☒
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Year Ended December 31, 2019
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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56-2594706
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(State or Other Jurisdiction of Incorporation)
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(IRS Employer Identification No.)
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2951 28th Street, Suite 1000
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Santa Monica, California
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90405
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(Address of Principal Executive Offices)
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(Zip Code)
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Common Stock, par value $0.001 per share
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TCPC
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NASDAQ Global Select Market
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(Title of each class)
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(Trading Symbol(s) )
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(Name of each exchange where registered)
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Large accelerated filer x
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Accelerated filer ¨
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Non-accelerated filer ¨
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Smaller Reporting company ¨
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Page
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 1.
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Business
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•
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an assessment of the outlook for the industry and general macroeconomic trends;
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•
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discussions with issuer management and other industry executives, including the assessment of management/board strengths and weaknesses;
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•
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an analysis of the fundamental asset values and the enterprise value of the issuer;
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•
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review of the issuer’s key assets, core competencies, competitive advantages, historical and projected financial statements, capitalization, financial flexibility, debt amortization requirements, and tax, environmental, legal and regulatory contingencies;
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•
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review of the issuer’s existing credit documents, including credit agreements, indentures, intercreditor agreements, and security agreements; and
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•
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review of documents governing the issuer, including charter, by-laws, and key contracts.
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•
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Deal teams maintain contact with portfolio company management through regularly scheduled and ad hoc conference calls and onsite visits.
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•
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Deal teams review portfolio company progress relative to plan and pre-determined performance benchmarks.
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Adverse or unexpected developments, as well as consequential routine updates, are reported to the Investment Committee and thoroughly discussed at regularly scheduled weekly meetings. If merited, the Investment Committee will hold ad hoc meetings as necessary to address urgent issues.
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•
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Deal teams, with Investment Committee approval, encourage portfolio company managers to catalyze events to monetize holdings for greater return, or where needed, take corrective actions to address shortfalls to plan or benchmarks.
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All existing portfolio holdings are formally reviewed in detail by the entire Investment Committee once per quarter at the Advisor’s quarterly portfolio review.
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•
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Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:
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•
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is organized under the laws of, and has its principal place of business in, the United States;
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•
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is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and
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•
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satisfies either of the following:
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•
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has a market capitalization of less than $250.0 million or does not have any class of securities listed on a national securities exchange; or
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•
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is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company.
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•
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Securities of any eligible portfolio company which we control.
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•
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Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.
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•
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Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.
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Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities.
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•
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Cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.
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(1)
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at least 98 percent of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
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(2)
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at least 98.2 percent of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and
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(3)
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certain undistributed amounts from previous years on which we paid no U.S. federal income tax.
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•
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requiring a total return on our investments (including both interest and potential equity appreciation) that we believe will compensate us appropriately for credit risk;
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•
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negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with the preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or rights to a seat on the board of directors under some circumstances; and
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•
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selecting investments that we believe have a very low probability of loss.
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determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
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identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and
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•
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closes, monitors and administers the investments we make, including the exercise of any voting or consent rights.
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•
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“cumulative” means amounts for the period commencing January 1, 2013 and ending as of the applicable calculation date.
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•
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“contributed common equity” means the value of net assets attributable to our common stock as of December 31, 2012 plus the proceeds to us of all issuances of common stock less (A) offering costs of any of our securities or leverage facilities, (B) all distributions by us representing a return of capital and (C) the total cost of all repurchases of our common stock by us, in each case after December 31, 2012 and through the end of the preceding calendar quarter in question, in each case as determined on an accrual and consolidated basis.
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•
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“ordinary income before incentive compensation” means our interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) during the period, (i) minus our operating expenses during the period (including the base management fee, expenses payable under the administration agreement, any interest expense and any dividends paid on any issued and outstanding preferred stock), (ii) plus increases and minus decreases in net assets not treated as components
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•
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“total return” means the amount equal to the combination of ordinary income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Company and any other items affecting net asset value per share of the Company for the period (other than incentive compensation), in each case determined on an accrual and consolidated basis.
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•
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Total return hurdle(1) = 7%
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a.
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Additional Assumptions
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ii.
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cumulative ordinary income before incentive compensation (gross ordinary income - (management fee + other expenses)) = 9%
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b.
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Cumulative total return does not exceed total return hurdle, therefore there is no income incentive compensation.
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ii.
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cumulative ordinary income before incentive compensation (gross ordinary income - (management fee + other expenses)) = 7.5%
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d.
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Cumulative ordinary income before incentive compensation is positive and the cumulative total return after incentive compensation exceeds the total return hurdle, therefore incentive compensation is fully payable.
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ii.
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cumulative ordinary income before incentive compensation (gross ordinary income — (management fee + other expenses)) = 7.5%
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iii.
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cumulative annual total return = 8.0%
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(1)
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Represents 7.0% annualized total return hurdle.
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•
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Management fee = 1.5%
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•
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Other expenses (legal, accounting, custodian, transfer agent, etc.) = 1%
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d.
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Cumulative ordinary income before incentive compensation is positive and the total return hurdle is less than total return but greater than total return after tentative incentive compensation, therefore incentive compensation is partially payable and = Total return – total return hurdle
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a.
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Assumptions
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i.
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Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”).
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ii.
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Year 2: Investment A sold for $50 million and fair market value, or fair market value (“FMV”), of Investment B determined to be $32 million. Cumulative annual total return of 40%.
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iii.
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Year 3: FMV of Investment B determined to be $25 million. Cumulative annual total return of 15%.
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b.
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The capital gains portion of the incentive compensation would be:
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ii.
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Year 2: Capital gains incentive compensation of $5.25 million ($5.25 million = $30 million realized capital gains on sale of Investment A multiplied by 17.5% and total return hurdle satisfied).
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iv.
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Year 4: Capital gains incentive compensation of $0.175 million ($31 million cumulative realized capital gains multiplied by 17.5%, less $5.25 million of capital gains incentive compensation paid in year 2 and total return hurdle satisfied).
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a.
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Assumptions
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i.
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Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”).
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ii.
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Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million. Cumulative annual total return of 15%.
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iii.
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Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million. Cumulative annual total return of 6%.
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iv.
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Year 4: FMV of Investment B determined to be $35 million. Cumulative annual total return of 20%.
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v.
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Year 5: Investment B sold for $40 million. Cumulative annual total return of 20%.
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b.
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The capital gains portion of the incentive compensation would be:
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i.
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Year 1: None.
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ii.
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Year 2: Capital gains incentive compensation of $4.375 million; 17.5% multiplied by $25 million ($30 million realized capital gains on Investment A less $5 million unrealized capital depreciation on Investment B, and the total return hurdle is satisfied).
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iii.
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Year 3: None as the total return hurdle is not satisfied.
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iv.
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Year 4: Capital gains incentive compensation of $1.75 million ($35 million cumulative realized capital gains (including $5 million of realized capital gains from year 3 at a time when the total return hurdle was not satisfied and no cumulative unrealized capital depreciation) multiplied by 17.5%, less $4.375 million capital gains incentive compensation paid in year 2, and the total return hurdle is satisfied).
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v.
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Year 5: Capital gains incentive compensation of $1.75 million ($45 million cumulative realized capital gains multiplied by 17.5%, less $6.125 million in capital gains incentive compensation paid in years 2 and 4, and the total return hurdle is satisfied).
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•
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our organization;
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•
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calculating our net asset value and net asset value per share (including the cost and expenses of any independent valuation firm);
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•
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expenses, including travel expense, incurred by the Advisor or payable to third parties in performing due diligence on prospective portfolio companies, monitoring our investments and, if necessary, enforcing our rights;
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•
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interest payable on debt, if any, incurred to finance our investments;
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•
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the costs of all future offerings of common stock and other securities, if any;
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•
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the base management fee and any incentive compensation;
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•
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distributions on our shares;
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•
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administration fees payable under our administration agreement;
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•
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transfer agent and custody fees and expenses;
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•
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the allocated costs incurred by our Administrator in providing managerial assistance to those portfolio companies that request it;
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•
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amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments;
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•
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brokerage fees and commissions;
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•
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registration fees;
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listing fees;
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taxes;
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director fees and expenses;
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•
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costs of preparing and filing reports or other documents with the SEC;
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•
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the costs of any reports, proxy statements or other notices to our stockholders, including printing costs;
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costs of holding stockholder meetings;
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our fidelity bond;
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•
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directors and officers/errors and omissions liability insurance, and any other insurance premiums;
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•
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litigation, indemnification and other non-recurring or extraordinary expenses;
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•
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direct costs and expenses of administration and operation, including audit and legal costs;
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•
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dues, fees and charges of any trade association of which we are a member; and
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•
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all other expenses reasonably incurred by us or the Administrator in connection with administering our business, such as the allocable portion of overhead under our administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.
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•
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Pursuant to Rule 13a-14 of the 1934 Act, our Chief Executive Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in our periodic reports;
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•
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Pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;
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•
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Pursuant to Rule 13a-15 of the 1934 Act, our management must prepare a report regarding its assessment of our internal control over financial reporting; and
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•
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Pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the 1934 Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
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•
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our common stock is exposed to incremental risk of loss and a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;
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•
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adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of leverage;
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•
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we, and indirectly our common stockholders, bear the entire cost of issuing and paying interest or dividends on any borrowed funds issued by us or our subsidiaries; and
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•
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our ability to pay dividends on our common stock will be restricted if our asset coverage ratio is not at least 150% and any amounts used to service indebtedness would not be available for such dividends.
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•
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restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;
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•
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restrictions on our ability to make distributions and other restricted payments under certain circumstances;
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•
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restrictions on extraordinary events, such as mergers, consolidation and sales of assets;
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•
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restrictions on our ability to incur liens and incur indebtedness; and
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•
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maintenance of a minimum level of stockholders’ equity.
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Assumed Return on Portfolio (Net of Expenses Other than Interest)
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-10
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%
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-5
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%
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0
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%
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5
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%
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10
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%
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Corresponding Return to Common Stockholders
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-26
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%
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-15
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%
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-5
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%
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6
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%
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17
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%
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•
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these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral;
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•
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they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;
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•
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they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us;
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•
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they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;
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•
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our executive officers, directors and the Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;
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•
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changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and
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•
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they may have difficulty accessing the capital markets to meet future capital needs.
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•
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increased price sensitivity to a deteriorating economic environment;
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•
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greater risk of loss due to default or declining credit quality;
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•
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adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and
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•
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if a negative perception of the lower grade debt market develops, the price and liquidity of lower grade securities may be depressed. This negative perception could last for a significant period of time.
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•
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sudden electrical or telecommunications outages;
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•
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natural disasters such as earthquakes, tornadoes and hurricanes;
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•
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disease pandemics;
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•
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events arising from local or larger scale political or social matters, including terrorist acts; and
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•
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cyber-attacks.
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•
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significant volatility in the market price and trading volume of securities of BDCs or other companies in the sector in which we operate, which are not necessarily related to the operating performance of these companies;
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•
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price and volume fluctuations in the overall stock market from time to time;
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•
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changes in law, regulatory policies or tax guidelines, particularly with respect to SBICs, RICs or BDCs;
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•
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our loss of RIC status or the SBIC’s loss of SBIC status;
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•
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changes in earnings or variations in operating results;
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•
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changes in the value of our portfolio of investments;
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•
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any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
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•
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departure of key personnel from the Advisor;
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•
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operating performance of companies comparable to us;
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•
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short-selling pressure with respect to shares of our common stock or BDCs generally;
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•
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future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities;
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•
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uncertainty surrounding the strength of the U.S. economic recovery;
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•
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general economic trends and other external factors; and
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•
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loss of a major funding source.
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Premium/
(Discount) of High Sales Price to NAV(3) |
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Premium/
(Discount) of Low Sales Price to NAV(3) |
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Declared
Dividends |
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Stock Price
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NAV(1)
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High(2)
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Low(2)
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|||||||||||||
Fiscal year ended December 31, 2019
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||||||||||
First Quarter
|
$
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14.18
|
|
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$
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14.87
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$
|
13.21
|
|
|
4.9
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%
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|
(6.8
|
)%
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$
|
0.36
|
|
Second Quarter
|
13.64
|
|
|
14.77
|
|
|
14.05
|
|
|
8.3
|
%
|
|
3.0
|
%
|
|
0.36
|
|
||||
Third Quarter
|
13.59
|
|
|
14.32
|
|
|
13.16
|
|
|
5.4
|
%
|
|
(3.2
|
)%
|
|
0.36
|
|
||||
Fourth Quarter
|
13.21
|
|
|
14.48
|
|
|
13.15
|
|
|
9.6
|
%
|
|
(0.5
|
)%
|
|
0.36
|
|
||||
|
|
|
|
|
|
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|
||||||||||
Fiscal year ended December 31, 2018
|
|
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||||||||||
First Quarter
|
$
|
14.90
|
|
|
$
|
15.46
|
|
|
$
|
13.75
|
|
|
3.8
|
%
|
|
(7.7
|
)%
|
|
$
|
0.36
|
|
Second Quarter
|
14.61
|
|
|
14.86
|
|
|
14.11
|
|
|
1.7
|
%
|
|
(3.4
|
)%
|
|
0.36
|
|
||||
Third Quarter
|
14.51
|
|
|
14.93
|
|
|
14.20
|
|
|
2.9
|
%
|
|
(2.1
|
)%
|
|
0.36
|
|
||||
Fourth Quarter
|
14.13
|
|
|
14.49
|
|
|
12.77
|
|
|
2.5
|
%
|
|
(9.6
|
)%
|
|
0.36
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
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|
|
(1)
|
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
|
(2)
|
The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.
|
(3)
|
Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.
|
Title of Class
|
|
Amount
Authorized |
|
Amount Held by
Registrant or for its Account |
|
Amount
Outstanding |
Common Stock
|
|
200,000,000
|
|
—
|
|
58,766,426
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount
Per Share |
|
Total Amount
|
||||
February 28, 2019
|
|
March 15, 2019
|
|
March 29, 2019
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,155,619
|
|
May 8, 2019
|
|
June 14, 2019
|
|
June 28, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,688
|
|
||
August 8, 2019
|
|
September 16, 2019
|
|
September 30, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,760
|
|
||
November 6, 2019
|
|
December 17, 2019
|
|
December 31, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,837
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,622,904
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount
Per Share |
|
Total Amount
|
||||
February 27, 2018
|
|
March 16, 2018
|
|
March 30, 2018
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,184,004
|
|
May 9, 2018
|
|
June 15, 2018
|
|
June 29, 2018
|
|
Regular
|
|
0.36
|
|
|
21,174,966
|
|
||
August 8, 2018
|
|
September 14, 2018
|
|
September 28, 2018
|
|
Regular
|
|
0.36
|
|
|
21,170,272
|
|
||
November 8, 2018
|
|
December 17, 2018
|
|
December 31, 2018
|
|
Regular
|
|
0.36
|
|
|
21,164,257
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,693,499
|
|
•
|
98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
|
•
|
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
|
•
|
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.
|
|
|
NOTES:
|
Assumes $100 invested April 4, 2012 in BlackRock TCP Capital Corp., the S&P 500 Total Return Index, the S&P LSTA Leveraged Loan Index and the Wells Fargo Business Development Company Index. Assumes all dividends are reinvested on the respective dividend payment dates without commissions.
|
Item 6.
|
Selected Financial Data
|
|
Fiscal Year Ended December 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
||||||||||
Performance Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
191,584,009
|
|
|
$
|
189,147,814
|
|
|
$
|
173,527,345
|
|
|
$
|
145,018,414
|
|
|
$
|
142,012,553
|
|
|
Dividend income
|
2,392,274
|
|
|
750,714
|
|
|
254,025
|
|
|
—
|
|
|
—
|
|
|
|||||
Lease income
|
297,827
|
|
|
297,827
|
|
|
294,366
|
|
|
1,571,280
|
|
|
1,352,797
|
|
|
|||||
Other income
|
891,805
|
|
|
302,829
|
|
|
1,893,764
|
|
|
1,591,071
|
|
|
3,502,875
|
|
|
|||||
Total investment income
|
195,165,915
|
|
|
190,499,184
|
|
|
175,969,500
|
|
|
148,180,765
|
|
|
146,868,225
|
|
|
|||||
Interest and other debt expenses
|
46,398,795
|
|
|
40,468,761
|
|
|
33,091,143
|
|
|
25,192,990
|
|
|
18,895,977
|
|
|
|||||
Management and advisory fees
|
24,860,910
|
|
|
24,179,376
|
|
|
21,560,868
|
|
|
18,881,786
|
|
|
18,593,660
|
|
|
|||||
Incentive fee
|
20,307,759
|
|
|
23,346,164
|
|
|
N/A
|
|
*
|
N/A
|
|
*
|
N/A
|
|
*
|
|||||
Other expenses
|
8,740,358
|
|
|
9,027,528
|
|
|
7,879,489
|
|
|
8,283,156
|
|
|
7,999,070
|
|
|
|||||
Total expenses
|
100,307,822
|
|
|
97,021,829
|
|
|
62,531,500
|
|
|
52,357,932
|
|
|
45,488,707
|
|
|
|||||
Net investment income before taxes
|
94,858,093
|
|
|
93,477,355
|
|
|
113,438,000
|
|
|
95,822,833
|
|
|
101,379,518
|
|
|
|||||
Excise tax expense
|
—
|
|
|
92,700
|
|
|
36,380
|
|
|
569,511
|
|
|
876,706
|
|
|
|||||
Net investment income
|
94,858,093
|
|
|
93,384,655
|
|
|
113,401,620
|
|
|
95,253,322
|
|
|
100,502,812
|
|
|
|||||
Net realized and unrealized gains (losses)
|
(64,277,304
|
)
|
|
(47,908,773
|
)
|
|
(22,790,283
|
)
|
|
114,502
|
|
|
(22,405,111
|
)
|
|
|||||
Gain on repurchase of Series A preferred interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,675,000
|
|
|
|||||
Dividends to preferred interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(754,140
|
)
|
|
|||||
Incentive allocation
|
N/A
|
|
*
|
N/A
|
|
*
|
(22,680,323
|
)
|
|
(19,050,665
|
)
|
|
(19,949,734
|
)
|
|
|||||
Net increase in net assets applicable to common shareholders resulting from operations
|
$
|
30,580,789
|
|
|
$
|
45,475,882
|
|
|
$
|
67,931,014
|
|
|
$
|
76,317,159
|
|
|
$
|
59,068,827
|
|
|
Per Share Data (at the end of the period):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase in net assets from operations
|
$
|
0.52
|
|
|
$
|
0.77
|
|
|
$
|
1.19
|
|
|
$
|
1.50
|
|
|
$
|
1.21
|
|
|
Distributions declared per share
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|
|||||
Average weighted shares outstanding for the period
|
58,766,362
|
|
|
58,815,216
|
|
|
57,000,658
|
|
|
50,948,035
|
|
|
48,863,188
|
|
|
|||||
Assets and Liabilities Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments
|
$
|
1,649,506,895
|
|
|
$
|
1,597,285,790
|
|
|
$
|
1,514,532,703
|
|
|
$
|
1,314,969,870
|
|
|
$
|
1,182,919,725
|
|
|
Other assets
|
72,562,301
|
|
|
62,249,899
|
|
|
114,889,665
|
|
|
72,628,591
|
|
|
56,193,226
|
|
|
|||||
Total assets
|
1,722,069,196
|
|
|
1,659,535,689
|
|
|
1,629,422,368
|
|
|
1,387,598,461
|
|
|
1,239,112,951
|
|
|
|||||
Debt, net of unamortized issuance costs
|
907,802,387
|
|
|
805,202,192
|
|
|
725,200,281
|
|
|
571,658,862
|
|
|
498,205,471
|
|
|
|||||
Other liabilities
|
37,948,423
|
|
|
23,858,770
|
|
|
33,493,961
|
|
|
25,003,608
|
|
|
18,930,463
|
|
|
|||||
Total liabilities
|
945,750,810
|
|
|
829,060,962
|
|
|
758,694,242
|
|
|
596,662,470
|
|
|
517,135,934
|
|
|
|||||
Net assets
|
$
|
776,318,386
|
|
|
$
|
830,474,727
|
|
|
$
|
870,728,126
|
|
|
$
|
790,935,991
|
|
|
$
|
721,977,017
|
|
|
Investment Activity Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
No. of portfolio companies at period end
|
105
|
|
|
95
|
|
|
96
|
|
|
90
|
|
|
88
|
|
|
|||||
Acquisitions
|
$
|
700,024,114
|
|
|
$
|
634,002,472
|
|
|
$
|
865,427,957
|
|
|
$
|
587,219,129
|
|
|
$
|
500,928,009
|
|
|
Sales, repayments, and other disposals
|
$
|
596,374,086
|
|
|
$
|
512,795,715
|
|
|
$
|
655,674,365
|
|
|
$
|
473,457,512
|
|
|
$
|
456,059,137
|
|
|
Weighted-average effective yield of debt portfolio at end of period
|
10.3
|
%
|
|
11.4
|
%
|
|
11.0
|
%
|
|
10.9
|
%
|
|
11.0
|
%
|
|
•
|
our, or our portfolio companies’, future business, operations, operating results or prospects;
|
•
|
the return or impact of current and future investments;
|
•
|
the impact of a protracted decline in the liquidity of credit markets on our business;
|
•
|
the impact of fluctuations in interest rates on our business;
|
•
|
the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;
|
•
|
our contractual arrangements and relationships with third parties;
|
•
|
the general economy and its impact on the industries in which we invest;
|
•
|
the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;
|
•
|
our expected financings and investments;
|
•
|
the adequacy of our financing resources and working capital;
|
•
|
the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies;
|
•
|
the timing, form and amount of any dividend distributions; and
|
•
|
our ability to maintain our qualification as a regulated investment company and as a business development company.
|
•
|
our organization;
|
•
|
calculating our net asset value (including the cost and expenses of any independent valuation firms);
|
•
|
interest payable on debt, if any, incurred to finance our investments;
|
•
|
costs of future offerings of our common stock and other securities, if any;
|
•
|
the base management fee and any incentive compensation;
|
•
|
dividends and distributions on our preferred shares, if any, and common shares;
|
•
|
administration fees payable under the administration agreement;
|
•
|
fees payable to third parties relating to, or associated with, making investments;
|
•
|
transfer agent and custodial fees;
|
•
|
registration fees;
|
•
|
listing fees;
|
•
|
taxes;
|
•
|
director fees and expenses;
|
•
|
costs of preparing and filing reports or other documents with the SEC;
|
•
|
costs of any reports, proxy statements or other notices to our stockholders, including printing costs;
|
•
|
our fidelity bond;
|
•
|
directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
•
|
indemnification payments;
|
•
|
direct costs and expenses of administration, including audit and legal costs; and
|
•
|
all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.
|
•
|
The investment professionals of the Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors.
|
•
|
Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor.
|
•
|
The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Advisor in good faith in accordance with our valuation policy without the employment of an independent valuation firm.
|
•
|
The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments in our portfolio in good faith based on the input of the Advisor, the respective independent valuation firms (to the extent applicable) and the audit committee of the board of directors.
