIK | 9/1/2028 | | 3,067 | | 1,963 | | 1,963 |
| | | | Common Stock | | 583 | | | | | | - | | - |
| | | | | | | | | | | | 9,055 | | 9,055 |
BBB Tank Services, LLC | | April 8, 2016 | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | | | | | | | | | | | |
| | | | Unsecured Debt | (9) (17) | | 12.00% (L+11.00%, Floor 1.00%) | 4/8/2021 | | 4,800 | | 4,800 | | 3,748 |
| | | | Preferred Stock (non-voting) | (8) (14) (19) | | 15.00% PIK | | | | | 162 | | - |
| | | | Member Units | | 800,000 | | | | | | 800 | | - |
| | | | | | | | | | | | 5,762 | | 3,748 |
Boccella Precast Products LLC | | June 30, 2017 | Manufacturer of Precast Hollow Core Concrete | | | | | | | | | | | |
| | | | Secured Debt | | | 10.00% | 2/28/2027 | | 320 | | 320 | | 320 |
| | | | Member Units | (8) | 2,160,000 | | | | | | 2,256 | | 4,830 |
| | | | | | | | | | | | 2,576 | | 5,150 |
Brightwood Capital Fund Investments | (12) (13) | July 21, 2014 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Brightwood Capital Fund V, LP) | (31) | 15.8% | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | | | |
Buca C, LLC | | June 30, 2015 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 10.25% (L+9.25%, Floor 1.00%) | 6/30/2020 | | 19,491 | | 19,491 | | 14,370 |
| | | | Preferred Member Units | (14) (19) | 6 | 6.00% PIK | | | | | 4,770 | | - |
| | | | | | | | | | | | 24,261 | | 14,370 |
CAI Software LLC | | October 10, 2014 | Provider of Specialized | | | | | | | | | | | |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Trantech Radiator Topco, LLC | Transformer Cooling Products and Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 5/31/2019 | 5/31/2024 | — | (5) | (5) | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 5/31/2019 | 12.00% | 5/31/2024 | 8,320 | 8,288 | 8,320 | ||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 5/31/2019 | 615 | 4,655 | 7,420 | |||||||||||||||||||||||||||||||||||||||
12,938 | 15,735 | |||||||||||||||||||||||||||||||||||||||||||
Vision Interests, Inc. | Manufacturer / Installer of Commercial Signage | |||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | (8) | 12/23/2011 | 3,000,000 | 3,000 | 3,000 | |||||||||||||||||||||||||||||||||||||||
VVS Holdco LLC | Omnichannel Retailer of Animal Health Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (30) | 12/1/2021 | 8.63% | L + | 6.00% | 12/1/2023 | 800 | 773 | 773 | |||||||||||||||||||||||||||||||||||
Secured Debt | (30) | 12/1/2021 | 11.50% | 12/1/2026 | 30,400 | 30,144 | 30,146 | |||||||||||||||||||||||||||||||||||||
Preferred Equity | (8) (30) | 12/1/2021 | 11,840 | 11,840 | 12,078 | |||||||||||||||||||||||||||||||||||||||
42,757 | 42,997 | |||||||||||||||||||||||||||||||||||||||||||
Ziegler’s NYPD, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 6/1/2015 | 12.00% | 10/1/2024 | 450 | 450 | 450 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/1/2008 | 6.50% | 10/1/2024 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/1/2008 | 14.00% | 10/1/2024 | 2,750 | 2,750 | 2,676 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 6/30/2015 | 10,072 | 2,834 | 1,190 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 7/1/2015 | 587 | 10/1/2025 | 600 | — | ||||||||||||||||||||||||||||||||||||||
7,634 | 5,316 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal Control Investments (80.8% of net assets at fair value) | $ | 1,199,446 | $ | 1,599,429 | ||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/11/2020 | 18.00% | 18.00% | 6/25/2025 | $ | 11,200 | $ | 11,051 | $ | 10,976 | ||||||||||||||||||||||||||||||||||
Common Stock | 12/11/2020 | 593,928 | 3,148 | 75 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 12/11/2020 | 554,353 | 12/11/2025 | — | 75 | ||||||||||||||||||||||||||||||||||||||
14,199 | 11,126 | |||||||||||||||||||||||||||||||||||||||||||
AFG Capital Group, LLC | Provider of Rent-to-Own Financing Solutions and Services | |||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 11/7/2014 | 186 | 1,200 | 8,780 | |||||||||||||||||||||||||||||||||||||||
ATX Networks Corp. | (11) | Provider of Radio Frequency Management Equipment | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/1/2021 | 11.14% | L + | 7.50% | 9/1/2026 | 6,879 | 6,304 | 6,707 | |||||||||||||||||||||||||||||||||||
Unsecured Debt | 9/1/2021 | 10.00% | 10.00% | 9/1/2028 | 3,309 | 2,205 | 2,465 | |||||||||||||||||||||||||||||||||||||
Common Stock | 9/1/2021 | 583 | — | — | ||||||||||||||||||||||||||||||||||||||||
8,509 | 9,172 |
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
BBB Tank Services, LLC | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | (9) (17) | 4/8/2016 | 13.56% | L + | 11.00% | 4/8/2021 | 800 | 800 | 800 | |||||||||||||||||||||||||||||||||||
Unsecured Debt | (9) (17) | 4/8/2016 | 13.56% | L + | 11.00% | 4/8/2021 | 4,000 | 4,000 | 1,498 | |||||||||||||||||||||||||||||||||||
Member Units | 4/8/2016 | 800,000 | 800 | — | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | 12/17/2018 | 15.00% | 15.00% | 162 | — | |||||||||||||||||||||||||||||||||||||||
5,762 | 2,298 | |||||||||||||||||||||||||||||||||||||||||||
Boccella Precast Products LLC | Manufacturer of Precast Hollow Core Concrete | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 9/23/2021 | 10.00% | 2/28/2027 | 320 | 320 | 320 | ||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/30/2017 | 2,160,000 | 2,256 | 3,320 | |||||||||||||||||||||||||||||||||||||||
2,576 | 3,640 | |||||||||||||||||||||||||||||||||||||||||||
Buca C, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 6/30/2015 | 9.00% | 6/30/2023 | 17,525 | 17,525 | 14,006 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 6/30/2015 | 6 | 6.00% | 6.00% | 4,770 | — | ||||||||||||||||||||||||||||||||||||||
22,295 | 14,006 | |||||||||||||||||||||||||||||||||||||||||||
Career Team Holdings, LLC | Provider of Workforce Training and Career Development Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/17/2021 | L + | 6.00% | 12/17/2026 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | 12/17/2021 | 12.50% | 12/17/2026 | 20,250 | 20,080 | 20,080 | ||||||||||||||||||||||||||||||||||||||
Common Stock | 12/17/2021 | 450,000 | 4,500 | 4,500 | ||||||||||||||||||||||||||||||||||||||||
24,580 | 24,580 | |||||||||||||||||||||||||||||||||||||||||||
Chandler Signs Holdings, LLC | (10) | Sign Manufacturer | ||||||||||||||||||||||||||||||||||||||||||
Class A Units | 1/4/2016 | 1,500,000 | 1,500 | 970 | ||||||||||||||||||||||||||||||||||||||||
Classic H&G Holdings, LLC | Provider of Engineered Packaging Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/12/2020 | 8.38% | L + | 6.00% | 3/12/2025 | 7,760 | 7,760 | 7,760 | |||||||||||||||||||||||||||||||||||
Secured Debt | 3/12/2020 | 8.00% | 3/12/2025 | 19,274 | 19,171 | 19,274 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/12/2020 | 154 | 5,760 | 23,790 | |||||||||||||||||||||||||||||||||||||||
32,691 | 50,824 | |||||||||||||||||||||||||||||||||||||||||||
Congruent Credit Opportunities Funds | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Congruent Credit Opportunities Fund III, LP) | (8) (31) | 2/4/2015 | 17.40% | 8,214 | 7,854 | |||||||||||||||||||||||||||||||||||||||
DMA Industries, LLC | Distributor of aftermarket ride control products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 11/19/2021 | 12.00% | 11/19/2026 | 21,200 | 21,025 | 21,200 | ||||||||||||||||||||||||||||||||||||||
Preferred Equity | 11/19/2021 | 5,944 | 5,944 | 7,260 | ||||||||||||||||||||||||||||||||||||||||
26,969 | 28,460 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Enterprise Resource Planning Software | ||||||||||||||
| | | | Secured Debt | | | 12.50% | 12/7/2023 | | 66,601 | | 66,261 | | 66,601 |
| | | | Member Units | (8) | 77,960 | | | | | | 174 | | 12,590 |
| | | | | | | | | | | | 66,435 | | 79,191 |
Chandler Signs Holdings, LLC | (10) | January 4, 2016 | Sign Manufacturer | | | | | | | | | | | |
| | | | Class A Units | | 1,500,000 | | | | | | 1,500 | | 650 |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | March 12, 2020 | Provider of Engineered Packaging Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 3/12/2025 | | 1,400 | | 1,400 | | 1,400 |
| | | | Secured Debt | | | 8.00% | 3/12/2025 | | 19,274 | | 19,130 | | 19,274 |
| | | | Preferred Member Units | (8) | 154 | | | | | | 5,760 | | 13,620 |
| | | | | | | | | | | | 26,290 | | 34,294 |
Congruent Credit Opportunities Funds | (12) (13) | January 24, 2012 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Congruent Credit Opportunities Fund | (8) (31) | 17.4% | | | | | | 10,700 | | 10,403 |
| | | | | | | | | | | | | | |
Dos Rios Partners | (12) (13) | April 25, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Dos Rios Partners, LP) | (31) | 20.2% | | | | | | 6,605 | | 9,984 |
| | | | LP Interests (Dos Rios Partners - A, LP) | (31) | 6.4% | | | | | | 2,097 | | 3,170 |
| | | | | | | | | | | | 8,702 | | 13,154 |
Dos Rios Stone Products LLC | (10) | June 27, 2016 | Limestone and Sandstone Dimension Cut Stone Mining Quarries | | | | | | | | | | | |
| | | | Class A Preferred Units | (30) | 2,000,000 | | | | | | 2,000 | | 909 |
| | | | | | | | | | | | | | |
EIG Fund Investments | (12) (13) | November 6, 2015 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11.1% | | | | | | 595 | | 474 |
| | | | | | | | | | | | | | |
Freeport Financial Funds | (12) (13) | June 13, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Freeport Financial SBIC Fund LP) | (31) | 9.3% | | | | | | 5,974 | | 6,133 |
| | | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 6.0% | | | | | | 7,629 | | 7,231 |
| | | | | | | | | | | | 13,603 | | 13,364 |
GFG Group, LLC. | | March 31, 2021 | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/31/2026 | | 12,545 | | 12,431 | | 12,431 |
13
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Dos Rios Partners | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners, LP) | (31) | 4/25/2013 | 20.24% | 6,605 | 9,182 | |||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners - A, LP) | (31) | 4/25/2013 | 6.43% | 2,097 | 2,916 | |||||||||||||||||||||||||||||||||||||||
8,702 | 12,098 | |||||||||||||||||||||||||||||||||||||||||||
Dos Rios Stone Products LLC | (10) | Limestone and Sandstone Dimension Cut Stone Mining Quarries | ||||||||||||||||||||||||||||||||||||||||||
Class A Preferred Units | (30) | 6/27/2016 | 2,000,000 | 2,000 | 350 | |||||||||||||||||||||||||||||||||||||||
EIG Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11/6/2015 | 5,000,000 | 1,518 | 1,470 | |||||||||||||||||||||||||||||||||||||||
Freeport Financial Funds | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport Financial SBIC Fund LP) | (8) (31) | 3/23/2015 | 9.30% | 4,064 | 4,116 | |||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 7/31/2015 | 5.95% | 6,630 | 6,175 | |||||||||||||||||||||||||||||||||||||||
10,694 | 10,291 | |||||||||||||||||||||||||||||||||||||||||||
GFG Group, LLC. | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 9.00% | 3/31/2026 | 11,745 | 11,661 | 11,745 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/31/2021 | 226 | 4,900 | 7,140 | |||||||||||||||||||||||||||||||||||||||
16,561 | 18,885 | |||||||||||||||||||||||||||||||||||||||||||
Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (HPEP 3, L.P.) | (8) (31) | 8/9/2017 | 8.22% | 2,558 | 4,331 | |||||||||||||||||||||||||||||||||||||||
LP Interests (HPEP 4, L.P.) | (31) | 7/12/2022 | 9.60% | 1,896 | 1,896 | |||||||||||||||||||||||||||||||||||||||
LP Interests (423 COR, LP) | (31) | 6/2/2022 | 22.93% | 1,400 | 1,400 | |||||||||||||||||||||||||||||||||||||||
5,854 | 7,627 | |||||||||||||||||||||||||||||||||||||||||||
Hawk Ridge Systems, LLC | Value-Added Reseller of Engineering Design and Manufacturing Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/2/2016 | 8.38% | L + | 6.00% | 1/15/2026 | 3,185 | 3,182 | 3,182 | |||||||||||||||||||||||||||||||||||
Secured Debt | 12/2/2016 | 8.00% | 1/15/2026 | 37,800 | 37,675 | 37,800 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 12/2/2016 | 226 | 2,850 | 19,080 | |||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (30) | 12/2/2016 | 226 | 150 | 1,000 | |||||||||||||||||||||||||||||||||||||||
43,857 | 61,062 | |||||||||||||||||||||||||||||||||||||||||||
Houston Plating and Coatings, LLC | Provider of Plating and Industrial Coating Services | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Convertible Debt | 5/1/2017 | 8.00% | 10/2/2024 | 3,000 | 3,000 | 2,750 | ||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 1/8/2003 | 322,297 | 2,352 | 2,220 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | (8) | 226 | | | | | | 4,900 | | 6,990 |
| | | | | | | | | | | | 17,331 | | 19,421 |
Harris Preston Fund Investments | (12) (13) | August 9, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (HPEP 3, L.P.) | (31) | 8.2% | | | | | | 3,193 | | 4,183 |
| | | | | | | | | | | | | | |
Hawk Ridge Systems, LLC | (13) | December 2, 2016 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 12/2/2023 | | 2,585 | | 2,585 | | 2,585 |
| | | | Secured Debt | | | 9.00% | 12/2/2023 | | 18,400 | | 18,391 | | 18,400 |
| | | | Preferred Member Units | (8) | 226 | | | | | | 2,850 | | 13,160 |
| | | | Preferred Member Units | (30) | 226 | | | | | | 150 | | 690 |
| | | | | | | | | | | | 23,976 | | 34,835 |
Houston Plating and Coatings, LLC | | January 8, 2003 | Provider of Plating and Industrial Coating Services | | | | | | | | | | | |
| | | | Unsecured Convertible Debt | | | 8.00% | 5/1/2022 | | 3,000 | | 3,000 | | 2,900 |
| | | | Member Units | (8) | 322,297 | | | | | | 2,352 | | 3,460 |
| | | | | | | | | | | | 5,352 | | 6,360 |
I-45 SLF LLC | (12) (13) | October 20, 2015 | Investment Partnership | | | | | | | | | | | |
| | | | Member Units (Fully diluted 20.0%; 24.40% profits | (8) (31) | 20.0% | | | | | | 19,000 | | 15,002 |
| | | | | | | | | | | | | | |
Iron-Main Investments, LLC | | August 3, 2021 | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 8/1/2026 | | 4,600 | | 4,555 | | 4,555 |
| | | | Secured Debt | | | 12.50% | 9/1/2026 | | 3,200 | | 3,168 | | 3,168 |
| | | | Common Stock | | 102,738 | | | | | | 1,027 | | 1,027 |
| | | | | | | | | | | | 8,750 | | 8,750 |
L.F. Manufacturing Holdings, LLC | (10) | December 23, 2013 | Manufacturer of Fiberglass Products | | | | | | | | | | | |
| | | | Preferred Member Units (non-voting) | (8) (19) | | 14.00% PIK | | | | | 103 | | 103 |
| | | | Member Units | | 2,179,001 | | | | | | 2,019 | | 2,100 |
| | | | | | | | | | | | 2,122 | | 2,203 |
OnAsset Intelligence, Inc. | | April 18, 2011 | Provider of Transportation Monitoring / Tracking Products and Services | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.00% PIK | 12/31/2022 | | 7,987 | | 7,987 | | 7,987 |
| | | | Unsecured Debt | (19) | | 10.00% PIK | 12/31/2022 | | 187 | | 187 | | 187 |
| | | | Preferred Stock | (14) (19) | 912 | 7.00% PIK | | | | | 1,981 | | - |
14
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
5,352 | 4,970 | |||||||||||||||||||||||||||||||||||||||||||
I-45 SLF LLC | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
Member Units (Fully diluted 20.0%; 21.75% profits interest) | (8) | 10/20/2015 | — | 19,000 | 12,507 | |||||||||||||||||||||||||||||||||||||||
Iron-Main Investments, LLC | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/2/2021 | 12.50% | 11/15/2026 | 4,600 | 4,564 | 4,564 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 9/1/2021 | 12.50% | 11/15/2026 | 3,200 | 3,174 | 3,174 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 11/15/2021 | 12.50% | 11/15/2026 | 8,944 | 8,944 | 8,944 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 11/15/2021 | 12.50% | 11/15/2026 | 20,000 | 19,835 | 19,835 | ||||||||||||||||||||||||||||||||||||||
Common Stock | 8/3/2021 | 179,778 | 1,798 | 1,798 | ||||||||||||||||||||||||||||||||||||||||
38,315 | 38,315 | |||||||||||||||||||||||||||||||||||||||||||
OnAsset Intelligence, Inc. | Provider of Transportation Monitoring / Tracking Products and Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 5/20/2014 | 12.00% | 12.00% | 12/31/2022 | 964 | 964 | 690 | ||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 3/21/2014 | 12.00% | 12.00% | 12/31/2022 | 983 | 983 | 703 | ||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 5/10/2013 | 12.00% | 12.00% | 12/31/2022 | 2,116 | 2,116 | 1,515 | ||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 4/18/2011 | 12.00% | 12.00% | 12/31/2022 | 4,415 | 4,415 | 3,160 | ||||||||||||||||||||||||||||||||||||
Unsecured Debt | (14) | 6/5/2017 | 10.00% | 10.00% | 12/31/2022 | 197 | 197 | 197 | ||||||||||||||||||||||||||||||||||||
Preferred Stock | (14) | 4/18/2011 | 912 | 7.00% | 7.00% | 1,981 | — | |||||||||||||||||||||||||||||||||||||
Common Stock | 4/15/2021 | 635 | 830 | — | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 4/18/2011 | 4,699 | 5/10/2023 | 1,089 | — | ||||||||||||||||||||||||||||||||||||||
12,575 | 6,265 | |||||||||||||||||||||||||||||||||||||||||||
Oneliance, LLC | Construction Cleaning Company | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 8/6/2021 | L + | 11.00% | 8/6/2023 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/6/2021 | 13.56% | L + | 11.00% | 8/6/2026 | 5,600 | 5,556 | 5,556 | |||||||||||||||||||||||||||||||||||
Preferred Stock | 8/6/2021 | 1,056 | 1,056 | 1,056 | ||||||||||||||||||||||||||||||||||||||||
6,612 | 6,612 | |||||||||||||||||||||||||||||||||||||||||||
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | Provider of Rigsite Accommodation Unit Rentals and Related Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) (17) (39) | 6/30/2015 | 12.00% | 1/8/2018 | 30,369 | 29,865 | — | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/8/2013 | 250 | 2,500 | — | ||||||||||||||||||||||||||||||||||||||||
32,365 | — | |||||||||||||||||||||||||||||||||||||||||||
SI East, LLC | Rigid Industrial Packaging Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 10.25% | 8/31/2023 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 10.25% | 8/31/2023 | 93,236 | 93,124 | 93,236 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 8/31/2018 | 157 | 1,218 | 14,950 | |||||||||||||||||||||||||||||||||||||||
96,592 | 110,436 | |||||||||||||||||||||||||||||||||||||||||||
Slick Innovations, LLC | Text Message Marketing Platform |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Common Stock | | 635 | | | | | | 830 | | - |
| | | | Warrants | (27) | 4,699 | | 5/10/2023 | | | | 1,089 | | - |
| | | | | | | | | | | | 12,074 | | 8,174 |
Oneliance, LLC | | August 6, 2021 | Construction Cleaning Company | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 8/6/2026 | | 5,600 | | 5,545 | | 5,545 |
| | | | Preferred Stock | | 1,056 | | | | | | 1,056 | | 1,056 |
| | | | | | | | | | | | 6,601 | | 6,601 |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | | January 8, 2013 | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | |
| | | | Secured Debt | (14) (32) | | 12.00% | 1/8/2018 | | 30,369 | | 29,865 | | - |
| | | | Preferred Member Units | | 250 | | | | | | 2,500 | | - |
| | | | | | | | | | | | 32,365 | | - |
SI East, LLC | | August 31, 2018 | Rigid Industrial Packaging Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | | | 10.25% | 8/31/2023 | | 63,600 | | 63,472 | | 63,600 |
| | | | Preferred Member Units | (8) | 157 | | | | | | 1,218 | | 10,420 |
| | | | | | | | | | | | 64,690 | | 74,020 |
Slick Innovations, LLC | | September 13, 2018 | Text Message Marketing Platform | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 9/13/2023 | | 5,320 | | 5,239 | | 5,320 |
| | | | Common Stock | | 70,000 | | | | | | 700 | | 1,510 |
| | | | Warrants | (27) | 18,084 | | 9/13/2028 | | | | 181 | | 400 |
| | | | | | | | | | | | 6,120 | | 7,230 |
Sonic Systems International, LLC | (10) | August 20, 2021 | Nuclear Power Staffing Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 8/20/2026 | | 11,982 | | 11,747 | | 11,747 |
| | | | Common Stock | | 7,866 | | | | | | 1,070 | | 1,070 |
| | | | | | | | | | | | 12,817 | | 12,817 |
Superior Rigging & Erecting Co. | | August 31, 2020 | Provider of Steel Erecting, Crane Rental & Rigging Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 8/31/2025 | | 21,500 | | 21,323 | | 21,323 |
| | | | Preferred Member Units | | 1,571 | | | | | | 4,500 | | 4,500 |
| | | | | | | | | | | | 25,823 | | 25,823 |
The Affiliati Network, LLC | | August 9, 2021 | Performance Marketing Solutions | | | | | | | | | | | |
| | | | Secured Debt | | | 10.00% | 8/9/2026 | | | | 381 | | 381 |
| | | | Secured Debt | | | 11.83% | 8/9/2026 | | | | 13,623 | | 13,623 |
| | | | Preferred Stock | | 1,280,000 | | | | | | 6,400 | | 6,400 |
| | | | | | | | | | | | 20,404 | | 20,404 |
UniTek Global Services, Inc. | (11) | April 15, 2011 | Provider of Outsourced Infrastructure Services | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) | 8/20/2024 | | 2,376 | | 2,362 | | 2,214 |
| | | | Secured Convertible Debt | (19) | | 15.00% PIK | 2/20/2025 | | 1,197 | | 1,197 | | 2,163 |
| | | | Preferred Stock | (8) (19) | 1,133,102 | 20.00% PIK | | | | | 1,671 | | 2,833 |
| | | | Preferred Stock | (14) (19) | 1,521,122 | 20.00% PIK | | | | | 2,188 | | 1,112 |
15
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | 9/13/2018 | 11.00% | 9/13/2023 | 4,240 | 4,209 | 4,240 | ||||||||||||||||||||||||||||||||||||||
Common Stock | 9/13/2018 | 70,000 | 700 | 1,640 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 9/13/2018 | 18,084 | 9/13/2028 | 181 | 440 | ||||||||||||||||||||||||||||||||||||||
5,090 | 6,320 | |||||||||||||||||||||||||||||||||||||||||||
Sonic Systems International, LLC | (10) | Nuclear Power Staffing Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/20/2021 | 9.78% | L + | 7.50% | 8/20/2026 | 15,769 | 15,510 | 15,613 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/20/2021 | 9,968 | 1,356 | 1,420 | ||||||||||||||||||||||||||||||||||||||||
16,866 | 17,033 | |||||||||||||||||||||||||||||||||||||||||||
Superior Rigging & Erecting Co. | Provider of Steel Erecting, Crane Rental & Rigging Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2020 | 12.00% | 8/31/2025 | 21,500 | 21,367 | 21,367 | ||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 8/31/2020 | 1,571 | 4,500 | 4,500 | ||||||||||||||||||||||||||||||||||||||||
25,867 | 25,867 | |||||||||||||||||||||||||||||||||||||||||||
The Affiliati Network, LLC | Performance Marketing Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 8/9/2021 | 8/9/2026 | — | (15) | (15) | ||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/9/2021 | 13.00% | 8/9/2026 | 11,241 | 11,149 | 11,149 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 8/9/2021 | 1,280,000 | 6,400 | 6,400 | |||||||||||||||||||||||||||||||||||||||
17,534 | 17,534 | |||||||||||||||||||||||||||||||||||||||||||
UnionRock Energy Fund II, LP | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests | (8) (31) | 6/15/2020 | 11.11% | 3,123 | 5,354 | |||||||||||||||||||||||||||||||||||||||
UniTek Global Services, Inc. | (11) | Provider of Outsourced Infrastructure Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 10/15/2018 | 10.76% | SF + | 5.50% | 2.00% | 8/20/2024 | 403 | 403 | 380 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/27/2018 | 10.76% | SF + | 5.50% | 2.00% | 8/20/2024 | 1,804 | 1,793 | 1,701 | ||||||||||||||||||||||||||||||||||
Secured Convertible Debt | 1/1/2021 | 15.00% | 15.00% | 2/20/2025 | 2,312 | 2,312 | 4,271 | |||||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 8/29/2019 | 1,133,102 | 20.00% | 20.00% | 2,037 | 2,833 | |||||||||||||||||||||||||||||||||||||
Preferred Stock | 8/21/2018 | 1,521,122 | 20.00% | 20.00% | 2,188 | 1,651 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | 6/30/2017 | 2,281,682 | 19.00% | 19.00% | 3,667 | — | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | 1/15/2015 | 4,336,866 | 13.50% | 13.50% | 7,924 | — | ||||||||||||||||||||||||||||||||||||||
Common Stock | 4/1/2020 | 945,507 | — | — | ||||||||||||||||||||||||||||||||||||||||
20,324 | 10,836 | |||||||||||||||||||||||||||||||||||||||||||
Universal Wellhead Services Holdings, LLC | (10) | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | ||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (30) | 12/7/2016 | 716,949 | 14.00% | 14.00% | 1,032 | — | |||||||||||||||||||||||||||||||||||||
Member Units | (30) | 12/7/2016 | 4,000,000 | 4,000 | — | |||||||||||||||||||||||||||||||||||||||
5,032 | — | |||||||||||||||||||||||||||||||||||||||||||
Volusion, LLC | Provider of Online Software-as-a-Service eCommerce Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (17) | 1/26/2015 | 11.50% | 1/26/2020 | 16,734 | 16,734 | 16,630 | |||||||||||||||||||||||||||||||||||||
Unsecured Convertible Debt | 5/16/2018 | 8.00% | 11/16/2023 | 409 | 409 | 409 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Stock | (14) (19) | 2,281,682 | 19.00% PIK | | | | | 3,667 | | - |
| | | | Common Stock | | 945,507 | | | | | | - | | - |
| | | | Preferred Stock | (14) (19) | 4,336,866 | 13.50% PIK | | | | | 7,924 | | - |
| | | | | | | | | | | | 19,009 | | 8,322 |
Universal Wellhead Services Holdings, LLC | (10) | October 30, 2014 | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | | | | | | | | | | | |
| | | | Preferred Member Units | (14) (19) (30) | 716,949 | 14.00% PIK | | | | | 1,032 | | - |
| | | | Member Units | (30) | 4,000,000 | | | | | | 4,000 | | - |
| | | | | | | | | | | | 5,032 | | - |
Volusion, LLC | | January 26, 2015 | Provider of Online Software-as-a-Service eCommerce Solutions | | | | | | | | | | | |
| | | | Secured Debt | (17) | | 11.50% | 1/26/2020 | | 17,434 | | 17,434 | | 17,434 |
| | | | Unsecured Convertible Debt | | | 8.00% | 11/16/2023 | | 409 | | 409 | | 409 |
| | | | Preferred Member Units | | 4,876,670 | | | | | | 14,000 | | 5,990 |
| | | | Warrants | (27) | 1,831,355 | | 1/26/2025 | | | | 2,576 | | - |
| | | | | | | | | | | | 34,419 | | 23,833 |
Subtotal Affiliate Investments (28.8% of net assets at fair value) | | | | | | | | | | | $ | 505,935 | $ | 485,139 |
16
2022
(Unaudited)
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Non-Control/Non-Affiliate Investments (7) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Acousti Engineering Company of Florida | (10) | November 2, 2020 | Interior Subcontractor Providing Acoustical Walls and Ceilings | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 11/2/2025 | $ | 12,246 | $ | 12,134 | $ | 12,242 |
| | | | Secured Debt | (9) | | 14.00% (L+12.50%, Floor 1.50%) | 11/2/2025 | | 850 | | 840 | | 840 |
| | | | | | | | | | | | 12,974 | | 13,082 |
Adams Publishing Group, LLC | (10) | November 19, 2015 | Local Newspaper Operator | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.75% (L+7.00%, Floor 1.75%) | 7/3/2023 | | 4,920 | | 4,842 | | 4,885 |
| | | | | | | | | | | | | | |
ADS Tactical, Inc. | (11) | March 7, 2017 | Value-Added Logistics and Supply Chain Provider to the Defense Industry | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 3/19/2026 | | 23,437 | | 22,992 | | 23,583 |
| | | | | | | | | | | | | | |
American Nuts, LLC | (10) | April 10, 2018 | Roaster, Mixer and Packager of Bulk Nuts and Seeds | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 4/10/2025 | | 12,045 | | 11,863 | | 12,045 |
| | | | | | | | | | | | | | |
American Teleconferencing Services, Ltd. | (11) | May 19, 2016 | Provider of Audio Conferencing and Video Collaboration Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 7.50% (L+6.50%, Floor 1.00%) | 9/9/2021 | | 2,980 | | 2,980 | | 1,138 |
| | | | Secured Debt | (9) (14) (17) | | 7.50% (L+6.50%, Floor 1.00%) | 9/9/2021 | | 14,370 | | 13,706 | | 5,487 |
| | | | | | | | | | | | 16,686 | | 6,625 |
Arcus Hunting LLC | (10) | January 6, 2015 | Manufacturer of Bowhunting and Archery Products and Accessories | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 3/31/2022 | | 13,603 | | 13,537 | | 13,603 |
| | | | | | | | | | | | | | |
Arrow International, Inc | (10) | December 21, 2020 | Manufacturer and Distributor of Charitable Gaming Supplies | | | | | | | | | | | |
| | | | Secured Debt | (9) (23) | | 9.18% (L+7.93%, Floor 1.25%) | 12/21/2025 | | 22,500 | | 22,291 | | 22,307 |
| | | | | | | | | | | | | | |
ASC Ortho Management Company, LLC | (10) | August 31, 2018 | Provider of Orthopedic Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 8/31/2023 | | 5,117 | | 5,074 | | 5,111 |
| | | | Secured Debt | (19) | | 13.75% PIK | 12/1/2023 | | 2,342 | | 2,323 | | 2,342 |
| | | | | | | | | | | | 7,397 | | 7,453 |
Berry Aviation, Inc. | (10) | July 6, 2018 | Charter Airline Services | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.00% (10.50% Cash, 1.50% PIK) | 1/6/2024 | | 4,676 | | 4,654 | | 4,676 |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Member Units | 1/26/2015 | 4,876,670 | 14,000 | — | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 1/26/2015 | 1,831,355 | 1/26/2025 | 2,576 | — | ||||||||||||||||||||||||||||||||||||||
33,719 | 17,039 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (27.9% of net assets at fair value) | $ | 576,047 | $ | 552,581 | ||||||||||||||||||||||||||||||||||||||||
Non-Control Investments | ||||||||||||||||||||||||||||||||||||||||||||
AB Centers Acquisition Corporation | (10) | Applied Behavior Analysis Therapy Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 9/6/2022 | SF + | 6.00% | 9/6/2028 | $ | — | $ | (41) | $ | (41) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 9/6/2022 | SF + | 6.00% | 9/6/2028 | — | (82) | (82) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 9/6/2022 | 9.17% | SF + | 6.00% | 9/6/2028 | 17,052 | 16,582 | 16,582 | |||||||||||||||||||||||||||||||||||
16,459 | 16,459 | |||||||||||||||||||||||||||||||||||||||||||
Acousti Engineering Company of Florida | (10) | Interior Subcontractor Providing Acoustical Walls and Ceilings | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/2/2020 | 10.78% | L + | 8.50% | 11/2/2025 | 1,678 | 1,668 | 1,664 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/2/2020 | 10.00% | L + | 8.50% | 11/2/2025 | 10,027 | 9,954 | 9,944 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/26/2021 | 14.78% | L + | 12.50% | 11/2/2025 | 817 | 811 | 817 | |||||||||||||||||||||||||||||||||||
12,433 | 12,425 | |||||||||||||||||||||||||||||||||||||||||||
Acumera, Inc. | (10) | Managed Security Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/28/2022 | 12.02% | L + | 9.50% | 10/26/2027 | 13,831 | 13,488 | 13,711 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/28/2022 | 12.02% | L + | 9.50% | 10/26/2027 | 4,368 | 4,265 | 4,330 | |||||||||||||||||||||||||||||||||||
17,753 | 18,041 | |||||||||||||||||||||||||||||||||||||||||||
Adams Publishing Group, LLC | (10) | Local Newspaper Operator | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/11/2022 | 12.75% | P + | 6.50% | 3/11/2027 | 3,547 | 3,547 | 3,418 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/11/2022 | 10.75% | L + | 7.50% | 3/11/2027 | 24,305 | 24,245 | 23,788 | |||||||||||||||||||||||||||||||||||
27,792 | 27,206 | |||||||||||||||||||||||||||||||||||||||||||
ADS Tactical, Inc. | (11) | Value-Added Logistics and Supply Chain Provider to the Defense Industry | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/29/2021 | 8.80% | L + | 5.75% | 3/19/2026 | 21,286 | 20,964 | 19,676 | |||||||||||||||||||||||||||||||||||
AMEREQUIP LLC. | (10) | Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 8/31/2022 | SF + | 7.40% | 8/31/2027 | — | (144) | (144) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/31/2022 | 9.84% | SF + | 7.40% | 8/31/2027 | 37,545 | 36,830 | 36,830 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/31/2022 | 235 | 1,734 | 1,734 | ||||||||||||||||||||||||||||||||||||||||
38,420 | 38,420 | |||||||||||||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing |
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 11/19/2021 | L + | 7.00% | 11/19/2026 | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2021 | 8.01% | L + | 7.00% | 11/19/2026 | 6,633 | 6,578 | 6,633 | |||||||||||||||||||||||||||||||||||
6,567 | 6,622 | |||||||||||||||||||||||||||||||||||||||||||
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 3/11/2022 | 8.98% | SF + | 6.75% | 4/10/2026 | 15,667 | 15,430 | 15,287 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 3/11/2022 | 10.98% | SF + | 8.75% | 4/10/2026 | 15,667 | 15,430 | 15,307 | |||||||||||||||||||||||||||||||||||
30,860 | 30,594 | |||||||||||||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd. | (11) | Provider of Audio Conferencing and Video Collaboration Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 9/17/2021 | 7.50% | L + | 6.50% | 12/8/2022 | 2,980 | 2,980 | 168 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) | 5/19/2016 | 7.50% | L + | 6.50% | 6/8/2023 | 14,370 | 13,706 | 808 | |||||||||||||||||||||||||||||||||||
16,686 | 976 | |||||||||||||||||||||||||||||||||||||||||||
ArborWorks, LLC | (10) | Vegetation Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2021 | 9.97% | L + | 7.00% | 11/9/2026 | 4,678 | 4,562 | 4,131 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2021 | 9.87% | L + | 7.00% | 11/9/2026 | 29,722 | 29,231 | 26,245 | |||||||||||||||||||||||||||||||||||
Common Equity | 11/9/2021 | 234 | 234 | 14 | ||||||||||||||||||||||||||||||||||||||||
34,027 | 30,390 | |||||||||||||||||||||||||||||||||||||||||||
Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/11/2022 | 9.65% | SF + | 6.50% | 8/11/2027 | 800 | 660 | 660 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/11/2022 | 8.91% | SF + | 6.50% | 8/11/2027 | 67,597 | 66,281 | 66,281 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/11/2022 | 1,387,832 | 1,388 | 1,388 | ||||||||||||||||||||||||||||||||||||||||
68,329 | 68,329 | |||||||||||||||||||||||||||||||||||||||||||
Arrow International, Inc | (10) | Manufacturer and Distributor of Charitable Gaming Supplies | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (23) | 12/21/2020 | 11.96% | P + | 5.61% | 12/21/2025 | 36,000 | 35,715 | 36,000 | |||||||||||||||||||||||||||||||||||
ATS Operating, LLC | (10) | For-Profit Thrift Retailer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 1/18/2022 | SF + | 6.50% | 1/18/2027 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/18/2022 | 7.84% | SF + | 5.50% | 1/18/2027 | 6,660 | 6,660 | 6,360 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/18/2022 | 9.84% | SF + | 7.50% | 1/18/2027 | 6,660 | 6,660 | 6,384 | |||||||||||||||||||||||||||||||||||
Common Stock | 1/18/2022 | 720,000 | 720 | 720 | ||||||||||||||||||||||||||||||||||||||||
14,040 | 13,464 | |||||||||||||||||||||||||||||||||||||||||||
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/15/2021 | 10.32% | L + | 7.00% | 12/15/2026 | 720 | 659 | 679 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/15/2021 | 10.29% | L + | 7.00% | 12/15/2026 | 12,148 | 11,944 | 11,452 | |||||||||||||||||||||||||||||||||||
Common Equity | 12/15/2021 | 360 | 360 | 258 | ||||||||||||||||||||||||||||||||||||||||
12,963 | 12,389 | |||||||||||||||||||||||||||||||||||||||||||
Berry Aviation, Inc. | (10) | Charter Airline Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/6/2018 | 12.00% | 10.50% | 1.50% | 1/6/2024 | 194 | 194 | 194 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | (8) (19) (30) | 122,416 | 16.00% PIK | | | | | 162 | | 162 |
| | | | Preferred Member Units | (14) (19) (30) | 1,548,387 | 8.00% PIK | | | | | 1,671 | | 1,963 |
| | | | | | | | | | | | 6,487 | | 6,801 |
BigName Commerce, LLC | (10) | May 11, 2017 | Provider of Envelopes and Complimentary Stationery Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+7.25%, Floor 1.00%) | 5/11/2022 | | 1,899 | | 1,896 | | 1,899 |
| | | | | | | | | | | | | | |
Binswanger Enterprises, LLC | (10) | March 10, 2017 | Glass Repair and Installation Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 3/10/2023 | | 12,387 | | 12,328 | | 12,387 |
| | | | Member Units | | 1,050,000 | | | | | | 1,050 | | 730 |
| | | | | | | | | | | | 13,378 | | 13,117 |
Bluestem Brands, Inc. | (11) | December 19, 2013 | Multi-Channel Retailer of General Merchandise | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 8/28/2025 | | 5,357 | | 5,357 | | 5,335 |
| | | | Common Stock | (8) | 723,184 | | | | | | 1 | | 1,350 |
| | | | | | | | | | | | 5,358 | | 6,685 |
Brainworks Software, LLC | (10) | August 12, 2014 | Advertising Sales and Newspaper Circulation Software | | | | | | | | | | | |
| | | | Secured Debt | (9) (14) (17) | | 12.50% (Prime+9.25%, Floor 3.25%) | 7/22/2019 | | 7,817 | | 7,817 | | 4,201 |
| | | | | | | | | | | | | | |
Brightwood Capital Fund Investments | (12) (13) | July 21, 2014 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Brightwood Capital Fund III, LP) | (8) (31) | 1.6% | | | | | | 7,200 | | 4,178 |
| | | | LP Interests (Brightwood Capital Fund IV, LP) | (8) (31) | 0.6% | | | | | | 4,350 | | 4,499 |
| | | | | | | | | | | | 11,550 | | 8,677 |
Burning Glass Intermediate Holding Company, Inc. | (10) | June 14, 2021 | Provider of Skills-Based Labor Market Analytics | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.00% (L+5.00%, Floor 1.00%) | 6/10/2028 | | 20,134 | | 19,756 | | 19,756 |
| | | | | | | | | | | | | | |
Cadence Aerospace LLC | (10) | November 14, 2017 | Aerostructure Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 9.50% (7.50% Cash, 2.00% PIK) (2.00% PIK + L+6.50%, Floor 1.00%) | 11/14/2023 | | 28,554 | | 28,391 | | 26,464 |
| | | | | | | | | | | | | | |
Camin Cargo Control, Inc. | (11) | June 14, 2021 | Provider of Mission Critical Inspection, Testing and Fuel Treatment Services | | | | | | | | | | | |
18
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 7/6/2018 | 1,548,387 | 8.00% | 8.00% | 2,147 | 4,607 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 11/12/2019 | 122,416 | 16.00% | 16.00% | 188 | 378 | |||||||||||||||||||||||||||||||||||||
2,529 | 5,179 | |||||||||||||||||||||||||||||||||||||||||||
Bettercloud, Inc. | (10) | SaaS Provider of Workflow Management and Business Application Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 6/30/2022 | SF + | 6.00% | 6/30/2028 | — | (79) | (79) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 6/30/2022 | 9.78% | SF + | 6.75% | 5.75% | 6/30/2028 | 26,965 | 26,458 | 26,965 | ||||||||||||||||||||||||||||||||||
26,379 | 26,886 | |||||||||||||||||||||||||||||||||||||||||||
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Member Units | 3/10/2017 | 1,050,000 | 1,050 | 560 | ||||||||||||||||||||||||||||||||||||||||
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/28/2020 | 11.29% | L + | 8.50% | 8/28/2025 | 6,303 | 6,303 | 6,193 | |||||||||||||||||||||||||||||||||||
Common Stock | (8) | 10/1/2020 | 723,184 | 1 | 5,445 | |||||||||||||||||||||||||||||||||||||||
6,304 | 11,638 | |||||||||||||||||||||||||||||||||||||||||||
Brainworks Software, LLC | (10) | Advertising Sales and Newspaper Circulation Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) (17) | 8/12/2014 | 12.50% | P + | 9.25% | 7/22/2019 | 761 | 761 | 761 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) (17) | 8/12/2014 | 12.50% | P + | 9.25% | 7/22/2019 | 7,056 | 7,056 | 3,440 | |||||||||||||||||||||||||||||||||||
7,817 | 4,201 | |||||||||||||||||||||||||||||||||||||||||||
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund V, LP) | (31) | 7/12/2021 | 1.31% | 2,000 | 2,139 | |||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund III, LP) | (8) (31) | 7/21/2014 | 1.55% | 7,062 | 4,564 | |||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund IV, LP) | (8) (31) | 10/26/2016 | 0.59% | 4,350 | 4,477 | |||||||||||||||||||||||||||||||||||||||
13,412 | 11,180 | |||||||||||||||||||||||||||||||||||||||||||
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 7.52% | L + | 5.00% | 6/10/2026 | 620 | 590 | 620 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 7.52% | L + | 5.00% | 6/10/2028 | 19,933 | 19,643 | 19,933 | |||||||||||||||||||||||||||||||||||
20,233 | 20,553 | |||||||||||||||||||||||||||||||||||||||||||
Cadence Aerospace LLC | (10) | Aerostructure Manufacturing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (34) | 11/14/2017 | 11.31% | L + | 8.50% | 0.13% | 11/14/2023 | 28,385 | 28,302 | 28,352 | ||||||||||||||||||||||||||||||||||
CAI Software LLC | Provider of Specialized Enterprise Resource Planning Software | |||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (8) | 12/13/2021 | 1,788,527 | 1,789 | 1,789 | |||||||||||||||||||||||||||||||||||||||
Preferred Equity | 12/13/2021 | 596,176 | — | — |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 6/4/2026 | | 16,000 | | 15,848 | | 15,920 |
| | | | | | | | | | | | | | |
Central Security Group, Inc. | (11) | December 4, 2017 | Security Alarm Monitoring Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 10/16/2025 | | 6,839 | | 6,839 | | 6,600 |
| | | | Common Stock | | 329,084 | | | | | | 1,481 | | 1,399 |
| | | | | | | | | | | | 8,320 | | 7,999 |
Cenveo Corporation | (11) | September 4, 2015 | Provider of Digital Marketing Agency Services | | | | | | | | | | | |
| | | | Common Stock | | 322,907 | | | | | | 6,183 | | 2,664 |
| | | | | | | | | | | | | | |
Chisholm Energy Holdings, LLC | (10) | May 15, 2019 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.25%, Floor 1.50%) | 5/15/2026 | | 2,857 | | 2,801 | | 2,661 |
| | | | | | | | | | | | | | |
Clarius BIGS, LLC | (10) | September 23, 2014 | Prints & Advertising Film Financing | | | | | | | | | | | |
| | | | Secured Debt | (14) (17) (19) | | 15.00% PIK | 1/5/2015 | | 2,776 | | 2,776 | | 28 |
| | | | | | | | | | | | | | |
Clickbooth.com, LLC | (10) | December 5, 2017 | Provider of Digital Advertising Performance Marketing Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.50% (L+8.50%, Floor 1.00%) | 1/31/2025 | | 7,700 | | 7,637 | | 7,700 |
| | | | | | | | | | | | | | |
Computer Data Source, LLC | (10) | August 6, 2021 | Third Party Maintenance Provider to the Data Center Ecosystem | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 8/6/2026 | | 21,100 | | 20,632 | | 20,632 |
| | | | | | | | | | | | | | |
Construction Supply Investments, LLC | (10) | December 29, 2016 | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | | | | | | | | | | | |
| | | | Member Units | (8) | 861,618 | | | | | | 3,335 | | 10,580 |
| | | | | | | | | | | | | | |
Corel Corporation | (11) (13) (21) | July 24, 2019 | Publisher of Desktop and Cloud-based Software | | | | | | | | | | | |
| | | | Secured Debt | | | 5.12% (L+5.00%) | 7/2/2026 | | 22,891 | | 22,143 | | 22,992 |
| | | | | | | | | | | | | | |
Darr Equipment LP | (10) | April 15, 2014 | Heavy Equipment Dealer | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.50% (11.50% Cash, 1.00% PIK) | 6/22/2023 | | 6,004 | | 6,004 | | 5,622 |
| | | | Warrants | (29) | 915,734 | | 12/23/2023 | | | | 474 | | - |
| | | | | | | | | | | | 6,478 | | 5,622 |
DTE Enterprises, LLC | (10) | April 13, 2018 | Industrial Powertrain Repair and Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 4/13/2023 | | 9,324 | | 9,247 | | 8,871 |
| | | | Class AA Preferred | (8) (19) | | 10.00% PIK | | | | | 1,024 | | 1,024 |
19
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
1,789 | 1,789 | |||||||||||||||||||||||||||||||||||||||||||
Camin Cargo Control, Inc. | (11) | Provider of Mission Critical Inspection, Testing and Fuel Treatment Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 9.62% | L + | 6.50% | 6/4/2026 | 15,258 | 15,142 | 14,724 | |||||||||||||||||||||||||||||||||||
CaseWorthy, Inc. | (10) | SaaS Provider of Case Management Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 5/18/2022 | L + | 5.25% | 5/18/2027 | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 5/18/2022 | L + | 5.25% | 5/18/2027 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/18/2022 | 8.26% | L + | 5.25% | 5/18/2027 | 6,133 | 6,076 | 5,999 | |||||||||||||||||||||||||||||||||||
6,065 | 5,988 | |||||||||||||||||||||||||||||||||||||||||||
Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 2/7/2022 | 9.08% | SF + | 6.25% | 2/7/2027 | 5,183 | 5,075 | 4,937 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (28) | 2/7/2022 | 7.70% | SF + | 6.25% | 2/7/2027 | 39,155 | 38,462 | 37,299 | |||||||||||||||||||||||||||||||||||
43,537 | 42,236 | |||||||||||||||||||||||||||||||||||||||||||
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) (17) | 9/23/2014 | 15.00% | 15.00% | 1/5/2015 | 2,729 | 2,729 | 10 | ||||||||||||||||||||||||||||||||||||
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/6/2021 | 10.13% | L + | 7.50% | 8/6/2026 | 5,000 | 4,923 | 4,519 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/6/2021 | 10.37% | L + | 7.50% | 8/6/2026 | 18,656 | 18,364 | 16,860 | |||||||||||||||||||||||||||||||||||
23,287 | 21,379 | |||||||||||||||||||||||||||||||||||||||||||
Construction Supply Investments, LLC | (10) | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | ||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/29/2016 | 861,618 | 3,335 | 20,795 | |||||||||||||||||||||||||||||||||||||||
Dalton US Inc. | (10) | Provider of Supplemental Labor Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/16/2022 | 11.13% | SF + | 8.00% | 8/16/2027 | 763 | 530 | 530 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 8/16/2022 | SF + | 8.00% | 8/16/2027 | — | (78) | (78) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/16/2022 | 11.31% | SF + | 8.00% | 8/16/2027 | 14,389 | 14,111 | 14,111 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/16/2022 | 201 | 201 | 201 | ||||||||||||||||||||||||||||||||||||||||
14,764 | 14,764 | |||||||||||||||||||||||||||||||||||||||||||
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 4/13/2018 | L + | 7.50% | 4/13/2023 | — | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/13/2018 | 10.44% | L + | 7.50% | 4/13/2023 | 7,824 | 7,803 | 7,486 | |||||||||||||||||||||||||||||||||||
Class A Preferred Member Units | 4/13/2018 | 776,316 | 8.00% | 8.00% | 776 | 270 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Member Units (non-voting) | ||||||||||||||
| | | | Class A Preferred Member Units | (14) (19) | 776,316 | 8.00% PIK | | | | | 776 | | 440 |
| | | | | | | | | | | | 11,047 | | 10,335 |
Dynamic Communities, LLC | (10) | July 17, 2018 | Developer of Business Events and Online Community Groups | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 12.50% (4.75% Cash, 7.75% PIK) (L+11.50%, Floor 1.00%) | 7/17/2023 | | 5,751 | | 5,702 | | 5,506 |
| | | | | | | | | | | | | | |
Eastern Wholesale Fence LLC | (10) | November 19, 2020 | Manufacturer and Distributor of Residential and Commercial Fencing Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50%, (L+6.50%, Floor 1.00%) | 10/30/2025 | | 19,961 | | 19,630 | | 19,850 |
| | | | | | | | | | | | | | |
EnCap Energy Fund Investments | (12) (13) | December 28, 2010 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (EnCap Energy Capital Fund VIII, L.P.) | (8) (31) | 0.1% | | | | | | 3,745 | | 1,516 |
| | | | LP Interests (EnCap Energy Capital Fund VIII Co- | (31) | 0.4% | | | | | | 2,097 | | 777 |
| | | | LP Interests (EnCap Energy Capital Fund IX, L.P.) | (8) (31) | 0.1% | | | | | | 4,130 | | 2,254 |
| | | | LP Interests (EnCap Energy Capital Fund X, L.P.) | (8) (31) | 0.1% | | | | | | 8,862 | | 8,571 |
| | | | LP Interests (EnCap Flatrock Midstream Fund II, L.P.) | (31) | 0.8% | | | | | | 6,712 | | 2,837 |
| | | | LP Interests (EnCap Flatrock Midstream Fund III, L.P.) | (8) (31) | 0.2% | | | | | | 6,975 | | 6,285 |
| | | | | | | | | | | | 32,521 | | 22,240 |
EPIC Y-Grade Services, LP | (11) | June 22, 2018 | NGL Transportation & Storage | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 6/30/2027 | | 6,910 | | 6,832 | | 5,955 |
| | | | | | | | | | | | | | |
20
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Class AA Preferred Member Units (non-voting) | (8) | 4/13/2018 | 10.00% | 10.00% | 1,132 | 1,132 | ||||||||||||||||||||||||||||||||||||||
9,709 | 8,886 | |||||||||||||||||||||||||||||||||||||||||||
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 7/17/2018 | L + | 8.50% | 7/17/2023 | — | — | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/28/2022 | 10.75% | L + | 7.50% | 7/17/2023 | 2,805 | 2,791 | 2,268 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/28/2022 | 12.75% | L + | 9.50% | 7/17/2023 | 2,805 | 2,791 | 2,147 | |||||||||||||||||||||||||||||||||||
5,582 | 4,415 | |||||||||||||||||||||||||||||||||||||||||||
Eastern Wholesale Fence LLC | (10) | Manufacturer and Distributor of Residential and Commercial Fencing Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2020 | 10.07% | L + | 7.00% | 10/30/2025 | 4,461 | 4,400 | 4,342 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2020 | 10.07% | L + | 7.00% | 10/30/2025 | 5,053 | 4,995 | 4,918 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2020 | 10.07% | L + | 7.00% | 10/30/2025 | 23,606 | 23,272 | 22,974 | |||||||||||||||||||||||||||||||||||
32,667 | 32,234 | |||||||||||||||||||||||||||||||||||||||||||
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 2/10/2022 | 9.38% | SF + | 6.25% | 2/10/2028 | 9,258 | 9,091 | 8,911 | |||||||||||||||||||||||||||||||||||
EnCap Energy Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund VIII, L.P.) | (8) (31) | 1/22/2015 | 0.14% | 3,587 | 2,184 | |||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) | (8) (31) | 1/21/2015 | 0.38% | 1,984 | 1,037 | |||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund IX, L.P.) | (8) (31) | 1/22/2015 | 0.10% | 3,755 | 2,177 | |||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund X, L.P.) | (8) (31) | 3/25/2015 | 0.15% | 8,326 | 10,130 | |||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) | (31) | 3/30/2015 | 0.84% | 5,358 | 1,583 | |||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) | (8) (31) | 3/27/2015 | 0.25% | 6,019 | 5,089 | |||||||||||||||||||||||||||||||||||||||
29,029 | 22,200 | |||||||||||||||||||||||||||||||||||||||||||
Engineering Research & Consulting, LLC | (10) | Provider of Engineering & Consulting Services to US Department of Defense | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/23/2022 | 11.00% | SF + | 6.25% | 5/23/2027 | 120 | 72 | 116 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/23/2022 | 9.38% | SF + | 6.25% | 5/23/2028 | 16,338 | 16,034 | 15,772 | |||||||||||||||||||||||||||||||||||
16,106 | 15,888 | |||||||||||||||||||||||||||||||||||||||||||
EPIC Y-Grade Services, LP | (11) | NGL Transportation & Storage | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/22/2018 | 8.08% | L + | 6.00% | 6/30/2027 | 6,840 | 6,778 | 5,803 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Flip Electronics LLC | (10) | January 4, 2021 | Distributor of Hard-to-Find and Obsolete Electronic Components | | | | | | | | | | | |
| | | | Secured Debt | (9) (33) | | 8.99% (L+7.99%, Floor 1.00%) | 1/2/2026 | | 5,400 | | 5,298 | | 5,365 |
| | | | | | | | | | | | | | |
Fortna Acquisition Co., Inc. | (10) | July 23, 2019 | Process, Physical Distribution and Logistics Consulting Services | | | | | | | | | | | |
| | | | Secured Debt | | | 5.08% (L+5.00%) | 4/8/2025 | | 7,615 | | 7,534 | | 7,551 |
| | | | | | | | | | | | | | |
Fuse, LLC | (11) | June 30, 2019 | Cable Networks Operator | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 6/28/2024 | | 1,810 | | 1,810 | | 1,672 |
| | | | Common Stock | | 10,429 | | | | | | 256 | | - |
| | | | | | | | | | | | 2,066 | | 1,672 |
GeoStabilization International (GSI) | (11) | December 31, 2018 | Geohazard Engineering Services & Maintenance | | | | | | | | | | | |
| | | | Secured Debt | | | 5.33% (L+5.25%) | 12/19/2025 | | 11,138 | | 11,063 | | 11,083 |
| | | | | | | | | | | | | | |
GoWireless Holdings, Inc. | (11) | December 31, 2017 | Provider of Wireless Telecommunications Carrier Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 12/22/2024 | | 18,534 | | 18,432 | | 18,589 |
| | | | | | | | | | | | | | |
Grupo Hima San Pablo, Inc. | (11) | March 7, 2013 | Tertiary Care Hospitals | | | | | | | | | | | |
| | | | Secured Debt | (9) (14) (17) | | 9.25% (L+7.00%, Floor 1.50%) | 4/30/2019 | | 4,504 | | 4,504 | | 2,363 |
| | | | Secured Debt | (14) (17) | | 13.75% | 10/15/2018 | | 2,055 | | 2,040 | | 49 |
| | | | | | | | | | | | 6,544 | | 2,412 |
GS HVAM Intermediate, LLC | (10) | October 18, 2019 | Specialized Food Distributor | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 10/2/2024 | | 13,015 | | 12,933 | | 13,015 |
| | | | | | | | | | | | | | |
GS Operating, LLC | (10) | February 24, 2020 | Distributor of Industrial and Specialty Parts | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+6.50%, Floor 1.50%) | 2/24/2025 | | 25,592 | | 25,243 | | 25,592 |
| | | | | | | | | | | | | | |
HDC/HW Intermediate Holdings | (10) | December 21, 2018 | Managed Services and Hosting Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 12/21/2023 | | 3,457 | | 3,422 | | 3,064 |
| | | | | | | | | | | | | | |
Heartland Dental, LLC | (10) | September 9, 2020 | Dental Support Organization | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 4/30/2025 | | 14,813 | | 14,454 | | 14,887 |
| | | | | | | | | | | | | | |
HOWLCO LLC | (11) (13) (21) | August 19, 2021 | Provider of Accounting and Business Development Software to Real Estate End Markets | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 10/23/2026 | | 25,610 | | 25,610 | | 25,610 |
21
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (30) | 12/22/2021 | 9.25% | L + | 7.00% | 12/22/2026 | 3,692 | 3,661 | 3,367 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (30) | 12/22/2021 | 10.67% | L + | 7.00% | 12/22/2026 | 44,308 | 43,933 | 40,402 | |||||||||||||||||||||||||||||||||||
47,594 | 43,769 | |||||||||||||||||||||||||||||||||||||||||||
Flip Electronics LLC | (10) | Distributor of Hard-to-Find and Obsolete Electronic Components | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 3/24/2022 | 11.21% | SF + | 7.50% | 1/2/2026 | 491 | 491 | 491 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/4/2021 | 11.19% | SF + | 7.50% | 1/2/2026 | 6,185 | 6,078 | 6,078 | |||||||||||||||||||||||||||||||||||
6,569 | 6,569 | |||||||||||||||||||||||||||||||||||||||||||
Fuse, LLC | (11) | Cable Networks Operator | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 6/30/2019 | 12.00% | 6/28/2024 | 1,810 | 1,810 | 1,512 | ||||||||||||||||||||||||||||||||||||||
Common Stock | 6/30/2019 | 10,429 | 256 | — | ||||||||||||||||||||||||||||||||||||||||
2,066 | 1,512 | |||||||||||||||||||||||||||||||||||||||||||
GeoStabilization International (GSI) | (11) | Geohazard Engineering Services & Maintenance | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 1/2/2019 | 8.07% | L + | 5.25% | 12/19/2025 | 20,550 | 20,474 | 20,139 | ||||||||||||||||||||||||||||||||||||
GS HVAM Intermediate, LLC | (10) | Specialized Food Distributor | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/18/2019 | 8.26% | L + | 6.50% | 10/2/2024 | 2,273 | 2,264 | 2,211 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/18/2019 | 9.62% | L + | 6.50% | 10/2/2024 | 10,858 | 10,813 | 10,564 | |||||||||||||||||||||||||||||||||||
13,077 | 12,775 | |||||||||||||||||||||||||||||||||||||||||||
GULF PACIFIC ACQUISITION, LLC | (10) | Rice Processor and Merchandiser | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 9/30/2022 | SF + | 6.00% | 9/30/2028 | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 9/30/2022 | SF + | 6.00% | 9/30/2028 | — | (15) | (15) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 9/30/2022 | 9.59% | SF + | 6.00% | 9/30/2028 | 3,661 | 3,588 | 3,588 | |||||||||||||||||||||||||||||||||||
3,553 | 3,553 | |||||||||||||||||||||||||||||||||||||||||||
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 12/21/2018 | 11.76% | SF + | 9.50% | 5.75% | 12/21/2023 | 320 | 319 | 297 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 12/21/2018 | 11.76% | SF + | 9.50% | 5.75% | 12/21/2023 | 3,117 | 3,100 | 2,888 | ||||||||||||||||||||||||||||||||||
