☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarter Ended September 30, 2017 | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 56-2594706 |
(State or Other Jurisdiction of Incorporation) | (IRS Employer Identification No.) |
2951 28th Street, Suite 1000 | |
Santa Monica, California | 90405 |
(Address of Principal Executive Offices) | (Zip Code) |
Common Stock, par value $0.001 per share | NASDAQ Global Select Market |
(Title of each class) | (Name of each exchange where registered) |
Large accelerated filer x | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller Reporting company ¨ |
Part I. | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investments, at fair value: | |||||||
Companies less than 5% owned (cost of $1,378,833,997 and $1,174,421,611, respectively) | $ | 1,389,967,667 | $ | 1,175,097,468 | |||
Companies 5% to 25% owned (cost of $86,080,592 and $75,508,585, respectively) | 74,735,725 | 69,355,808 | |||||
Companies more than 25% owned (cost of $95,435,060 and $96,135,623, respectively) | 64,047,095 | 70,516,594 | |||||
Total investments (cost of $1,560,349,649 and $1,346,065,819, respectively) | 1,528,750,487 | 1,314,969,870 | |||||
Cash and cash equivalents | 71,929,885 | 53,579,868 | |||||
Accrued interest income: | |||||||
Companies less than 5% owned | 17,600,493 | 12,713,025 | |||||
Companies 5% to 25% owned | 2,237,834 | 953,561 | |||||
Companies more than 25% owned | 11,763 | 25,608 | |||||
Receivable for investments sold | 13,414,257 | — | |||||
Deferred debt issuance costs | 3,664,315 | 3,828,784 | |||||
Prepaid expenses and other assets | 4,506,089 | 1,527,745 | |||||
Total assets | 1,642,115,123 | 1,387,598,461 | |||||
Liabilities | |||||||
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively | 665,378,107 | 571,658,862 | |||||
Payable for investments purchased | 85,545,089 | 12,348,925 | |||||
Incentive allocation payable | 5,513,546 | 4,716,834 | |||||
Interest payable | 4,526,655 | 5,013,713 | |||||
Payable to the Advisor | 1,094,249 | 325,790 | |||||
Unrealized depreciation on swaps | 470,202 | — | |||||
Accrued expenses and other liabilities | 2,190,308 | 2,598,346 | |||||
Total liabilities | 764,718,156 | 596,662,470 | |||||
Commitments and contingencies (Note 5) | |||||||
Net assets applicable to common shareholders | $ | 877,396,967 | $ | 790,935,991 | |||
Composition of net assets applicable to common shareholders | |||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,364 and 53,041,900 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | $ | 58,792 | $ | 53,042 | |||
Paid-in capital in excess of par | 1,038,026,254 | 944,426,650 | |||||
Accumulated net investment income | 17,896,625 | 12,533,289 | |||||
Accumulated net realized losses | (146,500,724 | ) | (134,960,267 | ) | |||
Accumulated net unrealized depreciation | (32,083,980 | ) | (31,116,723 | ) | |||
Net assets applicable to common shareholders | $ | 877,396,967 | $ | 790,935,991 | |||
Net assets per share | $ | 14.92 | $ | 14.91 |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 8.81 | % | 10.19 | % | 6/1/2020 | $ | 18,750,000 | $ | 18,383,852 | $ | 18,334,875 | 1.15 | % | L/N | |||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee) | LIBOR (M) | 1.37 | % | 8.13 | % | 9.50 | % | 12/31/2019 | $ | 24,897,542 | 24,372,226 | 24,353,215 | 1.52 | % | H/L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien UK Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 10.00 | % | 11.32 | % | 1/10/2020 | $ | 8,170,996 | 8,170,996 | 8,170,996 | 0.51 | % | L/N | ||||||||||||||||
Videology Media Technologies, LLC | First Lien US Revolver (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 8.50 | % | 9.82 | % | 1/10/2020 | $ | 2,647,385 | 2,647,385 | 2,647,385 | 0.17 | % | L/N | ||||||||||||||||