|
Industry
|
|
Percent of Total
Investments
|
|
Diversified Financial Services
|
|
11.8
|
%
|
Internet Software and Services
|
|
11.2
|
%
|
Textiles, Apparel and Luxury Goods
|
|
6.9
|
%
|
Professional Services
|
|
6.8
|
%
|
Software
|
|
6.4
|
%
|
Media
|
|
4.9
|
%
|
Diversified Consumer Services
|
|
4.6
|
%
|
Automobiles
|
|
4.3
|
%
|
Diversified Telecommunication Services
|
|
3.8
|
%
|
IT Services
|
|
3.8
|
%
|
Airlines
|
|
3.3
|
%
|
Insurance
|
|
3.0
|
%
|
Hotels, Restaurants and Leisure
|
|
2.7
|
%
|
Consumer Finance
|
|
2.6
|
%
|
Building Products
|
|
2.2
|
%
|
Health Care Technology
|
|
2.2
|
%
|
Energy Equipment and Services
|
|
1.8
|
%
|
Thrifts and Mortgage Finance
|
|
1.7
|
%
|
Commercial Services and Supplies
|
|
1.7
|
%
|
Tobacco Related
|
|
1.6
|
%
|
Aerospace and Defense
|
|
1.5
|
%
|
Pharmaceuticals
|
|
1.5
|
%
|
Capital Markets
|
|
1.3
|
%
|
Road and Rail
|
|
1.1
|
%
|
Electrical Equipment
|
|
1.0
|
%
|
Other
|
|
6.3
|
%
|
Total
|
|
100.0
|
%
|
|
2019
|
|
2018
|
||||
Shares Issued
|
819
|
|
|
767
|
|
||
Average Price Per Share
|
$
|
13.98
|
|
|
$
|
13.94
|
|
Proceeds
|
$
|
11,453
|
|
|
$
|
10,693
|
|
|
2019
|
|
2018
|
||||
Shares Repurchased
|
9,000
|
|
|
73,416
|
|
||
Price Per Share *
|
$
|
13.96
|
|
|
$
|
14.25
|
|
Total Cost
|
$
|
125,679
|
|
|
$
|
1,046,475
|
|
*
|
Weighted-average price per share
|
|
Maturity
|
|
Rate
|
|
Carrying Value*
|
|
Available
|
|
Total
Capacity |
|
||||||
SVCP Facility
|
2023
|
|
L+2.00%
|
†
|
$
|
108,497,620
|
|
|
$
|
161,502,380
|
|
|
$
|
270,000,000
|
|
|
TCPC Funding Facility
|
2023
|
|
L+2.00%
|
‡
|
158,000,000
|
|
|
142,000,000
|
|
|
300,000,000
|
|
|
|||
SBA Debentures
|
2024−2029
|
|
2.63%
|
§
|
138,000,000
|
|
|
12,000,000
|
|
|
150,000,000
|
|
|
|||
2022 Convertible Notes ($140 million par)
|
2022
|
|
4.625%
|
|
138,584,313
|
|
|
—
|
|
|
138,584,313
|
|
|
|||
2022 Notes ($175 million par)
|
2022
|
|
4.125%
|
|
174,649,566
|
|
|
—
|
|
|
174,649,566
|
|
|
|||
2024 Notes ($200 million par)
|
2024
|
|
3.900%
|
|
197,782,572
|
|
|
—
|
|
|
197,782,572
|
|
|
|||
Total leverage
|
|
|
|
|
915,514,071
|
|
|
$
|
315,502,380
|
|
|
$
|
1,231,016,451
|
|
|
|
Unamortized issuance costs
|
|
|
|
|
(7,711,684
|
)
|
|
|
|
|
|
|||||
Debt, net of unamortized issuance costs
|
|
|
|
|
$
|
907,802,387
|
|
|
|
|
|
|
*
|
Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
|
†
|
As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%
|
‡
|
Subject to certain funding requirements
|
§
|
Weighted-average interest rate, excluding fees of 0.36% or 0.35%
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount
Per Share
|
|
Total Amount
|
||||
February 28, 2019
|
|
March 15, 2019
|
|
March 29, 2019
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,155,619
|
|
May 8, 2019
|
|
June 14, 2019
|
|
June 28, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,688
|
|
||
August 8, 2019
|
|
September 16, 2019
|
|
September 30, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,760
|
|
||
November 6, 2019
|
|
December 17, 2019
|
|
December 31, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,837
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,622,904
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount Per Share
|
|
Total Amount
|
||||
February 27, 2018
|
|
March 16, 2018
|
|
March 30, 2018
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,184,004
|
|
May 9, 2018
|
|
June 15, 2018
|
|
June 29, 2018
|
|
Regular
|
|
0.36
|
|
|
21,174,966
|
|
||
August 8, 2018
|
|
September 14, 2018
|
|
September 28, 2018
|
|
Regular
|
|
0.36
|
|
|
21,170,272
|
|
||
November 8, 2018
|
|
December 17, 2018
|
|
December 31, 2018
|
|
Regular
|
|
0.36
|
|
|
21,164,257
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,693,499
|
|
|
2019
|
|
2018
|
||||
Shares Issued
|
819
|
|
|
767
|
|
||
Average Price Per Share
|
$
|
13.98
|
|
|
$
|
13.94
|
|
Proceeds
|
$
|
11,453
|
|
|
$
|
10,693
|
|
•
|
98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
|
•
|
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
|
•
|
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.
|
•
|
Each of the Company, TCPC Funding, and the SBIC has entered into an investment management agreement with the Advisor.
|
•
|
The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.
|
•
|
We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock" and "TCP."
|
Basis Point Change
|
|
Interest income
|
|
Interest Expense
|
|
Net Investment Income
|
||||||
Up 300 basis points
|
|
$
|
45,316,285
|
|
|
$
|
(7,992,609
|
)
|
|
$
|
37,323,676
|
|
Up 200 basis points
|
|
30,210,857
|
|
|
(5,328,406
|
)
|
|
24,882,451
|
|
|||
Up 100 basis points
|
|
15,105,428
|
|
|
(2,664,203
|
)
|
|
12,441,225
|
|
|||
Down 100 basis points
|
|
(12,663,801
|
)
|
|
2,664,203
|
|
|
(9,999,598
|
)
|
|||
Down 200 basis points
|
|
(18,047,994
|
)
|
|
5,095,022
|
|
|
(12,952,972
|
)
|
|||
Down 300 basis points
|
|
(18,155,928
|
)
|
|
5,095,022
|
|
|
(13,060,906
|
)
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
Page
|
•
|
We tested the effectiveness of controls over management’s valuation of Level 3 investments, including those related to selection of valuation methodologies and significant unobservable inputs.
|
•
|
We evaluated the appropriateness of the selected valuation methodologies used for Level 3 investments and tested the related significant unobservable inputs by comparing these inputs to external sources. We evaluated the reasonableness of any significant changes in valuation methodologies or significant unobservable inputs for those investments from the prior year-end. For selected investments, we used the assistance of our fair value specialists.
|
•
|
For selected investments, with the assistance of our fair value specialists, we developed an independent estimate of the fair value and compared our estimate to management’s estimate.
|
•
|
We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to subsequent transactions, taking into account changes in market or investment specific conditions, where applicable.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
Assets
|
|
|
|
||||
Investments, at fair value:
|
|
|
|
||||
Companies less than 5% owned (cost of $1,483,508,500 and $1,460,936,257, respectively)
|
$
|
1,474,318,011
|
|
|
$
|
1,463,800,744
|
|
Companies 5% to 25% owned (cost of $70,112,667 and $78,353,253, respectively)
|
75,880,291
|
|
|
63,193,357
|
|
||
Companies more than 25% owned (cost of $135,655,840 and $110,258,458, respectively)
|
99,308,593
|
|
|
70,291,689
|
|
||
Total investments (cost of $1,689,277,007 and $1,649,547,968, respectively)
|
1,649,506,895
|
|
|
1,597,285,790
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
44,848,539
|
|
|
27,920,402
|
|
||
Accrued interest income:
|
|
|
|
||||
Companies less than 5% owned
|
16,937,339
|
|
|
20,898,838
|
|
||
Companies 5% to 25% owned
|
665,165
|
|
|
678,057
|
|
||
Companies more than 25% owned
|
305,721
|
|
|
124,009
|
|
||
Deferred debt issuance costs
|
5,476,382
|
|
|
4,843,985
|
|
||
Receivable for investments sold
|
1,316,667
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
3,012,488
|
|
|
7,784,608
|
|
||
Total assets
|
1,722,069,196
|
|
|
1,659,535,689
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Debt, net of unamortized issuance costs of $7,711,684 and $6,805,196, respectively
|
907,802,387
|
|
|
805,202,192
|
|
||
Payable for investments purchased
|
13,057,446
|
|
|
908,759
|
|
||
Interest payable
|
10,837,121
|
|
|
8,747,872
|
|
||
Management and advisory fees payable
|
5,429,075
|
|
|
5,247,344
|
|
||
Incentive compensation payable
|
4,753,671
|
|
|
5,840,346
|
|
||
Payable to the Advisor
|
1,591,651
|
|
|
1,226,372
|
|
||
Accrued expenses and other liabilities
|
2,279,459
|
|
|
1,888,077
|
|
||
Total liabilities
|
945,750,810
|
|
|
829,060,962
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 5)
|
|
|
|
||||
|
|
|
|
||||
Net assets
|
$
|
776,318,386
|
|
|
$
|
830,474,727
|
|
|
|
|
|
||||
Composition of net assets
|
|
|
|
||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,426 and 58,774,607 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively
|
$
|
58,766
|
|
|
$
|
58,775
|
|
Paid-in capital in excess of par
|
997,379,362
|
|
|
1,000,073,183
|
|
||
Distributable earnings (loss)
|
(221,119,742
|
)
|
|
(169,657,231
|
)
|
||
Net assets
|
$
|
776,318,386
|
|
|
$
|
830,474,727
|
|
|
|
|
|
||||
Net assets per share
|
$
|
13.21
|
|
|
$
|
14.13
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (A)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Aerospace and Defense
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Unanet, Inc.
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.06
|
%
|
|
5/31/2024
|
|
$
|
5,127,551
|
|
|
$
|
5,059,515
|
|
|
$
|
5,135,971
|
|
|
0.30
|
%
|
|
N
|
Unanet, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.06
|
%
|
|
5/31/2024
|
|
$
|
19,897,959
|
|
|
19,710,909
|
|
|
19,919,847
|
|
|
1.18
|
%
|
|
N
|
||
Unanet, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.06
|
%
|
|
5/31/2024
|
|
$
|
—
|
|
|
(21,632
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,748,792
|
|
|
25,055,818
|
|
|
1.48
|
%
|
|
|
|||||||
Airlines
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N902FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
2/1/2022
|
|
$
|
801,784
|
|
|
797,527
|
|
|
801,784
|
|
|
0.05
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N903FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
2/1/2022
|
|
$
|
942,947
|
|
|
937,941
|
|
|
942,947
|
|
|
0.06
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N904FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
2/1/2022
|
|
$
|
1,066,574
|
|
|
1,060,912
|
|
|
1,066,574
|
|
|
0.06
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N905FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
2/1/2022
|
|
$
|
768,185
|
|
|
764,107
|
|
|
768,185
|
|
|
0.05
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N906FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
5/1/2022
|
|
$
|
817,276
|
|
|
812,522
|
|
|
817,276
|
|
|
0.05
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N907FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
5/1/2022
|
|
$
|
853,632
|
|
|
848,667
|
|
|
853,632
|
|
|
0.05
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N908FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
5/1/2022
|
|
$
|
1,272,196
|
|
|
1,264,796
|
|
|
1,272,196
|
|
|
0.08
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N909FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
8/1/2022
|
|
$
|
581,841
|
|
|
578,354
|
|
|
581,841
|
|
|
0.03
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N910FJ)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.41
|
%
|
|
8/1/2022
|
|
$
|
554,715
|
|
|
551,390
|
|
|
554,715
|
|
|
0.03
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Aircraft Acquisition Incremental Loan
|
|
LIBOR(M)
|
|
—
|
|
|
5.25
|
%
|
|
7.00
|
%
|
|
9/27/2023
|
|
$
|
2,655,121
|
|
|
2,623,792
|
|
|
2,620,870
|
|
|
0.15
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Aircraft Acquisition Loan
|
|
LIBOR(M)
|
|
—
|
|
|
5.00
|
%
|
|
6.75
|
%
|
|
6/5/2023
|
|
$
|
21,683,485
|
|
|
21,440,802
|
|
|
21,653,129
|
|
|
1.28
|
%
|
|
N
|
||
One Sky Flight, LLC
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
9.30
|
%
|
|
12/27/2024
|
|
$
|
12,500,000
|
|
|
12,187,500
|
|
|
12,250,000
|
|
|
0.72
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,868,310
|
|
|
44,183,149
|
|
|
2.61
|
%
|
|
|
|||||||
Automobiles
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Autoalert, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
0.25
|
%
|
|
5.75% Cash+3.00% PIK
|
|
|
10.88
|
%
|
|
1/1/2022
|
|
$
|
38,966,342
|
|
|
38,845,649
|
|
|
39,356,005
|
|
|
2.32
|
%
|
|
N
|
||
Autoalert, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
0.25
|
%
|
|
5.75% Cash+3.00% PIK
|
|
|
10.88
|
%
|
|
1/1/2022
|
|
$
|
15,420,901
|
|
|
15,313,907
|
|
|
15,575,110
|
|
|
0.92
|
%
|
|
N
|
||
DealerFX, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
6.25% Cash+2.00% PIK
|
|
|
10.25
|
%
|
|
2/1/2023
|
|
$
|
16,183,673
|
|
|
15,965,712
|
|
|
16,345,510
|
|
|
0.96
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,125,268
|
|
|
71,276,625
|
|
|
4.20
|
%
|
|
|
|||||||
Building Products
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Dodge Data & Analytics, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
9.00
|
%
|
|
5/1/2020
|
|
$
|
875,631
|
|
|
875,023
|
|
|
875,106
|
|
|
0.05
|
%
|
|
N
|
||
Dodge Data & Analytics, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
9.00
|
%
|
|
5/1/2020
|
|
$
|
35,420,561
|
|
|
35,395,034
|
|
|
35,399,308
|
|
|
2.09
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,270,057
|
|
|
36,274,414
|
|
|
2.14
|
%
|
|
|
|||||||
Capital Markets
|
|
|
|
|
|
|
||||||||||||||||||||||||||
HighTower Holding, LLC
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
8.75
|
%
|
|
10.49
|
%
|
|
1/31/2026
|
|
$
|
15,080,645
|
|
|
14,733,952
|
|
|
15,082,153
|
|
|
0.89
|
%
|
|
N
|
||
HighTower Holding, LLC
|
|
Second Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
8.75
|
%
|
|
10.49
|
%
|
|
1/31/2026
|
|
$
|
6,169,355
|
|
|
6,059,721
|
|
|
6,169,972
|
|
|
0.36
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,793,673
|
|
|
21,252,125
|
|
|
1.25
|
%
|
|
|
|||||||
Chemicals
|
|
|
|
|
|
|
||||||||||||||||||||||||||
AGY Holding Corp.
|
|
Second Lien Notes
|
|
Fixed
|
|
—
|
|
|
11.00
|
%
|
|
11.00
|
%
|
|
11/15/2020
|
|
$
|
10,315,515
|
|
|
8,778,822
|
|
|
3,708,428
|
|
|
0.22
|
%
|
|
B/C/E/N
|
||
AGY Holding Corp.
|
|
Delayed Draw Term Loan
|
|
Fixed
|
|
—
|
|
|
12.00
|
%
|
|
12.00
|
%
|
|
9/15/2020
|
|
$
|
1,114,120
|
|
|
1,114,120
|
|
|
1,114,120
|
|
|
0.07
|
%
|
|
B/N
|
||
AGY Holding Corp.
|
|
Sr Secured Term Loan
|
|
Fixed
|
|
—
|
|
|
12.00
|
%
|
|
12.00
|
%
|
|
9/15/2020
|
|
$
|
5,171,151
|
|
|
5,171,151
|
|
|
5,171,151
|
|
|
0.31
|
%
|
|
B/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,064,093
|
|
|
9,993,699
|
|
|
0.60
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Commercial Services and Supplies
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Kellermeyer Bergensons Services, LLC
|
|
First Lien Delayed Draw Term Loan A
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.39
|
%
|
|
11/7/2026
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13,529
|
)
|
|
—
|
|
|
K/N
|
Kellermeyer Bergensons Services, LLC
|
|
First Lien Delayed Draw Term Loan B
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.39
|
%
|
|
11/7/2026
|
|
$
|
—
|
|
|
—
|
|
|
(17,647
|
)
|
|
—
|
|
|
K/N
|
||
Kellermeyer Bergensons Services, LLC
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.39
|
%
|
|
11/7/2026
|
|
$
|
6,535,948
|
|
|
6,472,583
|
|
|
6,477,124
|
|
|
0.38
|
%
|
|
N
|
||
Team Software, Inc.
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
5.50
|
%
|
|
7.50
|
%
|
|
9/17/2023
|
|
$
|
7,220,080
|
|
|
7,114,156
|
|
|
7,172,428
|
|
|
0.42
|
%
|
|
N
|
||
Team Software, Inc.
|
|
First Lien Revolver
|
|
LIBOR(Q)
|
|
—
|
|
|
5.50
|
%
|
|
7.50
|
%
|
|
9/17/2023
|
|
$
|
1,228,924
|
|
|
1,189,152
|
|
|
1,205,750
|
|
|
0.07
|
%
|
|
N
|
||
Team Software, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
5.50
|
%
|
|
7.50
|
%
|
|
9/17/2023
|
|
$
|
13,167,038
|
|
|
13,012,854
|
|
|
13,080,136
|
|
|
0.77
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,788,745
|
|
|
27,904,262
|
|
|
1.64
|
%
|
|
|
|||||||
Communications Equipment
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Avanti Communications Jersey Limited
|
|
1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)
|
|
Fixed
|
|
—
|
|
|
12.50
|
%
|
|
12.50
|
%
|
|
5/24/2021
|
|
$
|
1,214,371
|
|
|
1,214,371
|
|
|
1,214,371
|
|
|
0.07
|
%
|
|
L/N
|
||
Avanti Communications Jersey Limited
|
|
1.5 Lien Term Loan (2.5% Exit Fee)
|
|
Fixed
|
|
—
|
|
|
12.50
|
%
|
|
12.50
|
%
|
|
5/24/2021
|
|
$
|
282,820
|
|
|
238,768
|
|
|
282,820
|
|
|
0.02
|
%
|
|
L/N
|
||
Avanti Communications Group, PLC (United Kingdom)
|
|
Sr New Money Initial Note
|
|
Fixed
|
|
—
|
|
|
9.00% PIK
|
|
|
9.00
|
%
|
|
10/1/2022
|
|
$
|
1,592,934
|
|
|
1,591,586
|
|
|
1,074,115
|
|
|
0.06
|
%
|
|
C/E/G/H/N
|
||
Avanti Communications Group, PLC (United Kingdom)
|
|
Sr Second-Priority PIK Toggle Note
|
|
Fixed
|
|
—
|
|
|
9.00% PIK
|
|
|
9.00
|
%
|
|
10/1/2022
|
|
$
|
4,064,721
|
|
|
4,064,219
|
|
|
2,740,841
|
|
|
0.16
|
%
|
|
C/E/G/H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,108,944
|
|
|
5,312,147
|
|
|
0.31
|
%
|
|
|
|||||||
Construction and Engineering
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
9.50
|
%
|
|
11.41
|
%
|
|
7/25/2021
|
|
$
|
2,536,311
|
|
|
2,502,108
|
|
|
2,090,739
|
|
|
0.12
|
%
|
|
N
|
||
Hylan Datacom & Electrical, LLC
|
|
First Lien Term Loan (5.4% Exit Fee)
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
9.50
|
%
|
|
11.41
|
%
|
|
7/25/2021
|
|
$
|
14,031,084
|
|
|
13,959,042
|
|
|
11,566,142
|
|
|
0.67
|
%
|
|
L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,461,150
|
|
|
13,656,881
|
|
|
0.79
|
%
|
|
|
|||||||
Construction Materials
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Brannan Sand and Gravel Company, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
5.25
|
%
|
|
7.25
|
%
|
|
7/3/2023
|
|
$
|
6,682,556
|
|
|
6,612,301
|
|
|
6,652,484
|
|
|
0.39
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Finance
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Auto Trakk SPV, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
0.50
|
%
|
|
6.50
|
%
|
|
8.24
|
%
|
|
12/21/2021
|
|
$
|
23,971,792
|
|
|
23,800,742
|
|
|
23,749,039
|
|
|
1.40
|
%
|
|
N
|
||
Barri Financial Group, LL
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.75
|
%
|
|
9.54
|
%
|
|
10/23/2024
|
|
$
|
19,346,662
|
|
|
18,873,298
|
|
|
19,031,311
|
|
|
1.12
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,674,040
|
|
|
42,780,350
|
|
|
2.52
|
%
|
|
|
|||
Diversified Consumer Services
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Edmentum, Inc.
|
|
Jr Revolving Facility
|
|
Fixed
|
|
—
|
|
|
5.00
|
%
|
|
5.00
|
%
|
|
6/9/2020
|
|
$
|
5,235,973
|
|
|
5,235,973
|
|
|
5,235,978
|
|
|
0.31
|
%
|
|
B/N
|
||
Edmentum, Inc.
|
|
First Lien Term Loan B
|
|
LIBOR(Q)
|
|
—
|
|
|
8.50
|
%
|
|
10.43
|
%
|
|
6/9/2021
|
|
$
|
10,740,023
|
|
|
9,566,580
|
|
|
10,740,023
|
|
|
0.63
|
%
|
|
B/N
|
||
Edmentum, Inc.
|
|
Second Lien Term Loan
|
|
Fixed
|
|
—
|
|
|
7.00% PIK
|
|
|
7.00
|
%
|
|
12/8/2021
|
|
$
|
8,281,653
|
|
|
8,281,653
|
|
|
8,281,661
|
|
|
0.49
|
%
|
|
B/N
|
||
Edmentum Ultimate Holdings, LLC
|
|
Jr PIK Notes
|
|
Fixed
|
|
—
|
|
|
10.00% PIK
|
|
|
10.00
|
%
|
|
6/9/2020
|
|
$
|
17,609,276
|
|
|
17,536,516
|
|
|
17,609,276
|
|
|
1.04
|
%
|
|
B/N
|
||
Edmentum Ultimate Holdings, LLC
|
|
Sr PIK Notes
|
|
Fixed
|
|
—
|
|
|
8.50% PIK
|
|
|
8.50
|
%
|
|
6/9/2020
|
|
$
|
3,675,888
|
|
|
3,675,888
|
|
|
3,675,888
|
|
|
0.22
|
%
|
|
B/N
|
||
Spark Networks, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.50
|
%
|
|
8.00
|
%
|
|
9.95
|
%
|
|
7/1/2023
|
|
$
|
—
|
|
|
(30,874
|
)
|
|
(38,827
|
)
|
|
—
|
|
|
K/N
|
||
Spark Networks, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.50
|
%
|
|
8.00
|
%
|
|
9.95
|
%
|
|
7/1/2023
|
|
$
|
22,934,229
|
|
|
22,203,944
|
|
|
22,062,728
|
|
|
1.30
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,469,680
|
|
|
67,566,727
|
|
|
3.99
|
%
|
|
|
|||
Diversified Financial Services
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC
|
|
Senior Note
|
|
Fixed
|
|
—
|
|
|
12.00
|
%
|
|
12.00
|
%
|
|
11/1/2020
|
|
$
|
40,834,419
|
|
|
40,834,418
|
|
|
40,834,419
|
|
|
2.41
|
%
|
|
E/F/N/O
|
||
Aretec Group, Inc. (Cetera)
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
8.25
|
%
|
|
10.05
|
%
|
|
10/1/2026
|
|
$
|
27,105,263
|
|
|
26,845,399
|
|
|
26,788,945
|
|
|
1.58
|
%
|
|
G
|
||
Credit Suisse AG (Cayman Islands)
|
|
Asset-Backed Credit Linked Notes
|
|
LIBOR(Q)
|
|
—
|
|
|
9.50
|
%
|
|
11.45
|
%
|
|
4/12/2025
|
|
$
|
38,000,000
|
|
|
38,000,000
|
|
|
37,604,800
|
|
|
2.22
|
%
|
|
H/I/N
|
||
GC Agile Holdings Limited (Apex) (England)
|
|
First Lien Delayed Term Loan B
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
9.11
|
%
|
|
6/15/2025
|
|
$
|
18,979,469
|
|
|
18,625,118
|
|
|
18,629,867
|
|
|
1.10
|
%
|
|
H/N
|
||
GC Agile Holdings Limited (Apex) (England)
|
|
First Lien Term Loan A
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
9.11
|
%
|
|
6/15/2025
|
|
$
|
824,958
|
|
|
810,028
|
|
|
809,366
|
|
|
0.05
|
%
|
|
H/N
|
||
RSB-160, LLC (Lat20)
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.90
|
%
|
|
7/20/2022
|
|
$
|
2,333,333
|
|
|
2,299,659
|
|
|
2,335,900
|
|
|
0.14
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
127,414,622
|
|
|
127,003,297
|
|
|
7.50
|
%
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Diversified Telecommunication Services
|
|
|
|
|
|
|
||||||||||||||||||||||||||
American Broadband Holding Company
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.25
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
10/25/2022
|
|
$
|
15,395,873
|
|
|
$
|
15,151,000
|
|
|
$
|
15,796,166
|
|
|
0.93
|
%
|
|
N
|
ECI Macola/Max Holding, LLC
|
|
Second Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
9.94
|
%
|
|
9/29/2025
|
|
$
|
24,840,563
|
|
|
24,660,905
|
|
|
24,571,540
|
|
|
1.45
|
%
|
|
|
||
Securus Technologies, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
8.25
|
%
|
|
10.05
|
%
|
|
11/1/2025
|
|
$
|
25,846,154
|
|
|
25,648,456
|
|
|
12,509,538
|
|
|
0.74
|
%
|
|
|
||
TPC Intermediate Holdings, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.94
|
%
|
|
5/15/2023
|
|
$
|
799,588
|
|
|
787,670
|
|
|
796,310
|
|
|
0.05
|
%
|
|
N
|
||
TPC Intermediate Holdings, LLC
|
|
First Lien Incremental Delayed Draw Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.94
|
%
|
|
5/15/2020
|
|
$
|
525,686
|
|
|
519,722
|
|
|
522,453
|
|
|
0.03
|
%
|
|
N
|
||
TPC Intermediate Holdings, LLC
|
|
First Lien Incremental Delayed Draw Term Loan A
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.94
|
%
|
|
10/31/2020
|
|
$
|
—
|
|
|
—
|
|
|
(16,811
|
)
|
|
—
|
|
|
K/N
|
||
Telarix, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.80
|
%
|
|
11/19/2023
|
|
$
|
7,443,750
|
|
|
7,348,457
|
|
|
7,349,959
|
|
|
0.43
|
%
|
|
N
|
||
Telarix, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
7.80
|
%
|
|
11/19/2023
|
|
$
|
178,571
|
|
|
174,365
|
|
|
174,071
|
|
|
0.01
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,290,575
|
|
|
61,703,226
|
|
|
3.64
|
%
|
|
|
|||||||
Electric Utilities
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore)
|
|
First Lien Term Loan
|
|
Fixed
|
|
—
|
|
|
10.00
|
%
|
|
10.00
|
%
|
|
5/26/2020
|
|
$
|
1,773,807
|
|
|
1,773,807
|
|
|
1,207,785
|
|
|
0.07
|
%
|
|
F/H/N
|
||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
|
|
Bank Guarantee Credit Facility
|
|
Fixed
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
5/26/2020
|
|
$
|
6,578,877
|
|
|
6,578,877
|
|
|
3,289,438
|
|
|
0.19
|
%
|
|
C/F/H/N
|
||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
|
|
Revolving Credit Facility
|
|
Fixed
|
|
—
|
|
|
—
|
|
|
0.00
|
%
|
|
5/26/2020
|
|
$
|
8,668,850
|
|
|
8,668,850
|
|
|
2,208,823
|
|
|
0.13
|
%
|
|
C/F/H/N
|
||
Utilidata, Inc.