3,419 | 3,185 | |||||||||||||||||||||||||||||||||||||||||||
HEADLANDS OP-CO LLC | (10) | Clinical Trial Sites Operator | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 8/1/2022 | SF + | 6.50% | 8/1/2027 | — | (65) | (65) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 8/1/2022 | SF + | 6.50% | 8/1/2027 | — | (65) | (65) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/1/2022 | 9.52% | SF + | 6.50% | 8/1/2027 | 16,875 | 16,549 | 16,549 | |||||||||||||||||||||||||||||||||||
16,419 | 16,419 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
HW Temps LLC | | July 2, 2015 | Temporary Staffing Solutions | | | | | | | | | | | |
| | | | Secured Debt | | | 8.00% | 3/29/2023 | | 7,844 | | 7,790 | | 7,790 |
| | | | | | | | | | | | | | |
Hybrid Promotions, LLC | (10) | June 30, 2021 | Wholesaler of Licensed, Branded and Private Label Apparel | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.25% (L+8.25%, Floor 1.00%) | 6/30/2026 | | 7,088 | | 6,951 | | 6,951 |
| | | | | | | | | | | | | | |
IG Parent Corporation | (11) | July 30, 2021 | Software Engineering | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 7/30/2026 | | 9,615 | | 9,438 | | 9,438 |
| | | | | | | | | | | | | | |
Implus Footcare, LLC | (10) | June 1, 2017 | Provider of Footwear and Related Accessories | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.75% (L+7.75%, Floor 1.00%) | 4/30/2024 | | 18,749 | | 18,495 | | 17,639 |
| | | | | | | | | | | | | | |
Independent Pet Partners Intermediate Holdings, LLC | (10) | November 20, 2018 | Omnichannel Retailer of Specialty Pet Products | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 6.15% PIK (L+6.00% PIK) | 12/22/2022 | | 6,563 | | 6,563 | | 6,563 |
| | | | Secured Debt | (19) | | 6.00% PIK | 11/20/2023 | | 17,620 | | 16,449 | | 16,449 |
| | | | Preferred Stock (non-voting) | (14) (19) | | 6.00% PIK | | | | | 3,235 | | 4,095 |
| | | | Preferred Stock (non-voting) | | | | | | | | - | | - |
| | | | Member Units | | 1,558,333 | | | | | | 1,558 | | - |
| | | | | | | | | | | | 27,805 | | 27,107 |
Industrial Services Acquisition, LLC | (10) | June 17, 2016 | Industrial Cleaning Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 8/13/2026 | | 19,483 | | 19,048 | | 19,048 |
| | | | Preferred Member Units | (8) (19) (30) | 144 | 10.00% PIK | | | | | 118 | | 162 |
| | | | Preferred Member Units | (8) (19) (30) | 80 | 20.00% PIK | | | | | 79 | | 97 |
| | | | Member Units | (30) | 900 | | | | | | 900 | | 730 |
| | | | | | | | | | | | 20,145 | | 20,037 |
Inn of the Mountain Gods Resort and Casino | (11) | October 30, 2013 | Hotel & Casino Owner & Operator | | | | | | | | | | | |
| | | | Secured Debt | | | 9.25% | 11/30/2023 | | 6,677 | | 6,677 | | 6,444 |
| | | | | | | | | | | | | | |
Interface Security Systems, L.L.C | (10) | August 7, 2019 | Commercial Security & Alarm Services | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 9.75% (8.75% Cash, 1.00% PIK) (1.00% PIK + L+7.00%, Floor 1.75%) | 8/7/2023 | | 7,313 | | 7,234 | | 6,306 |
| | | | | | | | | | | | | | |
Intermedia Holdings, Inc. | (11) | August 3, 2018 | Unified Communications as a Service | | | | | | | | | | | |
22
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Heartland Dental, LLC | (10) | Dental Support Organization | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/9/2020 | 9.62% | L + | 6.50% | 4/30/2025 | 14,663 | 14,405 | 13,563 | |||||||||||||||||||||||||||||||||||
HOWLCO LLC | (11) (13) (21) | Provider of Accounting and Business Development Software to Real Estate End Markets | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/19/2021 | 8.96% | L + | 6.00% | 10/23/2026 | 25,354 | 25,354 | 23,648 | |||||||||||||||||||||||||||||||||||
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/30/2021 | 10.33% | L + | 8.25% | 6/30/2026 | 7,088 | 6,979 | 6,721 | |||||||||||||||||||||||||||||||||||
IG Parent Corporation | (11) | Software Engineering | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 7/30/2021 | 8.41% | SF + | 5.75% | 7/30/2026 | 443 | 413 | 435 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 7/30/2021 | 8.23% | SF + | 5.75% | 7/30/2026 | 14,536 | 14,327 | 14,279 | |||||||||||||||||||||||||||||||||||
14,740 | 14,714 | |||||||||||||||||||||||||||||||||||||||||||
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/1/2017 | 10.25% | L + | 7.75% | 0.25% | 4/30/2024 | 18,609 | 18,452 | 17,194 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (35) | 8/20/2020 | 11.26% | (blank) | 11.26% | 12/22/2022 | 6,831 | 6,831 | 6,831 | |||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 12/10/2020 | 6.00% | 6.00% | 11/20/2023 | 18,428 | 17,664 | 13,419 | ||||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | (14) | 12/10/2020 | 6.00% | 6.00% | 3,235 | — | ||||||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | 12/10/2020 | — | — | |||||||||||||||||||||||||||||||||||||||||
Member Units | 11/20/2018 | 1,558,333 | 1,558 | — | ||||||||||||||||||||||||||||||||||||||||
Warrants | (38) (25) | 11/20/2018 | 242,914 | 11/19/2028 | — | — | ||||||||||||||||||||||||||||||||||||||
29,288 | 20,250 | |||||||||||||||||||||||||||||||||||||||||||
Industrial Services Acquisition, LLC | (10) | Industrial Cleaning Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/13/2021 | 9.88% | L + | 6.75% | 8/13/2026 | 463 | 428 | 463 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/13/2021 | 9.69% | L + | 6.75% | 8/13/2026 | 19,288 | 18,984 | 19,288 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 1/31/2018 | 144 | 10.00% | 10.00% | 127 | 161 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 5/17/2019 | 80 | 20.00% | 20.00% | 89 | 101 | |||||||||||||||||||||||||||||||||||||
Member Units | (30) | 6/17/2016 | 900 | 900 | 690 | |||||||||||||||||||||||||||||||||||||||
20,528 | 20,703 | |||||||||||||||||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | (10) | Exclusive Placement Provider to the Advertising Ecosystem | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 11/1/2021 | L + | 5.75% | 11/1/2026 | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/1/2021 | 9.42% | L + | 5.75% | 11/1/2026 | 8,637 | 8,495 | 8,543 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 7/19/2025 | | 20,680 | | 20,608 | | 20,693 |
| | | | | | | | | | | | | | |
Invincible Boat Company, LLC. | (10) | August 28, 2019 | Manufacturer of Sport Fishing Boats | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+6.50%, Floor 1.50%) | 8/28/2025 | | 17,770 | | 17,602 | | 17,770 |
| | | | | | | | | | | | | | |
INW Manufacturing, LLC | (11) | May 19, 2021 | Manufacturer of Nutrition and Wellness Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.75%, Floor 0.75%) | 3/25/2027 | | 7,453 | | 7,242 | | 7,304 |
| | | | | | | | | | | | | | |
Isagenix International, LLC | (11) | June 21, 2018 | Direct Marketer of Health & Wellness Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 6/14/2025 | | 5,261 | | 5,237 | | 4,406 |
| | | | | | | | | | | | | | |
Jackmont Hospitality, Inc. | (10) | May 26, 2015 | Franchisee of Casual Dining Restaurants | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 10/14/2021 | | 3,901 | | 3,901 | | 3,193 |
| | | | | | | | | | | | | | |
Joerns Healthcare, LLC | (11) | April 3, 2013 | Manufacturer and Distributor of Health Care Equipment & Supplies | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/21/2024 | | 4,016 | | 3,966 | | 3,748 |
| | | | Common Stock | | 472,579 | | | | | | 4,429 | | 855 |
| | | | | | | | | | | | 8,395 | | 4,603 |
Kemp Technologies Inc. | (10) | June 27, 2019 | Provider of Application Delivery Controllers | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 3/29/2024 | | 16,265 | | 16,042 | | 16,265 |
| | | | Common Stock | | 903,225 | | | | | | 1,395 | | 5,230 |
| | | | | | | | | | | | 17,437 | | 21,495 |
Klein Hersh, LLC | (10) | November 13, 2020 | Executive and C-Suite Placement for the Life Sciences and Healthcare Industries | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+7.50%, Floor 0.75%) | 11/13/2025 | | 31,688 | | 30,974 | | 31,641 |
| | | | | | | | | | | | | | |
Kore Wireless Group Inc. | (11) (13) | December 31, 2018 | Mission Critical Software Platform | | | | | | | | | | | |
| | | | Secured Debt | | | 5.63% (L+5.50%) | 12/20/2024 | | 18,993 | | 18,920 | | 18,969 |
| | | | | | | | | | | | | | |
Larchmont Resources, LLC | (11) | August 13, 2013 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 9.00% (L+8.00%, Floor 1.00%) | 8/9/2021 | | 2,180 | | 2,180 | | 2,071 |
| | | | Member Units | (30) | 2,828 | | | | | | 353 | | 4 |
| | | | | | | | | | | | 2,533 | | 2,075 |
Laredo Energy, LLC | (10) | January 15, 2019 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Member Units | | 1,155,952 | | | | | | 11,560 | | 9,771 |
| | | | | | | | | | | | | | |
23
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
8,475 | 8,523 | |||||||||||||||||||||||||||||||||||||||||||
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/9/2021 | 12.32% | L + | 10.00% | 8/7/2023 | 1,398 | 1,398 | 1,398 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) | 8/7/2019 | 10.52% | L + | 7.00% | 1.00% | 8/7/2023 | 7,313 | 7,237 | 1,549 | ||||||||||||||||||||||||||||||||||
Common Stock | 12/7/2021 | 2,143 | — | — | ||||||||||||||||||||||||||||||||||||||||
8,635 | 2,947 | |||||||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | (11) | Unified Communications as a Service | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/3/2018 | 9.12% | L + | 6.00% | 7/19/2025 | 20,467 | 20,414 | 17,960 | |||||||||||||||||||||||||||||||||||
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/28/2019 | 9.42% | L + | 6.50% | 8/28/2025 | 726 | 721 | 716 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/28/2019 | 8.75% | L + | 6.50% | 8/28/2025 | 16,889 | 16,774 | 16,645 | |||||||||||||||||||||||||||||||||||
17,495 | 17,361 | |||||||||||||||||||||||||||||||||||||||||||
INW Manufacturing, LLC | (11) | Manufacturer of Nutrition and Wellness Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/19/2021 | 8.71% | L + | 5.75% | 3/25/2027 | 7,125 | 6,959 | 6,306 | |||||||||||||||||||||||||||||||||||
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/21/2018 | 9.93% | L + | 7.75% | 9.93% | 6/14/2025 | 4,951 | 4,933 | 2,140 | ||||||||||||||||||||||||||||||||||
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/8/2021 | 8.75% | L + | 6.50% | 11/4/2024 | 2,084 | 2,084 | 1,987 | |||||||||||||||||||||||||||||||||||
Preferred Equity | (8) | 11/8/2021 | 2,826,667 | 116 | 616 | |||||||||||||||||||||||||||||||||||||||
2,200 | 2,603 | |||||||||||||||||||||||||||||||||||||||||||
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 11/15/2021 | 15.00% | 15.00% | 15.00% | 11/8/2022 | 1,833 | 1,833 | 1,833 | ||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 8/21/2019 | 19.75% | 19.75% | 8/21/2024 | 4,034 | 3,997 | 1,222 | ||||||||||||||||||||||||||||||||||||
Common Stock | 8/21/2019 | 472,579 | 4,429 | — | ||||||||||||||||||||||||||||||||||||||||
10,259 | 3,055 | |||||||||||||||||||||||||||||||||||||||||||
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/22/2021 | L + | 6.00% | 12/22/2026 | — | (143) | (143) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/22/2021 | 8.26% | L + | 6.00% | 12/22/2026 | 37,421 | 36,788 | 37,321 | |||||||||||||||||||||||||||||||||||
Common Equity | 12/22/2021 | 1,684,211 | 1,684 | 2,340 | ||||||||||||||||||||||||||||||||||||||||
38,329 | 39,518 | |||||||||||||||||||||||||||||||||||||||||||
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/4/2021 | 9.56% | L + | 7.25% | 10/4/2026 | 1,075 | 1,026 | 1,014 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Lightbox Holdings, L.P. | (11) | May 23, 2019 | Provider of Commercial Real Estate Software | | | | | | | | | | | |
| | | | Secured Debt | | | 5.13% (L+5.00%) | 5/9/2026 | | 14,663 | | 14,491 | | 14,589 |
| | | | | | | | | | | | | | |
LKCM Headwater Investments I, L.P. | (12) (13) | January 25, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests | (31) | 2.3% | | | | | | 1,746 | | 3,302 |
| | | | | | | | | | | | | | |
LL Management, Inc. | (10) | May 2, 2019 | Medical Transportation Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+7.25%, Floor 1.00%) | 9/25/2023 | | 17,481 | | 17,337 | | 17,481 |
| | | | | | | | | | | | | | |
LLFlex, LLC | (10) | August 16, 2021 | Provider of Metal-Based Laminates | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+9.00%, Floor 1.00%) | 8/16/2026 | | 4,500 | | 4,401 | | 4,401 |
| | | | | | | | | | | | | | |
Logix Acquisition Company, LLC | (10) | June 24, 2016 | Competitive Local Exchange Carrier | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 12/22/2024 | | 25,991 | | 24,657 | | 24,724 |
| | | | | | | | | | | | | | |
Looking Glass Investments, LLC | (12) (13) | July 1, 2015 | Specialty Consumer Finance | | | | | | | | | | | |
| | | | Member Units | | 3 | | | | | | 125 | | 25 |
| | | | | | | | | | | | | | |
Lulu's Fashion Lounge, LLC | (10) | August 31, 2017 | Fast Fashion E-Commerce Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%) | 8/28/2022 | | 10,687 | | 10,593 | | 9,138 |
| | | | | | | | | | | | | | |
Lynx FBO Operating LLC | (10) | September 30, 2019 | Fixed Based Operator in the General Aviation Industry | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.25% (L+5.75%, Floor 1.50%) | 9/30/2024 | | 13,475 | | 13,276 | | 13,475 |
| | | | Member Units | | 4,872 | | | | | | 687 | | 880 |
| | | | | | | | | | | | 13,963 | | 14,355 |
Mac Lean-Fogg Company | (10) | April 22, 2019 | Manufacturer and Supplier for Auto and Power Markets | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 5.38% (L+4.75%, Floor 0.625%) | 12/22/2025 | | 17,080 | | 16,991 | | 17,080 |
| | | | Preferred Stock | (19) | | 13.75% (4.50% Cash, 9.25% PIK) | | | | | 1,901 | | 1,901 |
| | | | | | | | | | | | 18,892 | | 18,981 |
Mako Steel, LP | (10) | March 15, 2021 | Self-Storage Design & Construction | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+7.25%, Floor 0.75%) | 3/13/2026 | | 17,812 | | 17,468 | | 17,687 |
| | | | | | | | | | | | | | |
MB2 Dental Solutions, LLC | (11) | January 28, 2021 | Dental Partnership Organization | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 1/29/2027 | | 9,955 | | 9,800 | | 9,955 |
| | | | | | | | | | | | | | |
24
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/4/2021 | 9.56% | L + | 7.25% | 10/4/2026 | 7,524 | 7,402 | 7,101 | |||||||||||||||||||||||||||||||||||
8,428 | 8,115 | |||||||||||||||||||||||||||||||||||||||||||
Kore Wireless Group Inc. | (11) (13) | Mission Critical Software Platform | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2018 | 9.17% | L + | 5.50% | 12/20/2024 | 11,326 | 11,275 | 11,199 | ||||||||||||||||||||||||||||||||||||
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 5/9/2019 | 7.96% | L + | 5.00% | 5/9/2026 | 14,513 | 14,377 | 14,005 | ||||||||||||||||||||||||||||||||||||
LKCM Headwater Investments I, L.P. | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests | (8) (31) | 1/25/2013 | 2.27% | 1,746 | 3,197 | |||||||||||||||||||||||||||||||||||||||
LL Management, Inc. | (10) | Medical Transportation Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/2/2019 | 10.20% | SF + | 7.25% | 9/25/2023 | 8,126 | 8,102 | 8,126 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/2/2019 | 9.81% | SF + | 7.25% | 9/25/2023 | 9,220 | 9,171 | 9,220 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/12/2022 | 9.13% | SF + | 7.25% | 9/25/2023 | 10,855 | 10,728 | 10,799 | |||||||||||||||||||||||||||||||||||
28,001 | 28,145 | |||||||||||||||||||||||||||||||||||||||||||
LLFlex, LLC | (10) | Provider of Metal-Based Laminates | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/16/2021 | 11.28% | L + | 9.00% | 8/16/2026 | 4,455 | 4,376 | 4,234 | |||||||||||||||||||||||||||||||||||
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/8/2018 | 8.87% | L + | 5.75% | 12/22/2024 | 19,662 | 18,954 | 17,941 | |||||||||||||||||||||||||||||||||||
Looking Glass Investments, LLC | (12) (13) | Specialty Consumer Finance | ||||||||||||||||||||||||||||||||||||||||||
Member Units | 7/1/2015 | 3 | 125 | 25 | ||||||||||||||||||||||||||||||||||||||||
Mac Lean-Fogg Company | (10) | Manufacturer and Supplier for Auto and Power Markets | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/22/2019 | 7.87% | L + | 4.75% | 12/22/2025 | 1,786 | 1,779 | 1,768 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/22/2019 | 7.87% | L + | 4.75% | 12/22/2025 | 15,163 | 15,102 | 15,011 | |||||||||||||||||||||||||||||||||||
Preferred Stock | 10/1/2019 | 13.75% | 9.25% | 1,984 | 1,926 | |||||||||||||||||||||||||||||||||||||||
18,865 | 18,705 | |||||||||||||||||||||||||||||||||||||||||||
Mako Steel, LP | (10) | Self-Storage Design & Construction | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/15/2021 | 10.42% | L + | 7.25% | 3/15/2026 | 1,643 | 1,599 | 1,586 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/15/2021 | 11.09% | L + | 7.25% | 3/15/2026 | 15,324 | 15,107 | 14,791 | |||||||||||||||||||||||||||||||||||
16,706 | 16,377 | |||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions, LLC | (11) | Dental Partnership Organization |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Mills Fleet Farm Group, LLC | (10) | October 24, 2018 | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.25% (L+6.25%, Floor 1.00%) | 10/24/2024 | | 17,781 | | 17,546 | | 17,781 |
| | | | | | | | | | | | | | |
NBG Acquisition Inc | (11) | April 28, 2017 | Wholesaler of Home Décor Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 4/26/2024 | | 4,015 | | 3,986 | | 3,449 |
| | | | | | | | | | | | | | |
NinjaTrader, LLC | (10) | December 18, 2019 | Operator of Futures Trading Platform | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+6.75%, Floor 1.50%) | 12/18/2024 | | 17,625 | | 17,344 | | 17,600 |
| | | | | | | | | | | | | | |
NNE Partners, LLC | (10) | March 2, 2017 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 9.38% (4.88% Cash, 4.50% PIK) (4.50% PIK + L+4.75%) | 12/31/2023 | | 24,499 | | 24,416 | | 22,487 |
| | | | | | | | | | | | | | |
NTM Acquisition Corp. | (11) | July 12, 2016 | Provider of B2B Travel Information Content | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%) | 6/7/2024 | | 4,622 | | 4,622 | | 4,576 |
| | | | | | | | | | | | | | |
NWN Corporation | (10) | May 7, 2021 | Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 5/7/2026 | | 41,138 | | 40,209 | | 40,209 |
| | | | | | | | | | | | | | |
Ospemifene Royalty Sub LLC | (10) | July 8, 2013 | Estrogen-Deficiency Drug Manufacturer and Distributor | | | | | | | | | | | |
| | | | Secured Debt | (14) | | 11.50% | 11/15/2026 | | 4,694 | | 4,694 | | 115 |
| | | | | | | | | | | | | | |
Project Eagle Holdings, LLC | (10) | July 6, 2020 | Provider of Secure Business Collaboration Software | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 7/6/2026 | | 29,813 | | 29,184 | | 29,510 |
| | | | | | | | | | | | | | |
PT Network, LLC | (10) | November 1, 2013 | Provider of Outpatient Physical Therapy and Sports Medicine Services | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.50% (6.50% Cash, 2.00% PIK) (2.00% PIK + L+5.50%, Floor 1.00%) | 11/30/2023 | | 8,668 | | 8,668 | | 8,668 |
| | | | | | | | | | | | | | |
RA Outdoors LLC | (10) | April 8, 2021 | Software Solutions Provider for Outdoor Activity Management | | | | | | | | | | | |
25
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (36) | 1/28/2021 | 9.08% | SF + | 6.00% | 1/29/2027 | 6,816 | 6,757 | 6,763 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/28/2021 | 9.70% | SF + | 6.00% | 1/29/2027 | 7,896 | 7,799 | 7,834 | |||||||||||||||||||||||||||||||||||
14,556 | 14,597 | |||||||||||||||||||||||||||||||||||||||||||
Microbe Formulas, LLC | (10) | Nutritional Supplements Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 4/4/2022 | SF + | 6.25% | 4/3/2028 | — | (66) | (66) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 4/4/2022 | 8.36% | SF + | 6.25% | 4/3/2028 | 27,625 | 27,118 | 25,665 | |||||||||||||||||||||||||||||||||||
27,052 | 25,599 | |||||||||||||||||||||||||||||||||||||||||||
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/24/2018 | 9.06% | L + | 6.25% | 10/24/2024 | 18,769 | 18,533 | 18,309 | |||||||||||||||||||||||||||||||||||
MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 5/24/2022 | L + | 7.00% | 5/24/2027 | — | (68) | (68) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/24/2022 | 9.43% | L + | 7.00% | 5/24/2027 | 10,107 | 9,912 | 9,677 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/24/2022 | 8.51% | L + | 7.00% | 5/24/2027 | 17,038 | 16,730 | 16,808 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/30/2022 | 44,445,814 | 889 | 889 | ||||||||||||||||||||||||||||||||||||||||
27,463 | 27,306 | |||||||||||||||||||||||||||||||||||||||||||
NBG Acquisition Inc | (11) | Wholesaler of Home Décor Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/28/2017 | 9.67% | L + | 5.50% | 4/26/2024 | 3,876 | 3,859 | 1,841 | |||||||||||||||||||||||||||||||||||
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/18/2019 | L + | 6.75% | 12/18/2024 | — | (2) | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/18/2019 | L + | 6.75% | 12/18/2024 | — | (43) | (43) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/18/2019 | 8.53% | L + | 6.75% | 12/18/2024 | 21,666 | 21,387 | 21,666 | |||||||||||||||||||||||||||||||||||
21,342 | 21,623 | |||||||||||||||||||||||||||||||||||||||||||
NNE Partners, LLC | (10) | Oil & Gas Exploration & Production | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/2/2017 | 10.86% | L + | 9.25% | 12/31/2023 | 24,781 | 24,736 | 24,073 | ||||||||||||||||||||||||||||||||||||
Northstar Group Services, Inc | (11) | Commercial & Industrial Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/1/2021 | 8.62% | L + | 5.50% | 11/12/2026 | 9,742 | 9,702 | 9,535 | |||||||||||||||||||||||||||||||||||
NTM Acquisition Corp. | (11) | Provider of B2B Travel Information Content | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/12/2016 | 9.50% | L + | 6.25% | 1.00% | 6/7/2024 | 4,490 | 4,490 | 4,333 | ||||||||||||||||||||||||||||||||||
NWN Corporation | (10) | Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 4/8/2026 | | 19,422 | | 19,232 | | 19,232 |
| | | | | | | | | | | | | | |
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | December 31, 2017 | Provider of Outsourced Online Surveying | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 12/20/2024 | | 20,176 | | 19,816 | | 19,989 |
| | | | | | | | | | | | | | |
RM Bidder, LLC | (10) | November 12, 2015 | Scripted and Unscripted TV and Digital Programming Provider | | | | | | | | | | | |
| | | | Member Units | | 2,779 | | | | | | 46 | | 29 |
| | | | Warrants | (26) | 187,161 | | 10/20/2025 | | | | 425 | | - |
| | | | | | | | | | | | 471 | | 29 |
Roof Opco, LLC | (10) | August 27, 2021 | Residential Re-Roofing/Repair | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/27/2026 | | 2,800 | | 2,699 | | 2,699 |
| | | | | | | | | | | | | | |
RTIC Subsidiary Holdings, LLC | (10) | September 1, 2020 | Direct-To-Consumer eCommerce Provider of Outdoor Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+7.75%, Floor 1.25%) | 9/1/2025 | | 18,303 | | 18,098 | | 18,302 |
| | | | | | | | | | | | | | |
Rug Doctor, LLC. | (10) | July 16, 2021 | Carpet Cleaning Products and Machinery | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 7.25% (6.25% Cash, 1.00% PIK) (1.00% PIK + L+5.25%, Floor 1.00%) | 5/16/2022 | | 9,367 | | 9,220 | | 9,220 |
| | | | | | | | | | | | | | |
Salient Partners L.P. | (11) | June 25, 2015 | Provider of Asset Management Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 10/30/2022 | | 7,501 | | 7,496 | | 5,312 |
| | | | | | | | | | | | | | |
Savers, Inc. | (11) | May 14, 2021 | For-Profit Thrift Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.75%, Floor 0.75%) | 4/26/2028 | | 12,900 | | 12,777 | | 13,061 |
| | | | | | | | | | | | | | |
Staples Canada ULC | (10) (13) (21) | September 14, 2017 | Office Supplies Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) (22) | | 8.00% (L+7.00%, Floor 1.00%) | 9/12/2024 | | 16,764 | | 16,674 | | 16,230 |
| | | | | | | | | | | | | | |
Student Resource Center, LLC | (10) | June 25, 2021 | Higher Education Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 6/25/2026 | | 11,250 | | 11,021 | | 11,021 |
| | | | | | | | | | | | | | |
Team Public Choices, LLC | (11) | October 28, 2019 | Home-Based Care Employment Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.00% (L+5.00%, Floor 1.00%) | 12/18/2027 | | 18,147 | | 17,735 | | 18,147 |
| | | | | | | | | | | | | | |
Tectonic Financial, LLC | | May 15, 2017 | Financial Services Organization | | | | | | | | | | | |
26
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/7/2021 | 9.27% | L + | 6.50% | 5/7/2026 | 3,941 | 3,832 | 3,715 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/7/2021 | 9.37% | L + | 6.50% | 5/7/2026 | 40,615 | 40,014 | 38,285 | |||||||||||||||||||||||||||||||||||
43,846 | 42,000 | |||||||||||||||||||||||||||||||||||||||||||
Ospemifene Royalty Sub LLC | (10) | Estrogen-Deficiency Drug Manufacturer and Distributor | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 7/8/2013 | 11.50% | 11/15/2026 | 4,511 | 4,511 | 61 | |||||||||||||||||||||||||||||||||||||
OVG Business Services, LLC | (10) | Venue Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/29/2021 | 9.34% | L + | 6.25% | 11/19/2028 | 13,965 | 13,843 | 13,057 | |||||||||||||||||||||||||||||||||||
Paragon Healthcare, Inc. | (10) | Infusion Therapy Treatment Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 1/19/2022 | SF + | 5.75% | 1/19/2027 | — | (111) | (111) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/19/2022 | 8.45% | SF + | 5.75% | 1/19/2027 | 1,620 | 1,523 | 1,534 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 1/19/2022 | 8.40% | SF + | 5.75% | 1/19/2027 | 18,293 | 17,825 | 17,330 | |||||||||||||||||||||||||||||||||||
19,237 | 18,753 | |||||||||||||||||||||||||||||||||||||||||||
Project Eagle Holdings, LLC | (10) | Provider of Secure Business Collaboration Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 7/6/2020 | L + | 6.50% | 7/6/2026 | — | (20) | (20) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/6/2020 | 9.33% | L + | 6.50% | 7/6/2026 | 29,550 | 29,083 | 28,831 | |||||||||||||||||||||||||||||||||||
29,063 | 28,811 | |||||||||||||||||||||||||||||||||||||||||||
PTL US Bidco, Inc | (10) | Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells. | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 8/19/2022 | SF + | 8.25% | 8/19/2027 | — | (184) | (184) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/19/2022 | 11.40% | SF + | 8.25% | 8/19/2027 | 28,625 | 28,074 | 28,074 | |||||||||||||||||||||||||||||||||||
27,890 | 27,890 | |||||||||||||||||||||||||||||||||||||||||||
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 4/8/2021 | SF + | 6.75% | 4/8/2026 | — | (12) | (12) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 4/8/2021 | 9.03% | SF + | 6.75% | 4/8/2026 | 13,369 | 13,231 | 12,252 | |||||||||||||||||||||||||||||||||||
13,219 | 12,240 | |||||||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | Provider of Outsourced Online Surveying | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 12/29/2017 | 8.84% | SF + | 5.50% | 12/20/2024 | 19,966 | 19,717 | 18,128 | |||||||||||||||||||||||||||||||||||
RM Bidder, LLC | (10) | Scripted and Unscripted TV and Digital Programming Provider |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Common Stock | (8) | 200,000 | | | | | | 2,000 | | 4,180 |
| | | | | | | | | | | | | | |
Tex Tech Tennis, LLC | (10) | July 7, 2021 | Sporting Goods & Textiles | | | | | | | | | | | |
| | | | Common Stock | (30) | 1,000,000 | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | | | |
Time Manufacturing Acquisition LLC | (11) | February 24, 2021 | Manufacturer and Distributor of Utility Equipment | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.00% (L+5.00%, Floor 1.00%) | 2/3/2023 | | 1,476 | | 1,473 | | 1,481 |
| | | | | | | | | | | | | | |
U.S. TelePacific Corp. | (11) | May 17, 2017 | Provider of Communications and Managed Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 5/2/2023 | | 17,088 | | 16,966 | | 14,247 |
| | | | | | | | | | | | | | |
USA DeBusk LLC | (10) | October 22, 2019 | Provider of Industrial Cleaning Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 9/8/2026 | | 37,281 | | 36,474 | | 36,974 |
| | | | | | | | | | | | | | |
Veregy Consolidated, Inc. | (11) | November 9, 2020 | Energy Service Company | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 11/3/2027 | | 15,893 | | 14,753 | | 15,972 |
| | | | | | | | | | | | | | |
Vida Capital, Inc | (11) | October 10, 2019 | Alternative Asset Manager | | | | | | | | | | | |
| | | | Secured Debt | | | 6.08% (L+6.00%) | 10/1/2026 | | 17,344 | | 17,149 | | 16,000 |
| | | | | | | | | | | | | | |
Vistar Media, Inc. | (10) | February 17, 2017 | Operator of Digital Out-of-Home Advertising Platform | | | | | | | | | | | |
| | | | Preferred Stock | | 70,207 | | | | | | 767 | | 1,430 |
| | | | | | | | | | | | | | |
Wahoo Fitness Acquisition L.L.C. | (11) | August 17, 2021 | Fitness Training Equipment Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 8/12/2028 | | 15,000 | | 14,556 | | 14,700 |
| | | | | | | | | | | | | | |
Wall Street Prep, Inc. | (10) | July 19, 2021 | Financial Training Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+7.00%, Floor 1.00%) | 7/19/2026 | | 4,373 | | 4,280 | | 4,280 |
| | | | Common Stock | | 400,000 | | | | | | 400 | | 400 |
| | | | | | | | | | | | 4,680 | | 4,680 |
YS Garments, LLC | (11) | August 22, 2018 | Designer and Provider of Branded Activewear | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/9/2024 | | 13,034 | | 12,961 | | 12,578 |
| | | | | | | | | | | | | | |
Zilliant Incorporated | | June 15, 2012 | Price Optimization and Margin Management Solutions | | | | | | | | | | | |
| | | | Preferred Stock | | 186,777 | | | | | | 154 | | 260 |
| | | | Warrants | (28) | 952,500 | | 6/15/2022 | | | | 1,071 | | 1,290 |
| | | | | | | | | | | | 1,225 | | 1,550 |
Short-term portfolio investments | (34) (35) | | | | | | | | | | | | | |
| | | | | | | | | | | | 34,377 | | 34,341 |
27
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Member Units | 11/12/2015 | 2,779 | 46 | 24 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (26) | 11/12/2015 | 187,161 | 10/20/2025 | 425 | — | ||||||||||||||||||||||||||||||||||||||
471 | 24 | |||||||||||||||||||||||||||||||||||||||||||
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 8/27/2021 | L + | 6.50% | 8/27/2026 | — | (12) | (12) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/27/2021 | 8.78% | L + | 6.50% | 8/27/2026 | 2,333 | 2,288 | 2,270 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/27/2021 | 8.78% | L + | 6.50% | 8/27/2026 | 3,173 | 3,122 | 3,087 | |||||||||||||||||||||||||||||||||||
5,398 | 5,345 | |||||||||||||||||||||||||||||||||||||||||||
RTIC Subsidiary Holdings, LLC | (10) | Direct-To-Consumer eCommerce Provider of Outdoor Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/1/2020 | 10.59% | L + | 7.75% | 9/1/2025 | 2,534 | 2,514 | 2,417 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/1/2020 | 10.03% | L + | 7.75% | 9/1/2025 | 16,838 | 16,708 | 16,062 | |||||||||||||||||||||||||||||||||||
19,222 | 18,479 | |||||||||||||||||||||||||||||||||||||||||||
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 7/16/2021 | 11.99% | SF + | 8.25% | 2.00% | 11/16/2024 | 5,625 | 5,585 | 5,033 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 7/16/2021 | 11.99% | SF + | 8.25% | 2.00% | 11/16/2024 | 8,340 | 8,207 | 7,462 | ||||||||||||||||||||||||||||||||||
13,792 | 12,495 | |||||||||||||||||||||||||||||||||||||||||||
Salient Partners L.P. | (11) | Provider of Asset Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/31/2018 | 9.67% | L + | 6.00% | 10/31/2022 | 6,251 | 6,250 | 5,039 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/30/2021 | 9.67% | L + | 6.00% | 10/31/2022 | 1,250 | 1,250 | 2,494 | |||||||||||||||||||||||||||||||||||
7,500 | 7,533 | |||||||||||||||||||||||||||||||||||||||||||
Savers, Inc. | (11) | For-Profit Thrift Retailer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/14/2021 | 9.17% | L + | 5.50% | 4/26/2028 | 11,315 | 11,223 | 10,918 | |||||||||||||||||||||||||||||||||||
SIB Holdings, LLC | (10) | Provider of Cost Reduction Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 10/29/2021 | 8.81% | SF + | 6.25% | 10/29/2026 | 323 | 314 | 298 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 10/29/2021 | 8.81% | SF + | 6.25% | 10/29/2026 | 1,573 | 1,545 | 1,451 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 10/29/2021 | 8.14% | SF + | 6.25% | 10/29/2026 | 7,845 | 7,712 | 7,238 | |||||||||||||||||||||||||||||||||||
Common Equity | 10/29/2021 | 95,238 | 200 | 200 | ||||||||||||||||||||||||||||||||||||||||
9,771 | 9,187 | |||||||||||||||||||||||||||||||||||||||||||
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 12/10/2021 | L + | 5.75% | 12/13/2026 | — | (75) | (75) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/10/2021 | 8.74% | L + | 5.75% | 12/13/2026 | 41,359 | 40,664 | 40,772 | |||||||||||||||||||||||||||||||||||
Common Equity | 12/10/2021 | 863,636 | 864 | 1,068 | ||||||||||||||||||||||||||||||||||||||||
41,453 | 41,765 | |||||||||||||||||||||||||||||||||||||||||||
SPAU Holdings, LLC | (10) | Digital Photo Product Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 7/1/2022 | SF + | 7.50% | 7/1/2027 | — | (61) | (61) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 7/1/2022 | 9.58% | SF + | 7.50% | 7/1/2027 | 15,968 | 15,664 | 15,664 | |||||||||||||||||||||||||||||||||||
Common Stock | 7/1/2022 | 638,710 | 639 | 639 | ||||||||||||||||||||||||||||||||||||||||
16,242 | 16,242 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
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Subtotal Non-Control/Non-Affiliate Investments (76.9% of net assets at fair value) | | | | | | | | | | | $ | 1,338,405 | $ | 1,295,747 |
Total Portfolio Investments, September 30, 2021 (185.1% of net assets at fair value) | | | | | | | | | | | $ | 2,832,562 | $ | 3,117,104 |
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28
2022
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Staples Canada ULC | (10) (13) (21) | Office Supplies Retailer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (22) | 9/14/2017 | 10.19% | L + | 7.00% | 9/12/2024 | 14,334 | 14,286 | 12,816 | |||||||||||||||||||||||||||||||||||
Stellant Systems, Inc. | (11) | Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 10/22/2021 | 8.41% | SF + | 5.50% | 10/1/2028 | 7,642 | 7,576 | 7,107 | |||||||||||||||||||||||||||||||||||
Student Resource Center, LLC | (10) | Higher Education Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 6/25/2021 | L + | 8.00% | 6/25/2026 | — | (11) | (11) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/30/2022 | 10.25% | L + | 7.00% | 6/25/2026 | 6,250 | 6,156 | 5,141 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/30/2022 | 11.75% | L + | 9.50% | 6/25/2026 | 4,338 | 4,271 | 1,286 | |||||||||||||||||||||||||||||||||||
10,416 | 6,416 | |||||||||||||||||||||||||||||||||||||||||||
Tacala Investment Corp. | (33) | Quick Service Restaurant Group | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (32) | 3/19/2021 | 6.62% | L + | 3.50% | 2/5/2027 | 1,979 | 1,979 | 1,855 | |||||||||||||||||||||||||||||||||||
Team Public Choices, LLC | (11) | Home-Based Care Employment Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/22/2020 | 7.81% | L + | 5.00% | 12/18/2027 | 15,002 | 14,714 | 14,327 | |||||||||||||||||||||||||||||||||||
Tectonic Financial, LLC | Financial Services Organization | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 5/15/2017 | 200,000 | 2,000 | 5,630 | |||||||||||||||||||||||||||||||||||||||
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | (30) | 7/7/2021 | 1,000,000 | 1,000 | 1,380 | |||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 5/17/2017 | 11.57% | SF + | 8.50% | 7.25% | 5/2/2026 | 18,018 | 17,945 | 7,838 | ||||||||||||||||||||||||||||||||||
USA DeBusk LLC | (10) | Provider of Industrial Cleaning Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/22/2019 | 8.27% | L + | 5.75% | 9/8/2026 | 33,747 | 33,161 | 33,110 | |||||||||||||||||||||||||||||||||||
Veregy Consolidated, Inc. | (11) | Energy Service Company | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 11/9/2020 | L + | 5.25% | 11/3/2025 | — | (685) | (685) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2020 | 8.81% | L + | 6.00% | 11/3/2027 | 17,685 | 17,365 | 16,845 | |||||||||||||||||||||||||||||||||||
16,680 | 16,160 | |||||||||||||||||||||||||||||||||||||||||||
Vida Capital, Inc | (11) | Alternative Asset Manager |
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29
Consolidated Schedule of Investments
December 31, 2020
(dollars in thousands)
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Control Investments (5) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
ASC Interests, LLC | | August 1, 2013 | Recreational and Educational Shooting Facility | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 7/31/2022 | $ | 1,750 | $ | 1,715 | $ | 1,715 |
| | | | Member Units | | 1,500 | | | | | | 1,500 | | 1,120 |
| | | | | | | | | | | | 3,215 | | 2,835 |
| | | | | | | | | | | | | | |
Analytical Systems Keco, LLC | | August 16, 2019 | Manufacturer of Liquid and Gas Analyzers | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+10.00%, Floor 2.00%) | 8/16/2024 | | 5,155 | | 4,874 | | 4,874 |
| | | | Preferred Member Units | | 3,200 | | | | | | 3,200 | | 3,200 |
| | | | Warrants | (27) | 420 | | 8/16/2029 | | | | 316 | | 10 |
| | | | | | | | | | | | 8,390 | | 8,084 |
| | | | | | | | | | | | | | |
ATS Workholding, LLC | (10) | March 10, 2014 | Manufacturer of Machine Cutting Tools and Accessories | | | | | | | | | | | |
| | | | Secured Debt | (14) | | 5.00% | 11/16/2021 | | 4,982 | | 4,824 | | 3,347 |
| | | | Preferred Member Units | | 3,725,862 | | | | | | 3,726 | | - |
| | | | | | | | | | | | 8,550 | | 3,347 |
| | | | | | | | | | | | | | |
Project BarFly, LLC | (10) | August 31, 2015 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | | | 7.00% | 10/31/2024 | | 343 | | 343 | | 343 |
| | | | Member Units | | 37 | | | | | | 1,584 | | 1,584 |
| | | | | | | | | | | | 1,927 | | 1,927 |
| | | | | | | | | | | | | | |
Bolder Panther Group, LLC | | December 31, 2020 | Consumer Goods and Fuel Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.50% (L+9.00%, Floor 1.50%) | 12/31/2025 | | 27,500 | | 27,225 | | 27,225 |
| | | | Class A Preferred Member Units | (30) | | 14.00% | | | | | 10,194 | | 10,194 |
| | | | Class B Preferred Member Units | (30) | 140,000 | 8.00% | | | | | 14,000 | | 14,000 |
| | | | | | | | | | | | 51,419 | | 51,419 |
| | | | | | | | | | | | | | |
Bond-Coat, Inc. | | December 28, 2012 | Casing and Tubing Coating Services | | | | | | | | | | | |
| | | | Common Stock | | 57,508 | | | | | | 6,350 | | 2,040 |
| | | | | | | | | | | | | | |
Brewer Crane Holdings, LLC | | January 9, 2018 | Provider of Crane Rental and Operating Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 1/9/2023 | | 8,556 | | 8,513 | | 8,513 |
| | | | Preferred Member Units | (8) | 2,950 | | | | | | 4,280 | | 5,850 |
| | | | | | | | | | | | 12,793 | | 14,363 |
| | | | | | | | | | | | | | |
Bridge Capital Solutions Corporation | | April 18, 2012 | Financial Services and Cash Flow Solutions Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 12/11/2024 | | 8,813 | | 8,403 | | 8,403 |
| | | | Warrants | (27) | 82 | | 7/25/2026 | | | | 2,132 | | 3,220 |
| | | | Secured Debt | (30) | | 13.00% | 12/11/2024 | | 1,000 | | 998 | | 998 |
30
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2020
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | 10/10/2019 | 9.12% | L + | 6.00% | 10/1/2026 | 15,794 | 15,648�� | 12,372 | ||||||||||||||||||||||||||||||||||||
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | 4/3/2019 | 70,207 | 767 | 2,350 | ||||||||||||||||||||||||||||||||||||||||
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/30/2021 | 9.75% | L + | 7.25% | 11/30/2026 | 25,475 | 25,049 | 25,375 | |||||||||||||||||||||||||||||||||||
Common Equity | (8) | 11/30/2021 | 1,038,462 | 1,038 | 3,110 | |||||||||||||||||||||||||||||||||||||||
26,087 | 28,485 | |||||||||||||||||||||||||||||||||||||||||||
Wahoo Fitness Acquisition L.L.C. | (11) | Fitness Training Equipment Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 8/17/2021 | 9.57% | SF + | 5.75% | 8/12/2028 | 14,719 | 14,344 | 9,935 | |||||||||||||||||||||||||||||||||||
Wall Street Prep, Inc. | (10) | Financial Training Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 7/19/2021 | L + | 7.00% | 7/19/2026 | — | (6) | (6) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/19/2021 | 9.28% | L + | 7.00% | 7/19/2026 | 4,290 | 4,223 | 4,072 | |||||||||||||||||||||||||||||||||||
Common Stock | 7/19/2021 | 400,000 | 400 | 310 | ||||||||||||||||||||||||||||||||||||||||
4,617 | 4,376 | |||||||||||||||||||||||||||||||||||||||||||
Watterson Brands, LLC | (10) | Facility Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/17/2021 | 9.63% | L + | 6.00% | 12/17/2026 | 371 | 332 | 359 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/17/2021 | 8.25% | L + | 6.00% | 12/17/2026 | 391 | 359 | 379 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/17/2021 | 8.25% | L + | 6.00% | 12/17/2026 | 28,957 | 28,568 | 28,056 | |||||||||||||||||||||||||||||||||||
29,259 | 28,794 | |||||||||||||||||||||||||||||||||||||||||||
West Star Aviation Acquisition, LLC | (10) | Aircraft, Aircraft Engine and Engine Parts | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 3/1/2022 | 8.59% | SF + | 6.00% | 3/1/2028 | 10,794 | 10,599 | 10,294 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (25) | 3/1/2022 | SF + | 6.00% | 3/1/2028 | — | (21) | (21) | ||||||||||||||||||||||||||||||||||||
Common Stock | 3/1/2022 | 1,541,400 | 1,541 | 1,620 | ||||||||||||||||||||||||||||||||||||||||
12,119 | 11,893 | |||||||||||||||||||||||||||||||||||||||||||
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 11/19/2021 | L + | 7.00% | 11/19/2026 | — | (36) | — | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (25) | 11/19/2021 | L + | 7.00% | 11/19/2026 | — | (18) | (18) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2021 | 9.23% | L + | 7.00% | 11/19/2026 | 10,000 | 9,834 | 9,683 | |||||||||||||||||||||||||||||||||||
9,780 | 9,665 | |||||||||||||||||||||||||||||||||||||||||||
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 12/17/2021 | L + | 5.25% | 12/17/2026 | — | (138) | (138) | ||||||||||||||||||||||||||||||||||||
Secured Debt | (25) | 12/17/2021 | L + | 5.25% | 12/17/2027 | — | (206) | (206) |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | (8) (30) | 17,742 | | | | | | 1,000 | | 1,000 |
| | | | | | | | | | | | 12,533 | | 13,621 |
| | | | | | | | | | | | | | |
Café Brazil, LLC | | April 20, 2004 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Member Units | (8) | 1,233 | | | | | | 1,742 | | 2,030 |
| | | | | | | | | | | | | | |
California Splendor Holdings LLC | | March 30, 2018 | Processor of Frozen Fruits | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 3/30/2023 | | 8,100 | | 8,014 | | 8,043 |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 3/30/2023 | | 28,000 | | 27,854 | | 27,789 |
| | | | Preferred Member Units | (8) | 6,725 | | | | | | 8,255 | | 8,255 |
| | | | Preferred Member Units | (8) | 6,157 | | | | | | 10,775 | | 6,241 |
| | | | | | | | | | | | 54,898 | | 50,328 |
| | | | | | | | | | | | | | |
CBT Nuggets, LLC | | June 1, 2006 | Produces and Sells IT Training Certification Videos | | | | | | | | | | | |
| | | | Member Units | (8) | 416 | | | | | | 1,300 | | 46,080 |
| | | | | | | | | | | | | | |
Centre Technologies Holdings, LLC | | January 4, 2019 | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+10.00%, Floor 2.00%) | 1/4/2024 | | 11,628 | | 11,549 | | 11,549 |
| | | | Preferred Member Units | | 12,696 | | | | | | 5,840 | | 6,160 |
| | | | | | | | | | | | 17,389 | | 17,709 |
| | | | | | | | | | | | | | |
Chamberlin Holding LLC | | February 26, 2018 | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 2/26/2023 | | 15,212 | | 15,136 | | 15,212 |
| | | | Member Units | (8) | 4,347 | | | | | | 11,440 | | 28,070 |
| | | | Member Units | (8) (30) | 1,047,146 | | | | | | 1,322 | | 1,270 |
| | | | | | | | | | | | 27,898 | | 44,552 |
| | | | | | | | | | | | | | |
Charps, LLC | | February 3, 2017 | Pipeline Maintenance and Construction | | | | | | | | | | | |
| | | | Unsecured Debt | (19) | | 10.00% (8.67% Cash, 1.33% PIK) | 1/31/2024 | | 9,388 | | 7,641 | | 8,475 |
| | | | Secured Debt | | | 15.00% | 6/5/2022 | | 669 | | 669 | | 669 |
| | | | Preferred Member Units | (8) | 1,600 | | | | | | 400 | | 10,520 |
| | | | | | | | | | | | 8,710 | | 19,664 |
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Clad-Rex Steel, LLC | | December 20, 2016 | Specialty Manufacturer of Vinyl-Clad Metal | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.50% (L+9.50%, Floor 1.00%) | 12/20/2021 | | 10,880 | | 10,853 | | 10,853 |
| | | | Member Units | (8) | 717 | | | | | | 7,280 | | 8,610 |
| | | | Secured Debt | (30) | | 10.00% | 12/20/2036 | | 1,111 | | 1,100 | | 1,100 |
| | | | Member Units | (30) | 800 | | | | | | 210 | | 530 |
| | | | | | | | | | | | 19,443 | | 21,093 |
| | | | | | | | | | | | | | |
31
December 31, 2020
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (29) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | 12/17/2021 | 8.63% | L + | 5.25% | 12/17/2027 | 38,311 | 37,660 | 36,845 | ||||||||||||||||||||||||||||||||||||
37,316 | 36,501 | |||||||||||||||||||||||||||||||||||||||||||
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/22/2018 | 7.92% | L + | 5.50% | 8/9/2024 | 12,659 | 12,613 | 12,121 | |||||||||||||||||||||||||||||||||||
Zips Car Wash, LLC | (10) | Express Car Wash Operator | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) | 2/11/2022 | 9.94% | SF + | 7.25% | 3/1/2024 | 17,512 | 17,229 | 17,284 | |||||||||||||||||||||||||||||||||||
Secured Debt | (9) (29) (33) | 2/11/2022 | 9.86% | SF + | 7.25% | 3/1/2024 | 4,389 | 4,354 | 4,289 | |||||||||||||||||||||||||||||||||||
21,583 | 21,573 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal Non-Control/Non-Affiliate Investments (92.0% of net assets at fair value) | $ | 1,914,134 | $ | 1,821,480 | ||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, September 30, 2022 (200.7% of net assets at fair value) | $ | 3,689,627 | $ | 3,973,490 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
CMS Minerals Investments | | January 30, 2015 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Member Units | (30) | 100 | | | | | | 2,179 | | 1,624 |
| | | | | | | | | | | | | | |
Cody Pools, Inc. | | March 6, 2020 | Designer of Residential and Commercial Pools | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.25% (L+10.50%, Floor 1.75%) | 3/6/2025 | | 14,216 | | 14,092 | | 14,216 |
| | | | Preferred Member Units | | 587 | | | | | | 8,317 | | 14,940 |
| | | | | | | | | | | | 22,409 | | 29,156 |
| | | | | | | | | | | | | | |
CompareNetworks Topco, LLC | | January 29, 2019 | Internet Publishing and Web Search Portals | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 1/29/2024 | | 7,954 | | 7,910 | | 7,953 |
| | | | Preferred Member Units | (8) | 1,975 | | | | | | 1,975 | | 6,780 |
| | | | | | | | | | | | 9,885 | | 14,733 |
| | | | | | | | | | | | | | |
Copper Trail Fund Investments | (12) (13) | July 17, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (CTMH, LP) | (31) | 38.8% | | | | | | 747 | | 747 |
| | | | | | | | | | | | | | |
Datacom, LLC | | May 30, 2014 | Technology and Telecommunications Provider | | | | | | | | | | | |
| | | | Secured Debt | (14) | | 8.00% | 5/31/2021 | | 1,800 | | 1,800 | | 1,615 |
| | | | Secured Debt | (14) (19) | | 10.50% PIK | 5/31/2021 | | 12,507 | | 12,475 | | 10,531 |
| | | | Class A Preferred Member Units | | - | | | | | | 1,294 | | - |
| | | | Class B Preferred Member Units | | 6,453 | | | | | | 6,030 | | - |
| | | | | | | | | | | | 21,599 | | 12,146 |
| | | | | | | | | | | | | | |
Digital Products Holdings LLC | | April 1, 2018 | Designer and Distributor of Consumer Electronics | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 4/1/2023 | | 18,173 | | 18,077 | | 18,077 |
| | | | Preferred Member Units | (8) | 3,857 | | | | | | 9,501 | | 9,835 |
| | | | | | | | | | | | 27,578 | | 27,912 |
| | | | | | | | | | | | | | |
Direct Marketing Solutions, Inc. | | February 13, 2018 | Provider of Omni-Channel Direct Marketing Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 2/13/2023 | | 15,090 | | 15,007 | | 15,007 |
| | | | Preferred Stock | | 8,400 | | | | | | 8,400 | | 19,380 |
| | | | | | | | | | | | 23,407 | | 34,387 |
| | | | | | | | | | | | | | |
Gamber-Johnson Holdings, LLC ("GJH") | | June 24, 2016 | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+7.00%, Floor 2.00%) | 6/24/2021 | | 19,838 | | 19,807 | | 19,838 |
| | | | Member Units | (8) | 8,619 | | | | | | 14,844 | | 52,490 |
| | | | | | | | | | | | 34,651 | | 72,328 |
32
December 31, 2020
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Garreco, LLC | | July 15, 2013 | Manufacturer and Supplier of Dental Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%) | 1/31/2021 | | 4,519 | | 4,519 | | 4,519 |
| | | | Member Units | | 1,200 | | | | | | 1,200 | | 1,410 |
| | | | | | | | | | | | 5,719 | | 5,929 |
| | | | | | | | | | | | | | |
GRT Rubber Technologies LLC ("GRT") | | December 19, 2014 | Manufacturer of Engineered Rubber Products | | | | | | | | | | | |
| | | | Secured Debt | | | 7.15% (L+7.00%) | 12/31/2023 | | 16,775 | | 16,775 | | 16,775 |
| | | | Member Units | (8) | 5,879 | | | | | | 13,065 | | 44,900 |
| | | | | | | | | | | | 29,840 | | 61,675 |
| | | | | | | | | | | | | | |
Gulf Manufacturing, LLC | | August 31, 2007 | Manufacturer of Specialty Fabricated Industrial Piping Products | | | | | | | | | | | |
| | | | Member Units | (8) | 438 | | | | | | 2,980 | | 4,510 |
| | | | | | | | | | | | | | |
Gulf Publishing Holdings, LLC | | April 29, 2016 | Energy Industry Focused Media and Publishing | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) (19) | | 10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) | 9/30/2020 | | 250 | | 250 | | 250 |
| | | | Secured Debt | (19) | | 12.50% (6.25% Cash, 6.25% PIK) | 4/29/2021 | | 13,147 | | 13,135 | | 12,044 |
| | | | Member Units | | 3,681 | | | | | | 3,681 | | - |
| | | | | | | | | | | | 17,066 | | 12,294 |
| | | | | | | | | | | | | | |
Harris Preston Fund Investments | (12) (13) | October 1, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (2717 MH, L.P.) | (31) | 49.3% | | | | | | 2,599 | | 2,702 |
| | | | LP Interests (2717 HPP-MS, L.P.) | (31) | 49.3% | | | | | | 250 | | 250 |
| | | | | | | | | | | | 2,849 | | 2,952 |
| | | | | | | | | | | | | | |
Harrison Hydra-Gen, Ltd. | | June 4, 2010 | Manufacturer of Hydraulic Generators | | | | | | | | | | | |
| | | | Common Stock | (8) | 107,456 | | | | | | 718 | | 5,450 |
| | | | | | | | | | | | | | |
Jensen Jewelers of Idaho, LLC | | November 14, 2006 | Retail Jewelry Store | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (Prime+6.75%, Floor 2.00%) | 11/14/2023 | | 3,400 | | 3,374 | | 3,400 |
| | | | Member Units | (8) | 627 | | | | | | 811 | | 7,620 |
| | | | | | | | | | | | 4,185 | | 11,020 |
| | | | | | | | | | | | | | |
J&J Services, Inc. | | October 31, 2019 | Provider of Dumpster and Portable Toilet Rental Services | | | | | | | | | | | |
| | | | Secured Debt | | | 11.50% | 10/31/2024 | | 12,800 | | 12,697 | | 12,800 |
| | | | Preferred Stock | | 2,814 | | | | | | 7,085 | | 12,680 |
| | | | | | | | | | | | 19,782 | | 25,480 |
| | | | | | | | | | | | | | |
KBK Industries, LLC | | January 23, 2006 | Manufacturer of Specialty Oilfield and Industrial Products | | | | | | | | | | | |
| | | | Member Units | (8) | 325 | | | | | | 783 | | 13,200 |
| | | | | | | | | | | | | | |
33
December 31, 2020
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Kickhaefer Manufacturing Company, LLC | | October 31, 2018 | Precision Metal Parts Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | | | 11.50% | 10/31/2023 | | 22,415 | | 22,269 | | 22,269 |
| | | | Member Units | | 581 | | | | | | 12,240 | | 12,240 |
| | | | Secured Debt | | | 9.00% | 10/31/2048 | | 3,948 | | 3,909 | | 3,909 |
| | | | Member Units | (8) (30) | 800 | | | | | | 992 | | 1,160 |
| | | | | | | | | | | | 39,410 | | 39,578 |
| | | | | | | | | | | | | | |
Market Force Information, LLC | | July 28, 2017 | Provider of Customer Experience Management Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 7/28/2023 | | 1,600 | | 1,600 | | 1,600 |
| | | | Secured Debt | (14) (19) | | 12.00% PIK | 7/28/2023 | | 26,079 | | 25,952 | | 13,562 |
| | | | Member Units | | 743,921 | | | | | | 16,642 | | - |
| | | | | | | | | | | | 44,194 | | 15,162 |
| | | | | | | | | | | | | | |
MH Corbin Holding LLC | | August 31, 2015 | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 13.00% (10.00% Cash, 3.00% PIK) | 3/31/2022 | | 8,570 | | 8,527 | | 8,280 |
| | | | Preferred Member Units | | 66,000 | | | | | | 4,400 | | 2,370 |
| | | | Preferred Member Units | | 4,000 | | | | | | 6,000 | | - |
| | | | | | | | | | | | 18,927 | | 10,650 |
| | | | | | | | | | | | | | |
MSC Adviser I, LLC | (16) | November 22, 2013 | Third Party Investment | | | | | | | | | | | |
| | | | Member Units | (8) (31) | | | | | | | 29,500 | | 116,760 |
| | | | | | | | | | | | | | |
Mystic Logistics Holdings, LLC | | August 18, 2014 | Logistics and Distribution Services Provider for Large Volume Mailers | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 1/17/2022 | | 6,733 | | 6,723 | | 6,723 |
| | | | Common Stock | (8) | 5,873 | | | | | | 2,720 | | 8,990 |
| | | | | | | | | | | | 9,443 | | 15,713 |
| | | | | | | | | | | | | | |
NAPCO Precast, LLC | | January 31, 2008 | Precast Concrete Manufacturing | | | | | | | | | | | |
| | | | Member Units | (8) | 2,955 | | | | | | 2,975 | | 16,100 |
| | | | | | | | | | | | | | |
Nebraska Vet AcquireCo, LLC (NVS) | | December 31, 2020 | Mixed-Animal Veterinary and Animal Health Product Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 12/31/2025 | | 10,500 | | 10,395 | | 10,395 |
| | | | Preferred Member Units | | 6,500 | | | | | | 6,500 | | 6,500 |
| | | | | | | | | | | | 16,895 | | 16,895 |
| | | | | | | | | | | | | | |
NexRev LLC | | February 28, 2018 | Provider of Energy Efficiency Products & Services | | | | | | | | | | | |
| | | | Secured Debt | | | 11.00% | 2/28/2023 | | 17,097 | | 17,016 | | 16,726 |
| | | | Preferred Member Units | (8) | 86,400,000 | | | | | | 6,880 | | 1,470 |
| | | | | | | | | | | | 23,896 | | 18,196 |
| | | | | | | | | | | | | | |
NRI Clinical Research, LLC | | September 8, 2011 | Clinical Research Service Provider | | | | | | | | | | | |
34
December 31, 2020
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | | | 9.00% | 6/8/2022 | | 5,620 | | 5,572 | | 5,620 |
| | | | Warrants | (27) | 251,723 | | 6/8/2027 | | | | 252 | | 1,490 |
| | | | Member Units | (8) | 1,454,167 | | | | | | 765 | | 5,600 |
| | | | | | | | | | | | 6,589 | | 12,710 |
| | | | | | | | | | | | | | |
NRP Jones, LLC | | December 22, 2011 | Manufacturer of Hoses, Fittings and Assemblies | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/20/2023 | | 2,080 | | 2,080 | | 2,080 |
| | | | Member Units | (8) | 65,962 | | | | | | 3,717 | | 2,821 |
| | | | | | | | | | | | 5,797 | | 4,901 |
| | | | | | | | | | | | | | |
NuStep, LLC | | January 31, 2017 | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 1/31/2022 | | 17,240 | | 17,193 | | 17,193 |