53,574,459 | 53,506,471 | 3.35 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | — | 7.25 | % | 8.63 | % | 7/15/2022 | $ | 12,478,783 | 12,326,601 | 12,728,359 | 0.80 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.50 | % | 12/14/2021 | $ | 15,025,436 | 14,800,541 | 15,029,944 | 0.94 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | 8.50 | % | 2/28/2022 | $ | 8,723,671 | 8,589,297 | 8,680,488 | 0.54 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | 8.50 | % | 7/31/2022 | $ | 3,621,731 | 3,566,306 | 3,578,814 | 0.22 | % | N | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C-1 | LIBOR (M) | — | 7.25 | % | 8.50 | % | 9/30/2022 | $ | 5,560,909 | 5,463,631 | 5,466,652 | 0.34 | % | N | |||||||||||||||||
44,746,376 | 45,484,257 | 2.84 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
VSS-Southern Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 9.83 | % | 11/3/2020 | $ | 24,342,738 | 23,968,373 | 24,707,879 | 1.54 | % | N | |||||||||||||||||
VSS-Southern Holdings, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | N/A | 11/3/2020 | $ | — | (13,214 | ) | 12,842 | — | K/N | ||||||||||||||||||
23,955,159 | 24,720,721 | 1.54 | % | |||||||||||||||||||||||||||||
Apparel Manufacturing | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | First Lien Term Loan (First Out) | LIBOR (Q) | 1.25 | % | 5.75 | % | 7.05 | % | 6/3/2021 | $ | 8,957,976 | 8,836,152 | 9,047,555 | 0.57 | % | N | ||||||||||||||||
Broder Bros., Co. | First Lien Term Loan B (Last Out) | LIBOR (Q) | 1.25 | % | 12.25 | % | 13.55 | % | 6/3/2021 | $ | 9,305,317 | 9,190,600 | 9,463,507 | 0.59 | % | N | ||||||||||||||||
18,026,752 | 18,511,062 | 1.16 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.74 | % | 7/25/2021 | $ | 13,805,441 | 13,635,230 | 13,915,884 | 0.87 | % | N | ||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | (3,251 | ) | (18,600 | ) | — | K/N | ||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (3.77% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.57 | % | 11/30/2019 | $ | 23,000,000 | 22,776,712 | 22,893,050 | 1.43 | % | L/N | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.57 | % | 6/30/2023 | $ | 31,000,000 | 30,624,810 | 29,267,100 | 1.83 | % | N | ||||||||||||||||
53,398,271 | 52,141,550 | 3.26 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (M) | — | 10.63 | % | 12.00 | % | 2/1/2018 | $ | 2,824,919 | 2,829,948 | 2,824,919 | 0.18 | % | L/N | |||||||||||||||||
Green Biologics, Inc. | Convertible Note | Fixed | — | 10.00% PIK | 10.00 | % | 6/30/2019 | $ | 7,500,000 | 7,355,902 | 5,853,750 | 0.37 | % | E/N | ||||||||||||||||||
Green Biologics, Inc. | Sr Secured Term Loan (12.4 % Exit Fee) | Fixed | — | 10.00% PIK | 10.00 | % | 12/31/2020 | $ | 8,106,004 | 7,940,893 | 6,376,993 | 0.40 | % | L/N | ||||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.33 | % | 10/12/2021 | $ | 877,431 | 872,110 | 927,444 | 0.06 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.33 | % | 10/12/2021 | $ | 3,792,122 | 3,768,558 | 4,008,273 | 0.25 | % | H/N | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | EURIBOR (Q) | — | 8.00 | % | 8.00 | % | 10/12/2021 | € | 6,418,239 | 7,011,284 | 8,014,710 | 0.50 | % | D/H/N | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fee) | LIBOR (Q) | — | 9.81 | % | 11.19 | % | 4/1/2019 | $ | 10,000,000 | 9,604,298 | 9,828,000 | 0.61 | % | L/N | |||||||||||||||||
39,382,993 | 37,834,089 | 2.37 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 9.05 | % | 12/11/2018 | $ | 14,442,682 | 14,298,255 | 13,409,308 | 0.84 | % | B/N | ||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Credit (Nondepository) | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.73 | % | 12/21/2021 | $ | 32,392,942 | $ | 31,954,106 | $ | 32,602,257 | 2.04 | % | N | ||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.74 | % | 6/30/2020 | $ | 15,555,556 | 15,399,451 | 15,735,556 | 0.98 | % | N | ||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | — | 11.50 | % | 11.50 | % | 11/15/2019 | $ | 28,678,000 | 28,593,384 | 29,538,340 | 1.85 | % | E/G/H/N | |||||||||||||||||