|
|
First Lien Delayed Draw Term Loan (4.0% Exit Fee)
|
|
LIBOR(Q)
|
|
—
|
|
|
9.88
|
%
|
|
11.81
|
%
|
|
7/1/2020
|
|
$
|
1,033,398
|
|
|
1,024,722
|
|
|
942,562
|
|
|
0.06
|
%
|
|
L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,046,256
|
|
|
7,648,608
|
|
|
0.45
|
%
|
|
|
|||||||
Electrical Equipment
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
TCFI Amteck Holdings, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
8.25
|
%
|
|
9.75
|
%
|
|
5/22/2023
|
|
$
|
497,143
|
|
|
490,068
|
|
|
497,143
|
|
|
0.03
|
%
|
|
N
|
||
TCFI Amteck Holdings, LLC
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
8.25
|
%
|
|
9.75
|
%
|
|
5/22/2023
|
|
$
|
16,237,115
|
|
|
16,003,295
|
|
|
16,237,115
|
|
|
0.96
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,493,363
|
|
|
16,734,258
|
|
|
0.99
|
%
|
|
|
|||
Energy Equipment and Services
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
GlassPoint Solar, Inc.
|
|
First Lien Term Loan (4.0% Exit Fee)
|
|
LIBOR(Q)
|
|
—
|
|
|
8.50
|
%
|
|
10.44
|
%
|
|
12/31/2020
|
|
$
|
4,167,831
|
|
|
4,147,728
|
|
|
3,999,033
|
|
|
0.24
|
%
|
|
L/N
|
||
GlassPoint Solar, Inc.
|
|
First Lien Term Loan (5.0% Exit Fee)
|
|
LIBOR(Q)
|
|
—
|
|
|
11.44
|
%
|
|
13.38
|
%
|
|
12/31/2020
|
|
$
|
2,276,123
|
|
|
2,204,998
|
|
|
2,226,731
|
|
|
0.13
|
%
|
|
L/N
|
||
Sphera Solutions, Inc. (Diamondback)
|
|
First Lien FILO Term Loan B
|
|
LIBOR(Q)
|
|
2.00
|
%
|
|
8.81
|
%
|
|
10.81
|
%
|
|
6/14/2022
|
|
$
|
23,614,465
|
|
|
23,255,646
|
|
|
23,371,236
|
|
|
1.38
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,608,372
|
|
|
29,597,000
|
|
|
1.75
|
%
|
|
|
|||||||
Health Care Technology
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
CAREATC, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
7.25
|
%
|
|
9.14
|
%
|
|
3/14/2024
|
|
$
|
8,502,033
|
|
|
8,351,441
|
|
|
8,483,328
|
|
|
0.50
|
%
|
|
N
|
||
CAREATC, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
—
|
|
|
7.25
|
%
|
|
9.14
|
%
|
|
3/14/2024
|
|
$
|
—
|
|
|
(10,223
|
)
|
|
(1,336
|
)
|
|
—
|
|
|
K/N
|
||
Patient Point Network Solutions, LLC
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
9.44
|
%
|
|
6/26/2022
|
|
$
|
264,285
|
|
|
261,418
|
|
|
262,347
|
|
|
0.02
|
%
|
|
N
|
||
Patient Point Network Solutions, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
9.44
|
%
|
|
6/26/2022
|
|
$
|
1,239,799
|
|
|
1,229,504
|
|
|
1,234,344
|
|
|
0.07
|
%
|
|
N
|
||
Patient Point Network Solutions, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
9.44
|
%
|
|
6/26/2022
|
|
$
|
6,432,648
|
|
|
6,389,679
|
|
|
6,404,344
|
|
|
0.38
|
%
|
|
N
|
||
Sandata Technologies, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
6.00
|
%
|
|
8.00
|
%
|
|
7/23/2024
|
|
$
|
20,250,000
|
|
|
19,961,722
|
|
|
19,942,200
|
|
|
1.18
|
%
|
|
N
|
||
Sandata Technologies, LLC
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
—
|
|
|
6.00
|
%
|
|
8.00
|
%
|
|
7/23/2024
|
|
$
|
—
|
|
|
(30,795
|
)
|
|
(34,200
|
)
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,152,746
|
|
|
36,291,027
|
|
|
2.15
|
%
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hotels, Restaurants and Leisure
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Fishbowl, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
2.80% Cash+8.45% PIK
|
|
|
13.25
|
%
|
|
1/26/2022
|
|
$
|
24,564,304
|
|
|
$
|
24,250,372
|
|
|
$
|
22,591,790
|
|
|
1.33
|
%
|
|
N
|
Pegasus Business Intelligence, LP (Onyx Centersource)
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.20
|
%
|
|
12/20/2021
|
|
$
|
5,678,264
|
|
|
5,678,264
|
|
|
5,735,615
|
|
|
0.34
|
%
|
|
N
|
||
Pegasus Business Intelligence, LP (Onyx Centersource)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.20
|
%
|
|
12/20/2021
|
|
$
|
13,583,579
|
|
|
13,524,243
|
|
|
13,720,773
|
|
|
0.81
|
%
|
|
N
|
||
Pegasus Business Intelligence, LP (Onyx Centersource)
|
|
Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.20
|
%
|
|
12/20/2021
|
|
$
|
—
|
|
|
(2,686
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
10.44
|
%
|
|
3/31/2022
|
|
$
|
2,395,992
|
|
|
2,373,398
|
|
|
2,443,913
|
|
|
0.14
|
%
|
|
N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
10.44
|
%
|
|
3/31/2022
|
|
$
|
142,889
|
|
|
141,895
|
|
|
145,747
|
|
|
0.01
|
%
|
|
N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.44
|
%
|
|
3/31/2022
|
|
$
|
550,909
|
|
|
550,909
|
|
|
561,927
|
|
|
0.03
|
%
|
|
N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
10.44
|
%
|
|
3/31/2022
|
|
$
|
—
|
|
|
(6,733
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,509,662
|
|
|
45,199,765
|
|
|
2.66
|
%
|
|
|
||||||
Insurance
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
2-10 Holdco, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.05
|
%
|
|
10/31/2024
|
|
$
|
4,537,500
|
|
|
4,461,178
|
|
|
4,479,420
|
|
|
0.26
|
%
|
|
N
|
||
2-10 Holdco, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.05
|
%
|
|
10/31/2024
|
|
$
|
—
|
|
|
(6,724
|
)
|
|
(5,333
|
)
|
|
—
|
|
|
K/N
|
||
Higginbotham Insurance Agency, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
9.30
|
%
|
|
12/19/2025
|
|
$
|
28,000,000
|
|
|
27,801,191
|
|
|
27,860,000
|
|
|
1.64
|
%
|
|
N
|
||
IAS Investco, Inc.
|
|
First Lien Delayed Draw Term Loan A
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.50
|
%
|
|
7.30
|
%
|
|
1/24/2021
|
|
$
|
5,318,571
|
|
|
5,296,361
|
|
|
5,295,702
|
|
|
0.31
|
%
|
|
N
|
||
IAS Investco, Inc.
|
|
First Lien Delayed Draw Term Loan B
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.50
|
%
|
|
7.30
|
%
|
|
1/24/2021
|
|
$
|
1,714,286
|
|
|
1,708,138
|
|
|
1,706,914
|
|
|
0.10
|
%
|
|
N
|
||
IAS Investco, Inc.
|
|
First Lien Incremental Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.50
|
%
|
|
7.30
|
%
|
|
1/24/2021
|
|
$
|
6,020,424
|
|
|
6,002,687
|
|
|
5,994,536
|
|
|
0.35
|
%
|
|
N
|
||
IAS Investco, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.50
|
%
|
|
7.30
|
%
|
|
1/24/2021
|
|
$
|
3,934,469
|
|
|
3,918,004
|
|
|
3,917,550
|
|
|
0.23
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,180,835
|
|
|
49,248,789
|
|
|
2.89
|
%
|
|
|
||||||
Internet and Catalog Retail
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Live Auctioneers LLC
|
|
First Lien Last Out B-2 Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
6.76
|
%
|
|
8.56
|
%
|
|
5/20/2025
|
|
$
|
13,960,362
|
|
|
13,698,968
|
|
|
13,635,085
|
|
|
0.79
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Internet Software and Services
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Acquia Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
7.00
|
%
|
|
8.91
|
%
|
|
11/1/2025
|
|
$
|
16,648,997
|
|
|
16,321,473
|
|
|
16,345,985
|
|
|
0.96
|
%
|
|
N
|
||
Acquia Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
—
|
|
|
7.00
|
%
|
|
8.91
|
%
|
|
11/1/2025
|
|
$
|
—
|
|
|
(35,084
|
)
|
|
(32,829
|
)
|
|
—
|
|
|
K/N
|
||
Domo, Inc.
|
|
First Lien Delayed Draw Term Loan (7.0% Exit Fee)
|
|
LIBOR(M)
|
|
—
|
|
|
5.63% Cash+2.50% PIK
|
|
|
9.94
|
%
|
|
10/1/2022
|
|
$
|
52,127,502
|
|
|
51,828,896
|
|
|
51,270,531
|
|
|
3.03
|
%
|
|
L/N
|
||
FinancialForce.com, Inc.
|
|
First Lien Delayed Draw Term Loan (3.0% Exit Fee)
|
|
LIBOR(Q)
|
|
2.75
|
%
|
|
6.75
|
%
|
|
9.50
|
%
|
|
2/1/2024
|
|
$
|
28,000,000
|
|
|
27,522,676
|
|
|
28,464,800
|
|
|
1.68
|
%
|
|
L/N
|
||
Foursquare Labs, Inc.
|
|
First Lien Term Loan (5.0% Exit Fee)
|
|
LIBOR(Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.19
|
%
|
|
10/1/2022
|
|
$
|
33,750,000
|
|
|
33,445,277
|
|
|
33,237,000
|
|
|
1.96
|
%
|
|
L/N
|
||
InMobi, Inc. (Singapore)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.37
|
%
|
|
8.13
|
%
|
|
10.06
|
%
|
|
9/30/2021
|
|
$
|
30,906,865
|
|
|
30,717,380
|
|
|
30,545,254
|
|
|
1.80
|
%
|
|
H/N
|
||
Quartz Holding Company (Quick Base)
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
8.00
|
%
|
|
9.71
|
%
|
|
4/2/2027
|
|
$
|
9,903,019
|
|
|
9,708,757
|
|
|
9,878,261
|
|
|
0.58
|
%
|
|
N
|
||
ResearchGate GmBH (Germany)
|
|
First Lien Term Loan (4.0% Exit Fee)
|
|
EURIBOR(M)
|
|
—
|
|
|
8.55
|
%
|
|
8.55
|
%
|
|
10/1/2022
|
|
€
|
7,500,000
|
|
|
7,856,974
|
|
|
7,952,439
|
|
|
0.47
|
%
|
|
D/H/L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,366,349
|
|
|
177,661,441
|
|
|
10.48
|
%
|
|
|
||||||
IT Services
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Apptio, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
8.96
|
%
|
|
1/10/2025
|
|
$
|
11,812,993
|
|
|
11,598,319
|
|
|
11,567,282
|
|
|
0.68
|
%
|
|
N
|
||
Apptio, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
8.96
|
%
|
|
1/10/2025
|
|
$
|
—
|
|
|
(12,904
|
)
|
|
(16,000
|
)
|
|
—
|
|
|
K/N
|
||
Donuts Inc.
|
|
First Lien Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.15
|
%
|
|
9/17/2023
|
|
$
|
373,849
|
|
|
350,320
|
|
|
364,746
|
|
|
0.02
|
%
|
|
N
|
||
Donuts Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.19
|
%
|
|
9/17/2023
|
|
$
|
10,910,690
|
|
|
10,653,623
|
|
|
10,814,676
|
|
|
0.64
|
%
|
|
N
|
||
Web.com Group Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
7.75
|
%
|
|
9.49
|
%
|
|
10/11/2026
|
|
$
|
16,280,678
|
|
|
16,166,395
|
|
|
15,715,983
|
|
|
0.93
|
%
|
|
G/J
|
||
Xactly Corporation
|
|
First Lien Incremental Term Loan B
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
7/31/2022
|
|
$
|
4,996,644
|
|
|
4,913,115
|
|
|
4,990,148
|
|
|
0.29
|
%
|
|
N
|
||
Xactly Corporation
|
|
First Lien Incremental Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
7/31/2022
|
|
$
|
2,726,918
|
|
|
2,692,315
|
|
|
2,723,373
|
|
|
0.16
|
%
|
|
N
|
||
Xactly Corporation
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
7/31/2022
|
|
$
|
16,397,517
|
|
|
16,210,453
|
|
|
16,376,200
|
|
|
0.97
|
%
|
|
N
|
||
Xactly Corporation
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
7/31/2022
|
|
$
|
—
|
|
|
(14,579
|
)
|
|
(1,827
|
)
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,557,057
|
|
|
62,534,581
|
|
|
3.69
|
%
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Leisure Products
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Blue Star Sports Holdings, Inc.
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
7.76
|
%
|
|
6/15/2024
|
|
$
|
55,556
|
|
|
$
|
54,693
|
|
|
$
|
53,556
|
|
|
—
|
|
|
N
|
Blue Star Sports Holdings, Inc.
|
|
First Lien Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
7.55
|
%
|
|
6/15/2024
|
|
$
|
111,111
|
|
|
108,557
|
|
|
105,111
|
|
|
0.01
|
%
|
|
N
|
||
Blue Star Sports Holdings, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
7.55
|
%
|
|
6/15/2024
|
|
$
|
1,504,611
|
|
|
1,480,597
|
|
|
1,450,445
|
|
|
0.09
|
%
|
|
N
|
||
Machine Zone, Inc.
|
|
First Lien Term Loan (10.0% Exit Fee)
|
|
LIBOR(M)
|
|
—
|
|
|
13.50
|
%
|
|
15.20
|
%
|
|
2/1/2021
|
|
$
|
5,672,712
|
|
|
5,637,816
|
|
|
5,588,188
|
|
|
0.33
|
%
|
|
L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,281,663
|
|
|
7,197,300
|
|
|
0.43
|
%
|
|
|
||||||
Media
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Bisnow, LLC
|
|
First Lien Revolver
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.63
|
%
|
|
9/21/2022
|
|
$
|
—
|
|
|
(10,270
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
Bisnow, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
7.50
|
%
|
|
9.63
|
%
|
|
9/21/2022
|
|
$
|
10,557,386
|
|
|
10,446,491
|
|
|
10,628,121
|
|
|
0.63
|
%
|
|
N
|
||
Khoros, LLC (Lithium)
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.04
|
%
|
|
10/3/2022
|
|
$
|
—
|
|
|
(7,100
|
)
|
|
(5,736
|
)
|
|
—
|
|
|
K/N
|
||
Khoros, LLC (Lithium)
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.04
|
%
|
|
10/3/2022
|
|
$
|
—
|
|
|
(19,127
|
)
|
|
(19,255
|
)
|
|
—
|
|
|
K/N
|
||
Khoros, LLC (Lithium)
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.04
|
%
|
|
10/3/2022
|
|
$
|
7,131,905
|
|
|
7,016,707
|
|
|
7,042,043
|
|
|
0.42
|
%
|
|
N
|
||
Khoros, LLC (Lithium)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.04
|
%
|
|
10/3/2022
|
|
$
|
20,884,731
|
|
|
20,616,273
|
|
|
20,621,583
|
|
|
1.22
|
%
|
|
N
|
||
NEP II, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
7.00
|
%
|
|
8.80
|
%
|
|
10/19/2026
|
|
$
|
25,000,000
|
|
|
24,753,355
|
|
|
22,687,500
|
|
|
1.34
|
%
|
|
G
|
||
Quora, Inc.
|
|
First Lien Term Loan (4.0% Exit Fee)
|
|
Fixed
|
|
—
|
|
|
10.10
|
%
|
|
10.10
|
%
|
|
5/1/2022
|
|
$
|
12,692,602
|
|
|
12,528,197
|
|
|
12,709,103
|
|
|
0.75
|
%
|
|
L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,324,526
|
|
|
73,663,359
|
|
|
4.36
|
%
|
|
|
||||||
Metal and Mining
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Neenah Foundry Company
|
|
First Lien Term Loan B
|
|
LIBOR(M)
|
|
—
|
|
|
6.50
|
%
|
|
8.35
|
%
|
|
12/13/2022
|
|
$
|
4,943,976
|
|
|
4,909,287
|
|
|
4,845,097
|
|
|
0.29
|
%
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Oil, Gas and Consumable Fuels
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Iracore International, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
9.00
|
%
|
|
10.88
|
%
|
|
4/13/2021
|
|
$
|
1,635,903
|
|
|
1,635,902
|
|
|
1,635,903
|
|
|
0.10
|
%
|
|
B/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pharmaceuticals
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cambrex Corporation
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
9.00
|
%
|
|
10.70
|
%
|
|
12/6/2027
|
|
$
|
15,441,176
|
|
|
15,133,798
|
|
|
15,363,971
|
|
|
0.91
|
%
|
|
N
|
||
P&L Development, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
2.00
|
%
|
|
7.50
|
%
|
|
9.50
|
%
|
|
6/28/2024
|
|
$
|
8,645,000
|
|
|
8,447,637
|
|
|
8,601,775
|
|
|
0.51
|
%
|
|
G/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,581,435
|
|
|
23,965,746
|
|
|
1.42
|
%
|
|
|
|||||||
Professional Services
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Applause App Quality, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
5.00
|
%
|
|
6.93
|
%
|
|
9/20/2022
|
|
$
|
20,772,306
|
|
|
20,522,294
|
|
|
20,851,241
|
|
|
1.23
|
%
|
|
N
|
||
Applause App Quality, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
5.00
|
%
|
|
6.93
|
%
|
|
9/20/2022
|
|
$
|
—
|
|
|
(16,489
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
CIBT Solutions, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
7.75
|
%
|
|
9.69
|
%
|
|
6/1/2025
|
|
$
|
7,611,914
|
|
|
7,551,528
|
|
|
7,155,199
|
|
|
0.42
|
%
|
|
G/N
|
||
Discoverorg, LLC
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
8.50
|
%
|
|
10.19
|
%
|
|
2/1/2027
|
|
$
|
15,000,000
|
|
|
14,795,054
|
|
|
15,075,000
|
|
|
0.89
|
%
|
|
G
|
||
Dude Solutions Holdings, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
8.80
|
%
|
|
6/13/2025
|
|
$
|
—
|
|
|
(45,365
|
)
|
|
(40,404
|
)
|
|
—
|
|
|
K/N
|
||
Dude Solutions Holdings, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
8.80
|
%
|
|
6/13/2025
|
|
$
|
16,927,201
|
|
|
16,566,086
|
|
|
16,617,434
|
|
|
0.98
|
%
|
|
N
|
||
iCIMS, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.29
|
%
|
|
9/12/2024
|
|
$
|
—
|
|
|
(7,699
|
)
|
|
(11,385
|
)
|
|
—
|
|
|
K/N
|
||
iCIMS, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
8.29
|
%
|
|
9/12/2024
|
|
$
|
9,482,016
|
|
|
9,315,912
|
|
|
9,262,034
|
|
|
0.55
|
%
|
|
N
|
||
Institutional Shareholder Services, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
8.50
|
%
|
|
10.44
|
%
|
|
3/5/2026
|
|
$
|
5,820,856
|
|
|
5,658,368
|
|
|
5,588,022
|
|
|
0.33
|
%
|
|
N
|
||
STG-Fairway Acquisitions, Inc.(First Advantage)
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
9.25
|
%
|
|
11.05
|
%
|
|
6/30/2023
|
|
$
|
31,000,000
|
|
|
30,701,658
|
|
|
31,000,000
|
|
|
1.83
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,041,347
|
|
|
105,497,141
|
|
|
6.23
|
%
|
|
|
||||||
Real Estate Management and Development
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Florida East Coast Industries, LLC
|
|
First Lien Term Loan B
|
|
LIBOR(M)
|
|
—
|
|
|
6.75
|
%
|
|
8.51
|
%
|
|
12/13/2021
|
|
$
|
2,321,694
|
|
|
2,289,777
|
|
|
2,310,086
|
|
|
0.14
|
%
|
|
N
|
||
Florida East Coast Industries, LLC
|
|
First Lien Incremental Lien Term Loan B
|
|
LIBOR(M)
|
|
—
|
|
|
6.75
|
%
|
|
8.51
|
%
|
|
12/13/2021
|
|
$
|
876,520
|
|
|
869,946
|
|
|
872,138
|
|
|
0.05
|
%
|
|
N
|
||
Space Midco, Inc. (Archibus)
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.00
|
%
|
|
12/5/2023
|
|
$
|
4,444,444
|
|
|
4,371,064
|
|
|
4,371,111
|
|
|
0.26
|
%
|
|
N
|
||
Space Midco, Inc. (Archibus)
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
—
|
|
|
6.25
|
%
|
|
8.00
|
%
|
|
12/5/2023
|
|
$
|
—
|
|
|
(4,371
|
)
|
|
(4,583
|
)
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,526,416
|
|
|
7,548,752
|
|
|
0.45
|
%
|
|
|
||||||
Road and Rail
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
GlobalTranz Enterprises LLC
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
8.25
|
%
|
|
10.04
|
%
|
|
5/15/2027
|
|
$
|
19,382,324
|
|
|
19,008,604
|
|
|
18,796,978
|
|
|
1.11
|
%
|
|
N
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity/Expiration
|
|
Principal/Shares
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Software
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Certify, Inc.
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
1.00%
|
|
|
5.75%
|
|
|
7.55%
|
|
|
2/28/2024
|
|
$
|
1,594,315
|
|
|
$
|
1,547,623
|
|
|
$
|
1,537,877
|
|
|
0.09
|
%
|
|
N
|
Certify, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00%
|
|
|
5.75%
|
|
|
7.55%
|
|
|
2/28/2024
|
|
$
|
23,383,293
|
|
|
23,292,776
|
|
|
22,969,408
|
|
|
1.36
|
%
|
|
N
|
||
Certify, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00%
|
|
|
5.75%
|
|
|
7.55%
|
|
|
2/28/2024
|
|
$
|
159,432
|
|
|
143,495
|
|
|
140,619
|
|
|
0.01
|
%
|
|
N
|
||
JAMF Holdings, Inc.
