|
Maryland
|
| |
46-0937320
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification Number) |
|
|
4400 Post Oak Parkway, Suite 2200
Houston, TX |
| |
77027
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
|
Title of Each Class
|
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Name of Each Exchange on Which Registered
|
|
|
Common Stock, par value $0.001 per share
|
| |
New York Stock Exchange
|
|
|
5.75% Notes Due 2022
|
| |
New York Stock Exchange
|
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☒
|
|
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Non-accelerated filer
☐
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Smaller reporting company
☐
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| | | |
Emerging growth company
☐
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| PART I. | | | | | | | |
| | | | | 1 | | | |
| | | | | 31 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 60 | | | |
| | | | | 60 | | | |
| PART II. | | | | | | | |
| | | | | 61 | | | |
| | | | | 64 | | | |
| | | | | 65 | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 144 | | | |
| | | | | 144 | | | |
| | | | | 145 | | | |
| PART III | | | | | | | |
| | | | | 145 | | | |
| | | | | 145 | | | |
| | | | | 145 | | | |
| | | | | 145 | | | |
| | | | | 145 | | | |
| PART IV | | | | | | | |
| | | | | 146 | | | |
| | | | | 149 | | |
| | |
As of
December 31, 2019 |
| |||
| | |
($ in millions)
|
| |||
Number of investments in portfolio companies
|
| | | | 63 | | |
Fair value(a)
|
| | | $ | 628.9 | | |
Cost
|
| | | $ | 642.7 | | |
% of portfolio at fair value – first lien debt(b)
|
| | | | 72.4% | | |
% of portfolio at fair value – second lien debt
|
| | | | 17.8% | | |
% of portfolio at fair value – unsecured debt
|
| | | | 3.5% | | |
% of portfolio at fair value – equity
|
| | | | 6.3% | | |
Weighted-average annual yield(c)
|
| | | | 9.2% | | |
Period
|
| |
Total Number
of Shares Purchased |
| |
Average Price
Paid Per Share |
| |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
| |
Maximum (or
Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs |
| ||||||||||||
January 1, 2019 through January 31, 2019
|
| | | | 9,681 | | | | | $ | 13.90 | | | | | $ | — | | | | | $ | — | | |
February 1, 2019 through February 29, 2019
|
| | | | 9,024 | | | | | $ | 14.79 | | | | | $ | — | | | | | $ | — | | |
March 1, 2019 through March 31, 2019
|
| | | | 11,019 | | | | | $ | 14.06 | | | | | $ | — | | | | | $ | — | | |
April 1, 2019 through April 30, 2019
|
| | | | 10,154 | | | | | $ | 14.38 | | | | | $ | — | | | | | $ | — | | |
May 1, 2019 through May 31, 2019
|
| | | | 10,896 | | | | | $ | 14.14 | | | | | $ | — | | | | | $ | — | | |
June 1, 2019 through June 30, 2019
|
| | | | 10,983 | | | | | $ | 14.14 | | | | | $ | — | | | | | $ | — | | |
July 1, 2019 through July 31, 2019
|
| | | | 10,348 | | | | | $ | 14.20 | | | | | $ | — | | | | | $ | — | | |
August 1, 2019 through August 31, 2019
|
| | | | 9,868 | | | | | $ | 12.97 | | | | | $ | — | | | | | $ | — | | |
September 1, 2019 through September 30, 2019
|
| | | | 9,223 | | | | | $ | 13.66 | | | | | $ | — | | | | | $ | — | | |
October 1, 2019 through October 31, 2019
|
| | | | 9,279 | | | | | $ | 13.44 | | | | | $ | — | | | | | $ | — | | |
November 1, 2019 through November 30, 2019
|
| | | | 8,739 | | | | | $ | 14.21 | | | | | $ | — | | | | | $ | — | | |
December 1, 2019 through December 31, 2019
|
| | | | 8,499 | | | | | $ | 14.54 | | | | | $ | — | | | | | $ | — | | |
Total
|
| | | | 117,713 | | | | | $ | 14.03 | | | | | $ | — | | | | | $ | — | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |
For the year
ended December 31, 2016 |
| |
For the year
ended December 31, 2015 |
| |||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income
|
| | | $ | 58,911,889 | | | | | $ | 53,266,338 | | | | | $ | 39,648,193 | | | | | $ | 39,490,197 | | | | | $ | 35,158,559 | | |
Total expenses, net of fee waiver
|
| | | $ | 36,473,080 | | | | | $ | 30,629,801 | | | | | $ | 21,677,433 | | | | | $ | 22,177,996 | | | | | $ | 18,611,431 | | |
Net investment income
|
| | | $ | 22,438,809 | | | | | $ | 22,636,537 | | | | | $ | 17,970,760 | | | | | $ | 17,312,201 | | | | | $ | 16,547,128 | | |
Net increase in net assets resulting from operations
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | | | | $ | 23,199,062 | | | | | $ | 7,670,536 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value
|
| | | $ | 14.14 | | | | | $ | 14.09 | | | | | $ | 13.81 | | | | | $ | 13.69 | | | | | $ | 13.19 | | |
Net investment income
|
| | | $ | 1.23 | | | | | $ | 1.42 | | | | | $ | 1.21 | | | | | $ | 1.39 | | | | | $ | 1.33 | | |
Net increase in net assets resulting from operations
|
| | | $ | 1.45 | | | | | $ | 1.64 | | | | | $ | 1.52 | | | | | $ | 1.86 | | | | | $ | 0.61 | | |
Distributions declared
|
| | | $ | 1.36 | | | | | $ | 1.36 | | | | | $ | 1.36 | | | | | $ | 1.36 | | | | | $ | 1.36 | | |
| | |
As of
December 31, 2019 |
| |
As of
December 31, 2018 |
| |
As of
December 31, 2017 |
| |
As of
December 31, 2016 |
| |
As of
December 31, 2015(2) |
| |||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments at fair value
|
| | | $ | 628,948,077 | | | | | $ | 504,483,668 | | | | | $ | 371,839,772 | | | | | $ | 365,625,891 | | | | | $ | 349,017,697 | | |
Cash and cash equivalents
|
| | | $ | 16,133,315 | | | | | $ | 17,467,146 | | | | | $ | 25,110,718 | | | | | $ | 9,194,129 | | | | | $ | 10,875,790 | | |
Total assets
|
| | | $ | 648,513,227 | | | | | $ | 526,287,251 | | | | | $ | 400,260,855 | | | | | $ | 379,878,729 | | | | | $ | 365,368,412 | | |
Total liabilities
|
| | | $ | 377,942,054 | | | | | $ | 301,442,244 | | | | | $ | 180,013,613 | | | | | $ | 208,996,944 | | | | | $ | 200,717,308 | | |
Total net assets
|
| | | $ | 270,571,173 | | | | | $ | 224,845,007 | | | | | $ | 220,247,242 | | | | | $ | 170,881,785 | | | | | $ | 164,651,104 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of portfolio companies at period end
|
| | | | 63 | | | | | | 57 | | | | | | 48 | | | | | | 45 | | | | | | 39 | | |
Weighted average yield on debt
investments at period end(1)(3) |
| | | | 9.2% | | | | | | 10.9% | | | | | | 10.8% | | | | | | 11.0% | | | | | | 10.6% | | |
| | |
Cost
|
| |
Fair Value
|
| ||||||
Senior Secured – First Lien(1)
|
| | | $ | 461,107,595 | | | | | $ | 455,169,878 | | |
Senior Secured – Second Lien
|
| | | | 130,600,172 | | | | | | 111,961,013 | | |
Unsecured Debt
|
| | | | 22,279,519 | | | | | | 22,137,186 | | |
Equity
|
| | | | 28,720,538 | | | | | | 39,680,000 | | |
Total Investments
|
| | | $ | 642,707,824 | | | | | $ | 628,948,077 | | |
| | |
Cost
|
| |
Fair Value
|
| ||||||
Senior Secured – First Lien(1)
|
| | | $ | 297,965,589 | | | | | $ | 292,004,982 | | |
Senior Secured – Second Lien
|
| | | | 155,382,612 | | | | | | 149,661,220 | | |
Unsecured Debt
|
| | | | 25,436,237 | | | | | | 23,697,466 | | |
Equity
|
| | | | 23,959,211 | | | | | | 39,120,000 | | |
Total Investments
|
| | | $ | 502,743,649 | | | | | $ | 504,483,668 | | |
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments at fair value |
| |||||||||
Texas
|
| | | $ | 134,451,527 | | | | | $ | 120,672,985 | | | | | | 19.19% | | |
California
|
| | | | 79,090,474 | | | | | | 78,136,331 | | | | | | 12.42% | | |
Arizona
|
| | | | 52,390,949 | | | | | | 53,274,526 | | | | | | 8.47% | | |
New Jersey
|
| | | | 52,548,769 | | | | | | 51,637,750 | | | | | | 8.21% | | |
Ohio
|
| | | | 48,502,609 | | | | | | 50,092,839 | | | | | | 7.96% | | |
Illinois
|
| | | | 41,869,947 | | | | | | 44,406,252 | | | | | | 7.06% | | |
Canada
|
| | | | 21,201,137 | | | | | | 21,217,811 | | | | | | 3.37% | | |
New York
|
| | | | 19,922,689 | | | | | | 20,584,020 | | | | | | 3.27% | | |
United Kingdom
|
| | | | 20,116,695 | | | | | | 20,116,695 | | | | | | 3.20% | | |
Wisconsin
|
| | | | 19,207,770 | | | | | | 19,466,054 | | | | | | 3.10% | | |
South Carolina
|
| | | | 19,935,337 | | | | | | 19,366,716 | | | | | | 3.08% | | |
Tennessee
|
| | | | 19,854,956 | | | | | | 19,260,076 | | | | | | 3.06% | | |
Pennsylvania
|
| | | | 17,408,508 | | | | | | 17,566,213 | | | | | | 2.79% | | |
Maryland
|
| | | | 17,103,044 | | | | | | 17,325,000 | | | | | | 2.75% | | |
Indiana
|
| | | | 14,064,012 | | | | | | 13,997,251 | | | | | | 2.23% | | |
Florida
|
| | | | 13,663,116 | | | | | | 13,820,256 | | | | | | 2.20% | | |
Colorado
|
| | | | 10,867,843 | | | | | | 12,444,250 | | | | | | 1.98% | | |
Arkansas
|
| | | | 14,920,694 | | | | | | 11,989,446 | | | | | | 1.91% | | |
Missouri
|
| | | | 10,078,235 | | | | | | 10,428,223 | | | | | | 1.66% | | |
Georgia
|
| | | | 575,000 | | | | | | 5,250,000 | | | | | | 0.83% | | |
North Carolina
|
| | | | 4,961,969 | | | | | | 4,375,000 | | | | | | 0.70% | | |
Puerto Rico
|
| | | | 8,613,244 | | | | | | 3,490,383 | | | | | | 0.55% | | |
Utah
|
| | | | 41,894 | | | | | | 30,000 | | | | | | 0.00% | | |
Massachusetts
|
| | | | 1,317,406 | | | | | | — | | | | | | —% | | |
| | | | $ | 642,707,824 | | | | | $ | 628,948,077 | | | | | | 100.00% | | |
|
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments |
| |||||||||
Texas
|
| | | $ | 100,229,354 | | | | | $ | 97,474,226 | | | | | | 19.32% | | |
California
|
| | | | 86,550,134 | | | | | | 85,880,918 | | | | | | 17.03% | | |
New Jersey
|
| | | | 43,513,698 | | | | | | 41,473,072 | | | | | | 8.22% | | |
Ohio
|
| | | | 36,209,514 | | | | | | 36,273,224 | | | | | | 7.19% | | |
Illinois
|
| | | | 19,941,053 | | | | | | 29,880,018 | | | | | | 5.92% | | |
Canada
|
| | | | 27,902,537 | | | | | | 27,935,931 | | | | | | 5.54% | | |
Arizona
|
| | | | 21,682,522 | | | | | | 21,603,741 | | | | | | 4.28% | | |
South Carolina
|
| | | | 20,871,587 | | | | | | 20,385,325 | | | | | | 4.04% | | |
New York
|
| | | | 20,446,690 | | | | | | 20,287,086 | | | | | | 4.02% | | |
Tennessee
|
| | | | 20,117,218 | | | | | | 19,381,134 | | | | | | 3.84% | | |
Arkansas
|
| | | | 17,696,537 | | | | | | 18,013,941 | | | | | | 3.57% | | |
Pennsylvania
|
| | | | 17,732,831 | | | | | | 17,824,372 | | | | | | 3.53% | | |
Maryland
|
| | | | 17,237,500 | | | | | | 17,237,500 | | | | | | 3.42% | | |
Wisconsin
|
| | | | 11,437,711 | | | | | | 10,869,000 | | | | | | 2.15% | | |
Colorado
|
| | | | 10,777,822 | | | | | | 10,777,822 | | | | | | 2.14% | | |
Georgia
|
| | | | 5,988,728 | | | | | | 9,820,000 | | | | | | 1.95% | | |
Indiana
|
| | | | 7,363,628 | | | | | | 7,087,500 | | | | | | 1.40% | | |
Puerto Rico
|
| | | | 8,797,954 | | | | | | 5,029,913 | | | | | | 1.00% | | |
North Carolina
|
| | | | 4,946,554 | | | | | | 4,425,000 | | | | | | 0.88% | | |
Massachusetts
|
| | | | 1,317,406 | | | | | | 1,670,000 | | | | | | 0.33% | | |
Missouri
|
| | | | 139,656 | | | | | | 670,000 | | | | | | 0.13% | | |
Virginia
|
| | | | 50,001 | | | | | | 280,000 | | | | | | 0.06% | | |
Florida
|
| | | | 242,304 | | | | | | 110,000 | | | | | | 0.02% | | |
Utah
|
| | | | 1,550,710 | | | | | | 93,945 | | | | | | 0.02% | | |
| | | | $ | 502,743,649 | | | | | $ | 504,483,668 | | | | | | 100.00% | | |
|
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments at fair value |
| |||||||||
Healthcare & Pharmaceuticals
|
| | | $ | 98,307,360 | | | | | $ | 94,000,860 | | | | | | 14.95% | | |
Services: Business
|
| | | | 56,354,433 | | | | | | 62,410,845 | | | | | | 9.92% | | |
Aerospace & Defense
|
| | | | 44,970,957 | | | | | | 46,547,324 | | | | | | 7.40% | | |
Consumer Goods: Durable
|
| | | | 47,933,468 | | | | | | 44,158,660 | | | | | | 7.02% | | |
Beverage, Food, & Tobacco
|
| | | | 42,131,354 | | | | | | 42,592,966 | | | | | | 6.77% | | |
Media: Broadcasting & Subscription
|
| | | | 32,353,301 | | | | | | 33,218,991 | | | | | | 5.28% | | |
Finance
|
| | | | 27,776,880 | | | | | | 29,562,500 | | | | | | 4.70% | | |
Education
|
| | | | 26,594,771 | | | | | | 25,661,125 | | | | | | 4.08% | | |
Media: Advertising, Printing & Publishing
|
| | | | 22,425,972 | | | | | | 21,965,124 | | | | | | 3.49% | | |
High Tech Industries
|
| | | | 21,201,137 | | | | | | 21,217,811 | | | | | | 3.37% | | |
Capital Equipment
|
| | | | 20,093,379 | | | | | | 20,237,066 | | | | | | 3.22% | | |
Retail
|
| | | | 19,935,337 | | | | | | 19,366,716 | | | | | | 3.08% | | |
Metals & Mining
|
| | | | 17,103,044 | | | | | | 17,325,000 | | | | | | 2.75% | | |
Transportation & Logistics
|
| | | | 17,173,599 | | | | | | 17,226,294 | | | | | | 2.74% | | |
Automotive
|
| | | | 17,151,902 | | | | | | 17,221,213 | | | | | | 2.74% | | |
Software
|
| | | | 15,807,191 | | | | | | 15,516,250 | | | | | | 2.47% | | |
Containers, Packaging, & Glass
|
| | | | 14,306,286 | | | | | | 14,564,570 | | | | | | 2.32% | | |
Environmental Industries
|
| | | | 15,256,675 | | | | | | 14,410,327 | | | | | | 2.29% | | |
Energy: Oil & Gas
|
| | | | 12,624,269 | | | | | | 13,582,102 | | | | | | 2.16% | | |
Services: Consumer
|
| | | | 26,075,606 | | | | | | 13,345,105 | | | | | | 2.12% | | |
Chemicals, Plastics, & Rubber
|
| | | | 11,880,825 | | | | | | 11,857,228 | | | | | | 1.89% | | |
Consumer goods: non-durable
|
| | | | 14,973,711 | | | | | | 11,770,000 | | | | | | 1.87% | | |
Construction & Building
|
| | | | 10,408,323 | | | | | | 10,750,000 | | | | | | 1.71% | | |
Utilities: Oil & Gas
|
| | | | 9,868,044 | | | | | | 9,900,000 | | | | | | 1.57% | | |
Hotel, Gaming, & Leisure
|
| | | | — | | | | | | 540,000 | | | | | | 0.09% | | |
| | | | $ | 642,707,824 | | | | | $ | 628,948,077 | | | | | | 100.00% | | |
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments |
| |||||||||
Healthcare & Pharmaceuticals
|
| | | $ | 58,682,811 | | | | | $ | 54,785,327 | | | | | | 10.86% | | |
Software
|
| | | | 51,432,916 | | | | | | 51,458,750 | | | | | | 10.20% | | |
Finance
|
| | | | 34,208,412 | | | | | | 41,910,000 | | | | | | 8.31% | | |
Media: Broadcasting & Subscription
|
| | | | 31,079,169 | | | | | | 30,857,379 | | | | | | 6.12% | | |
Retail
|
| | | | 28,764,221 | | | | | | 27,525,897 | | | | | | 5.46% | | |
Services: Business
|
| | | | 22,942,733 | | | | | | 27,094,812 | | | | | | 5.37% | | |
Consumer Goods: Durable
|
| | | | 26,981,015 | | | | | | 26,811,552 | | | | | | 5.30% | | |
Education
|
| | | | 26,562,249 | | | | | | 25,325,000 | | | | | | 5.02% | | |
High Tech Industries
|
| | | | 21,094,192 | | | | | | 21,094,192 | | | | | | 4.18% | | |
Beverage, Food, & Tobacco
|
| | | | 20,709,134 | | | | | | 18,213,945 | | | | | | 3.61% | | |
Services: Consumer
|
| | | | 17,952,663 | | | | | | 17,640,255 | | | | | | 3.50% | | |
Automotive
|
| | | | 17,457,259 | | | | | | 17,282,187 | | | | | | 3.43% | | |
Metals & Mining
|
| | | | 17,237,500 | | | | | | 17,237,500 | | | | | | 3.42% | | |
Energy: Oil & Gas
|
| | | | 14,312,328 | | | | | | 15,542,102 | | | | | | 3.08% | | |
Consumer goods: non-durable
|
| | | | 14,994,980 | | | | | | 14,579,375 | | | | | | 2.89% | | |
Environmental Industries
|
| | | | 14,004,667 | | | | | | 12,835,509 | | | | | | 2.54% | | |
Chemicals, Plastics, & Rubber
|
| | | | 11,835,100 | | | | | | 11,707,835 | | | | | | 2.32% | | |
Containers, Packaging, & Glass
|
| | | | 11,437,711 | | | | | | 10,869,000 | | | | | | 2.15% | | |
Aerospace & Defense
|
| | | | 10,777,822 | | | | | | 10,777,822 | | | | | | 2.14% | | |
Construction & Building
|
| | | | 10,374,827 | | | | | | 10,280,000 | | | | | | 2.04% | | |
Utilities: Oil & Gas
|
| | | | 9,853,435 | | | | | | 9,853,435 | | | | | | 1.95% | | |
Capital Equipment
|
| | | | 7,535,876 | | | | | | 7,929,775 | | | | | | 1.57% | | |
Media: Advertising, Printing & Publishing
|
| | | | 7,058,675 | | | | | | 6,875,625 | | | | | | 1.36% | | |
Transportation: Cargo
|
| | | | 6,808,345 | | | | | | 6,841,739 | | | | | | 1.36% | | |
Insurance
|
| | | | 5,425,301 | | | | | | 5,460,000 | | | | | | 1.08% | | |
Hotel, Gaming, & Leisure
|
| | | | 3,170,307 | | | | | | 3,414,655 | | | | | | 0.68% | | |
Services: Government
|
| | | | 50,001 | | | | | | 280,000 | | | | | | 0.06% | | |
| | | | $ | 502,743,649 | | | | | | 504,483,668 | | | | | | 100.00% | | |
| | |
As of December 31, 2019
|
| |
As of December 31, 2018
|
| ||||||||||||||||||||||||||||||
Investment Category
|
| |
Fair Value
|
| |
% of Total
Portfolio |
| |
Number of
Portfolio Companies(1) |
| |
Fair Value
|
| |
% of Total
Portfolio |
| |
Number of
Portfolio Companies |
| ||||||||||||||||||
| | |
(dollars in millions)
|
| |||||||||||||||||||||||||||||||||
1
|
| | | $ | 70.4 | | | | | | 11% | | | | | | 11 | | | | | $ | 92.5 | | | | | | 18% | | | | | | 13 | | |
2
|
| | | | 492.2 | | | | | | 78% | | | | | | 41 | | | | | | 372.3 | | | | | | 74% | | | | | | 37 | | |
3
|
| | | | 49.3 | | | | | | 8% | | | | | | 7 | | | | | | 26.8 | | | | | | 5% | | | | | | 3 | | |
4
|
| | | | 12.0 | | | | | | 2% | | | | | | 1 | | | | | | 12.8 | | | | | | 3% | | | | | | 4 | | |
5
|
| | | | 5.0 | | | | | | 1% | | | | | | 4 | | | | | | 0.1 | | | | | | —% | | | | | | 1 | | |
Total
|
| | | $ | 628.9 | | | | | | 100% | | | | | | 64 | | | | | $ | 504.5 | | | | | | 100% | | | | | | 58 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2018 |
| |
Year ended
December 31, 2017 |
| |||||||||
Interest Income(1)
|
| | | $ | 56.5 | | | | | $ | 49.6 | | | | | $ | 37.6 | | |
PIK Income
|
| | | | 0.4 | | | | | | 1.9 | | | | | | 0.5 | | |
Miscellaneous fees(1)
|
| | | | 2.0 | | | | | | 1.8 | | | | | | 1.6 | | |
Total
|
| | | $ | 58.9 | | | | | $ | 53.3 | | | | | $ | 39.7 | | |
| | |
Year ended
December 31, 2019 |
| |
Year ended
December 31, 2018 |
| |
Year ended
December 31, 2017 |
| |||||||||
Operating Expenses | | | | | | | | | | | | | | | | | | | |
Management Fees
|
| | | $ | 9.7 | | | | | $ | 8.2 | | | | | $ | 6.3 | | |
Valuation Fees
|
| | | | 0.3 | | | | | | 0.3 | | | | | | 0.3 | | |
Administrative services expenses
|
| | | | 1.7 | | | | | | 1.4 | | | | | | 1.3 | | |
Income incentive fees
|
| | | | 5.8 | | | | | | 5.5 | | | | | | 2.9 | | |
Capital gain incentive fees
|
| | | | 0.8 | | | | | | 0.1 | | | | | | — | | |
Professional fees
|
| | | | 1.0 | | | | | | 1.2 | | | | | | 1.3 | | |
Directors’ fees
|
| | | | 0.4 | | | | | | 0.3 | | | | | | 0.3 | | |
Insurance expense
|
| | | | 0.3 | | | | | | 0.3 | | | | | | 0.4 | | |
Interest expense and other fees
|
| | | | 15.0 | | | | | | 12.3 | | | | | | 7.9 | | |
Income tax expense
|
| | | | 0.9 | | | | | | 0.3 | | | | | | — | | |
Other general and administrative
|
| | | | 0.6 | | | | | | 0.7 | | | | | | 0.6 | | |
Total Operating Expenses
|
| | | $ | 36.5 | | | | | $ | 30.6 | | | | | $ | 21.3 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 0.4 | | |
Total Expenses
|
| | | $ | 36.5 | | | | | $ | 30.6 | | | | | $ | 21.7 | | |
| | |
For the years ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | 5.1 | | | | | $ | 3.7 | | | | | $ | 2.2 | | |
Loan fee amortization
|
| | | | 0.5 | | | | | | 0.4 | | | | | | 0.4 | | |
Commitment fees on unused portion
|
| | | | 0.4 | | | | | | 0.4 | | | | | | 0.3 | | |
Administration fees
|
| | | | — | | | | | | 0.1 | | | | | | 0.1 | | |
Total interest expense and other fees
|
| | | $ | 6.0 | | | | | $ | 4.6 | | | | | $ | 3.0 | | |
Loss on extinguishment of debt
|
| | | $ | — | | | | | $ | — | | | | | $ | 0.1 | | |
Weighted average interest rate
|
| | | | 4.8% | | | | | | 4.7% | | | | | | 3.7% | | |
Effective interest rate (including fee amortization)
|
| | | | 5.7% | | | | | | 5.7% | | | | | | 5.0% | | |
Average debt outstanding
|
| | | $ | 106.2 | | | | | $ | 79.8 | | | | | $ | 60.1 | | |
Cash paid for interest and unused fees
|
| | | $ | 5.2 | | | | | $ | 4.2 | | | | | $ | 2.5 | | |
| | |
For the years ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | 5.2 | | | | | $ | 4.0 | | | | | $ | 2.1 | | |
Debenture fee amortization
|
| | | | 0.6 | | | | | | 0.6 | | | | | | 0.3 | | |
Total interest expense and other fees
|
| | | $ | 5.8 | | | | | $ | 4.6 | | | | | $ | 2.4 | | |
Weighted average interest rate
|
| | | | 3.4% | | | | | | 3.2% | | | | | | 3.1% | | |
Effective interest rate (including fee amortization)
|
| | | | 3.8% | | | | | | 3.7% | | | | | | 3.6% | | |
