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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value per share
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OFS
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The Nasdaq Global Select Market
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6.25% Notes due 2023
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OFSSG
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The Nasdaq Global Select Market
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6.375% Notes due 2025
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OFSSL
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The Nasdaq Global Select Market
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6.50% Notes due 2025
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OFSSZ
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The Nasdaq Global Select Market
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5.95% Notes due 2026
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OFSSI
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The Nasdaq Global Select Market
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Large accelerated filer
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¨
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Accelerated filer
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ý
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Item 1.
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Consolidated Financial Statements
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Term
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Explanation or Definition
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1940 Act
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Investment Company Act of 1940, as amended
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Administration Agreement
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Administration Agreement between the Company and OFS Services dated November 7, 2012
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Affiliated Account
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Another account managed by OFS Advisor or an affiliate of OFS Advisor
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ASC
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Accounting Standards Codification, as issued by the FASB
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ASU
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Accounting Standards Updates, as issued by the FASB
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BDC
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Business Development Company under the 1940 Act
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BLA
|
Business Loan Agreement, as amended, with Pacific Western Bank, as lender, which provides the Company with a senior secured revolving credit facility
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BNP Facility
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A secured revolving credit facility that provides for borrowings in an aggregate principal amount up to $150,000,000 issued pursuant to a Revolving Credit and Security Agreement by and among OFSCC-FS, the lenders from time to time parties thereto, BNP Paribas, as administrative agent, OFSCC-FS Holdings, LLC, a wholly owned subsidiary of the Company, as equityholder, the Company, as servicer, Citibank, N.A., as collateral agent and Virtus Group, LP, as collateral administrator
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Board
|
The Company's board of directors
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CLO
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Collateralized loan obligation
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Code
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Internal Revenue Code of 1986, as amended
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Company
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OFS Capital Corporation and its consolidated subsidiaries
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DRIP
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Distribution reinvestment plan
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EBITDA
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Earnings before interest, taxes, depreciation and amortization
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Exchange Act
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Securities Exchange Act of 1934, as amended
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FASB
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Financial Accounting Standards Board
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GAAP
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Accounting principles generally accepted in the United States
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HPCI
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Hancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC for whom OFS Advisor serves as investment adviser
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ICTI
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Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses
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Indicative Prices
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Market quotations, prices from pricing services or bids from brokers or dealers
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Investment Advisory Agreement
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Investment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012
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LIBOR
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London Interbank Offered Rate
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NBIP
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Non-binding indicative price
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Net Loan Fees
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The cumulative amount of fees, such as discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan
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OCCI
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OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company for whom OFS Advisor serves as investment adviser
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OFS Advisor
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OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended
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OFS Services
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OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor
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OFSAM
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Orchard First Source Asset Management, LLC, a full-service provider of capital and leveraged finance solutions to U.S. corporations
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OFSCC-FS
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OFSCC-FS, LLC, an indirect wholly owned subsidiary of the Company
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OFSCC-FS Assets
|
Assets held by the Company through OFSCC-FS
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OFSCC-MB
|
OFSCC-MB, Inc., a wholly owned subsidiary taxed under subchapter C of the Code that generally holds the equity investments of the Company that are taxed as pass-through entities
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Term
|
Explanation or Definition
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OID
|
Original issue discount
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Order
|
An exemptive relief order from the SEC to permit us to co-invest in portfolio companies with certain funds managed by OFS Advisor in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions
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Parent
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OFS Capital Corporation
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PIK
|
Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income.
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Portfolio Company Investment
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A debt or equity investment in a portfolio company. Portfolio Company Investments exclude Structured Finance Notes
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Prime Rate
|
United States Prime interest rate
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PWB Credit Facility
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Senior secured revolving credit facility between the Company and Pacific Western Bank, as lender
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Reunderwriting Analysis
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A discount rate method based upon a hypothetical recapitalization of the entity given its current operating performance and current market condition
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RIC
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Regulated investment company under the Code
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SBA
|
U.S. Small Business Administration
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SBCAA
|
Small Business Credit Availability Act
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SBIC
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A fund licensed under the SBA small business investment company program
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SBIC Acquisition
|
The Company's acquisition of the remaining ownership interests in SBIC I LP and OFS SBIC I GP, LLC on December 4, 2013
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SBIC Act
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Small Business Investment Act of 1958, as amended
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SBIC I LP
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OFS SBIC I, LP, a wholly owned SBIC subsidiary of the Company
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SEC
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U.S. Securities and Exchange Commission
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Securities Act
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Securities Act of 1933, as amended
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Secured Revolver Amendment
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The amended Business Loan Agreement with Pacific Western Bank, as lender, dated October 7, 2020
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Stock Repurchase Program
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The open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act
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Structured Finance Notes
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CLO mezzanine debt and CLO subordinated debt positions
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Synthetic Rating Analysis
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A discount rate method that assigns a surrogate debt rating to the entity based on known industry standards for assigning such ratings and then estimates the discount rate based on observed market yields for actual rated debt
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Transaction Price
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The cost of an arm's length transaction occurring in the same security
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Unsecured Notes
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The combination of the Unsecured Notes Due September 2023, Unsecured Notes Due April 2025, Unsecured Notes Due October 2025 and Unsecured Notes Due October 2026
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Unsecured Notes Due April 2025
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The Company’s $50.0 million aggregate principal amount of 6.375% notes due April 30, 2025
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Unsecured Notes Due October 2025
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The Company’s $46.0 million aggregate principal amount of 6.5% notes due October 30, 2025
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Unsecured Notes Due October 2026
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The Company's $54.3 million aggregate principal amount of 5.95% notes due October 31, 2026
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Unsecured Notes Due September 2023
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The Company’s $25.0 million aggregate principal amount of 6.25% notes due September 30, 2023
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•
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our ability and experience operating a BDC or an SBIC, or maintaining our tax treatment as a RIC under Subchapter M of the Code;
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•
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our dependence on key personnel;
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•
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our ability to maintain or develop referral relationships;
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•
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our ability to replicate historical results;
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•
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the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;
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•
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the belief that the carrying amounts of our financial instruments, such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such instruments and that such financial instruments are held with high credit quality institutions to mitigate the risk of loss due to credit risk;
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•
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actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM;
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•
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constraint on investment due to access to material nonpublic information;
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•
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restrictions on our ability to enter into transactions with our affiliates;
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•
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our ability to comply with SBA regulations and requirements;
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•
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the use of borrowed money to finance a portion of our investments;
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•
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our ability to incur additional leverage pursuant to the SBCAA and the impact of such leverage on our net investment income and results of operations;
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•
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competition for investment opportunities;
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•
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our plans to focus on lower-yielding, first lien senior secured loans to larger borrowers and the impact on our risk profile, including our belief that the seniority of such loans in a borrower's capital structure may provide greater downside protection against the impact of the coronavirus ("COVID-19") pandemic;
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•
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the percentage of investments that will bear interest on a floating rate or fixed rate basis;
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•
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interest rate volatility, including the decommissioning of LIBOR;
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•
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the ability of SBIC I LP to make distributions enabling us to meet RIC requirements;
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•
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plans by SBIC I LP to repay its outstanding SBA debentures;
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•
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our ability to raise debt or equity capital as a BDC;
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•
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the timing, form and amount of any distributions from our portfolio companies;
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•
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the impact of a protracted decline in the liquidity of credit markets on our business;
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•
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the general economy and its impact on the industries in which we invest;
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•
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changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and duration of the COVID-19 pandemic in the United States as well as worldwide and the magnitude of the economic impact of the outbreak; the effect of the COVID-19 pandemic on our business, financial condition, results of operations and cash flows and those of our portfolio companies (including the expectation that a shift from cash interest to PIK interest will result from concessions granted to borrowers due to the COVID-19 pandemic), including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business (including our belief that new loan activity in the market in which we operate has slowed) and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments;
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•
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the belief that we have sufficient levels of liquidity to support our existing portfolio companies and deploy capital in new investment opportunities;
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•
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the belief that one or more of our investments can be restored to accrual status in the near term, or otherwise;
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•
|
uncertain valuations of our portfolio investments, including our belief that reverting back to an equal weighting of the Reunderwriting Analysis method and Synthetic Rating Analysis method more accurately captures certain data related to the observed return of market liquidity and the historic correlative relationship between these markets; and
|
•
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the effect of new or modified laws or regulations governing our operations.
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|
September 30,
2020 |
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December 31,
2019 |
||||
|
(unaudited)
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Assets
|
|
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|
|
|
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Investments, at fair value:
|
|
|
|
|
|
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Non-control/non-affiliate investments (amortized cost of $359,108 and $396,201, respectively)
|
$
|
324,059
|
|
|
$
|
372,535
|
|
Affiliate investments (amortized cost of $114,141 and $131,950, respectively)
|
124,185
|
|
|
135,679
|
|
||
Control investment (amortized cost of $10,811 and $10,520, respectively)
|
8,084
|
|
|
8,717
|
|
||
Total investments at fair value (amortized cost of $484,060 and $538,671, respectively)
|
456,328
|
|
|
516,931
|
|
||
Cash
|
18,297
|
|
|
13,447
|
|
||
Interest receivable
|
2,790
|
|
|
3,349
|
|
||
Receivable for investments sold
|
1,453
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
2,807
|
|
|
4,461
|
|
||
Total assets
|
$
|
481,675
|
|
|
$
|
538,188
|
|
|
|
|
|
|
|
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Liabilities
|
|
|
|
|
|
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Revolving lines of credit
|
$
|
24,650
|
|
|
$
|
56,450
|
|
SBA debentures (net of deferred debt issuance costs of $1,415 and $1,904, respectively)
|
127,355
|
|
|
147,976
|
|
||
Unsecured notes (net of deferred debt issuance costs of $5,168 and $4,798 respectively)
|
172,682
|
|
|
148,052
|
|
||
Interest payable
|
2,055
|
|
|
3,505
|
|
||
Payable to adviser and affiliates (Note 3)
|
2,773
|
|
|
4,106
|
|
||
Payable for investments purchased
|
1,494
|
|
|
10,264
|
|
||
Accrued professional fees
|
426
|
|
|
621
|
|
||
Other liabilities
|
328
|
|
|
587
|
|
||
Total liabilities
|
331,763
|
|
|
371,561
|
|
||
|
|
|
|
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
|
|
||
|
|
|
|
|
|
||
Net assets
|
|
|
|
|
|
||
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively
|
$
|
—
|
|
|
$
|
—
|
|
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,406,402 and 13,376,836 shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively
|
134
|
|
|
134
|
|
||
Paid-in capital in excess of par
|
186,979
|
|
|
187,305
|
|
||
Total distributable earnings (losses)
|
(37,201
|
)
|
|
(20,812
|
)
|
||
Total net assets
|
149,912
|
|
|
166,627
|
|
||
|
|
|
|
|
|
||
Total liabilities and net assets
|
$
|
481,675
|
|
|
$
|
538,188
|
|
|
|
|
|
|
|
||
Number of shares outstanding
|
13,406,402
|
|
|
13,376,836
|
|
||
Net asset value per share
|
$
|
11.18
|
|
|
$
|
12.46
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Investment income
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/non-affiliate investments
|
$
|
8,014
|
|
|
$
|
10,181
|
|
|
$
|
25,319
|
|
|
$
|
28,110
|
|
Affiliate investments
|
1,708
|
|
|
2,647
|
|
|
5,794
|
|
|
7,640
|
|
||||
Control investment
|
201
|
|
|
262
|
|
|
606
|
|
|
784
|
|
||||
Total interest income
|
9,923
|
|
|
13,090
|
|
|
31,719
|
|
|
36,534
|
|
||||
Payment-in-kind interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/non-affiliate investments
|
275
|
|
|
96
|
|
|
800
|
|
|
289
|
|
||||
Affiliate investments
|
72
|
|
|
347
|
|
|
532
|
|
|
899
|
|
||||
Control investment
|
91
|
|
|
28
|
|
|
278
|
|
|
83
|
|
||||
Total payment-in-kind interest and dividend income
|
438
|
|
|
471
|
|
|
1,610
|
|
|
1,271
|
|
||||
Dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments
|
—
|
|
|
—
|
|
|
100
|
|
|
173
|
|
||||
Control investment
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
||||
Total dividend income
|
—
|
|
|
—
|
|
|
100
|
|
|
262
|
|
||||
Fee income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-control/non-affiliate investments
|
80
|
|
|
285
|
|
|
844
|
|
|
781
|
|
||||
Affiliate investments
|
3
|
|
|
6
|
|
|
16
|
|
|
216
|
|
||||
Control investment
|
43
|
|
|
6
|
|
|
49
|
|
|
39
|
|
||||
Total fee income
|
126
|
|
|
297
|
|
|
909
|
|
|
1,036
|
|
||||
Total investment income
|
10,487
|
|
|
13,858
|
|
|
34,338
|
|
|
39,103
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense
|
4,448
|
|
|
4,464
|
|
|
14,301
|
|
|
11,564
|
|
||||
Management fee
|
1,871
|
|
|
2,164
|
|
|
5,759
|
|
|
6,062
|
|
||||
Incentive fee
|
234
|
|
|
1,214
|
|
|
1,332
|
|
|
3,622
|
|
||||
Professional fees
|
422
|
|
|
510
|
|
|
1,530
|
|
|
1,413
|
|
||||
Administration fee
|
436
|
|
|
396
|
|
|
1,456
|
|
|
1,250
|
|
||||
Other expenses
|
364
|
|
|
257
|
|
|
1,110
|
|
|
651
|
|
||||
Total expenses before incentive fee waiver
|
7,775
|
|
|
9,005
|
|
|
25,488
|
|
|
24,562
|
|
||||
Incentive fee waiver (see Note 3)
|
—
|
|
|
—
|
|
|
(441
|
)
|
|
—
|
|
||||
Total expenses, net of incentive fee waiver
|
7,775
|
|
|
9,005
|
|
|
25,047
|
|
|
24,562
|
|
||||
Net investment income
|
2,712
|
|
|
4,853
|
|
|
9,291
|
|
|
14,541
|
|
||||
Net realized and unrealized gain (loss) on investments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) on non-control/non-affiliate investments
|
(33
|
)
|
|
51
|
|
|
(10,046
|
)
|
|
(843
|
)
|
||||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes
|
4,649
|
|
|
(6,534
|
)
|
|
(10,965
|
)
|
|
(9,506
|
)
|
||||
Net unrealized appreciation on affiliate investments
|
10,120
|
|
|
4,765
|
|
|
6,316
|
|
|
5,305
|
|
||||
Net unrealized appreciation (depreciation) on control investment
|
577
|
|
|
(1,373
|
)
|
|
(924
|
)
|
|
(650
|
)
|
||||
Net gain (loss) on investments
|
15,313
|
|
|
(3,091
|
)
|
|
(15,619
|
)
|
|
(5,694
|
)
|
||||
Loss on extinguishment of debt
|
(187
|
)
|
|
—
|
|
|
(336
|
)
|
|
—
|
|
||||
Loss on impairment of goodwill
|
(1,077
|
)
|
|
—
|
|
|
(1,077
|
)
|
|
—
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
$
|
16,761
|
|
|
$
|
1,762
|
|
|
$
|
(7,741
|
)
|
|
$
|
8,847
|
|
Net investment income per common share – basic and diluted
|
$
|
0.20
|
|
|
$
|
0.36
|
|
|
$
|
0.69
|
|
|
$
|
1.09
|
|
Net increase (decrease) in net assets resulting from operations per common share – basic and diluted
|
$
|
1.25
|
|
|
$
|
0.13
|
|
|
$
|
(0.58
|
)
|
|
$
|
0.66
|
|
Distributions declared per common share
|
$
|
0.17
|
|
|
$
|
0.34
|
|
|
$
|
0.68
|
|
|
$
|
1.02
|
|
Basic and diluted weighted average shares outstanding
|
13,399,767
|
|
|
13,366,515
|
|
|
13,389,830
|
|
|
13,361,757
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Paid-in capital in excess of par
|
|
Total distributable earnings (losses)
|
|
Total net assets
|
||||||||||||||||
|
Number of shares
|
|
Par value
|
|
Number of shares
|
|
Par value
|
||||||||||||||||||
Balances at January 1, 2019
|
—
|
|
|
$
|
—
|
|
|
13,357,337
|
|
|
$
|
134
|
|
|
$
|
187,540
|
|
|
$
|
(12,651
|
)
|
|
$
|
175,023
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,541
|
|
|
14,541
|
|
|||||
Net realized loss on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(843
|
)
|
|
(843
|
)
|
|||||
Net unrealized depreciation on investments, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,851
|
)
|
|
(4,851
|
)
|
|||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
(183
|
)
|
|
—
|
|
|||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
14,114
|
|
|
—
|
|
|
167
|
|
|
—
|
|
|
167
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,631
|
)
|
|
(13,631
|
)
|
|||||
Net increase (decrease) for the period ended September 30, 2019
|
—
|
|
|
—
|
|
|
14,114
|
|
|
—
|
|
|
350
|
|
|
(4,967
|
)
|
|
(4,617
|
)
|
|||||
Balances at September 30, 2019
|
—
|
|
|
$
|
—
|
|
|
13,371,451
|
|
|
$
|
134
|
|
|
$
|
187,890
|
|
|
$
|
(17,618
|
)
|
|
$
|
170,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances at June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
13,366,461
|
|
|
$
|
134
|
|
|
$
|
187,814
|
|
|
$
|
(14,816
|
)
|
|
$
|
173,132
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,853
|
|
|
4,853
|
|
|||||
Net realized gain on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
51
|
|
|||||
Net unrealized depreciation on investments, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,142
|
)
|
|
(3,142
|
)
|
|||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
(18
|
)
|
|
—
|
|
|||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
4,990
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,546
|
)
|
|
(4,546
|
)
|
|||||
Net increase (decrease) for the period ended September 30, 2019
|
—
|
|
|
—
|
|
|
4,990
|
|
|
—
|
|
|
76
|
|
|
(2,802
|
)
|
|
(2,726
|
)
|
|||||
Balances at September 30, 2019
|
—
|
|
|
$
|
—
|
|
|
13,371,451
|
|
|
$
|
134
|
|
|
$
|
187,890
|
|
|
$
|
(17,618
|
)
|
|
$
|
170,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Paid-in capital in excess of par
|
|
Total distributable earnings (losses)
|
|
Total net assets
|
||||||||||||||||
|
Number of shares
|
|
Par value
|
|
Number of shares
|
|
Par value
|
||||||||||||||||||
Balances at January 1, 2020
|
—
|
|
|
$
|
—
|
|
|
13,376,836
|
|
|
$
|
134
|
|
|
$
|
187,305
|
|
|
$
|
(20,812
|
)
|
|
$
|
166,627
|
|
Net decrease in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,291
|
|
|
9,291
|
|
|||||
Net realized loss on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,046
|
)
|
|
(10,046
|
)
|
|||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(336
|
)
|
|
(336
|
)
|
|||||
Loss on impairment of goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,077
|
)
|
|
(1,077
|
)
|
|||||
Net unrealized depreciation on investments, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,573
|
)
|
|
(5,573
|
)
|
|||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(454
|
)
|
|
454
|
|
|
—
|
|
|||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
29,566
|
|
|
—
|
|
|
128
|
|
|
—
|
|
|
128
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,102
|
)
|
|
(9,102
|
)
|
|||||
Net increase (decrease) for the period ended September 30, 2020
|
—
|
|
|
—
|
|
|
29,566
|
|
|
—
|
|
|
(326
|
)
|
|
(16,389
|
)
|
|
(16,715
|
)
|
|||||
Balances at September 30, 2020
|
—
|
|
|
$
|
—
|
|
|
13,406,402
|
|
|
$
|
134
|
|
|
$
|
186,979
|
|
|
$
|
(37,201
|
)
|
|
$
|
149,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances at June 30, 2020
|
—
|
|
|
$
|
—
|
|
|
13,399,694
|
|
|
$
|
134
|
|
|
$
|
187,437
|
|
|
$
|
(52,174
|
)
|
|
$
|
135,397
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,712
|
|
|
2,712
|
|
|||||
Net realized loss on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(187
|
)
|
|
(187
|
)
|
|||||
Loss on impairment of goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,077
|
)
|
|
(1,077
|
)
|
|||||
Net unrealized appreciation on investments, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,346
|
|
|
15,346
|
|
|||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(490
|
)
|
|
490
|
|
|
—
|
|
|||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
6,708
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,278
|
)
|
|
(2,278
|
)
|
|||||
Net increase for the period ended September 30, 2020
|
—
|
|
|
—
|
|
|
6,708
|
|
|
—
|
|
|
(458
|
)
|
|
14,973
|
|
|
14,515
|
|
|||||
Balances at September 30, 2020
|
—
|
|
|
$
|
—
|
|
|
13,406,402
|
|
|
$
|
134
|
|
|
$
|
186,979
|
|
|
$
|
(37,201
|
)
|
|
$
|
149,912
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
$
|
(7,741
|
)
|
|
$
|
8,847
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Net realized loss on investments
|
10,046
|
|
|
843
|
|
||
Loss on impairment of goodwill
|
1,077
|
|
|
—
|
|
||
Loss on extinguishment of debt
|
336
|
|
|
—
|
|
||
Net unrealized depreciation on investments, net of taxes
|
5,573
|
|
|
4,851
|
|
||
Amortization of Net Loan Fees
|
(1,006
|
)
|
|
(788
|
)
|
||
Amendment fees collected
|
54
|
|
|
103
|
|
||
Payment-in-kind interest and dividend income
|
(1,610
|
)
|
|
(1,271
|
)
|
||
Accretion of interest income on structured finance notes
|
(4,141
|
)
|
|
(2,001
|
)
|
||
Amortization of debt issuance costs
|
1,258
|
|
|
942
|
|
||
Amortization of intangible asset
|
152
|
|
|
146
|
|
||
Purchase and origination of portfolio investments
|
(80,990
|
)
|
|
(169,638
|
)
|
||
Proceeds from principal payments on portfolio investments
|
60,071
|
|
|
30,750
|
|
||
Proceeds from sale or redemption of portfolio investments
|
67,409
|
|
|
30,368
|
|
||
Proceeds from distributions received from structured finance notes
|
4,614
|
|
|
1,976
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Interest receivable
|
559
|
|
|
(511
|
)
|
||
Interest payable
|
(1,450
|
)
|
|
(746
|
)
|
||
Payable to adviser and affiliates
|
(1,333
|
)
|
|
349
|
|
||
Receivable for investment sold
|
(1,453
|
)
|
|
—
|
|
||
Payable for investments purchased
|
(8,770
|
)
|
|
924
|
|
||
Other assets and liabilities
|
(160
|
)
|
|
(493
|
)
|
||
Net cash provided by (used in) operating activities
|
42,495
|
|
|
(95,349
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Distributions paid to stockholders
|
(8,974
|
)
|
|
(13,464
|
)
|
||
Borrowings under revolving lines of credit
|
78,800
|
|
|
128,675
|
|
||
Repayments under revolving lines of credit
|
(110,600
|
)
|
|
(48,200
|
)
|
||
Proceeds from unsecured notes offering, net of discounts
|
24,250
|
|
|
—
|
|
||
Repayments of SBA debentures
|
(21,110
|
)
|
|
—
|
|
||
Payment of deferred financing costs
|
(11
|
)
|
|
(1,857
|
)
|
||
Repurchases of common stock under Stock Repurchase Program
|
—
|
|
|
(3
|
)
|
||
Net cash provided by (used in) financing activities
|
(37,645
|
)
|
|
65,151
|
|
||
Net increase (decrease) in cash
|
4,850
|
|
|
(30,198
|
)
|
||
Cash at beginning of period
|
13,447
|
|
|
38,172
|
|
||
Cash at end of period
|
$
|
18,297
|
|
|
$
|
7,974
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
||||
Cash paid for interest
|
$
|
14,494
|
|
|
$
|
11,368
|
|
Reinvestment of distributions to stockholders
|
128
|
|
|
167
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debt and Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
All Star Auto Lights, Inc. (4)
|
|
Motor Vehicle Parts (Used) Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.50%
|
|
(L +7.50%)
|
|
12/19/2019
|
|
8/20/2024
|
|
$
|
14,328
|
|
|
$
|
14,194
|
|
|
$
|
13,633
|
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
American Bath Group, LLC (14) (15)
|
|
Plastics Plumbing Fixture Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
5.00%
|
|
(L +4.00%)
|
|
6/24/2019
|
|
9/30/2023
|
|
1,478
|
|
|
1,473
|
|
|
1,479
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
A&A Transfer, LLC
|
|
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (15)
|
|
|
|
8.25%
|
|
(L +6.50%)
|
|
2/7/2020
|
|
2/7/2025
|
|
16,848
|
|
|
16,628
|
|
|
17,091
|
|
|
11.5
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
n/m (18)
|
|
(L +6.50%)
|
|
2/7/2020
|
|
2/7/2025
|
|
—
|
|
|
(38
|
)
|
|
31
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
16,848
|
|
|
16,590
|
|
|
17,122
|
|
|
11.5
|
|
|||
Bass Pro Group, LLC (14) (15)
|
|
Sporting Goods Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
5.75%
|
|
(L +5.00%)
|
|
6/24/2019
|
|
9/25/2024
|
|
2,962
|
|
|
2,911
|
|
|
2,942
|
|
|
2.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Baymark Health Services, Inc.