75,946,941 | 77,876,153 | 4.87 | % | |||||||||||||||||||||||||||||
Credit Related Activities | ||||||||||||||||||||||||||||||||
Pacific Union Financials, LLC | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 4/21/2022 | $ | 25,000,000 | 24,765,887 | 25,108,750 | 1.57 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.09 | % | 12/20/2021 | $ | 14,659,047 | 14,532,703 | 14,644,388 | 0.91 | % | N | ||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.09 | % | 12/20/2021 | $ | 89,514 | 83,765 | 88,843 | 0.01 | % | N | ||||||||||||||||
39,382,355 | 39,841,981 | 2.49 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.08 | % | 9/1/2022 | $ | 7,969,241 | 7,849,702 | 7,849,702 | 0.49 | % | H/N | ||||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 8.08 | % | 9/1/2022 | $ | 9,900,000 | 9,731,240 | 9,751,500 | 0.61 | % | H/N | ||||||||||||||||
Bracket Intermediate Holding Corp. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.32 | % | 3/14/2024 | $ | 10,925,551 | 10,612,225 | 10,696,115 | 0.67 | % | N | ||||||||||||||||
Dealersocket, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.37 | % | 2/10/2021 | $ | 15,750,000 | 15,285,565 | 15,750,000 | 0.98 | % | N | ||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Bridge Term Loan | LIBOR (M) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.38 | % | 10/13/2017 | $ | 3,182,143 | 3,163,821 | 3,182,143 | 0.20 | % | N | |||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.32 | % | 11/4/2019 | $ | 43,214,417 | 42,779,942 | 39,178,191 | 2.45 | % | N | |||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.32 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 2,884,931 | 0.18 | % | N | ||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.83 | % | 8/16/2021 | $ | 23,295,455 | 22,722,018 | 23,295,455 | 1.46 | % | N | ||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | N/A | 8/16/2021 | $ | — | (39,766 | ) | — | — | K/N | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 2,296,200 | 2,296,200 | 2,296,200 | 0.14 | % | H/N | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 10,240,000 | 10,210,950 | 10,240,000 | 0.64 | % | H/N | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 3,702,400 | 3,702,400 | 3,702,400 | 0.23 | % | N | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.32 | % | 9/3/2018 | $ | 3,120,000 | 3,121,990 | 3,120,000 | 0.19 | % | N | |||||||||||||||||
134,618,430 | 131,946,637 | 8.24 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Applause App Quality, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.74 | % | 9/20/2022 | $ | 22,647,306 | 22,197,368 | 22,194,361 | 1.39 | % | N | ||||||||||||||||
Applause App Quality, Inc. | First Revolver | LIBOR (M) | 1.00 | % | 6.50 | % | N/A | 9/20/2022 | $ | — | (30,014 | ) | — | — | K/N | |||||||||||||||||
DigiCert Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 9/20/2025 | $ | 10,578,112 | 10,525,221 | 10,694,947 | 0.67 | % | |||||||||||||||||
Internap Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.24 | % | 4/3/2022 | $ | 8,184,324 | 8,069,799 | 8,286,628 | 0.52 | % | J | ||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 15,000,000 | 15,000,000 | 15,000,000 | 0.94 | % | N | |||||||||||||||||
Pulse Secure, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.30 | % | 5/1/2022 | $ | 12,022,227 | 11,852,990 | 11,895,993 | 0.74 | % | N | ||||||||||||||||
Pulse Secure, LLC | Revolver | LIBOR (Q) | 1.00 | % | 7.00 | % | N/A | 5/1/2022 | $ | — | (18,491 | ) | (14,096 | ) | — | K/N | ||||||||||||||||
TierPoint, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.49 | % | 5/5/2025 | $ | 9,675,000 | 9,608,020 | 9,872,564 | 0.62 | % | |||||||||||||||||