Average debt outstanding
|
| | | $ | 151.9 | | | | | $ | 125.4 | | | | | $ | 67.3 | | |
Cash paid for interest
|
| | | $ | 5.0 | | | | | $ | 3.1 | | | | | $ | 2.0 | | |
| | |
For the year ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | — | | | | | $ | — | | | | | $ | 1.2 | | |
Deferred financing costs
|
| | | | — | | | | | | — | | | | | | 0.1 | | |
Total interest expense and other fees
|
| | | $ | — | | | | | $ | — | | | | | $ | 1.3 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 0.3 | | |
Weighted average interest rate
|
| | | | —% | | | | | | —% | | | | | | 6.5% | | |
Effective interest rate (including fee amortization)
|
| | | | —% | | | | | | —% | | | | | | 7.3% | | |
Average debt outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | 25.0 | | |
Cash paid for interest
|
| | | $ | — | | | | | $ | — | | | | | $ | 1.4 | | |
| | |
For the year ended
December 31, 2019 |
| |
For the year ended
December 31, 2018 |
| |
For the year ended
December 31, 2017(1) |
| |||||||||
Interest expense
|
| | | $ | 2.8 | | | | | $ | 2.8 | | | | | $ | 1.0 | | |
Deferred financing costs
|
| | | | 0.3 | | | | | | 0.3 | | | | | | 0.1 | | |
Total interest expense and other fees
|
| | | $ | 3.1 | | | | | $ | 3.1 | | | | | $ | 1.1 | | |
Weighted average interest rate
|
| | | | 5.8% | | | | | | 5.8% | | | | | | 5.8% | | |
Effective interest rate (including fee amortization)
|
| | | | 6.4% | | | | | | 6.4% | | | | | | 6.5% | | |
Average debt outstanding
|
| | | $ | 48.9 | | | | | $ | 48.9 | | | | | $ | 48.0 | | |
Cash paid for interest
|
| | | $ | 2.8 | | | | | $ | 2.8 | | | | | $ | 0.9 | | |
| | |
Total
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025 and
thereafter |
| |||||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Credit facility payable(1)
|
| | | $ | 161,550 | | | | | | — | | | | | | 161,550 | | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | |
Notes payable
|
| | | $ | 48,875 | | | | | $ | — | | | | | | — | | | | | | 48,875 | | | | | | — | | | | | $ | — | | | | | | — | | |
SBA-guaranteed debentures
|
| | | $ | 161,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 161,000 | | |
Total
|
| | | $ | 371,425 | | | | | $ | — | | | | | $ | 161,550 | | | | | $ | 48,875 | | | | | $ | — | | | | | $ | — | | | | | $ | 161,000 | | |
|
Declared
|
| |
Ex-Dividend Date
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount per Share
|
|
| 1/10/2020 | | |
1/30/2020
|
| |
1/31/2020
|
| |
2/14/2020
|
| |
$0.1133
|
|
| 1/10/2020 | | |
2/27/2020
|
| |
2/28/2020
|
| |
3/13/2020
|
| |
$0.1133
|
|
| 1/10/2020 | | |
3/30/2020
|
| |
3/31/2020
|
| |
4/15/2020
|
| |
$0.1133
|
|
| | |
($ in millions)
|
| |||||||||||||||
Change in Basis Points
|
| |
Interest Income
|
| |
Interest Expense
|
| |
Net Interest Income(1)
|
| |||||||||
Up 200 basis points
|
| | | $ | 10.8 | | | | | $ | (3.2) | | | | | $ | 7.6 | | |
Up 150 basis points
|
| | | | 8.1 | | | | | | (2.4) | | | | | | 5.7 | | |
Up 100 basis points
|
| | | | 5.4 | | | | | | (1.6) | | | | | | 3.8 | | |
Up 50 basis points
|
| | | | 2.7 | | | | | | (0.8) | | | | | | 1.9 | | |
Down 50 basis points
|
| | | | (2.5) | | | | | | 0.8 | | | | | | (1.7) | | |
Down 100 basis points
|
| | | | (4.1) | | | | | | 1.6 | | | | | | (2.5) | | |
Down 150 basis points
|
| | | | (4.8) | | | | | | 2.4 | | | | | | (2.4) | | |
Down 200 basis points
|
| | | | (5.3) | | | | | | 3.2 | | | | | | (2.1) | | |
| | |
Page
|
| |||
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| | | | 92 | | | |
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| | | | 108 | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Non-controlled, affiliated investments, at fair value (amortized cost of $0
and $52,185, respectively) |
| | | $ | — | | | | | $ | 50,000 | | |
Non-controlled, non-affiliated investments, at fair value (amortized cost of $642,707,824 and $502,691,464, respectively)
|
| | | | 628,948,077 | | | | | | 504,433,668 | | |
Cash and cash equivalents
|
| | | | 16,133,315 | | | | | | 17,467,146 | | |
Receivable for sales and repayments of investments
|
| | | | 123,409 | | | | | | 99,213 | | |
Interest receivable
|
| | | | 2,914,710 | | | | | | 3,788,684 | | |
Other receivables
|
| | | | 25,495 | | | | | | 85,246 | | |
Deferred offering costs
|
| | | | — | | | | | | 18,673 | | |
Prepaid expenses
|
| | | | 368,221 | | | | | | 344,621 | | |
Total Assets
|
| | | $ | 648,513,227 | | | | | $ | 526,287,251 | | |
LIABILITIES | | | | | | | | | | | | | |
Notes payable
|
| | | $ | 47,974,202 | | | | | $ | 47,641,797 | | |
Credit facility payable
|
| | | | 160,510,633 | | | | | | 98,237,227 | | |
SBA-guaranteed debentures
|
| | | | 157,543,853 | | | | | | 146,387,802 | | |
Dividends payable
|
| | | | 2,167,630 | | | | | | 1,807,570 | | |
Management fees payable
|
| | | | 2,695,780 | | | | | | 2,183,975 | | |
Income incentive fees payable
|
| | | | 1,618,509 | | | | | | 1,936,538 | | |
Capital gains incentive fees payable
|
| | | | 880,913 | | | | | | 81,038 | | |
Interest payable
|
| | | | 2,322,314 | | | | | | 1,863,566 | | |
Unearned revenue
|
| | | | 559,768 | | | | | | 410,593 | | |
Administrative services payable
|
| | | | 413,278 | | | | | | 392,191 | | |
Deferred tax liability (Note 13)
|
| | | | 134,713 | | | | | | 67,953 | | |
Income tax payable
|
| | | | 917,000 | | | | | | 316,092 | | |
Other accrued expenses and liabilities
|
| | | | 203,461 | | | | | | 115,902 | | |
Total Liabilities
|
| | | $ | 377,942,054 | | | | | $ | 301,442,244 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Net Assets
|
| | | $ | 270,571,173 | | | | | $ | 224,845,007 | | |
NET ASSETS | | | | | | | | | | | | | |
Common stock, par value $0.001 per share (100,000,000 shares authorized; 19,131,746 and 15,953,810 issued and outstanding, respectively)
|
| | | $ | 19,132 | | | | | $ | 15,954 | | |
Paid-in capital
|
| | | | 272,117,091 | | | | | | 228,160,491 | | |
Accumulated undistributed deficit
|
| | | | (1,565,050) | | | | | | (3,331,438) | | |
Net Assets
|
| | | $ | 270,571,173 | | | | | $ | 224,845,007 | | |
Total Liabilities and Net Assets
|
| | | $ | 648,513,227 | | | | | $ | 526,287,251 | | |
Net Asset Value Per Share
|
| | | $ | 14.14 | | | | | $ | 14.09 | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |||||||||
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 56,895,990 | | | | | $ | 51,463,033 | | | | | | 38,071,449 | | |
Other income
|
| | | | 2,015,899 | | | | | | 1,803,305 | | | | | | 1,576,744 | | |
Total Investment Income
|
| | | $ | 58,911,889 | | | | | $ | 53,266,338 | | | | | $ | 39,648,193 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | |
Management fees
|
| | | $ | 9,703,706 | | | | | $ | 8,154,842 | | | | | | 6,255,911 | | |
Valuation fees
|
| | | | 265,103 | | | | | | 307,838 | | | | | | 336,300 | | |
Administrative services expenses
|
| | | | 1,691,764 | | | | | | 1,390,375 | | | | | | 1,245,727 | | |
Income incentive fees
|
| | | | 5,809,672 | | | | | | 5,529,376 | | | | | | 2,911,392 | | |
Capital gains incentive fees
|
| | | | 799,876 | | | | | | 81,038 | | | | | | — | | |
Professional fees
|
| | | | 1,040,011 | | | | | | 1,189,071 | | | | | | 1,274,066 | | |
Directors’ fees
|
| | | | 383,000 | | | | | | 317,000 | | | | | | 331,000 | | |
Insurance expense
|
| | | | 352,382 | | | | | | 348,500 | | | | | | 429,897 | | |
Interest expense and other fees
|
| | | | 14,976,024 | | | | | | 12,338,755 | | | | | | 7,855,211 | | |
Income tax expense
|
| | | | 903,905 | | | | | | 275,106 | | | | | | — | | |
Other general and administrative expenses
|
| | | | 547,637 | | | | | | 697,900 | | | | | | 621,204 | | |
Total Operating Expenses
|
| | | $ | 36,473,080 | | | | | $ | 30,629,801 | | | | | $ | 21,260,708 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 416,725 | | |
Net Investment Income
|
| | | $ | 22,438,809 | | | | | $ | 22,636,537 | | | | | $ | 17,970,760 | | |
Net realized gain on non-controlled, non-affiliated investments
|
| | | $ | 19,565,903 | | | | | $ | 5,540,518 | | | | | | 4,655,976 | | |
Tax provision on realized gain on investments
|
| | | | — | | | | | | (267,975) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments
|
| | | $ | (15,501,951) | | | | | $ | (1,706,549) | | | | | | 40,113 | | |
Net change in unrealized appreciation (depreciation) on non-controlled, affiliated investments
|
| | | | 2,185 | | | | | | 60,000 | | | | | | (62,185) | | |
Benefit (provision) for taxes on net unrealized gain on investments in taxable subsidiaries
|
| | | | (66,760) | | | | | | (67,953) | | | | | | 8,593 | | |
Net Increase in Net Assets Resulting from Operations
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | |
Net Investment Income Per Share
|
| | | $ | 1.23 | | | | | $ | 1.42 | | | | | $ | 1.21 | | |
Net Increase in Net Assets Resulting from Operations Per Share
|
| | | $ | 1.45 | | | | | $ | 1.64 | | | | | $ | 1.52 | | |
Weighted Average Shares of Common Stock
Outstanding |
| | | | 18,275,696 | | | | | | 15,953,571 | | | | | | 14,870,981 | | |
Distributions Per Share
|
| | | $ | 1.36 | | | | | $ | 1.36 | | | | | $ | 1.36 | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |||||||||
Increase in Net Assets Resulting from Operations | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 22,438,809 | | | | | $ | 22,636,537 | | | | | | 17,970,760 | | |
Net realized gain on non-controlled, non-affiliated investments
|
| | | | 19,565,903 | | | | | | 5,540,518 | | | | | | 4,655,976 | | |
Tax provision on realized gain on investments
|
| | | | — | | | | | | (267,975) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on non-controlled, non-affiliated investments
|
| | | | (15,501,951) | | | | | | (1,706,549) | | | | | | 40,113 | | |
Net change in unrealized appreciation (depreciation) on non-controlled, affiliated investments
|
| | | | 2,185 | | | | | | 60,000 | | | | | | (62,185) | | |
Benefit (provision) for taxes on unrealized appreciation on investments
|
| | | | (66,760) | | | | | | (67,953) | | | | | | 8,593 | | |
Net Increase in Net Assets Resulting from Operations
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | |
Stockholder Distributions From: | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | (10,000,000) | | | | | $ | (16,418,007) | | | | | $ | (17,970,760) | | |
Net realized capital gains
|
| | | | (15,038,173) | | | | | | (5,272,543) | | | | | | (2,352,545) | | |
Total Distributions
|
| | | $ | (25,038,173) | | | | | $ | (21,690,550) | | | | | $ | (20,323,305) | | |
Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
Issuance of common stock
|
| | | $ | 45,862,239 | | | | | $ | 94,788 | | | | | $ | 48,741,549 | | |
Sales load
|
| | | | (1,015,127) | | | | | | — | | | | | | (1,358,880) | | |
Offering costs
|
| | | | (521,715) | | | | | | — | | | | | | (307,022) | | |
Partial share transactions
|
| | | | 755 | | | | | | (1,051) | | | | | | (142) | | |
Net Increase in Net Assets Resulting From Capital Share Transactions
|
| | | $ | 44,326,153 | | | | | $ | 93,737 | | | | | $ | 47,075,505 | | |
Total Increase in Net Assets
|
| | | $ | 45,726,166 | | | | | $ | 4,597,765 | | | | | $ | 49,365,457 | | |
Net Assets at Beginning of Period
|
| | | $ | 224,845,007 | | | | | $ | 220,247,242 | | | | | $ | 170,881,785 | | |
Net Assets at End of Period
|
| | | $ | 270,571,173 | | | | | $ | 224,845,007 | | | | | $ | 220,247,242 | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net Increase in net assets resulting from operations
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Purchases of investments
|
| | | | (246,438,384) | | | | | | (272,927,459) | | | | | | (172,171,246) | | |
Proceeds from sales and repayments of investments
|
| | | | 128,206,318 | | | | | | 147,528,448 | | | | | | 172,260,541 | | |
Net change in unrealized depreciation (appreciation) on investments
|
| | | | 15,499,766 | | | | | | 1,646,549 | | | | | | 22,072 | | |
Increase in investments due to PIK
|
| | | | (415,933) | | | | | | (1,869,905) | | | | | | (499,595) | | |
Amortization of premium and accretion of discount, net
|
| | | | (1,774,469) | | | | | | (1,553,333) | | | | | | (1,196,566) | | |
Deferred tax provision
|
| | | | 66,760 | | | | | | 67,953 | | | | | | (8,593) | | |
Amortization of loan structure fees
|
| | | | 519,995 | | | | | | 456,151 | | | | | | 455,893 | | |
Amortization of deferred financing costs
|
| | | | 332,407 | | | | | | 335,309 | | | | | | 251,826 | | |
Amortization of loan fees on SBA-guaranteed debentures
|
| | | | 623,900 | | | | | | 623,989 | | | | | | 333,027 | | |
Net realized gain on investments
|
| | | | (19,565,903) | | | | | | (5,540,518) | | | | | | (4,655,976) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 416,725 | | |
Changes in other assets and liabilities | | | | | | | | | | | | | | | | | | | |
Decrease (increase) in interest receivable
|
| | | | 873,974 | | | | | | (866,480) | | | | | | 1,679,538 | | |
Decrease (increase) in other receivable
|
| | | | 59,751 | | | | | | (85,246) | | | | | | 748 | | |
Decrease (increase) in prepaid expenses
|
| | | | (23,600) | | | | | | 16,649 | | | | | | 94,949 | | |
Increase in management fees payable
|
| | | | 511,805 | | | | | | 562,383 | | | | | | 13,297 | | |
Increase (decrease) in incentive fees payable
|
| | | | (318,029) | | | | | | 1,564,891 | | | | | | (981,624) | | |
Increase in capital gains incentive fees payable
|
| | | | 799,875 | | | | | | 81,038 | | | | | | — | | |
Increase in administrative services payable
|
| | | | 21,087 | | | | | | 65,158 | | | | | | 54,522 | | |
Increase in interest payable
|
| | | | 458,748 | | | | | | 842,393 | | | | | | 47,361 | | |
Increase in unearned revenue
|
| | | | 149,175 | | | | | | 271,289 | | | | | | 119,349 | | |
Increase in income tax payable
|
| | | | 600,908 | | | | | | 316,092 | | | | | | — | | |
Increase (decrease) in other accrued expenses and liabilities
|
| | | | 87,559 | | | | | | (152,511) | | | | | | 1,022 | | |
Net Cash Provided by (Used in) Operating Activities
|
| | | $ | (93,286,104) | | | | | $ | (102,422,582) | | | | | $ | 18,850,527 | | |
Cash flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Proceeds from the issuance of common stock
|
| | | $ | 45,862,239 | | | | | $ | — | | | | | $ | 48,741,549 | | |
Sales load for common stock issued
|
| | | | (1,015,127) | | | | | | — | | | | | | (1,358,880) | | |
Offering costs paid for common stock
|
| | | | (503,042) | | | | | | (18,673) | | | | | | (307,022) | | |
Proceeds from notes issued
|
| | | | — | | | | | | — | | | | | | 48,875,000 | | |
Financing costs paid for Notes issued
|
| | | | — | | | | | | — | | | | | | (1,688,961) | | |
Repayments on Notes issued
|
| | | | — | | | | | | — | | | | | | (25,000,000) | | |
Stockholder distributions paid
|
| | | | (24,678,113) | | | | | | (21,594,863) | | | | | | (19,930,616) | | |
Proceeds from SBA Debentures
|
| | | | 11,000,000 | | | | | | 60,000,000 | | | | | | 25,000,000 | | |
Financing costs paid on SBA Debentures
|
| | | | (467,850) | | | | | | (2,055,000) | | | | | | (856,250) | | |
Borrowings under Credit Facility
|
| | | | 245,750,000 | | | | | | 246,300,000 | | | | | | 194,250,000 | | |
Repayments of Credit Facility
|
| | | | (183,750,000) | | | | | | (187,500,000) | | | | | | (269,500,000) | | |
Financing costs paid on Credit Facility
|
| | | | (246,589) | | | | | | (351,403) | | | | | | (1,158,616) | | |
Partial share transactions
|
| | | | 755 | | | | | | (1,051) | | | | | | (142) | | |
Net Cash Provided by (Used in) Financing Activities
|
| | | $ | 91,952,273 | | | | | $ | 94,779,010 | | | | | $ | (2,933,938) | | |
Net Increase (Decrease) in Cash and Cash Equivalents
|
| | | $ | (1,333,831) | | | | | $ | (7,643,572) | | | | | $ | 15,916,589 | | |
Cash and cash equivalents balance at beginning of period
|
| | | | 17,467,146 | | | | | | 25,110,718 | | | | | | 9,194,129 | | |
Cash and Cash Equivalents Balance at End of Period
|
| | | $ | 16,133,315 | | | | | $ | 17,467,146 | | | | | $ | 25,110,718 | | |
Supplemental and Non-Cash Activities | | | | | | | | | | | | | | | | | | | |
Cash paid for interest expense
|
| | | $ | 13,035,976 | | | | | $ | 10,075,913 | | | | | $ | 6,762,104 | | |
Excise tax paid
|
| | | | 280,000 | | | | | | 27,717 | | | | | | 37,648 | | |
Shares issued pursuant to Dividend Reinvestment Plan
|
| | | | — | | | | | | 94,788 | | | | | | — | | |
Increase in distribution payable
|
| | | | 360,060 | | | | | | 899 | | | | | | 392,689 | | |
Increase (decrease) in deferred offering costs
|
| | | | (18,673) | | | | | | 18,673 | | | | | | — | | |
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
Non-controlled, non-affiliated investments
|
| |
(2)(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abrasive Products & Equipment, LLC, et al
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deer Park, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second Lien
|
| |
3M
L+10.50% |
| | | | 1.00% | | | | | | 12.45% | | | | | | | | | | | | 9/5/2014 | | | | | | 3/5/2021 | | | |
Chemicals, Plastics, &
Rubber |
| |
$5,325,237
|
| | | $ | 5,320,277 | | | | | $ | 5,112,228 | | | | | | 1.89% | | |
APE Holdings, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 9/5/2014 | | | | | | | | | | | | |
375,000 units
|
| | | | 375,000 | | | | | | 160,000 | | | | | | 0.06% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,695,277 | | | | | $ | 5,272,228 | | | | | | 1.95% | | |
Adams Publishing Group, LLC
|
| |
(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Greenville, TN
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.00% | | | | | | 9.44% | | | | | | | | | | | | 8/3/2018 | | | | | | 6/30/2023 | | | |
Media: Advertising,
Printing & Publishing |
| |
$5,411,955
|
| | | | 5,371,128 | | | | | | 5,222,536 | | | | | | 1.93% | | |
Delayed Draw Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.00% | | | | | | 9.45% | | | | | | | | | | | | 8/3/2018 | | | | | | 6/30/2023 | | | | | | |
$173,277
|
| | | | 173,277 | | | | | | 167,213 | | | | | | 0.06% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,544,405 | | | | | $ | 5,389,749 | | | | | | 1.99% | | |
Advanced Barrier Extrusions,
LLC |
| |
(8)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rhinelander, WI
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.00% | | | | | | 7.70% | | | | | | | | | | | | 8/8/2018 | | | | | | 8/8/2023 | | | |
Containers,
Packaging & Glass |
| |
$14,286,000
|
| | | | 14,056,286 | | | | | | 14,214,570 | | | | | | 5.25% | | |
GP ABX Holdings Partnership,
L.P. Common Stock |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/8/2018 | | | | | | | | | | | | |
250,000 units
|
| | | | 250,000 | | | | | | 350,000 | | | | | | 0.13% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,306,286 | | | | | $ | 14,564,570 | | | | | | 5.38% | | |
Apex Environmental Resources Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amsterdam, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/30/2015 | | | | | | | | | |
Environmental
Industries |
| |
945 shares
|
| | | | 945 | | | | | | 0 | | | | | | 0.00% | | |
Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/30/2015 | | | | | | | | | | | | |
945 shares
|
| | | | 945,179 | | | | | | 540,000 | | | | | | 0.20% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 946,124 | | | | | $ | 540,000 | | | | | | 0.20% | | |
APG Intermediate Sub 2 Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Castle Rock, CO
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(22)
|
| |
First Lien
|
| |
P+5.00%
|
| | | | 1.00% | | | | | | 9.75% | | | | | | | | | | | | 11/30/2018 | | | | | | 11/30/2023 | | | |
Aerospace & Defense
|
| |
$9,925,000
|
| | | | 9,740,191 | | | | | | 10,024,250 | | | | | | 3.70% | | |
APG Holdings, LLC Class A Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/30/2018 | | | | | | | | | | | | |
1,127,652 units
|
| | | | 1,127,652 | | | | | | 2,420,000 | | | | | | 0.89% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,867,843 | | | | | $ | 12,444,250 | | | | | | 4.59% | | |