|
|
Outpatient Mental Health & Sub. Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.25%
|
|
(L +8.25%)
|
|
3/22/2018
|
|
3/1/2025
|
|
4,000
|
|
|
3,975
|
|
|
3,951
|
|
|
2.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Carolina Lubes, Inc.
|
|
Automotive Oil Change and Lubrication Shops
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4) (8)
|
|
|
|
8.64%
|
|
(L +7.64%)
|
|
8/23/2017
|
|
8/23/2022
|
|
19,840
|
|
|
19,773
|
|
|
19,609
|
|
|
13.2
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
n/m (18)
|
|
(L +7.25%)
|
|
8/23/2017
|
|
8/23/2022
|
|
—
|
|
|
(6
|
)
|
|
(34
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
19,840
|
|
|
19,767
|
|
|
19,575
|
|
|
13.2
|
|
|||
Community Intervention Services, Inc. (4) (6) (11)
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
7.0% cash / 6.0% PIK
|
|
N/A
|
|
7/16/2015
|
|
1/16/2021
|
|
10,071
|
|
|
7,639
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Confie Seguros Holdings II Co.
|
|
Insurance Agencies and Brokerages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.66%
|
|
(L +8.50%)
|
|
7/7/2015
|
|
11/1/2025
|
|
9,678
|
|
|
9,537
|
|
|
8,951
|
|
|
6.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Connect U.S. Finco LLC (14) (15)
|
|
Taxi Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
5.50%
|
|
(L +4.50%)
|
|
11/20/2019
|
|
12/11/2026
|
|
1,990
|
|
|
1,981
|
|
|
1,934
|
|
|
1.3
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Constellis Holdings, LLC (10)
|
|
Other Justice, Public Order, and Safety Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity (20,628 common shares)
|
|
|
|
|
|
|
|
3/27/2020
|
|
|
|
|
|
|
$
|
703
|
|
|
$
|
696
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Convergint Technologies Holdings, LLC
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
7.50%
|
|
(L +6.75%)
|
|
9/28/2018
|
|
2/2/2026
|
|
3,481
|
|
|
3,439
|
|
|
3,287
|
|
|
2.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Custom Truck One Source (14) (15)
|
|
Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.40%
|
|
(L +4.25%)
|
|
9/30/2020
|
|
4/18/2025
|
|
500
|
|
|
499
|
|
|
497
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Davis Vision, Inc.
|
|
Direct Health and Medical Insurance Carriers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
7.75%
|
|
(L +6.75%)
|
|
10/31/2019
|
|
12/1/2025
|
|
405
|
|
|
396
|
|
|
405
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Diamond Sports Group, LLC (14) (15)
|
|
Television Broadcasting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
3.40%
|
|
(L +3.25%)
|
|
11/19/2019
|
|
8/24/2026
|
|
1,980
|
|
|
1,982
|
|
|
1,554
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
DuPage Medical Group (15)
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
7.75%
|
|
(L +7.00%)
|
|
8/22/2017
|
|
8/15/2025
|
|
10,098
|
|
|
10,162
|
|
|
9,916
|
|
|
6.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Eblens Holdings, Inc.
|
|
Shoe Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (11)
|
|
|
|
12.50% cash / 1.50% PIK
|
|
N/A
|
|
7/13/2017
|
|
1/13/2023
|
|
9,086
|
|
|
9,029
|
|
|
5,351
|
|
|
3.6
|
|
|||
Common Equity (71,250 Class A units) (10)
|
|
|
|
|
|
|
|
7/13/2017
|
|
|
|
|
|
|
713
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,086
|
|
|
9,742
|
|
|
5,351
|
|
|
3.6
|
|
|||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4)
|
|
Electrical Contractors and Other Wiring Installation Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.75% cash / 4.25% PIK
|
|
N/A
|
|
6/30/2017
|
|
6/30/2022
|
|
16,998
|
|
|
16,887
|
|
|
13,960
|
|
|
9.3
|
|
|||
Preferred Equity (238,095 Series B units) (10)
|
|
|
|
|
|
|
|
6/30/2017
|
|
|
|
|
|
|
300
|
|
|
—
|
|
|
—
|
|
|||
Preferred Equity (13,315 Series C units) (10)
|
|
|
|
|
|
|
|
8/13/2018
|
|
|
|
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
16,998
|
|
|
17,200
|
|
|
13,960
|
|
|
9.3
|
|
|||
Excelin Home Health, LLC
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.50%
|
|
(L +9.50%)
|
|
10/25/2018
|
|
4/25/2024
|
|
4,250
|
|
|
4,195
|
|
|
4,250
|
|
|
2.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
GGC Aerospace Topco L.P.
|
|
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.75%
|
|
(L +8.75%)
|
|
12/29/2017
|
|
9/8/2024
|
|
$
|
5,000
|
|
|
$
|
4,926
|
|
|
$
|
4,456
|
|
|
2.9
|
%
|
Common Equity (368,852 Class A units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
|
450
|
|
|
231
|
|
|
0.2
|
|
|||
Common Equity (40,984 Class B units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
|
50
|
|
|
9
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5,426
|
|
|
4,696
|
|
|
3.1
|
|
|||
Inergex Holdings, LLC
|
|
Other Computer Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.00%
|
|
(L +7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
16,464
|
|
|
16,296
|
|
|
15,368
|
|
|
10.2
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
8.00%
|
|
(Prime + 7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
469
|
|
|
450
|
|
|
438
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
16,933
|
|
|
16,746
|
|
|
15,806
|
|
|
10.5
|
|
|||
Institutional Shareholder Services, Inc.
|
|
Administrative Management and General Management Consulting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.72%
|
|
(L +8.50%)
|
|
3/4/2019
|
|
3/5/2027
|
|
6,244
|
|
|
6,093
|
|
|
6,046
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Intouch Midco Inc. (15)
|
|
All Other Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.90%
|
|
(L +4.75%)
|
|
12/20/2019
|
|
8/24/2025
|
|
1,985
|
|
|
1,923
|
|
|
1,830
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Milrose Consultants, LLC (4) (8)
|
|
Administrative Management and General Management Consulting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
7.74%
|
|
(L +6.74%)
|
|
7/16/2019
|
|
7/16/2025
|
|
19,167
|
|
|
19,041
|
|
|
19,049
|
|
|
12.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
My Alarm Center, LLC (10)
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (335 Class Z units) (13)
|
|
|
|
|
|
|
|
9/12/2018
|
|
|
|
|
|
|
$
|
325
|
|
|
$
|
1,136
|
|
|
0.8
|
%
|
|
Preferred Equity (1,485 Class A units), 8% PIK (4) (13)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
1,571
|
|
|
229
|
|
|
0.2
|
|
|||
Preferred Equity (1,198 Class B units) (4)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
1,198
|
|
|
5
|
|
|
—
|
|
|||
Common Equity (64,149 units) (4) (13)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,094
|
|
|
1,370
|
|
|
1.0
|
|
|||
Online Tech Stores, LLC (4) (6)
|
|
Stationary & Office Supply Merchant Wholesaler
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
13.50% PIK
|
|
N/A
|
|
2/1/2018
|
|
8/1/2023
|
|
18,058
|
|
|
16,129
|
|
|
7,093
|
|
|
4.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
OnSite Care, PLLC (4) (8)
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.70%
|
|
(L +7.70%)
|
|
8/10/2018
|
|
8/10/2023
|
|
$
|
9,516
|
|
|
$
|
9,441
|
|
|
$
|
9,516
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Panther BF Aggregator 2 LP (14) (15)
|
|
Other Commercial and Service Industry Machinery Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
3.65%
|
|
(L +3.50%)
|
|
11/19/2019
|
|
4/30/2026
|
|
1,980
|
|
|
1,965
|
|
|
1,934
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Parfums Holding Company, Inc.
|
|
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (14) (15)
|
|
|
|
4.26%
|
|
(L +4.00%)
|
|
6/25/2019
|
|
6/30/2024
|
|
1,537
|
|
|
1,536
|
|
|
1,507
|
|
|
1.0
|
|
|||
Senior Secured Loan
|
|
|
|
9.75%
|
|
(L +8.75%)
|
|
11/16/2017
|
|
6/30/2025
|
|
6,320
|
|
|
6,332
|
|
|
6,289
|
|
|
4.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,857
|
|
|
7,868
|
|
|
7,796
|
|
|
5.2
|
|
|||
Pelican Products, Inc.
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.75%
|
|
(L +7.75%)
|
|
9/24/2018
|
|
5/1/2026
|
|
6,055
|
|
|
6,059
|
|
|
5,835
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pike Corp. (14) (15)
|
|
Electrical Contractors and Other Wiring Installation Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
3.15%
|
|
(L +3.00%)
|
|
9/17/2020
|
|
7/24/2026
|
|
500
|
|
|
500
|
|
|
497
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PM Acquisition LLC
|
|
All Other General Merchandise Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.50% cash / 2.5% PIK
|
|
N/A
|
|
9/30/2017
|
|
10/29/2021
|
|
4,828
|
|
|
4,793
|
|
|
4,615
|
|
|
3.1
|
|
|||
Common Equity (499 units) (10) (13)
|
|
|
|
|
|
|
|
9/30/2017
|
|
|
|
|
|
|
499
|
|
|
165
|
|
|
0.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,828
|
|
|
5,292
|
|
|
4,780
|
|
|
3.2
|
|
|||
Quest Software US Holdings Inc. (14) (15)
|
|
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.51%
|
|
(L +4.25%)
|
|
6/25/2019
|
|
5/16/2025
|
|
1,975
|
|
|
1,959
|
|
|
1,939
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Resource Label Group, LLC
|
|
Commercial Printing (except Screen and Books)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.50%
|
|
(L +8.50%)
|
|
6/7/2017
|
|
11/26/2023
|
|
4,821
|
|
|
4,786
|
|
|
4,549
|
|
|
3.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Rocket Software, Inc. (15)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.51%
|
|
(L +8.25%)
|
|
11/20/2018
|
|
11/28/2026
|
|
6,275
|
|
|
6,186
|
|
|
5,959
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
RPLF Holdings, LLC (10) (13)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity (254,110 Class A units)
|
|
|
|
|
|
|
|
1/17/2018
|
|
|
|
|
|
|
$
|
254
|
|
|
$
|
418
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sentry Centers Holdings, LLC (10) (13)
|
|
Convention and Trade Show Organizers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (2,248 Series A units)
|
|
|
|
|
|
|
|
9/4/2020
|
|
|
|
—
|
|
|
51
|
|
|
47
|
|
|
—
|
|
|||
Preferred Equity (1,603 Series B units)
|
|
|
|
|
|
|
|
9/4/2020
|
|
|
|
—
|
|
|
160
|
|
|
160
|
|
|
0.1
|
|
|||
Common Equity (269 units)
|
|
|
|
|
|
|
|
9/4/2020
|
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
214
|
|
|
210
|
|
|
0.1
|
|
|||
SkyMiles IP Ltd. and Delta Air Lines, Inc. (14) (15)
|
|
Scheduled Passenger Air Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.75%
|
|
(L +3.75%)
|
|
9/15/2020
|
|
9/16/2027
|
|
500
|
|
|
495
|
|
|
504
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SourceHOV Tax, Inc. (4) (8)
|
|
Other Accounting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
7.87%
|
|
(L +6.37%)
|
|
3/16/2020
|
|
3/17/2025
|
|
12,915
|
|
|
12,832
|
|
|
13,172
|
|
|
8.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Southern Technical Institute, LLC (4) (10)
|
|
Colleges, Universities, and Professional Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Equity appreciation rights
|
|
|
|
|
|
|
|
6/27/2018
|
|
|
|
|
|
|
—
|
|
|
3,356
|
|
|
2.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,)
|
|
Child Day Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.47%
|
|
(L +8.25%)
|
|
7/26/2018
|
|
7/30/2026
|
|
5,216
|
|
|
5,180
|
|
|
4,948
|
|
|
3.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SSJA Bariatric Management LLC (15)
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.00%
|
|
(L +5.00%)
|
|
8/26/2019
|
|
8/26/2024
|
|
9,975
|
|
|
9,897
|
|
|
9,605
|
|
|
6.5
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
5.25%
|
|
(L +4.00%)
|
|
8/26/2019
|
|
8/26/2024
|
|
667
|
|
|
662
|
|
|
642
|
|
|
0.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,642
|
|
|
10,559
|
|
|
10,247
|
|
|
6.9
|
|
|||
Stancor, L.P. (4)
|
|
Pump and Pumping Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (1,250,000 Class A units), 8% PIK (10)
|
|
|
|
|
|
|
|
8/19/2014
|
|
|
|
|
|
|
1,501
|
|
|
1,220
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Staples, Inc. (14) (15)
|
|
Business to Business Electronic Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
5.25%
|
|
(L +5.00%)
|
|
6/24/2019
|
|
4/16/2026
|
|
2,967
|
|
|
2,895
|
|
|
2,768
|
|
|
1.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
STS Operating, Inc.
|
|
Industrial Machinery and Equipment Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (14) (15)
|
|
|
|
5.25%
|
|
(L +4.25%)
|
|
5/16/2018
|
|
12/11/2024
|
|
$
|
627
|
|
|
$
|
626
|
|
|
$
|
599
|
|
|
0.4
|
%
|
Senior Secured Loan
|
|
|
|
9.00%
|
|
(L +8.00%)
|
|
5/15/2018
|
|
4/30/2026
|
|
9,073
|
|
|
9,070
|
|
|
8,461
|
|
|
5.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,700
|
|
|
9,696
|
|
|
9,060
|
|
|
6.0
|
|
|||
Sunshine Luxembourg VII SARL (14) (15)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.47%
|
|
(L +4.25%)
|
|
11/20/2019
|
|
9/25/2026
|
|
1,985
|
|
|
1,994
|
|
|
1,978
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tank Holding Corp. (14) (15)
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.93%
|
|
(L +3.50%)
|
|
6/24/2019
|
|
3/26/2026
|
|
1,980
|
|
|
1,987
|
|
|
1,960
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The Escape Game, LLC (4)
|
|
Other amusement and recreation industries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.75%
|
|
(L +8.75%)
|
|
12/22/2017
|
|
12/22/2022
|
|
7,000
|
|
|
6,969
|
|
|
6,549
|
|
|
4.4
|
|
|||
Senior Secured Loan
|
|
|
|
9.75%
|
|
(L +8.75%)
|
|
2/14/2020
|
|
12/31/2020
|
|
2,333
|
|
|
2,323
|
|
|
2,183
|
|
|
1.5
|
|
|||
Senior Secured Loan
|
|
|
|
8.00%
|
|
(L +7.00%)
|
|
7/18/2019
|
|
12/31/2020
|
|
4,667
|
|
|
4,661
|
|
|
4,392
|
|
|
2.9
|
|
|||
Senior Secured Loan (Delayed Draw)
|
|
|
|
9.75%
|
|
(L +8.75%)
|
|
7/20/2018
|
|
12/22/2022
|
|
7,000
|
|
|
7,000
|
|
|
6,549
|
|
|
4.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
21,000
|
|
|
20,953
|
|
|
19,673
|
|
|
13.2
|
|
|||
Truck Hero, Inc. (15)
|
|
Truck Trailer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.25%
|
|
(L +8.25%)
|
|
5/30/2017
|
|
4/21/2025
|
|
7,014
|
|
|
6,987
|
|
|
6,915
|
|
|
4.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
United Biologics Holdings, LLC (4) (10)
|
|
Medical Laboratories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (151,787 units)
|
|
|
|
|
|
|
|
4/16/2013
|
|
|
|
|
|
|
9
|
|
|
30
|
|
|
—
|
|
|||
Warrants (29,374 units)
|
|
|
|
|
|
|
|
7/26/2012
|
|
3/5/2022 (12)
|
|
|
|
|
82
|
|
|
14
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91
|
|
|
44
|
|
|
—
|
|
|||
United Natural Foods (14) (15)
|
|
General Line Grocery Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.40%
|
|
(L +4.25%)
|
|
6/9/2020
|
|
10/22/2025
|
|
478
|
|
|
460
|
|
|
468
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wastebuilt Environmental Solutions, LLC (4)
|
|
Industrial Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.25%
|
|
(L +8.75%)
|
|
10/11/2018
|
|
10/11/2024
|
|
7,000
|
|
|
6,901
|
|
|
5,402
|
|
|
3.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Weight Watchers International, Inc. (14) (15)
|
|
Diet and Weight Reducing Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
5.50%
|
|
(L +4.75%)
|
|
6/10/2020
|
|
11/29/2024
|
|
$
|
485
|
|
|
$
|
485
|
|
|
$
|
485
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Xperi (14) (15)
|
|
Semiconductor and Related Device Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
4.15%
|
|
(L +4.00%)
|
|
6/1/2020
|
|
6/1/2025
|
|
514
|
|
|
471
|
|
|
502
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Debt and Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
321,583
|
|
|
$
|
322,848
|
|
|
$
|
291,528
|
|
|
194.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Structured Finance Note Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Dryden 76 CLO, Ltd. (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
19.80% (9)
|
|
|
|
9/27/2019
|
|
10/20/2032 (17)
|
|
2,750
|
|
|
2,320 (16)
|
|
|
2,038
|
|
|
1.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Elevation CLO 2017-7, Ltd. (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
12.26% (9)
|
|
|
|
2/6/2019
|
|
7/15/2030 (17)
|
|
10,000
|
|
|
7,165 (16)
|
|
|
5,754
|
|
|
3.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Flatiron CLO 18, Ltd. (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subordinated Notes
|
|
|
|
21.27% (9)
|
|
|
|
1/2/2019
|
|
4/17/2031 (17)
|
|
9,680
|
|
|
7,306 (16)
|
|
|
6,839
|
|
|
4.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Madison Park Funding XXIII, Ltd. (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
19.45% (9)
|
|
|
|
1/8/2020
|
|
7/27/2047 (17)
|
|
10,000
|
|
|
6,819 (16)
|
|
|
6,743
|
|
|
4.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Monroe Capital MML CLO X, LTD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mezzanine bond - Class E
|
|
|
|
9.08% (9)
|
|
(L +8.85%)
|
|
8/7/2020
|
|
8/20/2031 (17)
|
|
863
|
|
|
799
|
|
|
797
|
|
|
0.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Octagon Investment Partners 39, Ltd. (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
21.01% (9)
|
|
|
|
1/23/2020
|
|
10/20/2030 (17)
|
|
7,000
|
|
|
5,277 (16)
|
|
|
4,904
|
|
|
3.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Park Avenue Institutional Advisers CLO 2017-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mezzanine bond - Class D
|
|
|
|
6.48% (9)
|
|
(L +6.22%)
|
|
6/5/2020
|
|
11/14/2029 (17)
|
|
100
|
|
|
82
|
|
|
89
|
|
|
0.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Regatta II Funding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mezzanine bond - Class DR2
|
|
|
|
7.23% (9)
|
|
(L +6.95%)
|
|
6/5/2020
|
|
1/15/2029 (17)
|
|
$
|
800
|
|
|
$
|
685
|
|
|
$
|
720
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
THL Credit Wind River 2019‐3 CLO Ltd (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
15.73% (9)
|
|
|
|
4/5/2019
|
|
4/15/2031 (17)
|
|
7,000
|
|
|
5,807 (16)
|
|
|
4,647
|
|
|
3.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Structured Finance Note Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
48,193
|
|
|
$
|
36,260
|
|
|
$
|
32,531
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
369,776
|
|
|
$
|
359,108
|
|
|
$
|
324,059
|
|
|
216.3
|
%
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
3rd Rock Gaming Holdings, LLC
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (6)
|
|
|
|
8.50% cash / 1.0% PIK
|
|
(L +7.50%)
|
|
3/13/2018
|
|
3/12/2023
|
|
21,285
|
|
|
20,993
|
|
|
11,664
|
|
|
7.8
|
|
|||
Common Equity (2,547,250 units) (10) (13)
|
|
|
|
|
|
|
|
3/13/2018
|
|
|
|
|
|
|
2,547
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
21,285
|
|
|
23,540
|
|
|
11,664
|
|
|
7.8
|
|
|||
Chemical Resources Holdings, Inc.