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
1.00%
|
|
|
7.00%
|
|
|
8.91%
|
|
|
11/13/2022
|
|
$
|
3,606,829
|
|
|
3,563,940
|
|
|
3,606,829
|
|
|
0.21
|
%
|
|
N
|
||
JAMF Holdings, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00%
|
|
|
7.00%
|
|
|
8.91%
|
|
|
11/13/2022
|
|
$
|
14,160,797
|
|
|
13,978,598
|
|
|
14,160,797
|
|
|
0.84
|
%
|
|
N
|
||
JAMF Holdings, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00%
|
|
|
7.00%
|
|
|
8.80%
|
|
|
11/13/2022
|
|
$
|
—
|
|
|
(14,355
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
Marketlive, LLC (Kibo)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
—
|
|
|
8.00%
|
|
|
9.91%
|
|
|
12/18/2020
|
|
$
|
5,076,516
|
|
|
4,988,719
|
|
|
4,989,707
|
|
|
0.29
|
%
|
|
N
|
||
Rhode Holdings, Inc. (Kaseya)
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(Q)
|
|
1.00%
|
|
|
6.50%
|
|
|
8.60%
|
|
|
5/3/2025
|
|
$
|
224,401
|
|
|
193,557
|
|
|
190,964
|
|
|
0.01
|
%
|
|
N
|
||
Rhode Holdings, Inc. (Kaseya)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00%
|
|
|
5.50% Cash+1.00% PIK
|
|
|
8.72%
|
|
|
5/3/2025
|
|
$
|
14,362,948
|
|
|
14,098,242
|
|
|
14,084,307
|
|
|
0.82
|
%
|
|
N
|
||
Rhode Holdings, Inc. (Kaseya)
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00%
|
|
|
6.50%
|
|
|
8.30%
|
|
|
5/3/2025
|
|
$
|
689,257
|
|
|
667,641
|
|
|
665,857
|
|
|
0.04
|
%
|
|
N
|
||
Snow Software AB
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
2.00%
|
|
|
6.50%
|
|
|
8.50%
|
|
|
4/17/2024
|
|
$
|
13,081,645
|
|
|
12,846,264
|
|
|
12,860,565
|
|
|
0.76
|
%
|
|
N
|
||
Snow Software AB
|
|
First Lien Incremental Term Loan
|
|
LIBOR(Q)
|
|
2.00%
|
|
|
6.50%
|
|
|
8.50%
|
|
|
4/17/2024
|
|
$
|
14,557,807
|
|
|
14,269,367
|
|
|
14,311,780
|
|
|
0.84
|
%
|
|
N
|
||
Snow Software AB
|
|
Sr Secured Revolver
|
|
LIBOR(Q)
|
|
2.00%
|
|
|
6.50%
|
|
|
8.50%
|
|
|
4/17/2024
|
|
$
|
1,744,219
|
|
|
1,668,977
|
|
|
1,670,526
|
|
|
0.10
|
%
|
|
N
|
||
Winshuttle, LLC
|
|
First Lien FILO Term Loan
|
|
LIBOR(M)
|
|
1.00%
|
|
|
8.42%
|
|
|
10.22%
|
|
|
8/9/2024
|
|
$
|
14,007,952
|
|
|
13,649,539
|
|
|
13,665,177
|
|
|
0.81
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,894,383
|
|
|
104,854,413
|
|
|
6.18
|
%
|
|
|
|||||||
Specialty Retail
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
USR Parent, Inc. (Staples)
|
|
First Lien FILO Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
8.84
|
%
|
|
10.54
|
%
|
|
9/12/2022
|
|
$
|
6,410,930
|
|
|
6,314,032
|
|
|
6,404,519
|
|
|
0.38
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Technology Hardware, Storage and Peripherals
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Pulse Secure, LLC
|
|
Sr Secured Revolver
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
8.71
|
%
|
|
5/1/2022
|
|
$
|
—
|
|
|
(9,446
|
)
|
|
(3,893
|
)
|
|
—
|
|
|
K/N
|
||
Pulse Secure, LLC
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.00
|
%
|
|
8.71
|
%
|
|
5/1/2022
|
|
$
|
11,142,879
|
|
|
11,057,992
|
|
|
11,110,565
|
|
|
0.66
|
%
|
|
N
|
||
TierPoint, LLC
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.05
|
%
|
|
5/5/2025
|
|
$
|
2,880,000
|
|
|
2,854,404
|
|
|
2,558,405
|
|
|
0.15
|
%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,902,950
|
|
|
13,665,077
|
|
|
0.81
|
%
|
|
|
||||||
Textiles, Apparel and Luxury Goods
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC (Authentic Brands)
|
|
Second Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.75
|
%
|
|
9.55
|
%
|
|
9/29/2025
|
|
$
|
11,967,243
|
|
|
11,888,882
|
|
|
11,987,228
|
|
|
0.71
|
%
|
|
|
||
Kenneth Cole Productions, Inc.
|
|
First Lien FILO Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
7.75
|
%
|
|
9.50
|
%
|
|
12/28/2023
|
|
$
|
23,528,829
|
|
|
23,383,523
|
|
|
23,507,653
|
|
|
1.39
|
%
|
|
N
|
||
PSEB, LLC (Eddie Bauer)
|
|
First Lien FILO II Term Loan
|
|
PRIME
|
|
—
|
|
|
7.25
|
%
|
|
12.00
|
%
|
|
10/12/2023
|
|
$
|
10,793,402
|
|
|
10,549,564
|
|
|
10,793,402
|
|
|
0.64
|
%
|
|
N
|
||
PSEB, LLC (Eddie Bauer)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.50
|
%
|
|
8.00
|
%
|
|
9.91
|
%
|
|
10/12/2023
|
|
$
|
39,823,155
|
|
|
38,936,624
|
|
|
39,624,039
|
|
|
2.34
|
%
|
|
N
|
||
WH Buyer, LLC (Anne Klein)
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.50
|
%
|
|
6.75
|
%
|
|
8.75
|
%
|
|
7/16/2025
|
|
$
|
27,664,640
|
|
|
27,395,096
|
|
|
27,410,125
|
|
|
1.62
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,153,689
|
|
|
113,322,447
|
|
|
6.70
|
%
|
|
|
||||||
Thrifts and Mortgage Finance
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Greystone Select Holdings, LLC
|
|
First Lien Term Loan
|
|
LIBOR(Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
9.93
|
%
|
|
4/17/2024
|
|
$
|
24,826,865
|
|
|
24,672,974
|
|
|
25,571,671
|
|
|
1.51
|
%
|
|
N
|
||
Home Partners of America, Inc.
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.05
|
%
|
|
10/13/2022
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N
|
||
Home Partners of America, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.05
|
%
|
|
10/13/2022
|
|
$
|
2,857,143
|
|
|
2,826,874
|
|
|
2,857,145
|
|
|
0.17
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,499,848
|
|
|
28,428,816
|
|
|
1.68
|
%
|
|
|
||||||
Tobacco Related
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Juul Labs, Inc.
|
|
First Lien Term Loan
|
|
LIBOR(M)
|
|
1.50
|
%
|
|
7.00
|
%
|
|
8.90
|
%
|
|
8/2/2023
|
|
$
|
26,315,789
|
|
|
26,067,931
|
|
|
26,202,632
|
|
|
1.55
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Debt Investments
|
|
1,564,445,871
|
|
|
1,535,193,938
|
|
|
90.60
|
%
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity Securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Airlines
|
|
|
|
|
||||||||||||||||||||||||||||
Epic Aero, Inc (One Sky)
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
1,842
|
|
|
855,313
|
|
|
6,333,559
|
|
|
0.38
|
%
|
|
C/N
|
||||||
United N659UA-767, LLC (N659UA)
|
|
Trust Beneficial Interests
|
|
|
|
|
|
|
|
|
|
|
|
683
|
|
|
2,165,433
|
|
|
2,300,366
|
|
|
0.14
|
%
|
|
E/F/N
|
||||||
United N661UA-767, LLC (N661UA)
|
|
Trust Beneficial Interests
|
|
|
|
|
|
|
|
|
|
|
|
688
|
|
|
2,225,361
|
|
|
2,347,314
|
|
|
0.14
|
%
|
|
E/F/N
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,246,107
|
|
|
10,981,239
|
|
|
0.66
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Shares
|
|
Cost
|
|
Fair
Value |
|
% of Total
Cash and Investments |
|
Notes
|
||||||
Equity Securities (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Internet Software and Services
|
|
|
|
|
|
|
||||||||||||||||||||||
Domo, Inc.
|
|
Warrants to Purchase Class B Common Stock
|
|
|
|
|
|
|
|
|
|
6/28/2021
|
|
62,247
|
|
|
$
|
511,349
|
|
|
$
|
509,086
|
|
|
0.03
|
%
|
|
C/E/N
|
FinancialForce.com, Inc.
|
|
Warrants to Purchase Series C Preferred Stock
|
|
|
|
|
|
|
|
|
|
1/30/2029
|
|
840,000
|
|
|
287,985
|
|
|
271,044
|
|
|
0.02
|
%
|
|
C/E/N
|
||
Foursquare Labs, Inc.
|
|
Warrants to Purchase Series E Preferred Stock
|
|
|
|
|
|
|
|
|
|
5/4/2027
|
|
1,687,500
|
|
|
297,361
|
|
|
347,063
|
|
|
0.02
|
%
|
|
C/E/N
|
||
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Common Stock
|
|
|
|
|
|
|
|
|
|
8/15/2027
|
|
1,327,869
|
|
|
212,360
|
|
|
180,797
|
|
|
0.01
|
%
|
|
C/E/H/N
|
||
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)
|
|
|
|
|
|
|
|
|
|
9/18/2025
|
|
1,049,996
|
|
|
276,492
|
|
|
396,397
|
|
|
0.02
|
%
|
|
C/E/H/N
|
||
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)
|
|
|
|
|
|
|
|
|
|
10/3/2028
|
|
1,511,002
|
|
|
93,407
|
|
|
335,614
|
|
|
0.02
|
%
|
|
C/E/H/N
|
||
ResearchGate Corporation (Germany)
|
|
Warrants to Purchase Series D Preferred Stock
|
|
|
|
|
|
|
|
|
|
10/30/2029
|
|
333,370
|
|
|
202,001
|
|
|
205,018
|
|
|
0.01
|
%
|
|
C/D/E/H/N
|
||
Snaplogic, Inc.
|
|
Warrants to Purchase Series Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/19/2028
|
|
1,860,000
|
|
|
377,722
|
|
|
4,600,000
|
|
|
0.27
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,258,677
|
|
|
6,845,019
|
|
|
0.40
|
%
|
|
|
|||
IT Services
|
|
|
|
|
|
|
||||||||||||||||||||||
Fidelis (SVC), LLC
|
|
Preferred Units
|
|
|
|
|
|
|
|
|
|
|
|
657,932
|
|
|
2,001,384
|
|
|
47,518
|
|
|
—
|
|
|
C/E/N
|
||
|
|
|
|
|
|
|
||||||||||||||||||||||
Life Sciences Tools and Services
|
|
|
|
|
|
|
||||||||||||||||||||||
Envigo RMS Holdings Corp.
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
36,413
|
|
|
—
|
|
|
526,350
|
|
|
0.03
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
||||||||||||||||||||||
Media
|
|
|
|
|
|
|
||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.)
|
|
Class A Units
|
|
|
|
|
|
|
|
|
|
|
|
2,720,392
|
|
|
2,772,807
|
|
|
6,925,847
|
|
|
0.41
|
%
|
|
B/C/E/N
|
||
NEG Parent, LLC (Core Entertainment, Inc.)
|
|
Class A Warrants to Purchase Class A Units
|
|
|
|
|
|
|
|
|
|
10/17/2026
|
|
343,387
|
|
|
196,086
|
|
|
391,407
|
|
|
0.02
|
%
|
|
B/C/E/N
|
||
NEG Parent, LLC (Core Entertainment, Inc.)
|
|
Class B Warrants to Purchase Class A Units
|
|
|
|
|
|
|
|
|
|
10/17/2026
|
|
346,794
|
|
|
198,032
|
|
|
395,290
|
|
|
0.02
|
%
|
|
B/C/E/N
|
||
Quora, Inc.
|
|
Warrants to Purchase Series D Preferred Stock
|
|
|
|
|
|
|
|
|
|
4/11/2029
|
|
507,704
|
|
|
65,245
|
|
|
64,803
|
|
|
—
|
|
|
C/E/N
|
||
Shop Holding, LLC (Connexity)
|
|
Class A Units
|
|
|
|
|
|
|
|
|
|
|
|
507,167
|
|
|
480,049
|
|
|
—
|
|
|
—
|
|
|
C/E/N
|
||
SoundCloud, Ltd. (United Kingdom)
|
|
Warrants to Purchase Preferred Stock
|
|
|
|
|
|
|
|
|
|
4/29/2025
|
|
946,498
|
|
|
79,082
|
|
|
45,143
|
|
|
—
|
|
|
C/E/H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,791,301
|
|
|
7,822,490
|
|
|
0.45
|
%
|
|
|
||
Oil, Gas and Consumable Fuels
|
|
|
|
|
|
|
||||||||||||||||||||||
Iracore Investments Holdings, Inc.
|
|
Class A Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
16,207
|
|
|
4,177,710
|
|
|
2,476,881
|
|
|
0.15
|
%
|
|
B/C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Professional Services
|
|
|
|
|
|
|
||||||||||||||||||||||
Anacomp, Inc.
|
|
Class A Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
1,255,527
|
|
|
26,711,048
|
|
|
1,167,641
|
|
|
0.07
|
%
|
|
C/E/F/N
|
||
Findly Talent, LLC
|
|
Membership Units
|
|
|
|
|
|
|
|
|
|
|
|
708,229
|
|
|
230,938
|
|
|
123,939
|
|
|
0.01
|
%
|
|
C/E/N
|
||
STG-Fairway Holdings, LLC (First Advantage)
|
|
Class A Units
|
|
|
|
|
|
|
|
|
|
|
|
803,961
|
|
|
325,432
|
|
|
5,380,520
|
|
|
0.32
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,267,418
|
|
|
6,672,100
|
|
|
0.40
|
%
|
|
|
||
Semiconductors and Semiconductor Equipment
|
|
|
|
|
|
|
||||||||||||||||||||||
Adesto Technologies Corporation
|
|
Warrants to Purchase Common Stock
|
|
|
|
|
|
|
|
|
|
5/8/2024
|
|
436,320
|
|
|
846,724
|
|
|
667,570
|
|
|
0.04
|
%
|
|
C/E/N
|
||
Nanosys, Inc.
|
|
Warrants to Purchase Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/29/2023
|
|
800,000
|
|
|
605,266
|
|
|
838,607
|
|
|
0.05
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,451,990
|
|
|
1,506,177
|
|
|
0.09
|
%
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Shares
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||
Equity Securities (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Software
|
|
|
|
|
|
|
||||||||||||||||||||||
Actifio, Inc.
|
|
Warrants to Purchase Series G Preferred Stock
|
|
|
|
|
|
|
|
|
|
5/5/2027
|
|
1,052,651
|
|
|
$
|
188,770
|
|
|
$
|
469,687
|
|
|
0.03
|
%
|
|
C/E/N
|
Tradeshift, Inc.
|
|
Warrants to Purchase Series D Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/26/2027
|
|
1,712,930
|
|
|
577,842
|
|
|
523,801
|
|
|
0.03
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
766,612
|
|
|
993,488
|
|
|
0.06
|
%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Equity Securities
|
|
|
|
|
124,831,136
|
|
|
114,312,957
|
|
|
6.75
|
%
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Investments
|
|
$
|
1,689,277,077
|
|
|
$
|
1,649,506,895
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Cash Held on Account at Various Institutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,848,539
|
|
|
2.65
|
%
|
|
|
||||
Cash and Cash Equivalents
|
|
44,848,539
|
|
|
2.65
|
%
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
Total Cash and Investments
|
|
$
|
1,694,355,434
|
|
|
100.00
|
%
|
|
M
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
|
(B)
|
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
|
(C)
|
Non-income producing.
|
(D)
|
Investment denominated in foreign currency. Cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
|
(E)
|
Restricted security. (See Note 2)
|
(F)
|
Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
|
(G)
|
Investment has been segregated to collateralize certain unfunded commitments.
|
(H)
|
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(I)
|
Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(J)
|
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(K)
|
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
|
(L)
|
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
|
(M)
|
All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
|
(N)
|
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
|
(O)
|
36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC.
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (A)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Advertising, Public Relations and Marketing
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Foursquare Labs, Inc.
|
|
First Lien Delayed Draw Term Loan (5.0% Exit Fee)
|
|
LIBOR (Q)
|
|
—
|
|
|
8.81
|
%
|
|
11.56
|
%
|
|
6/1/2020
|
|
$
|
22,500,000
|
|
|
$
|
22,288,567
|
|
|
$
|
22,343,623
|
|
|
1.37
|
%
|
|
L/N
|
InMobi, Inc. (Singapore)
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.37
|
%
|
|
8.13
|
%
|
|
10.88
|
%
|
|
9/30/2021
|
|
$
|
37,775,057
|
|
|
37,432,000
|
|
|
37,727,838
|
|
|
2.32
|
%
|
|
H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,720,567
|
|
|
60,071,461
|
|
|
3.69
|
%
|
|
|
|||||||
Air Transportation
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Mesa Airlines, Inc.
|
|
Engine Acquisition Delayed Draw Term Loan A
|
|
LIBOR (Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.81
|
%
|
|
12/14/2021
|
|
$
|
12,945,769
|
|
|
12,802,291
|
|
|
13,130,247
|
|
|
0.81
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Engine Acquisition Delayed Draw Term Loan B
|
|
LIBOR (Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.81
|
%
|
|
2/28/2022
|
|
$
|
7,683,837
|
|
|
7,594,071
|
|
|
7,793,332
|
|
|
0.48
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Engine Acquisition Delayed Draw Term Loan C
|
|
LIBOR (Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.81
|
%
|
|
7/31/2022
|
|
$
|
3,205,798
|
|
|
3,166,674
|
|
|
3,296,682
|
|
|
0.20
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Engine Acquisition Delayed Draw Term Loan C-1
|
|
LIBOR (Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.81
|
%
|
|
9/30/2022
|
|
$
|
4,912,965
|
|
|
4,845,174
|
|
|
5,051,510
|
|
|
0.31
|
%
|
|
N
|
||
Mesa Airlines, Inc.
|
|
Engine Acquisition Term loan C-3
|
|
LIBOR (Q)
|
|
—
|
|
|
7.25
|
%
|
|
9.81
|
%
|
|
2/28/2023
|
|
$
|
1,353,738
|
|
|
1,332,947
|
|
|
1,391,236
|
|
|
0.08
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N902FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
2/1/2022
|
|
$
|
1,027,521
|
|
|
1,018,433
|
|
|
1,014,163
|
|
|
0.06
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N903FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
2/1/2022
|
|
$
|
1,229,633
|
|
|
1,218,758
|
|
|
1,213,648
|
|
|
0.07
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N904FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
2/1/2022
|
|
$
|
1,406,638
|
|
|
1,394,198
|
|
|
1,388,352
|
|
|
0.09
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N905FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
2/1/2022
|
|
$
|
979,415
|
|
|
970,753
|
|
|
966,683
|
|
|
0.06
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N906FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
5/1/2022
|
|
$
|
1,021,301
|
|
|
1,012,097
|
|
|
1,008,024
|
|
|
0.06
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N907FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
5/1/2022
|
|
$
|
1,071,436
|
|
|
1,061,780
|
|
|
1,057,507
|
|
|
0.07
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N908FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
5/1/2022
|
|
$
|
1,648,638
|
|
|
1,633,781
|
|
|
1,627,206
|
|
|
0.10
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N909FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
8/1/2022
|
|
$
|
683,862
|
|
|
677,658
|
|
|
674,972
|
|
|
0.04
|
%
|
|
N
|
||
Mesa Air Group, Inc.
|
|
Junior Loan Agreement (N910FJ)
|
|
LIBOR (Q)
|
|
—
|
|
|
7.50
|
%
|
|
10.04
|
%
|
|
8/1/2022
|
|
$
|
647,598
|
|
|
641,723
|
|
|
639,179
|
|
|
0.04
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,370,338
|
|
|
40,252,741
|
|
|
2.47
|
%
|
|
|
|||||||
Amusement and Recreation
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Blue Star Sports Holdings, Inc.
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
8.22
|
%
|
|
6/15/2024
|
|
$
|
—
|
|
|
(15,165
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
Blue Star Sports Holdings, Inc.
|
|
First Lien Revolver
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
8.22
|
%
|
|
6/15/2024
|
|
$
|
122,222
|
|
|
119,176
|
|
|
119,139
|
|
|
0.01
|
%
|
|
N
|
||
Blue Star Sports Holdings, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
5.75
|
%
|
|
8.22
|
%
|
|
6/15/2024
|
|
$
|
1,500,000
|
|
|
1,472,068
|
|
|
1,472,250
|
|
|
0.09
|
%
|
|
N
|
||
Machine Zone, Inc.
|
|
First Lien Term Loan (10.0% Exit Fee)
|
|
LIBOR (M)
|
|
—
|
|
|
13.50
|
%
|
|
15.85
|
%
|
|
2/1/2021
|
|
$
|
5,502,976
|
|
|
5,439,653
|
|
|
5,414,929
|
|
|
0.33
|
%
|
|
L/N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
11.30
|
%
|
|
11/3/2020
|
|
$
|
23,739,142
|
|
|
23,504,334
|
|
|
24,037,068
|
|
|
1.48
|
%
|
|
N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
Sr Secured Revolver
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
11.30
|
%
|
|
11/3/2020
|
|
$
|
856,164
|
|
|
848,517
|
|
|
856,165
|
|
|
0.05
|
%
|
|
N
|
||
VSS-Southern Holdings, LLC (Southern Theatres)
|
|
First Lien Incremental Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.50% Cash+2.00% PIK
|
|
|
11.30
|
%
|
|
11/2/2022
|
|
$
|
1,415,726
|
|
|
1,402,020
|
|
|
1,433,494
|
|
|
0.09
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,770,603
|
|
|
33,333,045
|
|
|
2.05
|
%
|
|
|
|||||||
Building Equipment Contractors
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
10.02
|
%
|
|
7/25/2021
|
|
$
|
2,496,448
|
|
|
2,442,261
|
|
|
2,490,207
|
|
|
0.15
|
%
|
|
N
|
||
Hylan Datacom & Electrical, LLC
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
7.50
|
%
|
|
10.02
|
%
|
|
7/25/2021
|
|
$
|
13,807,225
|
|
|
13,691,491
|
|
|
13,772,707
|
|
|
0.85
|
%
|
|
N
|
||
TCFI Amteck Holdings, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
6.25
|
%
|
|
9.06
|
%
|
|
5/22/2023
|
|
$
|
481,249
|
|
|
472,488
|
|
|
487,746
|
|
|
0.03
|
%
|
|
N
|
||
TCFI Amteck Holdings, LLC
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
6.25
|
%
|
|
9.06
|
%
|
|
5/22/2023
|
|
$
|
16,046,661
|
|
|
15,753,256
|
|
|
16,263,291
|
|
|
1.00
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,359,496
|
|
|
33,013,951
|
|
|
2.03
|
%
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Diversified Software
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Acronis International GmbH (Switzerland)
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
11.50%Cash+2.00% PIK
|
|
|
16.31
|
%
|
|
7/16/2020
|
|
$
|
15,196,285
|
|
|
$
|
15,200,725
|
|
|
$
|
15,196,285
|
|
|
0.94
|
%
|
|
H/N
|
ArcServe (USA), LLC
|
|
Second Lien Term Loan
|
|
LIBOR (Q)
|
|
0.50
|
%
|
|
8.50% Cash+1.25% PIK
|
|
|
12.55
|
%
|
|
1/31/2020
|
|
$
|
31,075,558
|
|
|
30,932,264
|
|
|
30,997,869
|
|
|
1.91
|
%
|
|
N
|
||
Autoalert, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR (Q)
|
|
0.25
|
%
|
|
5.75% Cash+3.00% PIK
|
|
|
11.19
|
%
|
|
12/31/2020
|
|
$
|
37,886,155
|
|
|
37,654,959
|
|
|
38,113,472
|
|
|
2.35
|
%
|
|
N
|
||
Autoalert, LLC
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
0.25
|
%
|
|
5.75% Cash+3.00% PIK
|
|
|
11.19
|
%
|
|
12/31/2020
|
|
$
|
14,993,418
|
|
|
14,790,062
|
|
|
15,083,378
|
|
|
0.93
|
%
|
|
N
|
||
Bond International Software, Inc. (United Kingdom)
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
10.00
|
%
|
|
12.40
|
%
|
|
11/4/2021
|
|
$
|
26,358,696
|
|
|
25,955,777
|
|
|
25,122,473
|
|
|
1.55
|
%
|
|
H/N
|
||
Certify, Inc.