Atmosphere Aggregator Holdings II,
LP |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlanta, GA
|
| | | | | | | | | | | | | | | | | | | | | |
Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/26/2016 | | | | | | | | | |
Services: Business
|
| |
254,250 units
|
| | | | 0 | | | | | | 1,100,000 | | | | | | 0.41% | | |
Stratose Aggregator Holdings, LP Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/30/2015 | | | | | | | | | | | | |
750,000 units
|
| | | | 0 | | | | | | 3,250,000 | | | | | | 1.20% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0 | | | | | $ | 4,350,000 | | | | | | 1.61% | | |
ASC Communications, LLC
|
| |
(7)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chicago, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+6.25% |
| | | | 1.00% | | | | | | 8.05% | | | | | | | | | | | | 6/29/2017 | | | | | | 6/29/2023 | | | |
Healthcare &
Pharmaceuticals |
| |
$4,537,037
|
| | | | 4,511,837 | | | | | | 4,514,352 | | | | | | 1.67% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+6.25% |
| | | | 1.00% | | | | | | 8.05% | | | | | | | | | | | | 2/4/2019 | | | | | | 6/29/2023 | | | | | | |
$7,712,963
|
| | | | 7,634,025 | | | | | | 7,674,398 | | | | | | 2.84% | | |
ASC Communications Holdings,
LLC Class A Preferred Units (SBIC) |
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/29/2017 | | | | | | | | | | | | |
73,529 shares
|
| | | | 90,895 | | | | | | 580,000 | | | | | | 0.21% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 12,236,757 | | | | | $ | 12,768,750 | | | | | | 4.72% | | |
BFC Solmetex, LLC
|
| |
(23)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nashville, TN
|
| | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| |
(12)(19)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 8.45% | | | | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | |
Environmental
Industries |
| |
$1,650,367
|
| | | | 1,650,367 | | | | | | 1,584,352 | | | | | | 0.59% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 8.45% | | | | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | | | | |
$11,592,818
|
| | | | 11,468,077 | | | | | | 11,129,105 | | | | | | 4.11% | | |
Bonded Filter Co. LLC, Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 8.45% | | | | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | | | | |
$1,205,073
|
| | | | 1,192,107 | | | | | | 1,156,870 | | | | | | 0.43% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,310,551 | | | | | $ | 13,870,327 | | | | | | 5.13% | | |
BW DME Acquisition, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tempe, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 9.59% | | | | | | | | | | | | 8/24/2017 | | | | | | 8/24/2022 | | | |
Healthcare &
Pharmaceuticals |
| |
$16,695,804
|
| | | | 16,392,213 | | | | | | 16,445,367 | | | | | | 6.08% | | |
BW DME Holdings, LLC, Term
Loan |
| |
(6)
|
| |
Unsecured
|
| |
17.50%
|
| | | | | | | | | | | | | | | | 17.50% | | | | | | 6/1/2018 | | | | | | 6/30/2020 | | | | | | |
$329,504
|
| | | | 329,504 | | | | | | 329,504 | | | | | | 0.12% | | |
BW DME Holdings, LLC Class A-1 Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/24/2017 | | | | | | | | | | | | |
1,000,000 shares
|
| | | | 1,000,000 | | | | | | 1,110,000 | | | | | | 0.41% | | |
BW DME Holdings, LLC Class A-2 Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/26/2018 | | | | | | | | | | | | |
937,261 shares
|
| | | | 937,261 | | | | | | 1,040,000 | | | | | | 0.38% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 18,658,978 | | | | | $ | 18,924,871 | | | | | | 6.99% | | |
Café Valley, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.25% | | | | | | 7.95% | | | | | | | | | | | | 8/28/2019 | | | | | | 8/28/2024 | | | |
Beverage, Food, &
Tobacco |
| |
$17,575,000
|
| | | | 17,242,956 | | | | | | 17,399,250 | | | | | | 6.43% | | |
CF Topco LLC, Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/28/2019 | | | | | | | | | | | | |
8,810 shares
|
| | | | 880,952 | | | | | | 860,000 | | | | | | 0.32% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 18,123,908 | | | | | $ | 18,259,250 | | | | | | 6.75% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| |||||||||||||||||||||
C.A.R.S. Protection Plus, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Murrysville, PA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+8.50% |
| | | | 0.50% | | | | | | 10.30% | | | | | | | | | 12/31/2015 | | | | | | 12/31/2020 | | | |
Automotive
|
| |
$94,003
|
| | | $ | 93,553 | | | | | $ | 94,003 | | | | | | 0.03% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+8.50% |
| | | | 0.50% | | | | | | 10.30% | | | | | | | | | 12/31/2015 | | | | | | 12/31/2020 | | | | | | |
$7,332,210
|
| | | | 7,297,083 | | | | | | 7,332,210 | | | | | | 2.71% | | |
CPP Holdings LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 12/31/2015 | | | | | | | | | | | | |
149,828 shares
|
| | | | 149,828 | | | | | | 240,000 | | | | | | 0.09% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 7,540,464 | | | | | $ | 7,666,213 | | | | | | 2.83% | | |
Colford Capital Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Preferred Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 8/20/2015 | | | | | | | | | |
Finance
|
| |
38,893 units
|
| | | | 195,036 | | | | | | 20,000 | | | | | | 0.01% | | |
Condor Borrower, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clifton, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+8.75% |
| | | | 1.00% | | | | | | 10.68% | | | | | | | | | 10/27/2017 | | | | | | 4/27/2025 | | | |
Software
|
| |
$13,750,000
|
| | | | 13,534,399 | | | | | | 13,406,250 | | | | | | 4.95% | | |
Condor Top Holdco Limited Convertible Preferred Shares
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 10/27/2017 | | | | | | | | | | | | |
500,000 shares
|
| | | | 442,197 | | | | | | 330,000 | | | | | | 0.12% | | |
Condor Holdings Limited Preferred Shares, Class B
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 10/27/2017 | | | | | | | | | | | | |
500,000 shares
|
| | | | 57,804 | | | | | | 40,000 | | | | | | 0.01% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,034,400 | | | | | $ | 13,776,250 | | | | | | 5.08% | | |
Convergence Technologies, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indianpolis, IN
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.75% |
| | | | 1.50% | | | | | | 8.70% | | | | | | | | | 8/31/2018 | | | | | | 8/30/2024 | | | |
Services: Business
|
| |
$7,053,571
|
| | | | 6,937,850 | | | | | | 6,983,036 | | | | | | 2.58% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.75% |
| | | | 1.50% | | | | | | 8.70% | | | | | | | | | 2/28/2019 | | | | | | 8/30/2024 | | | | | | |
$1,417,857
|
| | | | 1,392,977 | | | | | | 1,403,679 | | | | | | 0.52% | | |
Delayed Draw Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.75% |
| | | | 1.50% | | | | | | 8.70% | | | | | | | | | 8/31/2018 | | | | | | 8/30/2024 | | | | | | |
$5,303,571
|
| | | | 5,303,571 | | | | | | 5,250,536 | | | | | | 1.94% | | |
Tailwind Core Investor, LLC Class A Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 8/31/2018 | | | | | | | | | | | | |
4,275 units
|
| | | | 429,614 | | | | | | 360,000 | | | | | | 0.13% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,064,012 | | | | | $ | 13,997,251 | | | | | | 5.17% | | |
Data Centrum Communications,
Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Montvale, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.00% | | | | | | 7.44% | | | | | | | | | 5/15/2019 | | | | | | 5/15/2024 | | | |
Media: Advertising,
Printing & Publishing |
| |
$16,168,750
|
| | | | 15,881,567 | | | | | | 15,845,375 | | | | | | 5.86% | | |
Health Monitor Holdings, LLC
Seires A Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 5/15/2019 | | | | | | | | | | | | |
1,000,000 shares
|
| | | | 1,000,000 | | | | | | 730,000 | | | | | | 0.27% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,881,567 | | | | | $ | 16,575,375 | | | | | | 6.13% | | |
Douglas Products Group, LP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liberty, MO
|
| | | | | | | | | | | | | | | | | | | | | |
Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 12/27/2018 | | | | | | | | | |
Chemicals, Plastics, &
Rubber |
| |
322 shares
|
| | | | 139,656 | | | | | | 490,000 | | | | | | 0.18% | | |
DRS Holdings III, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
St. Louis, MO
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+5.75% |
| | | | 1.00% | | | | | | 7.55% | | | | | | | | | 11/1/2019 | | | | | | 11/1/2025 | | | |
Consumer Goods:
Durable |
| |
$10,000,000
|
| | | | 9,902,215 | | | | | | 9,902,215 | | | | | | 3.66% | | |
Revolver
|
| |
(10)(12)
|
| |
First Lien
|
| |
1M
L+5.75% |
| | | | 1.00% | | | | | | 7.55% | | | | | | | | | 11/1/2019 | | | | | | 11/1/2025 | | | | | | |
$36,364
|
| | | | 36,364 | | | | | | 36,008 | | | | | | 0.01% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 9,938,579 | | | | | $ | 9,938,223 | | | | | | 3.67% | | |
DTE Enterprises, LLC
|
| |
(18)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Roselle, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+7.50% |
| | | | 1.50% | | | | | | 9.24% | | | | | | | | | 4/13/2018 | | | | | | 4/13/2023 | | | |
Energy: Oil & Gas
|
| |
$10,991,941
|
| | | | 10,836,199 | | | | | | 10,772,102 | | | | | | 3.98% | | |
DTE Holding Company, LLC Common Shares, Class A-2
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 4/13/2018 | | | | | | | | | | | | |
776,316 shares
|
| | | | 466,204 | | | | | | 1,000,000 | | | | | | 0.37% | | |
DTE Holding Company, LLC Preferred Shares, Class AA
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 4/13/2018 | | | | | | | | | | | | |
723,684 shares
|
| | | | 723,684 | | | | | | 940,000 | | | | | | 0.35% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 12,026,087 | | | | | $ | 12,712,102 | | | | | | 4.70% | | |
Empirix Holdings I, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Billerica, MA
|
| | | | | | | | | | | | | | | | | | | | | |
Common Shares, Class A
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 11/1/2013 | | | | | | | | | |
Software
|
| |
1,304 shares
|
| | | | 1,304,232 | | | | | | 0 | | | | | | 0.00% | | |
Common Shares, Class B
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 11/1/2013 | | | | | | | | | | | | |
1,317,406 shares
|
| | | | 13,174 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,317,406 | | | | | $ | 0 | | | | | | 0.00% | | |
Energy Labs Holding Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Common Stock
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 9/29/2016 | | | | | | | | | |
Energy: Oil & Gas
|
| |
598 shares
|
| | | | 598,182 | | | | | | 870,000 | | | | | | 0.32% | | |
Exacta Land Surveyors, LLC
|
| |
(14)(25)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cleveland, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.50% | | | | | | 7.70% | | | | | | | | | 2/8/2019 | | | | | | 2/8/2024 | | | |
Services: Business
|
| |
$16,884,375
|
| | | | 16,594,835 | | | | | | 16,715,532 | | | | | | 6.18% | | |
SP ELS Holdings LLC, Class A
Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 2/8/2019 | | | | | | | | | | | | |
1,069,143 shares
|
| | | | 1,069,143 | | | | | | 880,000 | | | | | | 0.33% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 17,663,978 | | | | | $ | 17,595,532 | | | | | | 6.51% | | |
EOS Fitness Holdings,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 12/30/2014 | | | | | | | | | |
Hotel, Gaming, &
Leisure |
| |
118 shares
|
| | | | 0 | | | | | | 530,000 | | | | | | 0.20% | | |
Class B Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 12/30/2014 | | | | | | | | | | | | |
3,017 shares
|
| | | | 0 | | | | | | 10,000 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0 | | | | | $ | 540,000 | | | | | | 0.20% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
Fast Growing Trees, LLC
|
| |
(16)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fort Mill, SC
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+7.75% |
| | | | 1.00% | | | | | | 9.70% | | | | | | | | | | | | 2/5/2018 | | | | | | 02/05/23 | | | |
Retail
|
| |
$19,192,490
|
| | | $ | 18,935,337 | | | | | $ | 18,616,716 | | | | | | 6.88% | | |
SP FGT Holdings, LLC, Class A
Common |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/5/2018 | | | | | | | | | | | | |
1,000,000 shares
|
| | | | 1,000,000 | | | | | | 750,000 | | | | | | 0.28% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,935,337 | | | | | $ | 19,366,716 | | | | | | 7.16% | | |
FB Topco, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Camden, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.35% |
| | | | 1.00% | | | | | | 10.45% | | | | | | | | | | | | 6/27/2018 | | | | | | 4/24/2023 | | | |
Education
|
| |
$20,803,881
|
| | | | 20,492,224 | | | | | | 20,179,764 | | | | | | 7.46% | | |
Delayed Draw Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.35% |
| | | | 1.00% | | | | | | 10.48% | | | | | | | | | | | | 6/27/2018 | | | | | | 4/24/2023 | | | | | | |
$1,140,578
|
| | | | 1,140,578 | | | | | | 1,106,361 | | | | | | 0.41% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 21,632,802 | | | | | $ | 21,286,125 | | | | | | 7.87% | | |
Furniture Factory Outlet, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fort Smith, AR
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| | | | |
First Lien
|
| |
7.00%
|
| | | | | | | | | | 7.00% | | | | | | | | | | | | 6/10/2016 | | | | | | 6/10/2021 | | | |
Consumer Goods:
Durable |
| |
$14,801,785
|
| | | | 14,678,894 | | | | | | 11,989,446 | | | | | | 4.43% | | |
Furniture Factory Holdings, LLC Term Loan
|
| |
(6)
|
| |
Unsecured
|
| |
11.00%
|
| | | | | | | | | | | | | | | | 11.00% | | | | | | 6/10/2016 | | | | | | 2/3/2021 | | | | | | |
$147,231
|
| | | | 147,231 | | | | | | 0 | | | | | | 0.00% | | |
Furniture Factory Ultimate Holding, LP Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/10/2016 | | | | | | | | | | | | |
13,445 shares
|
| | | | 94,569 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,920,694 | | | | | $ | 11,989,446 | | | | | | 4.43% | | |
GK Holdings, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cary, NC
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+10.25% |
| | | | 1.00% | | | | | | 12.19% | | | | | | | | | | | | 1/30/2015 | | | | | | 1/20/2022 | | | |
Education
|
| |
$5,000,000
|
| | | | 4,961,969 | | | | | | 4,375,000 | | | | | | 1.62% | | |
General LED OPCO, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Antonio, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+9.00% |
| | | | 1.50% | | | | | | 10.95% | | | | | | | | | | | | 5/1/2018 | | | | | | 11/1/2023 | | | |
Services: Business
|
| |
$4,500,000
|
| | | | 4,432,260 | | | | | | 4,230,000 | | | | | | 1.56% | | |
GS HVAM Intermediate, LLC
|
| |
(21)(34)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carlsbad, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+5.75% |
| | | | 1.00% | | | | | | 7.56% | | | | | | | | | | | | 10/18/2019 | | | | | | 10/2/2024 | | | |
Beverage, Food, &
Tobacco |
| |
$13,257,576
|
| | | | 13,128,716 | | | | | | 13,128,716 | | | | | | 4.85% | | |
HV GS Acquisition, LP Class A
Interests |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/29/2018 | | | | | | | | | | | | |
1,796 shares
|
| | | | 1,618,844 | | | | | | 1,620,000 | | | | | | 0.60% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,747,560 | | | | | $ | 14,748,716 | | | | | | 5.45% | | |
Grupo HIMA San Pablo, Inc.,
et al |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Juan, PR
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)(27)
|
| |
First Lien
|
| |
3M
L+7.00% |
| | | | 1.50% | | | | | | 8.94% | | | | | | | | | | | | 2/1/2013 | | | | | | 1/31/2018 | | | |
Healthcare &
Pharmaceuticals |
| |
$4,503,720
|
| | | | 4,503,720 | | | | | | 3,490,383 | | | | | | 1.29% | | |
Term Loan
|
| |
(15)(27)
|
| |
Second Lien
|
| |
13.75%
|
| | | | | | | | | | 0.00% | | | | | | | | | | | | 2/1/2013 | | | | | | 7/31/2018 | | | | | | |
$4,109,524
|
| | | | 4,109,524 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 8,613,244 | | | | | $ | 3,490,383 | | | | | | 1.29% | | |
ICD Intermediate Holdco 2, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(5)(12)
|
| |
Second Lien
|
| |
3M
L+9.00% |
| | | | 1.00% | | | | | | 10.95% | | | | | | | | | | | | 1/1/2018 | | | | | | 7/1/2024 | | | |
Finance
|
| |
$10,000,000
|
| | | | 9,847,895 | | | | | | 10,000,000 | | | | | | 3.70% | | |
ICD Holdings, LLC, Class A Preferred
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/1/2018 | | | | | | | | | | | | |
9,962 shares
|
| | | | 496,405 | | | | | | 1,030,000 | | | | | | 0.38% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,344,300 | | | | | $ | 11,030,000 | | | | | | 4.08% | | |
Integrated Oncology Network,
LLC |
| |
(29)(30)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Newport Beach, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.50% | | | | | | 7.43% | | | | | | | | | | | | 7/17/2019 | | | | | | 6/24/2024 | | | |
Healthcare &
Pharmaceuticals |
| |
$16,637,202
|
| | | | 16,332,432 | | | | | | 16,387,644 | | | | | | 6.06% | | |
Intuitive Health, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Plano, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC II)
|
| |
(9)(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.50% | | | | | | 7.95% | | | | | | | | | | | | 10/18/2019 | | | | | | 10/18/2024 | | | |
Healthcare &
Pharmaceuticals |
| |
$6,000,000
|
| | | | 5,883,278 | | | | | | 5,883,278 | | | | | | 2.17% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.50% | | | | | | 7.95% | | | | | | | | | | | | 10/18/2019 | | | | | | 10/18/2024 | | | | | | |
$11,500,000
|
| | | | 11,276,284 | | | | | | 11,276,284 | | | | | | 4.17% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 17,159,562 | | | | | $ | 17,159,562 | | | | | | 6.34% | | |
Invincible Boat Company, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opa Locka, FL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC II)
|
| |
(9)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.50% | | | | | | 8.45% | | | | | | | | | | | | 8/28/2019 | | | | | | 8/28/2025 | | | |
Consumer Goods:
Durable |
| |
$5,962,500
|
| | | | 5,848,418 | | | | | | 5,843,250 | | | | | | 2.16% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.50% | | | | | | 8.45% | | | | | | | | | | | | 8/28/2019 | | | | | | 8/28/2025 | | | | | | |
$6,459,375
|
| | | | 6,264,417 | | | | | | 6,330,188 | | | | | | 2.34% | | |
Revolver
|
| |
(12)(28)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.50% | | | | | | 8.45% | | | | | | | | | | | | 8/28/2019 | | | | | | 8/28/2025 | | | | | | |
$568,182
|
| | | | 568,182 | | | | | | 556,818 | | | | | | 0.21% | | |
Invincible Parent Holdco, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/28/2019 | | | | | | | | | | | | |
1,000,000 shares
|
| | | | 982,099 | | | | | | 1,090,000 | | | | | | 0.40% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 13,663,116 | | | | | $ | 13,820,256 | | | | | | 5.11% | | |
J.R. Watkins, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Francisco, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+6.50% |
| | | | 1.25% | | | | | | 8.30% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | |
Consumer Goods:
non-durable |
| |
$1,750,000
|
| | | | 1,750,000 | | | | | | 1,470,000 | | | | | | 0.54% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+6.50% |
| | | | 1.25% | | | | | | 8.30% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | | | | |
$12,250,000
|
| | | | 12,091,135 | | | | | | 10,290,000 | | | | | | 3.80% | | |
J.R. Watkins Holdings, Inc. Class A Preferred
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/22/2017 | | | | | | | | | | | | |
1,133 shares
|
| | | | 1,132,576 | | | | | | 10,000 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,973,711 | | | | | $ | 11,770,000 | | | | | | 4.34% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