|
|
Custom Compounding of Purchased Resins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4) (8)
|
|
|
|
9.22%
|
|
(L +7.72%)
|
|
1/25/2019
|
|
1/25/2024
|
|
13,743
|
|
|
13,620
|
|
|
13,857
|
|
|
9.2
|
|
|||
Common Equity (1,832 Class A shares) (10) (13)
|
|
|
|
|
|
|
|
1/25/2019
|
|
|
|
|
|
|
1,813
|
|
|
2,475
|
|
|
1.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,743
|
|
|
15,433
|
|
|
16,332
|
|
|
10.9
|
|
|||
Contract Datascan Holdings, Inc. (4)
|
|
Office Machinery and Equipment Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
12.00%
|
|
N/A
|
|
8/5/2015
|
|
2/5/2021
|
|
8,022
|
|
|
8,012
|
|
|
7,706
|
|
|
5.1
|
|
|||
Preferred Equity (3,061 Series A shares), 10% PIK
|
|
|
|
|
|
|
|
8/5/2015
|
|
|
|
|
|
|
5,848
|
|
|
2,523
|
|
|
1.7
|
|
|||
Common Equity (11,273 shares) (10)
|
|
|
|
|
|
|
|
6/28/2016
|
|
|
|
|
|
|
104
|
|
|
36
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,022
|
|
|
13,964
|
|
|
10,265
|
|
|
6.8
|
|
|||
DRS Imaging Services, LLC
|
|
Data Processing, Hosting, and Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4) (8)
|
|
|
|
10.12%
|
|
(L +9.12%)
|
|
3/8/2018
|
|
11/20/2023
|
|
10,626
|
|
|
10,570
|
|
|
10,626
|
|
|
7.1
|
|
|||
Common Equity (1,135 units) (10) (13)
|
|
|
|
|
|
|
|
3/8/2018
|
|
|
|
|
|
|
1,135
|
|
|
1,694
|
|
|
1.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,626
|
|
|
11,705
|
|
|
12,320
|
|
|
8.2
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Master Cutlery, LLC (4) (10)
|
|
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (6) (11)
|
|
|
|
13.00%
|
|
N/A
|
|
4/17/2015
|
|
7/20/2022
|
|
$
|
6,546
|
|
|
$
|
4,764
|
|
|
$
|
—
|
|
|
—
|
%
|
Preferred Equity (3,723 Series A units), 8% PIK
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
|
|
|
3,483
|
|
|
—
|
|
|
—
|
|
|||
Common Equity (15,564 units)
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
6,546
|
|
|
8,247
|
|
|
—
|
|
|
—
|
|
|||
NeoSystems Corp. (4)
|
|
Other Accounting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (521,962 convertible shares), 10% PIK
|
|
|
|
|
|
|
|
8/14/2014
|
|
|
|
|
|
|
1,831
|
|
|
2,250
|
|
|
1.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pfanstiehl Holdings, Inc. (4)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
10.50%
|
|
N/A
|
|
1/1/2014
|
|
9/27/2024
|
|
3,788
|
|
|
3,788
|
|
|
3,788
|
|
|
2.5
|
|
|||
Common Equity (400 Class A shares)
|
|
|
|
|
|
|
|
1/1/2014
|
|
|
|
|
|
|
217
|
|
|
31,932
|
|
|
21.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,788
|
|
|
4,005
|
|
|
35,720
|
|
|
23.8
|
|
|||
Professional Pipe Holdings, LLC
|
|
Plumbing, Heating, and Air-Conditioning Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.90% cash / 1.50% PIK
|
|
(L +8.75%)
|
|
3/23/2018
|
|
3/23/2023
|
|
7,180
|
|
|
7,111
|
|
|
6,849
|
|
|
4.6
|
|
|||
Common Equity (1,414 Class A units) (10)
|
|
|
|
|
|
|
|
3/23/2018
|
|
|
|
|
|
|
1,414
|
|
|
1,011
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,180
|
|
|
8,525
|
|
|
7,860
|
|
|
5.3
|
|
|||
TalentSmart Holdings, LLC
|
|
Professional and Management Development Training
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4)
|
|
|
|
8.50%
|
|
(L +6.75%)
|
|
10/11/2019
|
|
10/11/2024
|
|
9,813
|
|
|
9,674
|
|
|
9,901
|
|
|
6.6
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
8.50%
|
|
(L +6.75%)
|
|
10/11/2019
|
|
10/11/2024
|
|
500
|
|
|
493
|
|
|
504
|
|
|
0.3
|
|
|||
Common Equity (1,595 Class A shares) (10) (13)
|
|
|
|
|
|
|
|
10/11/2019
|
|
|
|
|
|
|
1,595
|
|
|
900
|
|
|
0.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,313
|
|
|
11,762
|
|
|
11,305
|
|
|
7.5
|
|
|||
TRS Services, LLC (4) (10)
|
|
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (2,088,305 Class A units), 11% PIK
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
|
|
|
279
|
|
|
811
|
|
|
0.5
|
|
|||
Common Equity (3,000,000 units)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
851
|
|
|
811
|
|
|
0.5
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
TTG Healthcare, LLC
|
|
Diagnostic Imaging Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4)
|
|
|
|
10.00%
|
|
(L +9.00%)
|
|
3/1/2019
|
|
3/1/2024
|
|
$
|
12,103
|
|
|
$
|
11,969
|
|
|
$
|
12,194
|
|
|
8.1
|
%
|
Preferred Equity ( 2,309 Class B units) (10) (13)
|
|
|
|
|
|
|
|
3/1/2019
|
|
|
|
|
|
|
2,309
|
|
|
3,464
|
|
|
2.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
12,103
|
|
|
14,278
|
|
|
15,658
|
|
|
10.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
93,606
|
|
|
$
|
114,141
|
|
|
$
|
124,185
|
|
|
82.7
|
%
|
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MTE Holding Corp. (4)
|
|
Travel Trailer and Camper Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.)
|
|
|
|
11.00% cash / 5.00% PIK
|
|
(L +8.50%)
|
|
11/25/2015
|
|
11/25/2021
|
|
7,742
|
|
|
7,742
|
|
|
7,626
|
|
|
5.1
|
|
|||
Common Equity (554 shares) (10)
|
|
|
|
|
|
|
|
11/25/2015
|
|
|
|
|
|
|
3,069
|
|
|
458
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,742
|
|
|
10,811
|
|
|
8,084
|
|
|
5.4
|
|
|||
Total Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,742
|
|
|
$
|
10,811
|
|
|
$
|
8,084
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
471,124
|
|
|
$
|
484,060
|
|
|
$
|
456,328
|
|
|
304.4
|
%
|
(1)
|
Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Substantially all of the investments that bear interest at a variable rate are indexed to LIBOR (L) at September 30, 2020, and reset monthly, quarterly, or semi-annually. Variable-rate loans with an aggregate cost of $342,661 include LIBOR reference rate floor provisions of generally 0.75% to 1.75%; at September 30, 2020, the reference rate on such instruments was generally below the stated floor provisions. For each investment, the Company has provided the spread over the reference rate and current interest rate in effect at September 30, 2020. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.
|
(3)
|
Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details.
|
(4)
|
Investments (or portion thereof) held by SBIC I LP. These assets are pledged as collateral of the SBA debentures and cannot be pledged under any debt obligation of the Company.
|
(5)
|
Subject to unfunded commitments. See Note 6 for further details.
|
(6)
|
Investment was on non-accrual status as of September 30, 2020, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details.
|
(7)
|
CLO subordinated debt positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.
|
(8)
|
The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of September 30, 2020:
|
Portfolio Company
|
|
Reported Interest Rate
|
|
Interest Rate per Credit Agreement
|
|
Additional Interest per Annum
|
Carolina Lubes, Inc.
|
|
8.64%
|
|
8.25%
|
|
0.39%
|
Chemical Resources Holdings, Inc.
|
|
9.22%
|
|
7.50%
|
|
1.72%
|
DRS Imaging Services, LLC
|
|
10.12%
|
|
9.00%
|
|
1.12%
|
Milrose Consultants, LLC
|
|
7.74%
|
|
7.00%
|
|
0.74%
|
OnSite Care, PLLC
|
|
8.70%
|
|
7.25%
|
|
1.45%
|
SourceHOV Tax, Inc.
|
|
7.87%
|
|
7.00%
|
|
0.87%
|
(9)
|
The rate disclosed is the estimated effective yield, generally established at purchase and re-evaluated upon receipt of distributions, and based upon projected amounts and timing of future distributions and the projected amount and timing of terminal principal payments at the time of estimation. The estimated yield and investment cost may ultimately not be realized.
|
(10)
|
Non-income producing.
|
Portfolio Company
|
|
Investment Type
|
|
Range of PIK
Option
|
|
Range of Cash
Option
|
|
Maximum PIK
Rate Allowed
|
Community Intervention Services, Inc.
|
|
Subordinated Loan
|
|
0% to 6.00%
|
|
13.00% to 7.00%
|
|
6.00%
|
Eblens Holdings, Inc.
|
|
Subordinated Loan
|
|
0% or 1.50%
|
|
14.00% or 12.50%
|
|
1.50%
|
Master Cutlery, LLC
|
|
Senior Secured Loan
|
|
0% to 13.00%
|
|
13.00% to 0%
|
|
13.00%
|
(12)
|
Represents expiration date of the warrants.
|
(13)
|
All or portion of investment held by a wholly-owned subsidiary subject to income tax.
|
(14)
|
Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.
|
(15)
|
Investments (or portion thereof) held by OFSCC-FS. These assets are pledged as collateral of the BNP Facility and cannot be pledged under any debt obligation of the Company.
|
(16)
|
Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO subordinated debt investments.
|
(17)
|
Maturity date represents the contractual maturity date of the structured finance notes. Projected cash flows, including the projected amount and timing of terminal principal payments which may be projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments.
|
(18)
|
Not meaningful as there is no outstanding balance on the revolver. The Company earns unfunded commitment fees on undrawn revolving lines of credit balances, which are reported in fee income.
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Acrisure, LLC (14) (15)
|
|
Insurance Agencies and Brokerages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.19%
|
|
(L +4.25%)
|
|
10/29/2019
|
|
11/15/2023
|
|
$
|
1,995
|
|
|
$
|
1,971
|
|
|
$
|
2,004
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AHP Health Partners (14) (15)
|
|
General Medical and Surgical Hospitals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.30%
|
|
(L +4.50%)
|
|
6/27/2019
|
|
6/30/2025
|
|
2,607
|
|
|
2,612
|
|
|
2,632
|
|
|
1.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Albertson's Holdings LLC (14) (15)
|
|
Supermarkets and Other Grocery (except Convenience) Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.55%
|
|
(L +2.75%)
|
|
6/24/2019
|
|
11/17/2025
|
|
1,082
|
|
|
1,081
|
|
|
1,094
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
All Star Auto Lights, Inc. (4)
|
|
Motor Vehicle Parts (Used) Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.24%
|
|
(L +7.50%)
|
|
12/19/2019
|
|
8/20/2024
|
|
13,250
|
|
|
13,119
|
|
|
13,119
|
|
|
7.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
American Bath Group, LLC (14) (15)
|
|
Plastics Plumbing Fixture Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.05%
|
|
(L +4.25%)
|
|
6/24/2019
|
|
9/30/2023
|
|
1,489
|
|
|
1,484
|
|
|
1,498
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AppLovin Corporation (14) (15)
|
|
Advertising Agencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.30%
|
|
(L +3.50%)
|
|
6/24/2019
|
|
8/15/2025
|
|
1,985
|
|
|
1,987
|
|
|
2,001
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Asurion, LLC (14) (15)
|
|
Communication Equipment Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.80%
|
|
(L +3.00%)
|
|
6/24/2019
|
|
11/3/2024
|
|
1,985
|
|
|
1,985
|
|
|
1,998
|
|
|
1.2
|
|
|||
Senior Secured Loan
|
|
|
|
4.80%
|
|
(L +3.00%)
|
|
7/24/2019
|
|
11/3/2023
|
|
995
|
|
|
997
|
|
|
1,002
|
|
|
0.6
|
|
|||
Senior Secured Loan
|
|
|
|
8.30%
|
|
(L +6.50%)
|
|
11/19/2019
|
|
8/24/2025
|
|
1,500
|
|
|
1,511
|
|
|
1,511
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,480
|
|
|
4,493
|
|
|
4,511
|
|
|
2.7
|
|
|||
Athenahealth, Inc. (14) (15)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.40%
|
|
(L +4.50%)
|
|
6/24/2019
|
|
2/11/2026
|
|
1,985
|
|
|
1,990
|
|
|
1,998
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bass Pro Group, LLC (14) (15)
|
|
Sporting Goods Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.80%
|
|
(L +5.00%)
|
|
6/24/2019
|
|
9/25/2024
|
|
1,985
|
|
|
1,921
|
|
|
1,983
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
BayMark Health Services, Inc.
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.21%
|
|
(L +8.25%)
|
|
3/22/2018
|
|
3/1/2025
|
|
$
|
4,000
|
|
|
$
|
3,970
|
|
|
$
|
4,000
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blackhawk Network Holdings, Inc. (14) (15)
|
|
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.80%
|
|
(L +3.00%)
|
|
10/30/2019
|
|
6/15/2025
|
|
1,995
|
|
|
1,982
|
|
|
1,999
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BrightSpring Health Services (14) (15)
|
|
Residential Intellectual and Developmental Disability Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.21%
|
|
(L +4.50%)
|
|
6/24/2019
|
|
3/5/2026
|
|
2,985
|
|
|
2,991
|
|
|
3,006
|
|
|
1.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brookfield WEC Holdings Inc. (14) (15)
|
|
Business to Business Electronic Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.67%
|
|
(L +3.00%)
|
|
7/25/2019
|
|
8/1/2025
|
|
1,990
|
|
|
2,000
|
|
|
2,000
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Carolina Lubes, Inc.
|
|
Automotive Oil Change and Lubrication Shops
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4) (8)
|
|
|
|
9.83%
|
|
(L +7.73%)
|
|
8/23/2017
|
|
8/23/2022
|
|
20,268
|
|
|
20,172
|
|
|
20,466
|
|
|
12.3
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
n/m (18)
|
|
(L +7.25%)
|
|
8/23/2017
|
|
8/23/2022
|
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
20,268
|
|
|
20,164
|
|
|
20,458
|
|
|
12.3
|
|
|||
Charter NEX US, Inc. (14) (15)
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.30%
|
|
(L +3.50%)
|
|
10/30/2019
|
|
5/16/2024
|
|
2,000
|
|
|
1,985
|
|
|
1,985
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CHG Healthcare Services, Inc. (15)
|
|
All Other Outpatient Care Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.80%
|
|
(L +3.00%)
|
|
7/24/2019
|
|
6/7/2023
|
|
1,999
|
|
|
2,001
|
|
|
2,015
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cirrus Medical Staffing, Inc. (4)
|
|
Temporary Help Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.19%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
12,564
|
|
|
12,458
|
|
|
12,358
|
|
|
7.4
|
|
|||
Senior Secured Loan (Revolver)
|
|
|
|
10.19%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
1,408
|
|
|
1,408
|
|
|
1,384
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,972
|
|
|
13,866
|
|
|
13,742
|
|
|
8.2
|
|
|||
Community Intervention Services, Inc. (4) (6) (10) (11)
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
7.00% cash / 6.00% PIK
|
|
N/A
|
|
7/16/2015
|
|
1/16/2021
|
|
9,624
|
|
|
7,639
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Confie Seguros Holdings II Co. (14)
|
|
Insurance Agencies and Brokerages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.41%
|
|
(L +8.50%)
|
|
7/7/2015
|
|
11/1/2025
|
|
$
|
9,678
|
|
|
$
|
9,515
|
|
|
$
|
9,382
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Connect U.S. Finco LLC (14) (15)
|
|
Taxi Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.29%
|
|
(L +4.50%)
|
|
11/20/2019
|
|
12/11/2026
|
|
2,000
|
|
|
1,990
|
|
|
1,990
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Constellis Holdings, LLC (6)
|
|
Other Justice, Public Order, and Safety Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.93%
|
|
(L +9.00%)
|
|
4/28/2017
|
|
4/21/2025
|
|
9,950
|
|
|
9,846
|
|
|
407
|
|
|
0.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Convergint Technologies Holdings, LLC
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.55%
|
|
(L +6.75%)
|
|
9/28/2018
|
|
2/2/2026
|
|
3,481
|
|
|
3,430
|
|
|
3,424
|
|
|
2.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Curium BidCo S.A R.L. (14) (15)
|
|
Pharmaceutical and Medicine Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.94%
|
|
(L +4.00%)
|
|
10/29/2019
|
|
7/1/2026
|
|
848
|
|
|
853
|
|
|
853
|
|
|
0.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Davis Vision, Inc.
|
|
Direct Health and Medical Insurance Carriers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.55%
|
|
(L +6.75%)
|
|
10/31/2019
|
|
12/1/2025
|
|
405
|
|
|
395
|
|
|
405
|
|
|
0.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dexko Global Inc. (14) (15)
|
|
Motor Vehicle Body Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.30%
|
|
(L +3.50%)
|
|
10/30/2019
|
|
7/24/2024
|
|
1,995
|
|
|
1,970
|
|
|
1,997
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diamond Sports Group, LLC (14) (15)
|
|
Television Broadcasting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.03%
|
|
(L +3.25%)
|
|
11/19/2019
|
|
8/24/2026
|
|
1,995
|
|
|
1,997
|
|
|
1,997
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DuPage Medical Group (15)
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.80%
|
|
(L +7.00%)
|
|
8/22/2017
|
|
8/15/2025
|
|
10,098
|
|
|
10,170
|
|
|
10,098
|
|
|
6.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Eblens Holdings, Inc.
|
|
Shoe Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (11)
|
|
|
|
12.00% cash / 1.00% PIK
|
|
|
|
7/13/2017
|
|
1/13/2023
|
|
9,010
|
|
|
8,962
|
|
|
9,025
|
|
|
5.4
|
|
|||
Common Equity (71,250 Class A units) (10)
|
|
|
|
|
|
|
|
7/13/2017
|
|
|
|
|
|
713
|
|
|
892
|
|
|
0.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
9,010
|
|
|
9,675
|
|
|
9,917
|
|
|
5.9
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Endo International PLC (14) (15)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.06%
|
|
(L +4.25%)
|
|
6/24/2019
|
|
4/29/2024
|
|
$
|
1,985
|
|
|
$
|
1,897
|
|
|
$
|
1,906
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Envocore Holding, LLC (F/K/A LRI Holding, LLC) (4)
|
|
Electrical Contractors and Other Wiring Installation Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.00% cash / 5.00% PIK
|
|
(L +6.00%)
|
|
6/30/2017
|
|
6/30/2022
|
|
16,367
|
|
|
16,207
|
|
|
14,639
|
|
|
8.8
|
|
|||
Preferred Equity (238,095 Series B units) (10)
|
|
|
|
|
|
|
|
6/30/2017
|
|
|
|
|
|
300
|
|
|
—
|
|
|
—
|
|
||||
Preferred Equity (13,315 Series C units) (10)
|
|
|
|
|
|
|
|
8/13/2018
|
|
|
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
16,367
|
|
|
16,520
|
|
|
14,639
|
|
|
8.8
|
|
|||
Excelin Home Health, LLC
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.50%
|
|
(L +9.50%)
|
|
10/25/2018
|
|
4/25/2024
|
|
4,250
|
|
|
4,183
|
|
|
4,070
|
|
|
2.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Explorer Holdings, Inc. (14) (15)
|
|
Testing Laboratories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.60%
|
|
(L +3.75%)
|
|
6/25/2019
|
|
5/2/2023
|
|
1,985
|
|
|
1,987
|
|
|
2,004
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Garda World Security (14) (15)
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.66%
|
|
(L +4.75%)
|
|
10/24/2019
|
|
10/30/2026
|
|
1,667
|
|
|
1,634
|
|
|
1,680
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GGC Aerospace Topco L.P.
|
|
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.65%
|
|
(L +8.75%)
|
|
12/29/2017
|
|
9/8/2024
|
|
5,000
|
|
|
4,912
|
|
|
4,084
|
|
|
2.5
|
|
|||
Common Equity (368,852 Class A units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
450
|
|
|
124
|
|
|
0.1
|
|
||||
Common Equity (40,984 Class B units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
50
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5,412
|
|
|
4,213
|
|
|
2.6
|
|
|||
Hyland Software, Inc.