| | | | Preferred Member Units | | 406 | | | | | | 10,200 | | 10,780 |
| | | | | | | | | | | | 27,393 | | 27,973 |
| | | | | | | | | | | | | | |
OMi Holdings, Inc. | | April 1, 2008 | Manufacturer of Overhead Cranes | | | | | | | | | | | |
| | | | Common Stock | (8) | 1,500 | | | | | | 1,080 | | 20,380 |
| | | | | | | | | | | | | | |
Pearl Meyer Topco LLC | | April 27, 2020 | Provider of Executive Compensation Consulting Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 4/27/2025 | | 37,513 | | 37,202 | | 37,202 |
| | | | Member Units | (8) | 13,800 | | | | | | 13,000 | | 15,940 |
| | | | | | | | | | | | 50,202 | | 53,142 |
| | | | | | | | | | | | | | |
Pegasus Research Group, LLC | | January 6, 2011 | Provider of Telemarketing and Data Services | | | | | | | | | | | |
| | | | Member Units | (8) | 460 | | | | | | 1,290 | | 8,830 |
| | | | | | | | | | | | | | |
PPL RVs, Inc. | | June 10, 2010 | Recreational Vehicle Dealer | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+7.00%, Floor 0.50%) | 11/15/2022 | | 11,855 | | 11,781 | | 11,806 |
| | | | Common Stock | (8) | 2,000 | | | | | | 2,150 | | 11,500 |
| | | | | | | | | | | | 13,931 | | 23,306 |
| | | | | | | | | | | | | | |
Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions) | | February 1, 2011 | Noise Abatement Service Provider | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 4/30/2023 | | 6,397 | | 6,335 | | 6,397 |
| | | | Preferred Member Units | (8) | 19,631 | | | | | | 4,600 | | 10,500 |
| | | | Warrants | (27) | 1,018 | | 1/31/2021 | | | | 1,200 | | 870 |
| | | | | | | | | | | | 12,135 | | 17,767 |
| | | | | | | | | | | | | | |
Quality Lease Service, LLC | | June 8, 2015 | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | |
| | | | Member Units | | 1,000 | | | | | | 11,063 | | 4,460 |
| | | | | | | | | | | | | | |
River Aggregates, LLC | | March 30, 2011 | Processor of Construction Aggregates | | | | | | | | | | | |
| | | | Member Units | (30) | 1,500 | | | | | | 369 | | 3,240 |
| | | | | | | | | | | | | | |
35
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Control Investments (5) | ||||||||||||||||||||||||||||||||||||||||||||
Analytical Systems Keco Holdings, LLC | Manufacturer of Liquid and Gas Analyzers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/16/2019 | 12.00 | % | L + | 10.00% | 8/16/2024 | $ | 4,945 | $ | 4,736 | $ | 4,736 | |||||||||||||||||||||||||||||||
Preferred Member Units | 8/16/2019 | 3,200 | 3,200 | — | ||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 5/20/2021 | 2,427 | 2,427 | 4,894 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 8/16/2019 | 420 | 8/16/2029 | 316 | — | ||||||||||||||||||||||||||||||||||||||
10,679 | 9,630 | |||||||||||||||||||||||||||||||||||||||||||
ASC Interests, LLC | Recreational and Educational Shooting Facility | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2019 | 13.00 | % | 7/31/2022 | 200 | 200 | 200 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 8/1/2013 | 13.00 | % | 7/31/2022 | 1,650 | 1,636 | 1,636 | |||||||||||||||||||||||||||||||||||||
Member Units | 8/1/2013 | 1,500 | 1,500 | 720 | ||||||||||||||||||||||||||||||||||||||||
3,336 | 2,556 | |||||||||||||||||||||||||||||||||||||||||||
ATS Workholding, LLC | (10) | Manufacturer of Machine Cutting Tools and Accessories | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 11/16/2017 | 5.00 | % | 8/16/2023 | 4,794 | 4,635 | 3,005 | ||||||||||||||||||||||||||||||||||||
Preferred Member Units | 11/16/2017 | 3,725,862 | 3,726 | — | ||||||||||||||||||||||||||||||||||||||||
8,361 | 3,005 | |||||||||||||||||||||||||||||||||||||||||||
Barfly Ventures, LLC | (10) | Casual Restaurant Group | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/15/2020 | 7.00 | % | 10/31/2024 | 711 | 711 | 711 | |||||||||||||||||||||||||||||||||||||
Member Units | 10/26/2020 | 37 | 1,584 | 1,930 | ||||||||||||||||||||||||||||||||||||||||
2,295 | 2,641 | |||||||||||||||||||||||||||||||||||||||||||
Bolder Panther Group, LLC | Consumer Goods and Fuel Retailer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/31/2020 | 10.50 | % | L + | 9.00% | 12/31/2025 | 39,000 | 38,687 | 39,000 | ||||||||||||||||||||||||||||||||||
Class A Preferred Member Units | (8) | 12/31/2020 | 14.00 | % | 10,194 | 10,194 | ||||||||||||||||||||||||||||||||||||||
Class B Preferred Member Units | (8) | 12/31/2020 | 140,000 | 8.00 | % | 14,000 | 23,170 | |||||||||||||||||||||||||||||||||||||
62,881 | 72,364 | |||||||||||||||||||||||||||||||||||||||||||
Brewer Crane Holdings, LLC | Provider of Crane Rental and Operating Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/9/2018 | 11.00 | % | L + | 10.00% | 1/9/2023 | 8,060 | 8,037 | 8,037 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 1/9/2018 | 2,950 | 4,280 | 7,710 | |||||||||||||||||||||||||||||||||||||||
12,317 | 15,747 | |||||||||||||||||||||||||||||||||||||||||||
Bridge Capital Solutions Corporation | Financial Services and Cash Flow Solutions Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/25/2016 | 13.00 | % | 12/11/2024 | 8,813 | 8,813 | 8,813 | |||||||||||||||||||||||||||||||||||||
Warrants | (27) | 7/25/2016 | 82 | 7/25/2026 | 2,132 | 4,060 | ||||||||||||||||||||||||||||||||||||||
Secured Debt | (30) | 7/25/2016 | 13.00 | % | 12/11/2024 | 1,000 | 1,000 | 1,000 |
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 7/25/2016 | 17,742 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
12,945 | 14,873 | |||||||||||||||||||||||||||||||||||||||||||
Café Brazil, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/9/2006 | 1,233 | 1,742 | 2,570 | |||||||||||||||||||||||||||||||||||||||
California Splendor Holdings LLC | Processor of Frozen Fruits | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/30/2018 | 11.00 | % | L + | 10.00% | 3/30/2023 | 28,000 | 27,915 | 27,915 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 7/31/2019 | 6,725 | 15.00 | % | 15.00 | % | 9,510 | 9,510 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/30/2018 | 6,157 | 10,775 | 13,275 | |||||||||||||||||||||||||||||||||||||||
48,200 | 50,700 | |||||||||||||||||||||||||||||||||||||||||||
CBT Nuggets, LLC | Produces and Sells IT Training Certification Videos | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/1/2006 | 416 | 1,300 | 50,620 | |||||||||||||||||||||||||||||||||||||||
Centre Technologies Holdings, LLC | Provider of IT Hardware Services and Software Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/4/2019 | 12.00 | % | L + | 10.00% | 1/4/2024 | 9,416 | 9,370 | 8,864 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/4/2019 | 12,696 | 5,840 | 5,840 | ||||||||||||||||||||||||||||||||||||||||
15,210 | 14,704 | |||||||||||||||||||||||||||||||||||||||||||
Chamberlin Holding LLC | Roofing and Waterproofing Specialty Contractor | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/26/2018 | 9.00 | % | L + | 8.00% | 2/26/2023 | 17,817 | 17,738 | 17,817 | ||||||||||||||||||||||||||||||||||
Member Units | (8) | 2/26/2018 | 4,347 | 11,440 | 24,140 | |||||||||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 11/2/2018 | 1,047,146 | 1,322 | 1,540 | |||||||||||||||||||||||||||||||||||||||
30,500 | 43,497 | |||||||||||||||||||||||||||||||||||||||||||
Charps, LLC | Pipeline Maintenance and Construction | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | 8/26/2020 | 10.00 | % | 1/31/2024 | 5,694 | 4,599 | 5,694 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 2/3/2017 | 1,829 | 1,963 | 13,990 | |||||||||||||||||||||||||||||||||||||||
6,562 | 19,684 | |||||||||||||||||||||||||||||||||||||||||||
Clad-Rex Steel, LLC | Specialty Manufacturer of Vinyl-Clad Metal | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/20/2016 | 10.50 | % | L + | 9.50% | 1/15/2024 | 10,480 | 10,401 | 10,401 | ||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/20/2016 | 717 | 7,280 | 10,250 | |||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/20/2016 | 10.00 | % | 12/20/2036 | 1,081 | 1,071 | 1,071 | |||||||||||||||||||||||||||||||||||||
Member Units | (30) | 12/20/2016 | 800 | 210 | 530 | |||||||||||||||||||||||||||||||||||||||
18,962 | 22,252 | |||||||||||||||||||||||||||||||||||||||||||
CMS Minerals Investments | Oil & Gas Exploration & Production |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Tedder Industries, LLC | | August 31, 2018 | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | |
| ��� | | | Secured Debt | | | 12.00% | 8/31/2023 | | 16,400 | | 16,301 | | 16,301 |
| | | | Preferred Member Units | | 479 | | | | | | 8,136 | | 8,136 |
| | | | | | | | | | | | 24,437 | | 24,437 |
| | | | | | | | | | | | | | |
Trantech Radiator Topco, LLC | | May 31, 2019 | Transformer Cooling Products and Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 5/31/2024 | | 8,720 | | 8,644 | | 8,644 |
| | | | Common Stock | (8) | 615 | | | | | | 4,655 | | 6,030 |
| | | | | | | | | | | | 13,299 | | 14,674 |
| | | | | | | | | | | | | | |
UnionRock Energy Fund II, LP | (12) (13) | June 15, 2020 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | LP Interests | (31) | 49.6% | | | | | | 2,894 | | 2,894 |
| | | | | | | | | | | | | | |
Vision Interests, Inc. | | June 5, 2007 | Manufacturer / Installer of Commercial Signage | | | | | | | | | | | |
| | | | Secured Debt | (17) | | 13.00% | 9/30/2019 | | 2,028 | | 2,028 | | 2,028 |
| | | | Series A Preferred Stock | | 3,000,000 | | | | | | 3,000 | | 3,160 |
| | | | | | | | | | | | 5,028 | | 5,188 |
| | | | | | | | | | | | | | |
Ziegler's NYPD, LLC | | October 1, 2008 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | | | 6.50% | 10/1/2022 | | 1,000 | | 1,000 | | 979 |
| | | | Secured Debt | | | 12.00% | 10/1/2022 | | 625 | | 625 | | 625 |
| | | | Secured Debt | | | 14.00% | 10/1/2022 | | 2,750 | | 2,750 | | 2,750 |
| | | | Warrants | (27) | 587 | | 10/1/2025 | | | | 600 | | - |
| | | | Preferred Member Units | | 10,072 | | | | | | 2,834 | | 1,780 |
| | | | | | | | | | | | 7,809 | | 6,134 |
| | | | | | | | | | | | | | |
Subtotal Control Investments (73.5% of net assets at fair value) | | | | | | | | | | | $ | 831,490 | $ | 1,113,725 |
36
2021
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Affiliate Investments (6) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
AAC Holdings, Inc. | (11) | June 30, 2017 | Substance Abuse Treatment Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 18.00% (10.00% Cash, 8.00% PIK) | 6/25/2025 | | 9,406 | | 9,187 | | 9,187 |
| | | | Common Stock | | 593,928 | | | | | | 3,148 | | 3,148 |
| | | | Warrants | (27) | 554,353 | | 12/11/2025 | | | | - | | 2,938 |
| | | | | | | | | | | | 12,335 | | 15,273 |
| | | | | | | | | | | | | | |
AFG Capital Group, LLC | | November 7, 2014 | Provider of Rent-to-Own Financing Solutions and Services | | | | | | | | | | | |
| | | | Secured Debt | | | 10.00% | 5/25/2022 | | 491 | | 491 | | 491 |
| | | | Preferred Member Units | | 186 | | | | | | 1,200 | | 5,810 |
| | | | | | | | | | | | 1,691 | | 6,301 |
| | | | | | | | | | | | | | |
American Trailer Rental Group LLC | | June 7, 2017 | Provider of Short-term Trailer and Container Rental | | | | | | | | | | | |
| | | | Member Units | (30) | 73,493 | | | | | | 8,596 | | 16,010 |
| | | | | | | | | | | | | | |
BBB Tank Services, LLC | | April 8, 2016 | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | | | | | | | | | | | |
| | | | Unsecured Debt | (9) | | 12.00% (L+11.00%, Floor 1.00%) | 4/8/2021 | | 4,800 | | 4,773 | | 4,722 |
| | | | Preferred Stock (non-voting) | (8) (19) | | 15.00% PIK | | | | | 151 | | 151 |
| | | | Member Units | | 800,000 | | | | | | 800 | | 280 |
| | | | | | | | | | | | 5,724 | | 5,153 |
| | | | | | | | | | | | | | |
Boccella Precast Products LLC | | June 30, 2017 | Manufacturer of Precast Hollow Core Concrete | | | | | | | | | | | |
| | | | Member Units | (8) | 2,160,000 | | | | | | 2,256 | | 6,040 |
| | | | | | | | | | | | | | |
Buca C, LLC | | June 30, 2015 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 10.25% (L+9.25%, Floor 1.00%) | 6/30/2020 | | 19,004 | | 19,004 | | 14,256 |
| | | | Preferred Member Units | (8) (19) | 6 | 6.00% PIK | | | | | 4,770 | | - |
| | | | | | | | | | | | 23,774 | | 14,256 |
| | | | | | | | | | | | | | |
CAI Software LLC | | October 10, 2014 | Provider of Specialized Enterprise Resource Planning Software | | | | | | | | | | | |
| | | | Secured Debt | | | 12.50% | 12/7/2023 | | 47,474 | | 47,133 | | 47,474 |
| | | | Member Units | (8) | 77,960 | | | | | | 2,095 | | 7,190 |
| | | | | | | | | | | | 49,228 | | 54,664 |
| | | | | | | | | | | | | | |
Chandler Signs Holdings, LLC | (10) | January 4, 2016 | Sign Manufacturer | | | | | | | | | | | |
| | | | Class A Units | | 1,500,000 | | | | | | 1,500 | | 1,460 |
| | | | | | | | | | | | | | |
Charlotte Russe, Inc | (11) | May 28, 2013 | Fast-Fashion Retailer to Young Women | | | | | | | | | | | |
| | | | Common Stock | | 19,041 | | | | | | 3,141 | | - |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | March 12, 2020 | Provider of Engineered Packaging Solutions | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/12/2025 | | 24,800 | | 24,583 | | 24,800 |
| | | | Preferred Member Units | (8) | 154 | | | | | | 5,760 | | 9,510 |
| | | | | | | | | | | | 30,343 | | 34,310 |
| | | | | | | | | | | | | | |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 4/1/2016 | 100 | 1,838 | 1,974 | |||||||||||||||||||||||||||||||||||||||
Cody Pools, Inc. | Designer of Residential and Commercial Pools | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/6/2020 | 12.25 | % | L + | 10.50% | 12/17/2026 | 42,497 | 42,117 | 42,484 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 3/6/2020 | 587 | 8,317 | 47,640 | |||||||||||||||||||||||||||||||||||||||
50,434 | 90,124 | |||||||||||||||||||||||||||||||||||||||||||
Colonial Electric Company LLC | Provider of Electrical Contracting Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 12.00 | % | 3/31/2026 | 24,570 | 24,351 | 24,351 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/31/2021 | 17,280 | 7,680 | 9,130 | |||||||||||||||||||||||||||||||||||||||
32,031 | 33,481 | |||||||||||||||||||||||||||||||||||||||||||
CompareNetworks Topco, LLC | Internet Publishing and Web Search Portals | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/29/2019 | 10.00 | % | L + | 9.00% | 1/29/2024 | 6,477 | 6,452 | 6,477 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 1/29/2019 | 1,975 | 1,975 | 12,000 | |||||||||||||||||||||||||||||||||||||||
8,427 | 18,477 | |||||||||||||||||||||||||||||||||||||||||||
Copper Trail Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (CTMH, LP) | (31) | 7/17/2017 | 38.8 | % | 710 | 710 | ||||||||||||||||||||||||||||||||||||||
Datacom, LLC | Technology and Telecommunications Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 5.00 | % | 12/31/2025 | 8,892 | 8,296 | 7,668 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 3/31/2021 | 9,000 | 2,610 | 2,610 | ||||||||||||||||||||||||||||||||||||||||
10,906 | 10,278 | |||||||||||||||||||||||||||||||||||||||||||
Digital Products Holdings LLC | Designer and Distributor of Consumer Electronics | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/1/2018 | 11.00 | % | L + | 10.00% | 4/1/2023 | 16,853 | 16,801 | 16,801 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 4/1/2018 | 3,857 | 9,501 | 9,835 | |||||||||||||||||||||||||||||||||||||||
26,302 | 26,636 | |||||||||||||||||||||||||||||||||||||||||||
Direct Marketing Solutions, Inc. | Provider of Omni-Channel Direct Marketing Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/13/2018 | 12.00 | % | L + | 11.00% | 2/13/2024 | 24,070 | 23,911 | 24,048 | ||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 2/13/2018 | 8,400 | 8,400 | 18,350 | |||||||||||||||||||||||||||||||||||||||
32,311 | 42,398 | |||||||||||||||||||||||||||||||||||||||||||
Gamber-Johnson Holdings, LLC | Manufacturer of Ruggedized Computer Mounting Systems | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/24/2016 | 9.50 | % | L + | 7.50% | 1/1/2025 | 21,598 | 21,535 | 21,598 | ||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/24/2016 | 9,042 | 17,692 | 49,700 | |||||||||||||||||||||||||||||||||||||||
39,227 | 71,298 | |||||||||||||||||||||||||||||||||||||||||||
Garreco, LLC | Manufacturer and Supplier of Dental Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (35) | 7/15/2013 | 9.00 | % | L + | 8.00% | 7/31/2022 | 4,196 | 4,196 | 4,196 | ||||||||||||||||||||||||||||||||||
Member Units | (8) | 7/15/2013 | 1,200 | 1,200 | 2,270 |
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
5,396 | 6,466 | |||||||||||||||||||||||||||||||||||||||||||
GRT Rubber Technologies LLC | Manufacturer of Engineered Rubber Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/19/2014 | 8.10 | % | L + | 8.00% | 10/29/2026 | 38,885 | 38,672 | 38,885 | |||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/19/2014 | 5,879 | 13,065 | 46,190 | |||||||||||||||||||||||||||||||||||||||
51,737 | 85,075 | |||||||||||||||||||||||||||||||||||||||||||
Gulf Manufacturing, LLC | Manufacturer of Specialty Fabricated Industrial Piping Products | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 8/31/2007 | 438 | 2,980 | 5,640 | |||||||||||||||||||||||||||||||||||||||
Gulf Publishing Holdings, LLC | Energy Industry Focused Media and Publishing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (17) | 9/29/2017 | 10.50 | % | L + | 9.50% | 5.25 | % | 9/30/2020 | 257 | 257 | 257 | ||||||||||||||||||||||||||||||||
Secured Debt | (17) | 4/29/2016 | 12.50 | % | 6.25 | % | 4/29/2021 | 13,565 | 13,565 | 9,717 | ||||||||||||||||||||||||||||||||||
Member Units | 4/29/2016 | 3,681 | 3,681 | — | ||||||||||||||||||||||||||||||||||||||||
17,503 | 9,974 | |||||||||||||||||||||||||||||||||||||||||||
Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (2717 MH, L.P.) | (31) | 10/1/2017 | 49.3 | % | 2,703 | 3,971 | ||||||||||||||||||||||||||||||||||||||
Harrison Hydra-Gen, Ltd. | Manufacturer of Hydraulic Generators | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | 6/4/2010 | 107,456 | 718 | 3,530 | ||||||||||||||||||||||||||||||||||||||||
Jensen Jewelers of Idaho, LLC | Retail Jewelry Store | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/14/2006 | 10.00 | % | P + | 6.75% | 11/14/2023 | 2,550 | 2,536 | 2,550 | ||||||||||||||||||||||||||||||||||
Member Units | (8) | 11/14/2006 | 627 | 811 | 12,420 | |||||||||||||||||||||||||||||||||||||||
3,347 | 14,970 | |||||||||||||||||||||||||||||||||||||||||||
Johnson Downie Opco, LLC | Executive Search Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/10/2021 | 13.00 | % | L + | 11.50% | 12/10/2026 | 11,475 | 11,344 | 11,344 | ||||||||||||||||||||||||||||||||||
Preferred Equity | 12/10/2021 | 3,150 | 3,150 | 3,150 | ||||||||||||||||||||||||||||||||||||||||
14,494 | 14,494 | |||||||||||||||||||||||||||||||||||||||||||
KBK Industries, LLC | Manufacturer of Specialty Oilfield and Industrial Products | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 1/23/2006 | 325 | 783 | 13,620 | |||||||||||||||||||||||||||||||||||||||
Kickhaefer Manufacturing Company, LLC | Precision Metal Parts Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/31/2018 | 11.50 | % | 10/31/2023 | 20,415 | 20,324 | 20,324 | |||||||||||||||||||||||||||||||||||||
Member Units | 10/31/2018 | 581 | 12,240 | 12,310 | ||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/31/2018 | 9.00 | % | 10/31/2048 | 3,915 | 3,876 | 3,876 | |||||||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 10/31/2018 | 800 | 992 | 2,460 | |||||||||||||||||||||||||||||||||||||||
37,432 | 38,970 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Congruent Credit Opportunities Funds | (12) (13) | January 24, 2012 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Congruent Credit Opportunities Fund | (31) | 19.8% | | | | | | 4,449 | | 94 |
| | | | LP Interests (Congruent Credit Opportunities Fund | (8) (31) | 17.4% | | | | | | 11,741 | | 11,540 |
| | | | | | | | | | | | 16,190 | | 11,634 |
| | | | | | | | | | | | | | |
Copper Trail Fund Investments | (12) (13) | July 17, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Copper Trail Energy Fund I, LP) | (8) (31) | 12.4% | | | | | | 2,161 | | 1,782 |
| | | | | | | | | | | | | | |
Dos Rios Partners | (12) (13) | April 25, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Dos Rios Partners, LP) | (31) | 20.2% | | | | | | 6,605 | | 5,417 |
| | | | LP Interests (Dos Rios Partners - A, LP) | (31) | 6.4% | | | | | | 2,097 | | 1,720 |
| | | | | | | | | | | | 8,702 | | 7,137 |
| | | | | | | | | | | | | | |
East Teak Fine Hardwoods, Inc. | | April 13, 2006 | Distributor of Hardwood Products | | | | | | | | | | | |
| | | | Common Stock | | 6,250 | | | | | | 480 | | 300 |
| | | | | | | | | | | | | | |
EIG Fund Investments | (12) (13) | November 6, 2015 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11.1% | | | | | | 739 | | 526 |
| | | | | | | | | | | | | | |
Freeport Financial Funds | (12) (13) | June 13, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Freeport Financial SBIC Fund LP) | (31) | 9.3% | | | | | | 5,974 | | 5,264 |
| | | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 6.0% | | | | | | 10,785 | | 10,321 |
| | | | | | | | | | | | 16,759 | | 15,585 |
| | | | | | | | | | | | | | |
Harris Preston Fund Investments | (12) (13) | August 9, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (HPEP 3, L.P.) | (31) | 8.2% | | | | | | 3,071 | | 3,258 |
| | | | | | | | | | | | | | |
Hawk Ridge Systems, LLC | (13) | December 2, 2016 | Value-Added Reseller of Engineering Design and Manufacturing Solutions | | | | | | | | | | | |
| | | | Secured Debt | | | 11.00% | 12/2/2023 | | 18,400 | | 18,366 | | 18,400 |
| | | | Preferred Member Units | (8) | 226 | | | | | | 2,850 | | 8,030 |
| | | | Preferred Member Units | (30) | 226 | | | | | | 150 | | 420 |
| | | | | | | | | | | | 21,366 | | 26,850 |
| | | | | | | | | | | | | | |
38
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Market Force Information, LLC | Provider of Customer Experience Management Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/28/2017 | 12.00 | % | L + | 11.00% | 7/28/2023 | 3,400 | 3,400 | 3,400 | ||||||||||||||||||||||||||||||||||
Secured Debt | (17) | 7/28/2017 | 12.00 | % | 12.00 | % | 7/28/2023 | 26,079 | 25,952 | 8,936 | ||||||||||||||||||||||||||||||||||
Member Units | 7/28/2017 | 743,921 | 16,642 | — | ||||||||||||||||||||||||||||||||||||||||
45,994 | 12,336 | |||||||||||||||||||||||||||||||||||||||||||
MH Corbin Holding LLC | Manufacturer and Distributor of Traffic Safety Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2015 | 13.00 | % | 3/31/2022 | 8,250 | 8,241 | 5,934 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 3/15/2019 | 66,000 | 4,400 | — | ||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | 9/1/2015 | 4,000 | 6,000 | — | ||||||||||||||||||||||||||||||||||||||||
18,641 | 5,934 | |||||||||||||||||||||||||||||||||||||||||||
MS Private Loan Fund I, LP | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | 2/11/2021 | 5.00 | % | 2/28/2022 | 63,151 | 63,151 | 63,151 | |||||||||||||||||||||||||||||||||||||
LP Interests | (31) | 1/26/2021 | 12.1 | % | 2,500 | 2,581 | ||||||||||||||||||||||||||||||||||||||
65,651 | 65,732 | |||||||||||||||||||||||||||||||||||||||||||
MSC Adviser I, LLC | (16) | Third Party Investment Advisory Services | ||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 11/22/2013 | 29,500 | 140,400 | ||||||||||||||||||||||||||||||||||||||||
Mystic Logistics Holdings, LLC | Logistics and Distribution Services Provider for Large Volume Mailers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/18/2014 | 12.00 | % | 1/17/2022 | 6,378 | 6,377 | 6,378 | |||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 8/18/2014 | 5,873 | 2,720 | 8,840 | |||||||||||||||||||||||||||||||||||||||
9,097 | 15,218 | |||||||||||||||||||||||||||||||||||||||||||
NAPCO Precast, LLC | Precast Concrete Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 1/31/2008 | 2,955 | 2,975 | 13,560 | |||||||||||||||||||||||||||||||||||||||
Nebraska Vet AcquireCo, LLC | Mixed-Animal Veterinary and Animal Health Product Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2020 | 12.00 | % | 12/31/2025 | 10,500 | 10,412 | 10,412 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2020 | 12.00 | % | 12/31/2025 | 4,868 | 4,829 | 4,829 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 12/31/2020 | 6,987 | 6,987 | 7,700 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Houston Plating and Coatings, LLC | | January 8, 2003 | Provider of Plating and Industrial Coating Services | | | | | | | | | | | |
| | | | Unsecured Convertible Debt | | | 8.00% | 5/1/2022 | | 3,000 | | 3,000 | | 2,900 |
| | | | Member Units | (8) | 322,297 | | | | | | 2,352 | | 5,080 |
| | | | | | | | | | | | 5,352 | | 7,980 |
| | | | | | | | | | | | | | |
I-45 SLF LLC | (12) (13) | October 20, 2015 | Investment Partnership | | | | | | | | | | | |
| | | | Member Units (Fully diluted 20.0%; 24.40% profits | (8) (31) | 20.00% Fully Diluted, 24.40% Profits Interest | | | | | | 20,200 | | 15,789 |
| | | | | | | | | | | | | | |
L.F. Manufacturing Holdings, LLC | (10) | December 23, 2013 | Manufacturer of Fiberglass Products | | | | | | | | | | | |
| | | | Preferred Member Units (non-voting) | (8) (19) | | 14.00% PIK | | | | | 93 | | 93 |
| | | | Member Units | | 2,179,001 | | | | | | 2,019 | | 2,050 |
| | | | | | | | | | | | 2,112 | | 2,143 |
| | | | | | | | | | | | | | |
OnAsset Intelligence, Inc. | | April 18, 2011 | Provider of Transportation Monitoring / Tracking Products and Services | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.00% PIK | 6/30/2021 | | 7,301 | | 7,301 | | 7,301 |
| | | | Unsecured Debt | (19) | | 10.00% PIK | 6/30/2021 | | 64 | | 64 | | 64 |
| | | | Preferred Stock | | 912 | | | | | | 1,981 | | - |
| | | | Warrants | (27) | 5,333 | | 4/18/2021 | | | | 1,919 | | - |
| | | | | | | | | | | | 11,265 | | 7,365 |
| | | | | | | | | | | | | | |
PCI Holding Company, Inc. | | December 18, 2012 | Manufacturer of Industrial Gas Generating Systems | | | | | | | | | | | |
| | | | Preferred Stock | | 1,500,000 | | | | | | 3,927 | | 4,130 |
| | | | | | | | | | | | | | |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | | January 8, 2013 | Provider of Rigsite Accommodation Unit Rentals and Related Services | | | | | | | | | | | |
| | | | Secured Debt | (14) (32) | | 12.00% | 1/8/2018 | | 30,369 | | 29,865 | | - |
| | | | Preferred Member Units | | 250 | | | | | | 2,500 | | - |
| | | | | | | | | | | | 32,365 | | - |
| | | | | | | | | | | | | | |
Salado Stone Holdings, LLC | (10) | June 27, 2016 | Limestone and Sandstone Dimension Cut Stone Mining Quarries | | | | | | | | | | | |
| | | | Class A Preferred Units | (30) | 2,000,000 | | | | | | 2,000 | | 1,250 |
| | | | | | | | | | | | | | |
Slick Innovations, LLC | | September 13, 2018 | Text Message Marketing Platform | | | | | | | | | | | |
| | | | Secured Debt | | | 13.00% | 9/13/2023 | | 5,720 | | 5,605 | | 5,719 |
| | | | Common Stock | | 70,000 | | | | | | 700 | | 1,330 |
| | | | Warrants | (27) | 18,084 | | 9/13/2028 | | | | 181 | | 360 |
| | | | | | | | | | | | 6,486 | | 7,409 |
| | | | | | | | | | | | | | |
SI East, LLC | | August 31, 2018 | Rigid Industrial Packaging Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | | | 9.50% | 8/31/2023 | | 32,963 | | 32,760 | | 32,962 |
| | | | Preferred Member Units | (8) | 157 | | | | | | 6,000 | | 9,780 |
| | | | | | | | | | | | 38,760 | | 42,742 |
| | | | | | | | | | | | | | |
Superior Rigging & Erecting Co. | | August 31, 2020 | Provider of Steel Erection, Crane Rental & Rigging Services | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 8/31/2025 | | 21,500 | | 21,298 | | 21,298 |
39
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
22,228 | 22,941 | |||||||||||||||||||||||||||||||||||||||||||
NexRev LLC | Provider of Energy Efficiency Products & Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 2/28/2018 | 11.00 | % | 2/28/2023 | 16,217 | 16,173 | 14,045 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 2/28/2018 | 86,400,000 | 6,880 | 2,690 | |||||||||||||||||||||||||||||||||||||||
23,053 | 16,735 | |||||||||||||||||||||||||||||||||||||||||||
NRP Jones, LLC | Manufacturer of Hoses, Fittings and Assemblies | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/21/2017 | 12.00 | % | 3/20/2023 | 2,080 | 2,080 | 2,080 | |||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/22/2011 | 65,962 | 3,717 | 6,440 | |||||||||||||||||||||||||||||||||||||||
5,797 | 8,520 | |||||||||||||||||||||||||||||||||||||||||||
NuStep, LLC | Designer, Manufacturer and Distributor of Fitness Equipment | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/31/2017 | 7.50 | % | L + | 6.50% | 1/31/2025 | 1,720 | 1,720 | 1,720 | ||||||||||||||||||||||||||||||||||
Secured Debt | 1/31/2017 | 11.00 | % | 1/31/2025 | 17,240 | 17,236 | 17,240 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/31/2017 | 406 | 10,200 | 13,500 | ||||||||||||||||||||||||||||||||||||||||
29,156 | 32,460 | |||||||||||||||||||||||||||||||||||||||||||
OMi Topco, LLC | Manufacturer of Overhead Cranes | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2021 | 12.00 | % | 8/31/2026 | 18,000 | 17,831 | 18,000 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 4/1/2008 | 900 | 1,080 | 20,210 | |||||||||||||||||||||||||||||||||||||||
18,911 | 38,210 | |||||||||||||||||||||||||||||||||||||||||||
Orttech Holdings, LLC | Distributor of Industrial Clutches, Brakes and Other Components | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/30/2021 | 12.00 | % | L + | 11.00% | 7/31/2026 | 24,375 | 24,151 | 24,151 | ||||||||||||||||||||||||||||||||||
Preferred Stock | (8) (30) | 7/30/2021 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||||||||||||||||||
34,151 | 34,151 | |||||||||||||||||||||||||||||||||||||||||||
Pearl Meyer Topco LLC | Provider of Executive Compensation Consulting Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 4/27/2020 | 12.00 | % | 4/27/2025 | 32,674 | 32,438 | 32,674 | |||||||||||||||||||||||||||||||||||||
Member Units | (8) | 4/27/2020 | 13,800 | 13,000 | 26,970 | |||||||||||||||||||||||||||||||||||||||
45,438 | 59,644 | |||||||||||||||||||||||||||||||||||||||||||
PPL RVs, Inc. | Recreational Vehicle Dealer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/31/2019 | 7.50 | % | L + | 7.00% | 11/15/2022 | 750 | 726 | 726 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/15/2016 | 7.50 | % | L + | 7.00% | 11/15/2022 | 11,655 | 11,655 | 11,655 | ||||||||||||||||||||||||||||||||||
Common Stock | (8) | 6/10/2010 | 2,000 | 2,150 | 14,360 | |||||||||||||||||||||||||||||||||||||||
14,531 | 26,741 | |||||||||||||||||||||||||||||||||||||||||||
Principle Environmental, LLC | Noise Abatement Service Provider | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 2/1/2011 | 13.00 | % | 11/15/2026 | 1,473 | 1,465 | 1,465 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 7/1/2011 | 13.00 | % | 11/15/2026 | 5,924 | 5,808 | 5,808 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Member Units | | 1,473 | | | | | | 4,500 | | 4,500 |
| | | | | | | | | | | | 25,798 | | 25,798 |
| | | | | | | | | | | | | | |
UniTek Global Services, Inc. | (11) | April 15, 2011 | Provider of Outsourced Infrastructure Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50% Floor 1.00%) | 8/20/2024 | | 2,708 | | 2,687 | | 2,426 |
| | | | Preferred Stock | (8) (19) | 1,133,102 | 20.00% PIK | | | | | 1,441 | | 2,832 |
| | | | Preferred Stock | (8) (19) | 1,521,122 | 20.00% PIK | | | | | 2,188 | | 375 |
| | | | Preferred Stock | (19) | 2,281,682 | 19.00% PIK | | | | | 3,667 | | - |
| | | | Preferred Stock | (19) | 4,336,866 | 13.50% PIK | | | | | 7,924 | | - |
| | | | Common Stock | | 945,507 | | | | | | - | | - |
| | | | | | | | | | | | 17,907 | | 5,633 |
| | | | | | | | | | | | | | |
Universal Wellhead Services Holdings, LLC | (10) | October 30, 2014 | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | | | | | | | | | | | |
| | | | Preferred Member Units | (19) (30) | 716,949 | 14.00% PIK | | | | | 1,032 | | - |
| | | | Member Units | (30) | 4,000,000 | | | | | | 4,000 | | - |
| | | | | | | | | | | | 5,032 | | - |
| | | | | | | | | | | | | | |
Volusion, LLC | | January 26, 2015 | Provider of Online Software-as-a-Service eCommerce Solutions | | | | | | | | | | | |
| | | | Secured Debt | (17) | | 11.50% | 1/26/2020 | | 20,234 | | 20,234 | | 19,242 |
| | | | Unsecured Convertible Debt | | | 8.00% | 11/16/2023 | | 409 | | 409 | | 291 |
| | | | Preferred Member Units | | 4,876,670 | | | | | | 14,000 | | 5,990 |
| | | | Warrants | (27) | 1,831,355 | | 1/26/2025 | | | | 2,576 | | - |
| | | | | | | | | | | | 37,219 | | 25,523 |
| | | | | | | | | | | | | | |
Subtotal Affiliate Investments (24.2% of net assets at fair value) | | | | | | | | | | | $ | 416,479 | $ | 366,301 |
40
2021
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Non-Control/Non-Affiliate Investments (7) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Acousti Engineering Company of Florida, Inc. | (10) | November 2, 2020 | Interior Subcontractor Providing Acoustical Walls and Ceilings | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 10/31/2025 | | 13,000 | | 12,858 | | 12,858 |
| | | | | | | | | | | | | | |
Adams Publishing Group, LLC | (10) | November 19, 2015 | Local Newspaper Operator | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.75% (L+7.00%, Floor 1.75%) | 7/3/2023 | | 5,863 | | 5,745 | | 5,813 |
| | | | | | | | | | | | | | |
ADS Tactical, Inc. | (10) | March 7, 2017 | Value-Added Logistics and Supply Chain Provider to the Defense Industry | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.25%, Floor 0.75%) | 7/26/2023 | | 19,633 | | 19,529 | | 19,633 |
| | | | | | | | | | | | | | |
Aethon United BR LP | (10) | September 8, 2017 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 9/8/2023 | | 9,750 | | 9,659 | | 9,544 |
| | | | | | | | | | | | | | |
Affordable Care Holding Corp. | (10) | May 9, 2019 | Dental Support Organization | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 5.75% (L+4.75%, Floor 1.00%) | 10/22/2022 | | 14,246 | | 14,066 | | 14,044 |
| | | | | | | | | | | | | | |
ALKU, LLC. | (11) | October 18, 2019 | Specialty National Staffing Operator | | | | | | | | | | | |
| | | | Secured Debt | | | 5.75% (L+5.50%) | 7/29/2026 | | 9,466 | | 9,385 | | 9,478 |
| | | | | | | | | | | | | | |
American Nuts, LLC | (10) | April 10, 2018 | Roaster, Mixer and Packager of Bulk Nuts and Seeds | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 4/10/2023 | | 12,130 | | 11,954 | | 12,111 |
| | | | | | | | | | | | | | |
American Teleconferencing Services, Ltd. | (11) | May 19, 2016 | Provider of Audio Conferencing and Video Collaboration Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 6/8/2023 | | 17,358 | | 16,634 | | 8,071 |
| | | | | | | | | | | | | | |
APTIM Corp. | (11) | August 17, 2018 | Engineering, Construction & Procurement | | | | | | | | | | | |
| | | | Secured Debt | | | 7.75% | 6/15/2025 | | 12,452 | | 11,063 | | 9,734 |
| | | | | | | | | | | | | | |
Arcus Hunting LLC | (10) | January 6, 2015 | Manufacturer of Bowhunting and Archery Products and Accessories | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.00% (L+10.00%, Floor 1.00%) | 3/31/2021 | | 11,009 | | 11,009 | | 11,009 |
| | | | | | | | | | | | | | |
Arrow International, Inc | (10) | December 21, 2020 | Manufacturer and Distributor of Charitable Gaming Supplies | | | | | | | | | | | |
| | | | Secured Debt | (9) (23) | | 9.23% (L+7.98%, Floor 1.25%) | 12/21/2025 | | 10,000 | | 9,901 | | 9,901 |
| | | | | | | | | | | | | | |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Member Units | 2/1/2011 | 21,806 | 5,709 | 11,160 | ||||||||||||||||||||||||||||||||||||||||
Common Stock | 1/27/2021 | 1,037 | 1,200 | 710 | ||||||||||||||||||||||||||||||||||||||||
14,182 | 19,143 | |||||||||||||||||||||||||||||||||||||||||||
Quality Lease Service, LLC | Provider of Rigsite Accommodation Unit Rentals and Related Services | |||||||||||||||||||||||||||||||||||||||||||
Member Units | 6/8/2015 | 1,000 | 9,213 | 2,149 | ||||||||||||||||||||||||||||||||||||||||
River Aggregates, LLC | Processor of Construction Aggregates | |||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) (30) | 12/20/2013 | 1,500 | 369 | 3,280 | |||||||||||||||||||||||||||||||||||||||
Robbins Bros. Jewelry, Inc. | Bridal Jewelry Retailer | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/15/2021 | 12.00 | % | L + | 11.00% | 12/15/2026 | 36,360 | 35,956 | 35,956 | ||||||||||||||||||||||||||||||||||
Preferred Equity | 12/15/2021 | 11,070 | 11,070 | 11,070 | ||||||||||||||||||||||||||||||||||||||||
47,026 | 47,026 | |||||||||||||||||||||||||||||||||||||||||||
Tedder Industries, LLC | Manufacturer of Firearm Holsters and Accessories | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 12.00 | % | 8/31/2022 | 16,240 | 16,181 | 16,181 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 8/31/2018 | 505 | 8,579 | 8,579 | ||||||||||||||||||||||||||||||||||||||||
24,760 | 24,760 | |||||||||||||||||||||||||||||||||||||||||||
Televerde, LLC | Provider of Telemarketing and Data Services | |||||||||||||||||||||||||||||||||||||||||||
Member Units | 1/6/2011 | 460 | 1,290 | 7,280 | ||||||||||||||||||||||||||||||||||||||||
Trantech Radiator Topco, LLC | Transformer Cooling Products and Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 5/31/2019 | 12.00 | % | 5/31/2024 | 8,720 | 8,663 | 8,712 | |||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 5/31/2019 | 615 | 4,655 | 8,660 | |||||||||||||||||||||||||||||||||||||||
13,318 | 17,372 | |||||||||||||||||||||||||||||||||||||||||||
UnionRock Energy Fund II, LP | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests | (8) (31) | 6/15/2020 | 49.6 | % | 3,828 | 6,122 | ||||||||||||||||||||||||||||||||||||||
Vision Interests, Inc. | Manufacturer / Installer of Commercial Signage | |||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock | 12/23/2011 | 3,000,000 | 3,000 | 3,000 | ||||||||||||||||||||||||||||||||||||||||
VVS Holdco LLC | Omnichannel Retailer of Animal Health Products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9)(30) | 12/1/2021 | 7.00 | % | L + | 6.00% | 12/1/2026 | 1,200 | 1,170 | 1,169 |
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (30) | 12/1/2021 | 11.50 | % | 12/1/2026 | 30,400 | 30,100 | 30,100 | ||||||||||||||||||||||||||||||||||||
Preferred Equity | (30) | 12/1/2021 | 11,840 | 11,840 | 11,840 | |||||||||||||||||||||||||||||||||||||||
43,110 | 43,109 | |||||||||||||||||||||||||||||||||||||||||||
Ziegler’s NYPD, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 6/1/2015 | 12.00 | % | 10/1/2022 | 625 | 625 | 625 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 10/1/2008 | 6.50 | % | 10/1/2022 | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 10/1/2008 | 14.00 | % | 10/1/2022 | 2,750 | 2,750 | 2,750 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 6/30/2015 | 10,072 | 2,834 | 2,130 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 7/1/2015 | 587 | 10/1/2025 | 600 | — | ||||||||||||||||||||||||||||||||||||||
7,809 | 6,505 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal Control Investments (83.3% of net assets at fair value) | $ | 1,107,597 | $ | 1,489,257 | ||||||||||||||||||||||||||||||||||||||||
Affiliate Investments (6) | ||||||||||||||||||||||||||||||||||||||||||||
AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/11/2020 | 18.00 | % | 8.00 | % | 6/25/2025 | $ | 10,202 | $ | 10,011 | $ | 9,794 | ||||||||||||||||||||||||||||||||
Common Stock | 12/11/2020 | 593,928 | 3,148 | 2,079 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 12/11/2020 | 554,353 | 12/11/2025 | — | 1,940 | ||||||||||||||||||||||||||||||||||||||
13,159 | 13,813 | |||||||||||||||||||||||||||||||||||||||||||
AFG Capital Group, LLC | Provider of Rent-to-Own Financing Solutions and Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 4/25/2019 | 10.00 | % | 5/25/2022 | 144 | 144 | 144 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 11/7/2014 | 186 | 1,200 | 7,740 | |||||||||||||||||||||||||||||||||||||||
1,344 | 7,884 | |||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp. | (11) | Provider of Radio Frequency Management Equipment | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/1/2021 | 8.50 | % | L + | 7.50% | 9/1/2026 | 7,667 | 7,092 | 7,092 | ||||||||||||||||||||||||||||||||||
Unsecured Debt | 9/1/2021 | 10.00 | % | 10.00 | % | 9/1/2028 | 3,067 | 1,963 | 1,963 | |||||||||||||||||||||||||||||||||||
Common Stock | 9/1/2021 | 583 | — | — | ||||||||||||||||||||||||||||||||||||||||
9,055 | 9,055 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
ASC Ortho Management Company, LLC | (10) | August 31, 2018 | Provider of Orthopedic Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 8/31/2023 | | 5,206 | | 5,148 | | 5,149 |
| | | | Secured Debt | (19) | | 13.25% PIK | 12/1/2023 | | 2,116 | | 2,091 | | 2,116 |
| | | | | | | | | | | | 7,239 | | 7,265 |
| | | | | | | | | | | | | | |
ATX Networks Corp. | (11) (13) (21) | June 30, 2015 | Provider of Radio Frequency Management Equipment | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%) | 12/31/2023 | | 13,402 | | 13,342 | | 12,263 |
| | | | | | | | | | | | | | |
Berry Aviation, Inc. | (10) | July 6, 2018 | Charter Airline Services | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.00% (10.50% Cash, 1.5% PIK) | 1/6/2024 | | 4,624 | | 4,595 | | 4,624 |
| | | | Preferred Member Units | (8) (19) (30) | 122,416 | 16.00% PIK | | | | | 145 | | 145 |
| | | | Preferred Member Units | (19) (30) | 1,548,387 | 8.00% PIK | | | | | 1,671 | | 904 |
| | | | | | | | | | | | 6,411 | | 5,673 |
| | | | | | | | | | | | | | |
BigName Commerce, LLC | (10) | May 11, 2017 | Provider of Envelopes and Complimentary Stationery Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+7.25%, Floor 1.00%) | 5/11/2022 | | 2,044 | | 2,037 | | 2,011 |
| | | | | | | | | | | | | | |
Binswanger Enterprises, LLC | (10) | March 10, 2017 | Glass Repair and Installation Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.50% (L+8.50%, Floor 1.00%) | 3/9/2022 | | 12,958 | | 12,798 | | 12,958 |
| | | | Member Units | | 1,050,000 | | | | | | 1,050 | | 670 |
| | | | | | | | | | | | 13,848 | | 13,628 |
| | | | | | | | | | | | | | |
BLST Operating Company, LLC. | (11) | December 19, 2013 | Multi-Channel Retailer of General Merchandise | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 8/28/2025 | | 5,879 | | 5,879 | | 5,879 |
| | | | Common Stock | | 653 | | | | | | - | | - |
| | | | Warrants | (27) | 70 | | 8/28/2030 | | | | - | | - |
| | | | | | | | | | | | 5,879 | | 5,879 |
| | | | | | | | | | | | | | |
Brainworks Software, LLC | (10) | August 12, 2014 | Advertising Sales and Newspaper Circulation Software | | | | | | | | | | | |
| | | | Secured Debt | (9) (14) (17) | | 12.50% (Prime+9.25%, Floor 3.25%) | 7/22/2019 | | 7,817 | | 7,817 | | 5,332 |
| | | | | | | | | | | | | | |
Brightwood Capital Fund Investments | (12) (13) | July 21, 2014 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (Brightwood Capital Fund III, LP) | (8) (31) | 1.6% | | | | | | 10,800 | | 8,459 |
| | | | LP Interests (Brightwood Capital Fund IV, LP) | (8) (31) | 0.6% | | | | | | 5,000 | | 4,745 |
| | | | | | | | | | | | 15,800 | | 13,204 |
42
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
BBB Tank Services, LLC | Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Debt | (9) (17) | 4/8/2016 | 12.00 | % | L + | 11.00% | 4/8/2021 | 4,800 | 4,800 | 2,508 | ||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | (8) | 12/17/2018 | 15.00 | % | 15.00 | % | 162 | — | ||||||||||||||||||||||||||||||||||||
Member Units | 4/8/2016 | 800,000 | 800 | — | ||||||||||||||||||||||||||||||||||||||||
5,762 | 2,508 | |||||||||||||||||||||||||||||||||||||||||||
Boccella Precast Products LLC | Manufacturer of Precast Hollow Core Concrete | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 9/23/2021 | 10.00 | % | 2/28/2027 | 320 | 320 | 320 | |||||||||||||||||||||||||||||||||||||
Member Units | (8) | 6/30/2017 | 2,160,000 | 2,256 | 4,830 | |||||||||||||||||||||||||||||||||||||||
2,576 | 5,150 | |||||||||||||||||||||||||||||||||||||||||||
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund V, LP) | (31) | 7/12/2021 | 15.8 | % | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||||||||
Buca C, LLC | Casual Restaurant Group | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (17) | 6/30/2015 | 10.25 | % | L + | 9.25% | 6/30/2020 | 19,491 | 19,491 | 14,370 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | 6/30/2015 | 6 | 6.00 | % | 6.00 | % | 4,770 | — | ||||||||||||||||||||||||||||||||||||
24,261 | 14,370 | |||||||||||||||||||||||||||||||||||||||||||
Career Team Holdings, LLC | Provider of Workforce Training and Career Development Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/17/2021 | 12.50 | % | 12/17/2026 | 20,250 | 20,050 | 20,050 | |||||||||||||||||||||||||||||||||||||
Class A Common Units | 12/17/2021 | 450,000 | 4,500 | 4,500 | ||||||||||||||||||||||||||||||||||||||||
24,550 | 24,550 | |||||||||||||||||||||||||||||||||||||||||||
Chandler Signs Holdings, LLC | (10) | Sign Manufacturer | ||||||||||||||||||||||||||||||||||||||||||
Class A Units | 1/4/2016 | 1,500,000 | 1,500 | 460 | ||||||||||||||||||||||||||||||||||||||||
Classic H&G Holdings, LLC | Provider of Engineered Packaging Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/12/2020 | 7.00 | % | L + | 6.00% | 3/12/2025 | 4,000 | 4,000 | 4,000 | ||||||||||||||||||||||||||||||||||
Secured Debt | 3/12/2020 | 8.00 | % | 3/12/2025 | 19,274 | 19,139 | 19,274 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/12/2020 | 154 | 5,760 | 15,260 | |||||||||||||||||||||||||||||||||||||||
28,899 | 38,534 | |||||||||||||||||||||||||||||||||||||||||||
Congruent Credit Opportunities Funds | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Congruent Credit Opportunities Fund III, LP) | (8) (31) | 2/4/2015 | 17.4 | % | 10,256 | 9,959 | ||||||||||||||||||||||||||||||||||||||
DMA Industries, LLC | Distributor of aftermarket ride control products | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 11/19/2021 | 12.00 | % | 11/19/2026 | 21,200 | 20,993 | 20,993 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Cadence Aerospace LLC | (10) | November 14, 2017 | Aerostructure Manufacturing | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 9.50% (4.25% Cash, 5.25% PIK) (5.25% PIK + L+3.25%, Floor 1.00%) | 11/14/2023 | | 27,703 | | 27,484 | | 26,359 |
| | | | | | | | | | | | | | |
California Pizza Kitchen, Inc. | (11) | August 29, 2016 | Casual Restaurant Group | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 11.50% (L+10.00%, Floor 1.50%) | 11/23/2024 | | 7,700 | | 7,288 | | 7,315 |
| | | | Secured Debt | (9) (19) | | 13.50% (1.00% Cash, 12.50% PIK) (1.00% Cash, L+11.00% PIK, Floor 1.50%) | 11/23/2024 | | 2,657 | | 2,590 | | 2,524 |
| | | | Secured Debt | (9) (19) | | 15.00% (1.00% Cash, 14.00% PIK) (1.00% Cash, L+12.50% PIK, Floor 1.50%) | 5/23/2025 | | 2,291 | | 2,291 | | 1,833 |
| | | | Common Stock | | 169,088 | | | | | | 949 | | 1,860 |
| | | | | | | | | | | | 13,118 | | 13,532 |
| | | | | | | | | | | | | | |
Central Security Group, Inc. | (11) | December 4, 2017 | Security Alarm Monitoring Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 10/16/2025 | | 6,891 | | 6,891 | | 5,823 |
| | | | Common Stock | | 329,084 | | | | | | 1,481 | | 1,645 |
| | | | | | | | | | | | 8,372 | | 7,468 |
| | | | | | | | | | | | | | |
Cenveo Corporation | (11) | September 4, 2015 | Provider of Digital Marketing Agency Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.50% (L+9.50%, Floor 1.00%) | 6/7/2023 | | 5,250 | | 5,129 | | 4,909 |
| | | | Common Stock | | 177,130 | | | | | | 5,309 | | 2,613 |
| | | | | | | | | | | | 10,438 | | 7,522 |
| | | | | | | | | | | | | | |
Chisholm Energy Holdings, LLC | (10) | May 15, 2019 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.25%, Floor 1.50%) | 5/15/2026 | | 3,571 | | 3,498 | | 3,274 |
| | | | | | | | | | | | | | |
Clarius BIGS, LLC | (10) | September 23, 2014 | Prints & Advertising Film Financing | | | | | | | | | | | |
| | | | Secured Debt | (14) (17) (19) | | 15.00% PIK | 1/5/2015 | | 2,832 | | 2,832 | | 31 |
| | | | | | | | | | | | | | |
Clickbooth.com, LLC | (10) | December 5, 2017 | Provider of Digital Advertising Performance Marketing Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.50% (L+8.50%, Floor 1.00%) | 1/31/2025 | | 7,850 | | 7,750 | | 7,850 |
| | | | | | | | | | | | | | |
Construction Supply Investments, LLC | (10) | December 29, 2016 | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | | | | | | | | | | | |
| | | | Member Units | | | | | | | | 5,637 | | 8,617 |
| | | | | | | | | | | | | | |
43
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Equity | 11/19/2021 | 5,944 | 5,944 | 5,944 | ||||||||||||||||||||||||||||||||||||||||
26,937 | 26,937 | |||||||||||||||||||||||||||||||||||||||||||
Dos Rios Partners | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners, LP) | (31) | 4/25/2013 | 20.2 | % | 6,605 | 10,329 | ||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners - A, LP) | (31) | 4/25/2013 | 6.4 | % | 2,097 | 3,280 | ||||||||||||||||||||||||||||||||||||||
8,702 | 13,609 | |||||||||||||||||||||||||||||||||||||||||||
Dos Rios Stone Products LLC | (10) | Limestone and Sandstone Dimension Cut Stone Mining Quarries | ||||||||||||||||||||||||||||||||||||||||||
Class A Preferred Units | (30) | 6/27/2016 | 2,000,000 | 2,000 | 640 | |||||||||||||||||||||||||||||||||||||||
EIG Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) (31) | 11/6/2015 | 5,000,000 | 594 | 547 | |||||||||||||||||||||||||||||||||||||||
Flame King Holdings, LLC | Propane Tank and Accessories Distributor | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/29/2021 | 7.50 | % | L + | 6.50% | 10/31/2026 | 6,400 | 6,324 | 6,324 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/29/2021 | 12.00 | % | L + | 11.00% | 10/31/2026 | 21,200 | 20,996 | 20,996 | ||||||||||||||||||||||||||||||||||
Preferred Equity | 10/29/2021 | 9,360 | 10,400 | 10,400 | ||||||||||||||||||||||||||||||||||||||||
37,720 | 37,720 | |||||||||||||||||||||||||||||||||||||||||||
Freeport Financial Funds | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport Financial SBIC Fund LP) | (31) | 3/23/2015 | 9.3 | % | 5,974 | 6,078 | ||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport First Lien Loan Fund III LP) | (8) (31) | 7/31/2015 | 6.0 | % | 7,629 | 7,231 | ||||||||||||||||||||||||||||||||||||||
13,603 | 13,309 | |||||||||||||||||||||||||||||||||||||||||||
GFG Group, LLC. | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/31/2021 | 12.00 | % | 3/31/2026 | 12,545 | 12,435 | 12,545 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 3/31/2021 | 226 | 4,900 | 6,990 | |||||||||||||||||||||||||||||||||||||||
17,335 | 19,535 | |||||||||||||||||||||||||||||||||||||||||||
Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (HPEP 3, L.P.) | (31) | 8/9/2017 | 8.2 | % | 3,193 | 4,712 | ||||||||||||||||||||||||||||||||||||||
Hawk Ridge Systems, LLC | (13) | Value-Added Reseller of Engineering Design and Manufacturing Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/2/2016 | 7.00 | % | L + | 6.00% | 1/15/2026 | 2,585 | 2,585 | 2,585 | ||||||||||||||||||||||||||||||||||
Secured Debt | 12/2/2016 | 8.00 | % | 1/15/2026 | 34,800 | 34,672 | 34,800 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
Copper Trail Fund Investments | (12) (13) | July 17, 2017 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (CTEF I, LP) | | 375 | | | | | | - | | 67 |
| | | | | | | | | | | | | | |
Corel Corporation | (11) (13) (21) | July 24, 2019 | Publisher of Desktop and Cloud-based Software | | | | | | | | | | | |
| | | | Secured Debt | | | 5.23% (L+5.00%) | 7/2/2026 | | 19,403 | | 18,580 | | 19,124 |
| | | | | | | | | | | | | | |
Darr Equipment LP | (10) | April 15, 2014 | Heavy Equipment Dealer | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 12.50% (11.50% Cash, 1.00% PIK) | 6/22/2023 | | 5,959 | | 5,959 | | 5,959 |
| | | | Warrants | (29) | 915,734 | | 12/23/2023 | | | | 474 | | - |
| | | | | | | | | | | | 6,433 | | 5,959 |
| | | | | | | | | | | | | | |
Digital River, Inc. | (11) | February 24, 2015 | Provider of Outsourced e-Commerce Solutions and Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+7.00%, Floor 1.00%) | 2/12/2023 | | 13,628 | | 13,422 | | 13,560 |
| | | | | | | | | | | | | | |
DTE Enterprises, LLC | (10) | April 13, 2018 | Industrial Powertrain Repair and Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 10.00% (L+8.50%, Floor 1.50%) | 4/13/2023 | | 9,324 | | 9,213 | | 9,004 |
| | | | Class AA Preferred Member Units (non-voting) | (8) (19) | | 10.00% PIK | | | | | 951 | | 951 |
| | | | Class A Preferred Member Units | | 776,316 | | | | | | 776 | | 880 |
| | | | | | | | | | | | 10,940 | | 10,835 |
| | | | | | | | | | | | | | |
Dynamic Communities, LLC | (10) | July 17, 2018 | Developer of Business Events and Online Community Groups | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 12.50% (6.25% Cash, 6.25% PIK) (L+11.50%, Floor 1.00%) | 7/17/2023 | | 5,320 | | 5,256 | | 4,921 |
| | | | | | | | | | | | | | |
Eastern Wholesale Fence LLC | (10) | November 19, 2020 | Manufacturer and Distributor of Residential and Commercial Fencing Solutions | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50%, (L+6.50%, Floor 1.00%) | 10/30/2025 | | 11,857 | | 11,523 | | 11,523 |
| | | | | | | | | | | | | | |
Echo US Holdings, LLC. | (10) | November 12, 2019 | Developer and Manufacturer of PVC and Polypropylene Materials | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.88% (L+6.25%, Floor 1.63%) | 10/25/2024 | | 22,190 | | 22,090 | | 22,190 |
| | | | | | | | | | | | | | |
Electronic Transaction Consultants, LLC | (10) | July 24, 2020 | Technology Service Provider for Toll Road and Infrastructure Operators | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 7/24/2025 | | 10,000 | | 9,829 | | 9,829 |
| | | | | | | | | | | | | | |
44
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 12/2/2016 | 226 | 2,850 | 14,680 | |||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (30) | 12/2/2016 | 226 | 150 | 770 | |||||||||||||||||||||||||||||||||||||||
40,257 | 52,835 | |||||||||||||||||||||||||||||||||||||||||||
Houston Plating and Coatings, LLC | Provider of Plating and Industrial Coating Services | |||||||||||||||||||||||||||||||||||||||||||
Unsecured Convertible Debt | 5/1/2017 | 8.00 | % | 5/1/2022 | 3,000 | 3,000 | 2,960 | |||||||||||||||||||||||||||||||||||||
Member Units | (8) | 1/8/2003 | 322,297 | 2,352 | 3,210 | |||||||||||||||||||||||||||||||||||||||
5,352 | 6,170 | |||||||||||||||||||||||||||||||||||||||||||
I-45 SLF LLC | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
Member Units (Fully diluted 20.0%; 24.40% profits interest) (8) | (8) | 10/20/2015 | 19,000 | 14,387 | ||||||||||||||||||||||||||||||||||||||||
Iron-Main Investments, LLC | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/3/2021 | 13.00 | % | 8/1/2026 | 4,600 | 4,557 | 4,557 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 9/1/2021 | 12.50 | % | 9/1/2026 | 3,200 | 3,170 | 3,170 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 8/3/2021 | 12.50 | % | 11/30/2026 | 20,000 | 19,805 | 19,805 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 8/3/2021 | 12.50 | % | 12.50 | % | 3/31/2022 | 8,944 | 8,944 | 8,944 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/3/2021 | 179,778 | 1,798 | 1,798 | ||||||||||||||||||||||||||||||||||||||||
38,274 | 38,274 | |||||||||||||||||||||||||||||||||||||||||||
L.F. Manufacturing Holdings, LLC | (10) | Manufacturer of Fiberglass Products | ||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units (non-voting) | (8) | 1/1/2019 | 14.00 | % | 14.00 | % | 107 | 107 | ||||||||||||||||||||||||||||||||||||
