x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 83-0423116 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
1521 WESTBRANCH DRIVE, SUITE 100 | 22102 | |||||||
MCLEAN, VIRGINIA | (Zip Code) | |||||||
(Address of principal executive offices) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, $0.001 par value per share | GAIN | The Nasdaq Stock Market LLC | ||||||||||||
5.00% Notes due 2026 | GAINN | The Nasdaq Stock Market LLC | ||||||||||||
4.875% Notes due 2028 | GAINZ | The Nasdaq Stock Market LLC |
Large accelerated filer | o | Accelerated filer | o | ||||||||
Non-accelerated filer | x | Smaller reporting company | o | ||||||||
Emerging growth company | o |
Consolidated Schedules of Investments as of June 30, 2022 and March 31, 2022 | ||||||||
June 30, 2022 | March 31, 2022 | ||||||||||
ASSETS | |||||||||||
Investments at fair value | |||||||||||
Non-Control/Non-Affiliate investments (Cost of $342,578 and $388,773, respectively) | $ | 410,917 | $ | 442,124 | |||||||
Affiliate investments (Cost of $279,955 and $279,855, respectively) | 256,883 | 271,559 | |||||||||
Control investments (Cost of $21,620 and $620, respectively) | 21,713 | 713 | |||||||||
Cash and cash equivalents | 43,880 | 14,190 | |||||||||
Restricted cash and cash equivalents | 396 | 305 | |||||||||
Interest receivable | 2,156 | 3,042 | |||||||||
Due from administrative agent | 4,712 | 6,406 | |||||||||
Deferred financing costs, net | 835 | 895 | |||||||||
Other assets, net | 1,404 | 1,178 | |||||||||
TOTAL ASSETS | $ | 742,896 | $ | 740,412 | |||||||
LIABILITIES | |||||||||||
Borrowings: | |||||||||||
Line of credit at fair value (Cost of $0 and $0, respectively) | $ | — | $ | — | |||||||
Notes payable, net | 256,565 | 256,252 | |||||||||
Secured borrowing | 5,096 | 5,096 | |||||||||
Total borrowings | 261,661 | 261,348 | |||||||||
Accounts payable and accrued expenses | 1,506 | 799 | |||||||||
Interest payable | 2,189 | 2,190 | |||||||||
Fees due to Adviser(A) | 29,984 | 29,288 | |||||||||
Fee due to Administrator(A) | 695 | 627 | |||||||||
Other liabilities | 452 | 330 | |||||||||
TOTAL LIABILITIES | $ | 296,487 | $ | 294,582 | |||||||
Commitments and contingencies(B) | |||||||||||
NET ASSETS | $ | 446,409 | $ | 445,830 | |||||||
ANALYSIS OF NET ASSETS | |||||||||||
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,205,023 shares issued and outstanding | $ | 33 | $ | 33 | |||||||
Capital in excess of par value | 397,021 | 397,948 | |||||||||
Cumulative net unrealized appreciation (depreciation) of investments | 45,360 | 45,148 | |||||||||
(Overdistributed) underdistributed net investment income | (8,162) | (12,995) | |||||||||
Accumulated net realized gain in excess of distributions | 12,157 | 15,696 | |||||||||
Total distributable earnings | 49,355 | 47,849 | |||||||||
TOTAL NET ASSETS | $ | 446,409 | $ | 445,830 | |||||||
NET ASSET VALUE PER SHARE | $ | 13.44 | $ | 13.43 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
INVESTMENT INCOME | |||||||||||
Interest income | |||||||||||
Non-Control/Non-Affiliate investments | $ | 8,728 | $ | 6,877 | |||||||
Affiliate investments | 4,010 | 8,831 | |||||||||
Control investments | — | 284 | |||||||||
Cash and cash equivalents | 3 | — | |||||||||
Total interest income | 12,741 | 15,992 | |||||||||
Dividend income | |||||||||||
Non-Control/Non-Affiliate investments | 4 | 2 | |||||||||
Affiliate investments | 1,552 | — | |||||||||
Total dividend income | 1,556 | 2 | |||||||||
Success fee income | |||||||||||
Non-Control/Non-Affiliate investments | 5,000 | — | |||||||||
Affiliate investments | — | 2,032 | |||||||||
Total success fee income | 5,000 | 2,032 | |||||||||
Total investment income | $ | 19,297 | $ | 18,026 | |||||||
EXPENSES | |||||||||||
Base management fee(A) | $ | 3,563 | $ | 3,320 | |||||||
Loan servicing fee(A) | 1,758 | 1,868 | |||||||||
Incentive fee(A) | 3,009 | 12,248 | |||||||||
Administration fee(A) | 380 | 399 | |||||||||
Interest expense on borrowings | 3,784 | 2,300 | |||||||||
Dividends on mandatorily redeemable preferred stock | — | 1,504 | |||||||||
Amortization of deferred financing costs and discounts | 448 | 456 | |||||||||
Professional fees | 295 | 306 | |||||||||
Other general and administrative expenses | 1,197 | 1,048 | |||||||||
Expenses before credits from Adviser | 14,434 | 23,449 | |||||||||
Credits to base management fee – loan servicing fee(A) | (1,758) | (1,868) | |||||||||
Credits to fees from Adviser - other(A) | (750) | (1,251) | |||||||||
Total expenses, net of credits to fees | 11,926 | 20,330 | |||||||||
NET INVESTMENT INCOME (LOSS) | $ | 7,371 | $ | (2,304) | |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||
Net realized gain (loss): | |||||||||||
Non-Control/Non-Affiliate investments | $ | 4,729 | $ | 143 | |||||||
Affiliate investments | — | 1,786 | |||||||||
Control investments | (277) | — | |||||||||
Total net realized gain | 4,452 | 1,929 | |||||||||
Net unrealized appreciation (depreciation): | |||||||||||
Non-Control/Non-Affiliate investments | 14,989 | 16,902 | |||||||||
Affiliate investments | (14,777) | 29,208 | |||||||||
Control investments | — | 1,404 | |||||||||
Total net unrealized (depreciation) appreciation | 212 | 47,514 | |||||||||
Net realized and unrealized gain | 4,664 | 49,443 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 12,035 | $ | 47,139 | |||||||
BASIC AND DILUTED PER COMMON SHARE: | |||||||||||
Net investment income (loss) | $ | 0.22 | $ | (0.07) | |||||||
Net increase in net assets resulting from operations | $ | 0.36 | $ | 1.42 | |||||||
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||||||||||
Basic and diluted | 33,205,023 | 33,205,023 |
2022 | 2021 | ||||||||||
NET ASSETS, MARCH 31 | $ | 445,830 | $ | 382,364 | |||||||
OPERATIONS | |||||||||||
Net investment income (loss) | 7,371 | (2,304) | |||||||||
Net realized gain on investments | 4,452 | 1,929 | |||||||||
Net unrealized appreciation (depreciation) of investments | 212 | 47,514 | |||||||||
Net increase in net assets from operations | 12,035 | 47,139 | |||||||||
DISTRIBUTIONS(A) | |||||||||||
Distributions to common stockholders from net investment income ($0.10 and $0.20 per share, respectively) | (3,188) | (6,593) | |||||||||
Distributions to common stockholders from net realized gains ($0.25 and $0.07 per share, respectively) | (8,268) | (2,372) | |||||||||
Net decrease in net assets from distributions | (11,456) | (8,965) | |||||||||
CAPITAL ACTIVITY | |||||||||||
Issuance of common stock | — | — | |||||||||
Discounts, commissions, and offering costs for issuance of common stock | — | — | |||||||||
Net increase in net assets from capital activity | — | — | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 579 | 38,174 | |||||||||
NET ASSETS, JUNE 30 | $ | 446,409 | $ | 420,538 | |||||||
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net increase in net assets resulting from operations | $ | 12,035 | $ | 47,139 | |||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Purchase of investments | (27,800) | (17,150) | |||||||||
Principal repayments of investments | 48,000 | 14,060 | |||||||||
Net proceeds from the sale of investments | 9,352 | 7,775 | |||||||||
Net realized gain on investments | (4,452) | (1,929) | |||||||||