Jurassic Acquisiton Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sparks, MD
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
1M
L+5.50% |
| | | | 0.00% | | | | | | 7.30% | | | | | | | | | | | | 12/28/2018 | | | | | | 11/15/2024 | | | |
Metals & Mining
|
| |
$17,325,000
|
| | | $ | 17,103,044 | | | | | $ | 17,325,000 | | | | | | 6.40% | | |
Kelleyamerit Holdings, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Walnut Creek, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.00% | | | | | | 10.03% | | | | | | | | | | | | 3/30/2018 | | | | | | 3/30/2023 | | | |
Automotive
|
| |
$9,750,000
|
| | | | 9,611,438 | | | | | | 9,555,000 | | | | | | 3.53% | | |
KidKraft, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dallas, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(6)
|
| |
Second Lien
|
| |
12.00%
|
| | | | | | | | | | 11.00% | | | | | | 1.00% | | | | | | 9/30/2016 | | | | | | 3/30/2022 | | | |
Consumer Goods:
Durable |
| |
$9,503,655
|
| | | | 9,411,079 | | | | | | 8,410,735 | | | | | | 3.11% | | |
Lynx FBO Operating, LLC
|
| |
(31)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.50% | | | | | | 7.86% | | | | | | | | | | | | 9/30/2019 | | | | | | 9/30/2024 | | | |
Aerospace & Defense
|
| |
$13,750,000
|
| | | | 13,486,379 | | | | | | 13,486,379 | | | | | | 4.98% | | |
Lynx FBO Investments, LLC Class A-1 Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 9/30/2019 | | | | | | | | | | | | |
3,704 shares
|
| | | | 500,040 | | | | | | 500,000 | | | | | | 0.18% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 13,986,419 | | | | | $ | 13,986,379 | | | | | | 5.16% | | |
Madison Logic, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+8.00% |
| | | | 0.50% | | | | | | 9.80% | | | | | | | | | | | | 11/30/2016 | | | | | | 11/30/2021 | | | |
Media: Broadcasting
& Subscription |
| |
$4,581,402
|
| | | | 4,561,449 | | | | | | 4,581,402 | | | | | | 1.69% | | |
Madison Logic Holdings, Inc. Common Stock (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/30/2016 | | | | | | | | | | | | |
5,000 shares
|
| | | | 50,000 | | | | | | 60,000 | | | | | | 0.02% | | |
Madison Logic Holdings, Inc. Series A Preferred Stock (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/30/2016 | | | | | | | | | | | | |
4,500 shares
|
| | | | 450,000 | | | | | | 520,000 | | | | | | 0.19% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,061,449 | | | | | $ | 5,161,402 | | | | | | 1.90% | | |
Mobile Acquisition Holdings, LP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Santa Clara, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/1/2016 | | | | | | | | | |
Software
|
| |
750 units
|
| | | | 455,385 | | | | | | 1,740,000 | | | | | | 0.64% | | |
Munch’s Supply, LLC
|
| |
(20)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Lenox, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.00% | | | | | | 8.35% | | | | | | | | | | | | 4/11/2019 | | | | | | 4/11/2024 | | | |
Capital Equipment
|
| |
$7,960,000
|
| | | | 7,890,332 | | | | | | 7,880,400 | | | | | | 2.91% | | |
Cool Supply Holdings, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 4/11/2019 | | | | | | | | | | | | |
500,000 units
|
| | | | 498,779 | | | | | | 410,000 | | | | | | 0.15% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 8,389,111 | | | | | $ | 8,290,400 | | | | | | 3.06% | | |
National Trench Safety, LLC,
et al |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)
|
| |
Second Lien
|
| |
11.50%
|
| | | | | | | | | | 11.50% | | | | | | | | | | | | 3/31/2017 | | | | | | 3/31/2022 | | | |
Construction & Building
|
| |
$10,000,000
|
| | | | 9,908,323 | | | | | | 10,000,000 | | | | | | 3.70% | | |
NTS Investors, LP Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 3/31/2017 | | | | | | | | | | | | |
2,335 units
|
| | | | 500,000 | | | | | | 500,000 | | | | | | 0.18% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 10,408,323 | | | | | $ | 10,500,000 | | | | | | 3.88% | | |
Naumann/Hobbs Material Handling
Corporation II, Inc. |
| |
(32)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC II)
|
| |
(9)(12)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.50% | | | | | | 8.20% | | | | | | | | | | | | 8/30/2019 | | | | | | 8/30/2024 | | | |
Services: Business
|
| |
$5,978,693
|
| | | | 5,865,655 | | | | | | 5,859,119 | | | | | | 2.17% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.50% | | | | | | 8.20% | | | | | | | | | | | | 8/30/2019 | | | | | | 8/30/2024 | | | | | | |
$9,480,904
|
| | | | 9,301,650 | | | | | | 9,291,286 | | | | | | 3.43% | | |
CGC NH, Inc. Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/30/2019 | | | | | | | | | | | | |
123 shares
|
| | | | 440,758 | | | | | | 400,000 | | | | | | 0.15% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 15,608,063 | | | | | $ | 15,550,405 | | | | | | 5.75% | | |
NGS US Finco, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bradford, PA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second Lien
|
| |
1M
L+8.50% |
| | | | 1.00% | | | | | | 10.30% | | | | | | | | | | | | 10/1/2018 | | | | | | 4/1/2026 | | | |
Utilities: Oil & Gas
|
| |
$10,000,000
|
| | | | 9,868,044 | | | | | | 9,900,000 | | | | | | 3.66% | | |
NS412, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dallas, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+8.50% |
| | | | 1.00% | | | | | | 10.45% | | | | | | | | | | | | 5/6/2019 | | | | | | 11/6/2025 | | | |
Services: Consumer
|
| |
$7,615,000
|
| | | | 7,474,214 | | | | | | 7,500,775 | | | | | | 2.77% | | |
NS Group Holding Company, LLC Class A Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 5/6/2019 | | | | | | | | | | | | |
750 shares
|
| | | | 750,000 | | | | | | 810,000 | | | | | | 0.30% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 8,224,214 | | | | | $ | 8,310,775 | | | | | | 3.07% | | |
NuMet Machining Techniques,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Birmingham, UK
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)(35)
|
| |
Second Lien
|
| |
6M
L+9.00% |
| | | | 2.00% | | | | | | 11.00% | | | | | | | | | | | | 11/5/2019 | | | | | | 5/5/2026 | | | |
Aerospace & Defense
|
| |
$11,700,000
|
| | | | 11,470,017 | | | | | | 11,470,017 | | | | | | 4.24% | | |
Bromford Industries Limited Term Loan
|
| |
(5)(35)
|
| |
Second Lien
|
| |
6M
L+9.00% |
| | | | 2.00% | | | | | | 11.00% | | | | | | | | | | | | 11/5/2019 | | | | | | 5/5/2026 | | | | | | |
$7,800,000
|
| | | | 7,646,678 | | | | | | 7,646,678 | | | | | | 2.83% | | |
Bromford Holdings, L.P. Class A
Membership Units |
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/5/2019 | | | | | | | | | | | | |
1,000,000 shares
|
| | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 0.37% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 20,116,695 | | | | | $ | 20,116,695 | | | | | | 7.44% | | |
Nutritional Medicinals, LLC
|
| |
(24)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Centerville, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 7.95% | | | | | | | | | | | | 11/15/2018 | | | | | | 11/15/2023 | | | |
Healthcare &
Pharmaceuticals |
| |
$14,845,000
|
| | | | 14,606,657 | | | | | | 14,399,650 | | | | | | 5.32% | | |
Functional Aggregator, LLC Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/15/2018 | | | | | | | | | | | | |
12,500 shares
|
| | | | 1,250,000 | | | | | | 1,260,000 | | | | | | 0.47% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 15,856,657 | | | | | $ | 15,659,650 | | | | | | 5.79% | | |
PCP MT Aggregator Holdings,
L.P. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oak Brook, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Common LP Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 3/29/2019 | | | | | | | | | |
Finance
|
| |
750,000 shares
|
| | | | 0 | | | | | | 1,080,000 | | | | | | 0.40% | | |
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
PCS Software, Inc.
|
| |
(11)(33)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shenandoah, Tx
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.50% | | | | | | 7.70% | | | | | | | | | | | | 7/1/2019 | | | | | | 7/1/2024 | | | |
Transportation &
Logistics |
| |
$1,990,000
|
| | | $ | 1,953,461 | | | | | $ | 1,960,150 | | | | | | 0.72% | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.50% | | | | | | 7.70% | | | | | | | | | | | | 7/1/2019 | | | | | | 7/1/2024 | | | | | | |
$15,173,750
|
| | | | 14,895,138 | | | | | | 14,946,144 | | | | | | 5.52% | | |
PCS Software Holdings, LLC Class A Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 7/1/2019 | | | | | | | | | | | | |
325,000 shares
|
| | | | 325,000 | | | | | | 320,000 | | | | | | 0.12% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 17,173,599 | | | | | $ | 17,226,294 | | | | | | 6.36% | | |
Pioneer Transformers, L.P.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Franklin, WI
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC II)
|
| |
(9)(12)
|
| |
First Lien
|
| |
1M
L+6.00% |
| | | | 1.50% | | | | | | 7.79% | | | | | | | | | | | | 11/22/2019 | | | | | | 8/16/2024 | | | |
Capital Equipment
|
| |
$4,987,500
|
| | | | 4,901,484 | | | | | | 4,901,484 | | | | | | 1.81% | | |
Premiere Digital Services, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Los Angeles, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.50% | | | | | | 8.73% | | | | | | | | | | | | 10/18/2018 | | | | | | 10/18/2023 | | | |
Media: Broadcasting
& Subscription |
| |
$9,992,518
|
| | | | 9,753,256 | | | | | | 9,842,630 | | | | | | 3.64% | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.50% | | | | | | 8.73% | | | | | | | | | | | | 10/18/2018 | | | | | | 10/18/2023 | | | | | | |
$2,428,772
|
| | | | 2,372,392 | | | | | | 2,392,341 | | | | | | 0.88% | | |
Premiere Digital Holdings, Inc.,
Common Stock |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/18/2018 | | | | | | | | | | | | |
5,000 shares
|
| | | | 50,000 | | | | | | 70,000 | | | | | | 0.03% | | |
Premiere Digital Holdings, Inc.,
Preferred Stock |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/18/2018 | | | | | | | | | | | | |
4,500 shares
|
| | | | 450,000 | | | | | | 600,000 | | | | | | 0.22% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 12,625,648 | | | | | $ | 12,904,971 | | | | | | 4.77% | | |
Price for Profit, LLC
|
| |
(17)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cleveland, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 8.45% | | | | | | | | | | | | 1/31/2018 | | | | | | 1/31/2023 | | | |
Services: Business
|
| |
$3,887,657
|
| | | | 3,836,120 | | | | | | 3,887,657 | | | | | | 1.44% | | |
I2P Holdings, LLC, Series A Preferred
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/31/2018 | | | | | | | | | | | | |
750,000 shares
|
| | | | 750,000 | | | | | | 2,800,000 | | | | | | 1.03% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,586,120 | | | | | $ | 6,687,657 | | | | | | 2.47% | | |
Protect America, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Austin TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(6)(12)(26)
|
| |
Second Lien
|
| |
3M
L+7.75% |
| | | | 1.00% | | | | | | 0.00% | | | | | | | | | | | | 8/30/2017 | | | | | | 10/30/2020 | | | |
Services: Consumer
|
| |
$17,979,749
|
| | | | 17,851,392 | | | | | | 5,034,330 | | | | | | 1.86% | | |
Skopos Financial, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Irving, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)
|
| |
Unsecured
|
| |
12.00%
|
| | | | | | | | | | 12.00% | | | | | | | | | | | | 1/31/2014 | | | | | | 1/31/2021 | | | |
Finance
|
| |
$15,500,000
|
| | | | 15,500,000 | | | | | | 15,422,500 | | | | | | 5.70% | | |
Skopos Financial Group, LLC Series A Preferred Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/31/2014 | | | | | | | | | | | | |
1,120,684 units
|
| | | | 1,162,544 | | | | | | 1,110,000 | | | | | | 0.41% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,662,544 | | | | | $ | 16,532,500 | | | | | | 6.11% | | |
Specified Air Solutions, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buffalo, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/30/2017 | | | | | | | | | |
Construction &
Building |
| |
3,846 shares
|
| | | | 0 | | | | | | 250,000 | | | | | | 0.09% | | |
SQAD, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tarrytown, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 8.44% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | |
Media: Broadcasting
& Subscription |
| |
$14,497,594
|
| | | | 14,447,718 | | | | | | 14,352,618 | | | | | | 5.30% | | |
SQAD Holdco, Inc. Preferred Shares, Series A (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/31/2013 | | | | | | | | | | | | |
5,624 shares
|
| | | | 156,001 | | | | | | 720,000 | | | | | | 0.27% | | |
SQAD Holdco, Inc. Common Shares (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/31/2013 | | | | | | | | | | | | |
5,800 shares
|
| | | | 62,485 | | | | | | 80,000 | | | | | | 0.03% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,666,204 | | | | | $ | 15,152,618 | | | | | | 5.60% | | |
TechInsights, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ottawa, Ontario
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 9.33% | | | | | | | | | | | | 8/16/2017 | | | | | | 10/2/2023 | | | |
High Tech Industries
|
| |
$21,540,925
|
| | | | 21,201,137 | | | | | | 21,217,811 | | | | | | 7.84% | | |
Time Manufacturing Acquisition, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waco, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(6)
|
| |
Unsecured
|
| |
11.50%
|
| | | | | | | | | | 10.75% | | | | | | 0.75% | | | | | | 2/3/2017 | | | | | | 8/3/2023 | | | |
Capital Equipment
|
| |
$6,385,182
|
| | | | 6,302,784 | | | | | | 6,385,182 | | | | | | 2.36% | | |
Time Manufacturing Investments, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/3/2017 | | | | | | | | | | | | |
5,000 units
|
| | | | 500,000 | | | | | | 660,000 | | | | | | 0.24% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 6,802,784 | | | | | $ | 7,045,182 | | | | | | 2.60% | | |
TFH Reliability, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second Lien
|
| |
3M
L+10.75% |
| | | | 0.50% | | | | | | 12.70% | | | | | | | | | | | | 10/21/2016 | | | | | | 4/21/2022 | | | |
Chemicals, Plastics, &
Rubber |
| |
$5,875,000
|
| | | | 5,814,371 | | | | | | 5,875,000 | | | | | | 2.17% | | |
TFH Reliability Group, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/21/2016 | | | | | | | | | | | | |
250,000 shares
|
| | | | 231,521 | | | | | | 220,000 | | | | | | 0.08% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 6,045,892 | | | | | $ | 6,095,000 | | | | | | 2.25% | | |
U.S. Auto Sales, Inc. et al
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrenceville, GA
|
| | | | | | | | | | | | | | | | | | | | | |
USASF Blocker II, LLC Common Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/8/2015 | | | | | | | | | |
Finance
|
| |
441 units
|
| | | | 441,000 | | | | | | 690,000 | | | | | | 0.26% | | |
USASF Blocker III, LLC Series C Preferred Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/13/2018 | | | | | | | | | | | | |
125 Units
|
| | | | 125,000 | | | | | | 200,000 | | | | | | 0.07% | | |
USASF Blocker LLC Common
Units |
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/8/2015 | | | | | | | | | | | | |
9,000 units
|
| | | | 9,000 | | | | | | 10,000 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 575,000 | | | | | $ | 900,000 | | | | | | 0.33% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| |||||||||||||||||||||
VRI Intermediate Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Franklin, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second Lien
|
| |
3M
L+9.25% |
| | | | 1.00% | | | | | | 11.20% | | | | | | | | | 5/31/2017 | | | | | | 10/31/2020 | | | |
Healthcare &
Pharmaceuticals |
| |
$9,000,000
|
| | | $ | 8,949,730 | | | | | $ | 9,000,000 | | | | | | 3.33% | | |
VRI Ultimate Holdings, LLC Class A
Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 5/31/2017 | | | | | | | | | | | | |
326,797 shares
|
| | | | 500,000 | | | | | | 610,000 | | | | | | 0.23% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 9,449,730 | | | | | $ | 9,610,000 | | | | | | 3.56% | | |
Whisps Acquisiton Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elgin, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 0.00% | | | | | | 7.95% | | | | | | | | | 4/26/2019 | | | | | | 4/18/2025 | | | |
Beverage, Food, &
Tobacco |
| |
$8,875,000
|
| | | | 8,717,992 | | | | | | 8,875,000 | | | | | | 3.28% | | |
Whisps Holding LP Class A Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 4/18/2019 | | | | | | | | | | | | |
500,000 shares
|
| | | | 500,000 | | | | | | 680,000 | | | | | | 0.25% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 9,217,992 | | | | | $ | 9,555,000 | | | | | | 3.53% | | |
Wise Parent Company, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salt Lake City, UT
|
| | | | | | | | | | | | | | | | | | | | | |
Membership Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 8/27/2018 | | | | | | | | | |
Beverage, Food, &
Tobacco |
| |
6 units
|
| | | | 41,894 | | | | | | 30,000 | | | | | | 0.01% | | |
Total Non-controlled, non-affiliated investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 642,707,824 | | | | | | 628,948,077 | | | | | | 232.45% | | |
Net Investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 642,707,824 | | | | | | 628,948,077 | | | | | | 232.45% | | |
LIABILITIES IN EXCESS OF OTHER
ASSETS |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (358,376,904) | | | | | | (132.45)% | | |
NET ASSETS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 270,571,173 | | | | | | 100.00% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| |||||||||||||||||||||
Non-controlled, affiliated investments
|
| |
(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Glori Energy Production Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Glori Energy Production, LLC Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 2/1/2017 | | | | | | | | | |
Energy: Oil & Gas
|
| |
1,000 shares
|
| | | $ | 52,185 | | | | | $ | 50,000 | | | | | | 0.02% | | |
Subtotal Non-controlled, affiliated investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,185 | | | | | | 50,000 | | | | | | 0.02% | | |
Non-controlled, non-affiliated
investments |
| |
(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abrasive Products & Equipment,
LLC, et al |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deer Park, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)(20)
|
| |
Second Lien
|
| |
3M
L+10.50% |
| | | | 1.00% | | | | | | 0.00% | | | | | | | | | 9/5/2014 | | | | | | 3/5/2020 | | | |
Chemicals,
Plastics, & Rubber |
| |
$5,325,237
|
| | | | 5,294,907 | | | | | | 4,712,835 | | | | | | 2.10% | | |
APE Holdings, LLC Class A
Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 9/5/2014 | | | | | | | | | | | | |
375,000 units
|
| | | | 375,000 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,669,907 | | | | | | 4,712,835 | | | | | | 2.10% | | |
Adams Publishing Group,
LLC |
| |
(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Greenville, TN
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.00% | | | | | | 9.93% | | | | | | | | | 8/3/2018 | | | | | | 6/30/2023 | | | |
Media:
Advertising, Printing & Publishing |
| |
$7,125,000
|
| | | | 7,058,675 | | | | | | 6,875,625 | | | | | | 3.06% | | |
Advanced Barrier Extrusions, LLC
|
| |
(8)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rhinelander, WI
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+5.75% |
| | | | 1.00% | | | | | | 8.56% | | | | | | | | | 8/8/2018 | | | | | | 8/8/2023 | | | |
Containers,
Packaging & Glass |
| |
$11,400,000
|
| | | | 11,187,711 | | | | | | 10,659,000 | | | | | | 4.74% | | |
GP ABX Holdings
Partnership, L.P. Common Stock |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 8/8/2018 | | | | | | | | | | | | |
250,000 units
|
| | | | 250,000 | | | | | | 210,000 | | | | | | 0.09% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,437,711 | | | | | | 10,869,000 | | | | | | 4.83% | | |