|
|
First Lien FILO Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
6.25
|
%
|
|
8.77
|
%
|
|
1/30/2022
|
|
$
|
15,863,835
|
|
|
15,632,297
|
|
|
15,625,877
|
|
|
0.96
|
%
|
|
N
|
||
DealerFX, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
6.25% Cash+2.00% PIK
|
|
|
11.06
|
%
|
|
2/1/2023
|
|
$
|
16,016,055
|
|
|
15,742,618
|
|
|
16,118,558
|
|
|
0.99
|
%
|
|
N
|
||
ECI Macola/Max Holding, LLC
|
|
Second Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.80
|
%
|
|
9/19/2025
|
|
$
|
24,840,563
|
|
|
24,634,138
|
|
|
24,343,752
|
|
|
1.50
|
%
|
|
N
|
||
Fishbowl, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
4.80% Cash+8.45% PIK
|
|
|
16.06
|
%
|
|
1/26/2022
|
|
$
|
21,976,505
|
|
|
21,542,497
|
|
|
20,751,314
|
|
|
1.28
|
%
|
|
N
|
||
iCIMS, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
9.02
|
%
|
|
9/12/2024
|
|
$
|
7,851,765
|
|
|
7,699,495
|
|
|
7,698,655
|
|
|
0.47
|
%
|
|
N
|
||
iCIMS, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.50
|
%
|
|
9.02
|
%
|
|
9/12/2024
|
|
$
|
—
|
|
|
(9,323
|
)
|
|
(9,569
|
)
|
|
—
|
|
|
K/N
|
||
JAMF Holdings, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.61
|
%
|
|
11/13/2022
|
|
$
|
14,160,797
|
|
|
13,927,609
|
|
|
13,990,868
|
|
|
0.86
|
%
|
|
N
|
||
JAMF Holdings, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.61
|
%
|
|
11/13/2022
|
|
$
|
—
|
|
|
(18,815
|
)
|
|
(14,569
|
)
|
|
—
|
|
|
K/N
|
||
Lithium Technologies, LLC
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.39
|
%
|
|
10/3/2022
|
|
$
|
20,884,731
|
|
|
20,520,511
|
|
|
20,529,691
|
|
|
1.26
|
%
|
|
N
|
||
Lithium Technologies, LLC
|
|
Sr Secured Revolver
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.39
|
%
|
|
10/3/2022
|
|
$
|
—
|
|
|
(25,897
|
)
|
|
(25,978
|
)
|
|
—
|
|
|
K/N
|
||
Lithium Technologies, LLC
|
|
First Lien Incremental Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.39
|
%
|
|
10/3/2022
|
|
$
|
7,131,905
|
|
|
6,977,108
|
|
|
7,010,663
|
|
|
0.43
|
%
|
|
N
|
||
Lithium Technologies, LLC
|
|
Sr Secured Revolver
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.00
|
%
|
|
10.39
|
%
|
|
10/3/2022
|
|
$
|
—
|
|
|
(9,610
|
)
|
|
(7,739
|
)
|
|
—
|
|
|
K/N
|
||
Space Midco, Inc. (Archibus)
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
—
|
|
|
6.25
|
%
|
|
8.69
|
%
|
|
12/5/2023
|
|
$
|
4,444,444
|
|
|
4,356,066
|
|
|
4,355,556
|
|
|
0.27
|
%
|
|
N
|
||
Space Midco, Inc. (Archibus)
|
|
Sr Secured Revolver
|
|
LIBOR (M)
|
|
—
|
|
|
6.25
|
%
|
|
8.69
|
%
|
|
12/5/2023
|
|
$
|
—
|
|
|
(5,473
|
)
|
|
(5,556
|
)
|
|
—
|
|
|
K/N
|
||
Team Software, Inc.
|
|
First Lien Revolver
|
|
LIBOR (Q)
|
|
—
|
|
|
5.50
|
%
|
|
8.31
|
%
|
|
9/17/2023
|
|
$
|
—
|
|
|
(49,632
|
)
|
|
(49,508
|
)
|
|
—
|
|
|
K/N
|
||
Team Software, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
5.50
|
%
|
|
8.31
|
%
|
|
9/17/2023
|
|
$
|
13,167,038
|
|
|
12,979,534
|
|
|
12,981,383
|
|
|
0.80
|
%
|
|
N
|
||
Telarix, Inc.
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
8.47
|
%
|
|
11/19/2023
|
|
$
|
7,500,000
|
|
|
7,388,692
|
|
|
7,387,500
|
|
|
0.45
|
%
|
|
N
|
||
Telarix, Inc.
|
|
Sr Secured Revolver
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
8.47
|
%
|
|
11/19/2023
|
|
$
|
—
|
|
|
(5,231
|
)
|
|
(5,357
|
)
|
|
—
|
|
|
K/N
|
||
Tradeshift Holdings, Inc.
|
|
First Lien Delayed Draw Term Loan (7.0% Exit Fee)
|
|
LIBOR (Q)
|
|
—
|
|
|
8.88
|
%
|
|
11.63
|
%
|
|
9/1/2020
|
|
$
|
19,117,528
|
|
|
18,692,528
|
|
|
19,569,008
|
|
|
1.20
|
%
|
|
L/N
|
||
Utilidata, Inc.
|
|
First Lien Delayed Draw Term Loan (4.0% Exit Fee)
|
|
LIBOR (Q)
|
|
—
|
|
|
9.88
|
%
|
|
12.63
|
%
|
|
6/1/2019
|
|
$
|
1,973,398
|
|
|
1,955,853
|
|
|
1,888,937
|
|
|
0.12
|
%
|
|
L/N
|
||
Xactly Corporation
|
|
First Lien Incremental Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.78
|
%
|
|
7/31/2022
|
|
$
|
2,726,918
|
|
|
2,680,492
|
|
|
2,726,918
|
|
|
0.17
|
%
|
|
N
|
||
Xactly Corporation
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.78
|
%
|
|
7/31/2022
|
|
$
|
16,397,517
|
|
|
16,146,078
|
|
|
16,397,517
|
|
|
1.01
|
%
|
|
N
|
||
Xactly Corporation
|
|
Sr Secured Revolver
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
7.25
|
%
|
|
9.78
|
%
|
|
7/31/2022
|
|
$
|
—
|
|
|
(20,188
|
)
|
|
—
|
|
|
—
|
|
|
K/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
315,265,134
|
|
|
315,771,398
|
|
|
19.45
|
%
|
|
|
|||||||
Educational Support Services
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Edmentum, Inc.
|
|
First Lien Term Loan B
|
|
LIBOR (Q)
|
|
—
|
|
|
8.50
|
%
|
|
11.03
|
%
|
|
6/9/2021
|
|
$
|
6,187,476
|
|
|
5,276,592
|
|
|
6,187,478
|
|
|
0.38
|
%
|
|
B/N
|
||
Edmentum, Inc.
|
|
Junior Revolving Facility
|
|
Fixed
|
|
—
|
|
|
5.00
|
%
|
|
5.00
|
%
|
|
6/9/2020
|
|
$
|
1,153,071
|
|
|
1,153,071
|
|
|
1,153,076
|
|
|
0.07
|
%
|
|
B/N
|
||
Edmentum, Inc.
|
|
Second Lien Term Loan
|
|
Fixed
|
|
—
|
|
|
7.00% PIK
|
|
|
7.00
|
%
|
|
12/8/2021
|
|
$
|
7,719,061
|
|
|
7,719,061
|
|
|
7,719,069
|
|
|
0.47
|
%
|
|
B/N
|
||
Edmentum Ultimate Holdings, LLC
|
|
Sr PIK Notes
|
|
Fixed
|
|
—
|
|
|
8.50
|
%
|
|
8.50
|
%
|
|
6/9/2020
|
|
$
|
3,375,453
|
|
|
3,375,453
|
|
|
3,375,453
|
|
|
0.21
|
%
|
|
B/N
|
||
Edmentum Ultimate Holdings, LLC
|
|
Jr PIK Notes
|
|
Fixed
|
|
—
|
|
|
10.00
|
%
|
|
10.00
|
%
|
|
6/9/2020
|
|
$
|
15,931,540
|
|
|
15,700,810
|
|
|
11,152,078
|
|
|
0.69
|
%
|
|
B/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,224,987
|
|
|
29,587,154
|
|
|
1.82
|
%
|
|
|
|||||||
Electronic Component Manufacturing
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Adesto Technologies Corporation
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
8.75
|
%
|
|
11.56
|
%
|
|
5/8/2022
|
|
$
|
17,816,424
|
|
|
16,762,198
|
|
|
16,979,052
|
|
|
1.04
|
%
|
|
N
|
||
Soraa, Inc.
|
|
Tranche A Term Loan (4.33% Exit Fee)
|
|
LIBOR (Q)
|
|
0.44
|
%
|
|
9.33
|
%
|
|
12.15
|
%
|
|
12/31/2019
|
|
$
|
5,425,530
|
|
|
5,345,178
|
|
|
5,042,759
|
|
|
0.31
|
%
|
|
L/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,107,376
|
|
|
22,021,811
|
|
|
1.35
|
%
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Instrument
|
|
Ref
|
|
Floor
|
|
Spread
|
|
Total Coupon
|
|
Maturity
|
|
Principal
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||||||
Debt Investments (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Scientific Research and Development Services
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom)
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
5.75
|
%
|
|
8.55
|
%
|
|
4/29/2020
|
|
$
|
1,857,267
|
|
|
$
|
1,747,856
|
|
|
$
|
1,792,262
|
|
|
0.11
|
%
|
|
H/N
|
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom)
|
|
Second Lien Term Loan
|
|
LIBOR (Q)
|
|
—
|
|
|
7.75
|
%
|
|
10.55
|
%
|
|
4/29/2020
|
|
$
|
4,189,589
|
|
|
2,787,441
|
|
|
3,906,792
|
|
|
0.24
|
%
|
|
H/N
|
||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom)
|
|
First Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.50
|
%
|
|
10.93
|
%
|
|
11/3/2021
|
|
$
|
34,494,622
|
|
|
34,071,469
|
|
|
32,769,891
|
|
|
2.02
|
%
|
|
G/H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,606,766
|
|
|
38,468,945
|
|
|
2.37
|
%
|
|
|
|||||||
Support Activities for Rail Transportation
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Florida East Coast Industries, LLC
|
|
First Lien Term Loan B
|
|
LIBOR (M)
|
|
—
|
|
|
6.50
|
%
|
|
8.93
|
%
|
|
12/13/2021
|
|
$
|
3,214,286
|
|
|
3,150,403
|
|
|
3,182,143
|
|
|
0.20
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Traveler Arrangement
|
|
|
|
|
|
|
||||||||||||||||||||||||||
CIBT Solutions, Inc.
|
|
Second Lien Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
7.75
|
%
|
|
10.55
|
%
|
|
6/1/2025
|
|
$
|
7,611,914
|
|
|
7,544,882
|
|
|
7,516,765
|
|
|
0.46
|
%
|
|
G/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility System Construction
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Conergy Asia & ME Pte. Ltd (Singapore)
|
|
First Lien Term Loan
|
|
Fixed
|
|
—
|
|
|
10.00
|
%
|
|
10.00
|
%
|
|
5/26/2020
|
|
$
|
1,773,807
|
|
|
1,773,807
|
|
|
1,773,807
|
|
|
0.11
|
%
|
|
F/H/N
|
||
GlassPoint Solar, Inc.
|
|
First Lien Term Loan (4.0% Exit Fee)
|
|
LIBOR (Q)
|
|
—
|
|
|
8.50
|
%
|
|
11.25
|
%
|
|
8/1/2020
|
|
$
|
5,434,622
|
|
|
5,387,085
|
|
|
5,355,005
|
|
|
0.33
|
%
|
|
L/N
|
||
GlassPoint Solar, Inc.
|
|
First Lien Term Loan (5.0% Exit Fee)
|
|
LIBOR (Q)
|
|
—
|
|
|
11.44
|
%
|
|
14.19
|
%
|
|
8/1/2020
|
|
$
|
2,951,368
|
|
|
2,798,858
|
|
|
2,958,156
|
|
|
0.18
|
%
|
|
L/N
|
||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
|
|
Bank Guarantee Credit Facility
|
|
Fixed
|
|
—
|
|
|
0.00
|
%
|
|
0.00
|
%
|
|
5/26/2020
|
|
$
|
14,155,971
|
|
|
14,155,971
|
|
|
11,682,923
|
|
|
0.72
|
%
|
|
C/F/H/N
|
||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
|
|
Revolving Credit Facility
|
|
Fixed
|
|
—
|
|
|
0.00
|
%
|
|
0.00
|
%
|
|
5/26/2020
|
|
$
|
8,668,850
|
|
|
8,668,850
|
|
|
2,922,269
|
|
|
0.18
|
%
|
|
C/F/H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,784,571
|
|
|
24,692,160
|
|
|
1.52
|
%
|
|
|
|||||||
Wholesalers
|
|
|
|
|
|
|
||||||||||||||||||||||||||
FreePoint Commodities, LLC
|
|
Second Lien Term Loan
|
|
LIBOR (M)
|
|
1.00
|
%
|
|
8.25
|
%
|
|
10.71
|
%
|
|
6/13/2023
|
|
$
|
15,000,000
|
|
|
14,855,083
|
|
|
14,875,500
|
|
|
0.92
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wired Telecommunications Carriers
|
|
|
|
|
|
|
||||||||||||||||||||||||||
American Broadband Holding Company
|
|
First Lien Term Loan
|
|
LIBOR (Q)
|
|
1.25
|
%
|
|
7.75
|
%
|
|
10.55
|
%
|
|
10/25/2022
|
|
$
|
17,500,308
|
|
|
17,152,164
|
|
|
17,363,805
|
|
|
1.07
|
%
|
|
N
|
||
TPC Intermediate Holdings, LLC
|
|
First Lien Delayed Draw Term Loan
|
|
LIBOR (Q)
|
|
1.00
|
%
|
|
6.00
|
%
|
|
8.80
|
%
|
|
5/15/2023
|
|
$
|
807,706
|
|
|
789,592
|
|
|
794,042
|
|
|
0.05
|
%
|
|
N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,941,756
|
|
|
18,157,847
|
|
|
1.12
|
%
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Debt Investments
|
|
1,526,248,949
|
|
|
1,515,109,263
|
|
|
93.22
|
%
|
|
|
Issuer
|
|
Instrument
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Shares
|
|
Cost
|
|
Fair
Value
|
|
% of Total
Cash and
Investments
|
|
Notes
|
||||||
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advertising, Public Relations and Marketing
|
||||||||||||||||||||||||||||
Foursquare Labs, Inc.
|
|
Warrants to Purchase Series E Preferred Stock
|
|
|
|
|
|
|
|
|
|
5/4/2027
|
|
1,125,000
|
|
|
$
|
185,450
|
|
|
$
|
130,725
|
|
|
0.01
|
%
|
|
C/E/N
|
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Common Stock
|
|
|
|
|
|
|
|
|
|
8/15/2027
|
|
1,327,869
|
|
|
212,360
|
|
|
340,200
|
|
|
0.02
|
%
|
|
C/E/H/N
|
||
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)
|
|
|
|
|
|
|
|
|
|
9/18/2025
|
|
1,049,996
|
|
|
276,492
|
|
|
558,388
|
|
|
0.03
|
%
|
|
C/E/H/N
|
||
InMobi, Inc. (Singapore)
|
|
Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)
|
|
|
|
|
|
|
|
|
|
10/3/2028
|
|
1,511,002
|
|
|
93,407
|
|
|
164,095
|
|
|
0.01
|
%
|
|
C/E/H/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
767,709
|
|
|
1,193,408
|
|
|
0.07
|
%
|
|
|
|||
Air Transportation
|
||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
United N659UA-767, LLC (N659UA)
|
|
Trust Beneficial Interests
|
|
|
|
|
|
|
|
|
|
|
|
683
|
|
|
2,527,274
|
|
|
2,826,708
|
|
|
0.17
|
%
|
|
E/F/N
|
||
United N661UA-767, LLC (N661UA)
|
|
Trust Beneficial Interests
|
|
|
|
|
|
|
|
|
|
|
|
688
|
|
|
2,608,991
|
|
|
2,896,083
|
|
|
0.18
|
%
|
|
E/F/N
|
||
Epic Aero, Inc (One Sky)
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
1,842
|
|
|
855,313
|
|
|
5,030,670
|
|
|
0.31
|
%
|
|
C/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,991,578
|
|
|
10,753,461
|
|
|
0.66
|
%
|
|
|
|||
Business Support Services
|
||||||||||||||||||||||||||||
Findly Talent, LLC
|
|
Membership Units
|
|
|
|
|
|
|
|
|
|
|
|
708,229
|
|
|
230,938
|
|
|
33,995
|
|
|
—
|
|
|
C/E/N
|
||
STG-Fairway Holdings, LLC (First Advantage)
|
|
Class A Units
|
|
|
|
|
|
|
|
|
|
|
|
803,961
|
|
|
325,432
|
|
|
2,708,384
|
|
|
0.17
|
%
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
556,370
|
|
|
2,742,379
|
|
|
0.17
|
%
|
|
|
|||
Chemicals
|
||||||||||||||||||||||||||||
Green Biologics, Inc.
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
34,761,145
|
|
|
18,522,593
|
|
|
3,670,777
|
|
|
0.23
|
|
|
B/C/E/H/N
|
||
Nanosys, Inc.
|
|
Warrants to Purchase Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/29/2023
|
|
800,000
|
|
|
605,266
|
|
|
814,640
|
|
|
0.05
|
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,127,859
|
|
|
4,485,417
|
|
|
0.28
|
%
|
|
|
|||
Computer Systems Design and Related Services
|
||||||||||||||||||||||||||||
Fidelis Topco LP
|
|
Warrants to Purchase Series A Preferred Units
|
|
|
|
|
|
|
|
|
|
7/20/2028
|
|
21,888,917
|
|
|
—
|
|
|
663,234
|
|
|
0.04
|
|
|
C/E/N
|
||
Fidelis Topco LP
|
|
Warrants to Purchase Series B Preferred Units
|
|
|
|
|
|
|
|
|
|
7/20/2028
|
|
24,972,917
|
|
|
—
|
|
|
756,679
|
|
|
0.05
|
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
1,419,913
|
|
|
0.09
|
%
|
|
|
|||
Data Processing and Hosting Services
|
||||||||||||||||||||||||||||
Anacomp, Inc.
|
|
Class A Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
1,255,527
|
|
|
26,711,048
|
|
|
1,418,746
|
|
|
0.09
|
|
|
C/E/F/N
|
||
Domo, Inc.
|
|
Warrants to Purchase Common Stock
|
|
|
|
|
|
|
|
|
|
12/30/2027
|
|
33,993
|
|
|
264,624
|
|
|
296,840
|
|
|
0.02
|
|
|
C/E/N
|
||
Snaplogic, Inc.
|
|
Warrants to Purchase Series Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/19/2028
|
|
1,860,000
|
|
|
377,722
|
|
|
2,510,070
|
|
|
0.15
|
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,353,394
|
|
|
4,225,656
|
|
|
0.26
|
%
|
|
|
|||
Diversified Software
|
||||||||||||||||||||||||||||
Actifio, Inc.
|
|
Warrants to Purchase Series G Preferred Stock
|
|
|
|
|
|
|
|
|
|
5/5/2027
|
|
1,052,651
|
|
|
188,770
|
|
|
456,745
|
|
|
0.03
|
|
|
C/E/N
|
||
Tradeshift, Inc.
|
|
Warrants to Purchase Series D Preferred Stock
|
|
|
|
|
|
|
|
|
|
3/26/2027
|
|
1,712,930
|
|
|
577,843
|
|
|
647,316
|
|
|
0.04
|
|
|
C/E/N
|
||
Utilidata, Inc.
|
|
Warrants to Purchase Preferred Stock
|
|
|
|
|
|
|
|
|
|
12/22/2022
|
|
719,998
|
|
|
216,336
|
|
|
9,936
|
|
|
—
|
|
|
C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
982,949
|
|
|
1,113,997
|
|
|
0.07
|
%
|
|
|
|||
Educational Support Services
|
||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC
|
|
Class A Common Units
|
|
|
|
|
|
|
|
|
|
|
|
159,515
|
|
|
680,226
|
|
|
—
|
|
|
—
|
|
|
B/C/E/N
|
||
Edmentum Ultimate Holdings, LLC
|
|
Warrants to Purchase Class A Units
|
|
|
|
|
|
|
|
|
|
2/23/2028
|
|
788,112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
B/C/E/N
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
680,226
|
|
|
—
|
|
|
—
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
|
(B)
|
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
|
(C)
|
Non-income producing.
|
(D)
|
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
|
(E)
|
Restricted security. (See Note 2)
|
(F)
|
Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
|
(G)
|
Investment has been segregated to collateralize certain unfunded commitments.
|
(H)
|
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(I)
|
Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(J)
|
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
(K)
|
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
|
(L)
|
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
|
(M)
|
All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
|
(N)
|
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
|
(O)
|
36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC.