Member Units | 12/23/2013 | 2,179,001 | 2,019 | 2,557 | ||||||||||||||||||||||||||||||||||||||||
2,126 | 2,664 | |||||||||||||||||||||||||||||||||||||||||||
OnAsset Intelligence, Inc. | Provider of Transportation Monitoring / Tracking Products and Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 5/20/2014 | 12.00 | % | 12.00 | % | 12/31/2022 | 935 | 935 | 935 | |||||||||||||||||||||||||||||||||||
Secured Debt | 3/21/2014 | 12.00 | % | 12.00 | % | 12/31/2022 | 954 | 954 | 954 | |||||||||||||||||||||||||||||||||||
Secured Debt | 5/10/2013 | 12.00 | % | 12.00 | % | 12/31/2022 | 2,055 | 2,055 | 2,055 | |||||||||||||||||||||||||||||||||||
Secured Debt | 4/18/2011 | 12.00 | % | 12.00 | % | 12/31/2022 | 4,286 | 4,286 | 4,286 | |||||||||||||||||||||||||||||||||||
Unsecured Debt | 6/5/2017 | 10.00 | % | 10.00 | % | 12/31/2022 | 192 | 192 | 192 | |||||||||||||||||||||||||||||||||||
Preferred Stock | 4/18/2011 | 912 | 7.00 | % | 7.00 | % | 1,981 | — |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
EnCap Energy Fund Investments | (12) (13) | December 28, 2010 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests (EnCap Energy Capital Fund VIII, L.P.) | (31) | 0.1% | | | | | | 3,813 | | 959 |
| | | | LP Interests (EnCap Energy Capital Fund VIII Co- | (31) | 0.4% | | | | | | 2,097 | | 465 |
| | | | LP Interests (EnCap Energy Capital Fund IX, L.P.) | (8) (31) | 0.1% | | | | | | 4,366 | | 1,291 |
| | | | LP Interests (EnCap Energy Capital Fund X, L.P.) | (8) (31) | 0.1% | | | | | | 8,720 | | 6,426 |
| | | | LP Interests (EnCap Flatrock Midstream Fund II, L.P.) | (8) (31) | 0.8% | | | | | | 6,706 | | 2,546 |
| | | | LP Interests (EnCap Flatrock Midstream Fund III, L.P.) | (8) (31) | 0.2% | | | | | | 6,982 | | 5,793 |
| | | | | | | | | | | | 32,684 | | 17,480 |
| | | | | | | | | | | | | | |
Encino Acquisition Partners Holdings, Inc. | (11) | November 16, 2018 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 10/29/2025 | | 9,000 | | 8,932 | | 8,297 |
| | | | | | | | | | | | | | |
EPIC Y-Grade Services, LP | (11) | June 22, 2018 | NGL Transportation & Storage | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 6/30/2027 | | 6,944 | | 6,854 | | 5,799 |
| | | | | | | | | | | | | | |
Fortna, Inc. | (10) | July 23, 2019 | Process, Physical Distribution and Logistics Consulting Services | | | | | | | | | | | |
| | | | Secured Debt | | | 5.15% (L+5.00%) | 4/8/2025 | | 7,673 | | 7,553 | | 7,486 |
| | | | | | | | | | | | | | |
Fuse, LLC | (11) | June 30, 2019 | Cable Networks Operator | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 6/28/2024 | | 1,810 | | 1,810 | | 1,472 |
| | | | Common Stock | | 10,429 | | | | | | 256 | | - |
| | | | | | | | | | | | 2,066 | | 1,472 |
| | | | | | | | | | | | | | |
GeoStabilization International (GSI) | (11) | December 31, 2018 | Geohazard Engineering Services & Maintenance | | | | | | | | | | | |
| | | | Secured Debt | | | 5.40% (L+5.25%) | 12/19/2025 | | 11,224 | | 11,137 | | 11,196 |
| | | | | | | | | | | | | | |
GoWireless Holdings, Inc. | (11) | December 31, 2017 | Provider of Wireless Telecommunications Carrier Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 12/22/2024 | | 17,113 | | 16,988 | | 16,976 |
45
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Common Stock | 4/15/2021 | 635 | 830 | — | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 4/18/2011 | 4,699 | 5/10/2023 | 1,089 | — | ||||||||||||||||||||||||||||||||||||||
12,322 | 8,422 | |||||||||||||||||||||||||||||||||||||||||||
Oneliance, LLC | Construction Cleaning Company | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/6/2021 | 12.00 | % | L + | 11.00% | 8/6/2026 | 5,600 | 5,547 | 5,547 | ||||||||||||||||||||||||||||||||||
Preferred Stock | 8/6/2021 | 1,056 | 1,056 | 1,056 | ||||||||||||||||||||||||||||||||||||||||
6,603 | 6,603 | |||||||||||||||||||||||||||||||||||||||||||
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | Provider of Rigsite Accommodation Unit Rentals and Related Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) (17) (36) | 6/30/2015 | 12.00 | % | 1/8/2018 | 30,369 | 29,865 | — | ||||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/8/2013 | 250 | 2,500 | — | ||||||||||||||||||||||||||||||||||||||||
32,365 | — | |||||||||||||||||||||||||||||||||||||||||||
SI East, LLC | Rigid Industrial Packaging Manufacturing | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2018 | 10.25 | % | 8/31/2023 | 65,850 | 65,738 | 65,850 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | 8/31/2018 | 157 | 1,218 | 11,570 | |||||||||||||||||||||||||||||||||||||||
66,956 | 77,420 | |||||||||||||||||||||||||||||||||||||||||||
Slick Innovations, LLC | Text Message Marketing Platform | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 9/13/2018 | 13.00 | % | 9/13/2023 | 5,320 | 5,248 | 5,320 | |||||||||||||||||||||||||||||||||||||
Common Stock | 9/13/2018 | 70,000 | 700 | 1,510 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 9/13/2018 | 18,084 | 9/13/2028 | 181 | 400 | ||||||||||||||||||||||||||||||||||||||
6,129 | 7,230 | |||||||||||||||||||||||||||||||||||||||||||
Sonic Systems International, LLC | (10) | Nuclear Power Staffing Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/20/2021 | 8.50 | % | L + | 7.50% | 8/20/2026 | 11,982 | 11,757 | 11,757 | ||||||||||||||||||||||||||||||||||
Common Stock | 8/20/2021 | 7,866 | 1,070 | 1,070 | ||||||||||||||||||||||||||||||||||||||||
12,827 | 12,827 | |||||||||||||||||||||||||||||||||||||||||||
Superior Rigging & Erecting Co. | Provider of Steel Erecting, Crane Rental & Rigging Services | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/31/2020 | 12.00 | % | 8/31/2025 | 21,500 | 21,332 | 21,332 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 8/31/2020 | 1,571 | 4,500 | 4,500 | ||||||||||||||||||||||||||||||||||||||||
25,832 | 25,832 | |||||||||||||||||||||||||||||||||||||||||||
The Affiliati Network, LLC | Performance Marketing Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 8/9/2021 | 7.00 | % | 8/9/2026 | 280 | 262 | 262 | |||||||||||||||||||||||||||||||||||||
Secured Debt | 8/9/2021 | 11.83 | % | 8/9/2026 | 12,961 | 12,834 | 12,834 | |||||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 8/9/2021 | 1,280,000 | 6,400 | 6,400 | |||||||||||||||||||||||||||||||||||||||
19,496 | 19,496 | |||||||||||||||||||||||||||||||||||||||||||
UniTek Global Services, Inc. | (11) | Provider of Outsourced Infrastructure Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/15/2018 | 8.50 | % | L + | 5.50% | 2.00 | % | 8/20/2024 | 397 | 396 | 371 | ||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/27/2018 | 8.50 | % | L + | 5.50% | 2.00 | % | 8/20/2024 | 1,986 | 1,974 | 1,852 | ||||||||||||||||||||||||||||||||
Secured Convertible Debt | 1/1/2021 | 15.00 | % | 15.00 | % | 2/20/2025 | 1,197 | 1,197 | 2,375 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Grupo Hima San Pablo, Inc. | (11) | March 7, 2013 | Tertiary Care Hospitals | | | | | | | | | | | |
| | | | Secured Debt | (9) (17) | | 9.25% (L+7.00%, Floor 1.50%) | 4/30/2019 | | 4,504 | | 4,504 | | 3,375 |
| | | | Secured Debt | (17) | | 13.75% | 10/15/2018 | | 2,055 | | 2,040 | | 49 |
| | | | | | | | | | | | 6,544 | | 3,424 |
| | | | | | | | | | | | | | |
GS HVAM Intermediate, LLC | (10) | October 18, 2019 | Specialized Food Distributor | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 10/2/2024 | | 11,053 | | 10,952 | | 11,007 |
| | | | | | | | | | | | | | |
Gexpro Services | (10) | February 24, 2020 | Distributor of Industrial and Specialty Parts | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+6.50%, Floor 1.50%) | 2/24/2025 | | 29,180 | | 28,692 | | 28,953 |
| | | | | | | | | | | | | | |
HDC/HW Intermediate Holdings | (10) | December 21, 2018 | Managed Services and Hosting Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.50% (L+7.50%, Floor 1.00%) | 12/21/2023 | | 3,474 | | 3,429 | | 3,351 |
| | | | | | | | | | | | | | |
Heartland Dental, LLC | (10) | September 9, 2020 | Dental Support Organization | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 4/30/2025 | | 14,925 | | 14,501 | | 14,501 |
| | | | | | | | | | | | | | |
Hunter Defense Technologies, Inc. | (10) | March 29, 2018 | Provider of Military and Commercial Shelters and Systems | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+7.00%, Floor 1.00%) | 3/29/2023 | | 35,246 | | 34,820 | | 35,246 |
| | | | | | | | | | | | | | |
HW Temps LLC | | July 2, 2015 | Temporary Staffing Solutions | | | | | | | | | | | |
| | | | Secured Debt | | | 12.00% | 3/29/2023 | | 9,801 | | 9,698 | | 8,994 |
| | | | | | | | | | | | | | |
Hyperion Materials & Technologies, Inc. | (11) (13) | September 12, 2019 | Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 8/28/2026 | | 22,275 | | 21,894 | | 20,813 |
| | | | | | | | | | | | | | |
Ian, Evan & Alexander Corporation (EverWatch) | (10) | July 31, 2020 | Cybersecurity, Software and Data Analytics provider to the Intelligence Community | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.50% (L+8.50%, Floor 1.00%) | 7/31/2025 | | 16,529 | | 16,158 | | 16,158 |
| | | | | | | | | | | | | | |
Implus Footcare, LLC | (10) | June 1, 2017 | Provider of Footwear and Related Accessories | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.75% (L+7.75%, Floor 1.00%) | 4/30/2024 | | 18,890 | | 18,566 | | 17,172 |
| | | | | | | | | | | | | | |
Independent Pet Partners Intermediate Holdings, LLC | (10) | November 20, 2018 | Omnichannel Retailer of Specialty Pet Products | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 6.31% PIK (L+6.00% PIK) | 12/22/2022 | | 6,111 | | 6,111 | | 6,111 |
| | | | Secured Debt | (19) | | 6.00% PIK | 11/20/2023 | | 16,670 | | 15,086 | | 15,086 |
| | | | Preferred Stock (non-voting) | | | | | | | | 3,235 | | 3,235 |
46
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Preferred Stock | (8) | 8/29/2019 | 1,133,102 | 20.00 | % | 20.00 | % | 1,757 | 2,833 | |||||||||||||||||||||||||||||||||||
Preferred Stock | 8/21/2018 | 1,521,122 | 20.00 | % | 20.00 | % | 2,188 | 1,498 | ||||||||||||||||||||||||||||||||||||
Preferred Stock | 1/15/2015 | 4,336,866 | 13.50 | % | 13.50 | % | 7,924 | — | ||||||||||||||||||||||||||||||||||||
Preferred Stock | 6/30/2017 | 2,281,682 | 19.00 | % | 19.00 | % | 3,667 | — | ||||||||||||||||||||||||||||||||||||
Common Stock | 4/1/2020 | 945,507 | — | — | ||||||||||||||||||||||||||||||||||||||||
19,103 | 8,929 | |||||||||||||||||||||||||||||||||||||||||||
Universal Wellhead Services Holdings, LLC | (10) | Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry | ||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (30) | 12/7/2016 | 716,949 | 14.00 | % | 14.00 | % | 1,032 | — | |||||||||||||||||||||||||||||||||||
Member Units | (30) | 12/7/2016 | 4,000,000 | 4,000 | — | |||||||||||||||||||||||||||||||||||||||
5,032 | — | |||||||||||||||||||||||||||||||||||||||||||
Volusion, LLC | Provider of Online Software-as-a-Service eCommerce Solutions | |||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (17) | 1/26/2015 | 11.50 | % | 1/26/2020 | 17,434 | 17,434 | 17,434 | ||||||||||||||||||||||||||||||||||||
Unsecured Convertible Debt | 5/16/2018 | 8.00 | % | 11/16/2023 | 409 | 409 | 409 | |||||||||||||||||||||||||||||||||||||
Preferred Member Units | 1/26/2015 | 4,876,670 | 14,000 | 5,990 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (27) | 1/26/2015 | 1,831,355 | 1/26/2025 | 2,576 | — | ||||||||||||||||||||||||||||||||||||||
34,419 | 23,833 | |||||||||||||||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (30.7% of net assets at fair value) | $ | 578,539 | $ | 549,214 | ||||||||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (7) | ||||||||||||||||||||||||||||||||||||||||||||
Acousti Engineering Company of Florida | (10) | Interior Subcontractor Providing Acoustical Walls and Ceilings | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/2/2020 | 10.00 | % | L + | 8.50% | 11/2/2025 | $ | 12,111 | $ | 12,005 | $ | 12,111 | |||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/26/2021 | 14.00 | % | L + | 12.50% | 11/2/2025 | 850 | 841 | 850 | ||||||||||||||||||||||||||||||||||
12,846 | 12,961 | |||||||||||||||||||||||||||||||||||||||||||
ADS Tactical, Inc. | (11) | Value-Added Logistics and Supply Chain Provider to the Defense Industry | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/29/2021 | 6.75 | % | L + | 5.75% | 3/19/2026 | 22,136 | 21,734 | 22,012 | ||||||||||||||||||||||||||||||||||
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2021 | 7.00 | % | L + | 6.00% | 11/19/2026 | 7,067 | 6,988 | 6,988 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Preferred Stock (non-voting) | | | | | | | | - | | - |
| | | | Member Units | | 1,558,333 | | | | | | 1,558 | | - |
| | | | | | | | | | | | 25,990 | | 24,432 |
| | | | | | | | | | | | | | |
Industrial Services Acquisition, LLC | (10) | June 17, 2016 | Industrial Cleaning Services | | | | | | | | | | | |
| | | | Unsecured Debt | (19) | | 13.00% (6.00% Cash, 7.00% PIK) | 12/17/2022 | | 5,624 | | 5,579 | | 5,624 |
| | | | Preferred Member Units | (8) (19) (30) | 144 | 10.00% PIK | | | | | 112 | | 112 |
| | | | Preferred Member Units | (8) (19) (30) | 80 | 20.00% PIK | | | | | 71 | | 71 |
| | | | Member Units | (30) | 900 | | | | | | 900 | | 530 |
| | | | | | | | | | | | 6,662 | | 6,337 |
| | | | | | | | | | | | | | |
Inn of the Mountain Gods Resort and Casino | (11) | October 30, 2013 | Hotel & Casino Owner & Operator | | | | | | | | | | | |
| | | | Secured Debt | | | 9.25% | 11/30/2023 | | 6,677 | | 6,677 | | 6,677 |
| | | | | | | | | | | | | | |
Interface Security Systems, L.L.C | (10) | August 7, 2019 | Commercial Security & Alarm Services | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 11.75% (8.75% Cash, 3.00% PIK) (3.00% PIK + L+7.00%, Floor 1.75%) | 8/7/2023 | | 7,245 | | 7,145 | | 7,245 |
| | | | | | | | | | | | | | |
Intermedia Holdings, Inc. | (11) | August 3, 2018 | Unified Communications as a Service | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 7/19/2025 | | 20,839 | | 20,755 | | 20,823 |
| | | | | | | | | | | | | | |
Invincible Boat Company, LLC. | (10) | August 28, 2019 | Manufacturer of Sport Fishing Boats | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.00% (L+6.50%, Floor 1.50%) | 8/28/2025 | | 8,876 | | 8,793 | | 8,876 |
| | | | | | | | | | | | | | |
Isagenix International, LLC | (11) | June 21, 2018 | Direct Marketer of Health & Wellness Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 6/14/2025 | | 5,572 | | 5,541 | | 3,130 |
| | | | | | | | | | | | | | |
Jackmont Hospitality, Inc. | (10) | May 26, 2015 | Franchisee of Casual Dining Restaurants | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.75% (L+6.75%, Floor 1.00%) | 5/26/2021 | | 3,954 | | 3,953 | | 3,157 |
| | | | | | | | | | | | | | |
Joerns Healthcare, LLC | (11) | April 3, 2013 | Manufacturer and Distributor of Health Care Equipment & Supplies | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/21/2024 | | 4,016 | | 3,955 | | 4,016 |
| | | | Common Stock | | 472,579 | | | | | | 4,429 | | 2,795 |
| | | | | | | | | | | | 8,384 | | 6,811 |
| | | | | | | | | | | | | | |
Kemp Technologies Inc. | (10) | June 27, 2019 | Provider of Application Delivery Controllers | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.50% (L+6.50%, Floor 1.00%) | 3/29/2024 | | 17,387 | | 17,088 | | 17,387 |
| | | | Common Stock | | 1,000,000 | | | | | | 1,550 | | 1,550 |
| | | | | | | | | | | | 18,638 | | 18,937 |
47
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/21/2018 | 9.00 | % | L + | 8.00% | 4/10/2025 | 12,017 | 11,854 | 12,017 | ||||||||||||||||||||||||||||||||||
American Teleconferencing Services, Ltd. | (11) | Provider of Audio Conferencing and Video Collaboration Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) (17) | 9/17/2021 | 7.50 | % | L + | 6.50% | 9/9/2021 | 2,980 | 2,980 | 89 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) | 5/19/2016 | 7.50 | % | L + | 6.50% | 6/28/2023 | 14,370 | 13,706 | 431 | ||||||||||||||||||||||||||||||||||
16,686 | 520 | |||||||||||||||||||||||||||||||||||||||||||
ArborWorks, LLC | (10) | Vegetation Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2021 | 8.00 | % | L + | 7.00% | 11/9/2026 | 32,605 | 31,873 | 31,873 | ||||||||||||||||||||||||||||||||||
Common Equity | 11/9/2021 | 234 | 234 | 234 | ||||||||||||||||||||||||||||||||||||||||
32,107 | 32,107 | |||||||||||||||||||||||||||||||||||||||||||
Arrow International, Inc | (10) | Manufacturer and Distributor of Charitable Gaming Supplies | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (23) | 12/21/2020 | 9.18 | % | L + | 7.93% | 12/21/2025 | 22,500 | 22,300 | 22,500 | ||||||||||||||||||||||||||||||||||
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/15/2021 | 7.50 | % | L + | 6.50% | 12/15/2026 | 13,320 | 13,005 | 13,005 | ||||||||||||||||||||||||||||||||||
Common Equity | 12/15/2021 | 360 | 360 | 360 | ||||||||||||||||||||||||||||||||||||||||
13,365 | 13,365 | |||||||||||||||||||||||||||||||||||||||||||
Berry Aviation, Inc. | (10) | Charter Airline Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/6/2018 | 12.00 | % | 1.50 | % | 1/6/2024 | 4,694 | 4,674 | 4,694 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8)(30) | 11/12/2019 | 122,416 | 16.00 | % | 16.00 | % | 168 | 208 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (30) | 7/6/2018 | 1,548,387 | 8.00 | % | 8.00 | % | 1,671 | 2,487 | |||||||||||||||||||||||||||||||||||
6,513 | 7,389 | |||||||||||||||||||||||||||||||||||||||||||
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/10/2017 | 9.50 | % | L + | 8.50% | 3/10/2023 | 12,194 | 12,107 | 12,194 | ||||||||||||||||||||||||||||||||||
Member Units | 3/10/2017 | 1,050,000 | 1,050 | 730 | ||||||||||||||||||||||||||||||||||||||||
13,157 | 12,924 | |||||||||||||||||||||||||||||||||||||||||||
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/28/2020 | 10.00 | % | L + | 8.50% | 8/28/2025 | 5,357 | 5,357 | 5,337 | ||||||||||||||||||||||||||||||||||
Common Stock | (8) | 10/1/2020 | 723,184 | 1 | 1,515 | |||||||||||||||||||||||||||||||||||||||
5,358 | 6,852 | |||||||||||||||||||||||||||||||||||||||||||
Brainworks Software, LLC | (10) | Advertising Sales and Newspaper Circulation Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) (17) | 8/12/2014 | 12.50 | % | P + | 9.25% | 7/22/2019 | 7,817 | 7,817 | 4,201 | ||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | | | | | | | | | | | |
Klein Hersh, LLC | (10) | November 13, 2020 | Executive and C-Suite Placement for the Life Sciences and Healthcare Industries | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.75% (L+8.00%, Floor 0.75%) | 11/13/2025 | | 35,000 | | 34,098 | | 34,098 |
| | | | | | | | | | | | | | |
Kore Wireless Group Inc. | (11) | December 31, 2018 | Mission Critical Software Platform | | | | | | | | | | | |
| | | | Secured Debt | | | 5.75% (L+5.50%) | 12/20/2024 | | 19,090 | | 19,003 | | 18,828 |
| | | | | | | | | | | | | | |
Larchmont Resources, LLC | (11) | August 13, 2013 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 11.00% PIK (L+10.00% PIK, Floor 1.00%) | 8/9/2021 | | 2,185 | | 2,185 | | 983 |
| | | | Member Units | (30) | 2,828 | | | | | | 353 | | 113 |
| | | | | | | | | | | | 2,538 | | 1,096 |
| | | | | | | | | | | | | | |
Laredo Energy, LLC | (10) | January 15, 2019 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Member Units | | 1,155,952 | | | | | | 11,560 | | 10,238 |
| | | | | | | | | | | | | | |
Lightbox Holdings, L.P. | (11) | May 23, 2019 | Provider of Commercial Real Estate Software | | | | | | | | | | | |
| | | | Secured Debt | | | 5.15% (L+5.00%) | 5/9/2026 | | 14,813 | | 14,623 | | 14,368 |
| | | | | | | | | | | | | | |
LKCM Headwater Investments I, L.P. | (12) (13) | January 25, 2013 | Investment Partnership | | | | | | | | | | | |
| | | | LP Interests | (31) | 2.3% | | | | | | 1,746 | | 3,524 |
| | | | | | | | | | | | | | |
LL Management, Inc. | (10) | May 2, 2019 | Medical Transportation Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+7.25%, Floor 1.00%) | 9/25/2023 | | 16,504 | | 16,337 | | 16,504 |
| | | | | | | | | | | | | | |
Logix Acquisition Company, LLC | (10) | June 24, 2016 | Competitive Local Exchange Carrier | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 12/22/2024 | | 26,131 | | 24,550 | | 24,171 |
| | | | | | | | | | | | | | |
Looking Glass Investments, LLC | (12) (13) | July 1, 2015 | Specialty Consumer | | | | | | | | | | | |
| | | | Member Units | | 3 | | | | | | 125 | | 25 |
| | | | | | | | | | | | | | |
LSF9 Atlantis Holdings, LLC | (11) | May 17, 2017 | Provider of Wireless Telecommunications Carrier Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 5/1/2023 | | 9,206 | | 9,206 | | 9,177 |
| | | | | | | | | | | | | | |
Lulu's Fashion Lounge, LLC | (10) | August 31, 2017 | Fast Fashion E-Commerce Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%) | 8/28/2022 | | 11,152 | | 10,983 | | 9,535 |
| | | | | | | | | | | | | | |
Lynx FBO Operating LLC | (10) | September 30, 2019 | Fixed Based Operator in the General Aviation Industry | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.25% (L+5.75%, Floor 1.50%) | 9/30/2024 | | 13,613 | | 13,369 | | 13,521 |
48
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund III, LP) | (8) (31) | 7/21/2014 | 1.6 | % | 7,200 | 4,269 | ||||||||||||||||||||||||||||||||||||||
LP Interests (Brightwood Capital Fund IV, LP) | (8) (31) | 10/26/2016 | 0.6 | % | 4,350 | 4,394 | ||||||||||||||||||||||||||||||||||||||
11,550 | 8,663 | |||||||||||||||||||||||||||||||||||||||||||
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 6.00 | % | L + | 5.00% | 6/10/2026 | 465 | 429 | 429 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 6.00 | % | L + | 5.00% | 6/10/2028 | 20,134 | 19,803 | 19,985 | ||||||||||||||||||||||||||||||||||
20,232 | 20,414 | |||||||||||||||||||||||||||||||||||||||||||
Cadence Aerospace LLC | (10) | Aerostructure Manufacturing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (32) | 11/14/2017 | 9.28 | % | 0.22 | % | 11/14/2023 | 28,540 | 28,399 | 26,767 | ||||||||||||||||||||||||||||||||||
CAI Software LLC | Provider of Specialized Enterprise Resource Planning Software | |||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | 12/13/2021 | 1,788,527 | 1,789 | 1,789 | ||||||||||||||||||||||||||||||||||||||||
Preferred Equity | 12/13/2021 | 596,176 | — | — | ||||||||||||||||||||||||||||||||||||||||
1,789 | 1,789 | |||||||||||||||||||||||||||||||||||||||||||
Camin Cargo Control, Inc. | (11) | Provider of Mission Critical Inspection, Testing and Fuel Treatment Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/14/2021 | 7.50 | % | L + | 6.50% | 6/4/2026 | 15,920 | 15,775 | 15,840 | ||||||||||||||||||||||||||||||||||
Cenveo Corporation | (11) | Provider of Digital Marketing Agency Services | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | 9/7/2018 | 322,907 | 6,183 | 2,852 | ||||||||||||||||||||||||||||||||||||||||
Chisholm Energy Holdings, LLC | (10) | Oil & Gas Exploration & Production | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/15/2019 | 7.75 | % | L + | 6.25% | 5/15/2026 | 2,857 | 2,804 | 2,663 | ||||||||||||||||||||||||||||||||||
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) (17) | 9/23/2014 | 15.00 | % | 15.00 | % | 1/5/2015 | 2,756 | 2,756 | 33 | ||||||||||||||||||||||||||||||||||
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/6/2021 | 8.50 | % | L + | 7.50% | 8/6/2026 | 21,681 | 21,234 | 21,234 | ||||||||||||||||||||||||||||||||||
Construction Supply Investments, LLC | (10) | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | ||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 12/29/2016 | 861,618 | 3,335 | 14,640 |
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Member Units | | 4,872 | | | | | | 687 | | 780 |
| | | | | | | | | | | | 14,056 | | 14,301 |
| | | | | | | | | | | | | | |
Mac Lean-Fogg Company | (10) | April 22, 2019 | Manufacturer and Supplier for Auto and Power Markets | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 5.63% (L+5.00%, Floor 0.625%) | 12/22/2025 | | 17,251 | | 17,149 | | 17,251 |
| | | | Preferred Stock | (8) (19) | | 13.75% (4.50% Cash, 9.25% PIK) | | | 1,870 | | 1,870 | | 1,841 |
| | | | | | | | | | | | 19,019 | | 19,092 |
| | | | | | | | | | | | | | |
MHVC Acquisition Corp. | (11) | May 8, 2017 | Provider of Differentiated Information Solutions, Systems Engineering, and Analytics | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.25% (L+5.25%, Floor 1.00%) | 4/29/2024 | | 19,797 | | 19,716 | | 19,846 |
| | | | | | | | | | | | | | |
Mills Fleet Farm Group, LLC | (10) | October 24, 2018 | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 10/24/2024 | | 13,860 | | 13,595 | | 13,609 |
| | | | | | | | | | | | | | |
NBG Acquisition Inc | (11) | April 28, 2017 | Wholesaler of Home Décor Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 4/26/2024 | | 4,070 | | 4,034 | | 3,399 |
| | | | | | | | | | | | | | |
NinjaTrader, LLC | (10) | December 18, 2019 | Operator of Futures Trading Platform | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 8.25% (L+6.75%, Floor 1.50%) | 12/18/2024 | | 16,875 | | 16,543 | | 16,849 |
| | | | | | | | | | | | | | |
NNE Partners, LLC | (10) | March 2, 2017 | Oil & Gas Exploration & Production | | | | | | | | | | | |
| | | | Secured Debt | (19) | | 9.48% (4.75% Cash, 4.50% PIK) (4.50% PIK + L+4.75%) | 12/31/2023 | | 23,683 | | 23,572 | | 21,025 |
| | | | | | | | | | | | | | |
Project Eagle Holdings, LLC | (10) | July 6, 2020 | Provider of Secure Business Collaboration Software | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.25% (L+8.25%, Floor 1.00%) | 7/6/2026 | | 14,963 | | 14,583 | | 14,583 |
| | | | | | | | | | | | | | |
Novetta Solutions, LLC | (11) | June 21, 2017 | Provider of Advanced Analytics Solutions for Defense Agencies | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.00% (L+5.00%, Floor 1.00%) | 10/17/2022 | | 22,912 | | 22,629 | | 22,864 |
| | | | | | | | | | | | | | |
NTM Acquisition Corp. | (11) | July 12, 2016 | Provider of B2B Travel Information Content | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%) | 6/7/2024 | | 4,694 | | 4,694 | | 4,224 |
| | | | | | | | | | | | | | |
Ospemifene Royalty Sub LLC (QuatRx) | (10) | July 8, 2013 | Estrogen-Deficiency Drug Manufacturer and Distributor | | | | | | | | | | | |
49
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Darr Equipment LP | (10) | Heavy Equipment Dealer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/26/2017 | 12.50 | % | 1.00 | % | 6/22/2023 | 4,685 | 4,685 | 4,227 | |||||||||||||||||||||||||||||||||||
Warrants | (28) | 4/15/2014 | 915,734 | 12/23/2023 | 474 | 160 | ||||||||||||||||||||||||||||||||||||||
5,159 | 4,387 | |||||||||||||||||||||||||||||||||||||||||||
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/13/2018 | 9.50 | % | L + | 8.00% | 4/13/2023 | 9,324 | 9,259 | 8,884 | ||||||||||||||||||||||||||||||||||
Class AA Preferred Member Units (non-voting) | (9) | 4/13/2018 | 10.00 | % | 10.00 | % | 1,051 | 1,051 | ||||||||||||||||||||||||||||||||||||
Class A Preferred Member Units | 4/13/2018 | 776,316 | 8.00 | % | 8.00 | % | 776 | 320 | ||||||||||||||||||||||||||||||||||||
11,086 | 10,255 | |||||||||||||||||||||||||||||||||||||||||||
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/17/2018 | 9.50 | % | L + | 8.50% | 7/17/2023 | 5,681 | 5,638 | 5,569 | ||||||||||||||||||||||||||||||||||
Eastern Wholesale Fence LLC | (10) | Manufacturer and Distributor of Residential and Commercial Fencing Solutions | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2020 | 8.00 | % | L + | 7.00% | 10/30/2025 | 31,810 | 31,238 | 31,810 | ||||||||||||||||||||||||||||||||||
EnCap Energy Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund VIII, L.P.) | (8) (31) | 1/22/2015 | 0.1 | % | 3,745 | 1,599 | ||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) | (31) | 1/21/2015 | 0.4 | % | 2,097 | 777 | ||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund IX, L.P.) | (8) (31) | 1/22/2015 | 0.1 | % | 4,047 | 2,284 | ||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Energy Capital Fund X, L.P.) | (8) (31) | 3/25/2015 | 0.1 | % | 8,443 | 8,276 | ||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Flatrock Midstream Fund II, L.P.) | (31) | 3/30/2015 | 0.8 | % | 6,582 | 2,796 | ||||||||||||||||||||||||||||||||||||||
LP Interests (EnCap Flatrock Midstream Fund III, L.P.) | (8) (31) | 3/27/2015 | 0.2 | % | 6,082 | 5,064 | ||||||||||||||||||||||||||||||||||||||
30,996 | 20,796 | |||||||||||||||||||||||||||||||||||||||||||
EPIC Y-Grade Services, LP | (11) | NGL Transportation & Storage | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/22/2018 | 7.00 | % | L + | 6.00% | 6/30/2027 | 6,892 | 6,819 | 5,862 | ||||||||||||||||||||||||||||||||||
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9)(30) | 12/22/2021 | 8.00 | % | L + | 7.00% | 12/22/2026 | 51,692 | 51,135 | 51,135 | ||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
| | | | Secured Debt | (14) | | 11.50% | 11/15/2026 | | 4,765 | | 4,765 | | 121 |
| | | | | | | | | | | | | | |
PaySimple, Inc. | (10) | September 9, 2019 | Leading Technology Services Commerce Platform | | | | | | | | | | | |
| | | | Secured Debt | | | 5.65% (L+5.50%) | 8/23/2025 | | 24,448 | | 24,225 | | 23,959 |
| | | | | | | | | | | | | | |
PricewaterhouseCoopers Public Sector LLP | (11) | May 24, 2018 | Provider of Consulting Services to Governments | | | | | | | | | | | |
| | | | Secured Debt | | | 8.15% (L+8.00%) | 5/1/2026 | | 9,000 | | 8,969 | | 9,000 |
| | | | | | | | | | | | | | |
PT Network, LLC | (10) | November 1, 2013 | Provider of Outpatient Physical Therapy and Sports Medicine Services | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 8.73% (6.73% Cash, 2.00% PIK) (2.00% PIK + L+5.50%, Floor 1.00%) | 11/30/2023 | | 8,601 | | 8,601 | | 8,601 |
| | | | | | | | | | | | | | |
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | December 31, 2017 | Provider of Outsourced Online Surveying | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 12/20/2024 | | 17,930 | | 17,497 | | 17,715 |
| | | | | | | | | | | | | | |
RM Bidder, LLC | (10) | November 12, 2015 | Scripted and Unscripted TV and Digital Programming Provider | | | | | | | | | | | |
| | | | Warrants | (26) | 187,161 | | 10/20/2025 | | | | 425 | | - |
| | | | Member Units | | 2,779 | | | | | | 46 | | 26 |
| | | | | | | | | | | | 471 | | 26 |
| | | | | | | | | | | | | | |
RTIC Subsidiary Holdings, LLC | (10) | September 1, 2020 | Direct-To-Consumer eCommerce Provider of Outdoor Products | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+7.75%, Floor 1.25%) | 9/1/2025 | | 17,260 | | 17,026 | | 17,026 |
| | | | | | | | | | | | | | |
SAFETY Investment Holdings, LLC | | April 29, 2016 | Provider of Intelligent Driver Record Monitoring Software and Services | | | | | | | | | | | |
| | | | Member Units | | 2,000,000 | | | | | | 2,000 | | 2,350 |
| | | | | | | | | | | | | | |
Salient Partners L.P. | (11) | June 25, 2015 | Provider of Asset Management Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/31/2021 | | 6,450 | | 6,443 | | 4,542 |
| | | | | | | | | | | | | | |
Staples Canada ULC | (10) (13) (21) | September 14, 2017 | Office Supplies Retailer | | | | | | | | | | | |
| | | | Secured Debt | (9) (22) | | 8.00% (L+7.00%, Floor 1.00%) | 9/12/2024 | | 13,032 | | 12,896 | | 12,382 |
| | | | | | | | | | | | | | |
TEAM Public Choices, LLC | (10) | October 28, 2019 | Home-Based Care Employment Service Provider | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.00% (L+5.00%, Floor 1.00%) | 12/18/2027 | | 12,500 | | 12,126 | | 12,406 |
| | | | | | | | | | | | | | |
Tectonic Financial, Inc. | | May 15, 2017 | Financial Services Organization | | | | | | | | | | | |
| | | | Common Stock | | 200,000 | | | | | | 2,000 | | 2,800 |
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50
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Flip Electronics LLC | (10) | Distributor of Hard-to-Find and Obsolete Electronic Components | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (33) | 1/4/2021 | 9.09 | % | L + | 8.09% | 1/2/2026 | 5,400 | 5,304 | 5,287 | ||||||||||||||||||||||||||||||||||
Fortna Acquisition Co., Inc. | (10) | Process, Physical Distribution and Logistics Consulting Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 7/23/2019 | 5.09 | % | L + | 5.00% | 4/8/2025 | 7,595 | 7,525 | 7,595 | |||||||||||||||||||||||||||||||||||
Fuse, LLC | (11) | Cable Networks Operator | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 6/30/2019 | 12.00 | % | 6/28/2024 | 1,810 | 1,810 | 1,672 | |||||||||||||||||||||||||||||||||||||
Common Stock | 6/30/2019 | 10,429 | 256 | — | ||||||||||||||||||||||||||||||||||||||||
2,066 | 1,672 | |||||||||||||||||||||||||||||||||||||||||||
GeoStabilization International (GSI) | (11) | Geohazard Engineering Services & Maintenance | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 1/2/2019 | 5.35 | % | L + | 5.25% | 12/19/2025 | 20,710 | 20,615 | 20,606 | |||||||||||||||||||||||||||||||||||
GoWireless Holdings, Inc. | (11) | Provider of Wireless Telecommunications Carrier Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/10/2018 | 7.50 | % | L + | 6.50% | 12/22/2024 | 18,534 | 18,440 | 18,576 | ||||||||||||||||||||||||||||||||||
Grupo Hima San Pablo, Inc. | (11) | Tertiary Care Hospitals | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) (17) | 3/7/2013 | 9.25 | % | L + | 7.00% | 4/30/2019 | 4,504 | 4,504 | 1,269 | ||||||||||||||||||||||||||||||||||
Secured Debt | (14) (17) | 3/7/2013 | 13.75 | % | 10/15/2018 | 2,055 | 2,040 | 49 | ||||||||||||||||||||||||||||||||||||
Secured Debt | (17) | 3/7/2013 | 12.00 | % | 12/24/2021 | 147 | 147 | 147 | ||||||||||||||||||||||||||||||||||||
6,691 | 1,465 | |||||||||||||||||||||||||||||||||||||||||||
GS HVAM Intermediate, LLC | (10) | Specialized Food Distributor | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/18/2019 | 6.75 | % | L + | 5.75% | 10/2/2024 | 13,243 | 13,167 | 13,243 | ||||||||||||||||||||||||||||||||||
GS Operating, LLC | (10) | Distributor of Industrial and Specialty Parts | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 2/24/2020 | 8.00 | % | L + | 6.50% | 2/24/2025 | 28,451 | 28,068 | 28,451 | ||||||||||||||||||||||||||||||||||
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/21/2018 | 8.50 | % | L + | 7.50% | 12/21/2023 | 3,449 | 3,419 | 3,059 | ||||||||||||||||||||||||||||||||||
Heartland Dental, LLC | (10) | Dental Support Organization | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/9/2020 | 7.50 | % | L + | 6.50% | 4/30/2025 | 14,813 | 14,477 | 14,887 | ||||||||||||||||||||||||||||||||||
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Portfolio Company (1) (20) | | Investment Date (24) | Business Description | Type of Investment (2) (3) (15) | | Shares/Units | Rate | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||
TGP Holdings III LLC | (11) | September 30, 2017 | Outdoor Cooking & Accessories | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.50% (L+8.50%, Floor 1.00%) | 9/25/2025 | | 5,500 | | 5,448 | | 5,307 |
| | | | | | | | | | | | | | |
The Pasha Group | (11) | February 2, 2018 | Diversified Logistics and Transportation Provided | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 9.00% (L+8.00%, Floor 1.00%) | 1/26/2023 | | 10,162 | | 9,585 | | 9,323 |
| | | | | | | | | | | | | | |
USA DeBusk LLC | (10) | October 22, 2019 | Provider of Industrial Cleaning Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.75% (L+5.75%, Floor 1.00%) | 10/22/2024 | | 24,948 | | 24,561 | | 24,591 |
| | | | | | | | | | | | | | |
U.S. TelePacific Corp. | (11) | September 14, 2016 | Provider of Communications and Managed Services | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 6.50% (L+5.50%, Floor 1.00%) | 5/2/2023 | | 17,088 | | 16,913 | | 15,486 |
| | | | | | | | | | | | | | |
Veregy Consolidated, Inc. | (11) | November 9, 2020 | Energy Service Company | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 11/3/2027 | | 15,000 | | 14,587 | | 14,888 |
| | | | | | | | | | | | | | |
Vida Capital, Inc | (11) | October 10, 2019 | Alternative Asset Manager | | | | | | | | | | | |
| | | | Secured Debt | | | 6.15% (L+6.00%) | 10/1/2026 | | 17,853 | | 17,626 | | 17,272 |
| | | | | | | | | | | | | | |
Vistar Media, Inc. | (10) | February 17, 2017 | Operator of Digital Out-of-Home Advertising Platform | | | | | | | | | | | |
| | | | Secured Debt | (9) (19) | | 12.00% (8.50% Cash, 3.50% PIK) (3.50% PIK + L+7.50%, Floor 1.00%) | 4/3/2023 | | 4,636 | | 4,513 | | 4,636 |
| | | | Preferred Stock | | 70,207 | | | | | | 767 | | 910 |
| | | | Warrants | (25) | 69,675 | | 4/3/2029 | | | | - | | 920 |
| | | | | | | | | | | | 5,280 | | 6,466 |
| | | | | | | | | | | | | | |
YS Garments, LLC | (11) | August 22, 2018 | Designer and Provider of Branded Activewear | | | | | | | | | | | |
| | | | Secured Debt | (9) | | 7.00% (L+6.00%, Floor 1.00%) | 8/9/2024 | | 13,997 | | 13,902 | | 12,911 |
| | | | | | | | | | | | | | |
Zilliant Incorporated | | June 15, 2012 | Price Optimization and Margin Management Solutions | | | | | | | | | | | |
| | | | Preferred Stock | | 186,777 | | | | | | 154 | | 260 |
| | | | Warrants | (28) | 952,500 | | 6/15/2022 | | | | 1,071 | | 1,190 |
| | | | | | | | | | | | 1,225 | | 1,450 |
| | | | | | | | | | | | | | |
Subtotal Non-Control/Non-Affiliate Investments (79.5% of net assets at fair value) | | | | | | | | | | | | 1,268,740 | | 1,204,840 |
| | | | | | | | | | | | | | |
Total Portfolio Investments, December 31, 2020 (177.2% of net assets at fair value) | | | | | | | | | | | $ | 2,516,709 | $ | 2,684,866 |
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51
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
HOWLCO LLC | (11) (13) (21) | Provider of Accounting and Business Development Software to Real Estate End Markets | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/19/2021 | 7.00 | % | L + | 6.00% | 10/23/2026 | 25,546 | 25,546 | 25,546 | ||||||||||||||||||||||||||||||||||
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/30/2021 | 9.25 | % | L + | 8.25% | 6/30/2026 | 7,088 | 6,957 | 7,028 | ||||||||||||||||||||||||||||||||||
IG Parent Corporation | (11) | Software Engineering | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/30/2021 | 6.75 | % | L + | 5.75% | 7/30/2026 | 9,591 | 9,419 | 9,419 | ||||||||||||||||||||||||||||||||||
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/1/2017 | 8.75 | % | L + | 7.75% | 4/30/2024 | 18,702 | 18,471 | 17,743 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (29) | 8/20/2020 | 7.20 | % | 12/22/2022 | 6,563 | 6,563 | 6,563 | ||||||||||||||||||||||||||||||||||||
Secured Debt | 12/10/2020 | 6.00 | % | 6.00 | % | 11/20/2023 | 17,891 | 16,861 | 16,861 | |||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | 12/10/2020 | 6.00 | % | 6.00 | % | 3,235 | 4,329 | |||||||||||||||||||||||||||||||||||||
Preferred Stock (non-voting) | 12/10/2020 | — | — | |||||||||||||||||||||||||||||||||||||||||
Member Units | 11/20/2018 | 1,558,333 | 1,558 | — | ||||||||||||||||||||||||||||||||||||||||
28,217 | 27,753 | |||||||||||||||||||||||||||||||||||||||||||
Industrial Services Acquisition, LLC | (10) | Industrial Cleaning Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/13/2021 | 7.75 | % | L + | 6.75% | 8/13/2026 | 19,897 | 19,490 | 19,490 | ||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 1/31/2018 | 144 | 10.00 | % | 10.00 | % | 120 | 164 | |||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) (30) | 5/17/2019 | 80 | 20.00 | % | 20.00 | % | 81 | 99 | |||||||||||||||||||||||||||||||||||
Member Units | (30) | 6/17/2016 | 900 | 900 | 730 | |||||||||||||||||||||||||||||||||||||||
20,591 | 20,483 | |||||||||||||||||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | (10) | Exclusive Placement Provider to the Advertising Ecosystem | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/1/2021 | 7.00 | % | L + | 6.00% | 11/1/2026 | 8,680 | 8,487 | 8,487 | ||||||||||||||||||||||||||||||||||
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/9/2021 | 11.75 | % | L + | 10.00% | 8/7/2023 | 525 | 525 | 525 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) (14) | 8/7/2019 | 9.75 | % | L + | 7.00% | 1.00 | % | 8/7/2023 | 7,313 | 7,237 | 5,233 | ||||||||||||||||||||||||||||||||
7,762 | 5,758 | |||||||||||||||||||||||||||||||||||||||||||
Intermedia Holdings, Inc. | (11) | Unified Communications as a Service | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/3/2018 | 7.00 | % | L + | 6.00% | 7/19/2025 | 20,627 | 20,559 | 20,527 | ||||||||||||||||||||||||||||||||||
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52
2021
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/28/2019 | 8.00 | % | L + | 6.50% | 8/28/2025 | 17,510 | 17,354 | 17,510 | ||||||||||||||||||||||||||||||||||
INW Manufacturing, LLC | (11) | Manufacturer of Nutrition and Wellness Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/19/2021 | 6.50 | % | L + | 5.75% | 3/25/2027 | 7,406 | 7,205 | 7,258 | ||||||||||||||||||||||||||||||||||
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/21/2018 | 6.75 | % | L + | 5.75% | 6/14/2025 | 5,158 | 5,135 | 3,865 | ||||||||||||||||||||||||||||||||||
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/26/2015 | 8.00 | % | L + | 7.00% | 11/4/2024 | 2,100 | 2,100 | 2,100 | ||||||||||||||||||||||||||||||||||
Preferred Equity | 11/8/2021 | 2,826,667 | 314 | 314 | ||||||||||||||||||||||||||||||||||||||||
2,414 | 2,414 | |||||||||||||||||||||||||||||||||||||||||||
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/21/2019 | 7.00 | % | L + | 6.00% | 8/21/2024 | 4,034 | 3,989 | 3,658 | ||||||||||||||||||||||||||||||||||
Secured Debt | 11/15/2021 | 15.00 | % | 15.00 | % | 11/8/2022 | 1,000 | 1,004 | 1,004 | |||||||||||||||||||||||||||||||||||
Common Stock | 8/21/2019 | 472,579 | 4,429 | — | ||||||||||||||||||||||||||||||||||||||||
9,422 | 4,662 | |||||||||||||||||||||||||||||||||||||||||||
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/22/2021 | 7.00 | % | L + | 6.00% | 12/22/2026 | 37,895 | 36,972 | 36,972 | ||||||||||||||||||||||||||||||||||
Common Equity | 12/22/2021 | 1,684,211 | 1,684 | 1,684 | ||||||||||||||||||||||||||||||||||||||||
38,656 | 38,656 | |||||||||||||||||||||||||||||||||||||||||||
Klein Hersh, LLC | (10) | Executive and C-Suite Placement for the Life Sciences and Healthcare Industries | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/13/2020 | 7.75 | % | L + | 7.00% | 11/13/2025 | 43,321 | 42,342 | 43,278 | ||||||||||||||||||||||||||||||||||
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/4/2021 | 8.25 | % | L + | 7.25% | 10/4/2026 | 7,581 | 7,415 | 7,415 | ||||||||||||||||||||||||||||||||||
Kore Wireless Group Inc. | (11) (13) | Mission Critical Software Platform | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 12/31/2018 | 5.72 | % | L + | 5.50% | 12/20/2024 | 11,415 | 11,345 | 11,400 | |||||||||||||||||||||||||||||||||||
Laredo Energy, LLC | (10) | Oil & Gas Exploration & Production | ||||||||||||||||||||||||||||||||||||||||||
Member Units | 5/4/2020 | 1,155,952 | 11,560 | 9,659 | ||||||||||||||||||||||||||||||||||||||||
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53
MAIN STREET CAPITAL CORPORATION
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC | (11) | Aesthetic Dermatology Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/18/2021 | 6.50 | % | L + | 5.75% | 10/14/2027 | 4,130 | 4,050 | 4,115 | ||||||||||||||||||||||||||||||||||
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 5/23/2019 | 5.22 | % | L + | 5.00% | 5/9/2026 | 14,625 | 14,460 | 14,442 | |||||||||||||||||||||||||||||||||||
LKCM Headwater Investments I, L.P. | (12) (13) | Investment Partnership | ||||||||||||||||||||||||||||||||||||||||||
LP Interests | (8) (31) | 1/25/2013 | 2.3 | % | 1,746 | 2,541 | ||||||||||||||||||||||||||||||||||||||
LL Management, Inc. | (10) | Medical Transportation Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/2/2019 | 8.25 | % | L + | 7.25% | 9/25/2023 | 17,438 | 17,309 | 17,438 | ||||||||||||||||||||||||||||||||||
LLFlex, LLC | (10) | Provider of Metal-Based Laminates | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/16/2021 | 10.00 | % | L + | 9.00% | 8/16/2026 | 4,478 | 4,382 | 4,382 | ||||||||||||||||||||||||||||||||||
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/8/2018 | 6.75 | % | L + | 5.75% | 12/22/2024 | 25,850 | 24,605 | 24,428 | ||||||||||||||||||||||||||||||||||
Looking Glass Investments, LLC | (12) (13) | Specialty Consumer Finance | ||||||||||||||||||||||||||||||||||||||||||
Member Units | 7/1/2015 | 3 | 125 | 25 | ||||||||||||||||||||||||||||||||||||||||
Mac Lean-Fogg Company | (10) | Manufacturer and Supplier for Auto and Power Markets | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/22/2019 | 5.88 | % | L + | 5.25% | 12/22/2025 | 17,080 | 16,995 | 17,080 | ||||||||||||||||||||||||||||||||||
Preferred Stock | 10/1/2019 | 13.75 | % | 9.25 | % | 1,920 | 1,920 | |||||||||||||||||||||||||||||||||||||
18,915 | 19,000 | |||||||||||||||||||||||||||||||||||||||||||
Mako Steel, LP | (10) | Self-Storage Design & Construction | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/15/2021 | 8.00 | % | L + | 7.25% | 3/13/2026 | 17,589 | 17,267 | 17,589 | ||||||||||||||||||||||||||||||||||
MB2 Dental Solutions, LLC | (11) | Dental Partnership Organization | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 1/28/2021 | 7.00 | % | L + | 6.00% | 1/29/2027 | 11,682 | 11,531 | 11,682 | ||||||||||||||||||||||||||||||||||
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/24/2018 | 7.25 | % | L + | 6.25% | 10/24/2024 | 17,781 | 17,563 | 17,781 |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
NBG Acquisition Inc | (11) | Wholesaler of Home Décor Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/28/2017 | 6.50 | % | L + | 5.50% | 4/26/2024 | 3,987 | 3,961 | 2,758 | ||||||||||||||||||||||||||||||||||
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/18/2019 | 7.25 | % | L + | 6.25% | 12/18/2024 | 31,425 | 30,837 | 31,368 | ||||||||||||||||||||||||||||||||||
NNE Partners, LLC | (10) | Oil & Gas Exploration & Production | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 3/2/2017 | 9.37 | % | L + | 4.75% | 4.50 | % | 12/31/2023 | 24,781 | 24,709 | 23,154 | |||||||||||||||||||||||||||||||||
Northstar Group Services, Inc | (11) | Commercial & Industrial Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/1/2021 | 6.50 | % | L + | 5.50% | 11/12/2026 | 10,000 | 9,952 | 10,034 | ||||||||||||||||||||||||||||||||||
NTM Acquisition Corp. | (11) | Provider of B2B Travel Information Content | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/12/2016 | 8.25 | % | L + | 6.25% | 1.00 | % | 6/7/2024 | 4,598 | 4,598 | 4,552 | ||||||||||||||||||||||||||||||||
NWN Corporation | (10) | Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/7/2021 | 7.50 | % | L + | 6.50% | 5/7/2026 | 42,972 | 42,108 | 42,323 | ||||||||||||||||||||||||||||||||||
Ospemifene Royalty Sub LLC | (10) | Estrogen-Deficiency Drug Manufacturer and Distributor | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (14) | 7/8/2013 | 11.50 | % | 11/15/2026 | 4,562 | 4,562 | 112 | ||||||||||||||||||||||||||||||||||||
OVG Business Services, LLC | (10) | Venue Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/29/2021 | 7.25 | % | L + | 6.25% | 11/19/2028 | 14,000 | 13,861 | 13,861 | ||||||||||||||||||||||||||||||||||
Project Eagle Holdings, LLC | (10) | Provider of Secure Business Collaboration Software | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/6/2020 | 7.75 | % | L + | 6.75% | 7/6/2026 | 29,738 | 29,151 | 29,714 | ||||||||||||||||||||||||||||||||||
PT Network, LLC | (10) | Provider of Outpatient Physical Therapy and Sports Medicine Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/12/2017 | 8.50 | % | L + | 5.50% | 2.00 | % | 11/30/2023 | 8,889 | 8,889 | 8,889 | ||||||||||||||||||||||||||||||||
Common Stock | 1/1/2020 | 2 | — | 80 | ||||||||||||||||||||||||||||||||||||||||
8,889 | 8,969 | |||||||||||||||||||||||||||||||||||||||||||
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 4/8/2021 | 7.75 | % | L + | 6.75% | 4/8/2026 | 19,374 | 19,193 | 18,352 |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | Provider of Outsourced Online Surveying | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/29/2017 | 6.50 | % | L + | 5.50% | 12/20/2024 | 20,124 | 19,789 | 19,899 | ||||||||||||||||||||||||||||||||||
RM Bidder, LLC | (10) | Scripted and Unscripted TV and Digital Programming Provider | ||||||||||||||||||||||||||||||||||||||||||
Member Units | 11/12/2015 | 2,779 | 46 | 26 | ||||||||||||||||||||||||||||||||||||||||
Warrants | (26) | 11/12/2015 | 187,161 | 10/20/2025 | 425 | — | ||||||||||||||||||||||||||||||||||||||
471 | 26 | |||||||||||||||||||||||||||||||||||||||||||
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/27/2021 | 7.00 | % | L + | 6.00% | 8/27/2026 | 2,800 | 2,704 | 2,704 | ||||||||||||||||||||||||||||||||||
RTIC Subsidiary Holdings, LLC | (10) | Direct-To-Consumer eCommerce Provider of Outdoor Products | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/1/2020 | 9.00 | % | L + | 7.75% | 9/1/2025 | 18,191 | 17,997 | 18,191 | ||||||||||||||||||||||||||||||||||
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/16/2021 | 7.25 | % | L + | 6.25% | 11/16/2024 | 11,145 | 10,902 | 10,902 | ||||||||||||||||||||||||||||||||||
Salient Partners L.P. | (11) | Provider of Asset Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/31/2018 | 7.00 | % | L + | 6.00% | 10/30/2022 | 6,251 | 6,247 | 4,063 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 9/30/2021 | 6.00 | % | L + | 5.00% | 10/30/2022 | 1,250 | 1,250 | 2,435 | ||||||||||||||||||||||||||||||||||
7,497 | 6,498 | |||||||||||||||||||||||||||||||||||||||||||
Savers, Inc. | (11) | For-Profit Thrift Retailer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/14/2021 | 6.25 | % | L + | 5.50% | 4/26/2028 | 11,400 | 11,295 | 11,386 | ||||||||||||||||||||||||||||||||||
SIB Holdings, LLC | (10) | Provider of Cost Reduction Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/29/2021 | 7.00 | % | L + | 6.00% | 10/29/2026 | 6,282 | 6,134 | 6,145 | ||||||||||||||||||||||||||||||||||
Common Equity | 10/29/2021 | 95,238 | 200 | 200 | ||||||||||||||||||||||||||||||||||||||||
6,334 | 6,345 | |||||||||||||||||||||||||||||||||||||||||||
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/10/2021 | 7.25 | % | L + | 6.25% | 12/13/2026 | 50,704 | 49,589 | 49,589 | ||||||||||||||||||||||||||||||||||
Common Equity | 12/10/2021 | 863,636 | 864 | 864 | ||||||||||||||||||||||||||||||||||||||||
50,453 | 50,453 | |||||||||||||||||||||||||||||||||||||||||||
Staples Canada ULC | (10) (13) (21) | Office Supplies Retailer | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) (22) | 9/14/2017 | 8.00 | % | L + | 7.00% | 9/12/2024 | 16,116 | 16,039 | 15,620 | ||||||||||||||||||||||||||||||||||
Stellant Systems, Inc. | (11) | Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/22/2021 | 6.25 | % | L + | 5.50% | 10/1/2028 | 7,700 | 7,625 | 7,700 | ||||||||||||||||||||||||||||||||||
Student Resource Center, LLC | (10) | Higher Education Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 6/25/2021 | 9.00 | % | L + | 8.00% | 6/25/2026 | 10,969 | 10,753 | 10,826 | ||||||||||||||||||||||||||||||||||
Tacala Investment Corp. | (34) | Quick Service Restaurant Group | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 3/19/2021 | 4.25 | % | L + | 3.50% | 2/5/2027 | 1,995 | 1,995 | 1,994 | ||||||||||||||||||||||||||||||||||
Team Public Choices, LLC | (11) | Home-Based Care Employment Service Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/22/2020 | 6.00 | % | L + | 5.00% | 12/18/2027 | 15,109 | 14,778 | 15,071 | ||||||||||||||||||||||||||||||||||
Tectonic Financial, LLC | Financial Services Organization | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | 5/15/2017 | 200,000 | 2,000 | 4,650 | |||||||||||||||||||||||||||||||||||||||
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | (30) | 7/7/2021 | 1,000,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 5/17/2017 | 7.00 | % | L + | 6.00% | 5/2/2023 | 17,088 | 16,985 | 12,917 | ||||||||||||||||||||||||||||||||||
USA DeBusk LLC | (10) | Provider of Industrial Cleaning Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 10/22/2019 | 6.75 | % | L + | 5.75% | 9/8/2026 | 37,281 | 36,510 | 37,281 | ||||||||||||||||||||||||||||||||||
Veregy Consolidated, Inc. | (11) | Energy Service Company | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2020 | 6.25 | % | L + | 5.25% | 11/3/2025 | 5,875 | 5,111 | 5,111 | ||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/9/2020 | 7.00 | % | L + | 6.00% | 11/3/2027 | 14,888 | 14,524 | 14,925 | ||||||||||||||||||||||||||||||||||
19,635 | 20,036 | |||||||||||||||||||||||||||||||||||||||||||
Vida Capital, Inc | (11) | Alternative Asset Manager | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | 10/10/2019 | 6.10 | % | L + | 6.00% | 10/1/2026 | 17,089 | 16,905 | 15,850 | |||||||||||||||||||||||||||||||||||
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | 4/3/2019 | 70,207 | 767 | 1,726 | ||||||||||||||||||||||||||||||||||||||||
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel |
Portfolio Company (1) (20) | Business Description | Type of Investment (2) (3) (15) | Investment Date (24) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) | |||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/30/2021 | 8.50 | % | L + | 7.50% | 11/30/2026 | 25,962 | 25,450 | 25,450 | ||||||||||||||||||||||||||||||||||
Common Equity | 11/30/2021 | 1,038,462 | 1,038 | 1,038 | ||||||||||||||||||||||||||||||||||||||||
26,488 | 26,488 | |||||||||||||||||||||||||||||||||||||||||||
Wahoo Fitness Acquisition L.L.C. | (11) | Fitness Training Equipment Provider | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/17/2021 | 6.75 | % | L + | 5.75% | 8/12/2028 | 15,000 | 14,569 | 14,916 | ||||||||||||||||||||||||||||||||||
Wall Street Prep, Inc. | (10) | Financial Training Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 7/19/2021 | 8.00 | % | L + | 7.00% | 7/19/2026 | 4,373 | 4,288 | 4,285 | ||||||||||||||||||||||||||||||||||
Common Stock | 7/19/2021 | 400,000 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||
4,688 | 4,685 | |||||||||||||||||||||||||||||||||||||||||||
Watterson Brands, LLC | (10) | Facility Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/17/2021 | 7.25 | % | L + | 6.25% | 12/17/2026 | 25,876 | 25,267 | 25,267 | ||||||||||||||||||||||||||||||||||
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 11/19/2021 | 8.00 | % | L + | 7.00% | 11/19/2026 | 10,278 | 10,018 | 10,061 | ||||||||||||||||||||||||||||||||||
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 12/17/2021 | 6.75 | % | L + | 6.00% | 12/17/2026 | 38,600 | 37,423 | 37,423 | ||||||||||||||||||||||||||||||||||
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear | ||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (9) | 8/22/2018 | 6.50 | % | L + | 5.50% | 8/9/2024 | 13,034 | 12,967 | 12,578 | ||||||||||||||||||||||||||||||||||
Subtotal Non-Control/Non-Affiliate Investments (85.2% of net assets at fair value) | $ | 1,573,110 | $ | 1,523,360 | ||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, December 31, 2021 (199.2% of net assets at fair value) | $ | 3,259,246 | $ | 3,561,831 |
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herein, Main Street’s consolidated financial statements include the accounts of MSCC and its consolidated subsidiaries. The Investment Portfolio, as used herein, refers to all of Main Street’s investments in LMM portfolio companies,
, in both cases on the Consolidated Statements of Operations.