Net unrealized appreciation of investments | (212) | (47,514) | |||||||||
Amortization of premiums, discounts, and acquisition costs, net | (5) | (5) | |||||||||
Amortization of deferred financing costs and discounts | 448 | 456 | |||||||||
Bad debt expense, net of recoveries | 71 | 55 | |||||||||
Changes in assets and liabilities: | |||||||||||
Decrease in interest receivable | 886 | 806 | |||||||||
Decrease (increase) in due from administrative agent | 1,694 | (659) | |||||||||
Increase in other assets, net | (239) | (68) | |||||||||
Increase in accounts payable and accrued expenses | 708 | 901 | |||||||||
(Decrease) increase in interest payable | (1) | 571 | |||||||||
Increase in fees due to Adviser(A) | 637 | 9,708 | |||||||||
Increase in fee due to Administrator(A) | 68 | 94 | |||||||||
Increase in other liabilities | 122 | 179 | |||||||||
Net cash provided by operating activities | 41,312 | 14,419 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from line of credit | — | 29,800 | |||||||||
Repayments on line of credit | — | (10,300) | |||||||||
Deferred financing and offering costs | (75) | (75) | |||||||||
Distributions paid to common stockholders | (11,456) | (8,965) | |||||||||
Net cash (used in) provided by financing activities | (11,531) | 10,460 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | 29,781 | 24,879 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,495 | 2,398 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $ | 44,276 | $ | 27,277 | |||||||
CASH PAID FOR INTEREST | $ | 3,330 | $ | 1,339 |
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 92.0% | ||||||||||||||||||||
Secured First Lien Debt – 43.1% | ||||||||||||||||||||
Diversified/Conglomerate Manufacturing – 1.2% | ||||||||||||||||||||
Phoenix Door Systems, Inc – Line of Credit, $0 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2024)(J) | $ | 2,350 | $ | 2,350 | $ | 2,233 | ||||||||||||||
Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(J) | 3,200 | 3,200 | 3,040 | |||||||||||||||||
5,550 | 5,273 | |||||||||||||||||||
Diversified/Conglomerate Services – 18.0% | ||||||||||||||||||||
Counsel Press, Inc. – Term Debt (L+11.8%, 13.5% Cash, Due 3/2023)(K) | 21,100 | 21,100 | 21,100 | |||||||||||||||||
Counsel Press, Inc. – Term Debt (L+13.0%, 14.8% Cash, Due 3/2023)(K) | 6,400 | 6,400 | 6,400 | |||||||||||||||||
Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(K) | 27,700 | 27,700 | 27,700 | |||||||||||||||||
Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(K) | 25,250 | 25,250 | 25,250 | |||||||||||||||||
80,450 | 80,450 | |||||||||||||||||||
Healthcare, Education, and Childcare – 4.5% | ||||||||||||||||||||
Educators Resource, Inc. – Term Debt (L+10.5%, 13.0% Cash, Due 11/2023) (K) | 20,000 | 20,000 | 20,000 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.5% | ||||||||||||||||||||
Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K) | 17,700 | 17,700 | 17,700 | |||||||||||||||||
Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K) | 6,850 | 6,850 | 6,850 | |||||||||||||||||
24,550 | 24,550 | |||||||||||||||||||
Hotels, Motels, Inns, and Gaming Total – 7.6% | ||||||||||||||||||||
Nocturne Villa Rentals, Inc. – Line of Credit, $2,000 available (L+8.0%, 10.0% Cash, Due 6/2023)(K) | — | — | — | |||||||||||||||||
Nocturne Villa Rentals, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 6/2026)(K) | 34,050 | 34,050 | 34,050 | |||||||||||||||||
34,050 | 34,050 | |||||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 6.3% | ||||||||||||||||||||
Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 5/2025)(K) | 27,981 | 27,981 | 27,981 | |||||||||||||||||
Total Secured First Lien Debt | $ | 192,581 | $ | 192,304 | ||||||||||||||||
Secured Second Lien Debt – 15.2% | ||||||||||||||||||||
Aerospace and Defense – 5.7% | ||||||||||||||||||||
Galaxy Technologies Holdings, Inc. – Term Debt (L+4.1%, 7.1% Cash, Due 10/2026)(K) | $ | 6,500 | $ | 6,500 | $ | 6,500 | ||||||||||||||
Galaxy Technologies Holdings, Inc. – Term Debt (L+7.0%, 10.0% Cash, Due 10/2026)(K) | 18,796 | 18,796 | 18,796 | |||||||||||||||||
25,296 | 25,296 | |||||||||||||||||||
Automobile – 0.3% | ||||||||||||||||||||
Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 7/2027)(J) | 1,500 | 1,500 | 1,493 | |||||||||||||||||
Country Club Enterprises, LLC – Guaranty ($1,000) (Q) | — | — | — | |||||||||||||||||
1,500 | 1,493 | |||||||||||||||||||
Cargo Transport – 2.9% | ||||||||||||||||||||
Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(J) | 13,000 | 12,992 | 12,983 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 3.0% | ||||||||||||||||||||
Ginsey Home Solutions, Inc. – Term Debt (L+10.0%, 13.5% Cash, Due 1/2025)(H)(K) | 13,300 | 13,300 | 13,300 | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 3.3% | ||||||||||||||||||||
SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(K) | 3,128 | 3,128 | 3,128 | |||||||||||||||||
SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(K) | 11,736 | 11,736 | 11,736 | |||||||||||||||||
14,864 | 14,864 | |||||||||||||||||||
Total Secured Second Lien Debt | $ | 67,952 | $ | 67,936 | ||||||||||||||||
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Preferred Equity – 33.3% | ||||||||||||||||||||
Diversified/Conglomerate Services – 15.2% | ||||||||||||||||||||
Counsel Press, Inc. – Preferred Stock(C)(K) | 6,995 | $ | 6,995 | $ | 29,364 | |||||||||||||||
Horizon Facilities Services, Inc. – Preferred Stock(C)(K) | 10,080 | 10,080 | 33,311 | |||||||||||||||||
Mason West, LLC – Preferred Stock(C)(K) | 11,206 | 11,206 | 5,293 | |||||||||||||||||
28,281 | 67,968 | |||||||||||||||||||
Healthcare, Education, and Childcare – 4.1% | ||||||||||||||||||||
Educators Resource, Inc. – Preferred Stock(C)(K) | 8,560 | 8,560 | 18,313 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.0% | ||||||||||||||||||||
Brunswick Bowling Products, Inc. – Preferred Stock(C)(K) | 6,653 | 6,653 | 26,388 | |||||||||||||||||
Ginsey Home Solutions, Inc. – Preferred Stock(C)(K) | 19,280 | 9,583 | 413 | |||||||||||||||||
16,236 | 26,801 | |||||||||||||||||||
Hotels, Motels, Inns, and Gaming Total – 3.7% | ||||||||||||||||||||
Nocturne Villa Rentals, Inc. – Preferred Stock (C)(K) | 6,600 | 6,600 | 16,371 | |||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 3.8% | ||||||||||||||||||||
Schylling, Inc. – Preferred Stock(C)(K) | 4,000 | 4,000 | 17,186 | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.5% | ||||||||||||||||||||
SFEG Holdings, Inc. – Preferred Stock(C)(K) | 29,577 | 4,643 | 2,068 | |||||||||||||||||
Total Preferred Equity | $ | 68,320 | $ | 148,707 | ||||||||||||||||
Common Equity/Equivalents – 0.4% | ||||||||||||||||||||
Aerospace and Defense – 0.0% | ||||||||||||||||||||
Galaxy Technologies Holdings, Inc. – Common Stock(C)(K) | 16,957 | $ | 11,513 | $ | — | |||||||||||||||
Cargo Transport – 0.4% | ||||||||||||||||||||
Diligent Delivery Systems – Common Stock Warrants(C)(K) | 8 | % | 500 | 1,882 | ||||||||||||||||
Diversified/Conglomerate Manufacturing– 0.0% | ||||||||||||||||||||
Phoenix Door Systems, Inc. – Common Stock(C)(K) | 3,195 | 1,452 | — | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0% | ||||||||||||||||||||