77,204,893 | 77,930,397 | 4.88 | % | |||||||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | — | — | — | — | B/N | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 3,033,675 | 3,033,675 | 3,033,675 | 0.19 | % | B/N | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 14,054,482 | 13,646,311 | 11,173,317 | 0.70 | % | B/N | |||||||||||||||||
16,679,986 | 14,206,992 | 0.89 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 7,570,571 | 7,488,052 | 7,394,555 | 0.46 | % | L/N | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (M) | 0.44 | % | 9.33 | % | 10.71 | % | 3/1/2018 | $ | 1,603,779 | 1,579,327 | 1,567,373 | 0.10 | % | N | ||||||||||||||||
9,067,379 | 8,961,928 | 0.56 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 21,696,871 | 21,696,871 | 21,696,871 | 1.36 | % | E/F/N | |||||||||||||||||
Essex Ocean, LLC (Solexel) | Sr Secured Term Loan | Fixed | — | 8.00 | % | 8.00 | % | 8/15/2018 | $ | 1,696,898 | 1,696,898 | — | — | C/N | ||||||||||||||||||
23,393,769 | 21,696,871 | 1.36 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (Q) | 1.25 | % | 6.75 | % | 8.08 | % | 3/15/2018 | $ | 233,324 | $ | 230,588 | $ | 230,990 | 0.01 | % | N | ||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 5,727,386 | 5,705,475 | 5,727,386 | 0.36 | % | N | ||||||||||||||||
Hospitals | ||||||||||||||||||||||||||||||||
KPC Healthcare, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.00 | % | 10.45 | % | 2/6/2020 | $ | 14,792,003 | 14,707,122 | 14,939,923 | 0.93 | % | N | ||||||||||||||||
Pacific Coast Holdings Investment, LLC (KPC Healthcare) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 2/14/2021 | $ | 29,288,064 | 28,909,527 | 29,280,742 | 1.83 | % | N | ||||||||||||||||
43,616,649 | 44,220,665 | 2.76 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.74 | % | 12/30/2022 | $ | 124,583 | 116,283 | 126,249 | 0.01 | % | N | ||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | LIBOR (Q) | 1.00 | % | 5.50 | % | N/A | 12/30/2021 | $ | — | (7,558 | ) | — | — | K/N | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 5.50 | % | 6.74 | % | 12/30/2022 | $ | 3,390,085 | 3,360,563 | 3,396,866 | 0.21 | % | N | ||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.99 | % | 6/8/2023 | $ | 8,277,983 | 8,130,115 | 8,257,288 | 0.52 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.91 | % | 8/29/2019 | $ | 20,060,606 | 19,698,428 | 20,060,606 | 1.25 | % | N | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Incremental Tranche B FILO Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.97 | % | 8/29/2019 | $ | 4,320,000 | 4,245,257 | 4,320,000 | 0.27 | % | N | ||||||||||||||||
35,543,088 | 36,161,009 | 2.26 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 8.99 | % | 9/29/2025 | $ | 15,000,000 | 14,887,500 | 15,150,000 | 0.95 | % | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.65 | % | 10.90 | % | 3/21/2022 | $ | 33,544,709 | 33,232,910 | 33,199,199 | 2.07 | % | N | ||||||||||||||||
48,120,410 | 48,349,199 | 3.02 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Asentinel, LLC (Tangoe) | First Lien Last Out Term Loan | LIBOR (M) | 1.00 | % | 10.77%Cash +0.50%PIK | 12.60 | % | 6/16/2022 | $ | 24,259,932 | 23,339,619 | 23,495,744 | 1.47 | % | N | |||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 10.06 | % | 10/31/2019 | $ | 23,297,434 | 23,037,915 | 23,297,434 | 1.45 | % | N | ||||||||||||||||
46,377,534 | 46,793,178 | 2.92 | % | |||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.33 | % | 10/17/2022 | $ | 1,548,210 | 1,548,210 | 1,548,210 | 0.10 | % | N | |||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.84 | % | 7/31/2020 | $ | 1,251,626 | 1,231,645 | 1,246,933 | 0.08 | % | N | ||||||||||||||||