55
portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.
56
their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, Main Street analyzes various factors including the portfolio company’s historical and projected financial results. Due to SEC deadlines for Main Street’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, Main Street also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, Main Street allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, Main Street assumes the loans are paid offpaid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which Main Street believes is consistent with its past transaction history and standard industry practices.
57
LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of Main Street’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. Main Street consulted with and received an assurance certification from its independent financial advisory services firm in arriving at Main Street’s determination of fair value on its investments in a total of 51 LMM portfolio companies for the nine months ended September 30, 2022, representing 80% of the total LMM portfolio at fair value as of September 30, 2022, and on a total of 43 LMM portfolio companies for the nine months ended September 30, 2021, representing approximately 70% of the total LMM portfolio at fair value as of September 30, 2021, and on a total of 40 LMM portfolio companies for the nine months ended September 30, 2020, representing approximately 64% of the total LMM portfolio at fair value as of September 30, 2020.2021. Excluding its investments in LMM portfolio companies that, as of September 30, 20212022 and 2020,2021, as applicable, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, the percentage of the LMM portfolio reviewed and certified by Main Street’s independent financial advisory services firm for the nine months ended September 30, 2022 and 2021 was 80% and 2020 was 74% and 69% of the total LMM portfolio at fair value as of September 30, 2022 and 2021, and 2020, respectively.
For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. Because the vast majority of the Middle Market portfolio investments are typically valued using third-party quotes or other independent pricing services (including 91% and 90% of the Middle Market portfolio investments as of September 30, 2021 and December 31, 2020, respectively), Main Street has not consulted with or received an assurance certification from its independent financial advisory services firm in connection with determining the fair value of its Middle Market investments.
58
September 30, 2022 and 2021 was 70% and 2020 was 75% and 71% of the total Private Loan portfolio at fair value as of September 30, 2022 and 2021, respectively.
such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. The Company generally consults on a limited basis with a financial advisory services firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (95% and 93% as of September 30, 2022 and December 31, 2021, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services, (ii) Main Street has consulted with and received an assurance certification from independent financial services firm within the last twelve months or (iii) are new investments that have not been in the Investment Portfolio for at least twelve months subsequent to the initial investment.
The SEC recently adopted new Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board’sBoard of Directors’ valuation designee. Main Street adopted the Valuation Procedures effective April 1,
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TheMacroeconomic factors, including the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions and rising interest rates, and the related effect on the U.S. and global economies, hashave impacted, and threatens tomay continue to impact, the businesses and operating results of certain of Main Street’s portfolio companies, as well as market interest rate spreads. As a result of these and other current effects of the COVID-19 pandemic,macroeconomic factors, as well as the uncertainty regarding the extent and duration of itstheir impact, the valuation of Main Street’s Investment Portfolio has been experiencingand may continue to experience increased volatility since the beginning of the COVID-19 pandemic.
volatility.
For the three months ended September 30, 2022 and 2021, (i) 1.2% and 2.1%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.3% and 0.6%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2022 and 2021, (i) 1.3% and 3.0%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.5% and 0.6%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.
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A presentation of total investment income Main Street received from its Investment Portfolio in each of the periods presented is as follows:
| | | | | | | | | | | | | |||||||||||||||||||||||
| | Three Months Ended | | Nine Months Ended | |||||||||||||||||||||||||||||||
| | September 30, | | September 30, | |||||||||||||||||||||||||||||||
|
| 2021 |
| 2020 |
| 2021 |
| 2020 | |||||||||||||||||||||||||||
| | (dollars in thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Interest, fee and dividend income: | | | | | | | | | | | | | Interest, fee and dividend income: | ||||||||||||||||||||||
Interest income | | $ | 50,468 | | $ | 42,138 | | $ | 139,882 | | $ | 128,587 | Interest income | $ | 75,023 | $ | 50,468 | $ | 198,446 | $ | 139,882 | ||||||||||||||
Dividend income | |
| 23,012 | |
| 8,106 | |
| 59,328 | |
| 23,942 | Dividend income | 19,424 | 23,012 | 53,959 | 59,328 | ||||||||||||||||||
Fee income | |
| 3,299 | |
| 1,710 | |
| 7,671 | |
| 7,580 | Fee income | 3,940 | 3,299 | 10,576 | 7,671 | ||||||||||||||||||
Total interest, fee and dividend income | | $ | 76,779 | | $ | 51,954 | | $ | 206,881 | | $ | 160,109 | Total interest, fee and dividend income | $ | 98,387 | $ | 76,779 | $ | 262,981 | $ | 206,881 |
principal amount outstanding.
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investments, net of any premium reduction. For the nine months ended September 30, 2022 and 2021, and 2020, approximately 2.1%1.9% and 2.1%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium reduction.
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The Taxable Subsidiaries and the External Investment Manager use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.
Main Street’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.
63
2021.which was not material to the consolidated financial statements and the notes thereto. The Company continuesdoes not expect ASU 2022-04 to evaluatehave a material impact to the consolidated financial statements and the notes thereto.
In May 2020, the SEC published Release No. 33-10786 (the “May 2020 Release”), Amendments to Financial Disclosures about Acquired and Disposed Businesses, announcing its adoption of rules amending Rule 1-02(w)(2) under Regulation S-X used in the determination of a significant subsidiary specific to investment companies, including BDCs. In part, the rules adopted pursuant to the May 2020 Release eliminated the use of the asset test, and amended the income and investment tests for determining whether an unconsolidated subsidiary requires additional disclosure in the footnotes of the financial statements. Main Street adopted the rules pursuant to the May 2020 Release during the quarter ended June 30, 2020. The impact of the adoption of these rules on Main Street’s consolidated financial statements was not material.
In December 2020, the SEC published Release No. IC-34084 (the “December 2020 Release”) Use of Derivatives by Registered Investment Companies and Business Development Companies, announcing its adoption of Rule 18f-4 and amendment of Rule 6c-11 under the 1940 Act to provide an updated, comprehensive approach to the regulation of registered investment companies’, including BDCs’, use of derivatives and address investor protection concerns. In part, the rules adopted pursuant to the December 2020 Release require that funds using derivatives generally will have to adopt a derivatives risk management program that a derivatives risk manager administers and that the fund’s board of directors oversees, and comply with an outer limit on fund leverage. Funds that use derivatives only in a limited manner will not be subject to these requirements, but they will have to adopt and implement policies and procedures reasonably designed to manage the fund’s derivatives risks. Funds also will be subject to reporting and recordkeeping requirements regarding their derivatives use. Main Street adopted the rules pursuant to the December 2020 Release during the quarter ended March 31, 2021. As Main Street is a limited user of derivatives, the impact of the adoption of these rules on the consolidated financial statements was not material.
notes thereto.
64
Table•Pricing models whose inputs are observable for substantially the full term of Contents
Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.
2021.
2021.
As of September 30, 2021 and December 31, 2020, Main Street’s Other Portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s Other Portfolio investments were categorized as Level 3 as of September 30, 20212022 and December 31, 2020.
2021.
65
The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:
66
The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of September 30, 20212022 and December 31, 2020:
| | | | | | | | | | | | | | |
|
| Fair Value as of |
| |
| |
| |
| |
| |
| |
| | September 30, | | | | | | | | | | |
| |
Type of | | 2021 | | | | Significant | | | | Weighted | | |
| |
Investment |
| (in thousands) | | Valuation Technique | | Unobservable Inputs | | Range(3) | | Average(3) | | Median(3) | | |
Equity investments | | $ | 977,015 |
| Discounted cash flow |
| WACC |
| 9.3% - 20.6% |
| 13.9 | % | 14.9 | % |
| | | |
| Market comparable / Enterprise Value |
| EBITDA multiple (1) |
| 4.5x - 8.5x(2) |
| 6.8x |
| 6.0x | |
Debt investments | | $ | 1,722,560 |
| Discounted cash flow |
| Risk adjusted discount factor |
| 6.1% - 16.0%(2) |
| 10.1 | % | 10.0 | % |
| | | | | |
| Expected principal recovery percentage |
| 0.0% - 100.0% |
| 100.0 | % | 100.0 | % |
Debt investments | | $ | 383,188 |
| Market approach |
| Third‑party quote |
| 38.2 - 101.3 |
| 96.1 |
| 98.0 | |
Total Level 3 investments | | $ | 3,082,763 | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
| Fair Value as of |
| |
| |
| |
| |
| |
| |
| | December 31, | | | | | | | | | | |
| |
Type of | | 2020 | | | | Significant | | | | Weighted | | |
| |
Investment |
| (in thousands) | | Valuation Technique | | Unobservable Inputs | | Range(3) | | Average(3) | | Median(3) | | |
Equity investments | | $ | 877,732 |
| Discounted cash flow |
| WACC |
| 9.4% - 21.0% |
| 14.3 | % | 15.0 | % |
| | | |
| Market comparable / Enterprise Value |
| EBITDA multiple (1) |
| 4.5x - 8.5x(2) |
| 7.0x |
| 6.1x | |
Debt investments | | $ | 1,339,079 |
| Discounted cash flow |
| Risk adjusted discount factor |
| 7.4% - 15.3%(2) |
| 10.6 | % | 10.8 | % |
| | | | | |
| Expected principal recovery percentage |
| 0.0% - 100.0% |
| 99.4 | % | 100.0 | % |
Debt investments | | $ | 468,055 |
| Market approach |
| Third‑party quote |
| 45.0 - 100.3 |
| 94.7 |
| 96.5 | |
Total Level 3 investments | | $ | 2,684,866 | | | | | | | | | | | |
Type of Investment | Fair Value as of September 30, 2022 (in thousands) | Valuation Technique | Significant Unobservable Inputs | Range(3) | Weighted Average(3) | Median(3) | ||||||||||||||||||||||||||||||||
Equity investments | $ | 1,105,236 | Discounted cash flow | WACC | 9.4% - 22.4% | 14.5 | % | 15.6 | % | |||||||||||||||||||||||||||||
Market comparable / Enterprise value | EBITDA multiple (1) | 4.3x - 8.3x (2) | 6.7x | 6.0x | ||||||||||||||||||||||||||||||||||
Debt investments | $ | 2,548,347 | Discounted cash flow | Risk adjusted discount factor | 6.5% - 17.0% (2) | 10.3 | % | 10.4 | % | |||||||||||||||||||||||||||||
Expected principal recovery percentage | 0.0% - 200.0% | 99.6 | % | 100.0 | % | |||||||||||||||||||||||||||||||||
Debt investments | $ | 318,052 | Market approach | Third-party quote | 5.6 - 98.9 | 90.6 | 93.0 | |||||||||||||||||||||||||||||||
Total Level 3 investments | $ | 3,971,635 |
67
MAIN STREET CAPITAL CORPORATION
Type of Investment | Fair Value as of December 31, 2021 (in thousands) | Valuation Technique | Significant Unobservable Inputs | Range(3) | Weighted Average(3) | Median(3) | ||||||||||||||||||||||||||||||||
Equity investments | $ | 1,050,269 | Discounted cash flow | WACC | 9.1% - 20.6% | 13.8 | % | 14.8 | % | |||||||||||||||||||||||||||||
Market comparable / Enterprise value | EBITDA multiple (1) | 4.8x - 7.7x(2) | 6.6x | 5.9x | ||||||||||||||||||||||||||||||||||
Debt investments | $ | 2,158,424 | Discounted cash flow | Risk adjusted discount factor | 5.6% - 15.7%(2) | 9.8 | % | 9.3 | % | |||||||||||||||||||||||||||||
Expected principal recovery percentage | 0.0% - 100.0% | 99.6 | % | 100.0 | % | |||||||||||||||||||||||||||||||||
Debt investments | $ | 351,144 | Market approach | Third-party quote | 3.0 - 100.5 | 94.4 | 99.0 | |||||||||||||||||||||||||||||||
Total Level 3 investments | $ | 3,559,837 |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net | | | | | | | | | | |
| | Fair Value | | Transfers | | | | | | | | Changes | | Net | | | | | Fair Value | |||||
| | as of | | Into | | | | | | | | from | | Unrealized | | | | | as of | |||||
Type of |
| December 31, |
| Level 3 |
| Redemptions/ |
| New |
| Unrealized |
| Appreciation | | | |
| September 30, | |||||||
Investment |
| 2020 |
| Hierarchy |
| Repayments |
| Investments |
| to Realized |
| (Depreciation) |
| Other(1) |
| 2021 | ||||||||
Debt | | $ | 1,807,134 | | $ | — | | $ | (528,158) | | $ | 814,863 | | $ | 13,279 | | $ | 2,115 | | $ | (3,485) | | $ | 2,105,748 |
Equity | | | 866,734 | | | — | | | (64,335) | | | 48,181 | | | (2,826) | | | 115,774 | | | 5,767 | | | 969,295 |
Equity Warrant | | | 10,998 | | | — | | | — | | | — | | | (1,940) | | | 944 | | | (2,282) | | | 7,720 |
| | $ | 2,684,866 | | $ | — | | $ | (592,493) | | $ | 863,044 | | $ | 8,513 | | $ | 118,833 | | $ | — | | $ | 3,082,763 |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | |
| | |
| | |
| | |
| Net |
| | |
| | |
| | | |
| | Fair Value | | Transfers | | | | | | | | Changes | | Net | | | | | Fair Value | |||||
| | as of | | Into | | | | | | | | from | | Unrealized | | | | | as of | |||||
Type of | | December 31, | | Level 3 | | Redemptions/ | | New | | Unrealized | | Appreciation | | | | | September 30, | |||||||
Investment | | 2019 | | Hierarchy | | Repayments | | Investments |
| to Realized | | (Depreciation) | | Other(1) | | 2020 | ||||||||
Debt | | $ | 1,782,575 | | $ | — | | $ | (299,726) | | $ | 367,944 | | $ | 49,393 | | $ | (88,706) | | $ | (12,268) | | $ | 1,799,212 |
Equity | |
| 809,538 | |
| — | |
| (25,304) | |
| 50,535 | |
| (4,047) | |
| (65,837) | |
| 12,268 | |
| 777,153 |
Equity Warrant | |
| 10,211 | |
| — | |
| (1,165) | |
| — | |
| 1,165 | |
| (1,931) | |
| — | |
| 8,280 |
| | $ | 2,602,324 | | $ | — | | $ | (326,195) | | $ | 418,479 | | $ | 46,511 | | $ | (156,474) | | $ | — | | $ | 2,584,645 |
Type of Investment | Fair Value as of December 31, 2021 | Transfers Into Level 3 Hierarchy | Redemptions/ Repayments | New Investments | Net Changes from Unrealized to Realized | Net Unrealized Appreciation (Depreciation) | Other(1) | Fair Value as of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 2,509,568 | $ | — | $ | (436,372) | $ | 869,214 | $ | 9,632 | $ | (78,710) | $ | (6,933) | $ | 2,866,399 | ||||||||||||||||||||||||||||||||||
Equity | 1,043,709 | — | (49,447) | 47,475 | (11,801) | 63,591 | 6,933 | 1,100,460 | ||||||||||||||||||||||||||||||||||||||||||
Equity Warrant | 6,560 | — | (474) | — | (615) | (696) | — | 4,775 | ||||||||||||||||||||||||||||||||||||||||||
$ | 3,559,837 | $ | — | $ | (486,293) | $ | 916,689 | $ | (2,784) | $ | (15,815) | $ | — | $ | 3,971,635 |
Type of Investment | Fair Value as of December 31, 2020 | Transfers Into Level 3 Hierarchy | Redemptions/ Repayments | New Investments | Net Changes from Unrealized to Realized | Net Unrealized Appreciation (Depreciation) | Other(1) | Fair Value as of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Debt | $ | 1,807,134 | $ | — | $ | (528,158) | $ | 814,863 | $ | 13,279 | $ | 2,115 | $ | (3,485) | $ | 2,105,748 | ||||||||||||||||||||||||||||||||||
Equity | 866,734 | — | (64,335) | 48,181 | (2,826) | 115,774 | 5,767 | 969,295 | ||||||||||||||||||||||||||||||||||||||||||
Equity Warrant | 10,998 | — | — | — | (1,940) | 944 | (2,282) | 7,720 | ||||||||||||||||||||||||||||||||||||||||||
$ | 2,684,866 | $ | — | $ | (592,493) | $ | 863,044 | $ | 8,513 | $ | 118,833 | $ | — | $ | 3,082,763 |
| | | | | | | | | | | | |
| | | | | Fair Value Measurements | |||||||
| | | | | (in thousands) | |||||||
|
| | |
| Quoted Prices in |
| | |
| Significant | ||
| | | |
| Active Markets for |
| Significant Other |
| Unobservable | |||
| | | |
| Identical Assets |
| Observable Inputs |
| Inputs | |||
At September 30, 2021 | | Fair Value |
| (Level 1) | | (Level 2) |
| (Level 3) | ||||
LMM portfolio investments | | $ | 1,494,109 | | $ | — | | $ | — | | $ | 1,494,109 |
Middle Market portfolio investments | |
| 420,941 | |
| — | |
| — | |
| 420,941 |
Private Loan portfolio investments | |
| 845,961 | |
| — | |
| — | |
| 845,961 |
Other Portfolio investments | |
| 193,672 | |
| — | |
| — | |
| 193,672 |
External Investment Manager | |
| 128,080 | |
| — | |
| — | |
| 128,080 |
Short-term portfolio investments | | | 34,341 | | | — | | | 34,341 | | | — |
Total investments | | $ | 3,117,104 | | $ | — | | $ | 34,341 | | $ | 3,082,763 |
| | | | | | | | | | | | |
|
| | | | Fair Value Measurements | |||||||
| | | | | (in thousands) | |||||||
| | | | | Quoted Prices in | | | | | Significant | ||
| | | |
| Active Markets for |
| Significant Other | | Unobservable | |||
| | | |
| Identical Assets |
| Observable Inputs |
| Inputs | |||
At December 31, 2020 | | Fair Value |
| (Level 1) |
| (Level 2) |
| (Level 3) | ||||
LMM portfolio investments | | $ | 1,285,524 | | $ | — | | $ | — | | $ | 1,285,524 |
Middle Market portfolio investments | |
| 445,609 | |
| — | |
| — | |
| 445,609 |
Private Loan portfolio investments | |
| 740,370 | |
| — | |
| — | |
| 740,370 |
Other Portfolio investments | |
| 96,603 | |
| — | |
| — | |
| 96,603 |
External Investment Manager | |
| 116,760 | |
| — | |
| — | |
| 116,760 |
Total investments | | $ | 2,684,866 | | $ | — | | $ | — | | $ | 2,684,866 |
68
Fair Value Measurements | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
At September 30, 2022 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
LMM portfolio investments | $ | 1,910,915 | $ | — | $ | — | $ | 1,910,915 | ||||||||||||||||||
Private Loan portfolio investments | 1,476,934 | — | — | 1,476,934 | ||||||||||||||||||||||
Middle Market portfolio investments | 354,286 | — | — | 354,286 | ||||||||||||||||||||||
Other Portfolio investments | 117,010 | — | — | 117,010 | ||||||||||||||||||||||
External Investment Manager | 112,490 | — | — | 112,490 | ||||||||||||||||||||||
Short-term portfolio investments | 1,855 | — | 1,855 | — | ||||||||||||||||||||||
Total investments | $ | 3,973,490 | $ | — | $ | 1,855 | $ | 3,971,635 |
Fair Value Measurements (in thousands) At December 31, 2021 Fair Value Quoted Prices in
Active Markets for
Identical Assets
(Level 1)Significant Other
Observable Inputs
(Level 2)Significant
Unobservable
Inputs
(Level 3)LMM portfolio investments $ 1,716,415 $ — $ — $ 1,716,415 Private Loan portfolio investments 1,141,772 — — 1,141,772 Middle Market portfolio investments 395,167 — — 395,167 Other Portfolio investments 166,083 — — 166,083 External Investment Manager 140,400 — — 140,400 Short-term portfolio investments 1,994 — 1,994 — Total investments $ 3,561,831 $ — $ 1,994 $ 3,559,837
Main Street’s (“Other PortfolioPortfolio”) investments primarily consist of investments that are not consistent with the typical profiles for its LMM, Private Loan or Middle Market or Private Loan portfolio investments, including investments which may be managed by third parties. In the Other Portfolio, Main Street may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, Main Street generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be liquidated over a five to ten-year period.
69
MAIN STREET CAPITAL CORPORATION
| | | | | | | | | | | | |
|
| As of September 30, 2021 | ||||||||||
| | LMM (a) | | Middle Market | | Private Loan | ||||||
| | (dollars in millions) |
| |||||||||
Number of portfolio companies | | | 70 |
| | | 38 |
| | | 69 | |
Fair value | | $ | 1,494.1 |
| | $ | 420.9 |
| | $ | 846.0 | |
Cost | | $ | 1,245.3 |
| | $ | 456.7 |
| | $ | 865.5 | |
Debt investments as a % of portfolio (at cost) | | | 69.4 | % | | | 93.1 | % | | | 94.5 | % |
Equity investments as a % of portfolio (at cost) | | | 30.6 | % | | | 6.9 | % | | | 5.5 | % |
% of debt investments at cost secured by first priority lien | | | 98.8 | % | | | 97.2 | % | | | 97.9 | % |
Weighted-average annual effective yield (b) | | | 11.2 | % | | | 7.4 | % | | | 8.4 | % |
Average EBITDA (c) | | $ | 5.7 |
| | $ | 77.5 |
| | $ | 47.3 | |
| | | | | | | | | | | | |
|
| As of December 31, 2020 | ||||||||||
| | LMM (a) | | Middle Market | | Private Loan | ||||||
| | (dollars in millions) |
| |||||||||
Number of portfolio companies | | | 70 |
| | | 42 |
| | | 63 | |
Fair value | | $ | 1,285.5 |
| | $ | 445.6 |
| | $ | 740.4 | |
Cost | | $ | 1,104.6 |
| | $ | 488.9 |
| | $ | 769.0 | |
Debt investments as a % of portfolio (at cost) | | | 65.8 | % | | | 93.0 | % | | | 93.8 | % |
Equity investments as a % of portfolio (at cost) | | | 34.2 | % | | | 7.0 | % | | | 6.2 | % |
% of debt investments at cost secured by first priority lien | | | 98.1 | % | | | 92.4 | % | | | 95.4 | % |
Weighted-average annual effective yield (b) | | | 11.6 | % | | | 7.9 | % | | | 8.7 | % |
Average EBITDA (c) | | $ | 5.3 |
| | $ | 76.5 |
| | $ | 58.1 | |
70
As of September 30, 2022 | ||||||||||||||||||||
LMM (a) | Private Loan | Middle Market | ||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Number of portfolio companies | 75 | 87 | 33 | |||||||||||||||||
Fair value | $ | 1,910.9 | $ | 1,476.9 | $ | 354.3 | ||||||||||||||
Cost | $ | 1,593.7 | $ | 1,523.8 | $ | 419.4 | ||||||||||||||
Debt investments as a % of portfolio (at cost) | 73.0 | % | 97.1 | % | 94.4 | % | ||||||||||||||
Equity investments as a % of portfolio (at cost) | 27.0 | % | 2.9 | % | 5.6 | % | ||||||||||||||
% of debt investments at cost secured by first priority lien | 99.1 | % | 99.9 | % | 98.8 | % | ||||||||||||||
Weighted-average annual effective yield (b) | 11.8 | % | 9.9 | % | 9.6 | % | ||||||||||||||
Average EBITDA (c) | $ | 7.7 | $ | 41.9 | $ | 70.7 |
As of December 31, 2021 | ||||||||||||||||||||
LMM (a) | Private Loan | Middle Market | ||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Number of portfolio companies | 73 | 75 | 36 | |||||||||||||||||
Fair value | $ | 1,716.4 | $ | 1,141.8 | $ | 395.2 | ||||||||||||||
Cost | $ | 1,455.7 | $ | 1,157.5 | $ | 440.9 | ||||||||||||||
Debt investments as a % of portfolio (at cost) | 70.9 | % | 95.7 | % | 93.3 | % | ||||||||||||||
Equity investments as a % of portfolio (at cost) | 29.1 | % | 4.3 | % | 6.7 | % | ||||||||||||||
% of debt investments at cost secured by first priority lien | 99.0 | % | 98.7 | % | 98.7 | % | ||||||||||||||
Weighted-average annual effective yield (b) | 11.2 | % | 8.2 | % | 7.5 | % | ||||||||||||||
Average EBITDA (c) | $ | 6.2 | $ | 41.3 | $ | 76.0 |
As discussed further in Note A.1., Main Street holds an investment in the External Investment Manager, a wholly owned subsidiary that is treated as a portfolio investment. As of September 30, 2021, this investment had a fair value of approximately $128.1$140.4 million and a cost basis of $29.5 million, which comprised approximately 4.1%3.9% and 1.0%0.9% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2020, this investment had a fair value of approximately $116.8 million and a cost basis of $29.5 million, which comprised approximately 4.3% and 1.2% of Main Street’s Investment Portfolio at fair value and cost, respectively.
| | | | | | |
Cost: |
| September 30, 2021 |
| December 31, 2020 | | |
First lien debt |
| 80.5 | % | 77.0 | % | |
Equity |
| 17.6 | % | 19.0 | % | |
Second lien debt |
| 1.1 | % | 2.7 | % | |
Equity warrants |
| 0.3 | % | 0.5 | % | |
Other |
| 0.5 | % | 0.8 | % | |
|
| 100.0 | % | 100.0 | % | |
71
Cost: | September 30, 2022 | December 31, 2021 | ||||||||||||
First lien debt | 85.4 | % | 82.5 | % | ||||||||||
Equity | 13.9 | 16.2 | ||||||||||||
Second lien debt | 0.1 | 0.6 | ||||||||||||
Equity warrants | 0.2 | 0.3 | ||||||||||||
Other | 0.4 | 0.4 | ||||||||||||
100.0 | % | 100.0 | % |
| | | | | | |
Fair Value: |
| September 30, 2021 |
| December 31, 2020 | |
|
First lien debt |
| 71.6 | % | 70.0 | % |
|
Equity |
| 26.7 | % | 26.4 | % |
|
Second lien debt |
| 1.0 | % | 2.4 | % |
|
Equity warrants |
| 0.3 | % | 0.4 | % |
|
Other |
| 0.4 | % | 0.8 | % |
|
|
| 100.0 | % | 100.0 | % |
|
Fair Value: | September 30, 2022 | December 31, 2021 | ||||||||||||
First lien debt | 76.1 | % | 74.3 | % | ||||||||||
Equity | 23.2 | 24.6 | ||||||||||||
Second lien debt | 0.2 | 0.5 | ||||||||||||
Equity warrants | 0.1 | 0.2 | ||||||||||||
Other | 0.4 | 0.4 | ||||||||||||
100.0 | % | 100.0 | % |
| | | | | | | ||||||||||||||
Cost: |
| September 30, 2021 |
| December 31, 2020 | |
| Cost: | September 30, 2022 | December 31, 2021 | |||||||||||
West | West | 28.1 | % | 28.3 | % | |||||||||||||||
Southwest |
| 24.1 | % | 24.3 | % |
| Southwest | 20.7 | 21.6 | |||||||||||
Northeast |
| 24.0 | % | 22.6 | % |
| Northeast | 20.6 | 22.6 | |||||||||||
West |
| 20.9 | % | 21.0 | % |
| ||||||||||||||
Midwest |
| 14.7 | % | 18.2 | % |
| Midwest | 15.2 | 15.1 | |||||||||||
Southeast |
| 14.4 | % | 12.8 | % |
| Southeast | 13.2 | 11.6 | |||||||||||
Canada |
| 1.9 | % | 1.1 | % |
| Canada | 0.6 | 0.8 | |||||||||||
|
| 100.0 | % | 100.0 | % |
| ||||||||||||||
Other Non-United States | Other Non-United States | 1.6 | — | |||||||||||||||||
100.0 | % | 100.0 | % |
| | | | | | | ||||||||||||||
Fair Value: |
| September 30, 2021 |
| December 31, 2020 | |
| Fair Value: | September 30, 2022 | December 31, 2021 | |||||||||||
West | West | 28.4 | % | 28.5 | % | |||||||||||||||
Southwest |
| 24.9 | % | 24.7 | % |
| Southwest | 22.1 | 23.0 | |||||||||||
Northeast |
| 23.3 | % | 21.7 | % |
| Northeast | 20.3 | 21.9 | |||||||||||
West |
| 21.4 | % | 21.4 | % |
| ||||||||||||||
Midwest |
| 15.9 | % | 19.7 | % |
| Midwest | 15.4 | 15.8 | |||||||||||
Southeast |
| 12.8 | % | 11.5 | % |
| Southeast | 11.7 | 10.0 | |||||||||||
Canada |
| 1.7 | % | 1.0 | % |
| Canada | 0.6 | 0.8 | |||||||||||
|
| 100.0 | % | 100.0 | % |
| ||||||||||||||
Other Non-United States | Other Non-United States | 1.5 | — | |||||||||||||||||
100.0 | % | 100.0 | % |
72
Private Loan Middle Market portfolio investments by industry at cost and fair value as of September 30, 20212022 and December 31, 20202021 (this information excludes the Other Portfolio, short-term portfolio investments and the External Investment Manager).
| | | | | |
Cost: | | September 30, 2021 | | December 31, 2020 | |
Construction & Engineering |
| 7.0 | % | 6.0 | % |
Machinery |
| 6.9 | % | 6.4 | % |
Internet Software & Services |
| 6.9 | % | 5.2 | % |
Leisure Equipment & Products |
| 5.5 | % | 4.2 | % |
Commercial Services & Supplies |
| 5.1 | % | 4.7 | % |
Software |
| 5.0 | % | 4.4 | % |
Professional Services |
| 4.9 | % | 5.1 | % |
Health Care Providers & Services |
| 4.6 | % | 5.1 | % |
Energy Equipment & Services |
| 4.5 | % | 4.5 | % |
Specialty Retail |
| 4.3 | % | 3.1 | % |
IT Services |
| 3.7 | % | 4.0 | % |
Diversified Telecommunication Services |
| 3.1 | % | 2.6 | % |
Communications Equipment |
| 3.0 | % | 3.3 | % |
Containers & Packaging |
| 2.7 | % | 1.6 | % |
Food Products |
| 2.4 | % | 2.6 | % |
Tobacco |
| 2.4 | % | 2.2 | % |
Oil, Gas & Consumable Fuels |
| 2.2 | % | 3.2 | % |
Building Products |
| 2.2 | % | 1.4 | % |
Aerospace & Defense |
| 2.0 | % | 5.9 | % |
Diversified Financial Services |
| 2.0 | % | 2.1 | % |
Hotels, Restaurants & Leisure |
| 1.9 | % | 2.6 | % |
Diversified Consumer Services |
| 1.8 | % | 1.0 | % |
Media |
| 1.7 | % | 2.1 | % |
Distributors |
| 1.7 | % | 2.1 | % |
Electronic Equipment, Instruments & Components |
| 1.6 | % | 1.9 | % |
Computers & Peripherals |
| 1.5 | % | 1.5 | % |
Life Sciences Tools & Services |
| 1.2 | % | 1.4 | % |
Household Durables |
| 1.2 | % | 1.3 | % |
Trading Companies & Distributors |
| 1.0 | % | 1.2 | % |
Food & Staples Retailing |
| 1.0 | % | 1.0 | % |
Transportation Infrastructure | | 0.5 | % | 1.0 | % |
Other (1) | | 4.5 | % | 5.3 | % |
|
| 100.0 | % | 100.0 | % |
Cost: | September 30, 2022 | December 31, 2021 | ||||||||||||
Internet Software & Services | 8.0 | % | 7.2 | % | ||||||||||
Machinery | 8.0 | 7.3 | ||||||||||||
Commercial Services & Supplies | 6.9 | 5.9 | ||||||||||||
Construction & Engineering | 6.3 | 7.8 | ||||||||||||
Diversified Consumer Services | 4.8 | 3.4 | ||||||||||||
Leisure Equipment & Products | 4.6 | 4.1 | ||||||||||||
Health Care Providers & Services | 4.6 | 3.9 | ||||||||||||
Professional Services | 4.2 | 4.6 | ||||||||||||
Distributors | 4.2 | 4.7 | ||||||||||||
Energy Equipment & Services | 3.8 | 4.0 | ||||||||||||
IT Services | 3.4 | 3.5 | ||||||||||||
Specialty Retail | 3.2 | 3.5 | ||||||||||||
Tobacco | 3.2 | 2.1 | ||||||||||||
Containers & Packaging | 2.9 | 2.3 | ||||||||||||
Aerospace & Defense | 2.4 | 1.9 | ||||||||||||
Media | 2.4 | 1.8 | ||||||||||||
Building Products | 2.0 | 2.3 | ||||||||||||
Textiles, Apparel & Luxury Goods | 1.9 | 2.2 | ||||||||||||
Communications Equipment | 1.8 | 2.3 | ||||||||||||
Diversified Telecommunication Services | 1.8 | 2.6 | ||||||||||||
Software | 1.7 | 1.8 | ||||||||||||
Diversified Financial Services | 1.5 | 2.1 | ||||||||||||
Food Products | 1.6 | 2.0 | ||||||||||||
Internet & Catalog Retail | 1.4 | 1.6 | ||||||||||||
Health Care Equipment & Supplies | 1.3 | 0.3 | ||||||||||||
Food & Staples Retailing | 1.2 | 0.8 | ||||||||||||
Chemicals | 1.2 | 1.7 | ||||||||||||
Computers & Peripherals | 1.2 | 1.3 | ||||||||||||
Oil, Gas & Consumable Fuels | 1.1 | 1.8 | ||||||||||||
Electronic Equipment, Instruments & Components | 1.1 | 1.4 | ||||||||||||
Hotels, Restaurants & Leisure | 1.1 | 1.4 | ||||||||||||
Household Durables | 0.8 | 1.0 | ||||||||||||
Life Sciences Tools & Services | 0.5 | 1.4 | ||||||||||||
Other (1) | 3.9 | 4.0 | ||||||||||||
100.0 | % | 100.0 | % |
73
| | | | | |
Fair Value: | | September 30, 2021 | | December 31, 2020 | |
Machinery |
| 8.3 | % | 8.1 | % |
Construction & Engineering |
| 6.9 | % | 6.1 | % |
Internet Software & Services |
| 6.0 | % | 4.5 | % |
Software |
| 5.4 | % | 4.6 | % |
Leisure Equipment & Products |
| 5.2 | % | 4.0 | % |
Commercial Services & Supplies |
| 4.9 | % | 4.5 | % |
Specialty Retail |
| 4.8 | % | 3.4 | % |
Diversified Consumer Services |
| 4.3 | % | 3.0 | % |
Health Care Providers & Services |
| 4.2 | % | 5.2 | % |
Professional Services |
| 4.0 | % | 4.0 | % |
IT Services |
| 3.6 | % | 3.8 | % |
Energy Equipment & Services |
| 3.1 | % | 3.0 | % |
Diversified Telecommunication Services |
| 2.8 | % | 2.0 | % |
Computers & Peripherals |
| 2.8 | % | 2.9 | % |
Containers & Packaging |
| 2.8 | % | 1.7 | % |
Tobacco |
| 2.5 | % | 2.1 | % |
Communications Equipment |
| 2.3 | % | 2.7 | % |
Diversified Financial Services |
| 2.2 | % | 2.3 | % |
Building Products |
| 2.2 | % | 1.4 | % |
Food Products |
| 2.2 | % | 2.2 | % |
Media |
| 2.1 | % | 2.5 | % |
Distributors |
| 1.9 | % | 2.1 | % |
Aerospace & Defense |
| 1.8 | % | 5.7 | % |
Oil, Gas & Consumable Fuels |
| 1.8 | % | 2.7 | % |
Hotels, Restaurants & Leisure |
| 1.4 | % | 2.0 | % |
Construction Materials |
| 1.2 | % | 1.4 | % |
Life Sciences Tools & Services |
| 1.1 | % | 1.4 | % |
Household Durables |
| 1.1 | % | 1.3 | % |
Trading Companies & Distributors |
| 0.9 | % | 1.2 | % |
Electronic Equipment, Instruments & Components | | 0.9 | % | 1.3 | % |
Transportation Infrastructure | | 0.5 | % | 1.0 | % |
Other (1) | | 4.8 | % | 5.9 | % |
| | 100.0 | % | 100.0 | % |
Fair Value: | September 30, 2022 | December 31, 2021 | ||||||||||||
Machinery | 8.9 | % | 8.5 | % | ||||||||||
Diversified Consumer Services | 7.0 | 5.9 | ||||||||||||
Internet Software & Services | 6.9 | 6.4 | ||||||||||||
Commercial Services & Supplies | 6.3 | 5.5 | ||||||||||||
Construction & Engineering | 6.1 | 7.7 | ||||||||||||
Distributors | 4.5 | 4.7 | ||||||||||||
Health Care Providers & Services | 4.3 | 3.6 | ||||||||||||
Leisure Equipment & Products | 4.1 | 4.0 | ||||||||||||
Professional Services | 3.9 | 3.9 | ||||||||||||
Specialty Retail | 3.7 | 4.1 | ||||||||||||
Tobacco | 3.4 | 2.2 | ||||||||||||
IT Services | 3.2 | 3.3 | ||||||||||||
Containers & Packaging | 3.1 | 2.5 | ||||||||||||
Media | 3.0 | 2.2 | ||||||||||||
Energy Equipment & Services | 2.8 | 2.8 | ||||||||||||
Aerospace & Defense | 2.2 | 1.7 | ||||||||||||
Software | 2.0 | 2.0 | ||||||||||||
Textiles, Apparel & Luxury Goods | 1.9 | 2.1 | ||||||||||||
Building Products | 1.9 | 2.2 | ||||||||||||
Computers & Peripherals | 1.9 | 2.2 | ||||||||||||
Diversified Financial Services | 1.7 | 2.3 | ||||||||||||
Diversified Telecommunication Services | 1.7 | 2.5 | ||||||||||||
Food Products | 1.7 | 1.9 | ||||||||||||
Internet & Catalog Retail | 1.5 | 1.5 | ||||||||||||
Food & Staples Retailing | 1.2 | 0.8 | ||||||||||||
Chemicals | 1.1 | 1.6 | ||||||||||||
Health Care Equipment & Supplies | 1.0 | 0.1 | ||||||||||||
Communications Equipment | 1.0 | 1.5 | ||||||||||||
Construction Materials | 1.0 | 1.1 | ||||||||||||
Oil, Gas & Consumable Fuels | 0.9 | 1.4 | ||||||||||||
Hotels, Restaurants & Leisure | 0.8 | 1.0 | ||||||||||||
Life Sciences Tools & Services | 0.4 | 1.3 | ||||||||||||
Other (1) | 4.9 | 5.5 | ||||||||||||
100.0 | 100.0 |
74
the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
During May 2012, Main Street entered into an investment sub-advisory agreement with HMS Adviser, LP (“HMS Adviser”), which was the investment adviser to MSC Income at the time, to provide certain investment advisory services to HMS Adviser. In December 2013, after obtaining required no-action relief from the SEC to allow it to own a registered investment adviser, Main Street assigned the sub-advisory agreement to the
above a specified investment return hurdle rate and a 20% incentive fee on cumulative net realized capital gains in exchange for providing advisory services to MSC Income.
During the three months ended September 30, 2021 and 2020, the
related services are rendered.
75
purposes the External Investment Manager is treated as if it is taxed at normal corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.
| | | | | | |
| | As of | | As of | ||
| | September 30, | | December 31, | ||
|
| 2021 |
| 2020 | ||
| | (dollars in thousands) | ||||
Cash | | $ | 53 | | $ | — |
Accounts receivable—advisory clients | |
| 4,638 | |
| 3,520 |
Total assets | | $ | 4,691 | | $ | 3,520 |
Accounts payable to MSCC and its subsidiaries | | $ | 3,232 | | $ | 2,423 |
Dividend payable to MSCC and its subsidiaries | |
| 1,459 | |
| 1,097 |
Equity | |
| — | |
| — |
Total liabilities and equity | | $ | 4,691 | | $ | 3,520 |
| | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 30, | | September 30, | | ||||||||
|
| 2021 |
| 2020 |
| 2021 |
| 2020 |
| ||||
| | (dollars in thousands) | | ||||||||||
Management fee income | | $ | 4,592 | | $ | 2,338 | | $ | 12,707 | | $ | 7,160 | |
Incentive fees | |
| 19 | |
| — | |
| 19 | |
| — | |
Total revenues | |
| 4,611 | |
| 2,338 | |
| 12,726 | |
| 7,160 | |
Expenses allocated from MSCC or its subsidiaries: | | | | |
|
| | | | |
|
| |
Salaries, share‑based compensation and other personnel costs | | | (2,278) | | | (1,206) | | | (6,394) | | | (3,393) | |
Other G&A expenses | | | (450) | | | (686) | | | (1,286) | | | (1,947) | |
Total allocated expenses | |
| (2,728) | |
| (1,892) | |
| (7,680) | |
| (5,340) | |
Pre‑tax income | |
| 1,883 | |
| 446 | |
| 5,046 | |
| 1,820 | |
Tax expense | |
| (424) | |
| (108) | |
| (1,138) | |
| (426) | |
Net income | | $ | 1,459 | | $ | 338 | | $ | 3,908 | | $ | 1,394 | |
76
As of | As of | ||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
Cash | $ | 309 | $ | — | |||||||
Accounts receivable - advisory clients | 5,917 | 5,595 | |||||||||
Intangible Asset | 29,500 | 29,500 | |||||||||
Total assets | $ | 35,726 | $ | 35,095 | |||||||
Accounts payable to MSCC and its subsidiaries | $ | 4,588 | $ | 3,288 | |||||||
Dividend payable to MSCC and its subsidiaries | 1,638 | 2,307 | |||||||||
Equity | 29,500 | 29,500 | |||||||||
Total liabilities and equity | $ | 35,726 | $ | 35,095 |
MAIN STREET CAPITAL CORPORATION
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Management fee income | $ | 5,472 | $ | 4,592 | $ | 16,337 | $ | 12,707 | |||||||||||||||
Incentive fees | (182) | 19 | 45 | 19 | |||||||||||||||||||
Administrative services fees | 154 | — | 458 | — | |||||||||||||||||||
Total revenues | 5,444 | 4,611 | 16,840 | 12,726 | |||||||||||||||||||
Expenses allocated from MSCC or its subsidiaries: | |||||||||||||||||||||||
Salaries, share-based compensation and other personnel costs | (2,660) | (2,278) | (7,572) | (6,394) | |||||||||||||||||||
Other G&A expenses | (674) | (450) | (2,041) | (1,286) | |||||||||||||||||||
Total allocated expenses | (3,334) | (2,728) | (9,613) | (7,680) | |||||||||||||||||||
Pre-tax income | 2,110 | 1,883 | 7,227 | 5,046 | |||||||||||||||||||
Tax expense | (472) | (424) | (1,605) | (1,138) | |||||||||||||||||||
Net income | $ | 1,638 | $ | 1,459 | $ | 5,622 | $ | 3,908 |
| | | | | | | | | | | | | |||||||||||||||||||||||
|
| Outstanding Balance |
| Unamortized Debt Issuance (Costs)/Premiums |
| Recorded Value |
| Estimated Fair Value (1) | |||||||||||||||||||||||||||
| | (in thousands) | |||||||||||||||||||||||||||||||||
Outstanding Balance | Unamortized Debt Issuance (Costs)/Premiums (2) | Recorded Value | Estimated Fair Value (1) | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Credit Facility | Credit Facility | $ | 561,000 | $ | — | $ | 561,000 | $ | 561,000 | ||||||||||||||||||||||||||
3.00% Notes due 2026 | 3.00% Notes due 2026 | 500,000 | (1,996) | 498,004 | 422,715 | ||||||||||||||||||||||||||||||
5.20% Notes due 2024 | 5.20% Notes due 2024 | 450,000 | 863 | 450,863 | 444,114 | ||||||||||||||||||||||||||||||
SBIC Debentures | | $ | 350,000 | | $ | (7,565) | | $ | 342,435 | | $ | 333,954 | SBIC Debentures | 350,000 | (6,382) | 343,618 | 288,546 | ||||||||||||||||||
Credit Facility | | | 200,000 | | | — | | | 200,000 | | | 200,000 | |||||||||||||||||||||||
4.50% Notes due in 2022 | | | 185,000 | | | (708) | | | 184,292 | | | 192,639 | |||||||||||||||||||||||
5.20% Notes due 2024 | | | 450,000 | | | 1,408 | | | 451,408 | | | 489,155 | |||||||||||||||||||||||
3.00% Notes due 2026 | | | 300,000 | | | (4,555) | | | 295,445 | | | 306,897 | |||||||||||||||||||||||
4.50% Notes due 2022 | 4.50% Notes due 2022 | 185,000 | (101) | 184,899 | 184,819 | ||||||||||||||||||||||||||||||
Total Debt | | $ | 1,485,000 | | $ | (11,420) | | $ | 1,473,580 | | $ | 1,522,645 | Total Debt | $ | 2,046,000 | $ | (7,616) | $ | 2,038,384 | $ | 1,901,194 |
| | | | | | | | | | | | |
|
| Outstanding Balance |
| Unamortized Debt Issuance (Costs)/Premiums |
| Recorded Value |
| Estimated Fair Value (1) | ||||
| | | (in thousands) | |||||||||
SBIC Debentures | | $ | 309,800 | | $ | (5,828) | | $ | 303,972 | | $ | 309,907 |
Credit Facility | | | 269,000 | | | — | | | 269,000 | | | 269,000 |
4.50% Notes due 2022 | | | 185,000 | | | (1,164) | | | 183,836 | | | 194,938 |
5.20% Notes due 2024 | | | 450,000 | | | 1,817 | | | 451,817 | | | 488,102 |
Total Debt | | $ | 1,213,800 | | $ | (5,175) | | $ | 1,208,625 | | $ | 1,261,947 |
Outstanding Balance | Unamortized Debt Issuance (Costs)/Premiums (2) | Recorded Value | Estimated Fair Value (1) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Credit Facility | $ | 320,000 | $ | — | $ | 320,000 | $ | 320,000 | |||||||||||||||
3.00% Notes due 2026 | 500,000 | (2,391) | 497,609 | 502,285 | |||||||||||||||||||
5.20% Notes due 2024 | 450,000 | 1,272 | 451,272 | 480,767 | |||||||||||||||||||
SBIC Debentures | 350,000 | (7,269) | 342,731 | 328,206 | |||||||||||||||||||
4.50% Notes due 2022 | 185,000 | (556) | 184,444 | 190,043 | |||||||||||||||||||
Total Debt | $ | 1,805,000 | $ | (8,944) | $ | 1,796,056 | $ | 1,821,301 |
| | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
|
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
SBIC Debentures | | $ | 2,704 | | $ | 2,977 | | $ | 8,002 | | $ | 8,981 |
Credit Facility | | | 1,574 | | | 1,942 | | | 3,948 | | | 7,305 |
4.50% Notes Due 2022 | | | 2,233 | | | 2,233 | | | 6,699 | | | 6,699 |
5.20% Notes Due 2024 | | | 5,713 | | | 5,337 | | | 17,141 | | | 13,842 |
3.00% Notes due in 2026 | | | 2,487 | | | — | | | 7,124 | | | — |
Total Interest Expense | | $ | 14,711 | | $ | 12,489 | | $ | 42,914 | | $ | 36,827 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Credit Facility | $ | 6,551 | $ | 1,574 | $ | 11,249 | $ | 3,948 | |||||||||||||||
3.00% Notes due 2026 | 3,882 | 2,487 | 11,645 | 7,124 | |||||||||||||||||||
5.20% Notes due 2024 | 5,714 | 5,714 | 17,141 | 17,141 | |||||||||||||||||||
SBIC Debentures | 2,855 | 2,704 | 8,482 | 8,002 | |||||||||||||||||||
4.50% Notes due 2022 | 2,233 | 2,233 | 6,699 | 6,699 | |||||||||||||||||||
Total Interest Expense | $ | 21,234 | $ | 14,711 | $ | 55,216 | $ | 42,914 |
77
debentures payable, under existing SBA-approved commitments, were $350.0 million and $309.8 million at both September 30, 20212022 and December 31, 2020, respectively.2021. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. During the nine months ended September 30, 2021, Main Street issued $80.2 million of SBIC debentures and opportunistically prepaid $40.0 million of existing SBIC debentures that were scheduled to mature over the next year as part of an effort to manage the maturity dates of the oldest SBIC debentures. Main Street expects to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount for affiliated SBIC funds. The weighted-average annual interest rate on the SBIC debentures was 2.9% and 3.4% as of September 30, 20212022 and December 31, 2020, respectively.2021. The first principal maturity due under the existing SBIC debentures is in 2023, and the weighted-average remaining duration as of September 30, 20212022 was approximately 6.45.4 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA.
commitments up to a total of $1.4 billion.
78
including borrowings under its Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes due 2022 may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The 4.50% Notes due 2022 bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. The total net proceeds from the 4.50% Notes, due 2022, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were approximately $182.2 million. Main Street may from time to time repurchase the 4.50% Notes due 2022 in accordance with the 1940 Act and the rules promulgated thereunder.
79
payable semiannually on January 14 and July 14 of each year. The total net proceeds from the 3.00% Notes, resulting from the issue price and after net issue price premiums and estimated offering expenses payable, were $498.3 million. Main Street may from time to time repurchase the 3.00% Notes in accordance with the 1940 Act and the rules promulgated thereunder. See Note M for discussion of the recent issuance of an additional $200.0 million of the 3.00% Notes in October 2021.
| | | | | | | |
|
| Nine Months Ended September 30, |
| ||||
Per Share Data: |
| 2021 |
| 2020 |
| ||
NAV at the beginning of the period | | $ | 22.35 | | $ | 23.91 | |
Net investment income(1) | |
| 1.92 | |
| 1.50 | |
Net realized gain (loss) (1)(2) | |
| 0.15 | |
| (0.69) | |
Net unrealized appreciation (depreciation)(1)(2) | |
| 1.71 | |
| (1.80) | |
Income tax benefit (provision)(1)(2) | |
| (0.33) | |
| 0.23 | |
Net increase (decrease) in net assets resulting from operations(1) | |
| 3.45 | |
| (0.76) | |
Dividends paid | |
| (1.85) | |
| (1.85) | |
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period | |
| (0.01) | |
| — | |
Accretive effect of stock offerings (issuing shares above NAV per share) | |
| 0.26 | |
| 0.21 | |
Accretive effect of DRIP issuance (issuing shares above NAV per share) | |
| 0.06 | |
| 0.07 | |
Other(3) | |
| 0.01 | |
| (0.06) | |
NAV at the end of the period | | $ | 24.27 | | $ | 21.52 | |
Market value at the end of the period | | $ | 41.10 | | $ | 29.57 | |
Shares outstanding at the end of the period | |
| 69,408,645 | |
| 66,138,440 | |
| | | | | | | |
| Nine Months Ended September 30, | ||||||
| 2021 |
| 2020 | ||||
| (dollars in thousands) | ||||||
NAV at end of period | $ | 1,684,307 | | | $ | 1,423,182 | |
Average NAV | $ | 1,586,020 | | | $ | 1,416,672 | |
Average outstanding debt | $ | 1,264,680 | | | $ | 1,136,300 | |
Ratio of total expenses, including income tax expense, to average NAV (1) (2) | | 6.19 | % | | | 3.36 | % |
Ratio of operating expenses to average NAV (2) (3) | | 4.76 | % | | | 4.36 | % |
Ratio of operating expenses, excluding interest expense, to average NAV (2) (3) | | 2.05 | % | | | 1.76 | % |
Ratio of net investment income to average NAV (2) | | 8.29 | % | | | 6.94 | % |
Portfolio turnover ratio (2) | | 20.69 | % | | | 10.96 | % |
Total investment return (2) (4) | | 33.57 | % | | | (27.31) | % |
Total return based on change in NAV (2) (5) | | 15.61 | % | | | (3.25) | % |
Nine Months Ended September 30, | ||||||||||||||
Per Share Data: | 2022 | 2021 | ||||||||||||
NAV at the beginning of the period | $ | 25.29 | $ | 22.35 | ||||||||||
Net investment income (1) | 2.31 | 1.92 | ||||||||||||
Net realized gain (1)(2) | 0.05 | 0.15 | ||||||||||||
Net unrealized appreciation (depreciation) (1)(2) | (0.28) | 1.71 | ||||||||||||
Income tax provision (1)(2) | (0.24) | (0.33) | ||||||||||||
Net increase in net assets resulting from operations (1) | 1.84 | 3.45 | ||||||||||||
Dividends paid from net investment income | (2.19) | (1.85) | ||||||||||||
Distributions from capital gains | — | — | ||||||||||||
Dividends paid | (2.19) | (1.85) | ||||||||||||
Accretive effect of stock offerings (issuing shares above NAV per share) | 0.98 | 0.26 | ||||||||||||
Accretive effect of DRIP issuance (issuing shares above NAV per share) | 0.08 | 0.06 | ||||||||||||
Other (3) | (0.06) | 0.01 | ||||||||||||
NAV at the end of the period | $ | 25.94 | $ | 24.27 | ||||||||||
Market value at the end of the period | $ | 33.64 | $ | 41.10 | ||||||||||
Shares outstanding at the end of the period | 76,308,830 | 69,408,645 |
80
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(dollars in thousands) | |||||||||||
NAV at end of period | $ | 1,979,420 | $ | 1,684,307 | |||||||
Average NAV | $ | 1,876,771 | $ | 1,586,020 | |||||||
Average outstanding debt | $ | 1,880,100 | $ | 1,264,680 | |||||||
Ratio of total expenses, including income tax expense, to average NAV (1)(2) | 5.92 | % | 6.19 | % | |||||||
Ratio of operating expenses to average NAV (2)(3) | 4.99 | % | 4.76 | % | |||||||
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3) | 2.05 | % | 2.05 | % | |||||||
Ratio of net investment income to average NAV (2) | 9.03 | % | 8.29 | % | |||||||
Portfolio turnover ratio (2) | 12.46 | % | 20.69 | % | |||||||
Total investment return (2)(4) | (20.81) | % | 33.57 | % | |||||||
Total return based on change in NAV (2)(5) | 7.56 | % | 15.61 | % |
MAIN STREET CAPITAL CORPORATION
2022. Main Street did not pay a supplemental dividend during the three or nine months ended September 30, 2021.
81
MAIN STREET CAPITAL CORPORATION
| | | | | | |
| | Nine Months Ended September 30, | ||||
|
| 2021 |
| 2020 | ||
| | (estimated, dollars in thousands) | ||||
Net increase (decrease) in net assets resulting from operations | | $ | 236,413 | | $ | (49,874) |
Book-tax difference from share-based compensation expense | | | (5,436) | | | 2,710 |
Net unrealized (appreciation) depreciation | | | (117,072) | | | 117,570 |
Income tax provision (benefit) | | | 22,691 | | | (14,253) |
Pre-tax book (income) loss not consolidated for tax purposes | | | (35,701) | | | 2,413 |
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | | | 6,027 | | | 53,521 |
Estimated taxable income (1) | | | 106,922 | | | 112,087 |
Taxable income earned in prior year and carried forward for distribution in current year | | | 24,350 | | | 29,107 |
Taxable income earned prior to period end and carried forward for distribution next period | | | (18,959) | | | (34,189) |
Dividend payable as of period end and paid in the following period | | | 14,553 | | | 13,554 |
Total distributions accrued or paid to common stockholders | | $ | 126,866 | | $ | 120,559 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(estimated, dollars in thousands) | |||||||||||
Net increase in net assets resulting from operations | $ | 135,287 | $ | 236,413 | |||||||
Book-tax difference from share-based compensation expense | (3,456) | (5,436) | |||||||||
Net unrealized (appreciation) depreciation | 19,922 | (117,072) | |||||||||
Income tax provision | 17,477 | 22,691 | |||||||||
Pre-tax book income not consolidated for tax purposes | (28,333) | (35,701) | |||||||||
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates | 24,026 | 6,027 | |||||||||
Estimated taxable income (1) | 164,923 | 106,922 | |||||||||
Taxable income earned in prior year and carried forward for distribution in current year | 50,834 | 24,350 | |||||||||
Taxable income earned prior to period end and carried forward for distribution next period | (71,128) | (18,959) | |||||||||
Dividend payable as of period end and paid in the following period | 16,789 | 14,553 | |||||||||
Total distributions accrued or paid to common stockholders | $ | 161,418 | $ | 126,866 |
82
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Current tax expense (benefit): | |||||||||||||||||||||||
Federal | $ | 66 | $ | (239) | $ | 182 | $ | (99) | |||||||||||||||
State | 496 | 1,056 | 1,110 | 1,712 | |||||||||||||||||||
Excise | 978 | 136 | 2,366 | 629 | |||||||||||||||||||
Total current tax expense | 1,540 | 953 | 3,658 | 2,242 | |||||||||||||||||||
Deferred tax expense (benefit): | |||||||||||||||||||||||
Federal | 125 | 7,989 | 10,098 | 15,284 | |||||||||||||||||||
State | 395 | 3,342 | 3,721 | 5,165 | |||||||||||||||||||
Total deferred tax expense | 520 | 11,331 | 13,819 | 20,449 | |||||||||||||||||||
Total income tax provision | $ | 2,060 | $ | 12,284 | $ | 17,477 | $ | 22,691 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
Current tax expense (benefit): | | | | | | | | | | | |
Federal | $ | (239) | | $ | 46 | | $ | (99) | | $ | 123 |
State | | 1,056 | | | 692 | | | 1,712 | | | 200 |
Excise | | 136 | | | 427 | | | 629 | | | 1,097 |
Total current tax expense (benefit) | | 953 | | | 1,165 | | | 2,242 | | | 1,420 |
Deferred tax expense (benefit): | | | | | | | | | | | |
Federal | | 7,989 | | | (147) | | | 15,284 | | | (14,998) |
State | | 3,342 | | | 489 | | | 5,165 | | | (675) |
Total deferred tax expense (benefit) | | 11,331 | | | 342 | | | 20,449 | | | (15,673) |
| | | | | | | | | | | |
Total income tax provision (benefit) | $ | 12,284 | | $ | 1,507 | | $ | 22,691 | | $ | (14,253) |
The net deferred tax liability at September 30, 20212022 and December 31, 20202021 was $23.0$43.5 million and $2.6$29.7 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards, and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries.
carryforward period.