Ginsey Home Solutions, Inc. – Common Stock(C)(K) | 63,747 | 8 | — | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)- 0.0% | ||||||||||||||||||||
SFEG Holdings, Inc. – Common Stock(C)(K) | 221,500 | 222 | — | |||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
Funko Acquisition Holdings, LLC(L) – Common Units(C)(P) | 5,817 | 30 | 88 | |||||||||||||||||
Total Common Equity/Equivalents | $ | 13,725 | $ | 1,970 | ||||||||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 342,578 | $ | 410,917 | ||||||||||||||||
AFFILIATE INVESTMENTS(N) – 57.5% | ||||||||||||||||||||
Secured First Lien Debt – 41.4% | ||||||||||||||||||||
Chemicals, Plastics, and Rubber – 6.0% | ||||||||||||||||||||
PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.3% Cash, Due 1/2024)(K) | $ | 26,618 | $ | 26,618 | $ | 26,618 | ||||||||||||||
Diversified/Conglomerate Manufacturing – 2.0% | ||||||||||||||||||||
Edge Adhesives Holdings, Inc.(L) – Term Debt (L+5.5%, 7.5% Cash, Due 8/2024)(J) | 9,210 | 9,210 | 8,968 | |||||||||||||||||
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Diversified/Conglomerate Services – 19.3% | ||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(K) | 22,000 | 22,000 | 22,000 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (L+6.0%, 8.0% Cash, Due 10/2024) (G)(K) | 16,500 | 16,500 | 13,129 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+10.3%, 12.0% Cash, Due 10/2024) (G)(K) | 26,000 | 26,000 | 20,688 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+6.0%, 8.0% Cash, Due 3/2023) (G)(K) | 2,438 | 2,438 | 1,940 | |||||||||||||||||
The Maids International, LLC – Term Debt (L+10.5%, 12.3% Cash, Due 3/2025)(K) | 28,560 | 28,560 | 28,560 | |||||||||||||||||
95,498 | 86,317 | |||||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6% | ||||||||||||||||||||
Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.3% Cash, Due 12/2025)(K) | 25,000 | 25,000 | 25,000 | |||||||||||||||||
Mining, Steel, Iron and Non-Precious Metals Total – 4.1% | ||||||||||||||||||||
Utah Pacific Bridge & Steel, Ltd., $2,000 available (L+8.5%, 10.3% Cash, Due 7/2022)(K) | — | — | — | |||||||||||||||||
Utah Pacific Bridge & Steel, Ltd. (L+10.0%, 11.8% Cash, Due 7/2026)(K) | 18,250 | 18,250 | 18,250 | |||||||||||||||||
18,250 | 18,250 | |||||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.6% | ||||||||||||||||||||
The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K) | 3,400 | 3,400 | 2,495 | |||||||||||||||||
The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K) | 900 | 900 | — | |||||||||||||||||
4,300 | 2,495 | |||||||||||||||||||
Telecommunications – 3.8% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)(K) | 2,800 | 2,800 | 2,800 | |||||||||||||||||
B+T Group Acquisition, Inc.(L) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)(K) | 14,000 | 14,000 | 14,000 | |||||||||||||||||
16,800 | 16,800 | |||||||||||||||||||
Total Secured First Lien Debt | $ | 195,676 | $ | 184,448 | ||||||||||||||||
Secured Second Lien Debt – 0.0% | ||||||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) | $ | 11,700 | $ | 11,700 | $ | — | ||||||||||||||
The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) | 1,500 | 1,500 | — | |||||||||||||||||
$ | 13,200 | — | ||||||||||||||||||
Total Secured Second Lien Debt | $ | 13,200 | $ | — | ||||||||||||||||
Preferred Equity – 15.3% | ||||||||||||||||||||
Chemicals, Plastics, and Rubber – 0.0% | ||||||||||||||||||||
PSI Molded Plastics, Inc. – Preferred Stock(C)(K) | 158,598 | $ | 19,730 | $ | — | |||||||||||||||
Diversified/Conglomerate Manufacturing – 0.0% | ||||||||||||||||||||
Edge Adhesives Holdings, Inc.(L) – Preferred Stock(C)(K) | 8,199 | 8,199 | — | |||||||||||||||||
Diversified/Conglomerate Services – 3.7% | ||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(K) | 67,490 | 6,749 | 15,273 | |||||||||||||||||
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(K) | 10,920 | 10,920 | — | |||||||||||||||||
The Maids International, LLC – Preferred Stock(C)(K) | 6,640 | 6,640 | 1,424 | |||||||||||||||||
24,309 | 16,697 | |||||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.3% | ||||||||||||||||||||
Old World Christmas, Inc. – Preferred Stock(C)(K) | 6,180 | — | 37,168 | |||||||||||||||||
Mining, Steel, Iron and Non-Precious Metals – 1.3% | ||||||||||||||||||||
Utah Pacific Bridge & Steel, Ltd. - Preferred Stock(C)(K) | 6,000 | 6,000 | 6,000 | |||||||||||||||||
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
The Mountain Corporation – Preferred Stock(C)(K) | 6,899 | 6,899 | — | |||||||||||||||||
Telecommunications – 2.0% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Preferred Stock(C)(K) | 14,304 | 4,722 | 9,093 | |||||||||||||||||
Total Preferred Equity | $ | 69,859 | $ | 68,958 | ||||||||||||||||
Common Equity/Equivalents – 0.8% | ||||||||||||||||||||
Diversified/Conglomerate Services – 0.7% | ||||||||||||||||||||
Nth Degree Investment Group, LLC – Common Stock(C)(K) | 14,360,000 | $ | 1,219 | $ | 3,136 | |||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
The Mountain Corporation – Common Stock(C)(K) | 751 | 1 | — | |||||||||||||||||
Telecommunications – 0.1% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Common Stock Warrants(C)(K) | 3.5 | % | — | 341 | ||||||||||||||||
Total Common Equity/Equivalents | $ | 1,220 | $ | 3,477 | ||||||||||||||||
Total Affiliate Investments | $ | 279,955 | $ | 256,883 | ||||||||||||||||
CONTROL INVESTMENTS(O) – 4.9%: | ||||||||||||||||||||
Preferred Equity - 4.7% | ||||||||||||||||||||
Buildings and Real Estate Total - 4.7% | ||||||||||||||||||||
Dema/Mai Holdings, Inc - Preferred Equity | 21,000 | $ | 21,000 | $ | 21,000 | |||||||||||||||
Total Preferred Equity | $ | 21,000 | $ | 21,000 | ||||||||||||||||
Common Equity/Equivalents – 0.2% | ||||||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 0.2% | ||||||||||||||||||||
Gladstone SOG Investments, Inc. - Common Stock(C)(K) | 100 | $ | 620 | $ | 713 | |||||||||||||||
Total Common Equity/Equivalents | $ | 620 | $ | 713 | ||||||||||||||||
Total Control Investments | $ | 21,620 | $ | 21,713 | ||||||||||||||||
TOTAL INVESTMENTS – 154.4% | $ | 644,153 | $ | 689,513 |
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 99.2% | ||||||||||||||||||||
Secured First Lien Debt – 52.4% | ||||||||||||||||||||
Diversified/Conglomerate Manufacturing – 1.1% | ||||||||||||||||||||
Phoenix Door Systems, Inc – Line of Credit, $150 available (L+7.0%, 9.0% Cash (0.3% Unused Fee), Due 3/2024)(J) | $ | 2,000 | $ | 2,000 | $ | 1,920 | ||||||||||||||
Phoenix Door Systems, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 9/2024)(J) | 3,200 | 3,200 | 3,072 | |||||||||||||||||
5,200 | 4,992 | |||||||||||||||||||
Diversified/Conglomerate Services – 28.8% | ||||||||||||||||||||
Bassett Creek Services, Inc. – Term Debt(L+10.0%, 12.0% Cash, Due 4/2023)(K) | 48,000 | 48,000 | 48,000 | |||||||||||||||||
Counsel Press, Inc. – Term Debt (L+11.8%, 12.8% Cash, Due 3/2023)(K) | 21,100 | 21,100 | 21,100 | |||||||||||||||||
Counsel Press, Inc. – Term Debt (L+13.0%, 14.0% Cash, Due 3/2023)(K) | 6,400 | 6,400 | 6,400 | |||||||||||||||||
Horizon Facilities Services, Inc. – Term Debt (L+9.5%, 12.0% Cash, Due 6/2024)(K) | 27,700 | 27,700 | 27,700 | |||||||||||||||||
Mason West, LLC – Term Debt (L+10.0%, 12.5% Cash, Due 7/2025)(K) | 25,250 | 25,250 | 25,250 | |||||||||||||||||