Asset International, Inc. | Revolver Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.84 | % | 7/31/2020 | $ | 491,303 | 482,070 | 489,092 | 0.03 | % | N | ||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.83 | % | 7/31/2020 | $ | 15,213,518 | 15,042,452 | 15,179,287 | 0.95 | % | N | ||||||||||||||||
Discoverorg, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.74 | % | 2/26/2024 | $ | 12,839,252 | 12,712,038 | 12,710,859 | 0.79 | % | N | ||||||||||||||||
29,468,205 | 29,626,171 | 1.85 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,577 | 0.30 | % | B/N | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.58 | % | B/E/N | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,146 | 0.06 | % | B/N | |||||||||||||||||
13,505,040 | 15,186,723 | 0.94 | % | |||||||||||||||||||||||||||||
Other Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | (24,000 | ) | — | — | K/N | ||||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 10.31 | % | 4/29/2021 | $ | 8,247,890 | 8,121,791 | 8,313,875 | 0.52 | % | N | |||||||||||||||||
Contextmedia Health, LLC | First Lien Term Loan B | LIBOR (M) | 1.00 | % | 6.50 | % | 7.75 | % | 12/23/2021 | $ | 13,125,000 | 11,957,589 | 13,075,781 | 0.82 | % | |||||||||||||||||
Patient Point Network Solutions, LLC | First Lien Second Out Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.74 | % | 6/26/2022 | $ | 7,003,544 | 6,916,582 | 6,916,000 | 0.43 | % | N | ||||||||||||||||
Patient Point Network Solutions, LLC | Revolver | LIBOR (M) | 1.00 | % | 7.50 | % | N/A | 6/26/2022 | $ | — | (5,366 | ) | (5,506 | ) | — | K/N | ||||||||||||||||
26,966,596 | 28,300,150 | 1.77 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Nephron Pharmaceuticals Corporation | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.99 | % | 8/7/2019 | $ | 44,047,447 | $ | 42,913,836 | $ | 43,122,451 | 2.69 | % | N | ||||||||||||||
Other Real Estate Activities | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.96 | % | 10.29 | % | 12/23/2019 | $ | 12,794,670 | 12,703,330 | 12,794,670 | 0.80 | % | N | ||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.26 | % | 4/17/2024 | $ | 25,202,549 | 24,954,120 | 25,782,207 | 1.61 | % | N | ||||||||||||||||
37,657,450 | 38,576,877 | 2.41 | % | |||||||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (M) | 1.25 | % | 7.75 | % | 9.00 | % | 4/30/2021 | $ | 4,516,129 | 4,470,968 | 4,542,458 | 0.28 | % | N | ||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.25 | % | 9.25 | % | 6/20/2025 | $ | 25,846,154 | 25,620,000 | 26,120,769 | 1.63 | % | N | ||||||||||||||||
30,090,968 | 30,663,227 | 1.91 | % | |||||||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 9.00 | % | 10.25 | % | 4/13/2021 | $ | 1,900,733 | 1,900,733 | 1,900,733 | 0.12 | % | B/N | ||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.23 | % | 1/23/2023 | $ | 11,536,391 | 11,508,154 | 11,644,545 | 0.73 | % | G | ||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 9.50 | % | 10.74 | % | 1/12/2020 | $ | 14,000,000 | 13,879,590 | 13,748,000 | 0.86 | % | N | |||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.00 | % | 8.23 | % | 10/13/2022 | $ | 5,000,000 | 4,913,427 | 5,100,000 | 0.32 | % | N | ||||||||||||||||
18,793,017 | 18,848,000 | 1.18 | % | |||||||||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 2,072,771 | 2,072,771 | 1,705,683 | 0.11 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 4,892,097 | 4,608,710 | 4,892,097 | 0.30 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 10,327,904 | 10,327,904 | — | — | B/C/N | ||||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 3,252,610 | 3,237,187 | 2,676,572 | 0.17 | % | B/N | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 6,490,093 | 6,490,093 | 6,490,103 | 0.40 | % | B/N | |||||||||||||||||
26,736,665 | 15,764,455 | 0.98 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Bon-Ton, Inc. | First Lien Tranche A-1 Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.81 | % | 3/15/2021 | $ | 4,432,934 | 4,361,693 | 4,399,687 | 0.27 | % | N | ||||||||||||||||