Apex Environmental Resources
Holdings, LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amsterdam, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 10/30/2015 | | | | | | | | | |
Environmental
Industries |
| |
945 shares
|
| | | | 945 | | | | | | 0 | | | | | | 0.00% | | |
Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
945 shares
|
| | | | 945,179 | | | | | | 330,000 | | | | | | 0.15% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 10/30/2015 | | | | | | | | | | | | | | | | | | 946,124 | | | | | | 330,000 | | | | | | 0.15% | | |
APG Intermediate Sub 2 Corp.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Castle Rock, CO
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 10.05% | | | | | | | | | 11/30/2018 | | | | | | 11/30/2023 | | | |
Aerospace &
Defense |
| |
10,000,000
|
| | | | 9,777,822 | | | | | | 9,777,822 | | | | | | 4.35% | | |
APG Holdings, LLC Class A
Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 11/30/2018 | | | | | | | | | | | | |
1,000,000
units |
| | | | 1,000,000 | | | | | | 1,000,000 | | | | | | 0.44% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,777,822 | | | | | | 10,777,822 | | | | | | 4.79% | | |
Atmosphere Aggregator Holdings II, LP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlanta, GA
|
| | | | | | | | | | | | | | | | | | | | | |
Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 6/30/2015 | | | | | | | | | |
Services:
Business |
| |
254,250
units |
| | | | 254,250 | | | | | | 1,190,000 | | | | | | 0.53% | | |
Atmosphere Aggregator Holdings, LP Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 6/30/2015 | | | | | | | | | | | | |
750,000
units |
| | | | 750,000 | | | | | | 3,510,000 | | | | | | 1.56% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,004,250 | | | | | | 4,700,000 | | | | | | 2.09% | | |
ASC Communications, LLC
|
| |
(7)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chicago, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+5.75% |
| | | | 1.00% | | | | | | 8.27% | | | | | | | | | 6/29/2017 | | | | | | 6/29/2022 | | | |
Healthcare &
Pharmaceuticals |
| |
$5,083,335
|
| | | $ | 5,045,552 | | | | | $ | 5,057,916 | | | | | | 2.25% | | |
ASC Communications Holdings, LLC Class A Preferred Units (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 6/29/2017 | | | | | | | | | | | | |
73,529 shares
|
| | | | 483,540 | | | | | | 800,000 | | | | | | 0.36% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,529,092 | | | | | | 5,857,916 | | | | | | 2.61% | | |
Beneplace, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Austin TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
SecondLien
|
| |
3M
L+10.00% |
| | | | 1.00% | | | | | | 12.81% | | | | | | | | | 3/27/2017 | | | | | | 9/27/2022 | | | |
FIRE:
Insurance |
| |
$5,000,000
|
| | | | 4,925,301 | | | | | | 4,950,000 | | | | | | 2.20% | | |
Beneplace Holdings, LLC Preferred
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 3/27/2017 | | | | | | | | | | | | |
500,000
units |
| | | | 500,000 | | | | | | 510,000 | | | | | | 0.23% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,425,301 | | | | | | 5,460,000 | | | | | | 2.43% | | |
BFC Solmetex, LLC
|
| |
(23)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nashville, TN
|
| | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| |
(12)(19)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.00% | | | | | | 9.06% | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | |
Environmental
Industries |
| |
$305,623
|
| | | | 305,623 | | | | | | 288,814 | | | | | | 0.13% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.00% | | | | | | 9.06% | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | | | | |
$11,711,033
|
| | | | 11,552,684 | | | | | | 11,066,926 | | | | | | 4.92% | | |
Bonded Filter Co. LLC, Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.25% |
| | | | 1.00% | | | | | | 9.06% | | | | | | | | | 4/2/2018 | | | | | | 9/26/2023 | | | | | | |
$1,216,687
|
| | | | 1,200,236 | | | | | | 1,149,769 | | | | | | 0.51% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,058,543 | | | | | | 12,505,509 | | | | | | 5.56% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
BW DME Acquisition, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tempe, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 10.50% | | | | | | | | | | | | 8/24/2017 | | | | | | 8/24/2022 | | | |
Healthcare &
Pharmaceuticals |
| |
$16,695,804
|
| | | | 16,297,319 | | | | | | 16,111,451 | | | | | | 7.17% | | |
BW DME Holdings, LLC, Term Loan (SBIC)
|
| |
(6)
|
| |
Unsecured
|
| |
17.50%
|
| | | | | | | | | | | | | | | | 17.50% | | | | | | 6/1/2018 | | | | | | 12/31/2019 | | | | | | |
$277,635
|
| | | | 277,635 | | | | | | 277,635 | | | | | | 0.12% | | |
BW DME Holdings, LLC Class A-1 Preferred
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/24/2017 | | | | | | | | | | | | |
1,000,000
shares |
| | | | 1,000,000 | | | | | | 930,000 | | | | | | 0.41% | | |
BW DME Holdings, LLC Class A-2 Preferred
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/26/2018 | | | | | | | | | | | | |
937,261
shares |
| | | | 937,261 | | | | | | 870,000 | | | | | | 0.39% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,512,215 | | | | | | 18,189,086 | | | | | | 8.09% | | |
C.A.R.S. Protection Plus,
Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Murrysville, PA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+8.50% |
| | | | 0.50% | | | | | | 11.21% | | | | | | | | | | | | 12/31/2015 | | | | | | 12/31/2020 | | | |
Automotive
|
| |
$98,746
|
| | | | 97,843 | | | | | | 98,746 | | | | | | 0.04% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+8.50% |
| | | | 0.50% | | | | | | 11.21% | | | | | | | | | | | | 12/31/2015 | | | | | | 12/31/2020 | | | | | | |
$7,702,191
|
| | | | 7,631,725 | | | | | | 7,702,191 | | | | | | 3.43% | | |
CPP Holdings LLC Class A
Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/31/2015 | | | | | | | | | | | | |
149,828
shares |
| | | | 149,828 | | | | | | 170,000 | | | | | | 0.08% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,879,396 | | | | | | 7,970,937 | | | | | | 3.55% | | |
Catapult Learning, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Camden, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.35% |
| | | | 1.00% | | | | | | 11.08% | | | | | | | | | | | | 6/27/2018 | | | | | | 4/24/2023 | | | |
Education
|
| |
$20,856,549
|
| | | | 20,472,244 | | | | | | 19,813,722 | | | | | | 8.81% | | |
Delayed Draw Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.35% |
| | | | 1.00% | | | | | | 11.22% | | | | | | | | | | | | 6/27/2018 | | | | | | 4/24/2023 | | | | | | |
$1,143,451
|
| | | | 1,143,451 | | | | | | 1,086,278 | | | | | | 0.48 | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,615,695 | | | | | | 20,900,000 | | | | | | 9.29% | | |
Colford Capital Holdings,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Preferred Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/20/2015 | | | | | | | | | |
Finance
|
| |
38,893 units
|
| | | | 247,815 | | | | | | 60,000 | | | | | | 0.03% | | |
Condor Borrower, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clifton, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+8.75% |
| | | | 1.00% | | | | | | 11.28% | | | | | | | | | | | | 10/27/2017 | | | | | | 4/27/2025 | | | |
Software
|
| |
$13,750,000
|
| | | | 13,505,368 | | | | | | 13,062,500 | | | | | | 5.81% | | |
Condor Top Holdco Limited
Convertible Preferred Shares |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/27/2017 | | | | | | | | | | | | |
500,000
shares |
| | | $ | 442,197 | | | | | $ | 330,000 | | | | | | 0.15% | | |
Condor Holdings Limited Preferred Shares,
Class B |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/27/2017 | | | | | | | | | | | | |
500,000
shares |
| | | | 57,804 | | | | | | 40,000 | | | | | | 0.02% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,005,369 | | | | | | 13,432,500 | | | | | | 5.98% | | |
Convergence Technologies,
Inc. |
| |
(14)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indianpolis, IN
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.75% |
| | | | 1.50% | | | | | | 9.56% | | | | | | | | | | | | 8/31/2018 | | | | | | 8/30/2024 | | | |
Services:
Business |
| |
$7,125,000
|
| | | | 6,988,628 | | | | | | 6,697,500 | | | | | | 2.98% | | |
Tailwind Core Investor, LLC
Class A Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 8/31/2018 | | | | | | | | | | | | |
3,750 units
|
| | | | 375,000 | | | | | | 390,000 | | | | | | 0.17% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,363,628 | | | | | | 7,087,500 | | | | | | 3.15% | | |
Douglas Products Group, LP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liberty, MO
|
| | | | | | | | | | | | | | | | | | | | | |
Class A Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/27/2018 | | | | | | | | | |
Chemicals, Plastics, &
Rubber |
| |
322 shares
|
| | | | 139,656 | | | | | | 670,000 | | | | | | 0.30% | | |
Dream II Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Boca Raton, FL
|
| | | | | | | | | | | | | | | | | | | | | |
Class A Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/20/2014 | | | | | | | | | |
Services:
Consumer |
| |
250,000
units |
| | | | 242,304 | | | | | | 110,000 | | | | | | 0.05% | | |
DTE Enterprises, LLC
|
| |
(18)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Roselle, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.50% | | | | | | 10.12% | | | | | | | | | | | | 4/13/2018 | | | | | | 4/13/2023 | | | |
Energy: Oil &
Gas |
| |
$12,491,941
|
| | | | 12,271,851 | | | | | | 12,242,102 | | | | | | 5.44% | | |
DTE Holding Company, LLC Common Shares, Class A-2
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 4/13/2018 | | | | | | | | | | | | |
776,316
shares |
| | | | 776,316 | | | | | | 1,410,000 | | | | | | 0.63% | | |
DTE Holding Company, LLC Preferred Shares, Class AA
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 4/13/2018 | | | | | | | | | | | | |
723,684
shares |
| | | | 613,794 | | | | | | 1,320,000 | | | | | | 0.59% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,661,961 | | | | | | 14,972,102 | | | | | | 6.66% | | |
Empirix Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Billerica, MA
|
| | | | | | | | | | | | | | | | | | | | | |
Empirix Holdings I, Inc. Common Shares,
Class A |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/1/2013 | | | | | | | | | |
Software
|
| |
1,304 shares
|
| | | | 1,304,232 | | | | | | 1,650,000 | | | | | | 0.73% | | |
Empirix Holdings I, Inc. Common Shares,
Class B |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/1/2013 | | | | | | | | | | | | |
1,317,406
shares |
| | | | 13,174 | | | | | | 20,000 | | | | | | 0.01% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,317,406 | | | | | | 1,670,000 | | | | | | 0.74% | | |
Energy Labs Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Energy Labs Holding Corp.
Common Stock |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 9/29/2016 | | | | | | | | | |
Energy: Oil &
Gas |
| |
598 shares
|
| | | | 598,182 | | | | | | 520,000 | | | | | | 0.23% | | |
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
EOS Fitness OPCO Holdings,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Phoenix, AZ
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+8.25% |
| | | | 0.75% | | | | | | 10.60% | | | | | | | | | | | | 12/30/2014 | | | | | | 12/30/2019 | | | |
Hotel, Gaming, &
Leisure |
| |
$3,064,655
|
| | | | 3,049,620 | | | | | | 3,064,655 | | | | | | 1.36% | | |
EOS Fitness Holdings, LLC
Class A Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/30/2014 | | | | | | | | | | | | |
118 shares
|
| | | | 117,670 | | | | | | 340,000 | | | | | | 0.15% | | |
EOS Fitness Holdings, LLC
Class B Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/30/2014 | | | | | | | | | | | | |
3,017 shares
|
| | | | 3,017 | | | | | | 10,000 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,170,307 | | | | | | 3,414,655 | | | | | | 1.51 | | |
Fast Growing Tree, LLC
|
| |
(16)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fort Mill, SC
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+7.75% |
| | | | 1.00% | | | | | | 10.56% | | | | | | | | | | | | 2/5/2018 | | | | | | 02/05/23 | | | |
Retail
|
| |
$20,215,000
|
| | | | 19,871,587 | | | | | | 19,305,325 | | | | | | 8.59% | | |
SP FGT Holdings, LLC, Class A Common
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/5/2018 | | | | | | | | | | | | |
1,000,000
shares |
| | | $ | 1,000,000 | | | | | $ | 1,080,000 | | | | | | 0.48% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,871,587 | | | | | | 20,385,325 | | | | | | 9.07% | | |
Furniture Factory Outlet,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fort Smith, AR
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+8.00% |
| | | | 0.50% | | | | | | 10.81% | | | | | | | | | | | | 6/10/2016 | | | | | | 6/10/2021 | | | |
Consumer
Goods: Durable |
| |
$15,163,885
|
| | | | 14,961,912 | | | | | | 15,163,885 | | | | | | 6.74% | | |
Revolver
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+8.00% |
| | | | 0.50% | | | | | | 10.81% | | | | | | | | | | | | 12/17/2018 | | | | | | 6/10/2021 | | | | | | |
$2,500,000
|
| | | | 2,500,000 | | | | | | 2,500,000 | | | | | | 1.11% | | |
Furniture Factory Holdings,
LLC Term Loan |
| |
(6)
|
| |
Unsecured
|
| |
11.00%
|
| | | | | | | | | | | | | | | | 11.00% | | | | | | 6/10/2016 | | | | | | 2/3/2021 | | | | | | |
$140,056
|
| | | | 140,056 | | | | | | 140,056 | | | | | | 0.06% | | |
Furniture Factory Ultimate Holdings, LP Common
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/10/2016 | | | | | | | | | | | | |
13,445
shares |
| | | | 94,569 | | | | | | 210,000 | | | | | | 0.09% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,696,537 | | | | | | 18,013,941 | | | | | | 8.00% | | |
GK Holdings, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cary, NC
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+10.25% |
| | | | 1.00% | | | | | | 13.05% | | | | | | | | | | | | 1/30/2015 | | | | | | 1/20/2022 | | | |
Education
|
| |
$5,000,000
|
| | | | 4,946,554 | | | | | | 4,425,000 | | | | | | 1.97% | | |
General LED OPCO, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Antonio,
TX |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second
Lien |
| |
3M
L+9.00% |
| | | | 1.50% | | | | | | 11.81% | | | | | | | | | | | | 5/1/2018 | | | | | | 11/1/2023 | | | |
Services:
Business |
| |
$4,500,000
|
| | | | 4,418,420 | | | | | | 4,252,500 | | | | | | 1.89% | | |
Good Source Solutions, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carlsbad, CA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 11.13% | | | | | | | | | | | | 6/29/2018 | | | | | | 6/29/2023 | | | |
Beverage,
Food, & Tobacco |
| |
$18,500,000
|
| | | | 18,158,424 | | | | | | 17,390,000 | | | | | | 7.73% | | |
HV GS Acquisition, LLC Class A Preferred Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/29/2018 | | | | | | | | | | | | |
1,000 shares
|
| | | | 1,000,000 | | | | | | 730,000 | | | | | | 0.32% | | |
HV GS Acquisition, LLC Class B Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/29/2018 | | | | | | | | | | | | |
28,125 shares
|
| | | | 0 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,158,424 | | | | | | 18,120,000 | | | | | | 8.05% | | |
Grupo HIMA San Pablo, Inc.,
et al |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Juan, PR
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12) (25)
|
| |
First Lien
|
| |
3M
L+7.00% |
| | | | 1.50% | | | | | | 9.54% | | | | | | | | | | | | 2/1/2013 | | | | | | 1/31/2018 | | | |
Healthcare &
Pharmaceuticals |
| |
$4,688,430
|
| | | | 4,688,430 | | | | | | 4,125,818 | | | | | | 1.83% | | |
Term Loan
|
| |
(15) (25)
|
| |
Second Lien
|
| |
13.75%
|
| | | | | | | | | | 0.00% | | | | | | | | | | | | 2/1/2013 | | | | | | 7/31/2018 | | | | | | |
$4,109,524
|
| | | | 4,109,524 | | | | | | 904,095 | | | | | | 0.40% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,797,954 | | | | | | 5,029,913 | | | | | | 2.23% | | |
ICD Intermediate Holdco 2, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Francisco,
CA |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(5)(12)
|
| |
Second
Lien |
| |
3M
L+9.00% |
| | | | 1.00% | | | | | | 11.81% | | | | | | | | | | | | 1/2/2018 | | | | | | 7/1/2024 | | | |
Finance
|
| |
$10,000,000
|
| | | | 9,822,706 | | | | | | 9,900,000 | | | | | | 4.40% | | |
ICD Holdings, LLC, Class A
Preferred |
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/2/2018 | | | | | | | | | | | | |
9,962 shares
|
| | | | 496,409 | | | | | | 820,000 | | | | | | 0.36% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,319,115 | | | | | | 10,720,000 | | | | | | 4.76% | | |
J.R. Watkins, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
San Francisco,
CA |
| | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.25% | | | | | | 9.31% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | |
Consumer
Goods: non-durable |
| |
$1,750,000
|
| | | | 1,750,000 | | | | | | 1,671,250 | | | | | | 0.74% | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.25% | | | | | | 9.31% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | | | | |
$12,375,000
|
| | | | 12,169,222 | | | | | | 11,818,125 | | | | | | 5.26% | | |
J.R. Watkins Holdings, Inc. Class A Preferred
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/22/2017 | | | | | | | | | | | | |
1,076 shares
|
| | | | 1,075,758 | | | | | | 1,090,000 | | | | | | 0.48% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,994,980 | | | | | | 14,579,375 | | | | | | 6.48% | | |
Jurassic Intermediate Holdings
Corp. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sparks, MD
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 0.00% | | | | | | 8.14% | | | | | | | | | | | | 12/28/2018 | | | | | | 11/15/2024 | | | |
Metals &
Mining |
| |
$17,500,000
|
| | | $ | 17,237,500 | | | | | $ | 17,237,500 | | | | | | 7.67% | | |
Kelleyamerit Holdings, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Walnut Creek,
CA |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+7.50% |
| | | | 1.50% | | | | | | 10.98% | | | | | | | | | | | | 3/30/2018 | | | | | | 3/30/2023 | | | |
Automotive
|
| |
$9,750,000
|
| | | | 9,577,863 | | | | | | 9,311,250 | | | | | | 4.14% | | |
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
Keais Records Service, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Keais Holdings, LLC Class A
Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/30/2016 | | | | | | | | | | | | |
148,335
units |
| | | | 736,595 | | | | | | 820,000 | | | | | | 0.36% | | |
KidKraft, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dallas, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(6)
|
| |
Second Lien
|
| |
12.00%
|
| | | | | | | | | | 11.00% | | | | | | 1.00% | | | | | | 9/30/2016 | | | | | | 3/30/2022 | | | |
Consumer
Goods: Durable |
| |
$9,409,210
|
| | | | 9,284,478 | | | | | | 8,797,611 | | | | | | 3.91% | | |
Livingston International, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Toronto,
Ontario |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)(12)
|
| |
Second
Lien |
| |
3M
L+8.25% |
| | | | 1.25% | | | | | | 11.05% | | | | | | | | | | | | 4/23/2013 | | | | | | 4/18/2020 | | | |
Transportation:
Cargo |
| |
$6,841,739
|
| | | | 6,808,345 | | | | | | 6,841,739 | | | | | | 3.04% | | |
Madison Logic, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New York, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
1M
L+8.00% |
| | | | 0.50% | | | | | | 10.51% | | | | | | | | | | | | 11/30/2016 | | | | | | 11/30/2021 | | | |
Media:
Broadcasting & Subscription |
| |
$4,730,117
|
| | | | 4,700,059 | | | | | | 4,706,466 | | | | | | 2.09% | | |
Madison Logic Holdings, Inc. Common Stock (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/30/2016 | | | | | | | | | | | | |
5,000 shares
|
| | | | 50,000 | | | | | | 50,000 | | | | | | 0.02% | | |