128,450 | 128,450 | |||||||||||||||||||
Healthcare, Education, and Childcare – 4.5% | ||||||||||||||||||||
Educators Resource, Inc. – Term Debt (L+10.5%, 13.0% Cash, Due 11/2023) (K) | 20,000 | 20,000 | 20,000 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.5% | ||||||||||||||||||||
Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K) | 17,700 | 17,700 | 17,700 | |||||||||||||||||
Brunswick Bowling Products, Inc. – Term Debt (L+10.0%, 12.0% Cash, Due 1/2023) (K) | 6,850 | 6,850 | 6,850 | |||||||||||||||||
24,550 | 24,550 | |||||||||||||||||||
Hotels, Motels, Inns, and Gaming Total – 6.2% | ||||||||||||||||||||
Nocturne Villa Rentals, Inc. – Line of Credit, $2,000 available (L+8.0%, 10.0% Cash, Due 6/2023)(K) | — | — | — | |||||||||||||||||
Nocturne Villa Rentals, Inc. – Term Debt (L+10.5%, 12.5% Cash, Due 6/2026)(K) | 27,700 | 27,700 | 27,700 | |||||||||||||||||
27,700 | 27,700 | |||||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 6.3% | ||||||||||||||||||||
Schylling, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 5/2025)(K) | 27,981 | 27,981 | 27,981 | |||||||||||||||||
Total Secured First Lien Debt | $ | 233,881 | $ | 233,673 | ||||||||||||||||
Secured Second Lien Debt – 15.0% | ||||||||||||||||||||
Aerospace and Defense – 5.7% | ||||||||||||||||||||
Galaxy Technologies Holdings, Inc. – Term Debt (L+4.1%, 7.1% Cash, Due 10/2026)(K) | $ | 6,500 | $ | 6,500 | $ | 6,500 | ||||||||||||||
Galaxy Technologies Holdings, Inc. – Term Debt (L+7.0%, 10.0% Cash, Due 10/2026)(K) | 18,796 | 18,796 | 18,796 | |||||||||||||||||
25,296 | 25,296 | |||||||||||||||||||
Automobile – 0.3% | ||||||||||||||||||||
Country Club Enterprises, LLC – Term Debt (L+8.0%, 10.0% Cash, Due 7/2027)(J) | 1,500 | 1,500 | 1,498 | |||||||||||||||||
Country Club Enterprises, LLC - Guaranty ($1,000) (Q) | — | — | — | |||||||||||||||||
1,500 | 1,498 | |||||||||||||||||||
Cargo Transport – 2.9% | ||||||||||||||||||||
Diligent Delivery Systems – Term Debt (L+9.0%, 11.0% Cash, Due 11/2022)(J) | 13,000 | 12,987 | 13,000 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 3.0% | ||||||||||||||||||||
Ginsey Home Solutions, Inc. – Term Debt (L+10.0%, 13.5% Cash, Due 1/2025)(H)(L) | 13,300 | 13,300 | 13,300 | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 3.1% | ||||||||||||||||||||
SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(J) | 3,128 | 3,128 | 2,909 | |||||||||||||||||
SFEG Holdings, Inc. – Term Debt (L+7.0%, 9.0% Cash, Due 11/2024)(G)(J) | 11,736 | 11,736 | 10,914 | |||||||||||||||||
14,864 | 13,823 | |||||||||||||||||||
Total Secured Second Lien Debt | $ | 67,947 | $ | 66,917 | ||||||||||||||||
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Preferred Equity – 31.4% | ||||||||||||||||||||
Diversified/Conglomerate Services – 15.2% | ||||||||||||||||||||
Bassett Creek Services, Inc. – Preferred Stock(C)(K) | 4,900 | $ | 4,900 | $ | 17,150 | |||||||||||||||
Counsel Press, Inc. – Preferred Stock(C)(K) | 6,995 | 6,995 | 25,374 | |||||||||||||||||
Horizon Facilities Services, Inc. – Preferred Stock(C)(K) | 10,080 | 10,080 | 17,807 | |||||||||||||||||
Mason West, LLC – Preferred Stock(C)(K) | 11,206 | 11,206 | 7,553 | |||||||||||||||||
33,181 | 67,884 | |||||||||||||||||||
Healthcare, Education, and Childcare – 4.3% | ||||||||||||||||||||
Educators Resource, Inc. – Preferred Stock(C)(K) | 8,560 | 8,560 | 19,252 | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6% | ||||||||||||||||||||
Brunswick Bowling Products, Inc. – Preferred Stock(C)(K) | 6,653 | 6,653 | 21,485 | |||||||||||||||||
Ginsey Home Solutions, Inc. – Preferred Stock(C)(K) | 19,280 | 9,583 | 3,263 | |||||||||||||||||
16,236 | 24,748 | |||||||||||||||||||
Hotels, Motels, Inns, and Gaming Total – 2.3% | ||||||||||||||||||||
Nocturne Villa Rentals, Inc. – Preferred Stock (C)(K) | 6,600 | 6,600 | 10,223 | |||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 4.0% | ||||||||||||||||||||
Schylling, Inc. – Preferred Stock(C)(K) | 4,000 | 4,000 | 17,820 | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0% | ||||||||||||||||||||
SFEG Holdings, Inc. – Preferred Stock(C)(K) | 29,577 | 4,643 | — | |||||||||||||||||
Total Preferred Equity | $ | 73,220 | $ | 139,927 | ||||||||||||||||
Common Equity/Equivalents – 0.4% | ||||||||||||||||||||
Aerospace and Defense – 0.0% | ||||||||||||||||||||
Galaxy Technologies Holdings, Inc. – Common Stock(C)(K) | 16,957 | $ | 11,513 | $ | — | |||||||||||||||
Cargo Transport – 0.4% | ||||||||||||||||||||
Diligent Delivery Systems – Common Stock Warrants(C)(K) | 8 | % | 500 | 1,533 | ||||||||||||||||
Diversified/Conglomerate Manufacturing– 0.0% | ||||||||||||||||||||
Phoenix Door Systems, Inc. – Common Stock(C)(K) | 3,195 | 1,452 | — | |||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0% | ||||||||||||||||||||
Ginsey Home Solutions, Inc. – Common Stock(C)(K) | 63,747 | 8 | — | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 0.0% | ||||||||||||||||||||
SFEG Holdings, Inc. – Common Stock(C)(K) | 221,500 | 222 | — | |||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
Funko Acquisition Holdings, LLC(L) – Common Units(C)(P) | 6,290 | 30 | 74 | |||||||||||||||||
Total Common Equity/Equivalents | $ | 13,725 | $ | 1,607 | ||||||||||||||||
Total Non-Control/Non-Affiliate Investments | $ | 388,773 | $ | 442,124 | ||||||||||||||||
AFFILIATE INVESTMENTS(N) – 60.8% | ||||||||||||||||||||
Secured First Lien Debt – 42.9% | ||||||||||||||||||||
Chemicals, Plastics, and Rubber – 6.0% | ||||||||||||||||||||
PSI Molded Plastics, Inc. – Term Debt (L+5.5%, 7.0% Cash, Due 1/2024)(K) | $ | 26,618 | $ | 26,618 | $ | 26,618 | ||||||||||||||
Diversified/Conglomerate Manufacturing – 2.0% | ||||||||||||||||||||
Edge Adhesives Holdings, Inc.(L) – Term Debt (L+5.5%, 7.5% Cash, Due 8/2024)(J) | 9,210 | 9,210 | 9,072 | |||||||||||||||||
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Diversified/Conglomerate Services – 20.5% | ||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. – Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)(K) | 22,000 | 22,000 | 22,000 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (L+6.0%, 8.0% Cash, Due 10/2024) (G)(K) | 16,500 | 16,500 | 15,023 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+10.3%, 11.8% Cash, Due 10/2024) (G)(K) | 26,000 | 26,000 | 23,672 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (L+6.0%, 8.0% Cash, Due 3/2023) (G)(K) | 2,438 | 2,438 | 2,219 | |||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC - Guaranty ($9,250)(Q) | — | — | — | |||||||||||||||||
The Maids International, LLC – Term Debt (L+10.5%, 12.0% Cash, Due 3/2025)(K) | 28,560 | 28,560 | 28,560 | |||||||||||||||||
95,498 | 91,474 | |||||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6% | ||||||||||||||||||||
Old World Christmas, Inc. – Secured First Lien Term Loan (L+9.5%, 11.0% Cash, Due 12/2025)(K) | 25,000 | 25,000 | 25,000 | |||||||||||||||||
Mining, Steel, Iron and Non-Precious Metals Total – 4.1% | ||||||||||||||||||||
Utah Pacific Bridge & Steel, Ltd., $2,000 available (L+8.5%, 10.0% Cash, Due 7/2022)(K) | — | — | — | |||||||||||||||||
Utah Pacific Bridge & Steel, Ltd. (L+10.0%, 11.5% Cash, Due 7/2026)(K) | 18,250 | 18,250 | 18,250 | |||||||||||||||||