USR Parent, Inc. (Staples) | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.84 | % | 10.07 | % | 9/12/2022 | $ | 11,149,443 | 10,871,171 | 10,870,707 | 0.68 | % | N | ||||||||||||||||
15,232,864 | 15,270,394 | 0.95 | % | |||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr New Money Initial Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 1,273,204 | 1,240,014 | 1,062,330 | 0.07 | % | E/G/H/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Second-Priority PIK Toggle Note | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2021 | $ | 3,248,857 | 3,166,787 | 2,710,765 | 0.17 | % | E/G/H/N | |||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Third-Priority Note | Fixed | — | 12.00 | % | 12.00 | % | 10/1/2023 | $ | 6,729,804 | 3,428,151 | 1,716,100 | 0.11 | % | E/G/H/N | |||||||||||||||||
7,834,952 | 5,489,195 | 0.35 | % | |||||||||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 3.81 | % | 4/29/2020 | $ | 1,857,267 | 1,671,540 | 1,798,456 | 0.11 | % | ||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | Second Lien Term Loan | LIBOR (Q) | — | 2.50 | % | 3.81 | % | 4/29/2020 | $ | 4,189,589 | 2,787,440 | 4,084,849 | 0.25 | % | ||||||||||||||||||
Envigo Holdings, Inc. (BPA Laboratories, Inc.) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.80 | % | 11/3/2021 | $ | 34,930,560 | 34,339,828 | 35,017,889 | 2.19 | % | G | ||||||||||||||||
38,798,808 | 40,901,194 | 2.55 | % | |||||||||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash+1.00% PIK | 12.30 | % | 12/19/2019 | $ | 21,061,727 | 21,061,727 | 20,988,011 | 1.31 | % | L/N | |||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan B (1.5% Exit Fee) | LIBOR (Q) | 1.00 | % | 10.00%Cash+1.00% PIK | 12.30 | % | 12/19/2019 | $ | 7,224,662 | 7,124,139 | 7,199,375 | 0.45 | % | L/N | |||||||||||||||||
28,185,866 | 28,187,386 | 1.76 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Traveler Arrangement | ||||||||||||||||||||||||||||||||
CIBT Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.75 | % | 9.08 | % | 6/1/2025 | $ | 7,611,914 | $ | 7,536,412 | $ | 7,726,092 | 0.48 | % | N | ||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 13.00%Cash+2.00%PIK | 16.31 | % | 7/16/2018 | $ | 17,446,997 | 17,452,145 | 17,446,997 | 1.09 | % | H/N | |||||||||||||||||
Actifio, Inc. | First Lien Term Loan (2.0% Exit Fee) | LIBOR (M) | 1.00 | % | 7.50% Cash+1.00% PIK | 9.88 | % | 11/1/2020 | $ | 35,204,503 | 34,711,491 | 34,708,120 | 2.17 | % | L/N | |||||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 11.00 | % | 1/31/2020 | $ | 30,534,114 | 30,242,898 | 30,089,843 | 1.88 | % | N | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 10.06 | % | 3/31/2019 | $ | 36,505,910 | 36,256,859 | 36,816,210 | 2.30 | % | N | |||||||||||||||||
Bond International Software, Inc. (United Kingdom) | First Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.24 | % | 11/4/2021 | $ | 26,358,696 | 25,825,375 | 25,939,592 | 1.62 | % | H/N | ||||||||||||||||
ECI Macola/Max Holding, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.33 | % | 9/19/2025 | $ | 24,325,623 | 24,082,367 | 24,386,437 | 1.52 | % | N | ||||||||||||||||
Fishbowl, Inc. | First Lien Term Loan | LIBOR (Q) | — | 2.80% Cash+8.45% PIK | 12.63 | % | 1/26/2022 | $ | 19,316,029 | 18,756,824 | 18,947,092 | 1.18 | % | N | ||||||||||||||||||
Mapp Digital US, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.50 | % | 10.80 | % | 12/31/2017 | $ | 5,621,605 | 5,607,200 | 5,613,173 | 0.35 | % | N | |||||||||||||||||
Newscycle Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | — | 13.00 | % | 14.32 | % | 9/10/2021 | $ | 11,513,362 | 11,235,273 | 11,789,683 | 0.74 | % | N | |||||||||||||||||