|
|
Year Ended December 31,
|
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
|
||||||
Investment income
|
|
|
|
|
|
|
||||||
Interest income (excluding PIK):
|
|
|
|
|
|
|
||||||
Companies less than 5% owned
|
$
|
170,292,622
|
|
|
$
|
168,673,628
|
|
|
$
|
155,374,375
|
|
|
Companies 5% to 25% owned
|
2,750,461
|
|
|
2,713,602
|
|
|
2,117,440
|
|
|
|||
Companies more than 25% owned
|
5,034,138
|
|
|
3,645,312
|
|
|
4,669,571
|
|
|
|||
PIK interest income:
|
|
|
|
|
|
|
||||||
Companies less than 5% owned
|
10,108,553
|
|
|
9,128,512
|
|
|
5,290,187
|
|
|
|||
Companies 5% to 25% owned
|
3,398,235
|
|
|
4,337,080
|
|
|
4,900,886
|
|
|
|||
Companies more than 25% owned
|
—
|
|
|
649,680
|
|
|
1,174,886
|
|
|
|||
Dividend income:
|
|
|
|
|
|
|
||||||
Companies less than 5% owned
|
—
|
|
|
—
|
|
|
16,627
|
|
|
|||
Companies more than 25% owned
|
2,392,274
|
|
|
750,714
|
|
|
237,398
|
|
|
|||
Lease income:
|
|
|
|
|
|
|
||||||
Companies more than 25% owned
|
297,827
|
|
|
297,827
|
|
|
294,366
|
|
|
|||
Other income:
|
|
|
|
|
|
|
||||||
Companies less than 5% owned
|
891,805
|
|
|
5,473
|
|
|
1,767,821
|
|
|
|||
Companies 5% to 25% owned
|
—
|
|
|
297,356
|
|
|
125,943
|
|
|
|||
Total investment income
|
195,165,915
|
|
|
190,499,184
|
|
|
175,969,500
|
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses
|
|
|
|
|
|
|
||||||
Interest and other debt expenses
|
46,398,795
|
|
|
40,468,761
|
|
|
33,091,143
|
|
|
|||
Management and advisory fees
|
24,860,910
|
|
|
24,179,376
|
|
|
21,560,868
|
|
|
|||
Incentive fee
|
20,307,759
|
|
|
23,346,164
|
|
|
N/A
|
|
*
|
|||
Administrative expenses
|
2,338,624
|
|
|
2,393,582
|
|
|
2,327,870
|
|
|
|||
Legal fees, professional fees and due diligence expenses
|
1,756,480
|
|
|
2,307,196
|
|
|
1,485,182
|
|
|
|||
Director fees
|
781,933
|
|
|
794,278
|
|
|
571,685
|
|
|
|||
Insurance expense
|
591,728
|
|
|
468,184
|
|
|
436,965
|
|
|
|||
Custody fees
|
410,852
|
|
|
377,611
|
|
|
335,841
|
|
|
|||
Other operating expenses
|
2,860,741
|
|
|
2,686,677
|
|
|
2,721,946
|
|
|
|||
Total operating expenses
|
100,307,822
|
|
|
97,021,829
|
|
|
62,531,500
|
|
|
|||
|
|
|
|
|
|
|
||||||
Net investment income before taxes
|
94,858,093
|
|
|
93,477,355
|
|
|
113,438,000
|
|
|
|||
Excise tax expense
|
—
|
|
|
92,700
|
|
|
36,380
|
|
|
|||
Net investment income
|
94,858,093
|
|
|
93,384,655
|
|
|
113,401,620
|
|
|
|||
|
|
|
|
|
|
|
||||||
Realized and unrealized gain (loss) on investments and foreign currency
|
|
|
|
|
|
|
||||||
Net realized gain (loss):
|
|
|
|
|
|
|
||||||
Investments in companies less than 5% owned
|
(56,955,163
|
)
|
|
856,650
|
|
|
(13,450,535
|
)
|
|
|||
Investments in companies 5% to 25% owned
|
(19,671,886
|
)
|
|
(29,704,298
|
)
|
|
(7,113,339
|
)
|
|
|||
Investments in companies more than 25% owned
|
—
|
|
|
—
|
|
|
(103,398
|
)
|
|
|||
Net realized loss
|
(76,627,049
|
)
|
|
(28,847,648
|
)
|
|
(20,667,272
|
)
|
|
|||
|
|
|
|
|
|
|
||||||
Change in net unrealized appreciation/depreciation
|
12,349,745
|
|
|
(19,061,125
|
)
|
|
(2,123,011
|
)
|
|
|||
Net realized and unrealized loss
|
(64,277,304
|
)
|
|
(47,908,773
|
)
|
|
(22,790,283
|
)
|
|
|||
|
|
|
|
|
|
|
||||||
Net increase in net assets from operations
|
$
|
30,580,789
|
|
|
$
|
45,475,882
|
|
|
$
|
90,611,337
|
|
|
|
|
|
|
|
|
|
||||||
Distributions of incentive allocation to general partner from:
|
|
|
|
|
|
|
||||||
Net investment income
|
N/A
|
|
*
|
N/A
|
|
*
|
$
|
(22,680,323
|
)
|
|
||
|
|
|
|
|
|
|
||||||
Net increase in net assets resulting from operations
|
$
|
30,580,789
|
|
|
$
|
45,475,882
|
|
|
$
|
67,931,014
|
|
|
|
|
|
|
|
|
|
||||||
Basic and diluted earnings per common share
|
$
|
0.52
|
|
|
$
|
0.77
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
|
||||||
Basic and diluted weighted average common shares outstanding
|
58,766,362
|
|
|
58,815,216
|
|
|
57,000,658
|
|
|
|
|
Common Stock
|
|
Paid in Capital
in Excess of Par |
|
Distributable earnings (loss)
|
|
Total Net
Assets |
|||||||||||
|
|
Shares
|
|
Par Amount
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2016
|
|
53,041,900
|
|
|
$
|
53,042
|
|
|
$
|
944,426,650
|
|
|
$
|
(153,543,701
|
)
|
|
$
|
790,935,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of common stock in public offering, net
|
|
5,750,000
|
|
|
5,750
|
|
|
93,591,750
|
|
|
—
|
|
|
93,597,500
|
|
||||
Issuance of common stock from at-the-market offerings, net
|
|
54,713
|
|
|
55
|
|
|
863,343
|
|
|
—
|
|
|
863,398
|
|
||||
Issuance of common stock from dividend reinvestment plan
|
|
643
|
|
|
—
|
|
|
10,585
|
|
|
—
|
|
|
10,585
|
|
||||
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113,401,620
|
|
|
113,401,620
|
|
||||
Net realized and unrealized loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,790,283
|
)
|
|
(22,790,283
|
)
|
||||
General partner incentive allocation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,680,323
|
)
|
|
(22,680,323
|
)
|
||||
Regular dividends paid to common shareholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(82,610,362
|
)
|
|
(82,610,362
|
)
|
||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles
|
|
—
|
|
|
—
|
|
|
(36,380
|
)
|
|
36,380
|
|
|
—
|
|
||||
Balance at December 31, 2017
|
|
58,847,256
|
|
|
$
|
58,847
|
|
|
$
|
1,038,855,948
|
|
|
$
|
(168,186,669
|
)
|
|
$
|
870,728,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of common stock from dividend reinvestment plan
|
|
767
|
|
|
—
|
|
|
10,693
|
|
|
—
|
|
|
10,693
|
|
||||
Repurchase of common stock
|
|
(73,416
|
)
|
|
(72
|
)
|
|
(1,046,403
|
)
|
|
—
|
|
|
(1,046,475
|
)
|
||||
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,384,655
|
|
|
93,384,655
|
|
||||
Net realized and unrealized loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,908,773
|
)
|
|
(47,908,773
|
)
|
||||
Regular dividends paid to common shareholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(84,693,499
|
)
|
|
(84,693,499
|
)
|
||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles
|
|
—
|
|
|
—
|
|
|
(37,747,055
|
)
|
|
37,747,055
|
|
|
—
|
|
||||
Balance at December 31, 2018
|
|
58,774,607
|
|
|
$
|
58,775
|
|
|
$
|
1,000,073,183
|
|
|
$
|
(169,657,231
|
)
|
|
$
|
830,474,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of common stock from dividend reinvestment plan
|
|
819
|
|
|
—
|
|
|
11,453
|
|
|
—
|
|
|
11,453
|
|
||||
Repurchase of common stock
|
|
(9,000
|
)
|
|
(9
|
)
|
|
(125,670
|
)
|
|
—
|
|
|
(125,679
|
)
|
||||
Net investment income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,858,093
|
|
|
94,858,093
|
|
||||
Net realized and unrealized loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64,277,304
|
)
|
|
(64,277,304
|
)
|
||||
Regular dividends paid to common shareholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(84,622,904
|
)
|
|
(84,622,904
|
)
|
||||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles
|
|
—
|
|
|
—
|
|
|
(2,579,604
|
)
|
|
2,579,604
|
|
|
—
|
|
||||
Balance at December 31, 2019
|
|
58,766,426
|
|
|
$
|
58,766
|
|
|
$
|
997,379,362
|
|
|
$
|
(221,119,742
|
)
|
|
$
|
776,318,386
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
||||||
Net increase in net assets applicable to common shareholders resulting from operations
|
$
|
30,580,789
|
|
|
$
|
45,475,882
|
|
|
$
|
67,931,014
|
|
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Net realized loss
|
76,627,049
|
|
|
28,847,648
|
|
|
20,667,272
|
|
|||
Change in net unrealized appreciation/depreciation of investments
|
(12,492,073
|
)
|
|
19,034,390
|
|
|
2,131,838
|
|
|||
Net amortization of investment discounts and premiums
|
(12,706,060
|
)
|
|
(10,032,111
|
)
|
|
(15,082,529
|
)
|
|||
Amortization of original issue discount on convertible debt
|
1,355,080
|
|
|
1,183,036
|
|
|
1,044,816
|
|
|||
Interest and dividend income paid in kind
|
(13,785,524
|
)
|
|
(14,115,272
|
)
|
|
(11,365,959
|
)
|
|||
Amortization of deferred debt issuance costs
|
3,640,812
|
|
|
3,856,735
|
|
|
3,646,299
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Purchases of investment securities
|
(686,238,590
|
)
|
|
(619,887,200
|
)
|
|
(854,061,998
|
)
|
|||
Proceeds from sales, maturities and pay downs of investments
|
596,374,086
|
|
|
512,795,715
|
|
|
655,674,364
|
|
|||
Decrease (increase) in accrued interest income - companies less than 5% owned
|
3,961,499
|
|
|
(2,365,743
|
)
|
|
(2,742,146
|
)
|
|||
Decrease in accrued interest income - companies 5% to 25% owned
|
12,892
|
|
|
139,927
|
|
|
135,577
|
|
|||
Decrease (increase) in accrued interest income - companies more than 25% owned
|
(181,712
|
)
|
|
(107,150
|
)
|
|
8,749
|
|
|||
Decrease (increase) in receivable for investments sold
|
(1,316,667
|
)
|
|
431,483
|
|
|
(431,483
|
)
|
|||
Decrease (increase) in prepaid expenses and other assets
|
4,772,120
|
|
|
(2,596,439
|
)
|
|
(3,660,424
|
)
|
|||
Increase (decrease) in payable for investments purchased
|
12,148,687
|
|
|
(15,565,873
|
)
|
|
4,125,707
|
|
|||
Increase (decrease) in incentive compensation payable
|
(1,086,675
|
)
|
|
(142,789
|
)
|
|
1,266,301
|
|
|||
Increase in interest payable
|
2,089,249
|
|
|
976,335
|
|
|
2,757,824
|
|
|||
Increase in payable to the Advisor
|
365,279
|
|
|
425,669
|
|
|
474,913
|
|
|||
Increase in management and advisory fees payable
|
181,731
|
|
|
5,247,344
|
|
|
—
|
|
|||
Increase (decrease) in accrued expenses and other liabilities
|
391,382
|
|
|
27,868
|
|
|
(738,137
|
)
|
|||
Net cash provided by (used in) operating activities
|
4,693,354
|
|
|
(46,370,545
|
)
|
|
(128,218,002
|
)
|
|||
|
|
|
|
|
|
||||||
Financing activities
|
|
|
|
|
|
||||||
Borrowings
|
724,497,620
|
|
|
476,953,697
|
|
|
563,000,000
|
|
|||
Repayments of debt
|
(712,000,000
|
)
|
|
(399,953,697
|
)
|
|
(584,500,000
|
)
|
|||
Payments of debt issuance costs
|
(5,178,707
|
)
|
|
(3,605,009
|
)
|
|
(3,471,000
|
)
|
|||
Dividends paid to common shareholders
|
(84,622,904
|
)
|
|
(84,693,499
|
)
|
|
(82,610,362
|
)
|
|||
Repurchase of common shares
|
(125,679
|
)
|
|
(1,046,475
|
)
|
|
—
|
|
|||
Repayment of convertible debt
|
(108,000,000
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of debt
|
197,653,000
|
|
|
—
|
|
|
174,373,250
|
|
|||
Proceeds from shares issued in connection with dividend reinvestment plan
|
11,453
|
|
|
10,693
|
|
|
10,585
|
|
|||
Proceeds from common shares sold, net of underwriting and offering costs
|
—
|
|
|
—
|
|
|
94,460,898
|
|
|||
Net cash provided by (used in) financing activities
|
12,234,783
|
|
|
(12,334,290
|
)
|
|
161,263,371
|
|
|||
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents (including restricted cash)
|
16,928,137
|
|
|
(58,704,835
|
)
|
|
33,045,369
|
|
|||
Cash and cash equivalents (including restricted cash) at beginning of year
|
27,920,402
|
|
|
86,625,237
|
|
|
53,579,868
|
|
|||
Cash and cash equivalents (including restricted cash) at end of year
|
$
|
44,848,539
|
|
|
$
|
27,920,402
|
|
|
$
|
86,625,237
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow information
|
|
|
|
|
|
||||||
Interest payments
|
$
|
38,216,149
|
|
|
$
|
33,454,234
|
|
|
$
|
24,067,375
|
|
Excise tax payments
|
$
|
—
|
|
|
$
|
86,106
|
|
|
$
|
528,603
|
|
Level
|
|
Basis for Determining Fair Value
|
|
Bank Debt
|
|
Other
Corporate Debt
|
|
Equity
Securities
|
||||||
1
|
|
Quoted prices in active markets for identical assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2
|
|
Other direct and indirect observable market inputs *
|
|
136,739,236
|
|
|
—
|
|
|
—
|
|
|||
3
|
|
Independent third-party valuation sources that employ significant unobservable inputs
|
|
1,312,492,099
|
|
|
85,962,603
|
|
|
111,994,829
|
|
|||
3
|
|
Advisor valuations with significant unobservable inputs
|
|
—
|
|
|
—
|
|
|
2,318,128
|
|
|||
Total
|
|
|
|
$
|
1,449,231,335
|
|
|
$
|
85,962,603
|
|
|
$
|
114,312,957
|
|
*
|
For example, quoted prices in inactive markets or quotes for comparable investments
|
Asset Type
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Avg.) †
|
||
Bank Debt
|
|
$
|
1,147,288,529
|
|
|
Income approach
|
|
Discount rate
|
|
6.7% - 46.3% (9.9%)
|
|
|
96,585,498
|
|
|
Market quotations
|
|
Indicative bid/ask quotes
|
|
1 (1)
|
|
|
|
24,268,604
|
|
|
Market comparable companies
|
|
Revenue multiples
|
|
3.6x - 4.4x (3.6x)
|
|
|
|
44,349,468
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
6.5x - 14.3x (10.8x)
|
|
Other Corporate Debt
|
|
37,604,800
|
|
|
Income approach
|
|
Discount rate
|
|
12.3% (12.3%)
|
|
|
|
40,834,419
|
|
|
Market comparable companies
|
|
Book value multiples
|
|
1.3x (1.3x)
|
|
|
|
3,814,956
|
|
|
Market comparable companies
|
|
Revenue multiples
|
|
4.4x (4.4x)
|
|
|
|
3,708,428
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
8.0x (8.0x)
|
|
Equity
|
|
4,647,680
|
|
|
Income approach
|
|
Discount rate
|
|
3.6% - 3.7% (3.7%)
|
|
|
|
14,412,746
|
|
|
Market quotations
|
|
Indicative bid/ask quotes
|
|
1 (1)
|
|
|
|
18,048,138
|
|
|
Option Pricing Model
|
|
EBITDA/Revenue multiples
|
|
1.2x - 27.2x (8.3x)
|
|
|
|
|
|
|
|
Implied volatility
|
|
30.0% - 200.0% (27.4%)
|
||
|
|
|
|
|
|
Yield
|
|
0.0% (0.0%)
|
||
|
|
|
|
|
|
Term
|
|
0.5 years - 3.5 years (1.4 years)
|
||
|
|
2,012,088
|
|
|
Market comparable companies
|
|
Revenue multiples
|
|
0.3x - 4.4x (2.0x)
|
|
|
|
22,360,141
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
2.5x - 14.3x (9.1x)
|
|
|
|
31,682,859
|
|
|
Market comparable companies
|
|
Book value multiples
|
|
1.3x (1.3x)
|
|
|
|
21,149,305
|
|
|
Other *
|
|
N/A
|
|
N/A
|
|
|
|
$
|
1,512,767,659
|
|
|
|
|
|
|
|
*
|
Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.
|
†
|
Weighted by fair value
|
Input
|
|
Impact to Value if
Input Increases
|
|
Impact to Value if
Input Decreases
|
Discount rate
|
|
Decrease
|
|
Increase
|
Revenue multiples
|
|
Increase
|
|
Decrease
|
EBITDA multiples
|
|
Increase
|
|
Decrease
|
Book value multiples
|
|
Increase
|
|
Decrease
|
Implied volatility
|
|
Increase
|
|
Decrease
|
Term
|
|
Increase
|
|
Decrease
|
Yield
|
|
Increase
|
|
Decrease
|
|
Independent Third-Party Valuation
|
||||||||||
|
Bank Debt
|
|
Other
Corporate Debt
|
|
Equity
Securities
|
||||||
Beginning balance
|
$
|
1,369,456,684
|
|
|
$
|
78,250,150
|
|
|
$
|
79,804,988
|
|
Net realized and unrealized gains (losses)
|
(53,280,257
|
)
|
|
(7,866,887
|
)
|
|
19,690,320
|
|
|||
Acquisitions *
|
630,057,206
|
|
|
14,851,582
|
|
|
32,966,579
|
|
|||
Dispositions
|
(521,431,948
|
)
|
|
(28,270,875
|
)
|
|
(15,422,094
|
)
|
|||
Transfers into Level 3 †
|
—
|
|
|
28,998,633
|
|
|
847,399
|
|
|||
Transfers out of Level 3 ‡
|
(112,309,586
|
)
|
|
—
|
|
|
—
|
|
|||
Reclassifications within Level 3 §
|
—
|
|
|
—
|
|
|
(5,892,363
|
)
|
|||
Ending balance
|
$
|
1,312,492,099
|
|
|
$
|
85,962,603
|
|
|
$
|
111,994,829
|
|
|
|
|
|
|
|
||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)
|
$
|
(375,382
|
)
|
|
$
|
(6,320,449
|
)
|
|
$
|
21,418,900
|
|
*
|
Includes payments received in kind and accretion of original issue and market discounts
|
†
|
Comprised of one investment that was transferred from Level 2 and one investment that was transferred from Level 1 due to reduced trading volumes
|
‡
|
Comprised of seven investments that were transferred to Level 2 due to increased observable market activity
|
§
|
Comprised of four investments that were reclassified to Advisor Valuation
|
|
Advisor Valuation
|
||||||||||
|
Bank Debt
|
|
Other
Corporate Debt |
|
Equity
Securities |
||||||
Beginning balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,524,143
|
|
Net realized and unrealized gains (losses)
|
—
|
|
|
—
|
|
|
(9,058,215
|
)
|
|||
Acquisitions
|
—
|
|
|
—
|
|
|
4,007,684
|
|
|||
Dispositions
|
—
|
|
|
—
|
|
|
(47,847
|
)
|
|||
Reclassifications within Level 3 *
|
—
|
|
|
—
|
|
|
5,892,363
|
|
|||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,318,128
|
|
|
|
|
|
|
|
||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3,402,422
|
)
|
*
|
Comprised of four investments that were reclassified from Independent Third-Party Valuation
|
Level
|
|
Basis for Determining Fair Value
|
|
Bank Debt
|
|
Other
Corporate Debt
|
|
Equity
Securities
|
||||||
1
|
|
Quoted prices in active markets for identical assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
847,398
|
|
2
|
|
Other direct and indirect observable market inputs *
|
|
38,403,794
|
|
|
28,998,633
|
|
|
—
|
|
|||
3
|
|
Independent third-party valuation sources that employ significant unobservable inputs
|
|
1,369,456,684
|
|
|
78,250,150
|
|
|
79,804,988
|
|
|||
3
|
|
Advisor valuations with significant unobservable inputs
|
|
—
|
|
|
—
|
|
|
1,524,143
|
|
|||
Total
|
|
|
|
$
|
1,407,860,478
|
|
|
$
|
107,248,783
|
|
|
$
|
82,176,529
|
|
*
|
For example, quoted prices in inactive markets or quotes for comparable investments
|
Asset Type
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Avg.) †
|
||
Bank Debt
|
|
1,134,622,267
|
|
|
Income approach
|
|
Discount rate
|
|
7.5% - 42.2% (12.3%)
|
|
|
|
193,682,097
|
|
|
Market quotations
|
|
Indicative bid/ask quotes
|
|
1 - 2 (1)
|
|
|
|
14,793,577
|
|
|
Market comparable companies
|
|
Revenue multiples
|
|
2.9x (2.9x)
|
|
|
|
26,358,743
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
0.8x - 11.0x (8.7x)
|
|
Other Corporate Debt
|
|
40,632,991
|
|
|
Income approach
|
|
Discount rate
|
|
14.6% - 17.8% (14.9%)
|
|
|
|
27,839,419
|
|
|
Market comparable companies
|
|
Book value multiples
|
|
1.2x (1.2x)
|
|
|
|
9,777,740
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
10.0x (10.0x)
|
|
Equity
|
|
6,410,413
|
|
|
Income approach
|
|
Discount rate
|
|
4.7% - 13.0% (5.6%)
|
|
|
|
2,343,653
|
|
|
Market quotations
|
|
Indicative bid/ask quotes
|
|
1 (1)
|
|
|
|
8,682,278
|
|
|
Option Pricing Model
|
|
EBITDA/Revenue multiples
|
|
2.0x - 11.0x (5.5x)
|
|
|
|
|
|
|
|
Implied volatility
|
|
30.0% - 200.0% (44.7%)
|
||
|
|
|
|
|
|
Yield
|
|
0.0% (0.0%)
|
||
|
|
|
|
|
|
Term
|
|
0.4 years - 3.5 years (1.8 years)
|
||
|
|
5,123,517
|
|
|
Market comparable companies
|
|
Revenue multiples
|
|
0.4x - 2.9x (2.0x)
|
|
|
|
15,938,987
|
|
|
Market comparable companies
|
|
EBITDA multiples
|
|
0.8x - 11.0x (8.5x)
|
|
|
|
18,931,733
|
|
|
Market comparable companies
|
|
Book value multiples
|
|
1.2x (1.2x)
|
|
|
|
23,898,550
|
|
|
Other *
|
|
N/A
|
|
N/A
|
|
|
|
$
|
1,529,035,965
|
|
|
|
|
|
|
|
*
|
Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.
|
†
|
Weighted by fair value
|
|
Independent Third-Party Valuation
|
||||||||||
|
Bank Debt
|
|
Other
Corporate Debt
|
|
Equity
Securities
|
||||||
Beginning balance
|
$
|
1,239,746,177
|
|
|
$
|
78,011,815
|
|
|
$
|
66,977,237
|
|
Net realized and unrealized gains (losses)
|
(26,389,966
|
)
|
|
3,234,238
|
|
|
(19,627,175
|
)
|
|||
Acquisitions *
|
558,522,290
|
|
|
28,644,658
|
|
|
47,881,799
|
|
|||
Dispositions
|
(443,234,322
|
)
|
|
(4,110,009
|
)
|
|
(15,426,873
|
)
|
|||
Transfers into Level 3 †
|
77,674,578
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level 3 †
|
(36,862,073
|
)
|
|
(27,530,552
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
1,369,456,684
|
|
|
$
|
78,250,150
|
|
|
$
|
79,804,988
|
|
|
|
|
|
|
|
||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)
|
$
|
(8,925,090
|
)
|
|
$
|
1,142,452
|
|
|
$
|
(18,732,987
|
)
|
*
|
Includes payments received in kind and accretion of original issue and market discounts
|
†
|
Comprised of seven investments that were transferred from Level 2 due to reduced trading volumes
|
‡
|
Comprised of five investments that were transferred to Level 2 due to increased observable market activity
|
|
Advisor Valuation
|
||||||||||
|
Bank Debt
|
|
Other
Corporate Debt
|
|
Equity
Securities
|
||||||
Beginning balance
|
$
|
116,662
|
|
|
$
|
—
|
|
|
$
|
1,730,941
|
|
Net realized and unrealized gains (losses)
|
(623
|
)
|
|
—
|
|
|
(9,890
|
)
|
|||
Acquisitions *
|
623
|
|
|
—
|
|
|
—
|
|
|||
Dispositions
|
(116,662
|
)
|
|
—
|
|
|
(196,908
|
)
|
|||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,524,143
|
|
|
|
|
|
|
|
||||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(206,798
|
)
|
*
|
Includes payments received in kind and accretion of original issue and market discounts
|
Instrument
|
|
Realized
Gains
(Losses)
|
|
Unrealized
Gains
(Losses)
|
||||
Cross currency basis swap
|
|
$
|
(726,950
|
)
|
|
$
|
603,745
|
|
|
December 31, 2019
|
||
Paid-in capital
|
$
|
(2,579,604
|
)
|
Accumulated earnings
|
2,579,604
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Ordinary income
|
$
|
82,136,286
|
|
|
$
|
84,693,499
|
|
Tax return of capital
|
2,486,618
|
|
|
—
|
|
||
|
84,622,904
|
|
|
84,693,499
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Undistributed ordinary income
|
$
|
—
|
|
|
$
|
1,496,914
|
|
Non-expiring capital loss carryforwards
|
(177,144,745
|
)
|
|
(127,718,766
|
)
|
||
Net unrealized gains (losses) *
|
(43,974,997
|
)
|
|
(43,435,379
|
)
|
||
Total accumulated earnings (losses)
|
$
|
(221,119,742
|
)
|
|
$
|
(169,657,231
|
)
|
*
|
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing and recognition of gains and losses on certain investment transactions and will reverse in subsequent periods.