Madison Logic Holdings, Inc. Series A Preferred Stock (SBIC)
|
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/30/2016 | | | | | | | | | | | | |
4,500 shares
|
| | | | 450,000 | | | | | | 470,000 | | | | | | 0.21% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,200,059 | | | | | | 5,226,466 | | | | | | 2.32% | | |
Magdata Intermediate Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Austin TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second Lien
|
| |
3M
L+9.50% |
| | | | 1.00% | | | | | | 12.31% | | | | | | | | | | | | 10/16/2017 | | | | | | 4/16/2024 | | | |
Software
|
| |
$14,750,000
|
| | | | 14,490,683 | | | | | | 14,086,250 | | | | | | 6.26% | | |
Mobileum, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Santa Clara,
CA |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
Second
Lien |
| |
3M
L+10.25% |
| | | | 0.75% | | | | | | 13.06% | | | | | | | | | | | | 11/1/2016 | | | | | | 5/1/2022 | | | |
Software
|
| |
$21,500,000
|
| | | | 21,164,073 | | | | | | 21,500,000 | | | | | | 9.56% | | |
Mobile Acquisition Holdings, LP Class A-2 Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/1/2016 | | | | | | | | | | | | |
750 units
|
| | | | 455,385 | | | | | | 770,000 | | | | | | 0.34% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,619,458 | | | | | | 22,270,000 | | | | | | 9.90% | | |
MTC Parent, L.P.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oak Brook, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Class A-2 Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 12/1/2015 | | | | | | | | | |
Finance
|
| |
750,000
shares |
| | | | 0 | | | | | | 7,750,000 | | | | | | 3.45% | | |
National Trench Safety, LLC,
et al |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)
|
| |
Second
Lien |
| |
11.50%
|
| | | | | | | | | | 11.50% | | | | | | | | | | | | 3/31/2017 | | | | | | 3/31/2022 | | | |
Construction &
Building |
| |
$10,000,000
|
| | | | 9,874,827 | | | | | | 9,650,000 | | | | | | 4.29% | | |
NTS Investors, LP Class A Common Units
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 3/31/2017 | | | | | | | | | | | | |
2,335 units
|
| | | | 500,000 | | | | | | 380,000 | | | | | | 0.17% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,374,827 | | | | | | 10,030,000 | | | | | | 4.46% | | |
NGS US Finco, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bradford, PA
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second
Lien |
| |
1M
L+8.50% |
| | | | 1.00% | | | | | | 10.88% | | | | | | | | | | | | 10/4/2018 | | | | | | 4/1/2026 | | | |
Utilities: Oil &
Gas |
| |
$10,000,000
|
| | | | 9,853,435 | | | | | | 9,853,435 | | | | | | 4.38% | | |
Nutritional Medicinals, LLC
|
| |
(24)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Centerville, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 8.81% | | | | | | | | | | | | 11/15/2018 | | | | | | 11/15/2023 | | | |
Healthcare &
Pharmaceuticals |
| |
$15,500,000
|
| | | | 15,198,412 | | | | | | 15,198,412 | | | | | | 6.76% | | |
Functional Aggregator, LLC
Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 11/15/2018 | | | | | | | | | | | | |
12,500
shares |
| | | $ | 1,250,000 | | | | | $ | 1,250,000 | | | | | | 0.56% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,448,412 | | | | | | 16,448,412 | | | | | | 7.32% | | |
OGS Holdings, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chantilly,
Virginia |
| | | | | | | | | | | | | | | | | | | | | |
Series A Convertible Preferred Stock
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 4/22/2014 | | | | | | | | | |
Services:
Government |
| |
11,521 shares
|
| | | | 50,001 | | | | | | 280,000 | | | | | | 0.12% | | |
Premiere Digital Services,
Inc. |
| |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Los Angeles,
CA |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(13)(22)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.50% | | | | | | 9.60% | | | | | | | | | | | | 10/18/2018 | | | | | | 10/18/2023 | | | |
Media:
Broadcasting & Subscription |
| |
$8,250,000
|
| | | | 8,019,407 | | | | | | 8,019,407 | | | | | | 3.57% | | |
Term Loan
|
| |
(13)(22)
|
| |
First Lien
|
| |
3M
L+5.50% |
| | | | 1.50% | | | | | | 9.60% | | | | | | | | | | | | 10/18/2018 | | | | | | 10/18/2023 | | | | | | |
$2,428,772
|
| | | | 2,360,887 | | | | | | 2,360,887 | | | | | | 1.05% | | |
Premiere Digital Holdings, Inc., Common Stock
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/18/2018 | | | | | | | | | | | | |
5,000 shares
|
| | | | 50,000 | | | | | | 50,000 | | | | | | 0.02% | | |
Premiere Digital Holdings, Inc., Preferred Stock
|
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/18/2018 | | | | | | | | | | | | |
4,500 shares
|
| | | | 450,000 | | | | | | 450,000 | | | | | | 0.20% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,880,294 | | | | | | 10,880,294 | | | | | | 4.84% | | |
Price for Profit, LLC
|
| |
(17)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cleveland, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
First Lien
|
| |
3M
L+6.50% |
| | | | 1.00% | | | | | | 9.31% | | | | | | | | | | | | 1/31/2018 | | | | | | 1/31/2023 | | | |
Services:
Business |
| |
$8,818,907
|
| | | | 8,669,840 | | | | | | 8,774,812 | | | | | | 3.90% | | |
I2P Holdings, LLC, Series A
Preferred |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/31/2018 | | | | | | | | | | | | |
750,000
shares |
| | | | 750,000 | | | | | | 1,460,000 | | | | | | 0.65% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,419,840 | | | | | | 10,234,812 | | | | | | 4.55% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| ||||||||||||||||||||||||
Protect America, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Austin TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(6)(12)
|
| |
Second
Lien |
| |
3M
L+9.75% |
| | | | 1.00% | | | | | | 10.56% | | | | | | 2.00% | | | | | | 8/30/2017 | | | | | | 10/30/2020 | | | |
Services:
Consumer |
| |
$17,979,749
|
| | | | 17,710,359 | | | | | | 17,530,255 | | | | | | 7.80% | | |
Refac Optical Group, et al
|
| |
(11)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Blackwood, NJ
|
| | | | | | | | | | | | | | | | | | | | | |
Revolver
|
| |
(9)(10)(12)(26)
|
| |
First Lien
|
| |
1M
L+8.00% |
| | | | | | | | | | 0.00% | | | | | | | | | | | | 11/7/2012 | | | | | | 9/30/2018 | | | |
Retail
|
| |
$880,000
|
| | | | 880,000 | | | | | | 880,000 | | | | | | 0.39% | | |
Term A Loan
|
| |
(9)(12)(26)
|
| |
First Lien
|
| |
1M
L+8.00% |
| | | | | | | | | | 0.00% | | | | | | | | | | | | 11/7/2012 | | | | | | 9/30/2018 | | | | | | |
$472,968
|
| | | | 472,968 | | | | | | 472,968 | | | | | | 0.21% | | |
Term B Loan
|
| |
(6)(9)(12)(26)
|
| |
First Lien
|
| |
1M
L+10.75% |
| | | | | | | | | | 0.00% | | | | | | 0.00% | | | | | | 11/7/2012 | | | | | | 9/30/2018 | | | | | | |
$6,539,666
|
| | | | 6,539,666 | | | | | | 5,787,604 | | | | | | 2.57% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,892,634 | | | | | | 7,140,572 | | | | | | 3.17 | | |
Resolute Industrial, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wheeling, IL
|
| | | | | | | | | | | | | | | | | | | | | |
Resolute Industrial Holdings,
LLC Class A Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 7/26/2017 | | | | | | | | | |
Capital
Equipment |
| |
601 units
|
| | | | 750,000 | | | | | | 1,300,000 | | | | | | 0.58% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % | | |
Roberts-Gordon, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Buffalo, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Specified Air Solutions, LLC
Class A Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/30/2017 | | | | | | | | | |
Construction &
Building |
| |
3,846 shares
|
| | | | 0 | | | | | | 250,000 | | | | | | 0.11% | | |
Skopos Financial, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Irving, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)
|
| |
Unsecured
|
| |
12.00%
|
| | | | | | | | | | 12.00% | | | | | | | | | | | | 1/31/2014 | | | | | | 1/31/2020 | | | |
Finance
|
| |
$17,500,000
|
| | | | 17,494,460 | | | | | | 17,150,000 | | | | | | 7.63% | | |
Skopos Financial Group, LLC Class A Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 1/31/2014 | | | | | | | | | | | | |
1,120,684
units |
| | | | 1,162,544 | | | | | | 1,110,000 | | | | | | 0.49% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,657,004 | | | | | | 18,260,000 | | | | | | 8.12% | | |
SQAD, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tarrytown, NY
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
(SBIC) |
| |
(2)
|
| |
First Lien
|
| |
3M
L+6.50 |
| | | | 1.00% | | | | | | 9.30% | | | | | | | | | | | | 12/22/2017 | | | | | | 12/22/2022 | | | |
Media:
Broadcasting & Subscription |
| |
$14,846,000
|
| | | $ | 14,780,330 | | | | | $ | 14,400,620 | | | | | | 6.40% | | |
SQAD Holdco,
Inc. Preferred Shares, Series A (SBIC) |
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/31/2013 | | | | | | | | | | | | |
5,624 shares
|
| | | | 156,001 | | | | | | 310,000 | | | | | | 0.14% | | |
SQAD Holdco,
Inc. Common Shares (SBIC) |
| |
(2)(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/31/2013 | | | | | | | | | | | | |
5,800 shares
|
| | | | 62,485 | | | | | | 40,000 | | | | | | 0.02% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,998,816 | | | | | | 14,750,620 | | | | | | 6.56% | | |
TechInsights, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ottawa, Ontario
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)(13)(22)
|
| |
First Lien
|
| |
3M
L+6.00% |
| | | | 1.00% | | | | | | 10.32% | | | | | | | | | | | | 8/16/2017 | | | | | | 10/2/2023 | | | |
High Tech
Industries |
| |
$21,540,923
|
| | | | 21,094,192 | | | | | | 21,094,192 | | | | | | 9.38% | | |
Time Manufacturing Acquisition, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Waco, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(6)
|
| |
Unsecured
|
| |
11.50%
|
| | | | | | | | | | 10.75% | | | | | | 0.75% | | | | | | 2/3/2017 | | | | | | 8/3/2023 | | | |
Capital
Equipment |
| |
$6,385,182
|
| | | | 6,285,876 | | | | | | 6,129,775 | | | | | | 2.73% | | |
Time Manufacturing
Investments, LLC Class A Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/3/2017 | | | | | | | | | | | | |
5,000 units
|
| | | | 500,000 | | | | | | 500,000 | | | | | | 0.22% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,785,876 | | | | | | 6,629,775 | | | | | | 2.95% | | |
TFH Reliability,
LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Houston, TX
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
(SBIC) |
| |
(2)(12)
|
| |
Second
Lien |
| |
3M
L+10.75% |
| | | | 0.50% | | | | | | 13.56% | | | | | | | | | | | | 10/21/2016 | | | | | | 4/21/2022 | | | |
Chemicals,
Plastics, & Rubber |
| |
$5,875,000
|
| | | | 5,794,016 | | | | | | 5,875,000 | | | | | | 2.61% | | |
TFH Reliability Group, LLC
Class A Common Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10/21/2016 | | | | | | | | | | | | |
250,000
shares |
| | | | 231,521 | | | | | | 450,000 | | | | | | 0.20% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,025,537 | | | | | | 6,325,000 | | | | | | 2.81% | | |
U.S. Auto Sales, Inc. et al
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrenceville,
GA |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(5)(12)
|
| |
Second
Lien |
| |
1M
L+10.50% |
| | | | 1.00% | | | | | | 12.85% | | | | | | | | | | | | 6/8/2015 | | | | | | 6/8/2020 | | | |
Finance
|
| |
$4,500,000
|
| | | | 4,484,478 | | | | | | 4,500,000 | | | | | | 2.00% | | |
USASF Blocker II, LLC Common
Units |
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/8/2015 | | | | | | | | | | | | |
441 units
|
| | | | 441,000 | | | | | | 550,000 | | | | | | 0.24% | | |
USASF Blocker III, LLC Series C Preferred
Units |
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 2/13/2018 | | | | | | | | | | | | |
50 units
|
| | | | 50,000 | | | | | | 60,000 | | | | | | 0.03 | | |
USASF Blocker LLC Common Units
|
| |
(4)(5)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 6/8/2015 | | | | | | | | | | | | |
9,000 units
|
| | | | 9,000 | | | | | | 10,000 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,984,478 | | | | | | 5,120,000 | | | | | | 2.27% | | |
VRI Intermediate Holdings, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Franklin, OH
|
| | | | | | | | | | | | | | | | | | | | | |
Term Loan (SBIC)
|
| |
(2)(12)
|
| |
Second
Lien |
| |
3M
L+9.25% |
| | | | 1.00% | | | | | | 12.06% | | | | | | | | | | | | 5/31/2017 | | | | | | 10/31/2020 | | | |
Healthcare &
Pharmaceuticals |
| |
$9,000,000
|
| | | | 8,895,138 | | | | | | 8,820,000 | | | | | | 3.92% | | |
VRI Ultimate Holdings, LLC
Class A Preferred Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | 5/31/2017 | | | | | | | | | | | | |
326,797
shares |
| | | | 500,000 | | | | | | 440,000 | | | | | | 0.20% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,395,138 | | | | | | 9,260,000 | | | | | | 4.12% | | |
|
Investments
|
| |
Footnotes
|
| |
Security
|
| |
Coupon
|
| |
LIBOR
floor |
| |
Cash
|
| |
PIK
|
| |
Investment
Date |
| |
Maturity
|
| |
Headquarters/
Industry |
| |
Principal
Amount/ Shares |
| |
Amortized
Cost |
| |
Fair
Value(1) |
| |
% of
Net Assets |
| |||||||||||||||||||||
Wise Holding Corporation
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salt Lake City,
UT |
| | | | | | | | | | | | | | | | | | | | | |
Term Loan
|
| |
(12)(20)
|
| |
Unsecured
|
| |
3M
L+11.00% |
| | | | 1.00% | | | | | | 0.00% | | | | | | | | | 6/30/2016 | | | | | | 12/31/2021 | | | |
Beverage,
Food, & Tobacco |
| |
$1,250,000
|
| | | | 1,238,210 | | | | | | 0 | | | | | | 0.00% | | |
Delayed Draw Term Loan
|
| |
(12)(21)
|
| |
First Lien
|
| |
1M
L+6.5% |
| | | | 1.00% | | | | | | 0.00% | | | | | | | | | 8/27/2018 | | | | | | 6/30/2021 | | | | | | |
$253,906
|
| | | | 253,906 | | | | | | 93,945 | | | | | | 0.04% | | |
Wise Parent Company, LLC
Membership Units |
| |
(4)
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | 6/30/2016 | | | | | | | | | | | | |
1 units
|
| | | | 58,594 | | | | | | 0 | | | | | | 0.00% | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,550,710 | | | | | | 93,945 | | | | | | 0.04% | | |
Total Non-controlled, non-affiliated investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 502,691,464 | | | | | $ | 504,433,668 | | | | | | 224.35% | | |
Net Investments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 502,743,649 | | | | | | 504,483,668 | | | | | | 224.37% | | |
LIABILITIES IN EXCESS OF
OTHER ASSETS |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (279,638,661) | | | | | | (124.37)% | | |
NET ASSETS
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 224,845,007 | | | | | | 100.00% | | |
|
| | |
For the year ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Loan interest
|
| | | $ | 53,358,856 | | | | | $ | 46,501,235 | | | | | $ | 34,890,298 | | |
PIK income
|
| | | | 415,933 | | | | | | 1,869,905 | | | | | | 499,595 | | |
Fee amortization income(1)
|
| | | | 1,982,868 | | | | | | 1,636,168 | | | | | | 1,235,568 | | |
Fee income acceleration(2)
|
| | | | 1,138,333 | | | | | | 1,455,725 | | | | | | 1,445,988 | | |
Total Interest Income
|
| | | $ | 56,895,990 | | | | | $ | 51,463,033 | | | | | $ | 38,071,449 | | |
| | |
As of
December 31, 2019 |
| |
As of
December 31, 2018 |
| ||||||
| | ||||||||||||
Accumulated net realized loss from investments, net of cumulative dividends of $24,557,535 and $9,519,362, respectively
|
| | | $ | (6,258,510) | | | | | $ | (10,786,240) | | |
Net unrealized appreciation (depreciation) on non-controlled non-affiliated investments and cash equivalents, net of provision for taxes of $134,713 and $67,953, respectively
|
| | | | (13,894,460) | | | | | | 1,672,066 | | |
Accumulated undistributed net investment income
|
| | | | 18,587,920 | | | | | | 5,782,736 | | |
Accumulated undistributed deficit
|
| | | $ | (1,565,050) | | | | | $ | (3,331,438) | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |||||||||
Investment Income Incentive Fee Incurred
|
| | | $ | 5,809,672 | | | | | $ | 5,529,376 | | | | | $ | 2,911,392 | | |
Capital Gains Incentive Fee Accrued
|
| | | | 799,876 | | | | | | 81,038 | | | | | $ | — | | |
Incentive Fee Expense
|
| | | $ | 6,609,548 | | | | | $ | 5,610,414 | | | | | $ | 2,911,392 | | |
|
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Investment Income Incentive Fee Currently Payable
|
| | | $ | 1,466,033 | | | | | $ | 1,675,804 | | |
Investment Income Incentive Fee Deferred
|
| | | | 152,476 | | | | | | 260,734 | | |
Capital Gains Incentive Fee Deferred
|
| | | | 880,913 | | | | | | 81,038 | | |
Incentive Fee Payable
|
| | | $ | 2,499,422 | | | | | $ | 2,017,576 | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Per Share
|
| |||
Fiscal 2012 | | | | | | | | | | | | | |
December 7, 2012
|
| |
December 21, 2012
|
| |
December 27, 2012
|
| | | $ | 0.1812 | | |
Fiscal 2013 | | | | | | | | | | | | | |
March 7, 2013
|
| |
March 21, 2013
|
| |
March 28, 2013
|
| | | $ | 0.3400 | | |
June 7, 2013
|
| |
June 21, 2013
|
| |
June 28, 2013
|
| | | $ | 0.3400 | | |
August 21, 2013
|
| |
September 5, 2013
|
| |
September 27, 2013
|
| | | $ | 0.3400 | | |
November 22, 2013
|
| |
December 9, 2013
|
| |
December 23, 2013
|
| | | $ | 0.3400 | | |
Fiscal 2014 | | | | | | | | | | | | | |
December 27, 2013
|
| |
January 15, 2014
|
| |
January 24, 2014
|
| | | $ | 0.0650 | | |
January 20, 2014
|
| |
January 31, 2014
|
| |
February 14, 2014
|
| | | $ | 0.1133 | | |
January 20, 2014
|
| |
February 28, 2014
|
| |
March 14, 2014
|
| | | $ | 0.1133 | | |
January 20, 2014
|
| |
March 31, 2014
|
| |
April 15, 2014
|
| | | $ | 0.1133 | | |
April 17, 2014
|
| |
April 30, 2014
|
| |
May 15, 2014
|
| | | $ | 0.1133 | | |
April 17, 2014
|
| |
May 30, 2014
|
| |
June 16, 2014
|
| | | $ | 0.1133 | | |
April 17, 2014
|
| |
June 30, 2014
|
| |
July 15, 2014
|
| | | $ | 0.1133 | | |
July 7, 2014
|
| |
July 31, 2014
|
| |
August 15, 2014
|
| | | $ | 0.1133 | | |
July 7, 2014
|
| |
August 29, 2014
|
| |
September 15, 2014
|
| | | $ | 0.1133 | | |
July 7, 2014
|
| |
September 30, 2014
|
| |
October 15, 2014
|
| | | $ | 0.1133 | | |
October 15, 2014
|
| |
October 31, 2014
|
| |
November 14, 2014
|
| | | $ | 0.1133 | | |
October 15, 2014
|
| |
November 28, 2014
|
| |
December 15, 2014
|
| | | $ | 0.1133 | | |
October 15, 2014
|
| |
December 31, 2014
|
| |
January 15, 2015
|
| | | $ | 0.1133 | | |
Fiscal 2015 | | | | | | | | | | | | | |
January 22, 2015
|
| |
February 2, 2015
|
| |
February 13, 2015
|
| | | $ | 0.1133 | | |
January 22, 2015
|
| |
February 27, 2015
|
| |
March 13, 2015
|
| | | $ | 0.1133 | | |
January 22, 2015
|
| |
March 31, 2015
|
| |
April 15, 2015
|
| | | $ | 0.1133 | | |
April 15, 2015
|
| |
April 30, 2015
|
| |
May 15, 2015
|
| | | $ | 0.1133 | | |
April 15, 2015
|
| |
May 29, 2015
|
| |
June 15, 2015
|
| | | $ | 0.1133 | | |
April 15, 2015
|
| |
June 30, 2015
|
| |
July 15, 2015
|
| | | $ | 0.1133 | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Per Share
|
| |||
July 8, 2015
|
| |
July 31, 2015
|
| |
August 14, 2015
|
| | | $ | 0.1133 | | |
July 8, 2015
|
| |
August 31, 2015
|
| |
September 15, 2015
|
| | | $ | 0.1133 | | |
July 8, 2015
|
| |
September 20, 2015
|
| |
October 15, 2015
|
| | | $ | 0.1133 | | |
October 14, 2015
|
| |
October 30, 2015
|
| |
November 13, 2015
|
| | | $ | 0.1133 | | |
October 14, 2015
|
| |
November 30, 2015
|
| |
December 15, 2015
|
| | | $ | 0.1133 | | |
October 14, 2015
|
| |
December 31, 2015
|
| |
January 15, 2016
|
| | | $ | 0.1133 | | |
Fiscal 2016 | | | | | | | | | | | | | |
January 13, 2016
|
| |
January 29, 2016
|
| |
February 15, 2016
|
| | | $ | 0.1133 | | |
January 13, 2016
|
| |
February 29, 2016
|
| |
March 15, 2016
|
| | | $ | 0.1133 | | |
January 13, 2016
|
| |
March 31, 2016
|
| |
April 15, 2016
|
| | | $ | 0.1133 | | |
April 15, 2016
|
| |
April 29, 2016
|
| |
May 13, 2016
|
| | | $ | 0.1133 | | |
April 15, 2016
|
| |
May 31, 2016
|
| |
June 15, 2016