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (14) (15)
|
|
|
|
5.30%
|
|
(L +3.50%)
|
|
10/24/2018
|
|
7/1/2024
|
|
1,660
|
|
|
1,655
|
|
|
1,672
|
|
|
1.0
|
|
|||
Senior Secured Loan
|
|
|
|
8.80%
|
|
(L +7.00%)
|
|
10/24/2018
|
|
7/7/2025
|
|
2,601
|
|
|
2,614
|
|
|
2,617
|
|
|
1.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
4,261
|
|
|
4,269
|
|
|
4,289
|
|
|
2.6
|
|
|||
Inergex Holdings, LLC
|
|
Other Computer Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.94%
|
|
(L +7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
16,590
|
|
|
16,389
|
|
|
16,489
|
|
|
9.9
|
|
|||
Senior Secured Loan (Revolver) (5) (18)
|
|
|
|
6.05%
|
|
(L +7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
1,875
|
|
|
1,853
|
|
|
1,864
|
|
|
1.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
18,465
|
|
|
18,242
|
|
|
18,353
|
|
|
11.0
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Institutional Shareholder Services, Inc.
|
|
Administrative Management and General Management Consulting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.44%
|
|
(L +8.50%)
|
|
3/4/2019
|
|
3/5/2027
|
|
$
|
6,244
|
|
|
$
|
6,075
|
|
|
$
|
6,098
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Intouch Midco Inc. (15)
|
|
All Other Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.05%
|
|
(L +4.25%)
|
|
12/20/2019
|
|
8/24/2025
|
|
1,995
|
|
|
1,925
|
|
|
1,925
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kindred Healthcare, Inc. (F/K/A Kindred at Home) (14) (15)
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.56%
|
|
(L +3.75%)
|
|
6/25/2019
|
|
7/2/2025
|
|
2,985
|
|
|
2,998
|
|
|
3,004
|
|
|
1.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
McAfee, LLC (14) (15)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.55%
|
|
(L +3.75%)
|
|
6/25/2019
|
|
9/30/2024
|
|
1,985
|
|
|
1,987
|
|
|
1,996
|
|
|
1.2
|
|
|||
Senior Secured Loan
|
|
|
|
10.30%
|
|
(L +8.50%)
|
|
11/15/2019
|
|
9/29/2025
|
|
2,000
|
|
|
2,002
|
|
|
2,018
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,985
|
|
|
3,989
|
|
|
4,014
|
|
|
2.4
|
|
|||
Micro Holding Corp (14) (15)
|
|
Internet Publishing and Broadcasting and Web Search Portals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.55%
|
|
(L +3.75%)
|
|
6/25/2019
|
|
9/13/2024
|
|
1,985
|
|
|
1,969
|
|
|
1,991
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Milrose Consultants, LLC (4) (8)
|
|
Administrative Management and General Management Consulting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.14%
|
|
(L +6.20%)
|
|
7/16/2019
|
|
7/16/2025
|
|
11,500
|
|
|
11,420
|
|
|
11,394
|
|
|
6.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
My Alarm Center, LLC (4) (10) (13)
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (1,485 Class A units), 8% PIK
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
1,571
|
|
|
984
|
|
|
0.6
|
|
||||
Preferred Equity (1,198 Class B units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
1,198
|
|
|
—
|
|
|
—
|
|
||||
Preferred Equity (335 Class Z units) 25% PIK
|
|
|
|
|
|
|
|
9/12/2018
|
|
|
|
|
|
325
|
|
|
1,136
|
|
|
0.7
|
|
||||
Common Equity (64,149 units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,094
|
|
|
2,120
|
|
|
1.3
|
|
||||
Online Tech Stores, LLC (4)
|
|
Stationery and Office Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
10.50% cash / 3.00% PIK
|
|
N/A
|
|
2/1/2018
|
|
8/1/2023
|
|
16,323
|
|
|
16,113
|
|
|
14,559
|
|
|
8.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
OnSite Care, PLLC (4) (8)
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.09%
|
|
(L +7.78%)
|
|
8/10/2018
|
|
8/10/2023
|
|
$
|
9,541
|
|
|
$
|
9,446
|
|
|
$
|
9,162
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Panther BF Aggregator 2 LP (14) (15)
|
|
Other Commercial and Service Industry Machinery Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.30%
|
|
(L +3.50%)
|
|
11/19/2019
|
|
4/30/2026
|
|
1,995
|
|
|
1,978
|
|
|
2,006
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Parfums Holding Company, Inc.
|
|
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (14) (15)
|
|
|
|
6.16%
|
|
(L +4.25%)
|
|
6/25/2019
|
|
6/30/2024
|
|
87
|
|
|
87
|
|
|
87
|
|
|
0.1
|
|
|||
Senior Secured Loan
|
|
|
|
10.70%
|
|
(L +8.75%)
|
|
11/16/2017
|
|
6/30/2025
|
|
6,320
|
|
|
6,332
|
|
|
6,276
|
|
|
3.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
6,407
|
|
|
6,419
|
|
|
6,363
|
|
|
3.9
|
|
|||
Pelican Products, Inc.
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.49%
|
|
(L +7.75%)
|
|
9/24/2018
|
|
5/1/2026
|
|
6,055
|
|
|
6,059
|
|
|
5,969
|
|
|
3.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Performance Team LLC (4)
|
|
General Warehousing and Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.80%
|
|
(L +10.00%)
|
|
5/24/2018
|
|
11/24/2023
|
|
13,889
|
|
|
13,790
|
|
|
14,165
|
|
|
8.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PM Acquisition LLC
|
|
All Other General Merchandise Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.50% cash / 2.50% PIK
|
|
N/A
|
|
9/30/2017
|
|
10/29/2021
|
|
4,963
|
|
|
4,903
|
|
|
4,800
|
|
|
2.9
|
|
|||
Common Equity (499 units) (10) (13)
|
|
|
|
|
|
|
|
9/30/2017
|
|
|
|
|
|
499
|
|
|
220
|
|
|
0.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
4,963
|
|
|
5,402
|
|
|
5,020
|
|
|
3.0
|
|
|||
Quest Software US Holdings Inc. (14) (15)
|
|
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.18%
|
|
(L +4.25%)
|
|
6/25/2019
|
|
5/16/2025
|
|
1,990
|
|
|
1,973
|
|
|
1,978
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Refinitiv (14) (15)
|
|
Public Finance Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.05%
|
|
(L +4.25%)
|
|
6/24/2019
|
|
10/1/2025
|
|
1,987
|
|
|
1,941
|
|
|
2,007
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Resource Label Group, LLC
|
|
Commercial Printing (except Screen and Books)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.60%
|
|
(L +8.50%)
|
|
6/7/2017
|
|
11/26/2023
|
|
4,821
|
|
|
4,777
|
|
|
4,591
|
|
|
2.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Restaurant Technologies, Inc. (15)
|
|
Other Grocery and Related Products Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.05%
|
|
(L +3.25%)
|
|
8/8/2019
|
|
10/1/2025
|
|
$
|
1,990
|
|
|
$
|
1,994
|
|
|
$
|
2,003
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Rocket Software, Inc. (15)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.05%
|
|
(L +4.25%)
|
|
11/20/2018
|
|
11/28/2025
|
|
665
|
|
|
663
|
|
|
649
|
|
|
0.4
|
|
|||
Senior Secured Loan
|
|
|
|
10.05%
|
|
(L +8.25%)
|
|
11/20/2018
|
|
11/28/2026
|
|
6,275
|
|
|
6,167
|
|
|
6,094
|
|
|
3.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
6,940
|
|
|
6,830
|
|
|
6,743
|
|
|
4.1
|
|
|||
RPLF Holdings, LLC (10) (13)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common Equity (254,110 Class A units)
|
|
|
|
|
|
|
|
1/17/2018
|
|
|
|
|
|
254
|
|
|
186
|
|
|
0.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sentry Centers Holdings, LLC (10) (13)
|
|
Convention and Trade Show Organizers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common Equity (5,000 Series C units)
|
|
|
|
|
|
|
|
3/31/2014
|
|
|
|
—
|
|
|
500
|
|
|
1,490
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Southern Technical Institute, LLC (4) (6) (10)
|
|
Colleges, Universities, and Professional Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
6.00% PIK
|
|
N/A
|
|
6/27/2018
|
|
12/31/2021
|
|
1,611
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
|
|
|
|
|
|
6/27/2018
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,611
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.)
|
|
Child Day Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.19%
|
|
(L +4.25%)
|
|
7/26/2018
|
|
7/30/2025
|
|
972
|
|
|
970
|
|
|
978
|
|
|
0.6
|
|
|||
Senior Secured Loan
|
|
|
|
10.19%
|
|
(L +8.25%)
|
|
7/26/2018
|
|
7/30/2026
|
|
7,216
|
|
|
7,157
|
|
|
7,288
|
|
|
4.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,188
|
|
|
8,127
|
|
|
8,266
|
|
|
5.0
|
|
|||
Sprint Communications, Inc. (14) (15)
|
|
Wired Telecommunications Carriers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.81%
|
|
(L +3.00%)
|
|
6/24/2019
|
|
2/2/2024
|
|
1,985
|
|
|
1,972
|
|
|
1,980
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SSJA Bariatric Management LLC (15)
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.94%
|
|
(L +5.00%)
|
|
8/26/2019
|
|
8/26/2024
|
|
9,975
|
|
|
9,883
|
|
|
9,861
|
|
|
5.9
|
|
|||
Senior Secured Loan (Revolver) (5)
|
|
|
|
n/m (18)
|
|
(L +5.00%)
|
|
8/26/2019
|
|
8/26/2024
|
|
—
|
|
|
(6
|
)
|
|
(14
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,975
|
|
|
9,877
|
|
|
9,847
|
|
|
5.9
|
|
|||
Stancor, L.P. (4) (10)
|
|
Pump and Pumping Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (1,250,000 Class A units), 8% PIK
|
|
|
|
|
|
|
|
8/19/2014
|
|
|
|
—
|
|
|
1,501
|
|
|
1,607
|
|
|
1.0
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Staples, Inc. (14) (15)
|
|
Business to Business Electronic Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.69%
|
|
(L +5.00%)
|
|
6/24/2019
|
|
4/16/2026
|
|
$
|
1,990
|
|
|
$
|
1,920
|
|
|
$
|
1,960
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
STS Operating, Inc.
|
|
Industrial Machinery and Equipment Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (14) (15)
|
|
|
|
6.05%
|
|
(L +4.25%)
|
|
5/16/2018
|
|
12/11/2024
|
|
632
|
|
|
631
|
|
|
632
|
|
|
0.4
|
|
|||
Senior Secured Loan
|
|
|
|
9.80%
|
|
(L +8.00%)
|
|
5/15/2018
|
|
4/30/2026
|
|
9,073
|
|
|
9,070
|
|
|
9,030
|
|
|
5.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,705
|
|
|
9,701
|
|
|
9,662
|
|
|
5.8
|
|
|||
Sunshine Luxembourg VII SARL (14) (15)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.19%
|
|
(L +4.25%)
|
|
11/20/2019
|
|
9/25/2026
|
|
2,000
|
|
|
2,010
|
|
|
2,021
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tank Holding Corp. (14) (15)
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.41%
|
|
(L +4.00%)
|
|
6/24/2019
|
|
3/26/2026
|
|
1,995
|
|
|
2,002
|
|
|
2,005
|
|
|
1.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Escape Game, LLC (4)
|
|
Other amusement and recreation industries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
8.80%
|
|
(L +7.00%)
|
|
7/18/2019
|
|
3/31/2020
|
|
4,667
|
|
|
4,642
|
|
|
4,648
|
|
|
2.8
|
|
|||
Senior Secured Loan
|
|
|
|
10.55%
|
|
(L +8.75%)
|
|
12/22/2017
|
|
12/22/2022
|
|
7,000
|
|
|
6,969
|
|
|
6,972
|
|
|
4.2
|
|
|||
Senior Secured Loan
|
|
|
|
10.55%
|
|
(L +8.75%)
|
|
7/20/2018
|
|
12/22/2022
|
|
7,000
|
|
|
7,000
|
|
|
6,972
|
|
|
4.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
18,667
|
|
|
18,611
|
|
|
18,592
|
|
|
11.2
|
|
|||
Truck Hero, Inc. (15)
|
|
Truck Trailer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.05%
|
|
(L +8.25%)
|
|
5/30/2017
|
|
4/21/2025
|
|
7,014
|
|
|
6,990
|
|
|
6,690
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
United Biologics Holdings, LLC (4) (10)
|
|
Medical Laboratories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (151,787 units)
|
|
|
|
|
|
|
|
4/16/2013
|
|
|
|
—
|
|
|
9
|
|
|
15
|
|
|
—
|
|
|||
Warrants (29,374 units)
|
|
|
|
|
|
|
|
7/26/2012
|
|
3/5/2022
|
|
—
|
|
|
82
|
|
|
7
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
91
|
|
|
22
|
|
|
—
|
|
|||
U.S. Anesthesia Partners (14) (15)
|
|
Freestanding Ambulatory Surgical and Emergency Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
4.80%
|
|
(L +3.00%)
|
|
6/24/2019
|
|
6/23/2024
|
|
2,980
|
|
|
2,950
|
|
|
2,976
|
|
|
1.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Verifone Intermediate Holdings, Inc. (14) (15)
|
|
Other Commercial and Service Industry Machinery Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
5.90%
|
|
(L +4.00%)
|
|
6/24/2019
|
|
8/20/2025
|
|
$
|
258
|
|
|
$
|
252
|
|
|
$
|
256
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wastebuilt Environmental Solutions, LLC (4)
|
|
Industrial Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.69%
|
|
(L +8.75%)
|
|
10/11/2018
|
|
10/11/2024
|
|
7,000
|
|
|
6,883
|
|
|
6,584
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Debt and Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
372,094
|
|
|
$
|
373,074
|
|
|
$
|
350,925
|
|
|
210.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Structured Finance Note Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dryden 76 CLO, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
|
|
15.37% (9)
|
|
|
|
9/27/2019
|
|
10/20/2032
|
|
2,750
|
|
|
2,491
|
|
|
2,509
|
|
|
1.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elevation CLO 2017-7, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
|
|
15.71% (9)
|
|
|
|
2/6/2019
|
|
7/15/2030
|
|
10,000
|
|
|
7,485
|
|
|
6,559
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Flatiron CLO 18, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
|
|
16.68% (9)
|
|
|
|
1/2/2019
|
|
4/17/2031
|
|
9,680
|
|
|
7,355
|
|
|
7,345
|
|
|
4.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
THL Credit Wind River 2019‐3 CLO Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Notes
|
|
|
|
12.33% (9)
|
|
|
|
4/5/2019
|
|
4/15/2031
|
|
7,000
|
|
|
5,796
|
|
|
5,197
|
|
|
3.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Structured Finance Note Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,430
|
|
|
$
|
23,127
|
|
|
$
|
21,610
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
401,524
|
|
|
$
|
396,201
|
|
|
$
|
372,535
|
|
|
223.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
3rd Rock Gaming Holdings, LLC
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.44% cash / 1.00% PIK
|
|
(L +7.50%)
|
|
3/13/2018
|
|
3/12/2023
|
|
$
|
21,373
|
|
|
$
|
21,176
|
|
|
$
|
20,099
|
|
|
12.1
|
%
|
Common Equity (2,547,250 units) (10) (13)
|
|
|
|
|
|
|
|
3/13/2018
|
|
|
|
—
|
|
|
2,547
|
|
|
1,044
|
|
|
0.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
21,373
|
|
|
23,723
|
|
|
21,143
|
|
|
12.7
|
|
|||
Chemical Resources Holdings, Inc.
|
|
Custom Compounding of Purchased Resins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4)(8)
|
|
|
|
9.82%
|
|
(L +7.89%)
|
|
1/25/2019
|
|
1/25/2024
|
|
13,743
|
|
|
13,592
|
|
|
13,746
|
|
|
8.2
|
|
|||
Common Equity (1,832 Class A shares) (10) (13)
|
|
|
|
|
|
|
|
1/25/2019
|
|
|
|
|
|
1,813
|
|
|
2,662
|
|
|
1.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
13,743
|
|
|
15,405
|
|
|
16,408
|
|
|
9.8
|
|
|||
Contract Datascan Holdings, Inc. (4)
|
|
Office Machinery and Equipment Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
12.00%
|
|
N/A
|
|
8/5/2015
|
|
2/5/2021
|
|
8,000
|
|
|
7,995
|
|
|
8,000
|
|
|
4.8
|
|
|||
Preferred Equity (3,061 Series A shares) 10% PIK (10)
|
|
|
|
|
|
|
|
8/5/2015
|
|
|
|
|
|
5,599
|
|
|
5,671
|
|
|
3.4
|
|
||||
Common Equity (11,273 shares) (10)
|
|
|
|
|
|
|
|
6/28/2016
|
|
|
|
|
|
104
|
|
|
671
|
|
|
0.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
8,000
|
|
|
13,698
|
|
|
14,342
|
|
|
8.6
|
|
|||
DRS Imaging Services, LLC
|
|
Data Processing, Hosting, and Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4) (8)
|
|
|
|
11.21%
|
|
(L +9.27%)
|
|
3/8/2018
|
|
11/20/2023
|
|
10,741
|
|
|
10,670
|
|
|
10,569
|
|
|
6.3
|
|
|||
Common Equity (1,135 units) (10) (13)
|
|
|
|
|
|
|
|
3/8/2018
|
|
|
|
|
|
1,135
|
|
|
1,331
|
|
|
0.8
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
10,741
|
|
|
11,805
|
|
|
11,900
|
|
|
7.1
|
|
|||
Master Cutlery, LLC (4) (6) (10)
|
|
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (11)
|
|
|
|
13.00%
|
|
N/A
|
|
4/17/2015
|
|
4/17/2020
|
|
5,947
|
|
|
4,764
|
|
|
255
|
|
|
0.2
|
|
|||
Preferred Equity (3,723 Series A units), 8% PIK
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
—
|
|
|
3,483
|
|
|
—
|
|
|
—
|
|
|||
Common Equity (15,564 units)
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,947
|
|
|
8,247
|
|
|
255
|
|
|
0.2
|
|
|||
NeoSystems Corp. (4) (10)
|
|
Other Accounting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (521,962 convertible shares) 10% PIK
|
|
|
|
|
|
|
|
8/14/2014
|
|
|
|
—
|
|
|
1,698
|
|
|
2,250
|
|
|
1.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Pfanstiehl Holdings, Inc. (4)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
10.50%
|
|
N/A
|
|
1/1/2014
|
|
9/29/2022
|
|
$
|
3,788
|
|
|
$
|
3,807
|
|
|
$
|
3,788
|
|
|
2.3
|
%
|
Common Equity (400 Class A shares)
|
|
|
|
|
|
|
|
1/1/2014
|
|
|
|
—
|
|
|
217
|
|
|
11,979
|
|
|
7.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,788
|
|
|
4,024
|
|
|
15,767
|
|
|
9.5
|
|
|||
Professional Pipe Holdings, LLC
|
|
Plumbing, Heating, and Air-Conditioning Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.55% cash / 1.50% PIK
|
|
(L +9.27%)
|
|
3/23/2018
|
|
3/23/2023
|
|
7,099
|
|
|
7,008
|
|
|
7,170
|
|
|
4.3
|
|
|||
Common Equity (1,414 Class A units) (10)
|
|
|
|
|
|
|
|
3/23/2018
|
|
|
|
—
|
|
|
1,414
|
|
|
2,413
|
|
|
1.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,099
|
|
|
8,422
|
|
|
9,583
|
|
|
5.7
|
|
|||
TalentSmart Holdings, LLC
|
|
Professional and Management Development Training
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4)
|
|
|
|
8.50%
|
|
(L +6.75%)
|
|
10/11/2019
|
|
10/11/2024
|
|
10,000
|
|
|
9,833
|
|
|
9,833
|
|
|
5.9
|
|
|||
Senior Secured Loan (Revolver) (5) (18)
|
|
|
|
8.50%
|
|
(L +6.75%)
|
|
10/11/2019
|
|
10/11/2024
|
|
250
|
|
|
242
|
|
|
242
|
|
|
0.1
|
|
|||
Common Equity (1,500 Class A shares) (10) (13)
|
|
|
|
|
|
|
|
10/11/2019
|
|
|
|
—
|
|
|
1,500
|
|
|
1,500
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,250
|
|
|
11,575
|
|
|
11,575
|
|
|
6.9
|
|
|||
TRS Services, LLC (4) (11)
|
|
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.55% cash / 1.00% PIK
|
|
(L +8.75%)
|
|
12/10/2014
|
|
3/16/2020
|
|
14,624
|
|
|
14,615
|
|
|
14,623
|
|
|
8.8
|
|
|||
Preferred Equity (329,266 Class AA units), 15% PIK (10)
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
|
—
|
|
|
545
|
|
|
547
|
|
|
0.3
|
|
|||
Preferred Equity (3,000,000 Class A units), 11% PIK (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
—
|
|
|
3,374
|
|
|
3,095
|
|
|
1.9
|
|
|||
Common Equity (3,000,000 units) (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
—
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
14,624
|
|
|
19,106
|
|
|
18,265
|
|
|
11.0
|
|
|||
TTG Healthcare, LLC
|
|
Diagnostic Imaging Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4)
|
|
|
|
10.71%
|
|
(L +9.00%)
|
|
3/1/2019
|
|
3/1/2024
|
|
12,103
|
|
|
11,938
|
|
|
11,767
|
|
|
7.1
|
|
|||
Preferred Equity ( 2,309 Class B units) (10) (13)
|
|
|
|
|
|
|
|
3/1/2019
|
|
|
|
|
|
2,309
|
|
|
2,424
|
|
|
1.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
12,103
|
|
|
14,247
|
|
|
14,191
|
|
|
8.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
107,668
|
|
|
$
|
131,950
|
|
|
$
|
135,679
|
|
|
81.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount |
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets |
|||||||
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MTE Holding Corp. (4)
|
|
Travel Trailer and Camper Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.)
|
|
|
|
10.26% cash / 4.50% PIK
|
|
(L +8.50%)
|
|
11/25/2015
|
|
11/25/2020
|
|
$
|
7,464
|
|
|
$
|
7,451
|
|
|
$
|
7,464
|
|
|
4.5
|
%
|
Common Equity (554 shares)
|
|
|
|
|
|
|
|
11/25/2015
|
|
|
|
—
|
|
|
3,069
|
|
|
1,253
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,464
|
|
|
10,520
|
|
|
8,717
|
|
|
5.3
|
|
|||
Total Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,464
|
|
|
$
|
10,520
|
|
|
$
|
8,717
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
516,656
|
|
|
$
|
538,671
|
|
|
$
|
516,931
|
|
|
310.4
|
%
|
(1)
|
Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Substantially all of the investments that bear interest at a variable rate are indexed to LIBOR (L), generally between 1.7% and 2.1% at December 31, 2019, and reset monthly, quarterly, or semi-annually. Variable-rate loans with an aggregate cost of $420,410 include LIBOR reference rate floor provisions of generally 1% to 2%; at December 31, 2019, the reference rate on all such instruments was above the stated floors. For each investment, the Company has provided the spread over the reference rate and current interest rate in effect at December 31, 2019. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.
|
(3)
|
Unless otherwise noted with footnote 14, fair value was determined using significant unobservable inputs for all of the Company's investments and are considered Level 3 under GAAP. See Note 5 for further details.
|
(4)
|
Investments (or portion thereof) held by SBIC I LP. These assets (or a portion thereof) are held to support the SBA debentures and cannot be pledged under any debt obligation of the Company.
|
(5)
|
Subject to unfunded commitments. See Note 6 for further details.
|
(6)
|
Investment was on non-accrual status as of December 31, 2019, meaning the Company has suspended recognition of all or a portion of income on the investment. See Note 4 for further details.