As of December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued
83
Summarized DRIP information for the nine months ended September 30, 20212022 and 20202021 is as follows:
| | | | | | |
| | September 30, | ||||
| | 2021 | | 2020 | ||
| | ($ in millions) | ||||
DRIP participation | | $ | 11.4 | | $ | 12.2 |
Shares issued for DRIP | | | 293,647 | | | 387,534 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
($ in millions) | |||||||||||
DRIP participation | $ | 16.4 | $ | 11.4 | |||||||
Shares issued for DRIP | 410,415 | 293,647 |
|
|
| ||||
Restricted stock authorized under the plan |
| |||||
Less net restricted stock granted during: |
| |||||
|
| |||||
|
| |||||
|
| |||||
|
| |||||
|
| |||||
|
|
| ||||
Nine months ended September 30, |
|
| ||||
Restricted stock available for issuance as of September 30, |
|
|
|
| ||||
Restricted stock authorized under the plan | 300,000 | |||||
Less net restricted stock granted during: |
| |||||
|
| |||||
|
| |||||
|
| |||||
|
| |||||
|
| |||||
|
|
| ||||
Nine months ended September 30, |
|
| ||||
Restricted stock available for issuance as of September 30, |
|
84
recognized total share-based compensation expense of $8.0$10.0 million and $8.2$8.0 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
2022.
| | | |
Investments with equity capital commitments that have not yet funded: |
| Amount | |
|
| | |
Congruent Credit Opportunities Fund III, LP | | $ | 8,117 |
| | | |
Encap Energy Fund Investments | | | |
EnCap Energy Capital Fund IX, L.P. | | $ | 230 |
EnCap Energy Capital Fund X, L.P. | |
| 772 |
EnCap Flatrock Midstream Fund II, L.P. | | | 4,586 |
EnCap Flatrock Midstream Fund III, L.P. | | | 410 |
| | $ | 5,998 |
| | | |
MS Private Loan Fund I, LP | | $ | 9,000 |
| | | |
EIG Fund Investments | | $ | 3,701 |
| |
| |
Brightwood Capital Fund Investments | | | |
Brightwood Capital Fund III, LP | | $ | 3,000 |
Brightwood Capital Fund V, LP | | | 4,000 |
| | $ | 7,000 |
| | | |
Freeport Fund Investments | | | |
Freeport Financial SBIC Fund LP | | $ | 1,375 |
Freeport First Lien Loan Fund III LP | | | 4,032 |
| | $ | 5,407 |
| | | |
LKCM Headwater Investments I, L.P. | | $ | 2,500 |
| | | |
UnionRock Energy Fund II, LP | | $ | 819 |
| | | |
HPEP 3, L.P. | | $ | 1,555 |
| | | |
Dos Rios Partners | | | |
Dos Rios Partners, LP | | $ | 835 |
Dos Rios Partners - A, LP | | | 265 |
| | $ | 1,100 |
| | | |
Total Equity Commitments | | $ | 45,197 |
85
Investments with equity capital commitments that have not yet funded: | Amount | |||||||
Brightwood Capital Fund Investments | ||||||||
Brightwood Capital Fund V, LP | $ | 3,000 | ||||||
Brightwood Capital Fund III, LP | 300 | |||||||
3,300 | ||||||||
Freeport Fund Investments | ||||||||
Freeport First Lien Loan Fund III LP | 4,871 | |||||||
Freeport Financial SBIC Fund LP | 3,285 | |||||||
8,156 | ||||||||
Harris Preston Fund Investments | ||||||||
HPEP 4, L.P. | 8,104 | |||||||
HPEP 3, L.P. | 1,555 | |||||||
HPEP 423 COR, LP | 600 | |||||||
2717 HPP-MS, LP | 56 | |||||||
10,315 | ||||||||
MS Private Loan Fund I, LP | 750 | |||||||
UnionRock Energy Fund II, LP | 1,957 | |||||||
Total Equity Commitments (1)(2) | $ | 24,478 | ||||||
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded: | ||||||||
Xenon Arc, Inc. | $ | 32,400 | ||||||
Dalton US Inc. | 19,314 | |||||||
CaseWorthy, Inc. | 10,452 | |||||||
HEADLANDS OP-CO LLC | 10,125 | |||||||
MS Private Loan Fund I, LP | 10,000 | |||||||
PTL US Bidco, Inc | 9,542 | |||||||
JTI Electrical & Mechanical, LLC | 8,421 | |||||||
AMEREQUIP LLC. | 7,704 | |||||||
NinjaTrader, LLC | 7,472 | |||||||
Paragon Healthcare, Inc. | 6,490 | |||||||
Archer Systems, LLC | 6,315 | |||||||
Veregy Consolidated, Inc. | 5,875 | |||||||
SI East, LLC | 5,250 | |||||||
Watterson Brands, LLC | 5,028 | |||||||
Bolder Panther Group, LLC | 5,000 | |||||||
Pearl Meyer Topco LLC | 5,000 | |||||||
NWN Corporation | 4,819 | |||||||
Robbins Bros. Jewelry, Inc. | 4,500 | |||||||
South Coast Terminals Holdings, LLC | 4,465 | |||||||
AB Centers Acquisition Corporation | 4,448 | |||||||
Winter Services LLC | 4,444 | |||||||
Adams Publishing Group, LLC | 4,335 | |||||||
Bettercloud, Inc. | 4,189 | |||||||
MonitorUS Holding, LLC | 3,614 | |||||||
Microbe Formulas, LLC | 3,601 | |||||||
MB2 Dental Solutions, LLC | 3,500 | |||||||
GRT Rubber Technologies LLC | 3,350 | |||||||
SPAU Holdings, LLC | 3,194 | |||||||
Cody Pools, Inc. | 2,950 | |||||||
AVEX Aviation Holdings, LLC | 2,880 | |||||||
Batjer TopCo, LLC | 2,700 | |||||||
GULF PACIFIC ACQUISITION, LLC | 2,525 | |||||||
Infolinks Media Buyco, LLC | 2,520 | |||||||
Engineering Research & Consulting, LLC | 2,501 | |||||||
Nebraska Vet AcquireCo, LLC | 2,500 | |||||||
Mako Steel, LP | 2,414 | |||||||
West Star Aviation Acquisition, LLC | 2,411 | |||||||
VVS Holdco, LLC | 2,400 | |||||||
Centre Technologies Holdings, LLC | 2,400 | |||||||
IG Parent Corporation | 2,057 |
| | | |
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded: |
| Amount | |
| | | |
| | | |
MS Private Loan Fund I, LP | | $ | 19,709 |
MSC Income Fund Inc. | | | 15,000 |
NWN Corporation | | | 8,760 |
SI East, LLC | | | 7,500 |
Adams Publishing Group, LLC | | | 5,000 |
Bolder Panther Group, LLC | | | 5,000 |
Pearl Meyer Topco LLC | | | 5,000 |
MB2 Dental Solutions, LLC | | | 4,874 |
Roof Opco, LLC | | | 3,889 |
Computer Data Source, LLC | | | 2,900 |
Classic H&G Holdco, LLC | | | 2,600 |
Superior Rigging & Erecting Co. | | | 2,500 |
Klein Hersh, LLC | | | 2,500 |
Nebraska Vet AcquireCo, LLC | | | 2,500 |
IG Parent Corporation | | | 2,500 |
Burning Glass Intermediate Holding Company, Inc. | | | 2,323 |
Evergreen North America Acquisitions, LLC | | | 2,317 |
RTIC Subsidiary Holdings, LLC | | | 2,055 |
Fortna, Inc. | | | 2,027 |
Lynx FBO Operating LLC | | | 1,875 |
Mako Steel, LP | | | 1,866 |
The Affiliati Network, LLC | | | 1,600 |
Colonial Electric Company LLC | | | 1,600 |
Market Force Information, LLC | | | 1,600 |
Cody Pools, Inc. | | | 1,600 |
Chamberlin Holding LLC | | | 1,600 |
Direct Marketing Solutions, Inc. | | | 1,600 |
Trantech Radiator Topco, LLC | | | 1,600 |
GS HVAM Intermediate, LLC | | | 1,591 |
GRT Rubber Technologies LLC | | | 1,340 |
RA Outdoors LLC | | | 1,278 |
PPL RVs, Inc. | | | 1,250 |
Project Eagle Holdings, LLC | | | 1,250 |
Invincible Boat Company, LLC. | | | 1,080 |
CompareNetworks Topco, LLC | | | 1,000 |
Project BarFly, LLC | | | 760 |
DTE Enterprises, LLC | | | 750 |
Student Resource Center, LLC | | | 750 |
PT Network, LLC | | | 658 |
Hawk Ridge Systems, LLC | | | 615 |
Orttech Holdings, LLC | | | 584 |
ASC Interests, LLC | | | 500 |
Jensen Jewelers of Idaho, LLC | | | 500 |
Clickbooth.com, LLC | | | 457 |
Wall Street Prep, Inc. | | | 400 |
HW Temps LLC | | | 400 |
American Nuts, LLC | | | 281 |
Dynamic Communities, LLC | | | 250 |
Arcus Hunting LLC | | | 193 |
Eastern Wholesale Fence LLC | | | 96 |
Acousti Engineering Company of Florida | | | 53 |
| | | |
Total Loan Commitments | | $ | 129,931 |
| | | |
Total Commitments | | $ | 175,128 |
PPL RVs, Inc. | 2,000 | |||||||
The Affiliati Network, LLC | 2,000 | |||||||
Evergreen North America Acquisitions, LLC | 1,854 | |||||||
ATS Operating, LLC | 1,800 | |||||||
Career Team Acquireco LLC | 1,800 | |||||||
Johnson Downie Opco, LLC | 1,800 | |||||||
Burning Glass Intermediate Holding Company, Inc. | 1,704 | |||||||
Chamberlin Holding LLC | 1,600 | |||||||
Colonial Electric Company LLC | 1,600 | |||||||
Trantech Radiator Topco, LLC | 1,600 | |||||||
Roof Opco, LLC | 1,556 | |||||||
American Health Staffing Group, Inc. | 1,333 | |||||||
RA Outdoors LLC | 1,278 | |||||||
Project Eagle Holdings, LLC | 1,250 | |||||||
Gamber-Johnson Holdings, LLC | 1,200 | |||||||
KMS, LLC | 1,086 | |||||||
Channel Partners Intermediateco, LLC | 1,032 | |||||||
RTIC Subsidiary Holdings, LLC | 890 | |||||||
Hawk Ridge Systems, LLC | 815 | |||||||
Acumera, Inc. | 801 | |||||||
Mystic Logistics Holdings, LLC | 800 | |||||||
Orttech Holdings, LLC | 800 | |||||||
Project BarFly, LLC | 760 | |||||||
DTE Enterprises, LLC | 750 | |||||||
Student Resource Center, LLC | 750 | |||||||
Jensen Jewelers of Idaho, LLC | 500 | |||||||
Flip Electronics LLC | 491 | |||||||
Interface Security Systems, L.L.C | 439 | |||||||
ASC Interests, LLC | 400 | |||||||
Flame King Holdings, LLC | 400 | |||||||
Gulf Publishing Holdings, LLC | 400 | |||||||
Wall Street Prep, Inc. | 400 | |||||||
Invincible Boat Company, LLC. | 353 | |||||||
SIB Holdings, LLC | 267 | |||||||
Dynamic Communities, LLC | 250 | |||||||
Classic H&G Holdco, LLC | 240 | |||||||
Datacom, LLC | 227 | |||||||
Acousti Engineering Company of Florida | 53 | |||||||
Total Loan Commitments | 270,384 | |||||||
Total Commitments | $ | 294,862 |
86
Effective January 1, 2019, ASC 842 required that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. Main Street identifiedhas one operating lease for its office space. The lease commenced May 15, 2017 and expires JanuaryMarch 31, 2028.2034. It contains two five-year extension options for a final expiration date of JanuaryMarch 31, 2038.
As2044.
basis.
| | | ||||||
For the Years Ended December 31, | | Amount | For the Years Ended December 31, | Amount | ||||
2021 | | $ | 194 | |||||
2022 | | 790 | 2022 | $ | 197 | |||
2023 | | 804 | 2023 | 804 | ||||
2024 | | 818 | 2024 | 818 | ||||
2025 | | 832 | 2025 | 832 | ||||
2026 | 2026 | 846 | ||||||
Thereafter | | | 1,779 | Thereafter | 933 | |||
Total | | $ | 5,217 | Total | $ | 4,430 |
87
provided for a term loan of $40.0 million to MSC Income, bearing interest at a fixed rate of 5.00% per annum, and matures in January 2026. The Term Loan Agreement was amended in July 2021 to provide for borrowings up to an additional $35.0 million, $20.0 million of which was funded upon signing of the amendment and $15.0 million available in two additional advances during the six months following the amendment date. Borrowings under the Term Loan Agreement are expressly subordinated and junior in right of payment to all secured indebtedness of MSC Income. In October 2021, MSC Income fully repaid all borrowings outstanding under the Term Loan Agreement and the Term Loan Agreement was terminated.
In December 2020, the External Investment Manager entered into an Investment Management Agreement with the Private Loan Fund to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. The Private Loan Fund is a private investment fund exempt from registration under the 1940 Act that invests in debt investments in middle market companies generallyco-invests with EBITDA between $7.5 million and $50 million and generally owned by a private equity sponsor, which Main Street generally refers to asin Main Street’s Private Loan investments.investment strategy. In connection with the Private Loan Fund’s initial closing in December 2020, Main Street committed to contribute up to $10.0 million as a limited partner and will beis entitled to distributions on such interest. In February 2022, Main Street increased its total commitment to the Private Loan Fund from $10.0 million to $15.0 million. In addition, certain of Main Street’s officers and employees (and certain of their immediate family members) have made capital commitments to the Private Loan Fund as limited partners and therefore have direct pecuniary interests in the Private Loan Fund. As of September 30, 2021,2022, Main Street has funded approximately $1.0$14.3 million of its limited partner commitment and Main Street’s unfunded commitment was approximately $9.0$0.7 million.
Main Street’s limited partner commitment to the Private Loan Fund was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act.
2022 Note.
In October 2021, Main Street issued an additional $200.0 million in aggregate principal amount of the 3.00% Notes at an issue price of 101.741%, resulting in an effective interest rate of 2.60%. The total net proceeds from the 3.00% Notes, resulting from the issue price and after underwriting discounts and estimated offering expenses payable, were approximately $203.5 million. Main Street used the proceeds from this debt issuance to repay outstanding
88
borrowings under its Credit Facility, providing significant additional liquidity for its ongoing investment activities and to facilitate future availability for the repayment of its existing 4.50% Notes due 2022.
In November 2021,2022, Main Street declared a supplemental cash dividend of $0.10 per share payable in December 2021.2022. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared for the fourth quarter of 20212022 of $0.210$0.22 per share for each of October, November and December 2021.
During2022.
89
Schedule 12-14
2022
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2020 | | Gross | | Gross | | 2021 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
Majority‑owned investments | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
ASK (Analytical Systems Keco Holdings, LLC) | | Preferred Member Units | | (8) | | $ | - | | $ | (3,200) | | $ | - | | $ | 3,200 | | $ | - | | $ | 3,200 | | $ | - |
| | Preferred Member Units | | (8) | | | - | | | 2,356 | | | - | | | - | | | 4,783 | | | - | | | 4,783 |
| | Warrants | | (8) | | | - | | | (10) | | | - | | | 10 | | | - | | | 10 | | | - |
| | 12.00% (L+10.00%, Floor 2.00%) Secured Debt | | (8) | | | - | | | - | | | 520 | | | 4,873 | | | 134 | | | 220 | |
| 4,787 |
Café Brazil, LLC | | Member Units | | (8) | | | - | | | 540 | | | 470 | | | 2,030 | | | 540 | | | - | |
| 2,570 |
California Splendor Holdings LLC | | Preferred Member Units | | (9) | | | - | | | 4,564 | | | 188 | | | 6,241 | | | 4,564 | | | - | |
| 10,805 |
| | 11.00% (L+10.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | 36 | | | 2,579 | | | 35,832 | | | 196 | | | 8,129 | |
| 27,899 |
| | 15.00% PIK Preferred Member Units | | (9) | | | - | | | - | | | 939 | | | 8,255 | | | 939 | | | - | |
| 9,194 |
Clad-Rex Steel, LLC | | Member Units | | (5) | | | - | | | - | | | - | | | 530 | | | - | | | - | |
| 530 |
| | Member Units | | (5) | | | - | | | 1,640 | | | 2,181 | | | 8,610 | | | 1,640 | | | - | |
| 10,250 |
| | 10.00% Secured Debt | | (5) | | | - | | | - | | | 83 | | | 1,100 | | | - | | | 22 | |
| 1,078 |
| | 10.50% (L+9.50%, Floor 1.00%) Secured Debt | | (5) | | | - | | | - | | | 878 | | | 10,853 | | | - | | | 460 | |
| 10,393 |
CMS Minerals Investments | | Member Units | | (9) | | | - | | | 453 | | | 22 | | | 1,624 | | | 454 | | | 195 | | | 1,883 |
Cody Pools, Inc. | | Preferred Member Units | | (8) | | | - | | | 15,450 | | | 1,602 | | | 14,940 | | | 15,450 | | | - | | | 30,390 |
| | 12.25% (L+10.50%, Floor 1.75%) Secured Debt | | (8) | | | - | | | 6 | | | 1,400 | | | 14,216 | | | 8,000 | | | 4,169 | |
| 18,047 |
Datacom, LLC | | 8.00% Secured Debt | | (8) | | | (1,800) | | | 185 | | | - | | | 1,615 | | | 185 | | | 1,800 | |
| - |
| | Preferred Member Units | | (8) | | | (1,294) | | | 1,294 | | | - | | | - | | | 1,294 | | | 1,294 | |
| - |
| | Preferred Member Units | | (8) | | | (6,030) | | | 6,030 | | | - | | | - | | | 6,030 | | | 6,030 | |
| - |
| | 10.50% PIK Secured Debt | | (8) | | | (1,801) | | | 1,945 | | | 1 | | | 10,531 | | | 1,945 | | | 12,476 | |
| - |
| | Preferred Member Units | | (8) | | | - | | | - | | | - | | | - | | | 2,610 | | | - | |
| 2,610 |
| | 5.00% Secured Debt | | (8) | | | - | | | - | | | 564 | | | - | | | 8,288 | | | 81 | |
| 8,207 |
Direct Marketing Solutions, Inc. | | Preferred Stock | | (9) | | | - | | | (2,230) | | | 672 | | | 19,380 | | | - | | | 2,230 | |
| 17,150 |
| | 12.00% (L+11.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | - | | | 1,401 | | | 15,006 | | | 28 | | | 235 | |
| 14,799 |
Gamber-Johnson Holdings, LLC | | Member Units | | (5) | | | - | | | 32 | | | 3,744 | | | 52,490 | | | 2,880 | | | - | |
| 55,370 |
| | 9.00% (L+7.00%, Floor 2.00%) Secured Debt | | (5) | | | - | | | (31) | | | 1,435 | | | 19,838 | | | 830 | | | 30 | |
| 20,638 |
GRT Rubber Technologies LLC | | Member Units | | (8) | | | - | | | - | | | 3,636 | | | 44,900 | | | - | | | - | |
| 44,900 |
| | 7.10% (L+7.00%) Secured Debt | | (8) | | | - | | | - | | | 904 | | | 16,775 | | | - | | | - | |
| 16,775 |
Jensen Jewelers of Idaho, LLC | | Member Units | | (9) | | | - | | | 3,640 | | | 1,264 | | | 7,620 | | | 3,640 | | | - | |
| 11,260 |
| | 10.00% (Prime+6.75%, Floor 2.00%) Secured Debt | | (9) | | | - | | | (10) | | | 244 | | | 3,400 | | | 10 | | | 660 | |
| 2,750 |
Kickhaefer Manufacturing Company, LLC | | Member Units | | (5) | | | - | | | 50 | | | 75 | | | 1,160 | | | 50 | | | - | |
| 1,210 |
| | Member Units | | (5) | | | - | | | - | | | - | | | 12,240 | | | - | | | - | |
| 12,240 |
| | 11.50% Secured Debt | | (5) | | | - | | | - | | | 1,915 | | | 22,269 | | | 44 | | | 2,000 | |
| 20,313 |
| | 9.00% Secured Debt | | (5) | | | - | | | - | | | 266 | | | 3,909 | | | - | | | 24 | |
| 3,885 |
Market Force Information, LLC | | 12.00% (L+11.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | - | | | 282 | | | 1,600 | | | 1,800 | | | - | |
| 3,400 |
| | 12.00% PIK Secured Debt | | (9) | | | - | | | (2,403) | | | - | | | 13,562 | | | - | | | 2,403 | |
| 11,159 |
MH Corbin Holding LLC | | Preferred Member Units | | (5) | | | - | | | (2,370) | | | - | | | 2,370 | | | - | | | 2,370 | |
| - |
90
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Majority-owned investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASK (Analytical Systems Keco Holdings, LLC) | L+ | 10.00% | Secured Debt | (8) | $ | — | $ | — | $ | 4 | $ | (4) | $ | 1 | $ | — | $ | (3) | |||||||||||||||||||||||||||||||||||||||||
12.63% | L+ | 10.00% | Secured Debt | (8) | — | — | 506 | 4,740 | 65 | 210 | 4,595 | ||||||||||||||||||||||||||||||||||||||||||||||||
12.63% | Preferred Member Units | (8) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | (1,050) | — | 4,894 | — | 1,050 | 3,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Brewer Crane Holdings, LLC | 12.56% | L+ | 10.00% | Secured Debt | (9) | — | — | 649 | 8,037 | 19 | 1,972 | 6,084 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | (2,040) | 795 | 7,710 | — | 2,040 | 5,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Café Brazil, LLC | Member Units | (8) | — | (200) | 178 | 2,570 | — | 200 | 2,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||
California Splendor Holdings LLC | 12.38% | L+ | 10.00% | Secured Debt | (9) | — | 52 | 2,467 | 27,915 | 85 | — | 28,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | 7,750 | 188 | 13,275 | 7,750 | — | 21,025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
15.00% | 15.00% | Preferred Member Units | (9) | — | — | 792 | 9,510 | 792 | 6,449 | 3,853 | |||||||||||||||||||||||||||||||||||||||||||||||||
Clad-Rex Steel, LLC | 12.13% | L+ | 9.50% | Secured Debt | (5) | — | — | 898 | 10,401 | 29 | — | 10,430 | |||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (5) | — | — | 81 | 1,071 | — | 24 | 1,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | (760) | 595 | 10,250 | — | 760 | 9,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | 80 | — | 530 | 80 | — | 610 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Minerals Investments | Member Units | (9) | — | 331 | 150 | 1,974 | 331 | 415 | 1,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cody Pools, Inc. | L+ | 10.50% | Secured Debt | (8) | — | — | 84 | (13) | 2,866 | 2,864 | (11) | ||||||||||||||||||||||||||||||||||||||||||||||||
13.63% | L+ | 10.50% | Secured Debt | (8) | — | (66) | 4,044 | 42,497 | 66 | 1,338 | 41,225 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 9,570 | 3,710 | 47,640 | 9,570 | — | 57,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CompareNetworks Topco, LLC | L+ | 9.00% | Secured Debt | (9) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
11.63% | L+ | 9.00% | Secured Debt | (9) | — | (13) | 468 | 6,477 | 13 | 1,140 | 5,350 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | 6,570 | 474 | 12,000 | 6,570 | — | 18,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Datacom, LLC | 7.50% | Secured Debt | (8) | — | — | — | — | 223 | — | 223 | |||||||||||||||||||||||||||||||||||||||||||||||||
7.50% | Secured Debt | (8) | — | 160 | 624 | 7,668 | 284 | 203 | 7,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 60 | 72 | 2,610 | 60 | — | 2,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Marketing Solutions, Inc. | 13.63% | L+ | 11.00% | Secured Debt | (9) | — | 14 | 102 | (22) | 4,272 | 850 | 3,400 | |||||||||||||||||||||||||||||||||||||||||||||||
13.63% | L+ | 11.00% | Secured Debt | (9) | — | (53) | 2,322 | 24,070 | 53 | 1,073 | 23,050 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (9) | — | 3,870 | 1,029 | 18,350 | 3,870 | — | 22,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gamber-Johnson Holdings, LLC | 10.63% | L+ | 8.00% | Secured Debt | (5) | — | — | 5 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
10.63% | L+ | 8.00% | Secured Debt | (5) | — | (4) | 1,722 | 21,598 | 2,484 | 4 | 24,078 | ||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | (3,230) | 715 | 49,700 | — | 3,230 | 46,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GRT Rubber Technologies LLC | 10.56% | L+ | 8.00% | Secured Debt | (8) | — | (21) | 2,756 | 38,885 | 1,629 | 21 | 40,493 | |||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | — | 2,483 | 46,190 | — | — | 46,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Jensen Jewelers of Idaho, LLC | 12.25% | P+ | 6.75% | Secured Debt | (9) | — | (6) | 207 | 2,550 | 6 | 106 | 2,450 | |||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (9) | — | 2,550 | 1,996 | 12,420 | 2,550 | — | 14,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Kickhaefer Manufacturing Company, LLC | 11.50% | Secured Debt | (5) | — | — | 1,818 | 20,324 | 37 | — | 20,361 | |||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | Secured Debt | (5) | — | — | 265 | 3,876 | 1 | 26 | 3,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | (3,060) | — | 12,310 | — | 3,060 | 9,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | — | 84 | 2,460 | — | — | 2,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Market Force Information, LLC | 13.38% | L+ | 11.00% | Secured Debt | (9) | — | — | 374 | 3,400 | 1,600 | — | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (9) | — | (6,065) | — | 8,936 | — | 6,065 | 2,871 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2020 | | Gross | | Gross | | 2021 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
| | 13.00% Secured Debt | | (5) | | | - | | | (2,059) | | | 854 | | | 8,280 | | | 25 | | | 2,299 | |
| 6,006 |
MSC Adviser I, LLC | | Member Units | | (8) | | | - | | | 11,320 | | | 3,908 | | | 116,760 | | | 11,320 | | | - | |
| 128,080 |
Mystic Logistics Holdings, LLC | | Common Stock | | (6) | | | - | | | (1,820) | | | 548 | | | 8,990 | | | - | | | 1,820 | |
| 7,170 |
| | 12.00% Secured Debt | | (6) | | | - | | | - | | | 622 | | | 6,723 | | | 7 | | | 24 | |
| 6,706 |
OMi Holdings, Inc. | | Preferred Member Units | | (8) | | | - | | | (170) | | | 1,330 | | | 20,380 | | | - | | | 170 | |
| 20,210 |
| | 12.00% Secured Debt | | (8) | | | - | | | 176 | | | 550 | | | - | | | 18,000 | | | - | |
| 18,000 |
PPL RVs, Inc. | | Common Stock | | (8) | | | - | | | 2,190 | | | 805 | | | 11,500 | | | 2,190 | | | - | |
| 13,690 |
| | 7.50% (L+7.00%, Floor 0.50%) Secured Debt | | (8) | | | - | | | (21) | | | 708 | | | 11,806 | | | 790 | | | 221 | |
| 12,375 |
Principle Environmental, LLC | | Warrants | | (8) | | | - | | | 330 | | | - | | | 870 | | | 330 | | | 1,200 | |
| - |
| | Common Stock | | (8) | | | - | | | (490) | | | - | | | - | | | 1,200 | | | 490 | |
| 710 |
| | Preferred Member Units | | (8) | | | - | | | (920) | | | - | | | 10,500 | | | - | | | 920 | |
| 9,580 |
| | 13.00% Secured Debt | | (8) | | | - | | | (62) | | | 649 | | | 6,397 | | | 18 | | | 63 | |
| 6,352 |
Quality Lease Service, LLC | | Member Units | | (7) | | | - | | | (180) | | | - | | | 4,460 | | | - | | | 1,430 | |
| 3,030 |
Trantech Radiator Topco, LLC | | Common Stock | | (7) | | | - | | | 620 | | | 87 | | | 6,030 | | | 620 | | | - | | | 6,650 |
| | 12.00% Secured Debt | | (7) | | | - | | | - | | | 811 | | | 8,644 | | | 14 | | | - | | | 8,658 |
Ziegler’s NYPD, LLC | | Preferred Member Units | | (8) | | | - | | | 350 | | | - | | | 1,780 | | | 350 | | | - | | | 2,130 |
| | 12.00% Secured Debt | | (8) | | | - | | | - | | | 57 | | | 625 | | | - | | | - | | | 625 |
| | 14.00% Secured Debt | | (8) | | | - | | | - | | | 292 | | | 2,750 | | | - | | | - | | | 2,750 |
| | 6.50% Secured Debt | | (8) | | | - | | | 21 | | | 49 | | | 979 | | | 21 | | | - | | | 1,000 |
Other controlled investments | | | | | | | | | | | | | | | | | | | | | | | | | |
2717 MH, L.P. | | LP Interests (2717 HPP-MS, L.P.) | | (8) | | | - | | | - | | | - | | | 250 | | | - | | | 250 | | | - |
| | LP Interests (2717 MH, L.P.) | | (8) | | | - | | | 585 | | | - | | | 2,702 | | | 689 | | | - | | | 3,391 |
ASC Interests, LLC | | Member Units | | (8) | | | - | | | (400) | | | - | | | 1,120 | | | - | | | 400 | | | 720 |
| | 13.00% Secured Debt | | (8) | | | - | | | - | | | 193 | | | 1,715 | | | 116 | | | - | | | 1,831 |
ATS Workholding, LLC | | 5.00% Secured Debt | | (9) | | | - | | | (304) | | | - | | | 3,347 | | | - | | | 472 | | | 2,875 |
Barfly Ventures, LLC | | Member Units | | (5) | | | - | | | 346 | | | - | | | 1,584 | | | 346 | | | - | | | 1,930 |
| | 7.00% Secured Debt | | (5) | | | - | | | - | | | 58 | | | 343 | | | 367 | | | - | | | 710 |
Bolder Panther Group, LLC | | 10.50% (L+9.00%, Floor 1.50%) Secured Debt | | (9) | | | - | | | 329 | | | 2,582 | | | 27,225 | | | 11,775 | | | - | | | 39,000 |
| | 14.00% Class A Preferred Member Units | | (9) | | | - | | | - | | | 1,067 | | | 10,194 | | | - | | | - | | | 10,194 |
| | 8.00% Class B Preferred Member Units | | (9) | | | - | | | 6,310 | | | 2,087 | | | 14,000 | | | 6,310 | | | - | | | 20,310 |
| | 9.50% (L+8.00%, Floor 1.50%) Secured Debt | | (9) | | | - | | | - | | | 36 | | | - | | | 500 | | | 500 | | | - |
Bond-Coat, Inc. | | Common Stock | | (8) | | | (2,320) | | | 4,310 | | | - | | | 2,040 | | | 4,310 | | | 6,350 | | | - |
Brewer Crane Holdings, LLC | | Preferred Member Units | | (9) | | | - | | | (1,570) | | | 397 | | | 5,850 | | | - | | | 1,570 | | | 4,280 |
| | 11.00% (L+10.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | - | | | 708 | | | 8,513 | | | 15 | | | 372 | | | 8,156 |
Bridge Capital Solutions Corporation | | Preferred Member Units | | (6) | | | - | | | - | | | 75 | | | 1,000 | | | - | | | - | | | 1,000 |
| | Warrants | | (6) | | | - | | | 840 | | | - | | | 3,220 | | | 840 | | | - | | | 4,060 |
| | 13.00% Secured Debt | | (6) | | | - | | | - | | | 100 | | | 998 | | | 2 | | | - | | | 1,000 |
| | 13.00% Secured Debt | | (6) | | | - | | | - | | | 1,279 | | | 8,403 | | | 410 | | | - | | | 8,813 |
CBT Nuggets, LLC | | Member Units | | (9) | | | - | | | 6,540 | | | 1,901 | | | 46,080 | | | 6,540 | | | - | | | 52,620 |
Centre Technologies Holdings, LLC | | Preferred Member Units | | (8) | | | - | | | (320) | | | 90 | | | 6,160 | | | - | | | 320 | | | 5,840 |
| | 12.00% (L+10.00%, Floor 2.00%) Secured Debt | | (8) | | | - | | | - | | | 969 | | | 11,549 | | | 28 | | | 2,059 | | | 9,518 |
Chamberlin Holding LLC | | Member Units | | (8) | | | - | | | 160 | | | 51 | | | 1,270 | | | 160 | | | - | | | 1,430 |
| | Member Units | | (8) | | | - | | | (3,930) | | | 3,707 | | | 28,070 | | | - | | | 3,930 | | | 24,140 |
| | 9.00% (L+8.00%, Floor 1.00%) Secured Debt | | (8) | | | - | | | 18 | | | 1,117 | | | 15,212 | | | 4,000 | | | 1,395 | | | 17,817 |
Charps, LLC | | Preferred Member Units | | (5) | | | - | | | 3,720 | | | 2,120 | | | 10,520 | | | 3,720 | | | - | | | 14,240 |
| | 10.00% Unsecured Debt | | (5) | | | - | | | (382) | | | 846 | | | 8,475 | | | 282 | | | 3,723 | | | 5,034 |
| | 15.00% | | (5) | | | - | | | - | | | 4 | | | 669 | | | - | | | 669 | | | - |
91
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2020 | | Gross | | Gross | | 2021 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
Colonial Electric Company LLC | | Preferred Member Units | | (6) | | | - | | | 780 | | | 200 | | | - | | | 8,460 | | | - | | | 8,460 |
| | 12.00% Secured Debt | | (6) | | | - | | | - | | | 1,938 | | | - | | | 24,969 | | | 315 | | | 24,654 |
CompareNetworks Topco, LLC | | Preferred Member Units | | (9) | | | - | | | 5,220 | | | 316 | | | 6,780 | | | 5,220 | | | - | | | 12,000 |
| | 10.00% (L+9.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | (16) | | | 609 | | | 7,954 | | | 15 | | | 1,492 | | | 6,477 |
Copper Trail Energy Fund I, LP - CTMH | | LP Interests (CTMH, LP) | | (9) | | | - | | | - | | | - | | | 747 | | | - | | | 37 | | | 710 |
Digital Products Holdings LLC | | Preferred Member Units | | (5) | | | - | | | - | | | 150 | | | 9,835 | | | - | | | - | | | 9,835 |
| | 11.00% (L+10.00%, Floor 1.00%) Secured Debt | | (5) | | | - | | | - | | | 1,494 | | | 18,077 | | | 33 | | | 990 | | | 17,120 |
Garreco, LLC | | Member Units | | (8) | | | - | | | 800 | | | - | | | 1,410 | | | 800 | | | - | | | 2,210 |
| | 9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%) Secured Debt | | (8) | | | - | | | - | | | 308 | | | 4,519 | | | - | | | - | | | 4,519 |
Gulf Manufacturing, LLC | | Member Units | | (8) | | | - | | | 1,130 | | | 1,210 | | | 4,510 | | | 1,130 | | | - | | | 5,640 |
Gulf Publishing Holdings, LLC | | 10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%) Secured Debt | | (8) | | | - | | | - | | | 17 | | | 250 | | | 14 | | | 7 | | | 257 |
| | 12.50% (6.25% Cash, 6.25% PIK) Secured Debt | | (8) | | | - | | | (2,012) | | | 1,065 | | | 12,044 | | | 849 | | | 2,431 | | | 10,462 |
Harrison Hydra-Gen, Ltd. | | Common Stock | | (8) | | | - | | | (1,920) | | | - | | | 5,450 | | | - | | | 1,920 | | | 3,530 |
J&J Services, Inc. | | Preferred Stock | | (7) | | | - | | | 2,720 | | | - | | | 12,680 | | | 2,720 | | | - | | | 15,400 |
| | 11.50% Secured Debt | | (7) | | | - | | | (30) | | | 1,084 | | | 12,800 | | | 30 | | | 2,030 | | | 10,800 |
KBK Industries, LLC | | Member Units | | (5) | | | - | | | 420 | | | 456 | | | 13,200 | | | 420 | | | - | | | 13,620 |
MS Private Loan Fund | | LP Interests | | (8) | | | - | | | - | | | - | | | - | | | 1,000 | | | - | | | 1,000 |
| | 5.00% Unsecured Debt | | (8) | | | - | | | - | | | 642 | | | - | | | 33,866 | | | 3,575 | | | 30,291 |
MSC Income Fund Inc. | | 5.00% Unsecured Debt | | (8) | | | - | | | 352 | | | 1,603 | | | - | | | 60,000 | | | - | | | 60,000 |
NAPCO Precast, LLC | | Member Units | | (8) | | | - | | | (2,540) | | | 1,823 | | | 16,100 | | | - | | | 2,540 | | | 13,560 |
Nebraska Vet AcquireCo, LLC (NVS) | | Preferred Member Units | | (5) | | | - | | | - | | | - | | | 6,500 | | | - | | | - | | | 6,500 |
| | 12.00% Secured Debt | | (5) | | | - | | | - | | | 979 | | | 10,395 | | | 13 | | | - | | | 10,408 |
NexRev LLC | | Preferred Member Units | | (8) | | | - | | | 1,810 | | | 60 | | | 1,470 | | | 1,810 | | | - | | | 3,280 |
| | 11.00% Secured Debt | | (8) | | | - | | | (1,351) | | | 1,417 | | | 16,727 | | | 28 | | | 2,005 | | | 14,750 |
NRI Clinical Research, LLC | | Member Units | | (9) | | | 8,786 | | | (4,835) | | | 2,805 | | | 5,600 | | | - | | | 5,600 | | | - |
| | Warrants | | (9) | | | - | | | (1,238) | | | - | | | 1,490 | | | - | | | 1,490 | | | - |
| | 9.00% Secured Debt | | (9) | | | - | | | (48) | | | 380 | | | 5,620 | | | 48 | | | 5,668 | | | - |
NRP Jones, LLC | | Member Units | | (5) | | | - | | | 3,619 | | | (45) | | | 2,821 | | | 3,619 | | | - | | | 6,440 |
| | 12.00% Secured Debt | | (5) | | | - | | | - | | | 189 | | | 2,080 | | | - | | | - | | | 2,080 |
NuStep, LLC | | Preferred Member Units | | (5) | | | - | | | 2,720 | | | - | | | 10,780 | | | 2,720 | | | - | | | 13,500 |
| | 10.50% Secured Debt | | (5) | | | - | | | 17 | | | 1,507 | | | 17,193 | | | 47 | | | - | | | 17,240 |
| | 7.50% (L+6.50%, Floor 1.00%) Secured Debt | | (5) | | | - | | | - | | | 25 | | | - | | | 2,000 | | | 400 | | | 1,600 |
Orttech Holdings, LLC | | Preferred Stock | | (5) | | | - | | | - | | | - | | | - | | | 12,600 | | | 1,000 | | | 11,600 |
| | 12.00% (L+11.00%, Floor 1.00%) Secured Debt | | (5) | | | - | | | - | | | 767 | | | - | | | 24,183 | | | - | | | 24,183 |
Pearl Meyer Topco LLC | | Member Units | | (6) | | | - | | | 5,539 | | | 1,949 | | | 15,940 | | | 5,540 | | | - | | | 21,480 |
| | 12.00% Secured Debt | | (6) | | | - | | | 258 | | | 3,223 | | | 37,202 | | | 310 | | | 3,838 | | | 33,674 |
Pegasus Research Group, LLC | | Member Units | | (8) | | | - | | | (1,550) | | | - | | | 8,830 | | | - | | | 1,550 | | | 7,280 |
River Aggregates, LLC | | Member Units | | (8) | | | - | | | 160 | | | 125 | | | 3,240 | | | 160 | | | - | | | 3,400 |
Tedder Industries, LLC | | Preferred Member Units | | (9) | | | - | | | - | | | - | | | 8,136 | | | - | | | - | | | 8,136 |
| | 12.00% Secured Debt | | (9) | | | - | | | - | | | 1,486 | | | 16,301 | | | 2,032 | | | 1,600 | | | 16,733 |
UnionRock Energy Fund II, LP | | LP Interests | | (9) | | | - | | | 2,407 | | | - | | | 2,894 | | | 3,781 | | | 220 | | | 6,455 |
Vision Interests, Inc. | | Series A Preferred Stock | | (9) | | | - | | | (160) | | | - | | | 3,160 | | | - | | | 160 | | | 3,000 |
| | 13.00% Secured Debt | | (9) | | | - | | | - | | | 200 | | | 2,028 | | | - | | | - | | | 2,028 |
Other | | | | | | | | | | | | | | | | | | | | | | | | | |
92
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2020 | | Gross | | Gross | | 2021 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
Amounts related to investments transferred to or from other 1940 Act classification during the period | | | | | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Total Control investments | | | | | | $ | (4,459) | | $ | 65,756 | | $ | 85,904 | | $ | 1,113,725 | | $ | 340,046 | | $ | 117,553 | | $ | 1,336,218 |
Affiliate Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
AAC Holdings, Inc. | | Common Stock | | (7) | | $ | - | | $ | (1,038) | | $ | - | | $ | 3,148 | | $ | - | | $ | 1,038 | | $ | 2,110 |
| | Warrants | | (7) | | | - | | | (968) | | | - | | | 2,938 | | | - | | | 968 | | | 1,970 |
| | 18.00% (10.00% Cash, 8.00% PIK) Secured Debt | | (7) | | | - | | | (89) | | | 1,329 | | | 9,187 | | | 744 | | | 223 | | | 9,708 |
AFG Capital Group, LLC | | Preferred Member Units | | (8) | | | - | | | 1,570 | | | 200 | | | 5,810 | | | 1,570 | | | - | | | 7,380 |
| | 10.00% Secured Debt | | (8) | | | - | | | - | | | 26 | | | 491 | | | - | | | 260 | | | 231 |
ATX Networks Corp. | | 10.00% PIK Unsecured Debt | | (6) | | | - | | | - | | | - | | | - | | | 1,963 | | | - | | | 1,963 |
| | 8.50% (L+7.50%, Floor 1.00%) Secured Debt | | (6) | | | - | | | - | | | - | | | - | | | 7,092 | | | - | | | 7,092 |
| | 8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%) Secured Debt | | (6) | | | (4,528) | | | 1,133 | | | - | | | 12,263 | | | 1,521 | | | 13,784 | | | - |
BBB Tank Services, LLC | | Member Units | | (8) | | | - | | | (280) | | | - | | | 280 | | | - | | | 280 | | | - |
| | 12.00% (L+11.00%, Floor 1.00%) Unsecured Debt | | (8) | | | - | | | (1,000) | | | 464 | | | 4,722 | | | 27 | | | 1,001 | | | 3,748 |
| | 15.00% PIK Preferred Stock (non-voting) | | (8) | | | - | | | (162) | | | 11 | | | 151 | | | 11 | | | 162 | | | - |
Boccella Precast Products LLC | | Member Units | | (6) | | | - | | | (1,210) | | | 379 | | | 6,040 | | | - | | | 1,210 | | | 4,830 |
| | 10.00% Secured Debt | | (6) | | | - | | | - | | | 1 | | | - | | | 320 | | | - | | | 320 |
Brightwood Capital Fund Investments - Fund V | | LP Interests (Brightwood Capital Fund V, LP) | | (6) | | | - | | | - | | | - | | | - | | | 1,000 | | | - | | | 1,000 |
Buca C, LLC | | 10.25% (L+9.25%, Floor 1.00%) Secured Debt | | (7) | | | - | | | (373) | | | 1,264 | | | 14,256 | | | 487 | | | 373 | | | 14,370 |
CAI Software LLC | | Member Units | | (6) | | | - | | | 7,321 | | | 1,900 | | | 7,190 | | | 7,321 | | | 1,921 | | | 12,590 |
| | 12.50% Secured Debt | | (6) | | | - | | | (1) | | | 5,547 | | | 47,474 | | | 23,601 | | | 4,474 | | | 66,601 |
Chandler Signs Holdings, LLC | | Class A Units | | (8) | | | - | | | (810) | | | - | | | 1,460 | | | - | | | 810 | | | 650 |
Charlotte Russe, Inc | | Common Stock | | (9) | | | (3,141) | | | 3,141 | | | - | | | - | | | 3,141 | | | 3,141 | | | - |
Classic H&G Holdings, LLC | | Preferred Member Units | | (6) | | | - | | | 4,110 | | | 820 | | | 9,510 | | | 4,110 | | | - | | | 13,620 |
| | 7.00% (L+6.00%, Floor 1.00%) Secured Debt | | (6) | | | - | | | - | | | 26 | | | - | | | 1,400 | | | - | | | 1,400 |
| | 8.00% Secured Debt | | (6) | | | - | | | (73) | | | 1,807 | | | 24,800 | | | 73 | | | 5,599 | | | 19,274 |
Congruent Credit Opportunities Funds | | LP Interests (Congruent Credit Opportunities Fund | | (8) | | | (4,449) | | | 4,355 | | | - | | | 94 | | | 4,355 | | | 4,449 | | | - |
| | LP Interests (Congruent Credit Opportunities Fund | | (8) | | | - | | | (96) | | | 583 | | | 11,540 | | | - | | | 1,137 | | | 10,403 |
Copper Trail Energy Fund I, LP | | LP Interests (Copper Trail Energy Fund I, LP) | | (9) | | | (203) | | | 379 | | | 378 | | | 1,782 | | | 379 | | | 2,161 | | | - |
Dos Rios Partners | | LP Interests (Dos Rios Partners - A, LP) | | (8) | | | - | | | 1,450 | | | - | | | 1,720 | | | 1,450 | | | - | | | 3,170 |
| | LP Interests (Dos Rios Partners, LP) | | (8) | | | - | | | 4,567 | | | - | | | 5,417 | | | 4,567 | | | - | | | 9,984 |
Dos Rios Stone Products LLC | | Class A Preferred Units | | (8) | | | - | | | (340) | | | - | | | 1,250 | | | - | | | 340 | | | 910 |
East Teak Fine Hardwoods, Inc. | | Common Stock | | (7) | | | (80) | | | 180 | | | 100 | | | 300 | | | 180 | | | 480 | | | - |
EIG Fund Investments | | LP Interests (EIG Global Private Debt Fund-A, L.P.) | | (8) | | | 9 | | | 92 | | | 35 | | | 526 | | | 125 | | | 177 | | | 474 |
Freeport Financial SBIC Fund LP | | LP Interests (Freeport Financial SBIC Fund LP) | | (5) | | | - | | | 869 | | | - | | | 5,264 | | | 869 | | | - | | | 6,133 |
| | LP Interests (Freeport First Lien Loan Fund III LP) | | (5) | | | - | | | 66 | | | 613 | | | 10,321 | | | 66 | | | 3,156 | | | 7,231 |
GFG Group, LLC. | | Preferred Member Units | | (5) | | | - | | | 2,090 | | | 460 | | | - | | | 6,990 | | | - | | | 6,990 |
| | 12.00% Secured Debt | | (5) | | | - | | | - | | | 1,211 | | | - | | | 15,631 | | | 3,200 | | | 12,431 |
93
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2020 | | Gross | | Gross | | 2021 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
Hawk Ridge Systems, LLC | | Preferred Member Units | | (9) | | | - | | | 270 | | | - | | | 420 | | | 270 | | | - | | | 690 |
| | Preferred Member Units | | (9) | | | - | | | 5,130 | | | 691 | | | 8,030 | | | 5,130 | | | - | | | 13,160 |
| | 7.00% (L+6.00%, Floor 1.00%) Secured Debt | | (9) | | | - | | | - | | | 23 | | | - | | | 2,585 | | | - | | | 2,585 |
| | 9.00% Secured Debt | | (9) | | | - | | | (25) | | | 1,366 | | | 18,400 | | | 25 | | | 25 | | | 18,400 |
Houston Plating and Coatings, LLC | | Member Units | | (8) | | | - | | | (1,620) | | | 180 | | | 5,080 | | | - | | | 1,620 | | | 3,460 |
| | 8.00% Unsecured Convertible Debt | | (8) | | | - | | | - | | | 182 | | | 2,900 | | | - | | | - | | | 2,900 |
HPEP 3, L.P. | | LP Interests (HPEP 3, L.P.) | | (8) | | | - | | | 803 | | | - | | | 3,258 | | | 1,177 | | | 252 | | | 4,183 |
I-45 SLF LLC | | Member Units (Fully diluted 20.0%; 24.40% profits | | (8) | | | - | | | 413 | | | 1,386 | | | 15,787 | | | 1,215 | | | 2,000 | | | 15,002 |
Iron-Main Investments, LLC | | Common Stock | | (5) | | | - | | | - | | | - | | | - | | | 1,027 | | | - | | | 1,027 |
| | 12.50% Secured Debt | | (5) | | | - | | | - | | | 98 | | | - | | | 3,168 | | | - | | | 3,168 |
| | 13.00% Secured Debt | | (5) | | | - | | | - | | | 191 | | | - | | | 4,555 | | | - | | | 4,555 |
L.F. Manufacturing Holdings, LLC | | Member Units | | (8) | | | - | | | 50 | | | - | | | 2,050 | | | 50 | | | - | | | 2,100 |
| | 14.00% PIK Preferred Member Units (non-voting) | | (8) | | | - | | | - | | | 10 | | | 93 | | | 10 | | | - | | | 103 |
Meisler Operating LLC | | Common Stock | | (5) | | | 17,048 | | | (7,414) | | | - | | | 16,010 | | | - | | | 16,010 | | | - |
OnAsset Intelligence, Inc. | | Common Stock | | (8) | | | - | | | (830) | | | - | | | - | | | 830 | | | 830 | | | - |
| | Warrants | | (8) | | | - | | | 830 | | | - | | | - | | | 830 | | | 830 | | | - |
| | 10.00% PIK Unsecured Debt | | (8) | | | - | | | - | | | 6 | | | 64 | | | 129 | | | 6 | | | 187 |
| | 12.00% PIK Secured Debt | | (8) | | | - | | | - | | | 685 | | | 7,301 | | | 686 | | | - | | | 7,987 |
Oneliance, LLC | | Preferred Stock | | (7) | | | - | | | - | | | - | | | - | | | 1,056 | | | - | | | 1,056 |
| | 12.00% (L+11.00%, Floor 1.00%) Secured Debt | | (7) | | | - | | | - | | | 162 | | | - | | | 5,545 | | | - | | | 5,545 |
PCI Holding Company, Inc. | | Preferred Stock | | (9) | | | - | | | (203) | | | 2,852 | | | 4,130 | | | - | | | 4,130 | | | - |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | | 12.00% Secured Debt | | (8) | | | (694) | | | - | | | - | | | - | | | - | | | - | | | - |
SI East, LLC (Stavig) | | Preferred Member Units | | (7) | | | - | | | 5,422 | | | 2,102 | | | 9,780 | | | 5,422 | | | 4,782 | | | 10,420 |
| | 10.25% Secured Debt | | (7) | | | - | | | (74) | | | 2,332 | | | 32,962 | | | 34,500 | | | 3,862 | | | 63,600 |
Slick Innovations, LLC | | Common Stock | | (6) | | | - | | | 180 | | | - | | | 1,330 | | | 180 | | | - | | | 1,510 |
| | Warrants | | (6) | | | - | | | 40 | | | - | | | 360 | | | 40 | | | - | | | 400 |
| | 13.00% Secured Debt | | (6) | | | - | | | (33) | | | 545 | | | 5,720 | | | 33 | | | 433 | | | 5,320 |
Sonic Systems International, LLC | | Common Stock | | (8) | | | - | | | - | | | 26 | | | - | | | 1,070 | | | - | | | 1,070 |
| | 8.50% (L+7.50%, Floor 1.00%) Secured Debt | | (8) | | | - | | | - | | | 111 | | | - | | | 11,747 | | | - | | | 11,747 |
Superior Rigging & Erecting Co. | | Preferred Member Units | | (7) | | | - | | | - | | | - | | | 4,500 | | | - | | | - | | | 4,500 |
| | 12.00% Secured Debt | | (7) | | | - | | | - | | | 1,982 | | | 21,298 | | | 25 | | | - | | | 21,323 |
The Affiliati Network, LLC | | Preferred Stock | | (9) | | | - | | | - | | | - | | | - | | | 6,400 | | | - | | | 6,400 |
| | 10.00% Secured Debt | | (9) | | | - | | | - | | | 2 | | | - | | | 381 | | | - | | | 381 |
| | 11.83% Secured Debt | | (9) | | | - | | | - | | | 421 | | | - | | | 13,862 | | | 239 | | | 13,623 |
UniTek Global Services, Inc. | | 15.00% PIK Secured Convertible Debt | | (6) | | | - | | | 966 | | | 105 | | | - | | | 2,249 | | | 87 | | | 2,162 |
| | 20.00% PIK Preferred Stock | | (6) | | | - | | | 737 | | | - | | | 375 | | | 737 | | | - | | | 1,112 |
| | 20.00% PIK Preferred Stock | | (6) | | | - | | | (230) | | | 230 | | | 2,833 | | | 230 | | | 230 | | | 2,833 |
| | 8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%) Secured Debt | | (6) | | | - | | | 114 | | | 183 | | | 2,425 | | | 243 | | | 454 | | | 2,214 |
Volusion, LLC | | Preferred Member Units | | (8) | | | - | | | - | | | - | | | 5,990 | | | - | | | - | | | 5,990 |
| | 11.50% Secured Debt | | (8) | | | - | | | 991 | | | 1,736 | | | 19,243 | | | 991 | | | 2,800 | | | 17,434 |
| | 8.00% Unsecured Convertible Debt | | (8) | | | - | | | 118 | | | 24 | | | 291 | | | 118 | | | - | | | 409 |
Other | | | | | | | | | | | | | | | | | | | | | | | | | |
Amounts related to investments transferred to or from other 1940 Act classification during the period | | | | | | | - | | | - | | | - | | | (12,263) | | | - | | | - | | | - |
Total Affiliate investments | | | | | | $ | 3,962 | | $ | 30,518 | | $ | 34,785 | | $ | 366,301 | | $ | 195,509 | | $ | 88,934 | | $ | 485,139 |
94
95
96
Schedule 12-14
(Continued)
2022
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2019 | | Gross | | Gross | | 2020 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
Majority‑owned investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Café Brazil, LLC |
| Member Units |
| (8) | | $ | — | | $ | (410) | | $ | 38 | | $ | 2,440 | | $ | — | | $ | 410 | | $ | 2,030 |
California Splendor Holdings LLC |
| LIBOR Plus 8.00% (Floor 1.00%) |
| (9) | |
| — | |
| (40) | |
| 826 | |
| 7,104 | |
| 18,200 | |
| 5,840 | |
| 19,464 |
|
| LIBOR Plus 10.00% (Floor 1.00%) |
| (9) | |
| — | |
| (65) | |
| 2,490 | |
| 27,801 | |
| 39 | |
| 65 | |
| 27,775 |
|
| Preferred Member Units |
| (9) | |
| — | |
| — | |
| 818 | |
| 7,163 | |
| 818 | |
| 1 | |
| 7,980 |
|
| Preferred Member Units |
| (9) | |
| — | |
| (1,141) | |
| 188 | |
| 7,382 | |
| — | |
| 1,141 | |
| 6,241 |
Clad-Rex Steel, LLC |
| LIBOR Plus 9.50% (Floor 1.00%) |
| (5) | |
| — | |
| 49 | |
| 897 | |
| 10,781 | |
| 66 | |
| — | |
| 10,847 |
|
| Member Units |
| (5) | |
| — | |
| (1,020) | |
| 317 | |
| 9,630 | |
| — | |
| 1,020 | |
| 8,610 |
|
| 10% Secured Debt |
| (5) | |
| — | |
| (11) | |
| 85 | |
| 1,137 | |
| — | |
| 30 | |
| 1,107 |
|
| Member Units |
| (5) | |
| — | |
| — | |
| — | |
| 460 | |
| — | |
| — | |
| 460 |
CMS Minerals Investments |
| Member Units |
| (9) | |
| — | |
| (69) | |
| — | |
| 1,900 | |
| — | |
| 203 | |
| 1,697 |
Cody Pools, Inc. |
| LIBOR Plus 10.50% (Floor 1.75%) |
| (8) | | | — | | | 143 | | | 1,320 | | | — | | | 16,000 | | | 400 | | | 15,600 |
|
| Preferred Member Units |
| (8) | | | — | | | 3,523 | | | 58 | | | — | | | 11,840 | | | — | | | 11,840 |
CompareNetworks Topco, LLC |
| LIBOR Plus 11.00% (Floor 1.00%) |
| (9) | |
| — | |
| — | |
| 826 | |
| 8,288 | |
| 2,019 | |
| 910 | |
| 9,397 |
|
| Preferred Member Units |
| (9) | |
| — | |
| 2,350 | |
| — | |
| 3,010 | |
| 2,350 | |
| — | |
| 5,360 |
Direct Marketing Solutions, Inc. |
| LIBOR Plus 11.00% (Floor 1.00%) |
| (9) | |
| — | |
| (18) | |
| 1,464 | |
| 15,707 | |
| 36 | |
| 653 | |
| 15,090 |
|
| Preferred Stock |
| (9) | |
| — | |
| (140) | |
| — | |
| 20,200 | |
| — | |
| 140 | |
| 20,060 |
Gamber-Johnson Holdings, LLC |
| LIBOR Plus 6.50% (Floor 2.00%) |
| (5) | |
| — | |
| (26) | |
| 1,303 | |
| 19,022 | |
| 1,626 | |
| 810 | |
| 19,838 |
|
| Member Units |
| (5) | |
| — | |
| (170) | |
| 3,054 | |
| 53,410 | |
| — | |
| 170 | |
| 53,240 |
GRT Rubber Technologies LLC |
| LIBOR Plus 7.00% |
| (8) | |
| — | |
| — | |
| 988 | |
| 15,016 | |
| 1,759 | |
| — | |
| 16,775 |
|
| Member Units |
| (8) | |
| — | |
| (2,020) | |
| 2,593 | |
| 47,450 | |
| — | |
| 2,020 | |
| 45,430 |
Guerdon Modular Holdings, Inc. |
| 16.00% Secured Debt |
| (9) | |
| (12,776) | |
| 12,588 | |
| — | |
| — | |
| 12,776 | |
| 12,776 | |
| — |
|
| LIBOR Plus 8.50% (Floor 1.00%) |
| (9) | |
| (993) | |
| 1,010 | |
| — | |
| — | |
| 993 | |
| 993 | |
| — |
|
| Preferred Stock |
| (9) | |
| (1,140) | |
| 1,140 | |
| — | |
| — | |
| 1,140 | |
| 1,140 | |
| — |
|
| Common Stock |
| (9) | |
| (2,849) | |
| 2,983 | |
| — | |
| — | |
| 2,849 | |
| 2,849 | |
| — |
|
| Warrants |
| (9) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — |
Harborside Holdings, LLC |
| Member Units |
| (8) | |
| — | |
| (4,640) | |
| — | |
| 9,560 | |
| 100 | |
| 4,640 | |
| 5,020 |
IDX Broker, LLC |
| 11.00% Secured Debt |
| (9) | |
| — | |
| (42) | |
| 711 | |
| 13,400 | |
| 42 | |
| 13,442 | |
| — |
|
| Preferred Member Units |
| (9) | |
| 9,337 | |
| (9,088) | |
| 1,193 | |
| 15,040 | |
| — | |
| 15,040 | |
| — |
Jensen Jewelers of Idaho, LLC |
| Prime Plus 6.75% (Floor 2.00%) |
| (9) | |
| — | |
| (56) | |
| 324 | |
| 4,000 | |
| 10 | |
| 356 | |
| 3,654 |
|
| Member Units |
| (9) | |
| — | |
| (1,000) | |
| 236 | |
| 8,270 | |
| — | |
| 1,000 | |
| 7,270 |
Kickhaefer Manufacturing Company, LLC |
| 9.50% Current/2.00% PIK Secured Debt |
| (5) | |
| — | |
| — | |
| 2,247 | |
| 24,982 | |
| 1,414 | |
| 2,947 | |
| 23,449 |
|
| Member Units |
| (5) | |
| — | |
| (90) | |
| — | |
| 12,240 | |
| — | |
| 90 | |
| 12,150 |
|
| 9.00% Secured Debt |
| (5) | |
| — | |
| — | |
| 268 | |
| 3,939 | |
| — | |
| 22 | |
| 3,917 |
|
| Member Units |
| (5) | |
| — | |
| — | |
| 68 | |
| 1,160 | |
| — | |
| — | |
| 1,160 |
Market Force Information, LLC |
| 12.00% PIK Secured Debt |
| (9) | |
| — | |
| (11,612) | |
| 242 | |
| 22,621 | |
| 2,795 | |
| 11,704 | |
| 13,712 |
|
| LIBOR Plus 11.00% (Floor 1.00%) |
| (9) | |
| — | |
| — | |
| 78 | |
| 2,695 | |
| 1,091 | |
| 2,886 | |
| 900 |
|
| Member Units |
| (9) | |
| — | |
| (5,280) | |
| — | |
| 5,280 | |
| — | |
| 5,280 | |
| — |
MH Corbin Holding LLC |
| 13.00% Secured Debt |
| (5) | |
| — | |
| (76) | |
| 888 | |
| 8,890 | |
| 24 | |
| 316 | |
| 8,598 |
|
| Preferred Member Units |
| (5) | |
| — | |
| (20) | |
| — | |
| 20 | |
| — | |
| 20 | |
| — |
|
| Preferred Member Units |
| (5) | |
| — | |
| (1,810) | |
| — | |
| 4,770 | |
| — | |
| 1,810 | |
| 2,960 |
Mid-Columbia Lumber Products, LLC |
| 10.00% Secured Debt |
| (9) | |
| — | |
| 148 | |
| 44 | |
| 1,602 | |
| 148 | |
| 1,750 | |
| — |
|
| 12.00% Secured Debt |
| (9) | |
| — | |
| 256 | |
| 119 | |
| 3,644 | |
| 256 | |
| 3,900 | |
| — |
|
| Member Units |
| (9) | |
| (1) | |
| (1,000) | |
| 1 | |
| — | |
| 101 | |
| 101 | |
| — |
|
| 9.50% Secured Debt |
| (9) | |
| — | |
| — | |
| 30 | |
| 701 | |
| 19 | |
| 720 | |
| — |
|
| Member Units |
| (9) | |
| — | |
| (959) | |
| 20 | |
| 1,640 | |
| 709 | |
| 959 | |
| 1,390 |
MSC Adviser I, LLC |
| Member Units |
| (8) | |
| — | |
| (3,440) | |
| 1,394 | |
| 74,520 | |
| — | |
| 3,440 | |
| 71,080 |
Mystic Logistics Holdings, LLC |
| 12.00% Secured Debt |
| (6) | |
| — | |
| — | |
| 605 | |
| 6,253 | |
| 988 | |
| 520 | |
| 6,721 |
|
| Common Stock |
| (6) | |
| — | |
| 1,760 | |
| — | |
| 8,410 | |
| 1,760 | |
| — | |
| 10,170 |
OMi Holdings, Inc. |
| Common Stock |
| (8) | |
| — | |
| 2,480 | |
| 543 | |
| 16,950 | |
| 2,480 | |
| — | |
| 19,430 |
Pearl Meyer Topco LLC |
| 12.00% Secured Debt |
| (6) | |
| — | |
| — | |
| 2,243 | |
| — | |
| 34,676 | |
| — | |
| 34,676 |
|
| Member Units |
| (6) | |
| — | |
| — | |
| 269 | |
| — | |
| 13,800 | |
| 800 | |
| 13,000 |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (9) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
MH Corbin Holding LLC | 13.00% | Secured Debt | (5) | — | (1,220) | 795 | 5,934 | 9 | 3,234 | 2,709 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
MSC Adviser I, LLC | Member Units | (8) | — | (27,910) | 5,620 | 140,400 | — | 27,910 | 112,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mystic Logistics Holdings, LLC | 10.00% | Secured Debt | (6) | — | — | 3 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (6) | — | (1) | 460 | 6,378 | 1 | 633 | 5,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (6) | — | 11,860 | 2,860 | 8,840 | 11,860 | — | 20,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||
OMi Topco, LLC | 12.00% | Secured Debt | (8) | — | (41) | 1,625 | 18,000 | 41 | 1,791 | 16,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 470 | 1,676 | 20,210 | 470 | — | 20,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||
PPL RVs, Inc. | L+ | 7.00% | Secured Debt | (8) | — | — | 79 | 727 | 1,264 | 2,000 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||
8.75% | L+ | 7.00% | Secured Debt | (8) | — | 239 | 1,155 | 11,655 | 8,000 | — | 19,655 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | 5,150 | 908 | 14,360 | 5,150 | — | 19,510 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | — | — | — | 157 | — | 157 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Principle Environmental, LLC | Secured Debt | (8) | — | — | 104 | 1,465 | 9 | 1,474 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (8) | — | — | 602 | 5,808 | 18 | 26 | 5,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 1,070 | 656 | 11,160 | 1,070 | — | 12,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | 80 | — | 710 | 80 | — | 790 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Quality Lease Service, LLC | Member Units | (7) | — | 76 | — | 2,148 | 76 | 1,599 | 625 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Robbins Bros. Jewelry, Inc. | 13.63% | L+ | 11.00% | Secured Debt | (9) | — | — | 24 | (44) | 6 | — | (38) | |||||||||||||||||||||||||||||||||||||||||||||||
13.63% | L+ | 11.00% | Secured Debt | (9) | — | — | 3,465 | 36,000 | 59 | 450 | 35,609 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (9) | — | 4,140 | 558 | 11,070 | 4,140 | — | 15,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trantech Radiator Topco, LLC | 8.00% | Secured Debt | (7) | — | — | 5 | (8) | 3 | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (7) | — | (17) | 785 | 8,720 | 17 | 417 | 8,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (7) | — | (1,240) | 87 | 8,660 | — | 1,240 | 7,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ziegler’s NYPD, LLC | 12.00% | Secured Debt | (8) | — | — | 57 | 625 | — | 175 | 450 | |||||||||||||||||||||||||||||||||||||||||||||||||
6.50% | Secured Debt | (8) | — | — | 49 | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
14.00% | Secured Debt | (8) | — | (74) | 292 | 2,750 | — | 74 | 2,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | (940) | — | 2,130 | — | 940 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other controlled investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2717 MH, L.P. | LP Interests (2717 MH, L.P.) | (8) | — | 1,979 | — | 3,971 | 3,171 | — | 7,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (2717 HPP-MS, L.P.) | (8) | — | — | — | — | 244 | — | 244 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ASC Interests, LLC | 13.00% | Secured Debt | (8) | — | — | 24 | 200 | 130 | 30 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (8) | — | — | 211 | 1,636 | 12 | — | 1,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | 80 | — | 720 | 80 | — | 800 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ATS Workholding, LLC | 5.00% | Secured Debt | (9) | — | (411) | — | 1,088 | 147 | 435 | 800 | |||||||||||||||||||||||||||||||||||||||||||||||||
5.00% | Secured Debt | (9) | — | (576) | — | 1,917 | — | 619 | 1,298 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Barfly Ventures, LLC | 7.00% | Secured Debt | (5) | — | — | 38 | 710 | 1 | — | 711 | |||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | 1,390 | — | 1,930 | 1,390 | — | 3,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Batjer TopCo, LLC | Secured Debt | (8) | — | — | 4 | — | 451 | 459 | (8) |
97
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
11.00% | Secured Debt | (8) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | Secured Debt | (8) | — | — | 824 | — | 10,927 | — | 10,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | — | — | — | — | 4,095 | — | 4,095 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bolder Panther Group, LLC | L+ | 8.00% | Secured Debt | (9) | — | — | 19 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
12.63% | L+ | 10.00% | Secured Debt | (9) | — | 266 | 5,780 | 39,000 | 60,194 | — | 99,194 | ||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Class B Preferred Member Units | (9) | — | 3,840 | 558 | 23,170 | 3,840 | — | 27,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Capital Solutions Corporation | 13.00% | Secured Debt | (6) | — | — | 869 | 8,813 | — | — | 8,813 | |||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (6) | — | — | 99 | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (6) | — | — | 75 | 1,000 | — | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (6) | — | 83 | — | 1,712 | 83 | — | 1,795 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (6) | — | 117 | — | 2,348 | 117 | — | 2,465 | |||||||||||||||||||||||||||||||||||||||||||||||||||
CBT Nuggets, LLC | Member Units | (9) | — | (2,370) | 2,471 | 50,620 | — | 2,370 | 48,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Centre Technologies Holdings, LLC | L+ | 9.00% | Secured Debt | (8) | — | — | 25 | — | 1,440 | 1,440 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
11.63% | L+ | 9.00% | Secured Debt | (8) | — | 507 | 1,271 | 8,864 | 6,470 | 387 | 14,947 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 2,038 | 90 | 5,840 | 2,320 | — | 8,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chamberlin Holding LLC | 8.63% | L+ | 6.00% | Secured Debt | (8) | — | — | 6 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
10.63% | L+ | 8.00% | Secured Debt | (8) | — | (51) | 1,314 | 17,817 | 51 | 402 | 17,466 | ||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | (1,810) | 1,335 | 24,140 | — | 1,810 | 22,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | — | 55 | 1,540 | 451 | — | 1,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charps, LLC | 10.00% | Unsecured Debt | (5) | — | (36) | 461 | 5,694 | 36 | 36 | 5,694 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | (780) | 425 | 13,990 | — | 780 | 13,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Colonial Electric Company LLC | Secured Debt | (6) | — | — | 46 | — | 1,600 | 1,600 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | — | 2,224 | 24,351 | 45 | 945 | 23,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (6) | — | 80 | 1,287 | 9,130 | 80 | — | 9,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Copper Trail Energy Fund I, LP - CTMH | LP Interests (CTMH, LP) | (9) | — | — | — | 710 | — | — | 710 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Digital Products Holdings LLC | 12.63% | L+ | 10.00% | Secured Debt | (5) | — | — | 1,436 | 16,801 | 33 | 990 | 15,844 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | — | 150 | 9,835 | — | — | 9,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Flame King Holdings, LLC | 9.25% | L+ | 6.50% | Secured Debt | (9) | — | 64 | 464 | 6,324 | 1,276 | — | 7,600 | |||||||||||||||||||||||||||||||||||||||||||||||
13.75% | L+ | 11.00% | Secured Debt | (9) | — | 173 | 2,035 | 20,996 | 204 | — | 21,200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (9) | — | 3,440 | 909 | 10,400 | 3,440 | — | 13,840 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garreco, LLC | 9.50% | L+ | 8.00% | Secured Debt | (8) | — | — | 290 | 4,196 | — | 370 | 3,826 | |||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | (280) | 321 | 2,270 | — | 280 | 1,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gulf Manufacturing, LLC | Member Units | (8) | — | 170 | 1,365 | 5,640 | 170 | — | 5,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gulf Publishing Holdings, LLC | L+ | 9.50% | Secured Debt | (8) | — | — | 7 | 257 | — | 257 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Secured Debt | (8) | (5,822) | 3,848 | 503 | 9,717 | — | 9,717 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (8) | — | (116) | — | — | 2,400 | 116 | 2,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | (1,680) | — | — | 5,600 | 1,680 | 3,920 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Harrison Hydra-Gen, Ltd. | Common Stock | (8) | — | (250) | — | 3,530 | — | 250 | 3,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Johnson Downie Opco, LLC | 14.13% | L+ | 11.50% | Secured Debt | (8) | — | — | 10 | (18) | 3 | — | (15) | |||||||||||||||||||||||||||||||||||||||||||||||
14.13% | L+ | 11.50% | Secured Debt | (8) | — | 84 | 1,109 | 11,362 | 114 | 1,477 | 9,999 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (8) | — | 2,730 | 808 | 3,150 | 2,730 | — | 5,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||
JorVet Holdings, LLC | 12.00% | Secured Debt | (9) | — | — | 1,881 | — | 25,419 | — | 25,419 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2019 | | Gross | | Gross | | 2020 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
PPL RVs, Inc. |
| LIBOR Plus 8.75% PIK (Floor 0.50%) |
| (8) |
| | — |
| | — |
| | 964 |
| | 12,118 |
| | 149 |
| | 500 |
| | 11,767 |
|
| Common Stock |
| (8) |
| | — |
| | 1,210 |
| | — |
| | 9,930 |
| | 1,210 |
| | — |
| | 11,140 |
Principle Environmental, LLC |
| 13.00% Secured Debt |
| (8) |
| | — |
| | 50 |
| | 658 |
| | 6,397 |
| | — |
| | — |
| | 6,397 |
|
| Preferred Member Units |
| (8) |
| | — |
| | (2,160) |
| | — |
| | 13,390 |
| | — |
| | 2,160 |
| | 11,230 |
|