|
|
December 31, 2019
|
||
Tax basis of investments
|
$
|
1,692,429,288
|
|
|
|
||
Unrealized appreciation
|
$
|
54,380,159
|
|
Unrealized depreciation
|
(97,302,552
|
)
|
|
Net unrealized depreciation
|
$
|
(42,922,393
|
)
|
|
Maturity
|
|
Rate
|
|
Carrying Value*
|
|
Available
|
|
Total
Capacity |
||||||
SVCP Facility
|
2023
|
|
L+2.00%
|
†
|
$
|
108,497,620
|
|
|
$
|
161,502,380
|
|
|
$
|
270,000,000
|
|
TCPC Funding Facility
|
2023
|
|
L+2.00%
|
‡
|
158,000,000
|
|
|
142,000,000
|
|
|
300,000,000
|
|
|||
SBA Debentures
|
2024−2029
|
|
2.63%
|
§
|
138,000,000
|
|
|
12,000,000
|
|
|
150,000,000
|
|
|||
2022 Convertible Notes ($140 million par)
|
2022
|
|
4.625%
|
|
138,584,313
|
|
|
—
|
|
|
138,584,313
|
|
|||
2022 Notes ($175 million par)
|
2022
|
|
4.125%
|
|
174,649,566
|
|
|
—
|
|
|
174,649,566
|
|
|||
2024 Notes ($200 million par)
|
2024
|
|
3.900%
|
|
197,782,572
|
|
|
—
|
|
|
197,782,572
|
|
|||
Total leverage
|
|
|
|
|
915,514,071
|
|
|
$
|
315,502,380
|
|
|
$
|
1,231,016,451
|
|
|
Unamortized issuance costs
|
|
|
|
|
(7,711,684
|
)
|
|
|
|
|
|||||
Debt, net of unamortized issuance costs
|
|
|
|
|
$
|
907,802,387
|
|
|
|
|
|
*
|
Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
|
†
|
As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%
|
‡
|
Subject to certain funding requirements
|
§
|
Weighted-average interest rate, excluding fees of 0.36% or 0.35%
|
|
Maturity
|
|
Rate
|
|
Carrying Value*
|
|
Available
|
|
Total
Capacity
|
|||||||
SVCP Facility
|
2022
|
|
L+2.25%
|
|
†
|
$
|
82,000,000
|
|
|
$
|
88,000,000
|
|
|
$
|
170,000,000
|
|
TCPC Funding Facility
|
2022
|
|
L+2.00%
|
|
‡
|
212,000,000
|
|
|
88,000,000
|
|
|
300,000,000
|
|
|||
SBA Debentures
|
2024−2028
|
|
2.77
|
%
|
§
|
98,000,000
|
|
|
52,000,000
|
|
|
150,000,000
|
|
|||
2019 Convertible Notes ($108 million par)
|
2019
|
|
5.25
|
%
|
|
107,501,207
|
|
|
—
|
|
|
107,501,207
|
|
|||
2022 Convertible Notes ($140 million par)
|
2022
|
|
4.625
|
%
|
|
137,980,185
|
|
|
—
|
|
|
137,980,185
|
|
|||
2022 Notes ($175 million par)
|
2022
|
|
4.125
|
%
|
|
174,525,996
|
|
|
—
|
|
|
174,525,996
|
|
|||
Total leverage
|
|
|
|
|
812,007,388
|
|
|
$
|
228,000,000
|
|
|
$
|
1,040,007,388
|
|
||
Unamortized issuance costs
|
|
|
|
|
(6,805,196
|
)
|
|
|
|
|
||||||
Debt, net of unamortized issuance costs
|
|
|
|
|
$
|
805,202,192
|
|
|
|
|
|
*
|
Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding.
|
†
|
As of December 31, 2018, $3.0 million of the outstanding amount were short-term borrowings bearing interest at a rate of Prime plus 2.25%.
|
‡
|
Subject to certain funding requirements
|
§
|
Weighted-average interest rate, excluding fees of 0.36% or 0.35%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense
|
$
|
41,660,478
|
|
|
$
|
35,613,605
|
|
|
$
|
27,870,015
|
|
Amortization of deferred debt issuance costs
|
3,640,812
|
|
|
3,856,735
|
|
*
|
3,646,299
|
|
|||
Commitment fees
|
1,097,505
|
|
|
998,421
|
|
|
1,574,829
|
|
|||
Total
|
$
|
46,398,795
|
|
|
$
|
40,468,761
|
|
|
$
|
33,091,143
|
|
*
|
Includes approximately $0.3 million of amortized debt costs related to the early termination of the SVCP 2018 Facility.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
|
2019 Convertible
Notes |
|
2022 Convertible
Notes |
|
2019 Convertible
Notes |
|
2022 Convertible
Notes |
||||||
Principal amount of debt
|
N/A
|
|
$
|
140,000,000
|
|
|
$
|
108,000,000
|
|
|
$
|
140,000,000
|
|
Original issue discount, net of accretion
|
N/A
|
|
(1,415,687
|
)
|
|
(498,793
|
)
|
|
(2,019,815
|
)
|
|||
Carrying value of debt
|
N/A
|
|
$
|
138,584,313
|
|
|
$
|
107,501,207
|
|
|
$
|
137,980,185
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
2019
Convertible
Notes
|
|
2022
Convertible
Notes
|
|
2019
Convertible
Notes
|
|
2022
Convertible
Notes
|
|
2019
Convertible Notes |
|
2022
Convertible Notes |
||||||||||||
Stated interest expense
|
$
|
5,433,750
|
|
|
$
|
6,475,000
|
|
|
$
|
5,670,000
|
|
|
$
|
6,475,000
|
|
|
$
|
5,670,000
|
|
|
$
|
6,492,986
|
|
Amortization of original issue discount
|
497,813
|
|
|
604,127
|
|
|
490,145
|
|
|
574,316
|
|
|
463,132
|
|
|
547,511
|
|
||||||
Total interest expense
|
$
|
5,931,563
|
|
|
$
|
7,079,127
|
|
|
$
|
6,160,145
|
|
|
$
|
7,049,316
|
|
|
$
|
6,133,132
|
|
|
$
|
7,040,497
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
|
2022 Notes
|
|
2024 Notes
|
|
2022 Notes
|
|
2024 Notes
|
||||||
Principal amount of debt
|
$
|
175,000,000
|
|
|
$
|
200,000,000
|
|
|
$
|
175,000,000
|
|
|
N/A
|
Original issue discount, net of accretion
|
(350,434
|
)
|
|
(2,217,428
|
)
|
|
(474,004
|
)
|
|
N/A
|
|||
Carrying value of debt
|
$
|
174,649,566
|
|
|
$
|
197,782,572
|
|
|
$
|
174,525,996
|
|
|
N/A
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||
|
2022 Notes
|
|
2024 Notes
|
|
2022 Notes
|
|
2024 Notes
|
|
2022 Notes
|
|
2024 Notes
|
||||||||
Stated interest expense
|
$
|
7,218,750
|
|
|
$
|
2,269,583
|
|
|
$
|
7,218,750
|
|
|
N/A
|
|
$
|
2,337,500
|
|
|
N/A
|
Amortization of original issue discount
|
123,569
|
|
|
129,572
|
|
|
118,574
|
|
|
N/A
|
|
34,172
|
|
|
N/A
|
||||
Total interest expense
|
$
|
7,342,319
|
|
|
$
|
2,399,155
|
|
|
$
|
7,337,324
|
|
|
N/A
|
|
$
|
2,371,672
|
|
|
N/A
|
Issuance Date
|
|
Maturity
|
|
Debenture
Amount |
|
Fixed
Interest Rate |
|
SBA
Annual Charge |
||||
September 24, 2014
|
|
September 1, 2024
|
|
$
|
18,500,000
|
|
|
3.02
|
%
|
|
0.36
|
%
|
March 25, 2015
|
|
March 1, 2025
|
|
9,500,000
|
|
|
2.52
|
%
|
|
0.36
|
%
|
|
September 23, 2015
|
|
September 1, 2025
|
|
10,800,000
|
|
|
2.83
|
%
|
|
0.36
|
%
|
|
March 23, 2016
|
|
March 1, 2026
|
|
4,000,000
|
|
|
2.51
|
%
|
|
0.36
|
%
|
|
September 21, 2016
|
|
September 1, 2026
|
|
18,200,000
|
|
|
2.05
|
%
|
|
0.36
|
%
|
|
September 20, 2017
|
|
September 1, 2027
|
|
14,000,000
|
|
|
2.52
|
%
|
|
0.36
|
%
|
|
March 21, 2018
|
|
March 1, 2028
|
|
8,000,000
|
|
|
3.19
|
%
|
|
0.35
|
%
|
|
September 19, 2018
|
|
September 1, 2028
|
|
15,000,000
|
|
|
3.55
|
%
|
|
0.35
|
%
|
|
September 25, 2019
|
|
September 1, 2029
|
|
40,000,000
|
|
|
2.28
|
%
|
|
0.35
|
%
|
|
|
|
|
|
$
|
138,000,000
|
|
|
2.63
|
%
|
*
|
|
*
|
Weighted-average interest rate
|
Issuance Date
|
|
Maturity
|
|
Debenture
Amount |
|
Fixed
Interest Rate |
|
SBA
Annual Charge |
||||
September 24, 2014
|
|
September 1, 2024
|
|
$
|
18,500,000
|
|
|
3.02
|
%
|
|
0.36
|
%
|
March 25, 2015
|
|
March 1, 2025
|
|
9,500,000
|
|
|
2.52
|
%
|
|
0.36
|
%
|
|
September 23, 2015
|
|
September 1, 2025
|
|
10,800,000
|
|
|
2.83
|
%
|
|
0.36
|
%
|
|
March 23, 2016
|
|
March 1, 2026
|
|
4,000,000
|
|
|
2.51
|
%
|
|
0.36
|
%
|
|
September 21, 2016
|
|
September 1, 2026
|
|
18,200,000
|
|
|
2.05
|
%
|
|
0.36
|
%
|
|
September 20, 2017
|
|
September 1, 2027
|
|
14,000,000
|
|
|
2.52
|
%
|
|
0.36
|
%
|
|
October 20, 2017
|
|
March 1, 2028
|
|
8,000,000
|
|
|
3.19
|
%
|
|
0.35
|
%
|
|
September 19, 2018
|
|
September 1, 2028
|
|
15,000,000
|
|
|
3.55
|
%
|
|
0.35
|
%
|
|
|
|
|
|
$
|
98,000,000
|
|
|
2.77
|
%
|
*
|
|
*
|
Weighted-average interest rate
|
|
|
|
|
Unfunded Balances
|
||||||
Issuer
|
|
Maturity
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
2-10 Holdco, Inc.
|
|
10/31/2024
|
|
$
|
416,667
|
|
|
$
|
416,667
|
|
Acquia Inc.
|
|
11/1/2025
|
|
1,803,792
|
|
|
N/A
|
|
||
Applause App Quality, Inc.
|
|
9/20/2022
|
|
1,509,820
|
|
|
1,509,820
|
|
||
Apptio, Inc.
|
|
1/10/2025
|
|
769,231
|
|
|
N/A
|
|
||
Auto Trakk SPV, LLC
|
|
12/21/2021
|
|
3,193,208
|
|
|
4,732,558
|
|
||
Bisnow, LLC
|
|
9/21/2022
|
|
1,200,000
|
|
|
1,200,000
|
|
||
Blue Star Sports Holdings, Inc.
|
|
6/15/2024
|
|
55,556
|
|
|
877,777
|
|
||
CAREATC, Inc.
|
|
3/14/2024
|
|
607,288
|
|
|
N/A
|
|
||
Certify, Inc.
|
|
2/28/2024
|
|
2,497,761
|
|
|
N/A
|
|
||
Datto, Inc.
|
|
12/7/2022
|
|
N/A
|
|
|
1,870,622
|
|
||
Donuts Inc.
|
|
9/17/2023
|
|
660,634
|
|
|
660,634
|
|
||
Dude Solutions Holdings, Inc.
|
|
6/14/2025
|
|
2,207,896
|
|
|
N/A
|
|
||
Edmentum, Inc.
|
|
6/9/2020
|
|
205,642
|
|
|
4,103,102
|
|
||
HighTower Holding, LLC
|
|
1/31/2026
|
|
N/A
|
|
|
6,169,355
|
|
||
Home Partners of America, Inc.
|
|
10/13/2022
|
|
2,142,857
|
|
|
2,142,857
|
|
||
IAS Investco, Inc.
|
|
1/24/2021
|
|
N/A
|
|
|
1,114,286
|
|
||
iCIMS, Inc.
|
|
9/12/2024
|
|
490,735
|
|
|
490,735
|
|
||
JAMF Holdings, Inc.
|
|
11/13/2022
|
|
1,214,052
|
|
|
1,214,052
|
|
||
Kellermeyer Bergensons Services, LLC
|
|
11/7/2026
|
|
3,464,052
|
|
|
N/A
|
|
||
Khoros LLC (Lithium)
|
|
10/3/2022
|
|
1,983,364
|
|
|
1,983,364
|
|
||
Patient Point Network Solutions, LLC
|
|
6/26/2022
|
|
176,190
|
|
|
440,475
|
|
||
Pegasus Business Intelligence, LP (Onyx Centersource)
|
|
12/20/2021
|
|
671,356
|
|
|
671,356
|
|
||
Pulse Secure, LLC
|
|
5/1/2022
|
|
1,342,516
|
|
|
1,342,516
|
|
||
ResearchGate GmBH
|
|
10/1/2022
|
|
8,286,000
|
|
|
N/A
|
|
||
Rhode Holdings, Inc. (Kaseya)
|
|
5/3/2025
|
|
2,016,078
|
|
|
N/A
|
|
||
RSB-160, LLC (Lat20), LLC
|
|
7/20/2022
|
|
N/A
|
|
|
4,435,914
|
|
||
Sandata Technologies, LLC
|
|
7/23/2024
|
|
2,250,000
|
|
|
N/A
|
|
||
Snow Software AB
|
|
4/17/2024
|
|
2,616,329
|
|
|
N/A
|
|
||
Space Midco, Inc. (Archibus)
|
|
12/5/2023
|
|
277,778
|
|
|
277,778
|
|
||
Spark Networks, Inc.
|
|
7/1/2023
|
|
1,005,887
|
|
|
N/A
|
|
||
Team Software, Inc.
|
|
9/17/2023
|
|
2,282,287
|
|
|
3,511,210
|
|
||
Telarix, Inc.
|
|
11/19/2023
|
|
178,571
|
|
|
357,143
|
|
||
TPC Intermediate Holdings, LLC
|
|
5/15/2020
|
|
4,363,137
|
|
|
188,235
|
|
||
Tradeshift Holdings, Inc.
|
|
9/1/2020
|
|
N/A
|
|
|
5,352,908
|
|
||
Unanet, Inc.
|
|
5/31/2024
|
|
4,974,490
|
|
|
N/A
|
|
||
VSS-Southern Holdings, LLC
|
|
3/31/2022
|
|
1,027,397
|
|
|
N/A
|
|
||
Xactly Corporation
|
|
7/31/2022
|
|
1,405,501
|
|
|
1,405,501
|
|
||
Total Unfunded Balances
|
|
|
|
$
|
57,296,072
|
|
|
$
|
46,468,865
|
|
|
2019
|
|
2018
|
||||
Shares Issued
|
819
|
|
|
767
|
|
||
Average Price Per Share
|
$
|
13.98
|
|
|
$
|
13.94
|
|
Proceeds
|
$
|
11,453
|
|
|
$
|
10,693
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount Per Share
|
|
Total Amount
|
||||
February 28, 2019
|
|
March 15, 2019
|
|
March 29, 2019
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,155,619
|
|
May 8, 2019
|
|
June 14, 2019
|
|
June 28, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,688
|
|
||
August 8, 2019
|
|
September 16, 2019
|
|
September 30, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,760
|
|
||
November 6, 2019
|
|
December 17, 2019
|
|
December 31, 2019
|
|
Regular
|
|
0.36
|
|
|
21,155,837
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,622,904
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Type
|
|
Amount Per Share
|
|
Total Amount
|
||||
February 27, 2018
|
|
March 16, 2018
|
|
March 30, 2018
|
|
Regular
|
|
$
|
0.36
|
|
|
$
|
21,184,004
|
|
May 9, 2018
|
|
June 15, 2018
|
|
June 29, 2018
|
|
Regular
|
|
0.36
|
|
|
21,174,966
|
|
||
August 8, 2018
|
|
September 14, 2018
|
|
September 28, 2018
|
|
Regular
|
|
0.36
|
|
|
21,170,272
|
|
||
November 8, 2018
|
|
December 17, 2018
|
|
December 31, 2018
|
|
Regular
|
|
0.36
|
|
|
21,164,257
|
|
||
|
|
|
|
|
|
|
|
$
|
1.44
|
|
|
$
|
84,693,499
|
|
|
Shares Repurchased
|
|
Price Per Share
|
|
Total Cost
|
||||
Company Repurchase Plan
|
9,000
|
|
$
|
13.96
|
|
*
|
$
|
125,679
|
|
*
|
Weighted-average price per share
|
|
Shares Repurchased
|
|
Price Per Share
|
|
Total Cost
|
||||
Company Repurchase Plan
|
73,416
|
|
$
|
14.25
|
|
*
|
$
|
1,046,475
|
|
*
|
Weighted-average price per share
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net increase in net assets applicable to common shareholders resulting from operations
|
$
|
30,580,789
|
|
|
$
|
45,475,882
|
|
|
67,931,014
|
|
|
Weighted average shares outstanding
|
58,766,362
|
|
|
58,815,216
|
|
|
57,000,658
|
|
|||
Earnings per share
|
$
|
0.52
|
|
|
$
|
0.77
|
|
|
$
|
1.19
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Per Common Share
|
|
|
|
|
|
|
|
|
|
||||||||||
Per share NAV at beginning of year
|
$
|
14.13
|
|
|
$
|
14.80
|
|
|
$
|
14.91
|
|
|
$
|
14.78
|
|
|
$
|
15.01
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment income before income taxes
|
1.61
|
|
|
1.59
|
|
|
1.99
|
|
|
1.88
|
|
|
2.07
|
|
|||||
Excise taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|
(0.02
|
)
|
|||||
Net investment income
|
1.61
|
|
|
1.59
|
|
|
1.99
|
|
|
1.87
|
|
|
2.05
|
|
|||||
Net realized and unrealized losses
|
(1.09
|
)
|
|
(0.82
|
)
|
|
(0.40
|
)
|
|
—
|
|
|
(0.45
|
)
|
|||||
Dividends on Series A preferred equity facility
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|||||
Incentive allocation reserve and distributions
|
N/A
|
|
*
|
N/A
|
|
*
|
(0.40
|
)
|
|
(0.37
|
)
|
|
(0.41
|
)
|
|||||
Total from investment operations
|
0.52
|
|
|
0.77
|
|
|
1.19
|
|
|
1.50
|
|
|
1.18
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
0.14
|
|
|
0.01
|
|
|
—
|
|
|||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Issuance of convertible debt
|
—
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
|||||
Repurchase of Series A preferred interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|||||
Distributions to common shareholders from:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment income
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|
(1.44
|
)
|
|||||
Per share NAV at end of year
|
$
|
13.21
|
|
|
$
|
14.13
|
|
|
$
|
14.80
|
|
|
$
|
14.91
|
|
|
$
|
14.78
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per share market price at end of year
|
$
|
14.05
|
|
|
$
|
13.04
|
|
|
$
|
15.28
|
|
|
$
|
16.90
|
|
|
$
|
13.93
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total return based on market value
|
18.8
|
%
|
|
(5.2
|
)%
|
|
(1.1
|
)%
|
|
31.7
|
%
|
|
(8.4
|
)%
|
|||||
Total return based on net asset value
|
3.7
|
%
|
|
5.2
|
%
|
|
8.9
|
%
|
|
10.6
|
%
|
|
8.1
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Shares outstanding at end of year
|
58,766,426
|
|
|
58,774,607
|
|
|
58,847,256
|
|
|
53,041,900
|
|
|
48,834,734
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Ratios to average common equity: (1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net investment income (2)
|
11.6
|
%
|
|
10.8
|
%
|
|
10.6
|
%
|
|
10.1
|
%
|
|
10.9
|
%
|
|||||
Expenses (3)
|
9.8
|
%
|
|
8.5
|
%
|
|
7.3
|
%
|
|
6.9
|
%
|
|
6.2
|
%
|
|||||
Expenses and incentive compensation (4)
|
12.3
|
%
|
|
11.2
|
%
|
|
9.9
|
%
|
|
9.4
|
%
|
|
8.9
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending common shareholder equity
|
$
|
776,318,386
|
|
|
$
|
830,474,727
|
|
|
$
|
870,728,126
|
|
|
$
|
790,935,991
|
|
|
$
|
721,977,017
|
|
Portfolio turnover rate
|
35.9
|
%
|
|
32.3
|
%
|
|
45.9
|
%
|
|
37.9
|
%
|
|
37.8
|
%
|
|||||
Weighted-average leverage outstanding (5)
|
$
|
902,977,493
|
|
|
$
|
769,065,775
|
|
|
$
|
623,666,655
|
|
|
$
|
542,421,190
|
|
|
$
|
513,312,510
|
|
Weighted-average interest rate on leverage (6)
|
4.6
|
%
|
|
4.6
|
%
|
|
4.5
|
%
|
|
3.9
|
%
|
|
3.2
|
%
|
|||||
Weighted-average number of common shares
|
58,766,362
|
|
|
58,815,216
|
|
|
57,000,658
|
|
|
50,948,035
|
|
|
48,863,188
|
|
|||||
Average leverage per share (5)
|
$
|
15.37
|
|
|
$
|
13.08
|
|
|
$
|
10.94
|
|
|
$
|
10.65
|
|
|
$
|
10.51
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Coverage:
|
As of December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt outstanding (7)
|
$
|
915,514,071
|
|
|
$
|
812,007,389
|
|
|
$
|
733,824,353
|
|
|
$
|
579,906,288
|
|
|
$
|
502,410,321
|
|
Asset coverage per $1,000 of debt outstanding
|
$
|
1,992
|
|
|
$
|
2,157
|
|
|
$
|
2,335
|
|
|
$
|
2,344
|
|
|
$
|
2,423
|
|
(1)
|
These ratios include interest expense but do not reflect the effect of dividends on the preferred equity facility.
|
(2)
|
Net of incentive allocation and excise taxes.
|
(3)
|
Includes interest and other debt costs but excludes excise taxes and incentive compensation.
|
(4)
|
Includes incentive compensation and all Company expenses including interest and other debt costs.
|
(5)
|
Includes both debt and preferred equity leverage.
|
(6)
|
Includes dividends on the preferred equity leverage facility.
|
(7)
|
Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities.