|
(7)
|
Structured Finance Notes are considered CLO subordinated debt positions. CLO subordinated debt positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.
|
(8)
|
The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2019:
|
Portfolio Company
|
Reported Interest Rate
|
|
Interest Rate per Credit Agreement
|
|
Additional Interest per Annum
|
Carolina Lubes, Inc.
|
9.83%
|
|
9.35%
|
|
0.48%
|
Chemical Resources Holdings, Inc.
|
9.82%
|
|
7.93%
|
|
1.89%
|
DRS Imaging Services, LLC
|
11.21%
|
|
9.94%
|
|
1.27%
|
Milrose Consultants, LLC
|
8.14%
|
|
7.44%
|
|
0.70%
|
OnSite Care, PLLC
|
9.49%
|
|
7.96%
|
|
1.53%
|
(9)
|
The rate disclosed is the estimated effective yield, generally established at purchase and re-evaluated upon receipt of distributions, and based upon projected amounts and timing of future distributions the projected amount and timing of terminal principal payments at time of estimation. The estimated yield and investment cost may ultimately not be realized.
|
(10)
|
Non-income producing.
|
Portfolio Company
|
|
Investment Type
|
|
Range of PIK
Option
|
|
Range of Cash
Option
|
|
Maximum PIK
Rate Allowed
|
Community Intervention Services, Inc.
|
|
Subordinated Loan
|
|
0% or 6.00%
|
|
13.00% or 7.00%
|
|
6.00%
|
Eblens Holdings, Inc.
|
|
Subordinated Loan
|
|
0% or 1.00%
|
|
13.00% or 12.00%
|
|
1.00%
|
Master Cutlery, LLC
|
|
Senior Secured Loan
|
|
0% to 13.00%
|
|
13.00% to 0%
|
|
13.00%
|
TRS Services, LLC
|
|
Senior Secured Loan
|
|
0% or 1.00%
|
|
12.65% or 1.00%
|
|
1.00%
|
(12)
|
Represents expiration date of the warrants.
|
(13)
|
All or portion of investment held by OFSCC-MB.
|
(14)
|
Fair value was determined by reference to observable inputs other than quoted prices in active markets and are considered Level 2 under GAAP. See Note 5 for further details.
|
(15)
|
Investments (or portion thereof) held by OFSCC-FS. These assets are pledged as collateral of the BNP Facility and cannot be pledged under any other debt obligation of the Company.
|
(16)
|
Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO Structured Finance Note investments.
|
(17)
|
Maturity date represents the contractual maturity date of the structured finance notes. Projected cash flows, including the projected amount and timing of terminal principal payments which may be projected to occur prior to the contractual maturity date, were utilized in deriving the effective yield of the investments.
|
(18)
|
Not meaningful as there is no outstanding balance on the revolver. The Company earns unfunded commitment fees on undrawn revolving lines of credit balances, which are reported in fee income.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Base management fees
|
$
|
1,871
|
|
|
$
|
2,164
|
|
|
$
|
5,759
|
|
|
$
|
6,062
|
|
Incentive fees:
|
|
|
|
|
|
|
|
||||||||
Income Incentive Fee
|
234
|
|
|
1,214
|
|
|
1,332
|
|
|
3,622
|
|
||||
Incentive fee waiver
|
—
|
|
|
—
|
|
|
(441
|
)
|
|
—
|
|
||||
Administration fee expense
|
436
|
|
|
396
|
|
|
1,456
|
|
|
1,250
|
|
||||
Distributions paid to affiliates
|
501
|
|
|
1,002
|
|
|
2,004
|
|
|
3,005
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Senior secured debt investments (1)
|
$
|
356,599
|
|
|
73.7
|
%
|
|
237.9
|
%
|
|
$
|
336,960
|
|
|
73.8
|
%
|
|
224.7
|
%
|
Subordinated debt investments
|
57,103
|
|
|
11.8
|
|
|
38.1
|
|
|
31,564
|
|
|
6.9
|
|
|
21.1
|
|
||
Preferred equity
|
18,878
|
|
|
3.9
|
|
|
12.6
|
|
|
11,875
|
|
|
2.6
|
|
|
7.9
|
|
||
Common equity, warrants and other
|
15,220
|
|
|
3.1
|
|
|
10.2
|
|
|
43,398
|
|
|
9.5
|
|
|
28.9
|
|
||
Total debt and equity investments
|
447,800
|
|
|
92.5
|
|
|
298.8
|
|
|
423,797
|
|
|
92.8
|
|
|
282.6
|
|
||
Structured Finance Notes
|
36,260
|
|
|
7.5
|
|
|
24.2
|
|
|
32,531
|
|
|
7.2
|
|
|
21.8
|
|
||
Total investments
|
$
|
484,060
|
|
|
100.0
|
%
|
|
323.0
|
%
|
|
$
|
456,328
|
|
|
100.0
|
%
|
|
304.4
|
%
|
(1)
|
Includes debt investments, typically referred to as unitranche, in which the Company has entered into contractual arrangements with co‑lenders whereby, subject to certain conditions, the Company has agreed to receive its principal payments after the repayment of certain co‑lenders pursuant to a payment waterfall. Amortized cost and fair value of these investments were $82,880 and $83,413, respectively.
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
United States of America
|
$
|
441,902
|
|
|
$
|
418,055
|
|
|
$
|
505,235
|
|
|
$
|
484,946
|
|
Canada
|
1,923
|
|
|
1,830
|
|
|
3,559
|
|
|
3,605
|
|
||||
Cayman Islands1
|
36,260
|
|
|
32,531
|
|
|
23,127
|
|
|
21,610
|
|
||||
Ireland
|
—
|
|
|
—
|
|
|
1,897
|
|
|
1,906
|
|
||||
Luxembourg
|
1,981
|
|
|
1,934
|
|
|
2,843
|
|
|
2,843
|
|
||||
Switzerland
|
1,994
|
|
|
1,978
|
|
|
2,010
|
|
|
2,021
|
|
||||
Total investments
|
$
|
484,060
|
|
|
$
|
456,328
|
|
|
$
|
538,671
|
|
|
$
|
516,931
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Administrative and Support and Waste Management and Remediation Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Convention and Trade Show Organizers
|
|
$
|
214
|
|
|
—
|
%
|
|
0.1
|
%
|
|
$
|
210
|
|
|
—
|
%
|
|
0.1
|
%
|
Security Systems Services (except Locksmiths)
|
|
6,533
|
|
|
1.3
|
%
|
|
4.4
|
|
|
4,657
|
|
|
1.0
|
|
|
3.2
|
|
||
Arts, Entertainment, and Recreation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other Amusement and Recreation Industries
|
|
20,953
|
|
|
4.3
|
|
|
14.0
|
|
|
19,673
|
|
|
4.3
|
|
|
13.2
|
|
||
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electrical Contractors and Other Wiring Installation Contractors
|
|
17,700
|
|
|
3.7
|
|
|
11.8
|
|
|
14,457
|
|
|
3.2
|
|
|
9.6
|
|
||
Plumbing, Heating, and Air-Conditioning Contractors
|
|
8,525
|
|
|
1.8
|
|
|
5.7
|
|
|
7,860
|
|
|
1.7
|
|
|
5.2
|
|
||
Education Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Colleges, Universities, and Professional Schools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,356
|
|
|
0.7
|
|
|
2.2
|
|
||
Professional and Management Development Training
|
|
11,762
|
|
|
2.4
|
|
|
7.8
|
|
|
11,305
|
|
|
2.5
|
|
|
7.5
|
|
||
Finance and Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Direct Health and Medical Insurance Carriers
|
|
396
|
|
|
0.1
|
|
|
0.3
|
|
|
405
|
|
|
0.1
|
|
|
0.3
|
|
||
Insurance Agencies and Brokerages
|
|
9,537
|
|
|
2.0
|
|
|
6.4
|
|
|
8,951
|
|
|
2.0
|
|
|
6.0
|
|
||
Health Care and Social Assistance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Child Day Care Services
|
|
5,180
|
|
|
1.1
|
|
|
3.5
|
|
|
4,948
|
|
|
1.1
|
|
|
3.3
|
|
||
Diagnostic Imaging Centers
|
|
14,278
|
|
|
2.9
|
|
|
9.5
|
|
|
15,658
|
|
|
3.4
|
|
|
10.4
|
|
||
Home Health Care Services
|
|
13,636
|
|
|
2.8
|
|
|
9.1
|
|
|
13,766
|
|
|
3.0
|
|
|
9.1
|
|
||
Medical Laboratories
|
|
91
|
|
|
—
|
|
|
0.1
|
|
|
44
|
|
|
—
|
|
|
—
|
|
||
Offices of Physicians, Mental Health Specialists
|
|
20,721
|
|
|
4.3
|
|
|
13.8
|
|
|
20,163
|
|
|
4.4
|
|
|
13.5
|
|
||
Outpatient Mental Health and Substance Abuse Centers
|
|
11,614
|
|
|
2.4
|
|
|
7.7
|
|
|
3,951
|
|
|
0.9
|
|
|
2.6
|
|
||
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Data Processing, Hosting, and Related Services
|
|
11,705
|
|
|
2.4
|
|
|
7.8
|
|
|
12,320
|
|
|
2.7
|
|
|
8.2
|
|
||
Software Publishers
|
|
29,980
|
|
|
6.2
|
|
|
19.9
|
|
|
18,041
|
|
|
4.0
|
|
|
12.1
|
|
||
Television Broadcasting
|
|
1,982
|
|
|
0.4
|
|
|
1.3
|
|
|
1,554
|
|
|
0.3
|
|
|
1.0
|
|
||
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial Printing (except Screen and Books)
|
|
4,786
|
|
|
1.0
|
|
|
3.2
|
|
|
4,549
|
|
|
1.0
|
|
|
3.0
|
|
||
Custom Compounding of Purchased Resins
|
|
15,433
|
|
|
3.2
|
|
|
10.3
|
|
|
16,332
|
|
|
3.6
|
|
|
10.9
|
|
||
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
5,426
|
|
|
1.1
|
|
|
3.6
|
|
|
4,696
|
|
|
1.0
|
|
|
3.1
|
|
||
Other Commercial and Service Industry Machinery Manufacturing
|
|
1,965
|
|
|
0.4
|
|
|
1.3
|
|
|
1,934
|
|
|
0.4
|
|
|
1.3
|
|
||
Pharmaceutical Preparation Manufacturing
|
|
5,999
|
|
|
1.2
|
|
|
4.0
|
|
|
37,698
|
|
|
8.3
|
|
|
25.2
|
|
||
Plastics Plumbing Fixture Manufacturing
|
|
1,473
|
|
|
0.3
|
|
|
1.0
|
|
|
1,479
|
|
|
0.3
|
|
|
1.0
|
|
||
Pump and Pumping Equipment Manufacturing
|
|
1,501
|
|
|
0.3
|
|
|
1.0
|
|
|
1,220
|
|
|
0.3
|
|
|
0.8
|
|
||
Semiconductor and Related Device Manufacturing
|
|
471
|
|
|
0.1
|
|
|
0.3
|
|
|
502
|
|
|
0.1
|
|
|
0.3
|
|
||
Travel Trailer and Camper Manufacturing
|
|
10,811
|
|
|
2.2
|
|
|
7.2
|
|
|
8,084
|
|
|
1.8
|
|
|
5.4
|
|
||
Truck Trailer Manufacturing
|
|
6,987
|
|
|
1.4
|
|
|
4.7
|
|
|
6,915
|
|
|
1.5
|
|
|
4.6
|
|
||
Unlaminated Plastics Profile Shape Manufacturing
|
|
8,046
|
|
|
1.7
|
|
|
5.4
|
|
|
7,795
|
|
|
1.7
|
|
|
5.2
|
|
||
Other Services (except Public Administration)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Automotive Oil Change and Lubrication Shops
|
|
19,767
|
|
|
4.1
|
|
|
13.2
|
|
|
19,575
|
|
|
4.3
|
|
|
13.2
|
|
||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
851
|
|
|
0.2
|
|
|
0.6
|
|
|
811
|
|
|
0.2
|
|
|
0.5
|
|
||
Diet and Weight Reducing Centers
|
|
485
|
|
|
0.1
|
|
|
0.3
|
|
|
485
|
|
|
0.1
|
|
|
0.3
|
|
||
Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Administrative Management and General Management Consulting Services
|
|
25,134
|
|
|
5.2
|
|
|
16.8
|
|
|
25,095
|
|
|
5.5
|
|
|
16.8
|
|
||
All Other Professional, Scientific, and Technical Services
|
|
1,923
|
|
|
0.4
|
|
|
1.3
|
|
|
1,830
|
|
|
0.4
|
|
|
1.2
|
|
||
Other Accounting Services
|
|
14,663
|
|
|
3.0
|
|
|
9.8
|
|
|
15,422
|
|
|
3.4
|
|
|
10.3
|
|
||
Other Computer Related Services
|
|
16,746
|
|
|
3.5
|
|
|
11.2
|
|
|
15,806
|
|
|
3.5
|
|
|
10.6
|
|
||
Public Administration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Other Justice, Public Order, and Safety Activities
|
|
703
|
|
|
0.1
|
|
|
0.5
|
|
|
696
|
|
|
0.2
|
|
|
0.5
|
|
||
Real Estate and Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Construction, Mining, and Forestry Machinery and Equipment Rental and Leasing
|
|
499
|
|
|
0.1
|
|
|
0.3
|
|
|
497
|
|
|
0.1
|
|
|
0.3
|
|
||
Office Machinery and Equipment Rental and Leasing
|
|
13,964
|
|
|
2.9
|
|
|
9.3
|
|
|
10,265
|
|
|
2.2
|
|
|
6.8
|
|
||
Retail Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
7,868
|
|
|
1.6
|
|
|
5.2
|
|
|
7,796
|
|
|
1.7
|
|
|
5.2
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Shoe store
|
|
9,742
|
|
|
2.0
|
|
|
6.5
|
|
|
5,351
|
|
|
1.2
|
|
|
3.6
|
|
||
Sporting Goods Stores
|
|
2,911
|
|
|
0.6
|
|
|
1.9
|
|
|
2,942
|
|
|
0.6
|
|
|
2.0
|
|
||
All Other General Merchandise Stores
|
|
5,292
|
|
|
1.1
|
|
|
3.5
|
|
|
4,780
|
|
|
1.0
|
|
|
3.2
|
|
||
Transportation and Warehousing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Scheduled Passenger Air Transportation
|
|
495
|
|
|
0.1
|
|
|
0.3
|
|
|
504
|
|
|
0.1
|
|
|
0.3
|
|
||
Taxi Service
|
|
1,981
|
|
|
0.4
|
|
|
1.3
|
|
|
1,934
|
|
|
0.4
|
|
|
1.3
|
|
||
Wholesale Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Business to Business Electronic Markets
|
|
2,895
|
|
|
0.6
|
|
|
1.9
|
|
|
2,768
|
|
|
0.6
|
|
|
1.8
|
|
||
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
|
|
1,959
|
|
|
0.4
|
|
|
1.3
|
|
|
1,939
|
|
|
0.4
|
|
|
1.3
|
|
||
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers
|
|
16,590
|
|
|
3.4
|
|
|
11.1
|
|
|
17,122
|
|
|
3.8
|
|
|
11.5
|
|
||
General Line Grocery Merchant Wholesalers
|
|
460
|
|
|
0.1
|
|
|
0.3
|
|
|
468
|
|
|
0.1
|
|
|
0.3
|
|
||
Industrial Machinery and Equipment Merchant Wholesalers
|
|
9,696
|
|
|
2.0
|
|
|
6.5
|
|
|
9,060
|
|
|
2.0
|
|
|
6.0
|
|
||
Industrial Supplies Merchant Wholesalers
|
|
6,901
|
|
|
1.4
|
|
|
4.6
|
|
|
5,402
|
|
|
1.2
|
|
|
3.6
|
|
||
Motor Vehicle Parts (Used) Merchant Wholesalers
|
|
14,194
|
|
|
2.9
|
|
|
9.5
|
|
|
13,633
|
|
|
3.0
|
|
|
9.1
|
|
||
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
8,247
|
|
|
1.7
|
|
|
5.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Stationary & Office Supply Merchant Wholesaler
|
|
16,129
|
|
|
3.3
|
|
|
10.8
|
|
|
7,093
|
|
|
1.6
|
|
|
4.7
|
|
||
Total debt and equity investments
|
|
$
|
447,800
|
|
|
92.2
|
%
|
|
298.7
|
%
|
|
$
|
423,797
|
|
|
92.9
|
%
|
|
282.7
|
%
|
Structured Finance Notes
|
|
36,260
|
|
|
7.8
|
|
|
24.2
|
|
|
32,531
|
|
|
7.1
|
|
|
21.7
|
|
||
Total investments
|
|
$
|
484,060
|
|
|
100.0
|
%
|
|
322.9
|
%
|
|
$
|
456,328
|
|
|
100.0
|
%
|
|
304.4
|
%
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Senior secured debt investments
|
$
|
421,970
|
|
|
78.3
|
%
|
|
253.2
|
%
|
|
$
|
408,724
|
|
|
79.1
|
%
|
|
245.3
|
%
|
Subordinated debt investments
|
56,731
|
|
|
10.5
|
|
|
34.0
|
|
|
43,091
|
|
|
8.3
|
|
|
25.9
|
|
||
Preferred equity
|
21,925
|
|
|
4.1
|
|
|
13.2
|
|
|
17,729
|
|
|
3.4
|
|
|
10.6
|
|
||
Common equity, warrants and other
|
14,919
|
|
|
2.8
|
|
|
9.0
|
|
|
25,777
|
|
|
5.0
|
|
|
15.5
|
|
||
Total debt and equity investments
|
515,545
|
|
|
95.7
|
%
|
|
309.4
|
%
|
|
495,321
|
|
|
95.8
|
%
|
|
297.3
|
%
|
||
Structured Finance Notes
|
23,126
|
|
|
4.3
|
|
|
14.0
|
|
|
21,610
|
|
|
4.2
|
|
|
12.9
|
|
||
Total
|
$
|
538,671
|
|
|
100.0
|
%
|
|
323.4
|
%
|
|
$
|
516,931
|
|
|
100.0
|
%
|
|
310.2
|
%
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Administrative and Support and Waste Management and Remediation Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Convention and Trade Show Organizers
|
|
$
|
500
|
|
|
0.1
|
%
|
|
0.3
|
%
|
|
$
|
1,490
|
|
|
0.3
|
%
|
|
0.9
|
%
|
Security Systems Services (except Locksmiths)
|
|
8,158
|
|
|
1.5
|
|
|
4.9
|
|
|
7,224
|
|
|
1.4
|
|
|
4.3
|
|
||
Temporary Help Services
|
|
13,866
|
|
|
2.6
|
|
|
8.3
|
|
|
13,742
|
|
|
2.7
|
|
|
8.2
|
|
||
Arts, Entertainment, and Recreation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other Amusement and Recreation Industries
|
|
18,611
|
|
|
3.5
|
|
|
11.2
|
|
|
18,592
|
|
|
3.6
|
|
|
11.2
|
|
||
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electrical Contractors and Other Wiring Installation Contractors
|
|
16,520
|
|
|
3.1
|
|
|
9.9
|
|
|
14,639
|
|
|
2.8
|
|
|
8.8
|
|
||
Plumbing, Heating, and Air-Conditioning Contractors
|
|
8,422
|
|
|
1.6
|
|
|
5.1
|
|
|
9,583
|
|
|
1.9
|
|
|
5.8
|
|
||
Education Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Colleges, Universities, and Professional Schools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Professional and Management Development Training
|
|
11,574
|
|
|
2.1
|
|
|
6.9
|
|
|
11,575
|
|
|
2.2
|
|
|
6.9
|
|
||
Finance and Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct Health and Medical Insurance Carriers
|
|
395
|
|
|
0.1
|
|
|
0.2
|
|
|
405
|
|
|
0.1
|
|
|
0.2
|
|
||
Insurance Agencies and Brokerages
|
|
11,487
|
|
|
2.1
|
|
|
6.9
|
|
|
11,386
|
|
|
2.2
|
|
|
6.8
|
|
||
Health Care and Social Assistance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All Other Outpatient Care Centers
|
|
2,001
|
|
|
0.4
|
|
|
1.2
|
|
|
2,015
|
|
|
0.4
|
|
|
1.2
|
|
||
Child Day Care Services
|
|
8,126
|
|
|
1.5
|
|
|
4.9
|
|
|
8,266
|
|
|
1.6
|
|
|
5.0
|
|
||
Diagnostic Imaging Centers
|
|
14,247
|
|
|
2.6
|
|
|
8.6
|
|
|
14,191
|
|
|
2.7
|
|
|
8.5
|
|
||
Freestanding Ambulatory Surgical and Emergency Centers
|
|
2,950
|
|
|
0.5
|
|
|
1.8
|
|
|
2,976
|
|
|
0.6
|
|
|
1.8
|
|
||
General Medical and Surgical Hospitals
|
|
2,612
|
|
|
0.5
|
|
|
1.6
|
|
|
2,632
|
|
|
0.5
|
|
|
1.6
|
|
||
Home Health Care Services
|
|
16,627
|
|
|
3.1
|
|
|
10.0
|
|
|
16,236
|
|
|
3.1
|
|
|
9.7
|
|
||
Medical Laboratories
|
|
91
|
|
|
—
|
|
|
0.1
|
|
|
22
|
|
|
—
|
|
|
—
|
|
||
Offices of Physicians, Mental Health Specialists
|
|
20,047
|
|
|
3.6
|
|
|
12.0
|
|
|
19,945
|
|
|
3.8
|
|
|
12.0
|
|
||
Outpatient Mental Health and Substance Abuse Centers
|
|
11,609
|
|
|
2.2
|
|
|
7.0
|
|
|
4,000
|
|
|
0.8
|
|
|
2.4
|
|
||
Residential Intellectual and Developmental Disability Facilities
|
|
2,991
|
|
|
0.6
|
|
|
1.8
|
|
|
3,006
|
|
|
0.6
|
|
|
1.8
|
|
||
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Data Processing, Hosting, and Related Services
|
|
11,805
|
|
|
2.2
|
|
|
7.1
|
|
|
11,900
|
|
|
2.3
|
|
|
7.1
|
|
||
Internet Publishing and Broadcasting and Web Search Portals
|
|
1,969
|
|
|
0.4
|
|
|
1.2
|
|
|
1,992
|
|
|
0.4
|
|
|
1.2
|
|
||
Software Publishers
|
|
41,054
|
|
|
7.5
|
|
|
24.5
|
|
|
38,373
|
|
|
7.3
|
|
|
22.9
|
|
||
Television Broadcasting
|
|
1,997
|
|
|
0.4
|
|
|
1.2
|
|
|
1,997
|
|
|
0.4
|
|
|
1.1
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Wired Telecommunications Carriers
|
|
1,972
|
|
|
0.4
|
|
|
1.2
|
|
|
1,980
|
|
|
0.4
|
|
|
1.2
|
|
||
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial Printing (except Screen and Books)
|
|
$
|
4,778
|
|
|
0.9
|
%
|
|
2.9
|
%
|
|
$
|
4,591
|
|
|
0.9
|
%
|
|
2.8
|
%
|
Custom Compounding of Purchased Resins
|
|
15,405
|
|
|
2.9
|
|
|
9.2
|
|
|
16,408
|
|
|
3.2
|
|
|
9.8
|
|
||
Motor Vehicle Body Manufacturing
|
|
1,970
|
|
|
0.4
|
|
|
1.2
|