Newscycle Solutions AB (Sweden) | Second Lien Term Loan B | LIBOR (Q) | — | 13.00 | % | 14.32 | % | 9/10/2021 | $ | 11,513,362 | 11,235,273 | 11,789,683 | 0.74 | % | H/N | |||||||||||||||||
Tradeshift Holdings, Inc. | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | LIBOR (M) | — | 8.88 | % | 10.25 | % | 9/1/2020 | $ | 14,529,322 | 13,826,524 | 13,876,940 | 0.87 | % | L/N | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | LIBOR (M) | 0.62 | % | 9.88 | % | 11.25 | % | 1/1/2019 | $ | 2,255,976 | 2,210,023 | 2,224,505 | 0.14 | % | L/N | ||||||||||||||||
Xactly Corporation | First Lien Term Loan | LIBOR (M) | 1.00 | % | 7.25 | % | 8.49 | % | 7/31/2022 | $ | 16,397,517 | 16,077,665 | 16,069,567 | 1.00 | % | N | ||||||||||||||||
Xactly Corporation | Revolver | LIBOR (M) | 1.00 | % | 7.25 | % | N/A | 7/31/2022 | $ | — | (27,167 | ) | (28,110 | ) | — | K/N | ||||||||||||||||
247,492,750 | 249,669,732 | 15.6 | % | |||||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Term Loan (5.0% Exit Fee) | LIBOR (M) | — | 11.44 | % | 12.81 | % | 8/1/2020 | $ | 3,912,604 | 3,585,789 | 3,804,828 | 0.24 | % | L/N | |||||||||||||||||
GlassPoint Solar, Inc. | First Lien Delay Draw Term Loan A | LIBOR (M) | — | 11.44 | % | N/A | 8/1/2020 | $ | — | — | — | — | N | |||||||||||||||||||
GlassPoint Solar, Inc. | First Lien Delay Draw Term Loan B | LIBOR (M) | — | 11.44 | % | N/A | 8/1/2020 | $ | — | — | — | — | N | |||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 8.00% PIK | 9.34 | % | 7/2/2018 | $ | 17,471,897 | 17,471,897 | 16,700,513 | 1.04 | % | F/H/N | ||||||||||||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | Revolving Credit Facility | LIBOR (Q) | — | — | — | 7/2/2018 | $ | 6,072,441 | 6,072,441 | 6,072,441 | 0.38 | % | C/F/H/N | |||||||||||||||||||
27,130,127 | 26,577,782 | 1.66 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
NILCO, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.74 | % | 9/1/2021 | $ | 20,224,763 | 19,723,119 | 20,629,259 | 1.29 | % | N | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.73 | % | 5/31/2018 | $ | 325,447 | 322,212 | 325,252 | 0.02 | % | N | ||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.51 | % | 5/31/2018 | $ | 1,321,328 | 1,315,866 | 1,320,321 | 0.08 | % | N | ||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.72 | % | 5/31/2018 | $ | 7,110,607 | 7,039,918 | 7,106,340 | 0.44 | % | N | ||||||||||||||||
8,677,996 | 8,751,913 | 0.54 | % | |||||||||||||||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Gogo, LLC | Sr Secured Notes | Fixed | — | 12.50 | % | 12.50 | % | 7/1/2022 | $ | 10,000,000 | 10,000,000 | 11,443,750 | 0.71 | % | E/G | |||||||||||||||||
Total Debt Investments | 1,468,606,760 | 1,463,294,967 | 91.42 | % | ||||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||
Advertising, Public Relations and Marketing | ||||||||||||||||||||||||||||||||
Foursquare Labs, Inc. | Warrants to Purchase Series E Preferred Stock | 1,125,000 | $ | 185,450 | $ | 177,750 | 0.01 | % | C/E/N | |||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Common Stock | 995,902 | 159,270 | 159,245 | 0.01 | % | C/E/H/N | |||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Series E Preferred Stock | 1,049,996 | 276,492 | 486,148 | 0.03 | % | C/E/H/N | |||||||||||||||||||||||||
621,212 | 823,143 | 0.05 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 2,979,575 | 2,983,358 | 0.19 | % | E/F/N | |||||||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 3,088,529 | 3,057,259 | 0.19 | % | E/F/N | |||||||||||||||||||||||||
Epic Aero, Inc. (One Sky) | Warrants to Purchase Common Stock | 1,843 | 855,313 | 3,451,916 | 0.22 | % | C/E/N | |||||||||||||||||||||||||
6,923,417 | 9,492,533 | 0.60 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 143,133 | 0.01 | % | C/E/N | |||||||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 803,961 | 325,432 | 604,016 | 0.04 | % | C/E/N | |||||||||||||||||||||||||