|
| | | $ | 0.1133 | | |
April 15, 2016
|
| |
June 30, 2016
|
| |
July 15, 2016
|
| | | $ | 0.1133 | | |
July 7, 2016
|
| |
July 29, 2016
|
| |
August 15, 2016
|
| | | $ | 0.1133 | | |
July 7, 2016
|
| |
August 31, 2016
|
| |
September 15, 2016
|
| | | $ | 0.1133 | | |
July 7, 2016
|
| |
September 30, 2016
|
| |
October 14, 2016
|
| | | $ | 0.1133 | | |
October 7, 2016
|
| |
October 31, 2016
|
| |
November 15, 2016
|
| | | $ | 0.1133 | | |
October 7, 2016
|
| |
November 30, 2016
|
| |
December 15, 2016
|
| | | $ | 0.1133 | | |
October 7, 2016
|
| |
December 30, 2016
|
| |
January 13, 2017
|
| | | $ | 0.1133 | | |
Fiscal 2017 | | | | | | | | | | | | | |
January 13, 2017
|
| |
January 31, 2017
|
| |
February 15, 2017
|
| | | $ | 0.1133 | | |
January 13, 2017
|
| |
February 28, 2017
|
| |
March 15, 2017
|
| | | $ | 0.1133 | | |
January 13, 2017
|
| |
March 31, 2017
|
| |
April 14, 2017
|
| | | $ | 0.1133 | | |
April 14, 2017
|
| |
April 28, 2017
|
| |
May 15, 2017
|
| | | $ | 0.1133 | | |
April 14, 2017
|
| |
May 31, 2017
|
| |
June 15, 2017
|
| | | $ | 0.1133 | | |
April 14, 2017
|
| |
June 30, 2017
|
| |
July 14, 2017
|
| | | $ | 0.1133 | | |
July 7, 2017
|
| |
July 31, 2017
|
| |
August 15, 2017
|
| | | $ | 0.1133 | | |
July 7, 2017
|
| |
August 31, 2017
|
| |
September 15, 2017
|
| | | $ | 0.1133 | | |
July 7, 2017
|
| |
September 29, 2017
|
| |
October 13, 2017
|
| | | $ | 0.1133 | | |
October 12, 2017
|
| |
October 31, 2017
|
| |
November 15, 2017
|
| | | $ | 0.1133 | | |
October 12, 2017
|
| |
November 30, 2017
|
| |
December 15, 2017
|
| | | $ | 0.1133 | | |
October 12, 2017
|
| |
December 29, 2017
|
| |
January 12, 2018
|
| | | $ | 0.1133 | | |
Fiscal 2018 | | | | | | | | | | | | | |
January 11, 2018
|
| |
January 31, 2018
|
| |
February 15, 2018
|
| | | $ | 0.1133 | | |
January 11, 2018
|
| |
February 28, 2018
|
| |
March 15, 2018
|
| | | $ | 0.1133 | | |
January 11, 2018
|
| |
March 29, 2018
|
| |
April 13, 2018
|
| | | $ | 0.1133 | | |
April 16, 2018
|
| |
April 30, 2018
|
| |
May 15, 2018
|
| | | $ | 0.1133 | | |
April 16, 2018
|
| |
May 31, 2018
|
| |
June 15, 2018
|
| | | $ | 0.1133 | | |
April 16, 2018
|
| |
June 29, 2018
|
| |
July 13, 2018
|
| | | $ | 0.1133 | | |
July 12, 2018
|
| |
July 31, 2018
|
| |
August 15, 2018
|
| | | $ | 0.1133 | | |
July 12, 2018
|
| |
August 31, 2018
|
| |
September 14, 2018
|
| | | $ | 0.1133 | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Per Share
|
| |||
July 12, 2018
|
| |
September 28, 2018
|
| |
October 15, 2018
|
| | | $ | 0.1133 | | |
October 16, 2018
|
| |
October 31, 2018
|
| |
November 15, 2018
|
| | | $ | 0.1133 | | |
October 16, 2018
|
| |
November 29, 2018
|
| |
December 14, 2018
|
| | | $ | 0.1133 | | |
October 16, 2018
|
| |
December 31, 2018
|
| |
January 15, 2019
|
| | | $ | 0.1133 | | |
Fiscal 2019 | | | | | | | | | | | | | |
January 11, 2019
|
| |
January 31, 2019
|
| |
February 15, 2019
|
| | | $ | 0.1133 | | |
January 11, 2019
|
| |
February 28, 2019
|
| |
March 15, 2019
|
| | | $ | 0.1133 | | |
January 11, 2019
|
| |
March 29, 2019
|
| |
April 15, 2019
|
| | | $ | 0.1133 | | |
April 11, 2019
|
| |
April 30, 2019
|
| |
May 15, 2019
|
| | | $ | 0.1133 | | |
April 11, 2019
|
| |
May 31, 2019
|
| |
June 14, 2019
|
| | | $ | 0.1133 | | |
April 11, 2019
|
| |
June 28, 2019
|
| |
July 15, 2019
|
| | | $ | 0.1133 | | |
July 3, 2019
|
| |
July 31, 2019
|
| |
August 15, 2019
|
| | | $ | 0.1133 | | |
July 3, 2019
|
| |
August 30, 2019
|
| |
September 13, 2019
|
| | | $ | 0.1133 | | |
July 3, 2019
|
| |
September 30, 2019
|
| |
October 15, 2019
|
| | | $ | 0.1133 | | |
October 15, 2019
|
| |
October 31, 2019
|
| |
November 15, 2019
|
| | | $ | 0.1133 | | |
October 15, 2019
|
| |
November 29, 2019
|
| |
December 13, 2019
|
| | | $ | 0.1133 | | |
October 15, 2019
|
| |
December, 2019
|
| |
January 15, 2020
|
| | | $ | 0.1133 | | |
Total
|
| | | | | | | | | $ | 9.7638 | | |
|
Issuance of Common Stock
|
| |
Number of
Shares |
| |
Gross
Proceeds(1)(2) |
| |
Underwriting
fees |
| |
Offering
Expenses |
| |
Net
Proceeds(3) |
| |
Offering
Price |
| ||||||||||||||||||
Year ended December 31, 2012
|
| | | | 12,035,023 | | | | | $ | 180,522,093 | | | | | $ | 4,959,720 | | | | | $ | 835,500 | | | | | $ | 174,726,873 | | | | | $ | 14.90 | | |
Year ended December 31, 2013
|
| | | | 63,998 | | | | | | 899,964 | | | | | | — | | | | | | — | | | | | | 899,964 | | | | | $ | 14.06 | | |
Year ended December 31, 2014
|
| | | | 380,936 | | | | | | 5,485,780 | | | | | | 75,510 | | | | | | 29,904 | | | | | | 5,380,366 | | | | | $ | 14.47 | | |
Year ended December 31, 2015
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2016
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Year ended December 31, 2017
|
| | | | 3,465,922 | | | | | | 48,741,406 | | | | | | 1,358,880 | | | | | | 307,021 | | | | | | 47,075,505 | | | | | $ | 14.06 | | |
Year ended December 31, 2018
|
| | | | 7,931 | | | | | | 93,737 | | | | | | — | | | | | | — | | | | | | 93,737 | | | | | $ | 11.85 | | |
Year ended December 31, 2019
|
| | | | 3,177,936 | | | | | | 45,862,995 | | | | | | 1,015,127 | | | | | | 521,715 | | | | | | 44,326,153 | | | | | $ | 14.43 | | |
Total
|
| | | | 19,131,746 | | | | | $ | 281,605,975 | | | | | $ | 7,409,237 | | | | | $ | 1,694,140 | | | | | $ | 272,502,598 | | | | | | | | |
| | |
For the year ended
December 31, 2019 |
| |
For the year ended
December 31, 2018 |
| |
For the year ended
December 31, 2017 |
| |||||||||
Net increase in net assets resulting from operations
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | |
Weighted average common shares
|
| | | | 18,275,696 | | | | | | 15,953,571 | | | | | | 14,870,981 | | |
Basic and diluted earnings per common share
|
| | | $ | 1.45 | | | | | $ | 1.64 | | | | | $ | 1.52 | | |
|
| | |
Cost
|
| |
Fair Value
|
| ||||||
Senior Secured – First Lien(1)
|
| | | $ | 461,107,595 | | | | | $ | 455,169,878 | | |
Senior Secured – Second Lien
|
| | | | 130,600,172 | | | | | | 111,961,013 | | |
Unsecured Debt
|
| | | | 22,279,519 | | | | | | 22,137,186 | | |
Equity
|
| | | | 28,720,538 | | | | | | 39,680,000 | | |
Total Investments
|
| | | $ | 642,707,824 | | | | | $ | 628,948,077 | | |
| | |
Cost
|
| |
Fair Value
|
| ||||||
Senior Secured – First Lien(1)
|
| | | $ | 297,965,589 | | | | | $ | 292,004,982 | | |
Senior Secured – Second Lien
|
| | | | 155,382,612 | | | | | | 149,661,220 | | |
Unsecured Debt
|
| | | | 25,436,237 | | | | | | 23,697,466 | | |
Equity
|
| | | | 23,959,211 | | | | | | 39,120,000 | | |
Total Investments
|
| | | $ | 502,743,649 | | | | | $ | 504,483,668 | | |
| | |
Quoted Prices
in Active Markets for Identical Securities (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Senior Secured – First Lien
|
| | | $ | — | | | | | $ | — | | | | | $ | 455,169,878 | | | | | $ | 455,169,878 | | |
Senior Secured – Second Lien
|
| | | | — | | | | | | — | | | | | | 111,961,013 | | | | | | 111,961,013 | | |
Unsecured Debt
|
| | | | — | | | | | | — | | | | | | 22,137,186 | | | | | | 22,137,186 | | |
Equity
|
| | | | — | | | | | | — | | | | | | 39,680,000 | | | | | | 39,680,000 | | |
Total Investments
|
| | | $ | — | | | | | $ | — | | | | | $ | 628,948,077 | | | | | $ | 628,948,077 | | |
| | |
Quoted Prices
in Active Markets for Identical Securities (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Senior Secured – First Lien
|
| | | $ | — | | | | | $ | — | | | | | $ | 292,004,982 | | | | | $ | 292,004,982 | | |
Senior Secured – Second Lien
|
| | | | — | | | | | | — | | | | | | 149,661,220 | | | | | | 149,661,220 | | |
Unsecured Debt
|
| | | | — | | | | | | — | | | | | | 23,697,466 | | | | | | 23,697,466 | | |
Equity
|
| | | | — | | | | | | — | | | | | | 39,120,000 | | | | | | 39,120,000 | | |
Total Investments
|
| | | $ | — | | | | | $ | — | | | | | $ | 504,483,668 | | | | | $ | 504,483,668 | | |
|
| | |
Senior Secured
Loans-First Lien |
| |
Senior Secured
Loans-Second Lien |
| |
Unsecured
Debt |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value at beginning of period
|
| | | $ | 292,004,982 | | | | | $ | 149,661,220 | | | | | $ | 23,697,466 | | | | | $ | 39,120,000 | | | | | $ | 504,483,668 | | |
Purchases of investments
|
| | | | 209,966,863 | | | | | | 26,572,699 | | | | | | — | | | | | | 9,940,714 | | | | | | 246,480,276 | | |
Payment-in-kind interest
|
| | | | 262,444 | | | | | | 94,445 | | | | | | 59,044 | | | | | | — | | | | | | 415,933 | | |
Sales and Redemptions
|
| | | | (48,114,716) | | | | | | (51,959,386) | | | | | | (5,605,908) | | | | | | (22,594,613) | | | | | | (128,274,623) | | |
Realized Gains
|
| | | | (212,012) | | | | | | — | | | | | | 2,364,905 | | | | | | 17,415,227 | | | | | | 19,568,120 | | |
Change in unrealized
appreciation (depreciation) included in earnings |
| | | | 22,891 | | | | | | (12,917,767) | | | | | | 1,596,438 | | | | | | (4,201,328) | | | | | | (15,499,766) | | |
Amortization of premium and accretion of discount, net
|
| | | | 1,239,426 | | | | | | 509,802 | | | | | | 25,241 | | | | | | — | | | | | | 1,774,469 | | |
Fair value at end of period
|
| | | $ | 455,169,878 | | | | | $ | 111,961,013 | | | | | $ | 22,137,186 | | | | | $ | 39,680,000 | | | | | $ | 628,948,077 | | |
| | |
Senior Secured
Loans-First Lien |
| |
Senior Secured
Loans-Second Lien |
| |
Unsecured
Debt |
| |
Equity
|
| |
Total
|
| |||||||||||||||
Fair value at beginning of year
|
| | | $ | 141,006,923 | | | | | $ | 178,432,850 | | | | | $ | 27,430,000 | | | | | $ | 24,969,999 | | | | | $ | 371,839,772 | | |
Purchases of investments
|
| | | | 224,555,549 | | | | | | 38,515,000 | | | | | | 251,180 | | | | | | 9,605,730 | | | | | | 272,927,459 | | |
Payment-in-kind interest
|
| | | | 106,314 | | | | | | 1,696,547 | | | | | | 67,044 | | | | | | — | | | | | | 1,869,905 | | |
Sales and redemptions
|
| | | | (68,382,321) | | | | | | (66,658,090) | | | | | | (2,903,096) | | | | | | (9,657,263) | | | | | | (147,600,770) | | |
Realized gains
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,540,518 | | | | | | 5,540,518 | | |
Change in unrealized appreciation
(depreciation) |
| | | | (6,052,424) | | | | | | (2,989,511) | | | | | | (1,265,630) | | | | | | 8,661,016 | | | | | | (1,646,549) | | |
Amortization of premium and accretion of discount, net
|
| | | | 770,941 | | | | | | 664,424 | | | | | | 117,968 | | | | | | — | | | | | | 1,553,333 | | |
Fair value at end of year
|
| | | $ | 292,004,982 | | | | | $ | 149,661,220 | | | | | $ | 23,697,466 | | | | | $ | 39,120,000 | | | | | $ | 504,483,668 | | |
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments at fair value |
| |||||||||
Texas
|
| | | $ | 134,451,527 | | | | | $ | 120,672,985 | | | | | | 19.19% | | |
California
|
| | | | 79,090,474 | | | | | | 78,136,331 | | | | | | 12.42% | | |
Arizona
|
| | | | 52,390,949 | | | | | | 53,274,526 | | | | | | 8.47% | | |
New Jersey
|
| | | | 52,548,769 | | | | | | 51,637,750 | | | | | | 8.21% | | |
Ohio
|
| | | | 48,502,609 | | | | | | 50,092,839 | | | | | | 7.96% | | |
Illinois
|
| | | | 41,869,947 | | | | | | 44,406,252 | | | | | | 7.06% | | |
Canada
|
| | | | 21,201,137 | | | | | | 21,217,811 | | | | | | 3.37% | | |
New York
|
| | | | 19,922,689 | | | | | | 20,584,020 | | | | | | 3.27% | | |
United Kingdom
|
| | | | 20,116,695 | | | | | | 20,116,695 | | | | | | 3.20% | | |
Wisconsin
|
| | | | 19,207,770 | | | | | | 19,466,054 | | | | | | 3.10% | | |
South Carolina
|
| | | | 19,935,337 | | | | | | 19,366,716 | | | | | | 3.08% | | |
Tennessee
|
| | | | 19,854,956 | | | | | | 19,260,076 | | | | | | 3.06% | | |
Pennsylvania
|
| | | | 17,408,508 | | | | | | 17,566,213 | | | | | | 2.79% | | |
Maryland
|
| | | | 17,103,044 | | | | | | 17,325,000 | | | | | | 2.75% | | |
Indiana
|
| | | | 14,064,012 | | | | | | 13,997,251 | | | | | | 2.23% | | |
Florida
|
| | | | 13,663,116 | | | | | | 13,820,256 | | | | | | 2.20% | | |
Colorado
|
| | | | 10,867,843 | | | | | | 12,444,250 | | | | | | 1.98% | | |
Arkansas
|
| | | | 14,920,694 | | | | | | 11,989,446 | | | | | | 1.91% | | |
Missouri
|
| | | | 10,078,235 | | | | | | 10,428,223 | | | | | | 1.66% | | |
Georgia
|
| | | | 575,000 | | | | | | 5,250,000 | | | | | | 0.83% | | |
North Carolina
|
| | | | 4,961,969 | | | | | | 4,375,000 | | | | | | 0.70% | | |
Puerto Rico
|
| | | | 8,613,244 | | | | | | 3,490,383 | | | | | | 0.55% | | |
Utah
|
| | | | 41,894 | | | | | | 30,000 | | | | | | 0.00% | | |
Massachusetts
|
| | | | 1,317,406 | | | | | | — | | | | | | —% | | |
| | | | $ | 642,707,824 | | | | | $ | 628,948,077 | | | | | | 100.00% | | |
|
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments |
| |||||||||
Texas
|
| | | $ | 100,229,354 | | | | | $ | 97,474,226 | | | | | | 19.32% | | |
California
|
| | | | 86,550,134 | | | | | | 85,880,918 | | | | | | 17.03% | | |
New Jersey
|
| | | | 43,513,698 | | | | | | 41,473,072 | | | | | | 8.22% | | |
Ohio
|
| | | | 36,209,514 | | | | | | 36,273,224 | | | | | | 7.19% | | |
Illinois
|
| | | | 19,941,053 | | | | | | 29,880,018 | | | | | | 5.92% | | |
Canada
|
| | | | 27,902,537 | | | | | | 27,935,931 | | | | | | 5.54% | | |
Arizona
|
| | | | 21,682,522 | | | | | | 21,603,741 | | | | | | 4.28% | | |
South Carolina
|
| | | | 20,871,587 | | | | | | 20,385,325 | | | | | | 4.04% | | |
New York
|
| | | | 20,446,690 | | | | | | 20,287,086 | | | | | | 4.02% | | |
Tennessee
|
| | | | 20,117,218 | | | | | | 19,381,134 | | | | | | 3.84% | | |
Arkansas
|
| | | | 17,696,537 | | | | | | 18,013,941 | | | | | | 3.57% | | |
Pennsylvania
|
| | | | 17,732,831 | | | | | | 17,824,372 | | | | | | 3.53% | | |
Maryland
|
| | | | 17,237,500 | | | | | | 17,237,500 | | | | | | 3.42% | | |
Wisconsin
|
| | | | 11,437,711 | | | | | | 10,869,000 | | | | | | 2.15% | | |
Colorado
|
| | | | 10,777,822 | | | | | | 10,777,822 | | | | | | 2.14% | | |
Georgia
|
| | | | 5,988,728 | | | | | | 9,820,000 | | | | | | 1.95% | | |
Indiana
|
| | | | 7,363,628 | | | | | | 7,087,500 | | | | | | 1.40% | | |
Puerto Rico
|
| | | | 8,797,954 | | | | | | 5,029,913 | | | | | | 1.00% | | |
North Carolina
|
| | | | 4,946,554 | | | | | | 4,425,000 | | | | | | 0.88% | | |
Massachusetts
|
| | | | 1,317,406 | | | | | | 1,670,000 | | | | | | 0.33% | | |
Missouri
|
| | | | 139,656 | | | | | | 670,000 | | | | | | 0.13% | | |
Virginia
|
| | | | 50,001 | | | | | | 280,000 | | | | | | 0.06% | | |
Florida
|
| | | | 242,304 | | | | | | 110,000 | | | | | | 0.02% | | |
Utah
|
| | | | 1,550,710 | | | | | | 93,945 | | | | | | 0.02% | | |
| | | | $ | 502,743,649 | | | | | $ | 504,483,668 | | | | | | 100.00% | | |
|
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments at fair value |
| |||||||||
Healthcare & Pharmaceuticals
|
| | | $ | 98,307,360 | | | | | $ | 94,000,860 | | | | | | 14.95% | | |
Services: Business
|
| | | | 56,354,433 | | | | | | 62,410,845 | | | | | | 9.92% | | |
Aerospace & Defense
|
| | | | 44,970,957 | | | | | | 46,547,324 | | | | | | 7.40% | | |
Consumer Goods: Durable
|
| | | | 47,933,468 | | | | | | 44,158,660 | | | | | | 7.02% | | |
Beverage, Food, & Tobacco
|
| | | | 42,131,354 | | | | | | 42,592,966 | | | | | | 6.77% | | |
Media: Broadcasting & Subscription
|
| | | | 32,353,301 | | | | | | 33,218,991 | | | | | | 5.28% | | |
Finance
|
| | | | 27,776,880 | | | | | | 29,562,500 | | | | | | 4.70% | | |
Education
|
| | | | 26,594,771 | | | | | | 25,661,125 | | | | | | 4.08% | | |
Media: Advertising, Printing & Publishing
|
| | | | 22,425,972 | | | | | | 21,965,124 | | | | | | 3.49% | | |
High Tech Industries
|
| | | | 21,201,137 | | | | | | 21,217,811 | | | | | | 3.37% | | |
Capital Equipment
|
| | | | 20,093,379 | | | | | | 20,237,066 | | | | | | 3.22% | | |
Retail
|
| | | | 19,935,337 | | | | | | 19,366,716 | | | | | | 3.08% | | |
Metals & Mining
|
| | | | 17,103,044 | | | | | | 17,325,000 | | | | | | 2.75% | | |
Transportation & Logistics
|
| | | | 17,173,599 | | | | | | 17,226,294 | | | | | | 2.74% | | |
Automotive
|
| | | | 17,151,902 | | | | | | 17,221,213 | | | | | | 2.74% | | |
Software
|
| | | | 15,807,191 | | | | | | 15,516,250 | | | | | | 2.47% | | |
Containers, Packaging, & Glass
|
| | | | 14,306,286 | | | | | | 14,564,570 | | | | | | 2.32% | | |
Environmental Industries
|
| | | | 15,256,675 | | | | | | 14,410,327 | | | | | | 2.29% | | |
Energy: Oil & Gas
|
| | | | 12,624,269 | | | | | | 13,582,102 | | | | | | 2.16% | | |
Services: Consumer
|
| | | | 26,075,606 | | | | | | 13,345,105 | | | | | | 2.12% | | |
Chemicals, Plastics, & Rubber
|
| | | | 11,880,825 | | | | | | 11,857,228 | | | | | | 1.89% | | |
Consumer goods: non-durable
|
| | | | 14,973,711 | | | | | | 11,770,000 | | | | | | 1.87% | | |
Construction & Building
|
| | | | 10,408,323 | | | | | | 10,750,000 | | | | | | 1.71% | | |
Utilities: Oil & Gas
|
| | | | 9,868,044 | | | | | | 9,900,000 | | | | | | 1.57% | | |
Hotel, Gaming, & Leisure
|
| | | | — | | | | | | 540,000 | | | | | | 0.09% | | |
| | | | $ | 642,707,824 | | | | | $ | 628,948,077 | | | | | | 100.00% | | |
|
| | |
Cost
|
| |
Fair Value
|
| |
% of Total
Investments |
| |||||||||
Healthcare & Pharmaceuticals
|
| | | $ | 58,682,811 | | | | | $ | 54,785,327 | | | | | | 10.86% | | |
Software
|
| | | | 51,432,916 | | | | | | 51,458,750 | | | | | | 10.20% | | |
Finance
|
| | | | 34,208,412 | | | | | | 41,910,000 | | | | | | 8.31% | | |
Media: Broadcasting & Subscription
|
| | | | 31,079,169 | | | | | | 30,857,379 | | | | | | 6.12% | | |
Retail
|
| | | | 28,764,221 | | | | | | 27,525,897 | | | | | | 5.46% | | |
Services: Business
|
| | | | 22,942,733 | | | | | | 27,094,812 | | | | | | 5.37% | | |
Consumer Goods: Durable
|
| | | | 26,981,015 | | | | | | 26,811,552 | | | | | | 5.30% | | |
Education
|
| | | | 26,562,249 | | | | | | 25,325,000 | | | | | | 5.02% | | |
High Tech Industries
|
| | | | 21,094,192 | | | | | | 21,094,192 | | | | | | 4.18% | | |
Beverage, Food, & Tobacco
|
| | | | 20,709,134 | | | | | | 18,213,945 | | | | | | 3.61% | | |
Services: Consumer
|
| | | | 17,952,663 | | | | | | 17,640,255 | | | | | | 3.50% | | |
Automotive
|
| | | | 17,457,259 | | | | | | 17,282,187 | | | | | | 3.43% | | |
Metals & Mining
|
| | | | 17,237,500 | | | | | | 17,237,500 | | | | | | 3.42% | | |
Energy: Oil & Gas
|
| | | | 14,312,328 | | | | | | 15,542,102 | | | | | | 3.08% | | |
Consumer goods: non-durable
|
| | | | 14,994,980 | | | | | | 14,579,375 | | | | | | 2.89% | | |
Environmental Industries
|
| | | | 14,004,667 | | | | | | 12,835,509 | | | | | | 2.54% | | |
Chemicals, Plastics, & Rubber
|
| | | | 11,835,100 | | | | | | 11,707,835 | | | | | | 2.32% | | |
Containers, Packaging, & Glass
|
| | | | 11,437,711 | | | | | | 10,869,000 | | | | | | 2.15% | | |
Aerospace & Defense
|
| | | | 10,777,822 | | | | | | 10,777,822 | | | | | | 2.14% | | |
Construction & Building
|
| | | | 10,374,827 | | | | | | 10,280,000 | | | | | | 2.04% | | |
Utilities: Oil & Gas
|
| | | | 9,853,435 | | | | | | 9,853,435 | | | | | | 1.95% | | |
Capital Equipment
|
| | | | 7,535,876 | | | | | | 7,929,775 | | | | | | 1.57% | | |
Media: Advertising, Printing & Publishing
|
| | | | 7,058,675 | | | | | | 6,875,625 | | | | | | 1.36% | | |
Transportation: Cargo
|
| | | | 6,808,345 | | | | | | 6,841,739 | | | | | | 1.36% | | |
Insurance
|
| | | | 5,425,301 | | | | | | 5,460,000 | | | | | | 1.08% | | |
Hotel, Gaming, & Leisure
|
| | | | 3,170,307 | | | | | | 3,414,655 | | | | | | 0.68% | | |
Services: Government
|
| | | | 50,001 | | | | | | 280,000 | | | | | | 0.06% | | |
| | | | $ | 502,743,649 | | | | | | 504,483,668 | | | | | | 100.00% | | |
Description:
|
| |
Fair Value
|
| |
Valuation Technique
|
| |
Unobservable Inputs
|
| |
Range (Average)(1)(3)
|
| |||
First lien debt
|
| | | $ | 455,169,878 | | | |
Income/Market(2)
approach |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-2.19% to 6.98% (0.57%)
-1.48% to 0.52% (-0.68%) 6x to 29x (12x)(4) |
|
Second lien debt
|
| | | $ | 111,961,013 | | | |
Income/Market(2)
approach |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-0.69% to 5.94% (1.19%)