18,250 | 18,250 | |||||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.0% | ||||||||||||||||||||
The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 5/2022)(G)(K) | 3,400 | 3,400 | 3,400 | |||||||||||||||||
The Mountain Corporation – Line of Credit, $100 available (L+5.0%, 9.0% Cash, Due 5/2023)(G)(K) | 800 | 800 | 800 | |||||||||||||||||
4,200 | 4,200 | |||||||||||||||||||
Telecommunications – 3.7% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)(K) | 2,800 | 2,800 | 2,800 | |||||||||||||||||
B+T Group Acquisition, Inc.(L) – Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)(K) | 14,000 | 14,000 | 14,000 | |||||||||||||||||
16,800 | 16,800 | |||||||||||||||||||
Total Secured First Lien Debt | $ | 195,576 | $ | 191,414 | ||||||||||||||||
Secured Second Lien Debt – 0.2% | ||||||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2% | ||||||||||||||||||||
The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) | $ | 11,700 | $ | 11,700 | $ | 923 | ||||||||||||||
The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 4/2024)(G)(K) | 1,500 | 1,500 | 118 | |||||||||||||||||
$ | 13,200 | $ | 1,041 | |||||||||||||||||
Total Secured Second Lien Debt | $ | 13,200 | $ | 1,041 | ||||||||||||||||
Preferred Equity – 17.4% | ||||||||||||||||||||
Chemicals, Plastics, and Rubber – 0.0% | ||||||||||||||||||||
PSI Molded Plastics, Inc. – Preferred Stock(C)(K) | 158,598 | $ | 19,730 | $ | — | |||||||||||||||
Diversified/Conglomerate Manufacturing – 0.0% | ||||||||||||||||||||
Edge Adhesives Holdings, Inc.(L) – Preferred Stock(C)(K) | 8,199 | 8,199 | — | |||||||||||||||||
Diversified/Conglomerate Services – 4.3% | ||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. – Preferred Stock(C)(K) | 67,490 | 6,749 | 16,405 | |||||||||||||||||
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock(C)(K) | 10,920 | 10,920 | — | |||||||||||||||||
The Maids International, LLC – Preferred Stock(C)(K) | 6,640 | 6,640 | 2,679 | |||||||||||||||||
24,309 | 19,084 | |||||||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.5% | ||||||||||||||||||||
Old World Christmas, Inc. – Preferred Stock(C)(K) | 6,180 | — | 37,842 | |||||||||||||||||
Mining, Steel, Iron and Non-Precious Metals –1.3% | ||||||||||||||||||||
Utah Pacific Bridge & Steel, Ltd. - Preferred Stock(C)(K) | 6,000 | 6,000 | 6,000 |
Company and Investment(A)(B)(D)(E) | Principal/Shares/ Units(F)(I) | Cost | Fair Value | |||||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
The Mountain Corporation – Preferred Stock(C)(K) | 6,899 | 6,899 | — | |||||||||||||||||
Telecommunications – 3.3% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Preferred Stock(C)(K) | 14,304 | 4,722 | 14,746 | |||||||||||||||||
Total Preferred Equity | $ | 69,859 | $ | 77,672 | ||||||||||||||||
Common Equity/Equivalents – 0.3% | ||||||||||||||||||||
Diversified/Conglomerate Services – 0.1% | ||||||||||||||||||||
Nth Degree Investment Group, LLC – Common Stock(C)(K) | 14,360,000 | $ | 1,219 | $ | 511 | |||||||||||||||
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | ||||||||||||||||||||
The Mountain Corporation – Common Stock(C)(K) | 751 | 1 | — | |||||||||||||||||
Telecommunications – 0.2% | ||||||||||||||||||||
B+T Group Acquisition, Inc.(L) – Common Stock Warrants(C)(K) | 3.5 | % | — | 921 | ||||||||||||||||
Total Common Equity/Equivalents | $ | 1,220 | $ | 1,432 | ||||||||||||||||
Total Affiliate Investments | $ | 279,855 | $ | 271,559 | ||||||||||||||||
CONTROL INVESTMENTS(O) – 0.2%: | ||||||||||||||||||||
Common Equity/Equivalents – 0.2% | ||||||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment – 0.2% | ||||||||||||||||||||
Gladstone SOG Investments, Inc. - Common Stock(C)(K) | 100 | $ | 620 | $ | 713 | |||||||||||||||
Total Common Equity/Equivalents | $ | 620 | $ | 713 | ||||||||||||||||
Total Control Investments | $ | 620 | $ | 713 | ||||||||||||||||
TOTAL INVESTMENTS – 160.2%(R) | $ | 669,248 | $ | 714,396 |
Fair Value Measurements | |||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
As of June 30, 2022: | |||||||||||||||||||||||
Secured first lien debt | $ | 376,752 | $ | — | $ | — | $ | 376,752 | |||||||||||||||
Secured second lien debt | 67,936 | — | — | 67,936 | |||||||||||||||||||
Preferred equity | 238,665 | — | — | 238,665 | |||||||||||||||||||
Common equity/equivalents | 6,160 | — | 88 | (A) | 6,072 | ||||||||||||||||||
Total Investments as of June 30, 2022 | $ | 689,513 | $ | — | $ | 88 | $ | 689,425 |
Fair Value Measurements | |||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
As of March 31, 2022: | |||||||||||||||||||||||
Secured first lien debt | $ | 425,087 | $ | — | $ | — | $ | 425,087 | |||||||||||||||
Secured second lien debt | 67,958 | — | — | 67,958 | |||||||||||||||||||
Preferred equity | 217,599 | — | — | 217,599 | |||||||||||||||||||
Common equity/equivalents | 3,752 | — | 74 | (A) | 3,678 | ||||||||||||||||||
Total Investments as of March 31, 2022 | $ | 714,396 | $ | — | $ | 74 | $ | 714,322 |
Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs | |||||||||||
June 30, 2022 | March 31, 2022 | ||||||||||
Non-Control/Non-Affiliate Investments | |||||||||||
Secured first lien debt | $ | 192,304 | $ | 233,673 | |||||||
Secured second lien debt | 67,936 | 66,917 | |||||||||
Preferred equity | 148,707 | 139,927 | |||||||||
Common equity/equivalents(A) | 1,882 | 1,533 | |||||||||
Total Non-Control/Non-Affiliate Investments | 410,829 | 442,050 | |||||||||
Affiliate Investments | |||||||||||
Secured first lien debt | 184,448 | 191,414 | |||||||||
Secured second lien debt | — | 1,041 | |||||||||
Preferred equity | 68,958 | 77,672 | |||||||||
Common equity/equivalents | 3,477 | 1,432 | |||||||||
Total Affiliate Investments | 256,883 | 271,559 | |||||||||
Control Investments | |||||||||||
Secured first lien debt | — | — | |||||||||
Secured second lien debt | — | — | |||||||||
Preferred equity | 21,000 | — | |||||||||
Common equity/equivalents | 713 | 713 | |||||||||
Total Control Investments | 21,713 | 713 | |||||||||
Total investments at fair value using Level 3 inputs | $ | 689,425 | $ | 714,322 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||||
Fair Value as of | Valuation Technique/ Methodology | Unobservable Input | Range / Weighted-Average as of | ||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||||||
Secured first lien debt | $ | 362,511 | $ | 411,023 | TEV | EBITDA multiple | 3.4x – 8.0x / 6.7x | 3.4x – 9.3x / 7.0x | |||||||||||||||||||||||||||
EBITDA | $3,963–$15,692 / $8,655 | $3,990 – $13,707/$8,221 | |||||||||||||||||||||||||||||||||
Revenue multiple | 0.25x –0.5x / 0.27x | 0.7x – 0.7x / 0.7x | |||||||||||||||||||||||||||||||||
Revenue | $13,357 – $87,718 / $81,224 | $14,072 – $14,072 /$14,072 | |||||||||||||||||||||||||||||||||
14,241 | 14,064 | Yield Analysis | Discount Rate | 12.4% – 15.9% / 15.3% | 11.3% – 15.2% / 14.6% | ||||||||||||||||||||||||||||||
Secured second lien debt | 53,459 | 39,637 | TEV | EBITDA multiple | 5.4x – 6.5x / 5.8x | 5.6x – 6.8x / 6.0x | |||||||||||||||||||||||||||||
EBITDA | $3,767 – $5,319 / $4,881 | $3,953 – $5,488 /$4,959 | |||||||||||||||||||||||||||||||||
Revenue multiple | 0.5x –0.5x / 0.5x | 0.7x – 0.7x / 0.7x | |||||||||||||||||||||||||||||||||