|
|
1,997
|
|
|
0.4
|
|
|
1.2
|
|
||
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
5,412
|
|
|
1.0
|
|
|
3.2
|
|
|
4,213
|
|
|
0.8
|
|
|
2.5
|
|
||
Other Commercial and Service Industry Machinery Manufacturing
|
|
2,229
|
|
|
0.4
|
|
|
1.3
|
|
|
2,262
|
|
|
0.4
|
|
|
1.4
|
|
||
Pharmaceutical and Medicine Manufacturing
|
|
853
|
|
|
0.2
|
|
|
0.5
|
|
|
853
|
|
|
0.2
|
|
|
0.5
|
|
||
Pharmaceutical Preparation Manufacturing
|
|
7,931
|
|
|
1.5
|
|
|
4.8
|
|
|
19,694
|
|
|
3.8
|
|
|
11.8
|
|
||
Plastics Plumbing Fixture Manufacturing
|
|
1,484
|
|
|
0.3
|
|
|
0.9
|
|
|
1,498
|
|
|
0.3
|
|
|
0.9
|
|
||
Pump and Pumping Equipment Manufacturing
|
|
1,501
|
|
|
0.3
|
|
|
0.9
|
|
|
1,607
|
|
|
0.3
|
|
|
1.0
|
|
||
Travel Trailer and Camper Manufacturing
|
|
10,520
|
|
|
2.0
|
|
|
6.3
|
|
|
8,717
|
|
|
1.7
|
|
|
5.2
|
|
||
Truck Trailer Manufacturing
|
|
6,990
|
|
|
1.3
|
|
|
4.2
|
|
|
6,690
|
|
|
1.3
|
|
|
4.0
|
|
||
Unlaminated Plastics Profile Shape Manufacturing
|
|
10,046
|
|
|
1.9
|
|
|
6.0
|
|
|
9,959
|
|
|
1.9
|
|
|
6.0
|
|
||
Other Services (except Public Administration)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive Oil Change and Lubrication Shops
|
|
20,165
|
|
|
3.6
|
|
|
12.1
|
|
|
20,458
|
|
|
3.9
|
|
|
12.3
|
|
||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
19,106
|
|
|
3.4
|
|
|
11.5
|
|
|
18,265
|
|
|
3.5
|
|
|
11.0
|
|
||
Communication Equipment Repair and Maintenance
|
|
4,493
|
|
|
0.8
|
|
|
2.7
|
|
|
4,512
|
|
|
0.9
|
|
|
2.7
|
|
||
Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Administrative Management and General Management Consulting Services
|
|
17,496
|
|
|
3.2
|
|
|
10.5
|
|
|
17,492
|
|
|
3.4
|
|
|
10.5
|
|
||
Advertising Agencies
|
|
1,987
|
|
|
0.4
|
|
|
1.2
|
|
|
2,001
|
|
|
0.4
|
|
|
1.2
|
|
||
All Other Professional, Scientific, and Technical Services
|
|
1,925
|
|
|
0.4
|
|
|
1.2
|
|
|
1,925
|
|
|
0.4
|
|
|
1.2
|
|
||
Other Accounting Services
|
|
1,698
|
|
|
0.3
|
|
|
1.0
|
|
|
2,250
|
|
|
0.4
|
|
|
1.4
|
|
||
Other Computer Related Services
|
|
18,242
|
|
|
3.4
|
|
|
10.9
|
|
|
18,353
|
|
|
3.6
|
|
|
11.0
|
|
||
Testing Laboratories
|
|
1,987
|
|
|
0.4
|
|
|
1.2
|
|
|
2,004
|
|
|
0.4
|
|
|
1.2
|
|
||
Public Administration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other Justice, Public Order, and Safety Activities
|
|
9,846
|
|
|
1.8
|
|
|
5.9
|
|
|
407
|
|
|
0.1
|
|
|
0.2
|
|
||
Public Finance Activities
|
|
1,941
|
|
|
0.4
|
|
|
1.2
|
|
|
2,007
|
|
|
0.4
|
|
|
1.2
|
|
||
Real Estate and Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Office Machinery and Equipment Rental and Leasing
|
|
13,698
|
|
|
2.5
|
|
|
8.2
|
|
|
14,342
|
|
|
2.8
|
|
|
8.6
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Retail Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
$
|
6,419
|
|
|
1.2
|
%
|
|
3.9
|
%
|
|
$
|
6,363
|
|
|
1.2
|
%
|
|
3.8
|
%
|
Shoe Store
|
|
9,675
|
|
|
1.8
|
|
|
5.8
|
|
|
9,917
|
|
|
1.9
|
|
|
6.0
|
|
||
Sporting Goods Stores
|
|
1,921
|
|
|
0.4
|
|
|
1.2
|
|
|
1,983
|
|
|
0.4
|
|
|
1.2
|
|
||
Supermarkets and Other Grocery (except Convenience) Stores
|
|
1,081
|
|
|
0.2
|
|
|
0.6
|
|
|
1,094
|
|
|
0.2
|
|
|
0.7
|
|
||
All Other General Merchandise Stores
|
|
5,402
|
|
|
1.0
|
|
|
3.2
|
|
|
5,020
|
|
|
1.0
|
|
|
3.0
|
|
||
Transportation and Warehousing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General Warehousing and Storage
|
|
13,790
|
|
|
2.6
|
|
|
8.3
|
|
|
14,165
|
|
|
2.7
|
|
|
8.5
|
|
||
Taxi Service
|
|
1,990
|
|
|
0.4
|
|
|
1.2
|
|
|
1,990
|
|
|
0.4
|
|
|
1.2
|
|
||
Wholesale Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Business to Business Electronic Markets
|
|
3,920
|
|
|
0.7
|
|
|
2.4
|
|
|
3,960
|
|
|
0.8
|
|
|
2.4
|
|
||
Computer and Computer Peripheral Equipment and Software Merchant Wholesalers
|
|
3,955
|
|
|
0.7
|
|
|
2.4
|
|
|
3,976
|
|
|
0.8
|
|
|
2.4
|
|
||
Industrial Machinery and Equipment Merchant Wholesalers
|
|
9,700
|
|
|
1.8
|
|
|
5.8
|
|
|
9,662
|
|
|
1.9
|
|
|
5.8
|
|
||
Industrial Supplies Merchant Wholesalers
|
|
6,883
|
|
|
1.3
|
|
|
4.1
|
|
|
6,584
|
|
|
1.3
|
|
|
4.0
|
|
||
Motor Vehicle Parts (Used) Merchant Wholesalers
|
|
13,119
|
|
|
2.4
|
|
|
7.9
|
|
|
13,119
|
|
|
2.5
|
|
|
7.9
|
|
||
Other Grocery and Related Products Merchant Wholesalers
|
|
1,995
|
|
|
0.4
|
|
|
1.2
|
|
|
2,003
|
|
|
0.4
|
|
|
1.2
|
|
||
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
8,247
|
|
|
1.5
|
|
|
4.9
|
|
|
255
|
|
|
—
|
|
|
0.2
|
|
||
Stationery and Office Supplies Merchant Wholesalers
|
|
16,113
|
|
|
3.0
|
|
|
9.7
|
|
|
14,559
|
|
|
2.8
|
|
|
8.7
|
|
||
Total debt and equity investments
|
|
$
|
515,545
|
|
|
95.7
|
%
|
|
309.4
|
%
|
|
$
|
495,321
|
|
|
95.8
|
%
|
|
297.3
|
%
|
Structured Finance Notes
|
|
23,126
|
|
|
4.3
|
|
|
14.0
|
|
|
21,610
|
|
|
4.2
|
|
|
12.9
|
|
||
Total investments
|
|
$
|
538,671
|
|
|
100.0
|
%
|
|
323.4
|
%
|
|
$
|
516,931
|
|
|
100.0
|
%
|
|
310.2
|
%
|
Security
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value at September 30, 2020
|
||||||||
Debt investments
|
|
$
|
—
|
|
|
$
|
23,547
|
|
|
$
|
344,977
|
|
|
$
|
368,524
|
|
Equity investments
|
|
—
|
|
|
—
|
|
|
55,273
|
|
|
55,273
|
|
||||
Structured Finance Notes
|
|
—
|
|
|
—
|
|
|
32,531
|
|
|
32,531
|
|
||||
|
|
$
|
—
|
|
|
$
|
23,547
|
|
|
$
|
432,781
|
|
|
$
|
456,328
|
|
Security
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value at December 31, 2019
|
||||||||
Debt investments
|
|
$
|
—
|
|
|
$
|
74,666
|
|
|
$
|
377,149
|
|
|
$
|
451,815
|
|
Equity investments
|
|
—
|
|
|
—
|
|
|
43,506
|
|
|
43,506
|
|
||||
Structured Finance Notes
|
|
—
|
|
|
—
|
|
|
21,610
|
|
|
21,610
|
|
||||
|
|
$
|
—
|
|
|
$
|
74,666
|
|
|
$
|
442,265
|
|
|
$
|
516,931
|
|
|
Fair Value at September 30, 2020
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
(Weighted average) |
||
Debt investments:
|
|
|
|
|
|
|
|
||
Senior secured
|
$
|
287,788
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
7.28% - 24.42% (10.43%)
|
Senior secured
|
13,961
|
|
|
Market approach
|
|
EBITDA multiples
|
|
8.50x - 8.50x (8.50x)
|
|
Senior secured
|
11,664
|
|
|
Market approach
|
|
Revenue multiples
|
|
1.27x - 1.27x (1.27x)
|
|
Subordinated
|
19,120
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
10.92% - 24.50% (19.61%)
|
|
Subordinated
|
12,444
|
|
|
Market approach
|
|
EBITDA multiples
|
|
3.87x - 7.5x (5.94x)
|
|
Subordinated
|
—
|
|
|
Market approach
|
|
Revenue multiples
|
|
0.10x - 0.18x (0.14x)
|
|
|
|
|
|
|
|
|
|
|
|
Structured Finance Notes
|
|
|
|
|
|
|
|
|
|
Subordinated notes (3)
|
30,925
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
20.00% - 24.50% (21.92%)
|
|
|
|
|
|
|
Constant Default Rate(1)
|
|
2.00% - 2.00% (2.00%)
|
||
|
|
|
|
|
Constant Default Rate(2)
|
|
3.00% - 3.00% (3.00%)
|
||
|
|
|
|
|
Recovery Rate
|
|
60.00% - 60.00% (60.00%)
|
||
|
|
|
|
|
|
|
|
||
Mezzanine debt
|
1,606
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
8.60% - 10.50% (9.79%)
|
|
|
|
|
|
|
Constant Default Rate(1)
|
|
0.00% - 2.00% (1.01%)
|
||
|
|
|
|
|
Constant Default Rate(2)
|
|
3.00% - 3.00% (3.00%)
|
||
|
|
|
|
|
Recovery Rate
|
|
60.00% - 60.00% (60.00%)
|
||
|
|
|
|
|
|
|
|
||
Equity investments:
|
|
|
|
|
|
|
|
|
|
Preferred equity
|
10,827
|
|
|
Market approach
|
|
EBITDA multiples
|
|
6.50x - 8.50x (7.29x)
|
|
Preferred equity
|
1,048
|
|
|
Market approach
|
|
Revenue multiples
|
|
0.18x - 1.42x (0.87x)
|
|
Common equity, warrants and other
|
43,382
|
|
|
Market approach
|
|
EBITDA multiples
|
|
3.75x - 11.00x (7.98x)
|
|
Common equity, warrants and other
|
16
|
|
|
Market approach
|
|
Revenue multiples
|
|
0.18x - 1.42x (0.39x)
|
|
|
$
|
432,781
|
|
|
|
|
|
|
|
|
Fair Value at December 31, 2019
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
(Weighted average) |
||
Debt investments:
|
|
|
|
|
|
|
|
||
Senior secured
|
$
|
295,835
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
5.64% - 17.42% (11.17%)
|
Senior secured
|
15,031
|
|
|
Market approach
|
|
EBITDA multiples
|
|
8.09x - 13.22x (13.08x)
|
|
Senior secured
|
23,193
|
|
|
Market approach
|
|
Transaction Price
|
|
|
|
Subordinated
|
35,371
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
6.38% - 18.86% (14.32%)
|
|
Subordinated
|
7,464
|
|
|
Market approach
|
|
EBITDA multiples
|
|
4.75x - 6.35x (6.35x)
|
|
Subordinated
|
255
|
|
|
Market approach
|
|
Revenue multiple
|
|
|
|
|
|
|
|
|
|
|
|
||
Structured Finance Notes:
|
|
|
|
|
|
|
|
||
Subordinated Notes(2)
|
21,610
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
14.50% - 19.50% (17.16%)
|
|
|
|
|
|
|
Constant default rate(1)
|
|
1.26% - 1.40% (1.33%)
|
||
|
|
|
|
|
Recovery rate
|
|
69.30% - 70.00% (69.70%)
|
||
|
|
|
|
|
|
|
|
||
Equity investments:
|
|
|
|
|
|
|
|
||
Preferred equity
|
13,185
|
|
|
Market approach
|
|
EBITDA multiples
|
|
6.25x - 13.22x (4.96x)
|
|
Preferred equity
|
2,424
|
|
|
Market approach
|
|
Revenue multiples
|
|
0.23x - 9.58x (9.58x)
|
|
Preferred equity
|
2,120
|
|
|
Market approach
|
|
Recurring monthly revenue
|
|
40.00x - 40.00x (40.00x)
|
|
Common equity, warrants and other
|
22,788
|
|
|
Market approach
|
|
EBITDA multiples
|
|
4.50x - 13.22x (13.03x)
|
|
Common equity, warrants and other
|
1,489
|
|
|
Market approach
|
|
Revenue multiples
|
|
0.23x - 7.00x (7.00x)
|
|
Common equity, warrants and other
|
1,500
|
|
|
Transaction Price
|
|
|
|
|
|
|
$
|
442,265
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020
|
||||||||||||||||||||||
|
Senior
Secured Debt Investments |
|
Subordinated
Debt Investments |
|
Preferred Equity
|
|
Common Equity, Warrants and Other
|
|
Structured Finance Notes
|
|
Total
|
||||||||||||
Level 3 assets, January 1, 2020
|
$
|
334,059
|
|
|
$
|
43,090
|
|
|
$
|
17,729
|
|
|
$
|
25,777
|
|
|
$
|
21,610
|
|
|
$
|
442,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net realized gain (loss) on investments
|
(9,396
|
)
|
|
—
|
|
|
51
|
|
|
(497
|
)
|
|
—
|
|
|
(9,842
|
)
|
||||||
Net unrealized appreciation (depreciation) on investments
|
(5,039
|
)
|
|
(11,895
|
)
|
|
(2,808
|
)
|
|
17,320
|
|
|
(2,211
|
)
|
|
(4,633
|
)
|
||||||
Amortization of Net Loan Fees
|
854
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
870
|
|
||||||
Accretion of interest income on structured-finance notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,141
|
|
|
4,141
|
|
||||||
Capitalized PIK interest and dividends
|
859
|
|
|
375
|
|
|
388
|
|
|
—
|
|
|
—
|
|
|
1,622
|
|
||||||
Amendment fees
|
(9
|
)
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
||||||
Purchase and origination of portfolio investments
|
57,261
|
|
|
—
|
|
|
160
|
|
|
95
|
|
|
13,605
|
|
|
71,121
|
|
||||||
Proceeds from principal payments on portfolio investments
|
(54,157
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,157
|
)
|
||||||
Sale and redemption of portfolio investments
|
(9,717
|
)
|
|
—
|
|
|
(3,645
|
)
|
|
—
|
|
|
—
|
|
|
(13,362
|
)
|
||||||
Proceeds from distributions received from portfolio investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,614
|
)
|
|
(4,614
|
)
|
||||||
Conversion from debt investment to equity investment (Note 4)
|
(703
|
)
|
|
—
|
|
|
—
|
|
|
703
|
|
|
—
|
|
|
—
|
|
||||||
Transfers out of Level 3
|
(599
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(599
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 3 assets, September 30, 2020
|
$
|
313,413
|
|
|
$
|
31,564
|
|
|
$
|
11,875
|
|
|
$
|
43,398
|
|
|
$
|
32,531
|
|
|
$
|
432,781
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||
|
Senior
Secured Debt Investments |
|
Subordinated
Debt Investments |
|
Preferred Equity
|
|
Common Equity, Warrants and Other
|
|
Structured Finance Notes
|
|
Total
|
||||||||||||
Level 3 assets, January 1, 2019
|
$
|
319,017
|
|
|
$
|
44,540
|
|
|
$
|
14,613
|
|
|
$
|
18,627
|
|
|
$
|
—
|
|
|
$
|
396,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net realized gain (loss) on investments
|
186
|
|
|
—
|
|
|
(900
|
)
|
|
—
|
|
|
—
|
|
|
(714
|
)
|
||||||
Net unrealized appreciation (depreciation) on investments
|
(7,551
|
)
|
|
(709
|
)
|
|
1,885
|
|
|
3,025
|
|
|
(1,172
|
)
|
|
(4,522
|
)
|
||||||
Amortization of Net Loan Fees
|
724
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
788
|
|
||||||
Accretion of interest income on structured-finance notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,001
|
|
|
2,001
|
|
||||||
Capitalized PIK interest and dividends
|
338
|
|
|
274
|
|
|
659
|
|
|
—
|
|
|
—
|
|
|
1,271
|
|
||||||
Amendment fees
|
—
|
|
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
||||||
Purchase and origination of portfolio investments
|
90,782
|
|
|
—
|
|
|
2,309
|
|
|
1,813
|
|
|
23,341
|
|
|
118,245
|
|
||||||
Proceeds from principal payments on portfolio investments
|
(30,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,750
|
)
|
||||||
Sale and redemption of portfolio investments
|
(30,316
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,316
|
)
|
||||||
Proceeds from distributions received from portfolio investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,976
|
)
|
|
(1,976
|
)
|
||||||
Transfers out of Level 3
|
(628
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(628
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 3 assets, September 30, 2019
|
$
|
341,802
|
|
|
$
|
44,079
|
|
|
$
|
18,566
|
|
|
$
|
23,465
|
|
|
$
|
22,194
|
|
|
$
|
450,106
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Senior secured debt investments
|
$
|
(15,145
|
)
|
|
$
|
(7,993
|
)
|
Subordinated debt investments
|
(11,899
|
)
|
|
(709
|
)
|
||
Preferred equity
|
(2,801
|
)
|
|
1,074
|
|
||
Common equity, warrants and other
|
18,310
|
|
|
3,025
|
|
||
Structured Finance Notes
|
(2,212
|
)
|
|
(1,172
|
)
|
||
Net unrealized depreciation on investments held
|
$
|
(13,747
|
)
|
|
$
|
(5,775
|
)
|
|
As of September 30, 2020
|
|
As of December 31, 2019
|
||||||||||||
Description
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
PWB Credit Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
BNP Facility
|
24,650
|
|
|
24,650
|
|
|
56,450
|
|
|
56,450
|
|
||||
Unsecured Notes Due September 2023
|
24,035
|
|
|
24,500
|
|
|
—
|
|
|
—
|
|
||||
Unsecured Notes Due April 2025
|
48,826
|
|
|
46,260
|
|
|
48,634
|
|
|
50,600
|
|
||||
Unsecured Notes Due October 2025
|
47,277
|
|
|
45,749
|
|
|
47,093
|
|
|
49,282
|
|
||||
Unsecured Notes Due October 2026
|
52,544
|
|
|
48,262
|
|
|
52,325
|
|
|
54,282
|
|
||||
SBA-guaranteed debentures
|
127,355
|
|
|
142,003
|
|
|
147,976
|
|
|
155,562
|
|
||||
Total debt, at fair value
|
$
|
324,687
|
|
|
$
|
331,424
|
|
|
$
|
352,478
|
|
|
$
|
366,176
|
|
|
September 30, 2020
|
||||||||||||||
Description
|
Level 1
|
|
Level 2
|
|
Level 3 (1)
|
|
Total
|
||||||||
PWB Credit Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
BNP Facility
|
—
|
|
|
—
|
|
|
24,650
|
|
|
24,650
|
|
||||
Unsecured Notes Due September 2023
|
24,500
|
|
|
—
|
|
|
—
|
|
|
24,500
|
|
||||
Unsecured Notes Due April 2025
|
46,260
|
|
|
—
|
|
|
—
|
|
|
46,260
|
|
||||
Unsecured Notes Due October 2025
|
45,749
|
|
|
—
|
|
|
—
|
|
|
45,749
|
|
||||
Unsecured Notes Due October 2026
|
48,262
|
|
|
—
|
|
|
—
|
|
|
48,262
|
|
||||
SBA-guaranteed debentures
|
—
|
|
|
—
|
|
|
142,003
|
|
|
142,003
|
|
||||
Total debt, at fair value
|
$
|
164,771
|
|
|
$
|
—
|
|
|
$
|
166,653
|
|
|
$
|
331,424
|
|
|
December 31, 2019
|
||||||||||||||
Description
|
Level 1
|
|
Level 2
|
|
Level 3 (1)
|
|
Total
|
||||||||
PWB Credit Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
BNP Facility
|
—
|
|
|
—
|
|
|
56,450
|
|
|
56,450
|
|
||||
Unsecured Notes Due April 2025
|
50,600
|
|
|
—
|
|
|
—
|
|
|
50,600
|
|
||||
Unsecured Notes Due October 2025
|
49,282
|
|
|
—
|
|
|
—
|
|
|
49,282
|
|
||||
Unsecured Notes Due October 2026
|
54,282
|
|
|
—
|
|
|
—
|
|
|
54,282
|
|
||||
SBA-guaranteed debentures
|
—
|
|
|
—
|
|
|
155,562
|
|
|
155,562
|
|
||||
Total debt, at fair value
|
$
|
154,164
|
|
|
$
|
—
|
|
|
$
|
212,012
|
|
|
$
|
366,176
|
|
|
As of September 30, 2020
|
|
As of December 31, 2019
|
||||||||||||
Description
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
PWB Credit Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
BNP Facility
|
24,650
|
|
|
24,650
|
|
|
56,450
|
|
|
56,450
|
|
||||
Unsecured Notes Due September 2023
|
24,035
|
|
|
24,500
|
|
|
—
|
|
|
—
|
|
||||
Unsecured Notes Due April 2025
|
48,826
|
|
|
46,260
|
|
|
48,634
|
|
|
50,600
|
|
||||
Unsecured Notes Due October 2025
|
47,277
|
|
|
45,749
|
|
|
47,093
|
|
|
49,282
|
|
||||
Unsecured Notes Due October 2026
|
52,544
|
|
|
48,262
|
|
|
52,325
|
|
|
54,282
|
|
||||
SBA-guaranteed debentures
|
127,355
|
|
|
142,003
|
|
|
147,976
|
|
|
155,562
|
|
||||
Total debt, at fair value
|
$
|
324,687
|
|
|
$
|
331,424
|
|
|
$
|
352,478
|
|
|
$
|
366,176
|
|
Name of Portfolio Company
|
|
Investment Type
|
|
Commitment
|
||
A&A Transfer, LLC
|
|
Senior Secured Loan (Revolver)
|
|
$
|
2,136
|
|
Carolina Lubes, Inc.