|
|
2019
|
||||||||||||||
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||||||||
Total investment income
|
$
|
47,810,412
|
|
|
$
|
51,640,349
|
|
|
$
|
48,174,625
|
|
|
$
|
47,540,529
|
|
Net investment income before taxes
|
22,410,163
|
|
|
25,314,195
|
|
|
23,813,637
|
|
|
23,320,098
|
|
||||
Excise taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net investment income
|
22,410,163
|
|
|
25,314,195
|
|
|
23,813,637
|
|
|
23,320,098
|
|
||||
Net realized and unrealized gain
|
(23,565,362
|
)
|
|
(6,876,144
|
)
|
|
(34,637,520
|
)
|
|
801,722
|
|
||||
Net increase in net assets resulting from operations
|
$
|
(1,155,199
|
)
|
|
$
|
18,438,051
|
|
|
$
|
(10,823,883
|
)
|
|
$
|
24,121,820
|
|
Basic and diluted earnings per common share
|
$
|
(0.02
|
)
|
|
$
|
0.31
|
|
|
$
|
(0.18
|
)
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
||||||||
|
2018
|
||||||||||||||
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||||||||
Total investment income
|
$
|
48,382,641
|
|
|
$
|
49,480,586
|
|
|
$
|
48,420,911
|
|
|
$
|
44,215,046
|
|
Net investment income before taxes
|
23,454,080
|
|
|
24,511,933
|
|
|
23,946,229
|
|
|
21,565,113
|
|
||||
Excise taxes
|
92,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net investment income
|
23,361,380
|
|
|
24,511,933
|
|
|
23,946,229
|
|
|
21,565,113
|
|
||||
Net realized and unrealized gain
|
(24,383,303
|
)
|
|
(9,320,557
|
)
|
|
(19,828,585
|
)
|
|
5,623,672
|
|
||||
Net increase in net assets resulting from operations
|
$
|
(1,021,923
|
)
|
|
$
|
15,191,376
|
|
|
$
|
4,117,644
|
|
|
$
|
27,188,785
|
|
Basic and diluted earnings per common share
|
$
|
(0.02
|
)
|
|
$
|
0.26
|
|
|
$
|
0.07
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
||||||||
|
2017
|
||||||||||||||
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||||||||
Total investment income
|
$
|
47,106,925
|
|
|
$
|
43,288,935
|
|
|
$
|
46,230,626
|
|
|
$
|
39,343,014
|
|
Net investment income before taxes
|
29,952,065
|
|
|
27,567,731
|
|
|
31,036,316
|
|
|
24,881,888
|
|
||||
Excise taxes
|
36,380
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net investment income
|
29,915,685
|
|
|
27,567,731
|
|
|
31,036,316
|
|
|
24,881,888
|
|
||||
Net realized and unrealized gain
|
(10,282,570
|
)
|
|
(7,436,234
|
)
|
|
(4,601,519
|
)
|
|
(469,960
|
)
|
||||
Incentive allocation reserve and distributions
|
(5,983,135
|
)
|
|
(5,513,546
|
)
|
|
(6,207,264
|
)
|
|
(4,976,378
|
)
|
||||
Net increase in net assets resulting from operations
|
$
|
13,649,980
|
|
|
$
|
14,617,951
|
|
|
$
|
20,227,533
|
|
|
$
|
19,435,550
|
|
Basic and diluted earnings per common share
|
$
|
0.23
|
|
|
$
|
0.24
|
|
|
$
|
0.35
|
|
|
$
|
0.37
|
|
Security
|
|
Dividends or Interest (2)
|
|
Fair Value at
December 31, 2018 |
|
Net realized gain or loss
|
|
Net increase or decrease in unrealized appreciation or depreciation
|
|
Acquisitions (3)
|
|
Dispositions (4)
|
|
Fair Value at
December 31, 2019 |
||||||||||||||
AGY Holding Corp., Common Stock
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20
|
|
545,334
|
|
|
9,777,740
|
|
|
—
|
|
|
(6,752,077
|
)
|
|
682,765
|
|
|
—
|
|
|
3,708,428
|
|
|||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20
|
|
128,644
|
|
|
1,049,147
|
|
|
—
|
|
|
—
|
|
|
64,973
|
|
|
—
|
|
|
1,114,120
|
|
|||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20
|
|
597,096
|
|
|
4,869,577
|
|
|
—
|
|
|
—
|
|
|
301,574
|
|
|
—
|
|
|
5,171,151
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,433,968
|
|
|
—
|
|
|
—
|
|
|
1,433,968
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20
|
|
1,864,600
|
|
|
11,152,078
|
|
|
—
|
|
|
4,621,493
|
|
|
1,835,705
|
|
|
—
|
|
|
17,609,276
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20
|
|
304,833
|
|
|
3,375,453
|
|
|
—
|
|
|
—
|
|
|
300,435
|
|
|
—
|
|
|
3,675,888
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,084,470
|
|
|
—
|
|
|
—
|
|
|
7,084,470
|
|
|||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20
|
|
217,659
|
|
|
1,153,076
|
|
|
—
|
|
|
—
|
|
|
6,149,380
|
|
|
(2,066,478
|
)
|
|
5,235,978
|
|
|||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21
|
|
1,327,742
|
|
|
6,187,478
|
|
|
—
|
|
|
262,555
|
|
|
4,289,990
|
|
|
—
|
|
|
10,740,023
|
|
|||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21
|
|
569,374
|
|
|
7,719,069
|
|
|
—
|
|
|
—
|
|
|
562,592
|
|
|
—
|
|
|
8,281,661
|
|
|||||||
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19
|
|
194,184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,644,068
|
|
|
(3,644,068
|
)
|
|
—
|
|
|||||||
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19
|
|
77,673
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,457,627
|
|
|
(1,457,627
|
)
|
|
—
|
|
|||||||
EPMC HoldCo, LLC, Membership Units
|
|
—
|
|
|
26,254
|
|
|
43,320
|
|
|
(26,254
|
)
|
|
—
|
|
|
(43,320
|
)
|
|
—
|
|
|||||||
Green Biologics, Inc., Common Stock
|
|
—
|
|
|
3,670,777
|
|
|
(20,524,650
|
)
|
|
14,851,816
|
|
|
2,006,277
|
|
|
(4,220
|
)
|
|
—
|
|
|||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21
|
|
220,506
|
|
|
1,900,733
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(264,830
|
)
|
|
1,635,903
|
|
|||||||
Iracore Investments Holdings, Inc., Class A Common Stock
|
|
—
|
|
|
1,375,243
|
|
|
—
|
|
|
1,101,638
|
|
|
—
|
|
|
—
|
|
|
2,476,881
|
|
|||||||
KAGY Holding Company, Inc., Series A Preferred Stock
|
|
—
|
|
|
969,224
|
|
|
—
|
|
|
(969,224
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22
|
|
101,051
|
|
|
1,574,099
|
|
|
—
|
|
|
—
|
|
|
84,863
|
|
|
(1,658,962
|
)
|
|
—
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units
|
|
—
|
|
|
6,543,086
|
|
|
—
|
|
|
382,762
|
|
|
—
|
|
|
—
|
|
|
6,925,848
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units
|
|
—
|
|
|
364,299
|
|
|
—
|
|
|
27,107
|
|
|
—
|
|
|
—
|
|
|
391,406
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units
|
|
—
|
|
|
367,914
|
|
|
—
|
|
|
27,376
|
|
|
—
|
|
|
—
|
|
|
395,290
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units
|
|
—
|
|
|
1,118,110
|
|
|
809,444
|
|
|
(1,118,110
|
)
|
|
—
|
|
|
(809,444
|
)
|
|
—
|
|
|||||||
Total
|
|
$
|
6,148,696
|
|
|
$
|
63,193,357
|
|
|
$
|
(19,671,886
|
)
|
|
$
|
20,927,520
|
|
|
$
|
21,380,249
|
|
|
$
|
(9,948,949
|
)
|
|
$
|
75,880,291
|
|
(1)
|
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
|
(2)
|
Also includes fee and lease income as applicable.
|
(3)
|
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
|
(4)
|
Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.
|
Security
|
|
Dividends or Interest (2)
|
|
Fair Value at
December 31, 2018 |
|
Net realized gain or loss
|
|
Net increase or decrease in unrealized appreciation or depreciation
|
|
Acquisitions (3)
|
|
Dispositions (4)
|
|
Fair Value at
December 31, 2019 |
||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units
|
|
$
|
2,392,274
|
|
|
$
|
18,931,734
|
|
|
$
|
—
|
|
|
$
|
6,296,773
|
|
|
$
|
6,454,352
|
|
|
$
|
—
|
|
|
$
|
31,682,859
|
|
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20
|
|
3,874,967
|
|
|
27,839,419
|
|
|
—
|
|
|
—
|
|
|
12,995,000
|
|
|
—
|
|
|
40,834,419
|
|
|||||||
Anacomp, Inc., Class A Common Stock
|
|
—
|
|
|
1,418,746
|
|
|
—
|
|
|
(251,106
|
)
|
|
—
|
|
|
—
|
|
|
1,167,640
|
|
|||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20
|
|
177,381
|
|
|
1,773,807
|
|
|
—
|
|
|
(566,022
|
)
|
|
—
|
|
|
—
|
|
|
1,207,785
|
|
|||||||
Conergy Asia Holdings Limited, Class B Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conergy Asia Holdings Limited, Ordinary Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conventional Lending TCP Holdings, LLC, Membership Units
|
|
981,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,269,948
|
|
|
—
|
|
|
14,269,948
|
|
|||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20
|
|
—
|
|
|
11,682,923
|
|
|
—
|
|
|
(816,391
|
)
|
|
—
|
|
|
(7,577,094
|
)
|
|
3,289,438
|
|
|||||||
Kawa Solar Holdings Limited, Ordinary Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(578,646
|
)
|
|
—
|
|
|
578,646
|
|
|
—
|
|
|||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20
|
|
—
|
|
|
2,922,269
|
|
|
—
|
|
|
(134,800
|
)
|
|
—
|
|
|
(578,645
|
)
|
|
2,208,824
|
|
|||||||
Kawa Solar Holdings Limited, Series B Preferred Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
United N659UA-767, LLC (Aircraft Trust Holding Company)
|
|
159,808
|
|
|
2,826,708
|
|
|
—
|
|
|
(164,500
|
)
|
|
—
|
|
|
(361,842
|
)
|
|
2,300,366
|
|
|||||||
United N661UA-767, LLC (Aircraft Trust Holding Company)
|
|
138,019
|
|
|
2,896,083
|
|
|
—
|
|
|
(165,139
|
)
|
|
—
|
|
|
(383,630
|
)
|
|
2,347,314
|
|
|||||||
Total
|
|
$
|
7,724,239
|
|
|
$
|
70,291,689
|
|
|
$
|
—
|
|
|
$
|
3,620,169
|
|
|
$
|
33,719,300
|
|
|
$
|
(8,322,565
|
)
|
|
$
|
99,308,593
|
|
(1)
|
The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities.
|
(2)
|
Also includes fee and lease income as applicable.
|
(3)
|
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
|
(4)
|
Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.
|
Security
|
|
Dividends or Interest (2)
|
|
Fair Value at
December 31, 2017 |
|
Net realized gain or loss
|
|
Net increase or decrease in unrealized appreciation or depreciation
|
|
Acquisitions (3)
|
|
Dispositions (4)
|
|
Fair Value at
December 31, 2018 |
||||||||||||||
AGY Holding Corp., Common Stock
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20
|
|
1,054,681
|
|
|
9,268,000
|
|
|
—
|
|
|
—
|
|
|
509,740
|
|
|
—
|
|
|
9,777,740
|
|
|||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20
|
|
127,646
|
|
|
1,049,147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,049,147
|
|
|||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20
|
|
592,465
|
|
|
4,869,577
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,869,577
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20
|
|
1,686,990
|
|
|
10,377,830
|
|
|
—
|
|
|
(886,600
|
)
|
|
1,660,848
|
|
|
—
|
|
|
11,152,078
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20
|
|
279,918
|
|
|
3,099,573
|
|
|
—
|
|
|
—
|
|
|
275,880
|
|
|
—
|
|
|
3,375,453
|
|
|||||||
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20
|
|
129,029
|
|
|
2,189,584
|
|
|
—
|
|
|
2
|
|
|
3,740,309
|
|
|
(4,776,819
|
)
|
|
1,153,076
|
|
|||||||
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21
|
|
332,418
|
|
|
—
|
|
|
—
|
|
|
910,888
|
|
|
5,293,696
|
|
|
(17,106
|
)
|
|
6,187,478
|
|
|||||||
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21
|
|
722,259
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
7,719,061
|
|
|
—
|
|
|
7,719,069
|
|
|||||||
EPMC HoldCo, LLC, Membership Units
|
|
—
|
|
|
210,035
|
|
|
196,908
|
|
|
(183,781
|
)
|
|
—
|
|
|
(196,908
|
)
|
|
26,254
|
|
|||||||
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21
|
|
14,923
|
|
|
175,824
|
|
|
3,917
|
|
|
(4,221
|
)
|
|
14,155
|
|
|
(189,675
|
)
|
|
—
|
|
|||||||
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21
|
|
547,010
|
|
|
7,200,000
|
|
|
—
|
|
|
—
|
|
|
420,234
|
|
|
(7,620,234
|
)
|
|
—
|
|
|||||||
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21
|
|
244,408
|
|
|
2,400,000
|
|
|
—
|
|
|
—
|
|
|
187,800
|
|
|
(2,587,800
|
)
|
|
—
|
|
|||||||
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21
|
|
158,129
|
|
|
1,248,000
|
|
|
(1,117,442
|
)
|
|
—
|
|
|
122,538
|
|
|
(253,096
|
)
|
|
—
|
|
|||||||
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21
|
|
205,845
|
|
|
2,256,000
|
|
|
(2,477,512
|
)
|
|
—
|
|
|
221,512
|
|
|
—
|
|
|
—
|
|
|||||||
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21
|
|
9,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
244,778
|
|
|
(244,778
|
)
|
|
—
|
|
|||||||
Green Biologics, Inc., Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,851,816
|
)
|
|
18,522,593
|
|
|
—
|
|
|
3,670,777
|
|
|||||||
HCT Acquisition, LLC (Globecomm), Membership Units
|
|
—
|
|
|
531,575
|
|
|
(531,575
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21
|
|
213,331
|
|
|
1,900,733
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,900,733
|
|
|||||||
Iracore Investments Holdings, Inc., Class A Common Stock
|
|
—
|
|
|
3,458,749
|
|
|
—
|
|
|
(2,083,506
|
)
|
|
—
|
|
|
—
|
|
|
1,375,243
|
|
|||||||
KAGY Holding Company, Inc., Series A Preferred Stock
|
|
—
|
|
|
11,034,519
|
|
|
—
|
|
|
(10,065,295
|
)
|
|
—
|
|
|
—
|
|
|
969,224
|
|
|||||||
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22
|
|
118,111
|
|
|
1,584,734
|
|
|
—
|
|
|
—
|
|
|
118,889
|
|
|
(129,524
|
)
|
|
1,574,099
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units
|
|
—
|
|
|
4,345,010
|
|
|
—
|
|
|
2,198,076
|
|
|
—
|
|
|
—
|
|
|
6,543,086
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units
|
|
—
|
|
|
111,875
|
|
|
—
|
|
|
252,424
|
|
|
—
|
|
|
—
|
|
|
364,299
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units
|
|
—
|
|
|
112,985
|
|
|
—
|
|
|
254,929
|
|
|
—
|
|
|
—
|
|
|
367,914
|
|
|||||||
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units
|
|
—
|
|
|
1,201,138
|
|
|
—
|
|
|
(83,028
|
)
|
|
—
|
|
|
—
|
|
|
1,118,110
|
|
|||||||
RM Holdco, LLC (Real Mex), Equity Participation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
RM Holdco, LLC (Real Mex), Membership Units
|
|
31,486
|
|
|
—
|
|
|
(2,010,777
|
)
|
|
2,010,777
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18
|
|
77,143
|
|
|
862,509
|
|
|
(2,210,269
|
)
|
|
1,255,117
|
|
|
92,643
|
|
|
—
|
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18
|
|
264,147
|
|
|
7,250,973
|
|
|
(7,568,193
|
)
|
|
—
|
|
|
317,220
|
|
|
—
|
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18
|
|
297,194
|
|
|
4,899,257
|
|
|
(150,583
|
)
|
|
(283,386
|
)
|
|
297,423
|
|
|
(4,762,711
|
)
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 7%, due 3/30/18
|
|
101,757
|
|
|
—
|
|
|
7,551
|
|
|
(38,950
|
)
|
|
1,461,263
|
|
|
(1,429,864
|
)
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18
|
|
—
|
|
|
—
|
|
|
(10,398,622
|
)
|
|
10,398,622
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18
|
|
121,054
|
|
|
1,353,457
|
|
|
(3,452,951
|
)
|
|
1,954,117
|
|
|
145,377
|
|
|
—
|
|
|
—
|
|
|||||||
RM OpCo, LLC (Real Mex), Senior Secured Super Priority Debtor-in-Possession Term Loan, 8.5%, due 12/15/18
|
|
18,337
|
|
|
—
|
|
|
5,251
|
|
|
—
|
|
|
715,249
|
|
|
(720,500
|
)
|
|
—
|
|
|||||||
Total
|
|
$
|
7,348,038
|
|
|
$
|
82,991,084
|
|
|
$
|
(29,704,297
|
)
|
|
$
|
(9,245,623
|
)
|
|
$
|
42,081,208
|
|
|
$
|
(22,929,015
|
)
|
|
$
|
63,193,357
|
|
(1)
|
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
|
(2)
|
Also includes fee and lease income as applicable.
|
(3)
|
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
|
(4)
|
Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.
|
Security
|
|
Dividends or Interest (2)
|
|
Fair Value at
December 31, 2017 |
|
Net realized gain or loss
|
|
Net increase or decrease in unrealized appreciation or depreciation
|
|
Acquisitions (3)
|
|
Dispositions (4)
|
|
Fair Value at
December 31, 2018 |
||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units
|
|
$
|
750,715
|
|
|
$
|
12,576,276
|
|
|
$
|
—
|
|
|
$
|
(443,614
|
)
|
|
$
|
7,049,072
|
|
|
$
|
(250,000
|
)
|
|
$
|
18,931,734
|
|
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20
|
|
3,537,166
|
|
|
30,827,391
|
|
|
—
|
|
|
—
|
|
|
1,155,002
|
|
|
(4,142,974
|
)
|
|
27,839,419
|
|
|||||||
Anacomp, Inc., Class A Common Stock
|
|
—
|
|
|
1,418,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,418,746
|
|
|||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20
|
|
112,355
|
|
|
666,667
|
|
|
—
|
|
|
—
|
|
|
1,107,140
|
|
|
—
|
|
|
1,773,807
|
|
|||||||
Conergy Asia Holdings Limited, Class B Shares
|
|
—
|
|
|
1,027,700
|
|
|
—
|
|
|
(1,027,700
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conergy Asia Holdings Limited, Ordinary Shares
|
|
—
|
|
|
193,847
|
|
|
—
|
|
|
(193,847
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20
|
|
645,470
|
|
|
16,233,431
|
|
|
—
|
|
|
(2,473,048
|
)
|
|
(290,793
|
)
|
|
(1,786,667
|
)
|
|
11,682,923
|
|
|||||||
Kawa Solar Holdings Limited, Ordinary Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20
|
|
—
|
|
|
7,048,850
|
|
|
—
|
|
|
(5,746,581
|
)
|
|
1,620,000
|
|
|
—
|
|
|
2,922,269
|
|
|||||||
Kawa Solar Holdings Limited, Series B Preferred Shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
United N659UA-767, LLC (Aircraft Trust Holding Company)
|
|
159,808
|
|
|
3,161,798
|
|
|
—
|
|
|
26,751
|
|
|
—
|
|
|
(361,841
|
)
|
|
2,826,708
|
|
|||||||
United N661UA-767, LLC (Aircraft Trust Holding Company)
|
|
138,019
|
|
|
3,228,449
|
|
|
—
|
|
|
51,265
|
|
|
—
|
|
|
(383,631
|
)
|
|
2,896,083
|
|
|||||||
Total
|
|
$
|
5,343,533
|
|
|
$
|
76,383,155
|
|
|
$
|
—
|
|
|
$
|
(9,806,774
|
)
|
|
$
|
10,640,421
|
|
|
$
|
(6,925,113
|
)
|
|
$
|
70,291,689
|
|
(1)
|
The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities.
|
(2)
|
Also includes fee and lease income as applicable.
|
(3)
|
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
|
(4)
|
Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.
|
Investment
|
|
Acquisition Date
|
Actifio, Inc., Warrants to Purchase Series G Preferred Stock
|
|
5/5/17
|
Adesto Technologies Corporation, Warrants to Purchase Common Stock
|
|
5/8/18
|
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22
|
|
1/26/17
|
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22
|
|
1/26/17
|
Domo, Inc., Warrants to Purchase Common Stock
|
|
12/5/17
|
Envigo RMS Holding Corp., Common Stock
|
|
6/3/19
|
Fidelis (SVC) LLC, Series C Preferred Units
|
|
12/31/19
|
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock
|
|
1/30/19
|
Findly Talent, LLC, Class A Membership Units
|
|
1/1/14
|
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock
|
|
5/4/17
|
GACP I, LP (Great American Capital), Membership Units
|
|
10/1/15
|
GACP II, LP (Great American Capital), Membership Units
|
|
1/12/18
|
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock
|
|
2/7/17
|
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock
|
|
3/16/18
|
InMobi, Inc., Warrants to Purchase Common Stock
|
|
8/22/17
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)
|
|
9/18/15
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)
|
|
10/1/18
|
Nanosys, Inc., Warrants to Purchase Preferred Stock
|
|
3/29/16
|
Quora, Inc., Warrants to Purchase Series D Preferred Stock
|
|
4/12/19
|
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock
|
|
11/7/19
|
Shop Holding, LLC (Connexity), Class A Units
|
|
6/2/11
|
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock
|
|
3/20/18
|
Soraa, Inc., Warrants to Purchase Common Stock
|
|
8/29/14
|
SoundCloud, Ltd., Warrants to Purchase Preferred Stock
|
|
4/30/15
|
STG-Fairway Holdings, LLC (First Advantage), Class A Units
|
|
12/30/10
|
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock
|
|
3/9/17
|
Utilidata, Inc., Warrants to Purchase Preferred Stock
|
|
12/22/15
|
V Telecom Investment S.C.A. (Vivacom), Common Shares
|
|
11/9/12
|
Investment
|
|
Acquisition Date
|
Actifio, Inc., Warrants to Purchase Series G Preferred Stock
|
|
5/5/17
|
Adesto Technologies Corporation, Warrants to Purchase Common Stock
|
|
5/8/18
|
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22
|
|
1/26/17
|
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22
|
|
1/26/17
|
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/26
|
|
11/7/17
|
Domo, Inc., Warrants to Purchase Common Stock
|
|
12/5/17
|
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units
|
|
7/20/18
|
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units
|
|
7/20/18
|
Findly Talent, LLC, Class A Membership Units
|
|
1/1/14
|
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock
|
|
5/4/17
|
Fuse Media, LLC, Warrants to Purchase Common Stock
|
|
8/3/12
|
GACP I, LP (Great American Capital), Membership Units
|
|
10/1/15
|
GACP II, LP (Great American Capital), Membership Units
|
|
1/12/18
|
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock
|
|
2/7/17
|
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock
|
|
3/16/18
|
InMobi, Inc., Warrants to Purchase Common Stock
|
|
8/22/17
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)
|
|
9/18/15
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)
|
|
10/1/18
|
Lions Holdings, Inc., (BPA), Series A Warrants to Purchase Common Stock
|
|
7/14/17
|
Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock
|
|
7/14/17
|
Nanosys, Inc., Warrants to Purchase Preferred Stock
|
|
3/29/16
|
Shop Holding, LLC (Connexity), Class A Units
|
|
6/2/11
|
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock
|
|
3/20/18
|
Soraa, Inc., Warrants to Purchase Common Stock
|
|
8/29/14
|
SoundCloud, Ltd., Warrants to Purchase Preferred Stock
|
|
4/30/15
|
STG-Fairway Holdings, LLC (First Advantage), Class A Units
|
|
12/30/10
|
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock
|
|
3/9/17
|
Utilidata, Inc., Warrants to Purchase Preferred Stock
|
|
12/22/15
|
V Telecom Investment S.C.A. (Vivacom), Common Shares
|
|
11/9/12
|
Item 9.
|
Changes in Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
a.
|
Documents Filed as Part of this Report
|
|
Page
|
Number
|
|
Description
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
|
4.8
|
|
|
4.9
|
|
|
4.10
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
11
|
|
|
12
|
|
Computation of Ratios (included in the notes to the financial statements contained in this report)
|
14.1
|
|
|
21.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
(1)
|
Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011
|
(2)
|
Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018
|
(3)
|
Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018
|
(4)
|
Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K, filed on August 23, 2019
|
(5)
|
Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on August 2, 2018
|
(6)
|
Incorporated by reference to Exhibit (k)(8) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011.
|
(7)
|
Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on February 12, 2019
|
(8)
|
Incorporated by reference to Exhibit (k)(1) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011.
|
(9)
|
Incorporated by reference to Exhibit 10.2 to Form 10-12G of Special Value Continuation Partners, LP (File No. 000-54393), filed May 6, 2011.
|
(10)
|
Incorporated by reference to Exhibit (k)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on March 5, 2012
|
(11)
|
Incorporated by reference to Exhibit (k)(3) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on March 5, 2012.
|
(12)
|
Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K filed on June 17, 2014.
|
(13)
|
Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K filed on September 6, 2016.
|
(14)
|
Incorporated by reference to Exhibit (d)(1) to Post-Effective Amendment No. 1 to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017.
|
(15)
|
Incorporated by reference to Exhibit (d)(4) to Post-Effective Amendment No. 1 to the Registrant's Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017.
|
(16)
|
Incorporated by reference to Exhibit (d)(6) to Post-Effective Amendment No. 2 to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on November 3, 2017.
|
(17)
|
Incorporated by reference to Exhibit 3 to Special Value Continuation Partner, LP’s Form 8-K filed on January 30, 2018.
|
(18)
|
Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K filed on February 27, 2018.
|
(19)
|
Incorporated by reference to Exhibit 10.2 of the Registrant’s Form 8-K filed on February 27, 2018.
|
|
|
By:
|
/s/ Howard M. Levkowitz
|
|
Howard M. Levkowitz
|
|
Chief Executive Officer
|
Date
|
|
Signature
|
|
Title
|
February 26, 2020
|
|
/s/ Howard M. Levkowitz
|
|
Chief Executive Officer, Chairman of
|
|
|
Howard M. Levkowitz
|
|
the Board and Director (Principal Executive Officer)
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Kathleen A. Corbet
|
|
Director
|
|
|
Kathleen A. Corbet
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Eric J. Draut
|
|
Director
|
|
|
Eric J. Draut
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ M. Freddie Reiss
|
|
Director
|
|
|
M. Freddie Reiss
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Peter E. Schwab
|
|
Director
|
|
|
Peter E. Schwab
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Karyn L. Williams
|
|
Director
|
|
|
Karyn L. Williams
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Brian F. Wruble
|
|
Director
|
|
|
Brian F. Wruble
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Rajneesh Vig
|
|
President and Director
|
|
|
Rajneesh Vig
|
|
|
|
|
|
|
|
February 26, 2020
|
|
/s/ Paul L. Davis
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
|
Paul L. Davis
|
|
|
1.
|
License
|
2.
|
Ownership and Use of the Marks
|
Date: February 26, 2020
|
|
/s/ Howard M. Levkowitz
|
Howard M. Levkowitz
|
Chief Executive Officer
|
(Principal Executive Officer)
|
Date: February 26, 2020
|
|
/s/ Paul L. Davis
|
Paul L. Davis
|
Chief Financial Officer
|
(Principal Financial Officer)
|
Date: February 26, 2020
|
|
/s/ Howard M. Levkowitz
|
Howard M. Levkowitz
|
Chief Executive Officer
|
(Principal Executive Officer)
|
|
Date: February 26, 2020
|
|
/s/ Paul L. Davis
|
Paul L. Davis
|
Chief Financial Officer
|
(Principal Financial Officer)
|