Revenue | $13,357 – $13,357 / $13,357 | $14,072 – $14,072 /$14,072 | |||||||||||||||||||||||||||||||||
14,477 | 28,321 | Yield Analysis | Discount Rate | 10.1% –11.3% / 11.2% | 10.0% – 12.2% /11.6% | ||||||||||||||||||||||||||||||
Preferred equity(A) | 238,665 | 217,599 | TEV | EBITDA multiple | 2.9x – 8.0x / 6.1x | 3.4x – 9.3x / 6.8 x | |||||||||||||||||||||||||||||
EBITDA | $796 – $15,692 / $7,065 | $1,210– $13,707 / $6,926 | |||||||||||||||||||||||||||||||||
Revenue multiple | 0.25x – 0.5x / 0.35x | 0.7x – 0.7x / 0.7x | |||||||||||||||||||||||||||||||||
Revenue | $13,357 – $87,718 / $58,927 | $14,072 – $14,072 /$14,072 | |||||||||||||||||||||||||||||||||
Common equity/ equivalents(B) | 6,072 | 3,678 | TEV | EBITDA multiple | 4.6x – 8.0x / 5.6x | 4.8x – 8.4x / 5.8 x | |||||||||||||||||||||||||||||
EBITDA | $838 – $15,692 / $5,944 | $829 – $13,707 /$5,709 | |||||||||||||||||||||||||||||||||
Revenue multiple | 0.5x – 0.5x / 0.5x | 0.7x – 0.7x / 0.7 x | |||||||||||||||||||||||||||||||||
Revenue | $13,357 – $13,357 / $13,357 | $14,072 – $14,072 /$14,072 | |||||||||||||||||||||||||||||||||
Total | $ | 689,425 | $ | 714,322 |
Secured First Lien Debt | Secured Second Lien Debt | Preferred Equity | Common Equity/ Equivalents | Total | |||||||||||||||||||||||||
Three Months ended June 30, 2022: | |||||||||||||||||||||||||||||
Fair value as of March 31, 2022 | $ | 425,087 | $ | 67,958 | $ | 217,599 | $ | 3,678 | $ | 714,322 | |||||||||||||||||||
Total gain (loss): | |||||||||||||||||||||||||||||
Net realized gain (loss)(A) | — | — | 4,728 | — | 4,728 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation)(B) | (7,135) | (27) | 17,216 | 2,394 | 12,448 | ||||||||||||||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization(B) | — | — | (12,250) | — | (12,250) | ||||||||||||||||||||||||
New investments, repayments and settlements(C): | |||||||||||||||||||||||||||||
Issuances / originations | 6,800 | 5 | 21,000 | 27,805 | |||||||||||||||||||||||||
Settlements / repayments | (48,000) | — | — | — | (48,000) | ||||||||||||||||||||||||
Sales | — | — | (9,628) | — | (9,628) | ||||||||||||||||||||||||
Transfers(D) | — | — | — | — | — | ||||||||||||||||||||||||
Fair value as of June 30, 2022 | $ | 376,752 | $ | 67,936 | $ | 238,665 | $ | 6,072 | $ | 689,425 |
Secured First Lien Debt | Secured Second Lien Debt | Preferred Equity | Common Equity/ Equivalents | Total | |||||||||||||||||||||||||
Three Months ended June 30, 2021: | |||||||||||||||||||||||||||||
Fair value as of March 31, 2021 | $ | 368,688 | $ | 102,897 | $ | 159,478 | $ | 2,671 | $ | 633,734 | |||||||||||||||||||
Total gain (loss): | |||||||||||||||||||||||||||||
Net realized gain (loss)(A) | — | — | 1,786 | — | 1,786 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation)(B) | 5,850 | 27 | 42,855 | (650) | 48,082 | ||||||||||||||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization(B) | 60 | — | (628) | — | (568) | ||||||||||||||||||||||||
New investments, repayments and settlements(C): | |||||||||||||||||||||||||||||
Issuances / originations | 4,050 | 6,505 | 6,600 | — | 17,155 | ||||||||||||||||||||||||
Settlements / repayments | (14,060) | — | — | — | (14,060) | ||||||||||||||||||||||||
Sales | — | — | (7,626) | — | (7,626) | ||||||||||||||||||||||||
Transfers(D) | 52,385 | (52,385) | — | — | — | ||||||||||||||||||||||||
Fair value as of June 30, 2021 | $ | 416,973 | $ | 57,044 | $ | 202,465 | $ | 2,021 | $ | 678,503 |
June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||
Fair Value | Percentage of Total Investments | Fair Value | Percentage of Total Investments | ||||||||||||||||||||
Diversified/Conglomerate Services | $ | 254,568 | 36.9 | % | $ | 307,403 | 43.0 | % | |||||||||||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products | 126,819 | 18.4 | % | 125,440 | 17.6 | % | |||||||||||||||||
Hotels, Motels, Inns, and Gaming | 50,421 | 7.3 | % | 37,923 | 5.3 | % | |||||||||||||||||
Leisure, Amusement, Motion Pictures, and Entertainment | 45,880 | 6.6 | % | 46,514 | 6.5 | % | |||||||||||||||||
Healthcare, Education, and Childcare | 38,313 | 5.6 | % | 39,252 | 5.5 | % | |||||||||||||||||
Chemicals, Plastics, and Rubber | 26,618 | 3.9 | % | 26,618 | 3.7 | % | |||||||||||||||||
Telecommunications | 26,234 | 3.8 | % | 32,467 | 4.6 | % | |||||||||||||||||
Aerospace and Defense | 25,296 | 3.6 | % | 25,296 | 3.5 | % | |||||||||||||||||
Mining, Steel, Iron and Non-Precious Metals | 24,250 | 3.5 | % | 24,250 | 3.4 | % | |||||||||||||||||
Buildings and Real Estate | 21,000 | 3.0 | % | — | — | % | |||||||||||||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | 16,932 | 2.5 | % | 13,823 | 1.9 | % | |||||||||||||||||
Cargo Transport | 14,865 | 2.2 | % | 14,533 | 2.0 | % | |||||||||||||||||
Diversified/Conglomerate Manufacturing | 14,241 | 2.1 | % | 14,064 | 2.0 | % | |||||||||||||||||
Other < 2.0% | 4,076 | 0.6 | % | 6,813 | 1.0 | % | |||||||||||||||||
Total investments | $ | 689,513 | 100.0 | % | $ | 714,396 | 100.0 | % |
June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||
Location | Fair Value | Percentage of Total Investments | Fair Value | Percentage of Total Investments | |||||||||||||||||||
Northeast | $ | 207,361 | 30.1 | % | $ | 194,100 | 27.2 | % | |||||||||||||||
West | 189,184 | 27.4 | % | 158,607 | 22.2 | % | |||||||||||||||||
South | 181,478 | 26.3 | % | 188,978 | 26.4 | % | |||||||||||||||||
Midwest | 111,490 | 16.2 | % | 172,711 | 24.2 | % | |||||||||||||||||
Total investments | $ | 689,513 | 100.0 | % | $ | 714,396 | 100.0 | % |
Amount | |||||||||||
For the remaining nine months ending March 31, 2023 | $ | 89,488 | |||||||||
For the fiscal years ending March 31: | |||||||||||
2024 | 53,268 | ||||||||||
2025 | 169,334 | ||||||||||
2026 | 78,231 | ||||||||||
2027 | 77,596 | ||||||||||
Thereafter | 1,500 | ||||||||||
Total contractual repayments | $ | 469,417 | |||||||||
Adjustments to cost basis of debt investments | (8) | ||||||||||
Investments in equity securities | 174,744 | ||||||||||
Total cost basis of investments held as of June 30, 2022: | $ | 644,153 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Average total assets subject to base management fee(A) | $ | 712,600 | $ | 664,000 | |||||||
Multiplied by prorated annual base management fee of 2.0% | 0.5 | % | 0.5 | % | |||||||
Base management fee(B) | 3,563 | 3,320 | |||||||||
Credits to fees from Adviser - other(B) | (750) | (1,251) | |||||||||
Net base management fee | $ | 2,813 | $ | 2,069 | |||||||
Loan servicing fee(B) | 1,758 | 1,868 | |||||||||
Credits to base management fee - loan servicing fee(B) | (1,758) | (1,868) | |||||||||
Net loan servicing fee | $ | — | $ | — | |||||||
Incentive fee – income-based | $ | 2,076 | $ | 1,938 | |||||||
Incentive fee – capital gains-based(C) | 933 | 10,310 | |||||||||
Total incentive fee(B) | $ | 3,009 | $ | 12,248 | |||||||
Credits to fees from Adviser - other(B) | — | — | |||||||||
Net total incentive fee | $ | 3,009 | $ | 12,248 |
As of June 30, | As of March 31, | ||||||||||
2022 | 2022 | ||||||||||
Base management and loan servicing fee due to Adviser, net of credits | $ | 1,486 | $ | 1,648 | |||||||
Incentive fee due to Adviser(A) | 28,404 | 27,577 | |||||||||
Other due to Adviser | 94 | 63 | |||||||||
Total fees due to Adviser | 29,984 | 29,288 | |||||||||