|
|
Senior Secured Loan (Revolver)
|
|
2,920
|
|
|
Inergex Holdings, LLC
|
|
Senior Secured Loan (Revolver)
|
|
2,344
|
|
|
|
|
|
|
$
|
7,400
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
SBA Debentures
|
$
|
1,068
|
|
|
$
|
1,295
|
|
|
$
|
3,406
|
|
|
$
|
3,843
|
|
PWB Credit Facility
|
285
|
|
|
802
|
|
|
1,276
|
|
|
1,896
|
|
||||
Unsecured Notes
|
2,662
|
|
|
1,726
|
|
|
7,867
|
|
|
5,178
|
|
||||
BNP Facility
|
433
|
|
|
641
|
|
|
1,752
|
|
|
647
|
|
||||
Total interest expense
|
$
|
4,448
|
|
|
$
|
4,464
|
|
|
$
|
14,301
|
|
|
$
|
11,564
|
|
|
|
|
|
|
|
|
|
||||||||
Average dollar borrowings
|
$
|
332,733
|
|
|
$
|
325,127
|
|
|
$
|
354,078
|
|
|
$
|
293,442
|
|
Weighted average interest rate
|
5.36
|
%
|
|
4.93
|
%
|
|
5.36
|
%
|
|
4.92
|
%
|
|
|
Payments due by period
|
||||||||||||||||||
|
|
Total
|
|
Less than
year |
|
1-3 years (1)
|
|
4-5 years (1)
|
|
After 5
years (1) |
||||||||||
PWB Credit Facility
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured Notes
|
|
177,850
|
|
|
—
|
|
|
25,000
|
|
|
50,000
|
|
|
102,850
|
|
|||||
SBA Debentures
|
|
128,770
|
|
|
—
|
|
|
14,000
|
|
|
114,770
|
|
|
—
|
|
|||||
BNP Facility
|
|
24,650
|
|
|
—
|
|
|
—
|
|
|
24,650
|
|
|
—
|
|
|||||
Total
|
|
$
|
331,270
|
|
|
$
|
—
|
|
|
$
|
39,000
|
|
|
$
|
189,420
|
|
|
$
|
102,850
|
|
(1)
|
The SBA debentures are scheduled to mature between September 2022 and September 2025. The Unsecured Notes are scheduled to mature between October 2023 and October 2026.
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
Tax-basis amortized cost of investments
|
$
|
478,907
|
|
|
$
|
531,781
|
|
Tax-basis gross unrealized appreciation on investments
|
41,994
|
|
|
24,326
|
|
||
Tax-basis gross unrealized depreciation on investments
|
(64,573
|
)
|
|
(39,176
|
)
|
||
Tax-basis net unrealized depreciation on investments
|
(22,579
|
)
|
|
(14,850
|
)
|
||
Fair value of investments
|
$
|
456,328
|
|
|
$
|
516,931
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September 30, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Per share operating performance:
|
|
|
|
|
|
|
|
||||||||
Net asset value per share at beginning of period
|
$
|
10.10
|
|
|
$
|
12.95
|
|
|
$
|
12.46
|
|
|
$
|
13.10
|
|
Net investment income (4)
|
0.20
|
|
|
0.36
|
|
|
0.69
|
|
|
1.09
|
|
||||
Net realized loss on non-control/non-affiliate investments (4)
|
—
|
|
|
—
|
|
|
(0.74
|
)
|
|
(0.06
|
)
|
||||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments, net of taxes (4)
|
0.35
|
|
|
(0.49
|
)
|
|
(0.82
|
)
|
|
(0.72
|
)
|
||||
Net unrealized appreciation on affiliate investments (4)
|
0.75
|
|
|
0.36
|
|
|
0.47
|
|
|
0.40
|
|
||||
Net unrealized appreciation (depreciation) on control investment (4)
|
0.04
|
|
|
(0.10
|
)
|
|
(0.07
|
)
|
|
(0.05
|
)
|
||||
Loss on extinguishment of debt (4)
|
(0.01
|
)
|
|
—
|
|
|
(0.03
|
)
|
|
—
|
|
||||
Loss on impairment of goodwill (4)
|
(0.08
|
)
|
|
—
|
|
|
(0.08
|
)
|
|
—
|
|
||||
Total from operations
|
1.25
|
|
|
0.13
|
|
|
(0.58
|
)
|
|
0.66
|
|
||||
Distributions
|
(0.17
|
)
|
|
(0.34
|
)
|
|
(0.68
|
)
|
|
(1.02
|
)
|
||||
Issuance of common stock (10)
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
Net asset value per share at end of period
|
$
|
11.18
|
|
|
$
|
12.74
|
|
|
$
|
11.18
|
|
|
$
|
12.74
|
|
|
|
|
|
|
|
|
|
||||||||
Per share market value, end of period
|
$
|
4.71
|
|
|
$
|
11.61
|
|
|
$
|
4.71
|
|
|
$
|
11.61
|
|
Total return based on market value (1)(9)
|
8.0
|
%
|
|
(0.4
|
)%
|
|
(50.9
|
)%
|
|
19.3
|
%
|
||||
Total return based on net asset value (2)(9)
|
14.7
|
%
|
|
1.3
|
%
|
|
4.5
|
%
|
|
5.9
|
%
|
||||
Shares outstanding at end of period
|
13,406,402
|
|
|
13,371,451
|
|
|
13,406,402
|
|
|
13,371,451
|
|
||||
Weighted average shares outstanding
|
13,399,767
|
|
|
13,366,515
|
|
|
13,389,830
|
|
|
13,361,757
|
|
||||
Ratio/Supplemental Data (in thousands except ratios)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average net asset value (3)
|
$
|
142,655
|
|
|
$
|
171,769
|
|
|
$
|
145,480
|
|
|
$
|
173,211
|
|
Net asset value at end of period
|
$
|
149,912
|
|
|
$
|
170,406
|
|
|
$
|
149,912
|
|
|
$
|
170,406
|
|
Net investment income
|
$
|
2,712
|
|
|
$
|
4,853
|
|
|
$
|
9,291
|
|
|
$
|
14,541
|
|
Ratio of total expenses, net to average net assets (5)(7)
|
21.8
|
%
|
|
21.0
|
%
|
|
23.0
|
%
|
|
18.9
|
%
|
||||
Ratio of total expenses, and losses on impairment of goodwill and extinguishment of debt to average net assets(5)
|
22.7
|
%
|
|
—
|
%
|
|
23.9
|
%
|
|
—
|
%
|
||||
Ratio of net investment income to average net assets (5)(8)
|
7.6
|
%
|
|
11.3
|
%
|
|
8.5
|
%
|
|
11.2
|
%
|
||||
Ratio of goodwill impairment loss to average net assets(9)
|
0.8
|
%
|
|
—
|
%
|
|
0.7
|
%
|
|
—
|
%
|
||||
Ratio of loss on extinguishment of debt to average net assets(9)
|
0.1
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
—
|
%
|
||||
Portfolio turnover (6)
|
1.6
|
%
|
|
4.5
|
%
|
|
17.3
|
%
|
|
13.9
|
%
|
(1)
|
Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s dividend reinvestment plan for the respective distributions.
|
(2)
|
Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at the Company’s dividend reinvestment plan for the respective distributions.
|
(3)
|
Based on the average of the net asset value at the beginning and end of the indicated period and if applicable the preceding calendar quarters.
|
(4)
|
Calculated on the average share method.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover rate is calculated using the lesser of period-to-date sales, Structured Finance Note distributions and principal payments or period-to-date purchases over the average of the invested assets at fair value.
|
(7)
|
Ratio of total expenses before incentive fee waiver to average net assets was 23.4% for the nine months ended September 30, 2020.
|
(8)
|
Ratio of net investment income before incentive fee waiver to average net assets was 8.1% for the nine months ended September 30, 2020.
|
(9)
|
Not annualized.
|
(10)
|
Common stock issued through DRIP.
|
|
|
|
|
Period Ended September 30, 2020
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Name of Portfolio Company
|
|
Investment Type (1)
|
|
Net Realized Gain (Loss)
|
|
Net change in unrealized appreciation/(depreciation)
|
|
Interest & PIK Interest
|
|
Dividends
|
|
Fees
|
|
Total Income (2)
|
|
December 31, 2019, Fair Value
|
|
Gross
Additions (3) |
|
Gross
Reductions (4) |
|
September 30, 2020, Fair Value (5)
|
||||||||||||||||||||
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
MTE Holding Corp.
|
|
Subordinated Loan
|
|
$
|
—
|
|
|
$
|
(129
|
)
|
|
$
|
884
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
933
|
|
|
$
|
7,464
|
|
|
$
|
291
|
|
|
$
|
(129
|
)
|
|
$
|
7,626
|
|
|
|
Common Equity
|
|
—
|
|
|
(795
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,253
|
|
|
—
|
|
|
(795
|
)
|
|
458
|
|
||||||||||
|
|
|
|
—
|
|
|
(924
|
)
|
|
884
|
|
|
—
|
|
|
49
|
|
|
933
|
|
|
8,717
|
|
|
291
|
|
|
(924
|
)
|
|
8,084
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Control Investment
|
|
|
|
—
|
|
|
(924
|
)
|
|
884
|
|
|
—
|
|
|
49
|
|
|
933
|
|
|
8,717
|
|
|
291
|
|
|
(924
|
)
|
|
8,084
|
|
||||||||||
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
3rd Rock Gaming Holdings, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
(8,252
|
)
|
|
572
|
|
|
—
|
|
|
—
|
|
|
572
|
|
|
20,099
|
|
|
70
|
|
|
(8,505
|
)
|
|
11,664
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(1,044
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|
—
|
|
|
(1,044
|
)
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
(9,296
|
)
|
|
572
|
|
|
—
|
|
|
—
|
|
|
572
|
|
|
21,143
|
|
|
70
|
|
|
(9,549
|
)
|
|
11,664
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Chemical Resources Holdings, Inc.
|
|
Senior Secured Loan
|
|
—
|
|
|
83
|
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
13,746
|
|
|
111
|
|
|
|
|
|
13,857
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(187
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,662
|
|
|
—
|
|
|
(187
|
)
|
|
2,475
|
|
||||||||||
|
|
|
|
—
|
|
|
(104
|
)
|
|
1,024
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
16,408
|
|
|
111
|
|
|
(187
|
)
|
|
16,332
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Contract Datascan Holdings, Inc.
|
|
Subordinated Loan
|
|
—
|
|
|
(311
|
)
|
|
783
|
|
|
—
|
|
|
—
|
|
|
783
|
|
|
8,000
|
|
|
17
|
|
|
(311
|
)
|
|
7,706
|
|
||||||||||
|
|
Preferred Equity (7)
|
|
—
|
|
|
(3,397
|
)
|
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
5,671
|
|
|
250
|
|
|
(3,398
|
)
|
|
2,523
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(635
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
671
|
|
|
—
|
|
|
(635
|
)
|
|
36
|
|
||||||||||
|
|
|
|
—
|
|
|
(4,343
|
)
|
|
1,033
|
|
|
—
|
|
|
—
|
|
|
1,033
|
|
|
14,342
|
|
|
267
|
|
|
(4,344
|
)
|
|
10,265
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
DRS Imaging Services, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
157
|
|
|
884
|
|
|
—
|
|
|
—
|
|
|
884
|
|
|
10,569
|
|
|
172
|
|
|
(115
|
)
|
|
10,626
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,331
|
|
|
363
|
|
|
|
|
|
1,694
|
|
||||||||||
|
|
|
|
—
|
|
|
520
|
|
|
884
|
|
|
—
|
|
|
—
|
|
|
884
|
|
|
11,900
|
|
|
535
|
|
|
(115
|
)
|
|
12,320
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Master Cutlery, LLC
|
|
Subordinated Loan (6)
|
|
—
|
|
|
(255
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
(255
|
)
|
|
—
|
|
||||||||||
|
|
Preferred Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
(255
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
(255
|
)
|
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
NeoSystems Corp.
|
|
Preferred Equity (7)
|
|
—
|
|
|
(133
|
)
|
|
133
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
2,250
|
|
|
133
|
|
|
(133
|
)
|
|
2,250
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended September 30, 2020
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Name of Portfolio Company
|
|
Investment Type (1)
|
|
Net Realized Gain (Loss)
|
|
Net change in unrealized appreciation/(depreciation)
|
|
Interest & PIK Interest
|
|
Dividends
|
|
Fees
|
|
Total Income (2)
|
|
December 31, 2019, Fair Value
|
|
Gross
Additions (3) |
|
Gross
Reductions (4) |
|
September 30, 2020, Fair Value (5)
|
||||||||||||||||||||
Pfanstiehl Holdings, Inc
|
|
Subordinated Loan
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
|
$
|
3,788
|
|
|
$
|
21
|
|
|
$
|
(21
|
)
|
|
$
|
3,788
|
|
|
|
Common Equity
|
|
—
|
|
|
19,953
|
|
|
100
|
|
|
100
|
|
|
—
|
|
|
200
|
|
|
11,979
|
|
|
19,953
|
|
|
—
|
|
|
31,932
|
|
||||||||||
|
|
|
|
—
|
|
|
19,972
|
|
|
268
|
|
|
100
|
|
|
—
|
|
|
368
|
|
|
15,767
|
|
|
19,974
|
|
|
(21
|
)
|
|
35,720
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Professional Pipe Holdings, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
(424
|
)
|
|
643
|
|
|
|
|
|
|
|
|
643
|
|
|
7,170
|
|
|
103
|
|
|
(424
|
)
|
|
6,849
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(1,402
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,413
|
|
|
—
|
|
|
(1,402
|
)
|
|
1,011
|
|
||||||||||
|
|
|
|
—
|
|
|
(1,826
|
)
|
|
643
|
|
|
—
|
|
|
—
|
|
|
643
|
|
|
9,583
|
|
|
103
|
|
|
(1,826
|
)
|
|
7,860
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TalentSmart Holdings, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
227
|
|
|
668
|
|
|
—
|
|
|
—
|
|
|
668
|
|
|
9,833
|
|
|
256
|
|
|
(188
|
)
|
|
9,901
|
|
||||||||||
|
|
Senior Secured Loan (Revolver)
|
|
—
|
|
|
11
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
242
|
|
|
262
|
|
|
|
|
|
504
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(695
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
95
|
|
|
(695
|
)
|
|
900
|
|
||||||||||
|
|
|
|
—
|
|
|
(457
|
)
|
|
701
|
|
|
—
|
|
|
—
|
|
|
701
|
|
|
11,575
|
|
|
613
|
|
|
(883
|
)
|
|
11,305
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TRS Services, Inc.
|
|
Senior Term Loan
|
|
—
|
|
|
(8
|
)
|
|
81
|
|
|
—
|
|
|
7
|
|
|
88
|
|
|
14,623
|
|
|
9
|
|
|
(14,632
|
)
|
|
—
|
|
||||||||||
|
|
Preferred Equity (Class AA units) (7)
|
|
—
|
|
|
(2
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
547
|
|
|
5
|
|
|
(552
|
)
|
|
—
|
|
||||||||||
|
|
Preferred Equity (Class A units) (6)
|
|
—
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,095
|
|
|
811
|
|
|
(3,095
|
)
|
|
811
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
801
|
|
|
87
|
|
|
—
|
|
|
7
|
|
|
94
|
|
|
18,265
|
|
|
825
|
|
|
(18,279
|
)
|
|
811
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TTG Healthcare, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
397
|
|
|
981
|
|
|
—
|
|
|
9
|
|
|
990
|
|
|
11,767
|
|
|
427
|
|
|
—
|
|
|
12,194
|
|
||||||||||
|
|
Preferred Equity (6)
|
|
—
|
|
|
1,040
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,424
|
|
|
1,040
|
|
|
—
|
|
|
3,464
|
|
||||||||||
|
|
|
|
—
|
|
|
1,437
|
|
|
981
|
|
|
—
|
|
|
9
|
|
|
990
|
|
|
14,191
|
|
|
1,467
|
|
|
—
|
|
|
15,658
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Affiliate Investments
|
|
|
|
—
|
|
|
6,316
|
|
|
6,326
|
|
|
100
|
|
|
16
|
|
|
6,442
|
|
|
135,679
|
|
|
24,098
|
|
|
(35,592
|
)
|
|
124,185
|
|
||||||||||
Total Control and Affiliate Investments
|
|
|
|
$
|
—
|
|
|
$
|
5,392
|
|
|
$
|
7,210
|
|
|
$
|
100
|
|
|
$
|
65
|
|
|
$
|
7,375
|
|
|
$
|
144,396
|
|
|
$
|
24,389
|
|
|
$
|
(36,516
|
)
|
|
$
|
132,269
|
|
(1)
|
Principal balance, interest rate and maturity of debt investments, and ownership detail for equity investments are presented in the consolidated schedule of investments. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Represents the total amount of interest, fees or dividends included in income for the nine months ended September 30, 2020, during which an investment was included in the Control Investment or Affiliate Investment categories.
|
(3)
|
Gross additions include increases in cost basis resulting from a new portfolio investment; PIK interest, fees and dividends; accretion of OID; and net positive change in unrealized appreciation or depreciation.
|
(4)
|
Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales, if any, and net negative change in unrealized appreciation or depreciation.
|
(5)
|
Fair value was determined using significant unobservable inputs. See Note 5 for further details.
|
(6)
|
Non-income producing.
|
(7)
|
Dividends credited to income include dividends contractually earned but not declared.
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||
Net asset value per common share
|
|
$
|
11.18
|
|
|
$
|
12.46
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net investment income per common share
|
|
$
|
0.20
|
|
|
$
|
0.36
|
|
|
$
|
0.69
|
|
|
$
|
1.09
|
|
Net increase (decrease) in net assets resulting from operations per common share
|
|
1.25
|
|
|
0.13
|
|
|
(0.58
|
)
|
|
0.66
|
|
||||
Distributions paid per common share
|
|
0.17
|
|
|
0.34
|
|
|
0.68
|
|
|
1.02
|
|
Investment Type
|
|
Fair Value at September 30, 2020
|
|
Range of Fair Value
|
||||||||
|
|
Low-end
|
|
High-end
|
||||||||
Debt investments:
|
|
|
|
|
|
|
|
|
|
|||
Senior secured
|
|
$
|
336,960
|
|
|
$
|
331,668
|
|
|
$
|
342,307
|
|
Subordinated
|
|
31,564
|
|
|
29,486
|
|
|
33,725
|
|
|||
|
|
|
|
|
|
|
||||||
Structured Finance Notes:
|
|
|
|
|
|
|
||||||
Subordinated notes
|
|
30,925
|
|
|
$
|
28,914
|
|
|
32,936
|
|
||
Mezzanine debt
|
|
1,606
|
|
|
1,564
|
|
|
1,648
|
|
|||
|
|
|
|
|
|
|
||||||
Equity investments:
|
|
|
|
|
|
|
||||||
Preferred equity
|
|
11,875
|
|
|
10,555
|
|
|
13,005
|
|
|||
Common equity, warrants and other
|
|
43,398
|
|
|
39,635
|
|
|
47,330
|
|
|||
|
|
$
|
456,328
|
|
|
$
|
441,822
|
|
|
$
|
470,951
|
|
•
|
The Investment Advisory Agreement with OFS Advisor to manage our operating and investment activities. Under the Investment Advisory Agreement we have agreed to pay OFS Advisor an annual base management fee based on the average value of our total assets (other than cash but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) as well as an incentive fee based on our investment performance. See “Item 1–Financial Statements–Note 3”.
|
•
|
The Administration Agreement with OFS Services, an affiliate of OFS Advisor, to provide us with the office facilities and administrative services necessary to conduct our operations. See “Item 1–Financial Statements–Note 3.
|
•
|
A license agreement with OFSAM, the parent company of OFS Advisor, under which OFSAM has agreed to grant us a non-exclusive, royalty-free license to use the name “OFS.” Under this agreement, we have a right to use the “OFS” name for so long as OFS Advisor or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the “OFS” name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with OFS Advisor is in effect.