-1.34% to 0.48% (-0.42%) 7x to 34x (14x)(4) |
|
Unsecured debt
|
| | | $ | 22,137,186 | | | |
Income/Market
approach(2) |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-0.39% to 0.00% (-0.35%)
-0.45% to -0.42% (-0.43%) 1x to 20x (4x)(4) |
|
Equity investments
|
| | | $ | 39,680,000 | | | |
Market
approach(5) |
| |
Underwriting
EBITDA Multiple |
| |
2x to 17x (10x)
|
|
Total Long Term Level 3
Investments |
| | | $ | 628,948,077 | | | | | | | | | |
Description:
|
| |
Fair Value
|
| |
Valuation Technique
|
| |
Unobservable Inputs
|
| |
Range (Average)(1)(3)
|
| |||
First lien debt
|
| | | $ | 292,004,982 | | | |
Income/Market
approach(2) |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-1.03% to 2.59% (0.85%)
-5.62% to 6.64% (1.64%) 4x to 22x (10x)(4) |
|
Second lien debt
|
| | | $ | 149,661,220 | | | |
Income/Market
approach(2) |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-0.00% to 2.66% (0.93%)
-0.14% to 10.66% (1.70%) 2x to 17x (11x)(4) |
|
Unsecured debt
|
| | | $ | 23,697,466 | | | |
Income/Market
approach(2) |
| |
HY credit spreads,
Risk free rates Market multiples |
| |
-1.03% to 0.57% (-0.01%)
-5.62% to 0.32% (-1.27%) 2x to 9x (3x)(4) |
|
Equity investments
|
| | | $ | 39,120,000 | | | |
Market approach(5)
|
| |
Underwriting multiple/
EBITDA Multiple |
| |
2x to 15x (10x)
|
|
Total Long Term Level 3 Investments
|
| | | $ | 504,483,668 | | | | | | | | | | | |
| | |
For the year
ended December 31, 2019 |
| |
For the year
ended December 31, 2018 |
| |
For the year
ended December 31, 2017 |
| |
For the year
ended December 31, 2016 |
| |
For the year
ended December 31, 2015 |
| |||||||||||||||
Per Share Data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of year/period
|
| | | $ | 14.09 | | | | | $ | 13.81 | | | | | $ | 13.69 | | | | | $ | 13.19 | | | | | $ | 13.94 | | |
Net investment income
|
| | | | 1.23 | | | | | | 1.42 | | | | | | 1.21 | | | | | | 1.39 | | | | | | 1.33 | | |
Net change in unrealized appreciation
(depreciation) on investments |
| | | | (0.85) | | | | | | (0.11) | | | | | | — | | | | | | 1.49 | | | | | | (0.74) | | |
Net realized gain (loss) on investments
|
| | | | 1.07 | | | | | | 0.35 | | | | | | 0.31 | | | | | | (1.05) | | | | | | 0.03 | | |
Tax provision on realized gain on investments
|
| | | | — | | | | | | (0.02) | | | | | | — | | | | | | — | | | | | | — | | |
Benefit (provision) for taxes on net unrealized gain on investments in taxable subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | (0.01) | | |
Total from investment operations
|
| | | | 1.45 | | | | | | 1.64 | | | | | | 1.52 | | | | | | 1.86 | | | | | | 0.61 | | |
Sales Load
|
| | | | (0.06) | | | | | | — | | | | | | (0.09) | | | | | | — | | | | | | — | | |
Offering Costs
|
| | | | (0.03) | | | | | | — | | | | | | (0.02) | | | | | | — | | | | | | — | | |
Stockholder distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | | (0.54) | | | | | | (1.03) | | | | | | (1.20) | | | | | | (1.36) | | | | | | (1.33) | | |
Net realized capital gains
|
| | | | (0.82) | | | | | | (0.33) | | | | | | (0.16) | | | | | | — | | | | | | (0.03) | | |
Other(3) | | | | | 0.05 | | | | | | — | | | | | | 0.07 | | | | | | — | | | | | | — | | |
Net asset value at the end of year/period
|
| | | $ | 14.14 | | | | | $ | 14.09 | | | | | $ | 13.81 | | | | | $ | 13.69 | | | | | $ | 13.19 | | |
Per share market value at end of year/period
|
| | | $ | 14.23 | | | | | $ | 12.95 | | | | | $ | 13.14 | | | | | $ | 12.06 | | | | | $ | 9.64 | | |
Total return based on market value(4)
|
| | | | 21.97% | | | | | | 8.68% | | | | | | 20.29% | | | | | | 42.83% | | | | | | (7.76)% | | |
Weighted average shares outstanding at the end of period
|
| | | | 18,275,696 | | | | | | 15,953,571 | | | | | | 14,870,981 | | | | | | 12,479,959 | | | | | | 12,479,961 | | |
Ratio/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at the end of year/period
|
| | | $ | 270,571,173 | | | | | $ | 224,845,007 | | | | | $ | 220,247,242 | | | | | $ | 170,881,785 | | | | | $ | 164,651,104 | | |
Weighted average net assets
|
| | | $ | 259,020,507 | | | | | $ | 223,750,302 | | | | | $ | 195,211,550 | | | | | $ | 165,189,142 | | | | | $ | 173,453,813 | | |
Annualized ratio of gross operating expenses to net assets(7)(8)
|
| | | | 14.11% | | | | | | 13.72% | | | | | | 11.10% | | | | | | 13.2% | | | | | | 11.16% | | |
Annualized ratio of net operating expenses to net
assets(7)(8) |
| | | | 14.11% | | | | | | 13.72% | | | | | | 11.10% | | | | | | 13.2% | | | | | | 10.78% | | |
Annualized ratio of interest expense and other fees to net assets(2)
|
| | | | 5.78% | | | | | | 5.51% | | | | | | 4.02% | | | | | | 4.84% | | | | | | 3.56% | | |
Annualized ratio of net investment income before
fee waiver to net assets(7)(8) |
| | | | 8.64% | | | | | | 10.09% | | | | | | 9.21% | | | | | | 10.71% | | | | | | 9.11% | | |
Annualized ratio of net investment income to net
assets(7)(8) |
| | | | 8.64% | | | | | | 10.09% | | | | | | 9.21% | | | | | | 10.71% | | | | | | 9.49% | | |
Portfolio Turnover(5)
|
| | | | 23% | | | | | | 32% | | | | | | 48% | | | | | | 16% | | | | | | 29% | | |
Notes Payable
|
| | | $ | 48,875,000 | | | | | $ | 48,875,000 | | | | | $ | 48,875,000 | | | | | $ | 25,000,000 | | | | | $ | 25,000,000 | | |
Credit Facility Payable
|
| | | $ | 161,550,000 | | | | | $ | 99,550,000 | | | | | $ | 40,750,000 | | | | | $ | 116,000,000 | | | | | $ | 109,500,000 | | |
SBA-guaranteed debentures
|
| | | $ | 161,000,000 | | | | | $ | 150,000,000 | | | | | $ | 90,000,000 | | | | | $ | 65,000,000 | | | | | $ | 65,000,000 | | |
Asset Coverage Ratio(6)
|
| | | | 2.29x | | | | | | 2.51x | | | | | | 3.46x | | | | | | 2.21x | | | | | | 2.22x | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Credit Facility payable
|
| | | $ | 161,550,000 | | | | | $ | 99,550,000 | | |
Prepaid loan structure fees
|
| | | | 1,039,367 | | | | | | 1,312,773 | | |
Credit facility payable, net of prepaid loan structure fees
|
| | | $ | 160,510,633 | | | | | $ | 98,237,227 | | |
| | |
For the years ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | 5,112,499 | | | | | $ | 3,737,735 | | | | | $ | 2,247,048 | | |
Loan fee amortization
|
| | | | 485,017 | | | | | | 415,179 | | | | | | 416,612 | | |
Commitment fees on unused portion
|
| | | | 405,438 | | | | | | 387,601 | | | | | | 311,174 | | |
Administration fees
|
| | | | 34,978 | | | | | | 40,972 | | | | | | 39,282 | | |
Total interest expense and other fees
|
| | | $ | 6,037,932 | | | | | $ | 4,581,487 | | | | | $ | 3,014,116 | | |
Loss on extinguishment of debt
|
| | | $ | — | | | | | $ | — | | | | | $ | 113,993 | | |
Weighted average interest rate
|
| | | | 4.8% | | | | | | 4.7% | | | | | | 3.7% | | |
Effective interest rate (including fee amortization)
|
| | | | 5.7% | | | | | | 5.7% | | | | | | 5.0% | | |
Average debt outstanding
|
| | | $ | 106,244,521 | | | | | $ | 79,818,493 | | | | | $ | 60,053,425 | | |
Cash paid for interest and unused fees
|
| | | $ | 5,217,832 | | | | | $ | 4,158,382 | | | | | $ | 2,476,340 | | |
Issuance Date
|
| |
Maturity Date
|
| |
Debenture Amount
|
| |
Interest Rate
|
| |
SBA Annual Charge
|
| |||||||||
October 14, 2014
|
| |
March 1, 2025
|
| | | $ | 6,500,000 | | | | | | 2.52% | | | | | | 0.36% | | |
October 17, 2014
|
| |
March 1, 2025
|
| | | | 6,500,000 | | | | | | 2.52% | | | | | | 0.36% | | |
December 24, 2014
|
| |
March 1, 2025
|
| | | | 3,250,000 | | | | | | 2.52% | | | | | | 0.36% | | |
June 29, 2015
|
| |
September 1, 2025
|
| | | | 9,750,000 | | | | | | 2.83% | | | | | | 0.36% | | |
October 22, 2015
|
| |
March 1, 2026
|
| | | | 6,500,000 | | | | | | 2.51% | | | | | | 0.36% | | |
October 22, 2015
|
| |
March 1, 2026
|
| | | | 1,500,000 | | | | | | 2.51% | | | | | | 0.74% | | |
November 10, 2015
|
| |
March 1, 2026
|
| | | | 8,800,000 | | | | | | 2.51% | | | | | | 0.74% | | |
November 18, 2015
|
| |
March 1, 2026
|
| | | | 1,500,000 | | | | | | 2.51% | | | | | | 0.74% | | |
November 25, 2015
|
| |
March 1, 2026
|
| | | | 8,800,000 | | | | | | 2.51% | | | | | | 0.74% | | |
December 16, 2015
|
| |
March 1, 2026
|
| | | | 2,200,000 | | | | | | 2.51% | | | | | | 0.74% | | |
December 29, 2015
|
| |
March 1, 2026
|
| | | | 9,700,000 | | | | | | 2.51% | | | | | | 0.74% | | |
November 28, 2017
|
| |
March 1, 2028
|
| | | | 25,000,000 | | | | | | 3.19% | | | | | | 0.22% | | |
April 27, 2018
|
| |
September 1, 2028
|
| | | | 40,000,000 | | | | | | 3.55% | | | | | | 0.22% | | |
July 30, 2018
|
| |
September 1, 2028
|
| | | | 17,500,000 | | | | | | 3.55% | | | | | | 0.22% | | |
September 25, 2018
|
| |
March 1, 2029
|
| | | | 2,500,000 | | | | | | 2.88% | | | | | | 0.22% | | |
October 17, 2019
|
| |
March 1, 2030
|
| | | | 6,000,000 | | | | | | 2.27%(1) | | | | | | 0.09% | | |
November 15, 2019
|
| |
March 1, 2030
|
| | | | 5,000,000 | | | | | | 2.21%(1) | | | | | | 0.09% | | |
Total SBA-guaranteed debentures
|
| | | | | | $ | 161,000,000 | | | | | | | | | | | | | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
SBA-guaranteed debentures payable
|
| | | $ | 161,000,000 | | | | | $ | 150,000,000 | | |
Prepaid loan fees
|
| | | | 3,456,147 | | | | | | 3,612,198 | | |
SBA-guaranteed debentures, net of prepaid loan fees
|
| | | $ | 157,543,853 | | | | | $ | 146,387,802 | | |
|
| | |
For the years ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | 5,166,475 | | | | | $ | 3,982,658 | | | | | $ | 2,067,308 | | |
Debenture fee amortization
|
| | | | 623,900 | | | | | | 623,989 | | | | | | 333,027 | | |
Total interest expense and other fees
|
| | | $ | 5,790,375 | | | | | $ | 4,606,647 | | | | | $ | 2,400,335 | | |
Weighted average interest rate
|
| | | | 3.4% | | | | | | 3.2% | | | | | | 3.1% | | |
Effective interest rate (including fee amortization)
|
| | | | 3.8% | | | | | | 3.7% | | | | | | 3.6% | | |
Average debt outstanding
|
| | | $ | 151,893,151 | | | | | $ | 125,390,411 | | | | | $ | 67,328,767 | | |
Cash paid for interest
|
| | | $ | 5,007,832 | | | | | $ | 3,107,218 | | | | | $ | 2,019,095 | | |
| | |
For the year ended
|
| |||||||||||||||
| | |
December 31,
2019 |
| |
December 31,
2018 |
| |
December 31,
2017 |
| |||||||||
Interest expense
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,169,097 | | |
Deferred financing costs
|
| | | | — | | | | | | — | | | | | | 131,377 | | |
Administration fees
|
| | | | — | | | | | | — | | | | | | 5,000 | | |
Total interest expense and other fees
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,305,474 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 302,732 | | |
Weighted average interest rate
|
| | | | —% | | | | | | —% | | | | | | 6.5% | | |
Effective interest rate (including fee amortization)
|
| | | | —% | | | | | | —% | | | | | | 7.3% | | |
Average debt outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | 25,000,000 | | |
Cash paid for interest
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,376,736 | | |
| | |
For the year ended
December 31, 2019 |
| |
For the year ended
December 31, 2018 |
| |
For the year ended
December 31, 2017(1) |
| |||||||||
Interest expense
|
| | | $ | 2,810,312 | | | | | $ | 2,810,312 | | | | | $ | 1,014,835 | | |
Deferred financing costs
|
| | | | 332,403 | | | | | | 332,404 | | | | | | 118,066 | | |
Administration fees
|
| | | | 5,000 | | | | | | 7,905 | | | | | | 2,383 | | |
Total interest expense and other fees
|
| | | $ | 3,147,715 | | | | | $ | 3,150,621 | | | | | $ | 1,135,284 | | |
Weighted average interest rate
|
| | | | 5.8% | | | | | | 5.8% | | | | | | 5.8% | | |
Effective interest rate (including fee amortization)
|
| | | | 6.4% | | | | | | 6.4% | | | | | | 6.5% | | |
Average debt outstanding
|
| | | $ | 48,875,000 | | | | | $ | 48,875,000 | | | | | $ | 48,012,218 | | |
Cash paid for interest
|
| | | $ | 2,810,312 | | | | | $ | 2,810,312 | | | | | $ | 889,932 | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Notes payable
|
| | | $ | 48,875,000 | | | | | $ | 48,875,000 | | |
Deferred financing costs
|
| | | | 900,798 | | | | | | 1,233,203 | | |
Notes payable, net of deferred financing costs
|
| | | $ | 47,974,202 | | | | | $ | 47,641,797 | | |
| | |
2019
|
| |||||||||||||||||||||
| | |
Qtr. 1
|
| |
Qtr. 2
|
| |
Qtr. 3
|
| |
Qtr. 4
|
| ||||||||||||
Total Investment Income
|
| | | $ | 13,834,929 | | | | | $ | 14,170,255 | | | | | $ | 15,515,227 | | | | | $ | 15,391,478 | | |
Net Investment Income
|
| | | $ | 4,333,659 | | | | | $ | 5,415,400 | | | | | $ | 5,798,659 | | | | | $ | 6,891,091 | | |
Net Increase in Net Assets from Operations
|
| | | $ | 10,142,443 | | | | | $ | 5,994,683 | | | | | $ | 8,468,254 | | | | | $ | 1,832,807 | | |
Total Investment Income per share(1)
|
| | | $ | 0.85 | | | | | $ | 0.75 | | | | | $ | 0.82 | | | | | $ | 0.81 | | |
Net Investment Income per share(1)
|
| | | $ | 0.27 | | | | | $ | 0.29 | | | | | $ | 0.31 | | | | | $ | 0.36 | | |
Net Increase in Net Assets from Operations per
share(1) |
| | | $ | 0.62 | | | | | $ | 0.32 | | | | | $ | 0.45 | | | | | $ | 0.10 | | |
| | |
2018
|
| |||||||||||||||||||||
| | |
Qtr. 1
|
| |
Qtr. 2
|
| |
Qtr. 3
|
| |
Qtr. 4
|
| ||||||||||||
Total Investment Income
|
| | | $ | 10,911,781 | | | | | $ | 12,619,657 | | | | | $ | 14,487,623 | | | | | $ | 15,247,277 | | |
Net Investment Income
|
| | | $ | 4,475,379 | | | | | $ | 4,727,236 | | | | | $ | 5,609,974 | | | | | $ | 7,823,948 | | |
Net Increase in Net Assets from Operations
|
| | | $ | 7,343,929 | | | | | $ | 7,603,246 | | | | | $ | 8,884,517 | | | | | $ | 2,362,886 | | |
Total Investment Income per share(1)
|
| | | $ | 0.68 | | | | | $ | 0.79 | | | | | $ | 0.91 | | | | | $ | 0.96 | | |
Net Investment Income per share(1)
|
| | | $ | 0.28 | | | | | $ | 0.30 | | | | | $ | 0.35 | | | | | $ | 0.49 | | |
Net Increase in Net Assets from Operations per share(1)
|
| | | $ | 0.46 | | | | | $ | 0.48 | | | | | $ | 0.56 | | | | | $ | 0.14 | | |
| | |
2017
|
| |||||||||||||||||||||
| | |
Qtr. 1
|
| |
Qtr. 2
|
| |
Qtr. 3
|
| |
Qtr. 4
|
| ||||||||||||
Total Investment Income
|
| | | $ | 9,863,980 | | | | | $ | 10,394,365 | | | | | $ | 9,978,345 | | | | | $ | 9,411,503 | | |
Net Investment Income
|
| | | $ | 4,143,627 | | | | | $ | 4,938,459 | | | | | $ | 4,475,952 | | | | | $ | 4,412,722 | | |
Net Increase in Net Assets from operations
|
| | | $ | 6,024,752 | | | | | $ | 6,044,766 | | | | | $ | 5,636,598 | | | | | $ | 4,907,141 | | |
Total Investment Income per share(1)
|
| | | $ | 0.79 | | | | | $ | 0.68 | | | | | $ | 0.64 | | | | | $ | 0.59 | | |
Net Investment Income per share(1)
|
| | | $ | 0.33 | | | | | $ | 0.32 | | | | | $ | 0.29 | | | | | $ | 0.28 | | |
Net Increase in Net Assets from Operations per share(1)
|
| | | $ | 0.48 | | | | | $ | 0.39 | | | | | $ | 0.36 | | | | | $ | 0.31 | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||
Ordinary income
|
| | | $ | 10,000,000 | | | | | $ | 15,492,724 | | |
Qualified dividends
|
| | | | 103,080 | | | | | | 250,000 | | |
Distributions of long-term capital gains(2)
|
| | | | 14,935,093 | | | | | | 5,947,826 | | |
Total distributions accrued or paid to common stockholders
|
| | | $ | 25,038,173 | | | | | $ | 21,690,550 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Net increase in net assets resulting from operations (includes NII, realized gain/loss, unrealized gain/loss and taxes)
|
| | | $ | 26,438,186 | | | | | $ | 26,194,578 | | | | | $ | 22,613,257 | | |
Net change in unrealized depreciation (appreciation)
|
| | | | 15,499,766 | | | | | | 1,646,549 | | | | | | 22,072 | | |
Income tax provision (benefit)
|
| | | | 66,760 | | | | | | 67,953 | | | | | | (8,593) | | |
Pre-tax (income) expense, (gain) loss reported at Taxable Subsidiaries, not consolidated for tax purposes
|
| | | | (5,819,114) | | | | | | 416,203 | | | | | | (4,721,039) | | |
Book income and tax income differences, including debt
origination, interest accrual, income from pass-through investments, dividends, realized gains (losses) and changes in estimates |
| | | | 3,791,081 | | | | | | 1,524,556 | | | | | | 1,835,779 | | |
Estimated taxable income
|
| | | $ | 39,976,679 | | | | | $ | 29,849,839 | | | | | $ | 19,741,476 | | |
Taxable income earned in prior year and carried forward for distribution in current year
|
| | | | 7,496,299 | | | | | | (662,990) | | | | | | (106,530) | | |
Taxable income earned prior to period end and carried forward for distribution next period
|
| | | | (24,602,435) | | | | | | (9,303,869) | | | | | | (1,118,312) | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Distribution payable as of period end and paid in following period
|
| | | | 2,167,630 | | | | | | 1,807,570 | | | | | | 1,806,671 | | |
Total distributions accrued or paid to common
stockholders |
| | | $ | 25,038,173 | | | | | $ | 21,690,550 | | | | | $ | 20,323,305 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Aggregate cost of portfolio securities for federal income tax purposes
|
| | | $ | 643,573,873 | | | | | $ | 503,079,738 | | |
Gross unrealized appreciation of portfolio company securities
|
| | | | 17,587,984 | | | | | | 18,423,224 | | |
Gross unrealized depreciation of portfolio company securities
|
| | | | (31,347,731) | | | | | | (16,683,205) | | |
Net unrealized appreciation (depreciation) of portfolio company securities
|
| | | $ | (13,759,747) | | | | | $ | 1,740,019 | | |
| | |
2019
|
| |
2018
|
| ||||||
Deferred Tax Asset
|
| | | $ | 2,189,818 | | | | | $ | 2,930,694 | | |
Deferred Tax Liability
|
| | | | (2,043,021) | | | | | | (1,648,207) | | |
Total Deferred Tax Asset before valuation allowance
|
| | | $ | 146,797 | | | | | $ | 1,282,487 | | |
Deferred tax valuation allowance
|
| | | $ | (281,510) | | | | | $ | (1,350,440) | | |
Net Deferred Tax Liability
|
| | | $ | (134,713) | | | | | $ | (67,953) | | |
Declared
|
| |
Ex-Dividend Date
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount per Share
|
| ||||||||||||
1/10/2020
|
| | | | 1/30/2020 | | | | | | 1/31/2020 | | | | | | 2/14/2020 | | | | | $ | 0.1133 | | |
1/10/2020
|
| | | | 2/27/2020 | | | | | | 2/28/2020 | | | | | | 3/13/2020 | | | | | $ | 0.1133 | | |
1/10/2020
|
| | | | 3/30/2020 | | | | | | 3/31/2020 | | | | | | 4/15/2020 | | | | | $ | 0.1133 | | |
Company
|
| |
Investment(1)
|
| |
December 31,
2018 Fair Value |
| |
Amount of
Realized Gain/(Loss) |
| |
Amount of
Unrealized Gain/(Loss) |
| |
Amount of
Interest, Fees or Dividends Credit to Income(2) |
| |
Gross
Additions(3) |
| |
Gross
Reductions(4) |
| |
December 31,
2019 Fair Value |
| |||||||||||||||||||||
Non-control Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliate investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Glori Energy Production Inc.
|
| |
Class A
Common Units |
| | | $ | 50 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (50) | | | | | $ | — | | |
Total Non-Control/Affiliate investments
|
| | | | | | $ | 50 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (50) | | | | | $ | — | | |
| | |
Page
|
| |||
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| | | | 92 | | | |
| | | | 93 | | | |
| | | | 108 | | |
| | | |
STELLUS CAPITAL INVESTMENT CORPORATION
|
|
| Date: March 2, 2020 | | |
/s/ Robert T. Ladd
Robert T. Ladd
Chief Executive Officer and President |
|
| Date: March 2, 2020 | | |
/s/ Robert T. Ladd
Robert T. Ladd
Chief Executive Officer, President and Chairman of the Board of Directors |
|
|
Date: March 2, 2020
|
| |
/s/ W. Todd Huskinson
W. Todd Huskinson
Chief Financial Officer, Chief Compliance Officer and Secretary(Principal Accounting and Financial Officer) |
|
| Date: March 2, 2020 | | |
/s/ Dean D’Angelo
Dean D’Angelo
Director |
|
| Date: March 2, 2020 | | |
/s/ Joshua T. Davis
Joshua T. Davis
Director |
|
| Date: March 2, 2020 | | |
/s/ J. Tim Arnoult
J. Tim Arnoult
Director |
|
| Date: March 2, 2020 | | |
/s/ Bruce R. Bilger
Bruce R. Bilger
Director |
|
| Date: March 2, 2020 | | |
/s/ Paul Keglevic
Paul Keglevic
Director |
|
| Date: March 2, 2020 | | |
/s/ William C. Repko
William C. Repko
Director |
|