Fee due to Administrator | 695 | 627 | |||||||||
Total related party fees due | $ | 30,679 | $ | 29,915 |
As of June 30, 2022 | As of March 31, 2022 | ||||||||||
Commitment amount | $ | 180,000 | $ | 180,000 | |||||||
Borrowings outstanding at cost | $ | — | $ | — | |||||||
Availability(A) | $ | 180,000 | $ | 180,000 |
For the Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average borrowings outstanding | $ | — | $ | 26,363 | |||||||
Effective interest rate(B) | 1.0 | % | 9.3 | % | |||||||
Commitment (unused) fees incurred | $ | 455 | $ | 389 |
Level 3 – Borrowings | |||||||||||
Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) | |||||||||||
June 30, 2022 | March 31, 2022 | ||||||||||
Credit Facility | $ | — | $ | — |
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities | |||||
Credit Facility | |||||
Three Months Ended June 30, 2022: | |||||
Fair value at March 31, 2022 | $ | — | |||
Borrowings | — | ||||
Repayments | — | ||||
Unrealized appreciation (depreciation) | — | ||||
Fair value at June 30, 2022 | $ | — | |||
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities | |||||
Credit Facility | |||||
Three Months Ended June 30, 2021: | |||||
Fair value at March 31, 2021 | $ | 22,400 | |||
Borrowings | 29,800 | ||||
Repayments | (10,300) | ||||
Unrealized appreciation (depreciation) | — | ||||
Fair value at June 30, 2021 | $ | 41,900 | |||
As of June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
Description | Ticker Symbol | Date Issued | Maturity Date(A) | Interest Rate | Notes Outstanding | Principal Amount per Note | Aggregate Principal Amount | |||||||||||||||||||||||||||||||||||||
2026 Notes | GAINN | March 2, 2021 | May 1, 2026 | 5.00% | 5,117,500 | $ | 25.00 | $ | 127,938 | |||||||||||||||||||||||||||||||||||
2028 Notes | GAINZ | August 18, 2021 | November 1, 2028 | 4.875% | 5,382,000 | $ | 25.00 | 134,550 | ||||||||||||||||||||||||||||||||||||
Notes payable, gross(B) | 10,499,500 | 262,488 | ||||||||||||||||||||||||||||||||||||||||||
Less: Unamortized Discounts | (5,923) | |||||||||||||||||||||||||||||||||||||||||||
Notes payable, net(C) | $ | 256,565 |
As of March 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
Description | Ticker Symbol | Date Issued | Maturity Date(A) | Interest Rate | Notes Outstanding | Principal Amount per Note | Aggregate Principal Amount | |||||||||||||||||||||||||||||||||||||
2026 Notes | GAINN | March 2, 2021 | May 1, 2026 | 5.00% | 5,117,500 | $ | 25.00 | $ | 127,938 | |||||||||||||||||||||||||||||||||||
2028 Notes | GAINZ | August 18, 2021 | November 1, 2028 | 4.875% | 5,382,000 | $ | 25.00 | 134,550 | ||||||||||||||||||||||||||||||||||||
Notes payable, gross(B) | 10,499,500 | 262,488 | ||||||||||||||||||||||||||||||||||||||||||
Less: Unamortized Discounts | (6,236) | |||||||||||||||||||||||||||||||||||||||||||
Notes payable, net(C) | $ | 256,252 |
Declaration Date | Record Date | Payment Date | Dividend per Share of Series E Term Preferred Stock(A) | ||||||||||||||||||||
April 13, 2021 | April 23, 2021 | April 30, 2021 | $ | 0.13281250 | |||||||||||||||||||
April 13, 2021 | May 19, 2021 | May 28, 2021 | 0.13281250 | ||||||||||||||||||||
April 13, 2021 | June 18, 2021 | June 30, 2021 | 0.13281250 | ||||||||||||||||||||
Total | $ | 0.39843750 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Net increase in net assets resulting from operations | $ | 12,035 | $ | 47,139 | |||||||
Basic and diluted weighted-average common shares | 33,205,023 | 33,205,023 | |||||||||
Basic and diluted net increase in net assets resulting from operations per weighted-average common share | $ | 0.36 | $ | 1.42 |
Declaration Date | Record Date | Payment Date | Distribution per Common Share | ||||||||||||||||||||
April 12, 2022 | April 22, 2022 | April 29, 2022 | $ | 0.075 | |||||||||||||||||||
April 12, 2022 | May 20, 2022 | May 31, 2022 | 0.075 | ||||||||||||||||||||
April 12, 2022 | June 6, 2022 | June 15, 2022 | 0.120 | (A) | |||||||||||||||||||
April 12, 2022 | June 22, 2022 | June 30, 2022 | 0.075 | ||||||||||||||||||||
Three Months Ended June 30, 2022 | $ | 0.345 |
Declaration Date | Record Date | Payment Date | Distribution per Common Share | ||||||||||||||||||||
April 13, 2021 | April 23, 2021 | April 30, 2021 | $ | 0.070 | |||||||||||||||||||
April 13, 2021 | May 19, 2021 | May 28, 2021 | 0.070 | ||||||||||||||||||||
April 13, 2021 | June 8, 2021 | June 17, 2021 | 0.060 | (A) | |||||||||||||||||||
April 13, 2021 | June 18, 2021 | June 30, 2021 | 0.070 | ||||||||||||||||||||
Three Months Ended June 30, 2021 | $ | 0.270 |
June 30, 2022 | March 31, 2022 | ||||||||||
Unused line of credit and delayed draw term debt commitments | $ | 4,000 | $ | 4,250 | |||||||
Guaranties | 1,000 | 10,250 | |||||||||
Total | $ | 5,000 | $ | 14,500 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Per Common Share Data: | |||||||||||
Net asset value at beginning of period(A) | $ | 13.43 | $ | 11.52 | |||||||
Income from investment operations(B) | |||||||||||
Net investment income (loss) | 0.22 | (0.07) | |||||||||
Net realized gain (loss) on investments and other | 0.13 | 0.06 | |||||||||
Net unrealized appreciation (depreciation) of investments | 0.01 | 1.43 | |||||||||
Total from investment operations | 0.36 | 1.42 | |||||||||
Effect of equity capital activity(B) | |||||||||||
Cash distributions to common stockholders from net investment income(C) | (0.10) | (0.20) | |||||||||
Cash distributions to common stockholders from realized gains(C) | (0.25) | (0.07) | |||||||||
Total from equity capital activity | (0.35) | (0.27) | |||||||||
Other, net(B)(D) | — | (0.01) | |||||||||
Net asset value at end of period(A) | $ | 13.44 | $ | 12.66 | |||||||
Per common share market value at beginning of period | $ | 16.13 | $ | 12.23 | |||||||
Per common share market value at end of period | $ | 14.08 | $ | 14.41 | |||||||
Total investment return(E) | (10.58) | % | 20.08 | % | |||||||
Common stock outstanding at end of period(A) | 33,205,023 | 33,205,023 | |||||||||
Statement of Assets and Liabilities Data: | |||||||||||
Net assets at end of period | $ | 446,409 | $ | 420,538 | |||||||
Average net assets(F) | $ | 445,377 | $ | 394,470 | |||||||
Senior Securities Data: | |||||||||||
Total borrowings, at cost | $ | 267,584 | $ | 174,934 | |||||||
Mandatorily redeemable preferred stock (G) | $ | — | $ | 94,371 | |||||||
Ratios/Supplemental Data: | |||||||||||
Ratio of net expenses to average net assets – annualized(H) | 10.71 | % | 20.62 | % | |||||||
Ratio of net investment income (loss) to average net assets – annualized(I) | 6.62 | % | (2.34) | % |
Record Date | Payment Date | Distribution per Common Share | |||||||||||||||
July 22, 2022 | July 29, 2022 | $ | 0.075 | ||||||||||||||
August 23, 2022 | August 31, 2022 | 0.075 | |||||||||||||||
September 22, 2022 | September 30, 2022 | 0.075 | |||||||||||||||
Total for the Quarter: | $ | 0.225 |
Record Date | Payment Date | Distribution per Common Share | |||||||||||||||
July 22, 2022 | July 29, 2022 | $ | 0.075 | ||||||||||||||
August 23, 2022 | August 31, 2022 | 0.075 | |||||||||||||||
September 22, 2022 | September 30, 2022 | 0.075 | |||||||||||||||