| Warrants |
| (8) |
| | — |
| | (160) |
| | — |
| | 1,090 |
| | — |
| | 160 |
| | 930 |
Quality Lease Service, LLC |
| Member Units |
| (7) |
| | — |
| | (4,880) |
| | — |
| | 9,289 |
| | 301 |
| | 4,880 |
| | 4,710 |
Trantech Radiator Topco, LLC |
| 12.00% Secured Debt |
| (7) |
| | — |
| | 69 |
| | 832 |
| | 9,102 |
| | 86 |
| | 480 |
| | 8,708 |
|
| Common Stock |
| (7) |
| | — |
| | 3,115 |
| | 87 |
| | 4,655 |
| | 3,115 |
| | 1 |
| | 7,769 |
Vision Interests, Inc. |
| 13.00% Secured Debt |
| (9) |
| | — |
| | — |
| | 201 |
| | 2,028 |
| | — |
| | — |
| | 2,028 |
|
| Series A Preferred Stock |
| (9) |
| | — |
| | (630) |
| | — |
| | 4,089 |
| | — |
| | 630 |
| | 3,459 |
|
| Common Stock |
| (9) |
| | (3,586) |
| | 3,296 |
| | — |
| | 409 |
| | 3,296 |
| | 3,705 |
| | — |
Ziegler’s NYPD, LLC |
| 6.50% Secured Debt |
| (8) |
| | — |
| | (21) |
| | 49 |
| | 1,000 |
| | — |
| | 21 |
| | 979 |
|
| 12.00% Secured Debt |
| (8) |
| | — |
| | — |
| | 57 |
| | 625 |
| | — |
| | — |
| | 625 |
|
| 14.00% Secured Debt |
| (8) |
| | — |
| | (35) |
| | 293 |
| | 2,750 |
| | — |
| | 35 |
| | 2,715 |
|
| Warrants |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Preferred Member Units |
| (8) |
| | — |
| | (130) |
| | — |
| | 1,269 |
| | — |
| | 130 |
| | 1,139 |
Other controlled investments |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Access Media Holdings, LLC |
| 10.00% PIK Secured Debt |
| (5) |
| | — |
| | (2,449) |
| | 38 |
| | 6,387 |
| | — |
| | 2,449 |
| | 3,938 |
|
| Preferred Member Units |
| (5) |
| | — |
| | — |
| | — |
| | (284) |
| | — |
| | — |
| | (284) |
|
| Member Units |
| (5) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Analytical Systems Keco, LLC |
| LIBOR Plus 10.00% (Floor 2.00%) |
| (8) |
| | — |
| | — |
| | 546 |
| | 5,210 |
| | 55 |
| | 340 |
| | 4,925 |
|
| Preferred Member Units |
| (8) |
| | — |
| | — |
| | — |
| | 3,200 |
| | — |
| | — |
| | 3,200 |
|
| Warrants |
| (8) |
| | — |
| | 34 |
| | — |
| | 316 |
| | 34 |
| | — |
| | 350 |
ASC Interests, LLC |
| 13.00% Secured Debt |
| (8) |
| | — |
| | — |
| | 176 |
| | 1,639 |
| | — |
| | 28 |
| | 1,611 |
|
| Member Units |
| (8) |
| | — |
| | (240) |
| | — |
| | 1,290 |
| | — |
| | 240 |
| | 1,050 |
ATS Workholding, LLC |
| 5.00% Secured Debt |
| (9) |
| | — |
| | (1,230) |
| | 282 |
| | 4,521 |
| | 136 |
| | 1,250 |
| | 3,407 |
|
| Preferred Member Units |
| (9) |
| | — |
| | (939) |
| | — |
| | 939 |
| | — |
| | 939 |
| | — |
Bond-Coat, Inc. |
| 15.00% Secured Debt |
| (8) |
| | — |
| | — |
| | 1,399 |
| | 11,473 |
| | 123 |
| | 11,596 |
| | — |
|
| Common Stock |
| (8) |
| | — |
| | (4,990) |
| | — |
| | 8,300 |
| | — |
| | 4,990 |
| | 3,310 |
Brewer Crane Holdings, LLC |
| LIBOR Plus 10.00% (Floor 1.00%) |
| (9) |
| | — |
| | — |
| | 767 |
| | 8,989 |
| | 15 |
| | 372 |
| | 8,632 |
|
| Preferred Member Units |
| (9) |
| | — |
| | 1,330 |
| | 90 |
| | 4,280 |
| | 1,330 |
| | — |
| | 5,610 |
Bridge Capital Solutions Corporation |
| 13.00% Secured Debt |
| (6) |
| | — |
| | — |
| | 1,316 |
| | 7,797 |
| | 443 |
| | — |
| | 8,240 |
|
| Warrants |
| (6) |
| | — |
| | (500) |
| | — |
| | 3,500 |
| | — |
| | 500 |
| | 3,000 |
|
| 13.00% Secured Debt |
| (6) |
| | — |
| | — |
| | 101 |
| | 996 |
| | 2 |
| | — |
| | 998 |
|
| Preferred Member Units |
| (6) |
| | — |
| | — |
| | 75 |
| | 1,000 |
| | — |
| | — |
| | 1,000 |
CBT Nuggets, LLC |
| Member Units |
| (9) |
| | — |
| | (5,120) |
| | 954 |
| | 50,850 |
| | — |
| | 5,120 |
| | 45,730 |
Centre Technologies Holdings, LLC |
| LIBOR Plus 10.00% (Floor 2.00%) |
| (8) |
| | — |
| | — |
| | 1,114 |
| | 12,136 |
| | 19 |
| | 459 |
| | 11,696 |
|
| Preferred Member Units |
| (8) |
| | — |
| | 220 |
| | 90 |
| | 5,840 |
| | 220 |
| | — |
| | 6,060 |
Chamberlin Holding LLC |
| LIBOR Plus 10.00% (Floor 1.00%) |
| (8) |
| | — |
| | (35) |
| | 1,551 |
| | 17,773 |
| | 35 |
| | 1,835 |
| | 15,973 |
|
| Member Units |
| (8) |
| | — |
| | 3,960 |
| | 2,915 |
| | 24,040 |
| | 3,960 |
| | — |
| | 28,000 |
|
| Member Units |
| (8) |
| | — |
| | (530) |
| | 51 |
| | 1,450 |
| | — |
| | 530 |
| | 920 |
Charps, LLC |
| 15.00% Secured Debt |
| (5) |
| | — |
| | — |
| | 223 |
| | 2,000 |
| | — |
| | 154 |
| | 1,846 |
|
| 8.67% Current / 1.33% PIK |
| (5) |
| | — |
| | 596 |
| | 186 |
| | — |
| | 8,507 |
| | — |
| | 8,507 |
|
| Preferred Member Units |
| (5) |
| | — |
| | 2,480 |
| | 455 |
| | 6,920 |
| | 2,480 |
| | — |
| | 9,400 |
Copper Trail Fund Investments |
| LP Interests (CTMH, LP) |
| (9) |
| | — |
| | — |
| | — |
| | 872 |
| | — |
| | 125 |
| | 747 |
Datacom, LLC |
| 8.00% Secured Debt |
| (8) |
| | — |
| | — |
| | — |
| | 1,615 |
| | — |
| | — |
| | 1,615 |
|
| 10.50% PIK Secured Debt |
| (8) |
| | — |
| | — |
| | — |
| | 10,142 |
| | — |
| | — |
| | 10,142 |
|
| Class A Preferred Member Units |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Class B Preferred Member Units |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Digital Products Holdings LLC |
| LIBOR Plus 10.00% (Floor 1.00%) |
| (5) |
| | — |
| | 643 |
| | 1,655 |
| | 18,452 |
| | 678 |
| | 1,117 |
| | 18,013 |
|
| Preferred Member Units |
| (5) |
| | — |
| | 1,734 |
| | 150 |
| | 5,174 |
| | 1,734 |
| | — |
| | 6,908 |
Garreco, LLC |
| LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%) |
| (8) |
| | — |
| | — |
| | 324 |
| ��� | 4,515 |
| | 4 |
| | — |
| | 4,519 |
|
| Member Units |
| (8) |
| | — |
| | (860) |
| | — |
| | 2,560 |
| | — |
| | 860 |
| | 1,700 |
Gulf Manufacturing, LLC |
| Member Units |
| (8) |
| | — |
| | (3,030) |
| | 135 |
| | 7,430 |
| | — |
| | 3,030 |
| | 4,400 |
Gulf Publishing Holdings, LLC |
| LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK |
| (8) |
| | — |
| | — |
| | 21 |
| | 280 |
| | 10 |
| | 43 |
| | 247 |
|
| 6.25% Current / 6.25% PIK |
| (8) |
| | — |
| | (1,091) |
| | 1,226 |
| | 12,493 |
| | 630 |
| | 1,295 |
| | 11,828 |
|
| Member Units |
| (8) |
| | — |
| | (2,420) |
| | — |
| | 2,420 |
| | — |
| | 2,420 |
| | — |
Harris Preston Fund Investments |
| LP Interests (2717 MH, L.P.) |
| (8) |
| | — |
| | 120 |
| | — |
| | 3,157 |
| | 172 |
| | 52 |
| | 3,277 |
Harrison Hydra-Gen, Ltd. |
| Common Stock |
| (8) |
| | — |
| | (2,330) |
| | 104 |
| | 7,970 |
| | — |
| | 2,330 |
| | 5,640 |
J&J Services, Inc. |
| 11.50% Secured Debt |
| (7) |
| | — |
| | 122 |
| | 1,508 |
| | 17,430 |
| | 170 |
| | 3,200 |
| | 14,400 |
|
| Preferred Stock |
| (7) |
| | — |
| | 4,835 |
| | — |
| | 7,160 |
| | 4,835 |
| | 75 |
| | 11,920 |
KBK Industries, LLC |
| Member Units |
| (5) |
| | — |
| | (2,330) |
| | 446 |
| | 15,470 |
| | — |
| | 2,330 |
| | 13,140 |
NAPCO Precast, LLC |
| Member Units |
| (8) |
| | — |
| | (2,280) |
| | 425 |
| | 14,760 |
| | — |
| | 2,280 |
| | 12,480 |
NexRev LLC |
| 11.00% PIK Secured Debt |
| (8) |
| | — |
| | (596) |
| | 1,483 |
| | 17,469 |
| | 191 |
| | 1,032 |
| | 16,628 |
|
| Preferred Member Units |
| (8) |
| | — |
| | (5,360) |
| | (55) |
| | 6,310 |
| | — |
| | 5,360 |
| | 950 |
98
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (9) | — | — | 468 | — | 10,741 | — | 10,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||
KBK Industries, LLC | Member Units | (5) | — | 770 | 1,007 | 13,620 | 770 | — | 14,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MS Private Loan Fund | LP Interests | (8) | — | 20 | 437 | 2,581 | 11,770 | — | 14,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MSC Income Fund, Inc. | Common Equity | (8) | — | 11 | 15 | — | 761 | — | 761 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAPCO Precast, LLC | Member Units | (8) | — | (2,380) | 4 | 13,560 | — | 2,380 | 11,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nebraska Vet AcquireCo, LLC (NVS) | 8.71% | L+ | 7.00% | Secured Debt | (5) | — | — | 7 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (5) | — | 121 | 1,146 | 4,829 | 13,452 | — | 18,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (5) | — | 71 | 972 | 10,412 | 88 | — | 10,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | — | — | 7,700 | — | — | 7,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NexRev LLC | 11.00% | Secured Debt | (8) | — | — | 26 | 800 | — | 640 | 160 | |||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | Secured Debt | (8) | — | (928) | 1,560 | 13,245 | — | 4,192 | 9,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | (2,913) | 60 | 2,690 | 1,333 | 2,913 | 1,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NRP Jones, LLC | 12.00% | Secured Debt | (5) | — | — | 189 | 2,080 | — | — | 2,080 | |||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | (1,585) | 449 | 6,200 | — | 1,585 | 4,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | (65) | 13 | 240 | — | 65 | 175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NuStep, LLC | 9.13% | L+ | 6.50% | Secured Debt | (5) | — | — | 208 | 1,720 | 2,679 | — | 4,399 | |||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (5) | — | (4) | 1,612 | 17,240 | 1,175 | 4 | 18,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | (3,300) | — | 13,500 | — | 3,300 | 10,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Orttech Holdings, LLC | L+ | 11.00% | Secured Debt | (5) | — | — | 16 | 175 | — | 175 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
13.63% | L+ | 11.00% | Secured Debt | (5) | — | — | 2,305 | 23,976 | 41 | 600 | 23,417 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (5) | — | — | 579 | 10,000 | — | — | 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pearl Meyer Topco LLC | Secured Debt | (6) | — | — | 24 | — | 1,500 | 1,500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | (76) | 2,819 | 32,674 | 76 | 4,069 | 28,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (6) | — | 14,850 | 5,754 | 26,970 | 14,850 | — | 41,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||
River Aggregates, LLC | Member Units | (8) | — | 180 | — | 3,280 | 180 | — | 3,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tedder Industries, LLC | 12.00% | Secured Debt | (9) | — | — | 158 | 1,040 | 800 | — | 1,840 | |||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (9) | — | (71) | 1,431 | 15,141 | 47 | 71 | 15,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | (1,933) | — | 8,579 | 488 | 1,930 | 7,137 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Televerde, LLC | Member Units | (8) | — | (2,076) | — | 7,280 | — | 2,076 | 5,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (8) | — | 1,076 | — | — | 1,794 | — | 1,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Vision Interests, Inc. | Series A Preferred Stock | (9) | — | — | 144 | 3,000 | — | — | 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
VVS Holdco LLC | 8.63% | L+ | 6.00% | Secured Debt | (5) | — | — | 45 | 1,169 | 805 | 1,201 | 773 | |||||||||||||||||||||||||||||||||||||||||||||||
11.50% | Secured Debt | (5) | — | — | 2,697 | 30,100 | 46 | — | 30,146 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (5) | — | 240 | 300 | 11,840 | 238 | — | 12,078 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to investments transferred from other 1940 Act classification during the period | — | — | 985 | 41,748 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control investments | $ | (5,822) | $ | 20,618 | $ | 110,751 | $ | 1,489,257 | $ | 280,134 | $ | 128,214 | $ | 1,599,429 | |||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAC Holdings, Inc. | 18.00% | 18.00% | Secured Debt | (7) | $ | — | $ | 143 | $ | 1,492 | $ | 9,794 | $ | 1,182 | $ | — | $ | 10,976 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | (7) | — | (2,004) | — | 2,079 | — | 2,004 | 75 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2019 | | Gross | | Gross | | 2020 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
NRI Clinical Research, LLC |
| 10.50% Secured Debt |
| (9) |
| | — |
| | (35) |
| | 598 |
| | 5,981 |
| | 1,554 |
| | 1,415 |
| | 6,120 |
|
| Warrants |
| (9) |
| | — |
| | 160 |
| | — |
| | 1,230 |
| | 160 |
| | — |
| | 1,390 |
|
| Member Units |
| (9) |
| | — |
| | 333 |
| | 377 |
| | 4,988 |
| | 710 |
| | 377 |
| | 5,321 |
NRP Jones, LLC |
| 12.00% Secured Debt |
| (5) |
| | — |
| | — |
| | 582 |
| | 6,376 |
| | — |
| | — |
| | 6,376 |
|
| Member Units |
| (5) |
| | — |
| | (1,400) |
| | 25 |
| | 4,710 |
| | — |
| | 1,400 |
| | 3,310 |
NuStep, LLC |
| 12.00% Secured Debt |
| (5) |
| | — |
| | — |
| | 1,832 |
| | 19,703 |
| | 32 |
| | 160 |
| | 19,575 |
|
| Preferred Member Units |
| (5) |
| | — |
| | — |
| | — |
| | 10,200 |
| | — |
| | — |
| | 10,200 |
Pegasus Research Group, LLC |
| Member Units |
| (8) |
| | — |
| | 1,530 |
| | 491 |
| | 8,170 |
| | 1,530 |
| | — |
| | 9,700 |
River Aggregates, LLC |
| Zero Coupon Secured Debt |
| (8) |
| | — |
| | 28 |
| | — |
| | 722 |
| | 28 |
| | 750 |
| | — |
|
| Member Units |
| (8) |
| | 4,015 |
| | (3,840) |
| | 187 |
| | 4,990 |
| | — |
| | 4,990 |
| | — |
|
| Member Units |
| (8) |
| | — |
| | 221 |
| | — |
| | 3,169 |
| | 221 |
| | — |
| | 3,390 |
Tedder Industries, LLC |
| 12.00% Secured Debt |
| (9) |
| | — |
| | — |
| | 1,582 |
| | 16,912 |
| | 22 |
| | — |
| | 16,934 |
|
| Preferred Member Units |
| (9) |
| | — |
| | — |
| | — |
| | 8,136 |
| | — |
| | — |
| | 8,136 |
UnionRock Energy Fund II, LP |
| LP Interests |
| (9) |
| | — |
| | — |
| | — |
| | — |
| | 2,894 |
| | — |
| | 2,894 |
Other |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Amounts related to investments transferred to or from other 1940 Act classification during the period |
| |
| |
| | (7,832) |
| | 4,252 |
| | 3 |
| | 4,564 |
| | — |
| | — |
| | — |
Total Control investments |
| |
| |
| $ | (15,825) |
| $ | (35,096) |
| $ | 57,357 |
| $ | 1,032,721 |
| $ | 174,015 |
| $ | 181,459 |
| $ | 1,020,713 |
Affiliate Investments |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
AFG Capital Group, LLC |
| 10.00% Secured Debt |
| (8) |
| $ | — |
| $ | — |
| $ | 53 |
| $ | 838 |
| $ | — |
| $ | 260 |
| $ | 578 |
|
| Preferred Member Units |
| (8) |
| | — |
| | 180 |
| | — |
| | 5,180 |
| | 180 |
| | — |
| | 5,360 |
American Trailer Rental Group LLC |
| LIBOR Plus 7.25% (Floor 1.00%) |
| (5) |
| | — |
| | (182) |
| | 1,119 |
| | 27,087 |
| | 182 |
| | 27,269 |
| | — |
|
| Member Units |
| (5) |
| | — |
| | 1,269 |
| | — |
| | 8,540 |
| | 5,010 |
| | — |
| | 13,550 |
BBB Tank Services, LLC |
| LIBOR Plus 11.00% (Floor 1.00%) |
| (8) |
| | — |
| | (51) |
| | 501 |
| | 4,698 |
| | 55 |
| | 51 |
| | 4,702 |
|
| Preferred Member Units |
| (8) |
| | — |
| | — |
| | 15 |
| | 131 |
| | 15 |
| | — |
| | 146 |
|
| Member Units |
| (8) |
| | — |
| | (80) |
| | — |
| | 290 |
| | — |
| | 80 |
| | 210 |
Boccella Precast Products LLC |
| LIBOR Plus 10.00% (Floor 1.00%) |
| (6) |
| | — |
| | (138) |
| | 982 |
| | 13,244 |
| | 138 |
| | 13,382 |
| | — |
|
| Member Units |
| (6) |
| | — |
| | (670) |
| | 424 |
| | 6,270 |
| | — |
| | 670 |
| | 5,600 |
Buca C, LLC |
| LIBOR Plus 9.25% (Floor 1.00%) |
| (7) |
| | — |
| | (1,326) |
| | 1,534 |
| | 18,794 |
| | 23 |
| | 1,326 |
| | 17,491 |
|
| Preferred Member Units |
| (7) |
| | — |
| | (4,005) |
| | 69 |
| | 4,701 |
| | 69 |
| | 4,005 |
| | 765 |
CAI Software LLC |
| 12.50% Secured Debt |
| (6) |
| | — |
| | 84 |
| | 1,897 |
| | 9,160 |
| | 19,500 |
| | 2,053 |
| | 26,607 |
|
| Member Units |
| (6) |
| | — |
| | 369 |
| | 10 |
| | 5,210 |
| | 720 |
| | — |
| | 5,930 |
Chandler Signs Holdings, LLC |
| Class A Units |
| (8) |
| | — |
| | (690) |
| | (91) |
| | 2,740 |
| | — |
| | 690 |
| | 2,050 |
Charlotte Russe, Inc |
| Common Stock |
| (9) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Classic H&G Holdings, LLC |
| 12.00% Secured Debt |
| (6) |
| | — |
| | 227 |
| | 2,338 |
| | — |
| | 26,000 |
| | 1,200 |
| | 24,800 |
|
| Preferred Member Units |
| (6) |
| | — |
| | 2,790 |
| | 259 |
| | — |
| | 8,550 |
| | — |
| | 8,550 |
Congruent Credit Opportunities Funds |
| LP Interests (Fund II) |
| (8) |
| | — |
| | — |
| | — |
| | 855 |
| | — |
| | — |
| | 855 |
|
| LP Interests (Fund III) |
| (8) |
| | — |
| | (399) |
| | 576 |
| | 13,915 |
| | — |
| | 1,819 |
| | 12,096 |
Copper Trail Fund Investments |
| LP Interests (Copper Trail Energy Fund I, LP) |
| (9) |
| | — |
| | (672) |
| | 597 |
| | 2,362 |
| | — |
| | 508 |
| | 1,854 |
Dos Rios Partners |
| LP Interests (Dos Rios Partners, LP) |
| (8) |
| | — |
| | (759) |
| | — |
| | 7,033 |
| | 759 |
| | 759 |
| | 7,033 |
|
| LP Interests (Dos Rios Partners - A, LP) |
| (8) |
| | — |
| | (241) |
| | — |
| | 2,233 |
| | 241 |
| | 241 |
| | 2,233 |
East Teak Fine Hardwoods, Inc. |
| Common Stock |
| (7) |
| | — |
| | (100) |
| | 4 |
| | 400 |
| | — |
| | 100 |
| | 300 |
EIG Fund Investments |
| LP Interests (EIG Global Private Debt fund-A, L.P.) |
| (8) |
| | 6 |
| | (165) |
| | 104 |
| | 720 |
| | 110 |
| | 304 |
| | 526 |
Freeport Financial Funds |
| LP Interests (Freeport Financial SBIC Fund LP) |
| (5) |
| | — |
| | (697) |
| | — |
| | 5,778 |
| | — |
| | 697 |
| | 5,081 |
|
| LP Interests (Freeport First Lien Loan Fund III LP) |
| (5) |
| | — |
| | (204) |
| | 631 |
| | 9,696 |
| | 989 |
| | 364 |
| | 10,321 |
Harris Preston Fund Investments |
| LP Interests (HPEP 3, L.P.) |
| (8) |
| | — |
| | — |
| | — |
| | 2,474 |
| | 597 |
| | — |
| | 3,071 |
Hawk Ridge Systems, LLC |
| LIBOR Plus 6.00% (Floor 1.00%) |
| (9) |
| | — |
| | — |
| | 41 |
| | 600 |
| | 384 |
| | — |
| | 984 |
|
| 11.00% Secured Debt |
| (9) |
| | — |
| | (23) |
| | 1,230 |
| | 13,400 |
| | 3,023 |
| | 23 |
| | 16,400 |
|
| Preferred Member Units |
| (9) |
| | — |
| | 130 |
| | 69 |
| | 7,900 |
| | 130 |
| | — |
| | 8,030 |
|
| Preferred Member Units |
| (9) |
| | — |
| | — |
| | — |
| | 420 |
| | — |
| | — |
| | 420 |
Houston Plating and Coatings, LLC |
| 8.00% Unsecured Convertible Debt |
| (8) |
| | — |
| | (1,260) |
| | 183 |
| | 4,260 |
| | — |
| | 1,260 |
| | 3,000 |
|
| Member Units |
| (8) |
| | — |
| | (4,270) |
| | 163 |
| | 10,330 |
| | — |
| | 4,270 |
| | 6,060 |
I-45 SLF LLC |
| Member Units |
| (8) |
| | — |
| | (2,215) |
| | 1,803 |
| | 14,407 |
| | 3,200 |
| | 2,215 |
| | 15,392 |
L.F. Manufacturing Holdings, LLC |
| Preferred Member Units |
| (8) |
| | — |
| | — |
| | 9 |
| | 81 |
| | 9 |
| | — |
| | 90 |
|
| Member Units |
| (8) |
| | — |
| | — |
| | — |
| | 2,050 |
| | — |
| | — |
| | 2,050 |
OnAsset Intelligence, Inc. |
| 12.00% PIK Secured Debt |
| (8) |
| | — |
| | — |
| | 609 |
| | 6,474 |
| | 710 |
| | 100 |
| | 7,084 |
|
| 10.00% PIK Secured Debt |
| (8) |
| | — |
| | — |
| | 4 |
| | 58 |
| | 6 |
| | 1 |
| | 63 |
|
| Preferred Stock |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Warrants |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
PCI Holding Company, Inc. |
| 12.00% Current Secured Debt |
| (9) |
| | — |
| | — |
| | 1,037 |
| | 11,356 |
| | — |
| | — |
| | 11,356 |
|
| Preferred Stock |
| (9) |
| | — |
| | 1,750 |
| | — |
| | 2,680 |
| | 1,750 |
| | — |
| | 4,430 |
99
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (7) | — | (1,865) | — | 1,940 | — | 1,865 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||
AFG Capital Group, LLC | Preferred Member Units | (8) | — | — | 2 | 144 | — | 144 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 1,040 | 200 | 7,740 | 1,040 | — | 8,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp. | 11.14% | L+ | 7.50% | Secured Debt | (6) | — | 403 | 562 | 7,092 | 631 | 1,016 | 6,707 | |||||||||||||||||||||||||||||||||||||||||||||||
10.00% | 10.00% | Unsecured Debt | (6) | — | 260 | 242 | 1,963 | 502 | — | 2,465 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
BBB Tank Services, LLC | 13.56% | L+ | 11.00% | Unsecured Debt | (8) | — | — | 75 | 800 | — | — | 800 | |||||||||||||||||||||||||||||||||||||||||||||||
13.56% | L+ | 11.00% | Unsecured Debt | (8) | — | (209) | 377 | 1,707 | — | 209 | 1,498 | ||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
15.00% | 15.00% | Preferred Stock (non-voting) | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Boccella Precast Products LLC | 10.00% | Secured Debt | (6) | — | — | 24 | 320 | — | — | 320 | |||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (6) | — | (1,510) | 73 | 4,830 | — | 1,510 | 3,320 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Buca C, LLC | 9.00% | Secured Debt | (7) | — | 1,604 | 1,488 | 14,370 | 1,602 | 1,966 | 14,006 | |||||||||||||||||||||||||||||||||||||||||||||||||
6.00% | 6.00% | Preferred Member Units | (7) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Career Team Holdings, LLC | 8.63% | L+ | 6.00% | Secured Debt | (6) | — | — | 5 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (6) | — | — | 1,950 | 20,050 | 30 | — | 20,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (6) | — | — | — | 4,500 | — | — | 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chandler Signs Holdings, LLC | Class A Units | (8) | — | 510 | — | 460 | 510 | — | 970 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Classic H&G Holdings, LLC | 8.38% | L+ | 6.00% | Secured Debt | (6) | — | — | 455 | 4,000 | 11,720 | 7,960 | 7,760 | |||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Secured Debt | (6) | — | (32) | 1,201 | 19,274 | 32 | 32 | 19,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (6) | — | 8,530 | 1,294 | 15,260 | 8,530 | — | 23,790 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Congruent Credit Opportunities Funds | LP Interests (Congruent Credit Opportunities Fund III, LP) | (8) | — | (63) | 427 | 9,959 | — | 2,105 | 7,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DMA Industries, LLC | 12.00% | Secured Debt | (7) | — | 175 | 1,961 | 20,993 | 207 | — | 21,200 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Equity | (7) | — | 1,316 | — | 5,944 | 1,316 | — | 7,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dos Rios Partners | LP Interests (Dos Rios Partners - A, LP) | (8) | — | (1,147) | — | 10,329 | — | 1,147 | 9,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners, LP) | (8) | — | (364) | — | 3,280 | — | 364 | 2,916 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dos Rios Stone Products LLC | Class A Preferred Units | (8) | — | (290) | — | 640 | — | 290 | 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||
EIG Fund Investments | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) | 11 | — | 46 | 547 | 1,093 | 170 | 1,470 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Freeport Financial SBIC Fund LP | LP Interests (Freeport Financial SBIC Fund LP) | (5) | — | (52) | 2 | 6,078 | — | 1,962 | 4,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport First Lien Loan Fund III LP) | (5) | — | (57) | 309 | 7,231 | — | 1,056 | 6,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GFG Group, LLC. | 9.00% | Secured Debt | (5) | — | (25) | 969 | 12,545 | 25 | 825 | 11,745 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (5) | — | 150 | 417 | 6,990 | 150 | — | 7,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hawk Ridge Systems, LLC | 8.38% | L+ | 6.00% | Secured Debt | (9) | — | — | 150 | 2,585 | 597 | — | 3,182 | |||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Secured Debt | (9) | — | (4) | 2,145 | 34,800 | 3,004 | 4 | 37,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | 4,400 | 803 | 14,680 | 4,400 | — | 19,080 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | | | Amount of | | | | | | | | | | | | | |
| | | | | | | | | | | | Interest, | | | | | | | | | | | | | |
| | | | | | | | | | | | Fees or | | | | | | | | | | | | | |
| | | | | | Amount of | | Amount of | | Dividends | | December 31, | | | | | | | | September 30, | |||||
| | | | | | Realized | | Unrealized | | Credited to | | 2019 | | Gross | | Gross | | 2020 | |||||||
Company |
| Investment(1)(10)(11) |
| Geography |
| Gain/(Loss) |
| Gain/(Loss) |
| Income(2) |
| Fair Value |
| Additions(3) |
| Reductions(4) |
| Fair Value | |||||||
|
| Preferred Stock |
| (9) |
| | — |
| | — |
| | — |
| | 4,350 |
| | — |
| | — |
| | 4,350 |
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) |
| 12.00% Secured Debt |
| (8) |
| | (413) |
| | — |
| | — |
| | — |
| | 413 |
| | 413 |
| | — |
|
| Preferred Member Units |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Salado Stone Holdings, LLC |
| Class A Preferred Units |
| (8) |
| | — |
| | 200 |
| | — |
| | 570 |
| | 200 |
| | — |
| | 770 |
SI East, LLC |
| 9.50% Current, Secured Debt |
| (7) |
| | — |
| | (55) |
| | 2,459 |
| | 32,963 |
| | 54 |
| | 55 |
| | 32,962 |
|
| Preferred Member Units |
| (7) |
| | — |
| | 1,520 |
| | 1,292 |
| | 8,200 |
| | 1,520 |
| | — |
| | 9,720 |
Slick Innovations, LLC |
| 14.00% Current, Secured Debt |
| (6) |
| | — |
| | 131 |
| | 701 |
| | 6,197 |
| | 163 |
| | 280 |
| | 6,080 |
|
| Warrants |
| (6) |
| | — |
| | 40 |
| | — |
| | 290 |
| | 40 |
| | — |
| | 330 |
|
| Common Stock |
| (6) |
| | — |
| | 170 |
| | — |
| | 1,080 |
| | 170 |
| | — |
| | 1,250 |
Superior Rigging & Erecting Co. |
| 12.00% Current, Secured Debt |
| (7) |
| | — |
| | — |
| | 443 |
| | — |
| | 21,290 |
| | — |
| | 21,290 |
|
| Preferred Member Units |
| (7) |
| | — |
| | — |
| | — |
| | — |
| | 4,500 |
| | — |
| | 4,500 |
UniTek Global Services, Inc. |
| LIBOR Plus 6.50% (Floor 1.00%) |
| (6) |
| | — |
| | (283) |
| | 178 |
| | 2,962 |
| | 15 |
| | 306 |
| | 2,671 |
|
| Preferred Stock |
| (6) |
| | — |
| | (2,684) |
| | — |
| | 2,684 |
| | — |
| | 2,684 |
| | — |
|
| Preferred Stock |
| (6) |
| | — |
| | (771) |
| | 212 |
| | 2,282 |
| | 212 |
| | 771 |
| | 1,723 |
|
| Preferred Stock |
| (6) |
| | — |
| | 382 |
| | 185 |
| | 1,889 |
| | 945 |
| | 1 |
| | 2,833 |
|
| Preferred Stock |
| (6) |
| | — |
| | (3,667) |
| | — |
| | 3,667 |
| | — |
| | 3,667 |
| | — |
|
| Common Stock |
| (6) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Universal Wellhead Services Holdings, LLC |
| Preferred Member Units |
| (8) |
| | — |
| | (800) |
| | — |
| | 800 |
| | — |
| | 800 |
| | — |
|
| Member Units |
| (8) |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
Volusion, LLC |
| 11.50% Secured Debt |
| (8) |
| | — |
| | (181) |
| | 1,843 |
| | 19,352 |
| | 72 |
| | 181 |
| | 19,243 |
|
| 8.00% Unsecured Convertible Debt |
| (8) |
| | — |
| | — |
| | 25 |
| | 291 |
| | — |
| | 1 |
| | 290 |
|
| Preferred Member Units |
| (8) |
| | — |
| | (9,050) |
| | — |
| | 14,000 |
| | — |
| | 9,050 |
| | 4,950 |
|
| Warrants |
| (8) |
| | — |
| | (150) |
| | — |
| | 150 |
| | — |
| | 150 |
| | — |
Other |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Amounts related to investments transferred to or from other |
| |
| |
| | — |
| | (337) |
| | 118 |
| | 2,195 |
| | — |
| | — |
| | — |
Total Affiliate investments |
| |
| |
| $ | (407) |
| $ | (26,883) |
| $ | 23,626 |
| $ | 330,287 |
| $ | 101,944 |
| $ | 82,006 |
| $ | 348,030 |
100
101
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | 230 | — | 770 | 230 | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Houston Plating and Coatings, LLC | 8.00% | Unsecured Convertible Debt | (8) | — | (210) | 182 | 2,960 | — | 210 | 2,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | (990) | 17 | 3,210 | — | 990 | 2,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
HPEP 3, L.P. | LP Interests (HPEP 3, L.P.) | (8) | 779 | 254 | (80) | 4,712 | 1,033 | 1,414 | 4,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (HPEP 4, L.P.) | (8) | — | — | — | — | 1,896 | — | 1,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (423 COR, LP) | (8) | — | — | — | — | 1,400 | — | 1,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||
I-45 SLF LLC | Member Units (Fully diluted 20.0%; 21.75% profits interest) | (8) | — | (1,880) | 1,499 | 14,387 | — | 1,880 | 12,507 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Iron-Main Investments, LLC | 12.50% | Secured Debt | (5) | — | — | 443 | 4,557 | 7 | — | 4,564 | |||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (5) | — | — | 308 | 3,170 | 4 | — | 3,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (5) | — | — | 848 | 8,944 | — | — | 8,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (5) | — | — | 1,926 | 19,805 | 30 | — | 19,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (5) | — | — | — | 1,798 | — | — | 1,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||
L.F. Manufacturing Holdings, LLC | Preferred Member Units (non-voting) | (8) | — | — | 9 | 107 | 10 | 117 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | 617 | (541) | 224 | 2,560 | 617 | 3,177 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
OnAsset Intelligence, Inc. | 12.00% | 12.00% | Secured Debt | (8) | — | (273) | 28 | 935 | 28 | 273 | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (8) | — | (280) | 29 | 954 | 29 | 280 | 703 | |||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (8) | — | (602) | 62 | 2,055 | 62 | 602 | 1,515 | |||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (8) | — | (1,255) | 129 | 4,285 | 130 | 1,255 | 3,160 | |||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | 10.00% | Unsecured Debt | (8) | — | — | 5 | 192 | 5 | — | 197 | |||||||||||||||||||||||||||||||||||||||||||||||||
7.00% | 7.00% | Preferred Stock | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Oneliance, LLC | 13.56% | L+ | 11.00% | Secured Debt | (7) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
13.56% | L+ | 11.00% | Secured Debt | (7) | — | — | 536 | 5,547 | 9 | — | 5,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (7) | — | — | — | 1,056 | — | — | 1,056 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | 12.00% | Secured Debt | (8) | (67) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
SI East, LLC (Stavig) | 10.25% | Secured Debt | (7) | — | — | 195 | 2,250 | 3,750 | 3,750 | 2,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
10.25% | Secured Debt | (7) | — | — | 6,068 | 63,600 | 31,125 | 1,489 | 93,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (7) | — | 3,380 | 568 | 11,570 | 3,380 | — | 14,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Slick Innovations, LLC | 11.00% | Secured Debt | (6) | — | (41) | 481 | 5,320 | 41 | 1,121 | 4,240 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (6) | — | 130 | — | 1,510 | 130 | — | 1,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (6) | — | 40 | — | 400 | 40 | — | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sonic Systems International, LLC | 9.75% | L+ | 7.50% | Secured Debt | (8) | — | 102 | 966 | 11,757 | 3,856 | — | 15,613 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | 64 | 32 | 1,070 | 350 | — | 1,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Superior Rigging & Erecting Co. | 12.00% | Secured Debt | (7) | — | — | 1,991 | 21,332 | 35 | — | 21,367 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (7) | — | — | — | 4,500 | — | — | 4,500 |
MAIN STREET CAPITAL CORPORATION
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1) (10) (11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2021 Fair Value (13) | Gross Additions(3) | Gross Reductions(4) | September 30, 2022 Fair Value (13) | ||||||||||||||||||||||||||||||||||||||||||||||
The Affiliati Network, LLC | Secured Debt | (9) | — | — | 28 | 262 | 3,523 | 3,800 | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (9) | — | — | 1,166 | 12,834 | 35 | 1,720 | 11,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | (9) | — | — | 339 | 6,400 | — | — | 6,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||
UnionRock Energy Fund II, LP | LP Interests | (9) | — | (64) | 194 | 6,123 | 1,880 | 2,649 | 5,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||
UniTek Global Services, Inc. | 10.76% | SF+ | 5.50% | 2.00% | Secured Debt | (6) | — | 3 | 29 | 371 | 9 | — | 380 | ||||||||||||||||||||||||||||||||||||||||||||||
10.76% | SF+ | 5.50% | 2.00% | Secured Debt | (6) | — | 26 | 146 | 1,852 | 61 | 212 | 1,701 | |||||||||||||||||||||||||||||||||||||||||||||||
15.00% | 15.00% | Secured Convertible Debt | (6) | — | 782 | 167 | 2,375 | 1,896 | — | 4,271 | |||||||||||||||||||||||||||||||||||||||||||||||||
20.00% | 20.00% | Preferred Stock | (6) | — | (280) | 280 | 2,832 | 281 | 280 | 2,833 | |||||||||||||||||||||||||||||||||||||||||||||||||
20.00% | 20.00% | Preferred Stock | (6) | — | 153 | — | 1,498 | 153 | — | 1,651 | |||||||||||||||||||||||||||||||||||||||||||||||||
19.00% | 19.00% | Preferred Stock | (6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
13.50% | 13.50% | Preferred Stock | (6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Volusion, LLC | 11.50% | Secured Debt | (8) | — | (104) | 1,490 | 17,434 | — | 804 | 16,630 | |||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Unsecured Convertible Debt | (8) | — | — | 24 | 409 | — | — | 409 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | (5,989) | — | 5,990 | — | 5,990 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to investments transferred from other 1940 Act classification during the period | — | 139 | 1,302 | 32,597 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate investments | $ | 1,340 | $ | 3,703 | $ | 38,300 | $ | 549,214 | $ | 92,606 | $ | 56,642 | $ | 552,581 |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Majority-owned investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASK (Analytical Systems Keco Holdings, LLC) | Preferred Member Units | (8) | $ | — | $ | (3,200) | $ | — | $ | 3,200 | $ | — | $ | 3,200 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | 2,356 | — | — | 4,783 | — | 4,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | (10) | — | 10 | — | 10 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 10.00% | Secured Debt | (8) | — | — | 520 | 4,873 | 134 | 220 | 4,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Café Brazil, LLC | Member Units | (8) | — | 540 | 470 | 2,030 | 540 | — | 2,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California Splendor Holdings LLC | Preferred Member Units | (9) | — | 4,564 | 188 | 6,241 | 4,564 | — | 10,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | L+ | 10.00% | Secured Debt | (9) | — | 36 | 2,579 | 35,832 | 196 | 8,129 | 27,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.00% | 15.00% | Preferred Member Units | (9) | — | — | 939 | 8,255 | 939 | — | 9,194 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clad-Rex Steel, LLC | Member Units | (5) | — | — | — | 530 | — | — | 530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | 1,640 | 2,181 | 8,610 | 1,640 | — | 10,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (5) | — | — | 83 | 1,100 | — | 22 | 1,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.50% | L+ | 9.50% | Secured Debt | (5) | — | — | 878 | 10,853 | — | 460 | 10,393 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Minerals Investments | Member Units | (9) | — | 453 | 22 | 1,624 | 454 | 195 | 1,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cody Pools, Inc. | Preferred Member Units | (8) | — | 15,450 | 1,602 | 14,940 | 15,450 | — | 30,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.25% | L+ | 10.50% | Secured Debt | (8) | — | 6 | 1,400 | 14,216 | 8,000 | 4,169 | 18,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Datacom, LLC | 8.00% | Secured Debt | (8) | (1,800) | 185 | — | 1,615 | 185 | 1,800 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | (1,294) | 1,294 | — | — | 1,294 | 1,294 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | (6,030) | 6,030 | — | — | 6,030 | 6,030 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.50% | 10.50% | Secured Debt | (8) | (1,801) | 1,945 | 1 | 10,531 | 1,945 | 12,476 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | — | — | — | 2,610 | — | 2,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.00% | Secured Debt | (8) | — | — | 564 | — | 8,288 | 81 | 8,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct Marketing Solutions, Inc. | Preferred Stock | (9) | — | (2,230) | 672 | 19,380 | — | 2,230 | 17,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 11.00% | Secured Debt | (9) | — | — | 1,401 | 15,006 | 28 | 235 | 14,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gamber-Johnson Holdings, LLC | Member Units | (5) | — | 32 | 3,744 | 52,490 | 2,880 | — | 55,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | L+ | 7.00% | Secured Debt | (5) | — | (31) | 1,435 | 19,838 | 830 | 30 | 20,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
GRT Rubber Technologies LLC | Member Units | (8) | — | — | 3,636 | 44,900 | — | — | 44,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.10% | L+ | 7.00% | Secured Debt | (8) | — | — | 904 | 16,775 | — | — | 16,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jensen Jewelers of Idaho, LLC | Member Units | (9) | — | 3,640 | 1,264 | 7,620 | 3,640 | — | 11,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | P+ | 6.75% | Secured Debt | (9) | — | (10) | 244 | 3,400 | 10 | 660 | 2,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kickhaefer Manufacturing Company, LLC | Member Units | (5) | — | 50 | 75 | 1,160 | 50 | — | 1,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (5) | — | — | — | 12,240 | — | — | 12,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.50% | Secured Debt | (5) | — | — | 1,915 | 22,269 | 44 | 2,000 | 20,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | Secured Debt | (5) | — | — | 266 | 3,909 | — | 24 | 3,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Force Information, LLC | 12.00% | L+ | 11.00% | Secured Debt | (9) | — | — | 282 | 1,600 | 1,800 | — | 3,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (9) | — | (2,403) | — | 13,562 | — | 2,403 | 11,159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MH Corbin Holding LLC | Preferred Member Units | (5) | — | (2,370) | — | 2,370 | — | 2,370 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (5) | — | (2,059) | 854 | 8,280 | 25 | 2,299 | 6,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSC Adviser I, LLC | Member Units | (8) | — | 11,320 | 3,908 | 116,760 | 11,320 | — | 128,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mystic Logistics Holdings, LLC | Common Stock | (6) | — | (1,820) | 548 | 8,990 | — | 1,820 | 7,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | — | 622 | 6,723 | 7 | 24 | 6,706 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OMi Holdings, Inc. | Preferred Member Units | (8) | — | (170) | 1,330 | 20,380 | — | 170 | 20,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (8) | — | 176 | 550 | — | 18,000 | — | 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPL RVs, Inc. | Common Stock | (8) | — | 2,190 | 805 | 11,500 | 2,190 | — | 13,690 |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
7.50% | L+ | 7.00% | Secured Debt | (8) | — | (21) | 708 | 11,806 | 790 | 221 | 12,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principle Environmental, LLC | Warrants | (8) | — | 330 | — | 870 | 330 | 1,200 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | (8) | — | (490) | — | — | 1,200 | 490 | 710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (8) | — | (920) | — | 10,500 | — | 920 | 9,580 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (8) | — | (62) | 649 | 6,397 | 18 | 63 | 6,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quality Lease Service, LLC | Member Units | (7) | — | (180) | — | 4,460 | — | 1,430 | 3,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trantech Radiator Topco, LLC | Common Stock | (7) | — | 620 | 87 | 6,030 | 620 | — | 6,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (7) | — | — | 811 | 8,644 | 14 | — | 8,658 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ziegler’s NYPD, LLC | Preferred Member Units | (8) | — | 350 | — | 1,780 | 350 | — | 2,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (8) | — | — | 57 | 625 | — | — | 625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14.00% | Secured Debt | (8) | — | — | 292 | 2,750 | — | — | 2,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.50% | Secured Debt | (8) | — | 21 | 49 | 979 | 21 | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other controlled investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2717 MH, L.P. | LP Interests (2717 HPP-MS, L.P.) | (8) | — | — | — | 250 | — | 250 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (2717 MH, L.P.) | (8) | — | 585 | — | 2,702 | 689 | — | 3,391 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASC Interests, LLC | Member Units | (8) | — | (400) | — | 1,120 | — | 400 | 720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (8) | — | — | 193 | 1,715 | 116 | — | 1,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATS Workholding, LLC | 5.00% | Secured Debt | (9) | — | (304) | — | 3,347 | — | 472 | 2,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barfly Ventures, LLC | Member Units | (5) | — | 346 | — | 1,584 | 346 | — | 1,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.00% | Secured Debt | (5) | — | — | 58 | 343 | 367 | — | 710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolder Panther Group, LLC | 10.50% | L+ | 9.00% | Secured Debt | (9) | — | 329 | 2,582 | 27,225 | 11,775 | — | 39,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
14.00% | Class A Preferred Member Units | (9) | — | — | 1,067 | 10,194 | — | — | 10,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Class B Preferred Member Units | (9) | — | 6,310 | 2,087 | 14,000 | 6,310 | — | 20,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.50% | L+ | 8.00% | Secured Debt | (9) | — | — | 36 | — | 500 | 500 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bond-Coat, Inc. | Common Stock | (8) | (2,320) | 4,310 | — | 2,040 | 4,310 | 6,350 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brewer Crane Holdings, LLC | Preferred Member Units | (9) | — | (1,570) | 397 | 5,850 | — | 1,570 | 4,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | L+ | 10.00% | Secured Debt | (9) | — | — | 708 | 8,513 | 15 | 372 | 8,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Capital Solutions Corporation | Preferred Member Units | (6) | — | — | 75 | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (6) | — | 840 | — | 3,220 | 840 | — | 4,060 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (6) | — | — | 100 | 998 | 2 | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (6) | — | — | 1,279 | 8,403 | 410 | — | 8,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CBT Nuggets, LLC | Member Units | (9) | — | 6,540 | 1,901 | 46,080 | 6,540 | — | 52,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centre Technologies Holdings, LLC | Preferred Member Units | (8) | — | (320) | 90 | 6,160 | — | 320 | 5,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 10.00% | Secured Debt | (8) | — | — | 969 | 11,549 | 28 | 2,059 | 9,518 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chamberlin Holding LLC | Member Units | (8) | — | 160 | 51 | 1,270 | 160 | — | 1,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Member Units | (8) | — | (3,930) | 3,707 | 28,070 | — | 3,930 | 24,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | L+ | 8.00% | Secured Debt | (8) | — | 18 | 1,117 | 15,212 | 4,000 | 1,395 | 17,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charps, LLC | Preferred Member Units | (5) | — | 3,720 | 2,120 | 10,520 | 3,720 | — | 14,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Unsecured Debt | (5) | — | (382) | 846 | 8,475 | 282 | 3,723 | 5,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.00% | Secured Debt | (5) | — | — | 4 | 669 | — | 669 | — |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Colonial Electric Company LLC | Preferred Member Units | (6) | — | 780 | 200 | — | 8,460 | — | 8,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | — | 1,938 | — | 24,969 | 315 | 24,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CompareNetworks Topco, LLC | Preferred Member Units | (9) | — | 5,220 | 316 | 6,780 | 5,220 | — | 12,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | L+ | 9.00% | Secured Debt | (9) | — | (16) | 609 | 7,954 | 15 | 1,492 | 6,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Copper Trail Energy Fund I, LP - CTMH | LP Interests (CTMH, LP) | (9) | — | — | — | 747 | — | 37 | 710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Digital Products Holdings LLC | Preferred Member Units | (5) | — | — | 150 | 9,835 | — | — | 9,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | L+ | 10.00% | Secured Debt | (5) | — | — | 1,494 | 18,077 | 33 | 990 | 17,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Garreco, LLC | Member Units | (8) | — | 800 | — | 1,410 | 800 | — | 2,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | L+ | 8.00% | Secured Debt | (8) | — | — | 308 | 4,519 | — | — | 4,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gulf Manufacturing, LLC | Member Units | (8) | — | 1,130 | 1,210 | 4,510 | 1,130 | — | 5,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gulf Publishing Holdings, LLC | 10.50% | L+ | 9.50% | 5.25% | Secured Debt | (8) | — | — | 17 | 250 | 14 | 7 | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | 6.25% | Secured Debt | (8) | — | (2,012) | 1,065 | 12,044 | 849 | 2,431 | 10,462 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harrison Hydra-Gen, Ltd. | Common Stock | (8) | — | (1,920) | — | 5,450 | — | 1,920 | 3,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
J&J Services, Inc. | Preferred Stock | (7) | — | 2,720 | — | 12,680 | 2,720 | — | 15,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.50% | Secured Debt | (7) | — | (30) | 1,084 | 12,800 | 30 | 2,030 | 10,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KBK Industries, LLC | Member Units | (5) | — | 420 | 456 | 13,200 | 420 | — | 13,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MS Private Loan Fund | LP Interests | (8) | — | — | — | — | 1,000 | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.00% | Unsecured Debt | (8) | — | — | 642 | — | 33,866 | 3,575 | 30,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSC Income Fund Inc. | 5.00% | Unsecured Debt | (8) | — | 352 | 1,603 | — | 60,000 | — | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAPCO Precast, LLC | Member Units | (8) | — | (2,540) | 1,823 | 16,100 | — | 2,540 | 13,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nebraska Vet AcquireCo, LLC (NVS) | Preferred Member Units | (5) | — | — | — | 6,500 | — | — | 6,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (5) | — | — | 979 | 10,395 | 13 | — | 10,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NexRev LLC | Preferred Member Units | (8) | — | 1,810 | 60 | 1,470 | 1,810 | — | 3,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.00% | Secured Debt | (8) | — | (1,351) | 1,417 | 16,727 | 28 | 2,005 | 14,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NRI Clinical Research, LLC | Member Units | (9) | 8,786 | (4,835) | 2,805 | 5,600 | — | 5,600 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (9) | — | (1,238) | — | 1,490 | — | 1,490 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | Secured Debt | (9) | — | (48) | 380 | 5,620 | 48 | 5,668 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NRP Jones, LLC | Member Units | (5) | — | 3,619 | (45) | 2,821 | 3,619 | — | 6,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (5) | — | — | 189 | 2,080 | — | — | 2,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NuStep, LLC | Preferred Member Units | (5) | — | 2,720 | — | 10,780 | 2,720 | — | 13,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.50% | Secured Debt | (5) | — | 17 | 1,507 | 17,193 | 47 | — | 17,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.50% | L+ | 6.50% | Secured Debt | (5) | — | — | 25 | — | 2,000 | 400 | 1,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orttech Holdings, LLC | Preferred Stock | (5) | — | — | — | — | 12,600 | 1,000 | 11,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 11.00% | Secured Debt | (5) | — | — | 767 | — | 24,183 | — | 24,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pearl Meyer Topco LLC | Member Units | (6) | — | 5,539 | 1,949 | 15,940 | 5,540 | — | 21,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (6) | — | 258 | 3,223 | 37,202 | 310 | 3,838 | 33,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pegasus Research Group, LLC | Member Units | (8) | — | (1,550) | — | 8,830 | — | 1,550 | 7,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
River Aggregates, LLC | Member Units | (8) | — | 160 | 125 | 3,240 | 160 | — | 3,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tedder Industries, LLC | Preferred Member Units | (9) | — | — | — | 8,136 | — | — | 8,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (9) | — | — | 1,486 | 16,301 | 2,032 | 1,600 | 16,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UnionRock Energy Fund II, LP | LP Interests | (9) | — | 2,407 | — | 2,894 | 3,781 | 220 | 6,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vision Interests, Inc. | Series A Preferred Stock | (9) | — | (160) | — | 3,160 | — | 160 | 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (9) | — | — | 200 | 2,028 | — | — | 2,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to investments transferred from other 1940 Act classification during the period | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control investments | $ | (4,459) | $ | 65,756 | $ | 85,904 | $ | 1,113,725 | $ | 340,046 | $ | 117,553 | $ | 1,336,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAC Holdings, Inc. | Common Stock | (7) | $ | — | $ | (1,038) | $ | — | $ | 3,148 | $ | — | $ | 1,038 | $ | 2,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (7) | — | (968) | — | 2,938 | — | 968 | 1,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18.00% | 8.00% | Secured Debt | (7) | — | (89) | 1,329 | 9,187 | 744 | 223 | 9,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFG Capital Group, LLC | Preferred Member Units | (8) | — | 1,570 | 200 | 5,810 | 1,570 | — | 7,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (8) | — | — | 26 | 491 | — | 260 | 231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp. | 10.00% | 10.00% | Secured Debt | (6) | — | — | — | — | 1,963 | — | 1,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.50% | L+ | 7.50% | Secured Debt | (6) | — | — | — | — | 7,092 | — | 7,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.75% | L+ | 6.25% | 1.50% | Secured Debt | (6) | (4,528) | 1,133 | — | 12,263 | 1,521 | 13,784 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB Tank Services, LLC | Member Units | (8) | — | (280) | — | 280 | — | 280 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 11.00% | Unsecured Debt | (8) | — | (1,000) | 464 | 4,722 | 27 | 1,001 | 3,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.00% | 15.00% | Preferred Stock (non-voting) | (8) | — | (162) | 11 | 151 | 11 | 162 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boccella Precast Products LLC | Member Units | (6) | — | (1,210) | 379 | 6,040 | — | 1,210 | 4,830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (6) | — | — | 1 | — | 320 | — | 320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brightwood Capital Fund Investments - Fund V | LP Interests (Brightwood Capital Fund V, LP) | (6) | — | — | — | — | 1,000 | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buca C, LLC | 10.25% | L+ | 9.25% | Secured Debt | (7) | — | (373) | 1,264 | 14,256 | 487 | 373 | 14,370 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CAI Software LLC | Member Units | (6) | — | 7,321 | 1,900 | 7,190 | 7,321 | 1,921 | 12,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (6) | — | (1) | 5,547 | 47,474 | 23,601 | 4,474 | 66,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chandler Signs Holdings, LLC | Class A Units | (8) | — | (810) | — | 1,460 | — | 810 | 650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte Russe, Inc | Common Stock | (9) | (3,141) | 3,141 | — | — | 3,141 | 3,141 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classic H&G Holdings, LLC | Preferred Member Units | (6) | — | 4,110 | 820 | 9,510 | 4,110 | — | 13,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.00% | L+ | 6.00% | Secured Debt | (6) | — | — | 26 | — | 1,400 | — | 1,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Secured Debt | (6) | — | (73) | 1,807 | 24,800 | 73 | 5,599 | 19,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Congruent Credit Opportunities Funds | LP Interests (Congruent Credit Opportunities Fund II, LP) | (8) | (4,449) | 4,355 | — | 94 | 4,355 | 4,449 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (Congruent Credit Opportunities Fund III, LP) | (8) | — | (96) | 583 | 11,540 | — | 1,137 | 10,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Copper Trail Energy Fund I, LP | LP Interests (Copper Trail Energy Fund I, LP) | (9) | (203) | 379 | 378 | 1,782 | 379 | 2,161 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dos Rios Partners | LP Interests (Dos Rios Partners - A, LP) | (8) | — | 1,450 | — | 1,720 | 1,450 | — | 3,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (Dos Rios Partners, LP) | (8) | — | 4,567 | — | 5,417 | 4,567 | — | 9,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dos Rios Stone Products LLC | Class A Preferred Units | (8) | — | (340) | — | 1,250 | — | 340 | 910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Teak Fine Hardwoods, Inc. | Common Stock | (7) | (80) | 180 | 100 | 300 | 180 | 480 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EIG Fund Investments | LP Interests (EIG Global Private Debt Fund-A, L.P.) | (8) | 9 | 92 | 35 | 526 | 125 | 177 | 474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freeport Financial SBIC Fund LP | LP Interests (Freeport Financial SBIC Fund LP) | (5) | — | 869 | — | 5,264 | 869 | — | 6,133 |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LP Interests (Freeport First Lien Loan Fund III LP) | (5) | — | 66 | 613 | 10,321 | 66 | 3,156 | 7,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GFG Group, LLC. | Preferred Member Units | (5) | — | 2,090 | 460 | — | 6,990 | — | 6,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% Secured Debt | (5) | — | — | 1,211 | — | 15,631 | 3,200 | 12,431 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawk Ridge Systems, LLC | Preferred Member Units | (9) | — | 270 | — | 420 | 270 | — | 690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Member Units | (9) | — | 5,130 | 691 | 8,030 | 5,130 | — | 13,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.00% | L+ | 6.00% | Secured Debt | (9) | — | — | 23 | — | 2,585 | — | 2,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9.00% | Secured Debt | (9) | — | (25) | 1,366 | 18,400 | 25 | 25 | 18,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston Plating and Coatings, LLC | Member Units | (8) | — | (1,620) | 180 | 5,080 | — | 1,620 | 3,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Unsecured Convertible Debt | (8) | — | — | 182 | 2,900 | — | — | 2,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HPEP 3, L.P. | LP Interests (HPEP 3, L.P.) | (8) | — | 803 | — | 3,258 | 1,177 | 252 | 4,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-45 SLF LLC | Member Units (Fully diluted 20.0%; 24.40% profits interest) (8) | (8) | — | 413 | 1,386 | 15,787 | 1,215 | 2,000 | 15,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iron-Main Investments, LLC | Common Stock | (5) | — | — | — | — | 1,027 | — | 1,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.50% | Secured Debt | (5) | — | — | 98 | — | 3,168 | — | 3,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (5) | — | — | 191 | — | 4,555 | — | 4,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L.F. Manufacturing Holdings, LLC | Member Units | (8) | — | 50 | — | 2,050 | 50 | — | 2,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14.00% | 14.00% | Preferred Member Units (non-voting) | (8) | — | — | 10 | 93 | 10 | — | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meisler Operating LLC | Common Stock | (5) | 17,048 | (7,414) | — | 16,010 | — | 16,010 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OnAsset Intelligence, Inc. | Common Stock | (8) | — | (830) | — | — | 830 | 830 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (8) | — | 830 | — | — | 830 | 830 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | 10.00% | Unsecured Debt | (8) | — | — | 6 | 64 | 129 | 6 | 187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | 12.00% | Secured Debt | (8) | — | — | 685 | 7,301 | 686 | — | 7,987 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oneliance, LLC | Preferred Stock | (7) | — | — | — | — | 1,056 | — | 1,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | L+ | 11.00% | Secured Debt | (7) | — | — | 162 | — | 5,545 | — | 5,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCI Holding Company, Inc. | Preferred Stock | (9) | — | (203) | 2,852 | 4,130 | — | 4,130 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) | 12.00% | Secured Debt | (8) | (694) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SI East, LLC (Stavig) | Preferred Member Units | (7) | — | 5,422 | 2,102 | 9,780 | 5,422 | 4,782 | 10,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.25% | Secured Debt | (7) | — | (74) | 2,332 | 32,962 | 34,500 | 3,862 | 63,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Slick Innovations, LLC | Common Stock | (6) | — | 180 | — | 1,330 | 180 | — | 1,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | (6) | — | 40 | — | 360 | 40 | — | 400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13.00% | Secured Debt | (6) | — | (33) | 545 | 5,720 | 33 | 433 | 5,320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sonic Systems International, LLC | Common Stock | (8) | — | — | 26 | — | 1,070 | — | 1,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.50% | L+ | 7.50% | Secured Debt | (8) | — | — | 111 | — | 11,747 | — | 11,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superior Rigging & Erecting Co. | Preferred Member Units | (7) | — | — | — | 4,500 | — | — | 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12.00% | Secured Debt | (7) | — | — | 1,982 | 21,298 | 25 | — | 21,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Affiliati Network, LLC | Preferred Stock | (9) | — | — | — | — | 6,400 | — | 6,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.00% | Secured Debt | (9) | — | — | 2 | — | 381 | — | 381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.83% | Secured Debt | (9) | — | — | 421 | — | 13,862 | 239 | 13,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UniTek Global Services, Inc. | 15.00% | 15.00% | Secured Convertible Debt | (6) | — | 966 | 105 | — | 2,249 | 87 | 2,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.00% | 20.00% | Preferred Stock | (6) | — | 737 | — | 375 | 737 | — | 1,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
20.00% | 20.00% | Preferred Stock | (6) | — | (230) | 230 | 2,833 | 230 | 230 | 2,833 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.50% | L+ | 5.50% | 2.00% | Secured Debt | (6) | — | 114 | 183 | 2,425 | 243 | 454 | 2,214 |
Company | Total Rate | Base Rate | Spread | PIK Rate | Type of Investment(1)(10)(11) | Geography | Amount of Realized Gain/(Loss) | Amount of Unrealized Gain/(Loss) | Amount of Interest, Fees or Dividends Credited to Income(2) | December 31, 2020 Fair Value | Gross Additions(3) | Gross Reductions(4) | September 30, 2021 Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Volusion, LLC | Preferred Member Units | (8) | — | — | — | 5,990 | — | — | 5,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.50% | Secured Debt | (8) | — | 991 | 1,736 | 19,243 | 991 | 2,800 | 17,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% | Unsecured Convertible Debt | (8) | — | 118 | 24 | 291 | 118 | — | 409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts related to investments transferred from other 1940 Act classification during the period | — | — | — | (12,263) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate investments | $ | 3,962 | $ | 30,518 | $ | 34,785 | $ | 366,301 | $ | 195,509 | $ | 88,934 | $ | 485,139 |
Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in our operating areas.