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
OFS Capital Corporation (Parent)
|
$
|
175,926
|
|
|
$
|
152,578
|
|
|
$
|
181,980
|
|
|
$
|
169,230
|
|
SBIC I LP
|
235,639
|
|
|
232,218
|
|
|
256,858
|
|
|
246,371
|
|
||||
OFSCC-FS
|
61,525
|
|
|
61,090
|
|
|
88,458
|
|
|
88,936
|
|
||||
OFSCC-MB
|
10,970
|
|
|
10,442
|
|
|
11,375
|
|
|
12,394
|
|
||||
Total investments
|
$
|
484,060
|
|
|
$
|
456,328
|
|
|
$
|
538,671
|
|
|
$
|
516,931
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||||
Yield Range
|
Senior
Secured
|
Subordinated
|
Structured Finance
|
|
|
Senior
Secured
|
Subordinated
|
Structured Finance
|
|
||||||||
Debt
|
Debt
|
Notes
|
Total
|
|
Debt
|
Debt
|
Notes
|
Total
|
|||||||||
Less than 8%
|
15.0
|
%
|
—
|
%
|
—
|
%
|
12.6
|
%
|
|
20.1
|
%
|
—
|
%
|
—
|
%
|
17.3
|
%
|
8% - 10%
|
62.2
|
|
—
|
|
4.3
|
|
52.5
|
|
|
21.5
|
|
—
|
|
—
|
|
18.5
|
|
10% - 12%
|
20.2
|
|
13.3
|
|
—
|
|
17.8
|
|
|
48.8
|
|
8.6
|
|
—
|
|
42.7
|
|
12% - 14%
|
1.2
|
|
59.6
|
|
19.8
|
|
7.1
|
|
|
8.4
|
|
38.3
|
|
25.1
|
|
12.0
|
|
Greater than 14%
|
1.4
|
|
27.1
|
|
75.9
|
|
10.0
|
|
|
1.2
|
|
53.1
|
|
74.9
|
|
9.5
|
|
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Weighted average yield - performing debt and Structured Finance Note investments (2)
|
9.05
|
%
|
12.97
|
%
|
17.62
|
%
|
10.10
|
%
|
|
9.80
|
%
|
13.52
|
%
|
15.13
|
%
|
10.40
|
%
|
Weighted average yield - total debt and Structured Finance Note investments (3)
|
8.51
|
%
|
6.49
|
%
|
17.62
|
%
|
8.99
|
%
|
|
9.57
|
%
|
10.57
|
%
|
15.13
|
%
|
9.94
|
%
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Senior secured debt investments (1)
|
$
|
356,599
|
|
|
$
|
336,960
|
|
|
$
|
421,970
|
|
|
$
|
408,724
|
|
Subordinated debt investments
|
57,103
|
|
|
31,564
|
|
|
56,731
|
|
|
43,091
|
|
||||
Preferred equity
|
18,878
|
|
|
11,875
|
|
|
21,925
|
|
|
17,729
|
|
||||
Common equity, warrants and other
|
15,220
|
|
|
43,398
|
|
|
14,919
|
|
|
25,777
|
|
||||
Total Portfolio Company Investments
|
$
|
447,800
|
|
|
$
|
423,797
|
|
|
$
|
515,545
|
|
|
$
|
495,321
|
|
Total number of portfolio companies
|
65
|
|
|
65
|
|
|
85
|
|
|
85
|
|
(1)
|
Includes debt investments in which we have entered into contractual arrangements with co‑lenders whereby, subject to certain conditions, we have agreed to receive our principal payments after the repayment of certain co‑lenders pursuant to a payment waterfall. The aggregate amortized cost and fair value of these investments was $82,880 and $83,413, respectively, at September 30, 2020, and $66,300 and $65,337, respectively, at December 31, 2019.
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||||||||||||||
|
September 30, 2020
|
|
December 31, 2019
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
Up to $4,000
|
$
|
35,578
|
|
|
8.6
|
%
|
|
$
|
77,809
|
|
|
16.3
|
%
|
|
$
|
34,702
|
|
|
9.4
|
%
|
|
$
|
75,033
|
|
|
16.6
|
%
|
$4,001 to $7,000
|
60,870
|
|
|
14.7
|
|
|
71,558
|
|
|
14.9
|
|
|
65,175
|
|
|
17.7
|
|
|
68,806
|
|
|
15.2
|
|
||||
$7,001 to $10,000
|
76,075
|
|
|
18.4
|
|
|
95,567
|
|
|
20.0
|
|
|
67,664
|
|
|
18.4
|
|
|
77,978
|
|
|
17.3
|
|
||||
$10,001 to $13,000
|
66,259
|
|
|
16.0
|
|
|
54,273
|
|
|
11.3
|
|
|
55,136
|
|
|
15.0
|
|
|
53,903
|
|
|
11.9
|
|
||||
Greater than $13,000
|
174,920
|
|
|
42.3
|
|
|
179,494
|
|
|
37.5
|
|
|
145,847
|
|
|
39.5
|
|
|
176,095
|
|
|
39.0
|
|
||||
Total
|
$
|
413,702
|
|
|
100.0
|
%
|
|
$
|
478,701
|
|
|
100.0
|
%
|
|
$
|
368,524
|
|
|
100.0
|
%
|
|
$
|
451,815
|
|
|
100.0
|
%
|
|
|
Three Months Ended
September 30, 2020 |
|
Nine Months Ended September 30, 2020
|
||||||||||||
|
|
Debt
Investments
|
|
Equity
Investments
|
|
Debt
Investments
|
|
Equity
Investments
|
||||||||
Investments in new portfolio companies
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
43.8
|
|
|
$
|
—
|
|
Investments in existing portfolio companies
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Follow-on investments
|
|
7.6
|
|
|
—
|
|
|
17.7
|
|
|
0.1
|
|
||||
Restructured investments
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.9
|
|
||||
Delayed draw and revolver funding
|
|
—
|
|
|
—
|
|
|
5.7
|
|
|
—
|
|
||||
Total investments in existing portfolio companies
|
|
7.6
|
|
|
0.2
|
|
|
23.4
|
|
|
1.0
|
|
||||
Total investments in new and existing portfolio
companies
|
|
$
|
9.1
|
|
|
$
|
0.2
|
|
|
$
|
67.2
|
|
|
$
|
1.0
|
|
Number of new portfolio company investments
|
|
3
|
|
|
—
|
|
|
13
|
|
|
—
|
|
||||
Number of existing portfolio company
investments
|
|
1
|
|
|
3
|
|
|
16
|
|
|
6
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Proceeds/redemptions from principal payments/
equity investments
|
|
3.8
|
|
|
—
|
|
|
60.1
|
|
|
—
|
|
||||
Proceeds from investments sold or redeemed
|
|
1.9
|
|
|
—
|
|
|
63.8
|
|
|
3.6
|
|
||||
Total proceeds from principal payments, equity
distributions and investments sold
|
|
$
|
5.7
|
|
|
$
|
—
|
|
|
$
|
123.9
|
|
|
$
|
3.6
|
|
|
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||||||||||
|
|
Debt
Investments
|
|
Equity
Investments
|
|
Debt
Investments
|
|
Equity
Investments
|
||||||||
Investments in new portfolio companies
|
|
$
|
25.5
|
|
|
$
|
—
|
|
|
$
|
97.7
|
|
|
$
|
4.1
|
|
Investments in existing portfolio companies
|
|
|
|
|
|
|
|
|
||||||||
Follow-on investments
|
|
13.2
|
|
|
—
|
|
|
36.1
|
|
|
—
|
|
||||
Delayed draw and revolver funding
|
|
0.2
|
|
|
—
|
|
|
8.4
|
|
|
—
|
|
||||
Total investments in existing portfolio companies
|
|
13.4
|
|
|
—
|
|
|
44.5
|
|
|
—
|
|
||||
Total investments in new and existing portfolio
companies
|
|
$
|
38.9
|
|
|
$
|
—
|
|
|
$
|
142.2
|
|
|
$
|
4.1
|
|
Number of new portfolio company investments
|
|
4
|
|
|
—
|
|
|
29
|
|
|
2
|
|
||||
Number of existing portfolio company
investments
|
|
10
|
|
|
—
|
|
|
24
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Proceeds/distributions from principal payments/
equity investments
|
|
21.5
|
|
|
—
|
|
|
30.8
|
|
|
—
|
|
||||
Proceeds from investments sold or redeemed
|
|
0.1
|
|
|
—
|
|
|
30.4
|
|
|
—
|
|
||||
Total proceeds from principal payments, equity
distributions and investments sold
|
|
$
|
21.6
|
|
|
$
|
—
|
|
|
$
|
61.2
|
|
|
$
|
—
|
|
|
|
Debt Investments, at Fair Value
|
||||||||||||
Risk Category
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||
1 (Low Risk)
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
2 (Below Average Risk)
|
|
3,788
|
|
|
1.0
|
|
|
17,953
|
|
|
4.0
|
|
||
3 (Average)
|
|
290,014
|
|
|
78.7
|
|
|
387,654
|
|
|
85.8
|
|
||
4 (Special Mention)
|
|
55,965
|
|
|
15.2
|
|
|
45,546
|
|
|
10.1
|
|
||
5 (Substandard)
|
|
18,757
|
|
|
5.1
|
|
|
—
|
|
|
—
|
|
||
6 (Doubtful)
|
|
—
|
|
|
—
|
|
|
662
|
|
|
0.1
|
|
||
7 (Loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
$
|
368,524
|
|
|
100.0
|
%
|
|
$
|
451,815
|
|
|
100.0
|
%
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Subordinated notes
|
$
|
34,694
|
|
|
$
|
30,925
|
|
|
$
|
23,127
|
|
|
$
|
21,610
|
|
Mezzanine bonds
|
1,566
|
|
|
1,606
|
|
|
—
|
|
|
—
|
|
||||
Total Structured Finance Notes
|
$
|
36,260
|
|
|
$
|
32,531
|
|
|
$
|
23,127
|
|
|
$
|
21,610
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Investment income
|
|
|
|
|
|
|
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Cash interest income (including accretion of interest on Structured Finance Notes)
|
$
|
9,781
|
|
|
$
|
12,698
|
|
|
$
|
30,706
|
|
|
$
|
35,639
|
|
Net Loan Fee amortization
|
142
|
|
|
382
|
|
|
959
|
|
|
788
|
|
||||
Other interest income
|
—
|
|
|
10
|
|
|
54
|
|
|
107
|
|
||||
Total interest income
|
9,923
|
|
|
13,090
|
|
|
31,719
|
|
|
36,534
|
|
||||
PIK income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
PIK interest income
|
393
|
|
|
245
|
|
|
1,222
|
|
|
611
|
|
||||
Preferred equity PIK dividends
|
45
|
|
|
226
|
|
|
388
|
|
|
660
|
|
||||
Total PIK income
|
438
|
|
|
471
|
|
|
1,610
|
|
|
1,271
|
|
||||
Dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common and preferred equity cash dividends
|
—
|
|
|
—
|
|
|
100
|
|
|
262
|
|
||||
Total dividend income
|
—
|
|
|
—
|
|
|
100
|
|
|
262
|
|
||||
Fee income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Management and syndication
|
89
|
|
|
122
|
|
|
467
|
|
|
772
|
|
||||
Prepayment and other fees
|
37
|
|
|
175
|
|
|
442
|
|
|
264
|
|
||||
Total fee income
|
126
|
|
|
297
|
|
|
909
|
|
|
1,036
|
|
||||
Total investment income
|
10,487
|
|
|
13,858
|
|
|
34,338
|
|
|
39,103
|
|
||||
Total expenses, net incentive fee waiver
|
7,775
|
|
|
9,005
|
|
|
25,047
|
|
|
24,562
|
|
||||
Net investment income
|
2,712
|
|
|
4,853
|
|
|
9,291
|
|
|
14,541
|
|
||||
Net gain (loss) on investments
|
15,313
|
|
|
(3,091
|
)
|
|
(15,619
|
)
|
|
(5,694
|
)
|
||||
Loss on extinguishment of debt
|
(187
|
)
|
|
—
|
|
|
(336
|
)
|
|
—
|
|
||||
Loss on impairment of goodwill
|
(1,077
|
)
|
|
—
|
|
|
(1,077
|
)
|
|
—
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
$
|
16,761
|
|
|
$
|
1,762
|
|
|
$
|
(7,741
|
)
|
|
$
|
8,847
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Interest income and PIK interest income:
|
|
|
|
|
|
|
|
||||||||
Senior secured debt investments
|
$
|
7,583
|
|
|
$
|
11,013
|
|
|
$
|
25,667
|
|
|
$
|
30,946
|
|
Subordinated debt investments
|
1,181
|
|
|
1,418
|
|
|
3,092
|
|
|
4,198
|
|
||||
Structured Finance Notes
|
1,553
|
|
|
904
|
|
|
4,183
|
|
|
2,001
|
|
||||
Total interest income and PIK interest income
|
10,317
|
|
|
13,335
|
|
|
32,942
|
|
|
37,145
|
|
||||
Plus purchased premiums (less Net Loan Fees) accelerations
|
38
|
|
|
(130
|
)
|
|
(196
|
)
|
|
(118
|
)
|
||||
Recurring interest income and PIK interest income
|
$
|
10,355
|
|
|
$
|
13,205
|
|
|
$
|
32,746
|
|
|
$
|
37,027
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Interest expense
|
$
|
4,448
|
|
|
$
|
4,464
|
|
|
$
|
14,301
|
|
|
$
|
11,564
|
|
Management fee
|
1,871
|
|
|
2,164
|
|
|
5,759
|
|
|
6,062
|
|
||||
Incentive fee
|
234
|
|
|
1,214
|
|
|
1,332
|
|
|
3,622
|
|
||||
Professional fees
|
422
|
|
|
510
|
|
|
1,530
|
|
|
1,413
|
|
||||
Administration fee
|
436
|
|
|
396
|
|
|
1,456
|
|
|
1,250
|
|
||||
Other expenses
|
364
|
|
|
257
|
|
|
1,110
|
|
|
651
|
|
||||
Total expenses before incentive fee waiver
|
$
|
7,775
|
|
|
$
|
9,005
|
|
|
$
|
25,488
|
|
|
$
|
24,562
|
|
Incentive fee waiver
|
—
|
|
|
—
|
|
|
(441
|
)
|
|
—
|
|
||||
Total expenses, net of incentive fee waiver
|
$
|
7,775
|
|
|
$
|
9,005
|
|
|
$
|
25,047
|
|
|
$
|
24,562
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
SBA Debentures
|
$
|
1,068
|
|
|
$
|
1,295
|
|
|
$
|
3,406
|
|
|
$
|
3,843
|
|
PWB Credit Facility
|
285
|
|
|
802
|
|
|
1,276
|
|
|
1,896
|
|
||||
Unsecured Notes
|
2,662
|
|
|
1,726
|
|
|
7,867
|
|
|
5,178
|
|
||||
BNP Facility
|
433
|
|
|
641
|
|
|
1,752
|
|
|
647
|
|
||||
Total interest expense (1)
|
$
|
4,448
|
|
|
$
|
4,464
|
|
|
$
|
14,301
|
|
|
$
|
11,564
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Senior secured debt
|
$
|
7,066
|
|
|
$
|
(3,981
|
)
|
|
$
|
(16,428
|
)
|
|
$
|
(7,364
|
)
|
Subordinated debt
|
(3,995
|
)
|
|
(921
|
)
|
|
(11,585
|
)
|
|
(709
|
)
|
||||
Preferred equity, net of taxes
|
(88
|
)
|
|
2,396
|
|
|
(2,336
|
)
|
|
804
|
|
||||
Common equity, warrants and other
|
10,837
|
|
|
797
|
|
|
16,942
|
|
|
2,747
|
|
||||
Structured Finance Notes
|
1,495
|
|
|
(1,382
|
)
|
|
(2,212
|
)
|
|
(1,172
|
)
|
||||
Total net gain (loss) on investments
|
$
|
15,315
|
|
|
$
|
(3,091
|
)
|
|
$
|
(15,619
|
)
|
|
$
|
(5,694
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2020
|
|
2019
|
||||
Cash from net investment income
|
|
$
|
1,614
|
|
|
$
|
10,270
|
|
Net (purchases and originations)/repayments and sales of portfolio investments
|
|
40,881
|
|
|
(105,619
|
)
|
||
Net cash provided by (used in) operating activities
|
|
42,495
|
|
|
(95,349
|
)
|
||
|
|
|
|
|
||||
Distributions paid to stockholders(1)
|
|
(8,974
|
)
|
|
(13,464
|
)
|
||
Net borrowings under lines of credit
|
|
(31,800
|
)
|
|
80,475
|
|
||
Repayment of SBA debentures
|
|
(21,110
|
)
|
|
—
|
|
||
Proceeds from unsecured notes offering, net of discounts
|
|
24,250
|
|
|
—
|
|
||
Other financing activities
|
|
(11
|
)
|
|
(1,860
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(37,645
|
)
|
|
65,151
|
|
||
Increase (decrease) in cash
|
|
$
|
4,850
|
|
|
$
|
(30,198
|
)
|
(1)
|
The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year. See "Item 1–Financial Statements–Note 10."
|
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligation (1)
|
|
Total
|
|
Less than
year |
|
1-3 years (2)
|
|
4-5 years (2)
|
|
After 5
years (2) |
||||||||||
PWB Credit Facility
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured Notes
|
|
177,850
|
|
|
—
|
|
|
25,000
|
|
|
50,000
|
|
|
102,850
|
|
|||||
SBA Debentures
|
|
128,770
|
|
|
—
|
|
|
14,000
|
|
|
114,770
|
|
|
—
|
|
|||||
BNP Facility
|
|
24,650
|
|
|
—
|
|
|
—
|
|
|
24,650
|
|
|
—
|
|
|||||
Total
|
|
$
|
331,270
|
|
|
$
|
—
|
|
|
$
|
39,000
|
|
|
$
|
189,420
|
|
|
$
|
102,850
|
|
(1)
|
Excludes commitments to extend credit to our portfolio companies.
|
(2)
|
The PWB Credit Facility is scheduled to mature on February 28, 2021. The SBA debentures are scheduled to mature between September 2022 and September 2025. SBIC I LP intends, over time, to repay outstanding SBA debentures prior to the scheduled maturity dates of its debentures. The Unsecured Notes are scheduled to mature between October 2023 and October 2026. The BNP Facility is scheduled to mature on June 20, 2024.
|
Basis point increase
|
|
Interest income
|
|
Interest expense
|
|
Net change
|
||||||
25
|
|
$
|
16
|
|
|
$
|
(58
|
)
|
|
$
|
(42
|
)
|
50
|
|
123
|
|
|
(121
|
)
|
|
2
|
|
|||
75
|
|
262
|
|
|
(183
|
)
|
|
79
|
|
|||
100
|
|
821
|
|
|
(246
|
)
|
|
575
|
|
|||
125
|
|
1,476
|
|
|
(308
|
)
|
|
1,168
|
|
Basis point decrease
|
|
Interest income
|
|
Interest expense
|
|
Net change
|
||||||
25
|
|
$
|
(518
|
)
|
|
$
|
63
|
|
|
$
|
(455
|
)
|
50
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|||
75
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|||
100
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|||
125
|
|
n/m (1)
|
|
|
n/m (1)
|
|
|
n/m (1)
|
|
•
|
demand for our services may decline, making it difficult to grow assets and income;
|
•
|
if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase, resulting in increased charges and reduced income;
|
•
|
collateral for loans may decline in value, which could cause loan losses to increase;
|
•
|
our fair values may continue to decrease if borrowers experience financial difficulties, which will adversely affect our net income;
|
•
|
increased amendments and/or restructuring to the terms or our portfolio company loan agreements, which may increase the amount of PIK interest, and defer the collection of cash interest and/or increase the risk of default;
|
•
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
|
•
|
as the result of the decline in the Federal Reserve Board’s target federal funds rate, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
|
•
|
a material decrease in net income or a net loss over several quarters could result in a decrease in the rate of our quarterly cash dividend;
|
•
|
we rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; and
|
•
|
reduction in our ability to access the capital markets or credit facilities may cause a distressed liquidity position and result in a decrease or inability to pay dividends.
|
Period
|
|
Total Number of Shares Purchased (1)
|
|
Cost of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Maximum Number (or Appropriate Dollar Value) of Shares that May Yet Be Purchased Under the Stock Repurchase Program
|
|||||||
May 22, 2018 through June 30, 2018
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
July 1, 2018 through September 30, 2018
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
October 1, 2018 through December 31, 2018
|
|
300
|
|
|
$
|
3
|
|
|
$
|
10.29
|
|
|
$
|
9,997
|
|
January 1, 2019 through March 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
April 1, 2019 through June 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
July 1, 2019 through September 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
October 1, 2019 through December 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
January 1, 2020 through March 31, 2020
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
April 1, 2020 through June 30, 2020
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
July 1, 2020 through September 30, 2020
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
(1)
|
Excludes shares purchased on the open market and reissued in order to satisfy the DRIP obligation.
|
|
|
|
Incorporated by Reference
|
|
|
Exhibit
Number
|
|
Description
|
Form and SEC File No.
|
Filing Date with SEC
|
Filed with this 10-Q
|
|
|
|
|
|
|
4.1
|
|
Form 8-K 814-00813
|
September 18, 2020
|
|
|
|
|
|
|
|
|
4.2
|
|
Form 8-K 814-00813
|
September 18, 2020
|
|
|
|
|
|
|
|
|
10.1
|
|
Form 8-K 814-00813
|
October 9, 2020
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
*
|
|
|
|
|
|
|
|
31.2
|
|
|
|
*
|
|
|
|
|
|
|
|
32.1
|
|
|
|
†
|
|
|
|
|
|
|
|
32.2
|
|
|
|
†
|
*
|
Filed herewith
|
†
|
Furnished herewith
|
Dated: November 6, 2020
|
OFS CAPITAL CORPORATION
|
|
|
|
|
|
By:
|
/s/ Bilal Rashid
|
|
Name:
|
Bilal Rashid
|
|
Title:
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ Jeffrey A. Cerny
|
|
Name:
|
Jeffrey A. Cerny
|
|
Title:
|
Chief Financial Officer
|
By:
|
/s/ Bilal Rashid
|
|
|
Bilal Rashid
|
|
|
Chief Executive Officer
|
|
By:
|
/s/ Jeffrey A. Cerny
|
|
|
Jeffrey A. Cerny
|
|
|
Chief Financial Officer
|
|
|
|
/s/ Bilal Rashid
|
|
Name:
|
Bilal Rashid
|
|
Date:
|
November 6, 2020
|
|
|
/s/ Jeffrey A. Cerny
|
|
Name:
|
Jeffrey A. Cerny
|
|
Date:
|
November 6, 2020
|