Total for the Quarter: | $ | 0.225 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Average total assets subject to base management fee(A) | $ | 712,600 | $ | 664,000 | |||||||
Multiplied by prorated annual base management fee of 2.0% | 0.5 | % | 0.5 | % | |||||||
Base management fee(B) | $ | 3,563 | $ | 3,320 | |||||||
Credits to fees from Adviser - other(B) | (750) | (1,251) | |||||||||
Net base management fee | $ | 2,813 | $ | 2,069 | |||||||
Loan servicing fee(B) | $ | 1,758 | $ | 1,868 | |||||||
Credits to base management fee - loan servicing fee(B) | (1,758) | (1,868) | |||||||||
Net loan servicing fee | $ | — | $ | — | |||||||
Incentive fee – income-based | $ | 2,076 | $ | 1,938 | |||||||
Incentive fee – capital gains-based(C) | 933 | 10,310 | |||||||||
Total incentive fee(B) | $ | 3,009 | $ | 12,248 | |||||||
Credits to fees from Adviser - other(B) | — | — | |||||||||
Net total incentive fee | $ | 3,009 | $ | 12,248 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Portfolio Company | Realized Gain (Loss) | Unrealized Appreciation (Depreciation) | Reversal of Unrealized (Appreciation) Depreciation | Net Gain (Loss) | ||||||||||||||||||||||
Horizon Facilities Service, Inc. | $ | — | $ | 15,504 | $ | — | $ | 15,504 | ||||||||||||||||||
Nocturne Villa Rentals, Inc. | — | 6,147 | — | 6,147 | ||||||||||||||||||||||
Brunswick Bowling Products, Inc. | — | 4,903 | — | 4,903 | ||||||||||||||||||||||
Counsel Press, Inc. | — | 3,990 | — | 3,990 | ||||||||||||||||||||||
SFEG Holdings, Inc. | — | 3,108 | — | 3,108 | ||||||||||||||||||||||
Nth Degree Investment Group, LLC | — | 2,625 | — | 2,625 | ||||||||||||||||||||||
Old World Christmas, Inc. | — | (674) | — | (674) | ||||||||||||||||||||||
Educators Resource, Inc. | — | (939) | — | (939) | ||||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. | — | (1,132) | — | (1,132) | ||||||||||||||||||||||
The Maids International, LLC | — | (1,254) | — | (1,254) | ||||||||||||||||||||||
Mason West, LLC | — | (2,260) | — | (2,260) | ||||||||||||||||||||||
The Mountain Corporation | — | (2,846) | — | (2,846) | ||||||||||||||||||||||
Ginsey Home Solutions, Inc. | — | (2,850) | — | (2,850) | ||||||||||||||||||||||
J.R. Hobbs Co. - Atlanta, LLC | — | (5,158) | — | (5,158) | ||||||||||||||||||||||
B+T Group Acquisition, Inc. | — | (6,234) | — | (6,234) | ||||||||||||||||||||||
Bassett Creek Services, Inc. | 4,728 | — | (12,250) | (7,522) | ||||||||||||||||||||||
Other, net (<$1.0 million, net) | (276) | (468) | — | (744) | ||||||||||||||||||||||
Total | $ | 4,452 | $ | 12,462 | $ | (12,250) | $ | 4,664 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Portfolio Company | Realized Gain (Loss) | Unrealized Appreciation (Depreciation) | Reversal of Unrealized (Appreciation) Depreciation | Net Gain (Loss) | ||||||||||||||||||||||
B+T Group Acquisition, Inc. | $ | — | $ | 11,297 | $ | — | $ | 11,297 | ||||||||||||||||||
Old World Christmas, Inc. | — | 8,650 | — | 8,650 | ||||||||||||||||||||||
SOG Specialty Knives and Tools, LLC | — | 5,785 | — | 5,785 | ||||||||||||||||||||||
Educators Resource, Inc. | — | 5,204 | — | 5,204 | ||||||||||||||||||||||
Schylling, Inc. | — | 4,244 | — | 4,244 | ||||||||||||||||||||||
PSI Molded Plastics, Inc. | — | 3,633 | — | 3,633 | ||||||||||||||||||||||
Horizon Facilities Service, Inc. | — | 3,435 | — | 3,435 | ||||||||||||||||||||||
Bassett Creek Services, Inc. | — | 3,013 | — | 3,013 | ||||||||||||||||||||||
ImageWorks Display and Marketing Group, Inc. | — | 2,364 | — | 2,364 | ||||||||||||||||||||||
Counsel Press, Inc. | — | 2,141 | — | 2,141 | ||||||||||||||||||||||
Galaxy Tool Holding Corporation | — | 1,404 | — | 1,404 | ||||||||||||||||||||||
Brunswick Bowling Products, Inc. | — | 1,172 | — | 1,172 | ||||||||||||||||||||||
Head Country, Inc. | 3,627 | — | (2,469) | 1,158 | ||||||||||||||||||||||
Channel Technologies Group, LLC | (1,841) | — | 1,841 | — | ||||||||||||||||||||||
Diligent Delivery Systems | — | (669) | — | (669) | ||||||||||||||||||||||
The Maids International, LLC | — | (819) | — | (819) | ||||||||||||||||||||||
Mason West, LLC | — | (891) | — | (891) | ||||||||||||||||||||||
Pioneer Square Brands, Inc. | — | (1,462) | — | (1,462) | ||||||||||||||||||||||
Other, net (<$1.0 million, net) | 143 | (411) | 52 | (216) | ||||||||||||||||||||||
Total | $ | 1,929 | $ | 48,090 | $ | (576) | $ | 49,443 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Beginning investment portfolio, at fair value | $ | 714,396 | $ | 633,829 | |||||||
New investments | 21,000 | 9,950 | |||||||||
Disbursements to existing portfolio companies | 6,800 | 7,200 | |||||||||
Unscheduled principal repayments | (48,000) | (14,060) | |||||||||
Net proceeds from sales of investments | (9,352) | (7,648) | |||||||||
Net realized gain on investments | 4,452 | 1,804 | |||||||||
Net unrealized appreciation (depreciation) of investments | 12,462 | 48,090 | |||||||||
Reversal of net unrealized appreciation of investments | (12,250) | (576) | |||||||||
Amortization of premiums, discounts, and acquisition costs, net | 5 | 5 | |||||||||
Ending investment portfolio, at fair value | $ | 689,513 | $ | 678,594 |
Amount | |||||||||||
For the remaining nine months ending March 31, 2023 | $ | 89,488 | |||||||||
For the fiscal years ending March 31: | |||||||||||
2024 | 53,268 | ||||||||||
2025 | 169,334 | ||||||||||
2026 | 78,231 | ||||||||||
2027 | 77,596 | ||||||||||
Thereafter | 1,500 | ||||||||||
Total contractual repayments | $ | 469,417 | |||||||||
Adjustments to cost basis of debt investments | (8) | ||||||||||
Investments in equity securities | 174,744 | ||||||||||
Total cost basis of investments held as of June 30, 2022: | $ | 644,153 |
Payments Due by Period | ||||||||||||||||||||||||||||||||
Contractual Obligations(A) | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||||||||||||||
Credit Facility(B) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Notes payable | 262,488 | — | — | 127,938 | 134,550 | |||||||||||||||||||||||||||
Secured borrowing | 5,096 | — | 5,096 | — | — | |||||||||||||||||||||||||||
Interest payments on obligations(C) | 75,653 | 15,143 | 30,115 | 19,664 | 10,731 | |||||||||||||||||||||||||||
Total | $ | 343,237 | $ | 15,143 | $ | 35,211 | $ | 147,602 | $ | 145,281 |
Rating | June 30, 2022 | March 31, 2022 | ||||||||||||
Highest | 9.0 | 9.0 | ||||||||||||
Average | 6.5 | 6.5 | ||||||||||||
Weighted-average | 7.0 | 7.0 | ||||||||||||
Lowest | 3.0 | 3.0 |
Rates: | June 30, 2022 | March 31, 2022 | ||||||||||||
Variable rates with a floor | 100.0 | % | 100.0 | % | ||||||||||
Fixed rates | — | — | % | |||||||||||
Total | 100.0 | % | 100.0 | % |
Exhibit | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1† | ||||||||
32.2† |
GLADSTONE INVESTMENT CORPORATION | ||||||||
By: | /s/ Rachael Easton | |||||||
Rachael Easton | ||||||||
Chief Financial Officer and Treasurer | ||||||||
(principal financial and accounting officer) |
/s/ David Gladstone | ||
David Gladstone | ||
Chief Executive Officer and | ||
Chairman of the Board of Directors |
/s/ Rachael Easton | ||
Rachael Easton | ||
Chief Financial Officer and Treasurer |
/s/ David Gladstone | ||
David Gladstone | ||
Chief Executive Officer and | ||
Chairman of the Board of Directors |
/s/ Rachael Easton | ||
Rachael Easton | ||
Chief Financial Officer and Treasurer |