COVID-19 MSCC has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes.
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results and financial condition or the impact that such disruptions may have on our results of operations and financial condition in the future.
OF OUR BUSINESS
Private Loan investments are typically similar in size, structure, terms and conditions to investments we hold in our LMM portfolio and Middle Market portfolio. Our Private Loan portfolio debt investments are generally secured by either a first or second priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date.
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employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities.
During May 2012, we entered into an investment sub advisory agreement with HMS Adviser, LP (“HMS Adviser”), which was the investment adviser to MSC Income at the time, to provide certain investment advisory services to HMS Adviser. In December 2013, after obtaining required no action relief from the SEC to allow us to own a registered investment adviser, we assigned the sub advisory agreement to the External Investment Manager since the fees received from such arrangement could otherwise have negative consequences on our ability to meet the source of income requirement necessary for us to maintain our RIC tax treatment. Under the investment sub advisory agreement, the External Investment Manager was entitled to 50% of the annual base management fee and the incentive fees earned by HMS Adviser under its advisory agreement with MSC Income. Effective October 30, 2020, the External Investment Manager and HMS Adviser consummated the transactions contemplated by that certain asset purchase agreement by and among the External Investment Manager, HMS Adviser and the other parties thereto whereby the External Investment Manager became the sole investment adviser and administrator to MSC Income pursuant to an Investment Advisory and Administrative Services Agreement entered into between the External Investment Manager and MSC Income (the “Advisory Agreement”). The Advisory Agreement includes a 1.75% annual management fee, reduced from 2.00% previously, and the same incentive fee as under MSC Income’s prior advisory agreement with HMS Adviser, with the External Investment Manager receiving 100% of such fee income (increased from 50% previously).
In April 2014, we received an exemptive order from the SEC permitting co-investments by us and MSC Income in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. During December 2020, we received an amended exemptive order from the SEC permitting co-investments by us, MSC Income and other funds advised by the External Investment Manager in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. We have made co-investments with MSC Income and the Private Loan Fund (as defined below), and in the future intend to make co-investments with MSC Income, the Private Loan Fund and other funds advised by the External Investment Manager, in accordance with the conditions of the order. The order requires, among other things, that we and the External Investment Manager consider whether each such investment opportunity is appropriate for us and the External Investment Manager’s advised clients, including MSC Income, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the External Investment Manager may receive performance-based fee compensation from funds advised by the External Investment Manager, including MSC Income and the Private Loan Fund, this may provide the Company and the External Investment Manager an incentive to allocate opportunities to other participating funds instead of us. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict, including oversight by the independent members of our Board of Directors.
The External Investment Manager launched its first private fund, MS Private Loan Fund I, LP, a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments (the “Private Loan Fund”), in December 2020. The External Investment Manager entered into an Investment Management Agreement in December 2020 with the Private Loan Fund, pursuant to which the External Investment Manager provides investment advisory and management services to the Private Loan Fund in exchange for an asset-based fee and certain incentive fees.
The External Investment Manager earned base management fee income of $4.6 million and $2.3 million during the three months ended September 30, 2021 and 2020, respectively, and $12.7 million and $7.2 million during the nine months ended September 30, 2021 and 2020, respectively. During the three and nine months ended September 30, 2021, an insignificant amount of incentive fee income was earned, while no incentive fee income was earned in the three and nine months ended September 30, 2020.
We allocate certain expenses to the External Investment Manager pursuant to the sharing agreement between it and MSCC. Our total expenses are net of expenses allocated to the External Investment Manager for the three months ended September 30, 2021 and 2020 of $2.7 million and $1.9 million, respectively, and for the nine months ended September 30, 2021 and 2020 of $7.7 million and $5.3 million, respectively. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. The total contribution to our net investment income was $4.2 million and $2.2 million for the three months ended September 30, 2021 and 2020, respectively, and $11.6 million and $6.7 million for the nine months ended September 30, 2021 and 2020, respectively.
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See “Note C – Fair Value Hierarchy for Investments and Debentures – Portfolio Composition – Investment Portfolio Composition” in the notes to consolidated financial statements for a summary of Main Street’s investments in the LMM, Middle Market and Private Loan portfolios as of September 30, 2021 and December 31, 2020.
Our portfolio investments are generally made through MSCC, the Taxable Subsidiaries and the Funds. MSCC, the Taxable Subsidiaries and the Funds share the same investment strategies and criteria, although they are subject to different regulatory regimes. An investor’s return in MSCC will depend, in part, on the Taxable Subsidiaries’ and the Funds’ investment returns as they are wholly ownedwholly-owned subsidiaries of MSCC.
As of September 30, 2022 | |||||||||||||||||
LMM (a) | Private Loan | Middle Market | |||||||||||||||
(dollars in millions) | |||||||||||||||||
Number of portfolio companies | 75 | 87 | 33 | ||||||||||||||
Fair value | $ | 1,910.9 | $ | 1,476.9 | $ | 354.3 | |||||||||||
Cost | $ | 1,593.7 | $ | 1,523.8 | $ | 419.4 | |||||||||||
Debt investments as a % of portfolio (at cost) | 73.0 | % | 97.1 | % | 94.4 | % | |||||||||||
Equity investments as a % of portfolio (at cost) | 27.0 | % | 2.9 | % | 5.6 | % | |||||||||||
% of debt investments at cost secured by first priority lien | 99.1 | % | 99.9 | % | 98.8 | % | |||||||||||
Weighted-average annual effective yield (b) | 11.8 | % | 9.9 | % | 9.6�� | % | |||||||||||
Average EBITDA (c) | $ | 7.7 | $ | 41.9 | $ | 70.7 |
As of December 31, 2021 | |||||||||||||||||
LMM (a) | Private Loan | Middle Market | |||||||||||||||
(dollars in millions) | |||||||||||||||||
Number of portfolio companies | 73 | 75 | 36 | ||||||||||||||
Fair value | $ | 1,716.4 | $ | 1,141.8 | $ | 395.2 | |||||||||||
Cost | $ | 1,455.7 | $ | 1,157.5 | $ | 440.9 | |||||||||||
Debt investments as a % of portfolio (at cost) | 70.9 | % | 95.7 | % | 93.3 | % | |||||||||||
Equity investments as a % of portfolio (at cost) | 29.1 | % | 4.3 | % | 6.7 | % | |||||||||||
% of debt investments at cost secured by first priority lien | 99.0 | % | 98.7 | % | 98.7 | % | |||||||||||
Weighted-average annual effective yield (b) | 11.2 | % | 8.2 | % | 7.5 | % | |||||||||||
Average EBITDA (c) | $ | 6.2 | $ | 41.3 | $ | 76.0 |
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this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both September 30, 20212022 and December 31, 20202021, our Investment Portfolio valued at fair value represented approximately 96% and 97% of our total assets, respectively.assets. We are required to report our investments at fair value. We follow the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See “NoteNote B.1.—Valuation of the Investment Portfolio”Portfolio included in the notes to consolidated financial statementsItem 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our investment portfolio valuation process and procedures.
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these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed below)in Note B.9.—Summary of Significant Accounting Policies—Income Taxes included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2022 and 2021, (i) 1.2% and 2020, (i) approximately 2.1% and 3.7%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately0.3% and 0.6% and 0.7%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2022 and 2021, and 2020, (i) approximately 3.0%1.3% and 3.0%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) approximately 0.6%0.5% and 0.6%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.
| | | | | | |||||||||||||||
Cost: |
| September 30, 2021 |
| December 31, 2020 | | Cost: | September 30, 2022 | December 31, 2021 | ||||||||||||
First lien debt |
| 80.5 | % | 77.0 | % | | First lien debt | 85.4 | % | 82.5 | % | |||||||||
Equity |
| 17.6 | % | 19.0 | % | | Equity | 13.9 | 16.2 | |||||||||||
Second lien debt |
| 1.1 | % | 2.7 | % | | Second lien debt | 0.1 | 0.6 | |||||||||||
Equity warrants |
| 0.3 | % | 0.5 | % | | Equity warrants | 0.2 | 0.3 | |||||||||||
Other |
| 0.5 | % | 0.8 | % | | Other | 0.4 | 0.4 | |||||||||||
|
| 100.0 | % | 100.0 | % | | ||||||||||||||
100.0 | % | 100.0 | % |
| | | | | | |||||||||||||||
Fair Value: |
| September 30, 2021 |
| December 31, 2020 | |
| Fair Value: | September 30, 2022 | December 31, 2021 | |||||||||||
First lien debt |
| 71.6 | % | 70.0 | % |
| First lien debt | 76.1 | % | 74.3 | % | |||||||||
Equity |
| 26.7 | % | 26.4 | % |
| Equity | 23.2 | 24.6 | |||||||||||
Second lien debt |
| 1.0 | % | 2.4 | % |
| Second lien debt | 0.2 | 0.5 | |||||||||||
Equity warrants |
| 0.3 | % | 0.4 | % |
| Equity warrants | 0.1 | 0.2 | |||||||||||
Other |
| 0.4 | % | 0.8 | % |
| Other | 0.4 | 0.4 | |||||||||||
|
| 100.0 | % | 100.0 | % |
| ||||||||||||||
100.0 | % | 100.0 | % |
107
Portfolio had sevennine investments on non-accrual status, which comprised approximately 1.3%0.7% of its fair value and 3.6%3.3% of its cost.
| | | | | | | | | | | | | |
| | Three Months Ended | | | | | |
| | ||||
| | September 30, | | Net Change | | ||||||||
|
| 2021 |
| 2020 |
| Amount |
| % |
| ||||
| | (dollars in thousands) | | ||||||||||
Total investment income | | $ | 76,779 | | $ | 51,954 | | $ | 24,825 |
| 48 | % | |
Total expenses | |
| (27,475) | |
| (21,492) | |
| (5,983) |
| 28 | % | |
Net investment income | |
| 49,304 | |
| 30,462 | |
| 18,842 |
| 62 | % | |
Net realized gain (loss) from investments | |
| 8,305 | |
| (13,874) | |
| 22,179 | | NM | | |
Net unrealized appreciation (depreciation) from investments | |
| 38,631 | |
| 63,114 | |
| (24,483) | | NM | | |
Income tax benefit (provision) | |
| (12,284) | |
| (1,507) | |
| (10,777) | | NM | | |
Net increase in net assets resulting from operations | | $ | 83,956 | | $ | 78,195 | | $ | 5,761 |
| 7 | % | |
| | | | | | | | | | | | | |
| | Three Months Ended | | | | | |
| | ||||
| | September 30, | | Net Change | | ||||||||
|
| 2021 |
| 2020 |
| Amount |
| % |
| ||||
| | (dollars in thousands, except per share amounts) | | ||||||||||
Net investment income | | $ | 49,304 | | $ | 30,462 | | $ | 18,842 |
| 62 | % | |
Share‑based compensation expense | |
| 2,869 | |
| 2,561 | |
| 308 |
| 12 | % | |
Distributable net investment income(a) | | $ | 52,173 | | $ | 33,023 | | $ | 19,150 |
| 58 | % | |
Net investment income per share—Basic and diluted | | $ | 0.71 | | $ | 0.46 | | $ | 0.25 |
| 54 | % | |
Distributable net investment income per share—Basic and diluted(a) | | $ | 0.76 | | $ | 0.50 | | $ | 0.26 |
| 52 | % | |
|
|
108
Three Months Ended September 30, | Net Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Total investment income | $ | 98,387 | $ | 76,779 | $ | 21,608 | 28 | % | |||||||||||||||
Total expenses | (35,939) | (27,475) | (8,464) | 31 | % | ||||||||||||||||||
Net investment income | 62,448 | 49,304 | 13,144 | 27 | % | ||||||||||||||||||
Net realized gain from investments | 5,031 | 8,305 | (3,274) | NM | |||||||||||||||||||
Net unrealized appreciation (depreciation) from investments | (10,081) | 38,631 | (48,712) | NM | |||||||||||||||||||
Income tax provision | (2,060) | (12,284) | 10,224 | NM | |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 55,338 | $ | 83,956 | $ | (28,618) | (34) | % |
Three Months Ended September 30, | Net Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Net investment income | $ | 62,448 | $ | 49,304 | $ | 13,144 | 27 | % | |||||||||||||||
Share‑based compensation expense | 3,617 | 2,869 | 748 | 26 | % | ||||||||||||||||||
Deferred compensation benefit | (298) | (22) | (276) | NM | |||||||||||||||||||
Distributable net investment income (a) | $ | 65,767 | $ | 52,151 | $ | 13,616 | 26 | % | |||||||||||||||
Net investment income per share—Basic and diluted | $ | 0.83 | $ | 0.71 | $ | 0.12 | 17 | % | |||||||||||||||
Distributable net investment income per share—Basic and diluted (a) | $ | 0.88 | $ | 0.76 | $ | 0.12 | 16 | % |
| | | | | | | | | | | | | |
| | Three Months Ended | | | | | | | | ||||
| | September 30, | | Net Change | | ||||||||
| | 2021 | | 2020 | | Amount | | % | | ||||
| | | (dollars in thousands) | | | ||||||||
Interest income | | $ | 50,468 | | $ | 42,138 | | $ | 8,330 | | 20 | % | (a) |
Dividend income | | | 23,012 | | | 8,106 | | | 14,906 | | 184 | % | (b) |
Fee income | | | 3,299 | | | 1,710 | | | 1,589 | | 93 | % | (c) |
Total investment income | | $ | 76,779 | | $ | 51,954 | | $ | 24,825 | | 48 | % | (d) |
Three Months Ended September 30, | Net Change | |||||||||||||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Interest income | $ | 75,023 | $ | 50,468 | $ | 24,555 | 49 | % | (a) | |||||||||||||||||
Dividend income | 19,424 | 23,012 | (3,588) | (16) | % | (b) | ||||||||||||||||||||
Fee income | 3,940 | 3,299 | 641 | 19 | % | (c) | ||||||||||||||||||||
Total investment income | $ | 98,387 | $ | 76,779 | $ | 21,608 | 28 | % | (d) |
| | | | | | | | | | | | | |
| | Three Months Ended | | | | | | | | ||||
| | September 30, | | Net Change | | ||||||||
| | 2021 | | 2020 | | Amount | | % | | ||||
| | | (dollars in thousands) | | | ||||||||
Employee compensation expenses | | $ | 9,598 | | $ | 4,407 | | $ | 5,191 | | 118 | % | (a) |
Deferred compensation plan expense | | | (22) | | | 573 | | | (595) | | (104) | % | (b) |
Total compensation expense | | | 9,576 | | | 4,980 | | | 4,596 | | 92 | % | |
G&A expense | | | 3,047 | | | 3,354 | | | (307) | | (9) | % | |
Interest expense | | | 14,711 | | | 12,489 | | | 2,222 | | 18 | % | (c) |
Share-based compensation expense | | | 2,869 | | | 2,561 | | | 308 | | 12 | % | |
Gross expenses | | | 30,203 | | | 23,384 | | | 6,819 | | 29 | % | |
Allocation of expenses to the External Investment Manager | | | (2,728) | | | (1,892) | | | (836) | | 44 | % | (d) |
Total expenses | | $ | 27,475 | | $ | 21,492 | | $ | 5,983 | | 28 | % | |
109
Three Months Ended September 30, | Net Change | |||||||||||||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Cash compensation | $ | 10,702 | $ | 9,599 | $ | 1,104 | 11 | % | (a) | |||||||||||||||||
Deferred compensation plan expense (benefit) | (298) | (22) | (276) | NM | (b) | |||||||||||||||||||||
Compensation | 10,404 | 9,576 | 828 | 9 | % | |||||||||||||||||||||
General and administrative | 4,018 | 3,047 | 971 | 32 | % | |||||||||||||||||||||
Interest | 21,234 | 14,711 | 6,523 | 44 | % | (c) | ||||||||||||||||||||
Share-based compensation | 3,617 | 2,869 | 748 | 26 | % | |||||||||||||||||||||
Gross expenses | 39,273 | 30,204 | 9,070 | 30 | % | |||||||||||||||||||||
Expenses allocated to the External Investment Manager | (3,334) | (2,728) | (606) | 22 | % | |||||||||||||||||||||
Total expenses | $ | 35,939 | $ | 27,476 | $ | 8,464 | 31 | % |
Net Investment Income
above.
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2021 | |||||||||||||||||||
| | Full Exits | | Partial Exits | | Restructures | | Other (a) | | Total (a) | |||||||||||
| | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | Net Gain/(Loss) | |||||
| | (dollars in thousands) | |||||||||||||||||||
LMM Portfolio | | $ | 13,275 | | 2 | | $ | - | | - | | $ | - | | - | | $ | (362) | | $ | 12,913 |
Middle Market Portfolio | | | - | | - | | | - | | - | | | (4,528) | | 1 | | | 43 | | | (4,485) |
Private Loan Portfolio | | | - | | - | | | - | | - | | | - | | - | | | (31) | | �� | (31) |
Other Portfolio | | | - | | - | | | - | | - | | | - | | - | | | (101) | | | (101) |
Short-term Portfolio | | | | | | | | | | | | | | | | | | 9 | | | 9 |
Total net realized gain/(loss) | | $ | 13,275 | | 2 | | $ | - | | - | | $ | (4,528) | | 1 | | $ | (442) | | $ | 8,305 |
110
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Full Exits | Partial Exits | Restructures | Other (a) | Total | |||||||||||||||||||||||||||||||||||||||||||
Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | Net Gain/(Loss) | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
LMM portfolio | $ | — | — | $ | — | — | $ | (5,822) | 1 | $ | — | $ | (5,822) | ||||||||||||||||||||||||||||||||||
Private Loan portfolio | 8,855 | 3 | — | — | — | — | 257 | 9,112 | |||||||||||||||||||||||||||||||||||||||
Middle Market portfolio | 1,038 | 1 | — | — | — | — | 153 | 1,191 | |||||||||||||||||||||||||||||||||||||||
Other Portfolio | — | — | 550 | 1 | — | — | — | 550 | |||||||||||||||||||||||||||||||||||||||
Short-term portfolio | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total net realized gain/(loss) | $ | 9,893 | 4 | $ | 550 | 1 | $ | (5,822) | 1 | $ | 410 | $ | 5,031 |
____________________
| | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2021 | |||||||||||||
| | | | | Middle | | Private | | | | | | | ||
|
| LMM(a) |
| Market |
| Loan |
| Other | | Total | |||||
|
| (dollars in millions) | |||||||||||||
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | | $ | (9.6) | | $ | (0.3) | | $ | (1.4) | | $ | 0.2 | | $ | (11.1) |
Net unrealized appreciation relating to investments | |
| 27.9 | |
| 2.9 | |
| 3.2 | |
| 15.7 | (b) |
| 49.7 |
Total net unrealized appreciation relating to investments | | $ | 18.3 | | $ | 2.6 | | $ | 1.8 | | $ | 15.9 | | $ | 38.6 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
LMM(a) | Private Loan | Middle Market | Other | Total | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | $ | 5.8 | $ | (9.0) | $ | (1.0) | $ | (0.6) | $ | (4.8) | |||||||||||||||||||
Net unrealized appreciation (depreciation) relating to portfolio investments | 4.1 | 1.6 | (8.6) | (2.4) | (b) | (5.3) | |||||||||||||||||||||||
Total net unrealized appreciation (depreciation) relating to portfolio investments | $ | 9.9 | $ | (7.4) | $ | (9.6) | $ | (3.0) | $ | (10.1) |
111
Comparison of the nine months ended September 30, 20212022 and September 30, 2020
| | | | | | | | | | | | |
| | Nine Months Ended | | | | | |
| ||||
| | September 30, | | Net Change | ||||||||
|
| 2021 |
| 2020 |
| Amount |
| % | ||||
| | (dollars in thousands) | ||||||||||
Total investment income | | $ | 206,881 | | $ | 160,109 | | $ | 46,772 |
| 29 | % |
Total expenses | |
| (75,424) | |
| (61,809) | |
| (13,615) |
| 22 | % |
Net investment income | |
| 131,457 | |
| 98,300 | |
| 33,157 |
| 34 | % |
Net realized gain (loss) from investments | |
| 10,575 | |
| (44,323) | |
| 54,898 | | NM | |
Net realized loss on extinguishment of debt | |
| — | |
| (534) | |
| 534 | | NM | |
Net unrealized appreciation (depreciation) from: | | | | | | | | | | | | |
Investments | |
| 117,072 | |
| (118,030) | |
| 235,102 | | NM | |
SBIC debentures | |
| — | |
| 460 | |
| (460) | | NM | |
Total net unrealized appreciation (depreciation) | |
| 117,072 | |
| (117,570) | |
| 234,642 | | NM | |
Income tax benefit (provision) | |
| (22,691) | |
| 14,253 | |
| (36,944) | | NM | |
Net increase (decrease) in net assets resulting from operations | | $ | 236,413 | | $ | (49,874) | | $ | 286,287 |
| NM | |
| | | | | | | | | | | | |
| | Nine Months Ended | | | | | |
| ||||
| | September 30, | | Net Change | ||||||||
|
| 2021 |
| 2020 |
| Amount |
| % | ||||
| | (dollars in thousands, except per share amounts) | ||||||||||
Net investment income | | $ | 131,457 | | $ | 98,300 | | $ | 33,157 |
| 34 | % |
Share‑based compensation expense | |
| 7,961 | |
| 8,215 | |
| (254) |
| (3) | % |
Distributable net investment income(a) | | $ | 139,418 | | $ | 106,515 | | $ | 32,903 |
| 31 | % |
Net investment income per share—Basic and diluted | | $ | 1.92 | | $ | 1.50 | | $ | 0.42 |
| 28 | % |
Distributable net investment income per share—Basic and diluted(a) | | $ | 2.03 | | $ | 1.63 | | $ | 0.40 |
| 25 | % |
|
|
112
Nine Months Ended September 30, | Net Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Total investment income | $ | 262,981 | $ | 206,881 | $ | 56,100 | 27 | % | |||||||||||||||
Total expenses | (93,597) | (75,424) | (18,173) | 24 | % | ||||||||||||||||||
Net investment income | 169,384 | 131,457 | 37,927 | 29 | % | ||||||||||||||||||
Net realized gain from investments | 3,302 | 10,575 | (7,273) | NM | |||||||||||||||||||
Net unrealized appreciation (depreciation) from investments | (19,922) | 117,072 | (136,994) | NM | |||||||||||||||||||
Income tax provision | (17,477) | (22,691) | 5,214 | NM | |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 135,287 | $ | 236,413 | $ | (101,126) | (43) | % |
Nine Months Ended September 30, | Net Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Net investment income | $ | 169,384 | $ | 131,457 | $ | 37,927 | 29 | % | |||||||||||||||
Share‑based compensation expense | 10,031 | 7,961 | 2,070 | 26 | % | ||||||||||||||||||
Deferred compensation expense (benefit) | (1,899) | 706 | (2,605) | NM | |||||||||||||||||||
Distributable net investment income (a) | $ | 177,516 | $ | 140,124 | $ | 37,392 | 27 | % | |||||||||||||||
Net investment income per share—Basic and diluted | $ | 2.31 | $ | 1.92 | $ | 0.39 | 20 | % | |||||||||||||||
Distributable net investment income per share—Basic and diluted (a) | $ | 2.42 | $ | 2.04 | $ | 0.38 | 19 | % |
| | | | | | | | | | | | | |
| | Nine Months Ended | | | | | | | | ||||
| | September 30, | | Net Change | | ||||||||
| | 2021 | | 2020 | | Amount | | % | | ||||
| | | (dollars in thousands) | | | ||||||||
Interest Income | | $ | 139,882 | | $ | 128,587 | | $ | 11,295 | | 9 | % | (a) |
Dividend Income | | | 59,328 | | | 23,942 | | | 35,386 | | 148 | % | (b) |
Fee Income | | | 7,671 | | | 7,580 | | | 91 | | 1 | % | |
Total Investment Income | | $ | 206,881 | | $ | 160,109 | | $ | 46,772 | | 29 | % | (c) |
Nine Months Ended September 30, | Net Change | |||||||||||||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Interest income | $ | 198,446 | $ | 139,882 | $ | 58,564 | 42 | % | (a) | |||||||||||||||||
Dividend income | 53,959 | 59,328 | (5,369) | (9) | % | (b) | ||||||||||||||||||||
Fee income | 10,576 | 7,671 | 2,905 | 38 | % | (c) | ||||||||||||||||||||
Total investment income | $ | 262,981 | $ | 206,881 | $ | 56,100 | 27 | % | (d) |
| | | | | | | | | | | | | |
| | Nine Months Ended | | | | | | | | ||||
| | September 30, | | Net Change | | ||||||||
| | 2021 | | 2020 | | Amount | | % | | ||||
| | | (dollars in thousands) | | | ||||||||
Employee compensation expenses | | $ | 21,834 | | $ | 11,589 | | $ | 10,245 | | 88 | % | (a) |
Deferred compensation plan expense | | | 956 | | | 691 | | | 265 | | 38 | % | |
Total compensation expense | | | 22,790 | | | 12,280 | | | 10,510 | | 86 | % | |
G&A expense | | | 9,439 | | | 9,827 | | | (388) | | (4) | % | |
Interest expense | | | 42,914 | | | 36,827 | | | 6,087 | | 17 | % | (b) |
Share-based compensation expense | | | 7,961 | | | 8,215 | | | (254) | | (3) | % | |
Gross expenses | | | 83,104 | | | 67,149 | | | 15,955 | | 24 | % | |
Allocation of expenses to the external investment manager | | | (7,680) | | | (5,340) | | | (2,340) | | 44 | % | (c) |
Total expenses | | $ | 75,424 | | $ | 61,809 | | $ | 13,615 | | 22 | % | |
113
Nine Months Ended September 30, | Net Change | |||||||||||||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Cash compensation | $ | 28,379 | $ | 22,084 | $ | 6,295 | 29 | % | (a) | |||||||||||||||||
Deferred compensation plan expense (benefit) | (1,899) | 706 | (2,605) | (369) | % | (b) | ||||||||||||||||||||
Compensation | 26,480 | 22,790 | 3,690 | 16 | % | |||||||||||||||||||||
General and administrative | 11,483 | 9,439 | 2,044 | 22 | % | |||||||||||||||||||||
Interest | 55,216 | 42,914 | 12,302 | 29 | % | (c) | ||||||||||||||||||||
Share-based compensation | 10,031 | 7,961 | 2,070 | 26 | % | |||||||||||||||||||||
Gross expenses | 103,209 | 83,104 | 20,105 | 24 | % | |||||||||||||||||||||
Expenses allocated to the External Investment Manager | (9,613) | (7,680) | (1,933) | 25 | % | |||||||||||||||||||||
Total expenses | $ | 93,596 | $ | 75,424 | $ | 18,172 | 24 | % |
Net Investment Income
corresponding liabilities, both of which are discussed above.
| | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2021 | |||||||||||||||||||
| | Full Exits | | Partial Exits | | Restructures | | Other (a) | | Total (a) | |||||||||||
| | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | # of Investments | | Net Gain/(Loss) | | Net Gain/(Loss) | |||||
| | (dollars in thousands) | |||||||||||||||||||
LMM Portfolio | | $ | 28,004 | | 4 | | $ | - | | - | | $ | (10,925) | | 1 | | $ | (569) | | $ | 16,510 |
Middle Market Portfolio | | | (4,243) | | 2 | | | 6,153 | | 1 | | | (4,528) | | 1 | | | 43 | | | (2,575) |
Private Loan Portfolio | | | - | | - | | | - | | - | | | - | | - | | | (48) | | | (48) |
Other Portfolio | | | (4,449) | | 1 | | | 777 | | 1 | | | - | | - | | | 351 | | | (3,321) |
Short-term Portfolio | | | - | | - | | | - | | - | | | - | | - | | | 9 | | | 9 |
Total net realized gain/(loss) | | $ | 19,312 | | 7 | | $ | 6,930 | | 2 | | $ | (15,453) | | 2 | | $ | (214) | | $ | 10,575 |
114
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Full Exits | Partial Exits | Restructures | Other (a) | Total | |||||||||||||||||||||||||||||||||||||||||||
Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | # of Investments | Net Gain/(Loss) | Net Gain/(Loss) | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
LMM portfolio | $ | — | — | $ | — | — | $ | (5,822) | 1 | $ | (458) | $ | (6,280) | ||||||||||||||||||||||||||||||||||
Private Loan portfolio | 10,415 | 4 | — | — | — | — | 441 | 10,856 | |||||||||||||||||||||||||||||||||||||||
Middle Market portfolio | (5,031) | 2 | — | — | — | — | 153 | (4,878) | |||||||||||||||||||||||||||||||||||||||
Other Portfolio | — | — | 3,119 | 2 | — | — | 441 | 3,560 | |||||||||||||||||||||||||||||||||||||||
Short-term portfolio | — | — | — | — | — | — | 44 | 44 | |||||||||||||||||||||||||||||||||||||||
Total net realized gain/(loss) | $ | 5,384 | 6 | $ | 3,119 | 2 | $ | (5,822) | 1 | $ | 621 | $ | 3,302 |
____________________
| | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2021 | |||||||||||||
| | | | | Middle | | Private | | | | | | | ||
|
| LMM(a) |
| Market |
| Loan |
| Other | | Total | |||||
|
| (dollars in millions) | |||||||||||||
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | | $ | (5.9) | | $ | 1.4 | | $ | (1.4) | | $ | 4.6 | | $ | (1.3) |
Net unrealized appreciation relating to investments | |
| 73.7 | |
| 6.4 | |
| 10.9 | |
| 27.4 | (b) |
| 118.4 |
Total net unrealized appreciation relating to investments | | $ | 67.8 | | $ | 7.8 | | $ | 9.5 | | $ | 32.0 | | $ | 117.1 |
| | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||
LMM(a) | Private Loan | Middle Market | Other | Total | ||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | $ | 6.8 | $ | (11.5) | $ | 4.9 | $ | (3.3) | $ | (3.1) | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to portfolio investments | 49.8 | (18.8) | (24.3) | (23.5) | (b) | (16.8) | ||||||||||||||||||||||||||
Total net unrealized appreciation (depreciation) relating to portfolio investments | $ | 56.6 | $ | (30.3) | $ | (19.4) | $ | (26.8) | $ | (19.9) |
which is primarily the result of the net activity relating to our portfolio investments held in our wholly owned taxable subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation/depreciation and other temporary book-tax differences and (ii) a current tax provision of $2.2 million primarily related to a $1.6 million provision for current U.S. federal and state income taxes and a $0.6 million provision for excise tax onin our estimated undistributed taxable income. The income tax benefit for the nine months ended September 30, 2020 of $14.3 million principally consisted of a deferred tax benefit of $15.7 million, partially offset by a current tax provision of $1.4 million, primarily related to a $1.1 million provision for excise tax on our estimated undistributed taxable income and $0.3 million provision for current U.S. federal and state income taxes. (Decrease) in Net Assets Resulting from Operations20212022 was $135.3 million, or $1.84 per share, compared with $236.4 million, or $3.45 per share, compared with a net decrease of $49.9 million, or $0.76 per share, during the nine months ended September 30, 2020.2021. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021.“COVID-19“Economic Update” section above.2021,2022, we realized a net increase in cash and cash equivalents of $27.7$28.5 million, which is the net result of $158.7$285.9 million of cash provided by our financing activities, partially offset by $257.3 million of cash used in our operating activities and $186.4 million of cash provided by our financing activities.$158.7$257.3 million of cash used in our operating activities resulted primarily from (i) cash uses totaling $911.1$911.3 million for the funding of new and follow-on portfolio company investments and settlement of accruals for portfolio investments existing as of December 31, 2020,2021 and (ii) cash payments of $18.8 million related to changes in other assets and liabilities, partially offset by (i) cash proceeds totaling $614.4$506.0 million from the sales and repayments of debt investments and sales of and return on capital from equity investments and (ii) cash flows that we115
generated from the operating profits earned totaling $123.1$166.7 million, which is our distributable net investment income, excluding the non-cash effects of the accretion of unearned income, payment-in-kind interest income, cumulative dividends and the amortization expense for deferred financing costs, and (iii) cash proceeds of $14.9 million related to changes in other assets and liabilities.
costs.
116
In November 2017, we issued $185.0 million in aggregate principal amount of 4.50% unsecured notes due December 1, 2022 (the “4.50% Notes due 2022”Notes”) at an issue price of 99.16%. The 4.50% Notes due 2022 are unsecured obligations and rank pari passu with our current and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the 4.50% Notes due 2022;Notes; effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, including borrowings under our Credit Facility; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, including without limitation, the indebtedness of the Funds. The 4.50% Notes due 2022 may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. The 4.50% Notes due 2022 bear interest at a rate of 4.50% per year payable semiannually on June 1 and December 1 of each year. We may from time to time repurchase the 4.50% Notes due 2022 in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2021,2022, the outstanding principal balance of the 4.50% Notes due 2022 was $185.0 million.
117
$300.0 million. In October 2021, we issued an additional $200.0 million in aggregate principal amount of the 3.00% Notes at an issue price of 101.741%. See Recent Developments for further discussion.
The indenture governing the 3.00% Notes (the “3.00% Notes Indenture”) contains certain covenants, including covenants requiring our compliance with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act, as well as covenants requiring us to provide financial information to the holders of the 3.00% Notes and the trustee if we cease to be subject to the reporting requirements of the Exchange Act. These covenants are subject to limitations and exceptions that are described in the 3.00% Notes Indenture. As of September 30, 2021,2022, we were in compliance with these covenants.
As of December 31, 2021, sales transactions representing 36,136 shares had not settled and are not included in shares issued and outstanding on the face of the Consolidated Balance Sheets but are included in the weighted average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the net asset value per share.
stock and repayments of note and debenture obligations as they come due.
118
Although we have been able to secure access to additional liquidity, including through the Credit Facility, public debt issuances, leverage available through the SBIC program and equity offerings, there is no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all.
See “Note B.13 – Recently Issued or Adopted Accounting Standards” to the consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of recently issued or adopted accounting standards.
For a description of recently issued or adopted accounting standards, see
Note B.13 – Recently Issued or Adopted Accounting Standards included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
| | | | | | | | | | | | | | | | | | | | | |
|
| 2021 |
| 2022 |
| 2023 |
| 2024 |
| 2025 |
| Thereafter |
| Total | |||||||
SBIC debentures | | $ | — | | $ | — | | $ | 16,000 | | $ | 63,800 | | $ | — | | $ | 270,200 | | $ | 350,000 |
Interest due on SBIC debentures | | | - | | | 10,209 | | | 9,899 | | | 8,455 | | | 7,228 | | | 22,793 | | | 58,584 |
4.50% Notes due 2022 | | | — | | | 185,000 | | | — | | | — | | | — | | | — | | | 185,000 |
Interest due on 4.50% Notes due 2022 | | | 4,163 | | | 8,325 | | | — | | | — | | | — | | | — | | | 12,488 |
5.20% Notes due 2024 | | | — | | | — | | | — | | | 450,000 | | | — | | | — | | | 450,000 |
Interest due on 5.20% Notes due 2024 | | | 11,700 | | | 23,400 | | | 23,400 | | | 11,700 | | | — | | | — | | | 70,200 |
3.00% Notes due 2026 | | | — | | | — | | | — | | | — | | | — | | | 300,000 | | | 300,000 |
Interest due on 3.00% Notes due 2026 | | | - | | | 9,050 | | | 9,000 | | | 9,000 | | | 9,000 | | | 9,000 | | | 45,050 |
Operating Lease Obligation (1) | | | 194 | | | 790 | | | 804 | | | 818 | | | 832 | | | 1,779 | | | 5,217 |
Total | | $ | 16,057 | | $ | 236,774 | | $ | 59,103 | | $ | 543,773 | | $ | 17,060 | | $ | 603,772 | | $ | 1,476,539 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
3.00% Notes due 2026 | $ | — | $ | — | $ | — | $ | — | $ | 500,000 | $ | — | $ | 500,000 | |||||||||||||||||||||||||||
Interest due on 3.00% Notes due 2026 | — | 15,017 | 15,000 | 15,000 | 15,000 | — | 60,017 | ||||||||||||||||||||||||||||||||||
5.20% Notes due 2024 | — | — | 450,000 | — | — | — | 450,000 | ||||||||||||||||||||||||||||||||||
Interest due on 5.20% Notes due 2024 | 11,700 | 23,400 | 11,700 | — | — | — | 46,800 | ||||||||||||||||||||||||||||||||||
SBIC debentures | — | 16,000 | 63,800 | — | — | 270,200 | 350,000 | ||||||||||||||||||||||||||||||||||
Interest due on SBIC debentures | — | 9,960 | 8,455 | 7,228 | 7,228 | 15,565 | 48,436 | ||||||||||||||||||||||||||||||||||
4.50% Notes due 2022 | 185,000 | — | — | — | — | — | 185,000 | ||||||||||||||||||||||||||||||||||
Interest due on 4.50% Notes due 2022 | 4,163 | — | — | — | — | — | 4,163 | ||||||||||||||||||||||||||||||||||
Operating Lease Obligation (1) | 197 | 804 | 818 | 832 | 846 | 933 | 4,430 | ||||||||||||||||||||||||||||||||||
Total | $ | 201,060 | $ | 65,181 | $ | 549,773 | $ | 23,060 | $ | 523,074 | $ | 286,698 | $ | 1,648,846 |
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From time to time, we may make investments in clients of the External Investment Manager in the form of debt or equity capital on terms approved by our Board of Directors. In January 2021, we entered into a Term Loan Agreement with MSC Income (the “Term Loan Agreement”). The Term Loan Agreement was unanimously approved by our Board, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act and the board of directors of MSC Income, including each director who is not an “interested person” of MSC Income or the External Investment Manager. The Term Loan Agreement provides for a term loan of $75.0 million to MSC Income, bearing interest at a fixed rate of 5.00% per annum, and matures in January 2026. Borrowings under the Term Loan Agreement are expressly subordinated and junior in right of payment to all secured indebtedness of MSC Income. In October 2021, MSC Income fully repaid all borrowings outstanding under the Term Loan Agreement and the Term Loan Agreement was terminated.
In December 2020, the External Investment Manager entered into an Investment Management Agreement with the Private Loan Fund, pursuant to which thewhereby we have made debt and equity investments and receive certain fees, expense reimbursements and investment income. See
In November 2015, our Board of Directors approved and adopted the Main Street Capital Corporation Deferred Compensation Plan (the “2015 Deferred Compensation Plan”). The 2015 Deferred Compensation Plan became effective on January 1, 2016 and replaced the Deferred Compensation Plan for Non-Employee Directors previously adopted by the Board of Directors in June 2013 (the “2013 Deferred Compensation Plan”). Under the 2015 Deferred Compensation Plan,deferred compensation plan, whereby non-employee directors and certain key employees may defer receipt of some or all of their cash compensation and directors’ fees, subject to certain limitations. Individuals participating in the 2015 Deferred Compensation Plan receive distributions of their respective balances based on predetermined payout schedules or other events as defined by the plan and are also able to direct investments made on their behalf among investment alternatives permitted from time to time under the plan, including phantom Main Street stock units. As of September 30, 2021, $14.6 million of compensation and dividend reinvestments net of unrealized gains and losses and distributions had been deferred under the 2015 Deferred Compensation Plan (including amounts previously deferred under the 2013 Deferred Compensation Plan). Of this amount, $6.6 million had been deferred into phantom Main Street stock units, representing 159,369 shares of Main Street’s common stock. Any amounts deferred under the plan represented by phantom Main Street stock units will not be issued or included as outstanding on the consolidated statements of changes in net assets until such shares are actually distributed to the participant in accordance with the plan, but the related phantom stock units areSee
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Street’s consolidated statements of operations as earned. The dividend amounts related to additional phantom stock units are included in the statements of changes in net assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital.
Recent Developments
In October 2021, we issued an additional $200.0 million in aggregate principal amount of the 3.00% Notes at an issue price of 101.741%, resulting in an effective interest rate of 2.60%. The total net proceeds from the offering of the 3.00% Notes, resulting from the public issue price and after underwriting discounts and estimated offering expenses payable, were approximately $203.5 million. We used the proceeds from this debt issuance to repay outstanding borrowings under our Credit Facility, providing significant additional liquidity for our ongoing investment activities and to facilitate future availability for the repayment of our existing 4.50% Notes due 2022.
During2022 or total monthly cash dividends of $0.645 per share for the quarter.
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due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of September 30, 2021.
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| Increase |
| (Increase) |
| Increase |
| Increase | ||||||||||||||||||||||||||||||
| | (Decrease) | | Decrease | | (Decrease) in Net | | (Decrease) in Net | ||||||||||||||||||||||||||||||
| | in Interest | | in Interest | | Investment | | Investment | ||||||||||||||||||||||||||||||
Basis Point Change |
| Income |
| Expense |
| Income |
| Income per Share | Basis Point Change | Increase (Decrease) in Interest Income | (Increase) Decrease in Interest Expense | Increase (Decrease) in Net Investment Income | Increase (Decrease) in Net Investment Income per Share | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||
| | (dollars in thousands, except per share amounts) | | | | |||||||||||||||||||||||||||||||||
(200) | (200) | $ | (46,228) | $ | 11,220 | $ | (35,008) | $ | (0.46) | |||||||||||||||||||||||||||||
(175) | (175) | $ | (40,828) | $ | 9,818 | $ | (31,010) | $ | (0.41) | |||||||||||||||||||||||||||||
(150) | | $ | (222) | | $ | 180 | | $ | (42) | | $ | — | (150) | $ | (35,227) | $ | 8,415 | $ | (26,812) | $ | (0.35) | |||||||||||||||||
(125) | (125) | (29,492) | 7,013 | (22,479) | (0.29) | |||||||||||||||||||||||||||||||||
(100) | |
| (215) | |
| 180 | |
| (35) | |
| — | (100) | (23,687) | 5,610 | (18,077) | (0.24) | |||||||||||||||||||||
(75) | (75) | (17,835) | 4,208 | (13,627) | (0.18) | |||||||||||||||||||||||||||||||||
(50) | |
| (201) | |
| 180 | |
| (21) | |
| — | (50) | (11,982) | 2,805 | (9,177) | (0.12) | |||||||||||||||||||||
(25) | |
| (194) | |
| 180 | |
| (14) | |
| — | (25) | (6,130) | 1,403 | (4,727) | (0.06) | |||||||||||||||||||||
25 | |
| 436 | |
| (500) | |
| (64) | |
| — | 25 | 5,576 | (1,403) | 4,173 | 0.05 | |||||||||||||||||||||
50 | |
| 888 | |
| (1,000) | |
| (112) | |
| — | 50 | 11,427 | (2,805) | 8,622 | 0.11 | |||||||||||||||||||||
75 | | | 1,496 | | | (1,500) | | | (4) | | | — | 75 | 17,280 | (4,208) | 13,072 | 0.17 | |||||||||||||||||||||
100 | |
| 3,358 | |
| (2,000) | |
| 1,358 | |
| 0.02 | 100 | 23,132 | (5,610) | 17,522 | 0.23 | |||||||||||||||||||||
125 | | | 6,583 | | | (2,500) | | | 4,083 | | | 0.06 | 125 | 28,984 | (7,013) | 21,971 | 0.29 | |||||||||||||||||||||
150 | | | 10,029 | | | (3,000) | | | 7,029 | | | 0.10 | 150 | 34,837 | (8,415) | 26,422 | 0.35 | |||||||||||||||||||||
175 | 175 | 40,689 | (9,818) | 30,871 | 0.40 | |||||||||||||||||||||||||||||||||
200 | 200 | 46,541 | (11,220) | 35,321 | 0.46 | |||||||||||||||||||||||||||||||||
300 | 300 | 69,951 | (16,830) | 53,121 | 0.70 | |||||||||||||||||||||||||||||||||
400 | 400 | 93,360 | (22,440) | 70,920 | 0.93 |
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The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 20202021 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
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| Description of Exhibit | |||||||
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31.2 |
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32.1 |
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32.2 |
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101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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| Main Street Capital Corporation | ||||
| |||||
/s/ DWAYNE L. HYZAK | |||||
Date: November | Dwayne L. Hyzak | ||||
| Chief Executive Officer | ||||
| (principal executive officer) | ||||
| |||||
/s/ JESSE E. MORRIS | |||||
Date: November | Jesse E. Morris | ||||
| Chief Financial Officer and Chief Operating Officer | ||||
| (principal financial officer) | ||||
| |||||
/s/ LANCE A. PARKER | |||||
Date: November | Lance A. Parker | ||||
| Vice President and Chief Accounting Officer | ||||
| (principal accounting officer) |
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