556,370 | 747,149 | 0.05 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 909,300 | 272,807 | 1,546 | — | C/E/N | ||||||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Preferred Stock | 800,000 | 605,266 | 806,400 | 0.05 | % | C/E/N | |||||||||||||||||||||||||
878,073 | 807,946 | 0.05 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) | Limited Partnership Units | 5,000,000 | 5,000,000 | 500 | — | B/C/E/N | ||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,049 | 1,255,527 | 0.08 | % | C/E/F/N | |||||||||||||||||||||||||
Educational Support Services | ||||||||||||||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,595 | — | B/C/E/N | ||||||||||||||||||||||||||
Electrical Equipment Manufacturing | ||||||||||||||||||||||||||||||||
NEXTracker, Inc. | Series B Preferred Stock | 558,884 | — | 480,640 | 0.03 | % | E/N | |||||||||||||||||||||||||
NEXTracker, Inc. | Series C Preferred Stock | 17,640 | — | 15,170 | — | E/N | ||||||||||||||||||||||||||
— | 495,810 | 0.03 | % | |||||||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 3,071,860 | 478,899 | 1,843 | — | C/E/N | ||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 7,082,618 | 7,082,618 | 9,445,380 | 0.59 | % | C/E/F/N | |||||||||||||||||||||||||
Essex Ocean II, LLC | Membership Units | 199,430 | 103,398 | — | — | C/E/F/N | ||||||||||||||||||||||||||
7,186,016 | 9,445,380 | 0.59 | % | |||||||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
GACP I, LP | Membership Units | 16,607,783 | 16,697,588 | 17,159,258 | 1.07 | % | E/I/N | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 210,035 | 0.01 | % | B/E/N | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 946,498 | 79,082 | 45,621 | — | C/E/H/N | ||||||||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Units | 2,720,392 | $ | 2,772,807 | $ | 3,319,966 | 0.21 | % | C/E/N | |||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class A Warrants to Purchase Class A Units | 343,387 | 196,086 | 51,714 | — | C/E/N | ||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Class B Warrants to Purchase Class A Units | 346,794 | 198,032 | 52,227 | — | C/E/N | ||||||||||||||||||||||
NEG Parent, LLC (Core Entertainment, Inc.) | Litigation Trust Units | 407 | — | 1,201,138 | 0.08 | % | C/N | |||||||||||||||||||||
3,166,925 | 4,625,045 | 0.29 | % | |||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/N | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 11,021,542 | 0.69 | % | B/C/E/N | |||||||||||||||||||||
1,091,200 | 11,021,542 | 0.69 | % | |||||||||||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||
Iracore Investments Holdings, Inc. | Class A Common Stock | 16,207 | 4,177,710 | 3,033,842 | 0.19 | % | B/C/E/N | |||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 233,470 | 300,322 | — | — | C/E/N | ||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/N | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | — | — | B/C/E/N | ||||||||||||||||||||||
2,010,777 | — | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,048 | — | — | C/E/N | ||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Common Stock | 245,368 | 3,086 | 26,300 | — | C/D/H | ||||||||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series A Warrants to Purchase Common Stock | 10,287 | — | — | — | C/E/N | ||||||||||||||||||||||
Lions Holdings, Inc. (BPA) | Series B Warrants to Purchase Common Stock | 16,494 | — | — | — | C/E/N | ||||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||
Actifio, Inc. | Warrants to Purchase Series F Preferred Stock | 1,052,651 | 188,770 | 196,319 | 0.01 | % | C/E/N | |||||||||||||||||||||
Blackline, Inc. | Common Stock | 1,797 | 4,449 | 61,313 | — | C/J | ||||||||||||||||||||||
Tradeshift, Inc. | Warrants to Purchase Series D Preferred Stock | 1,712,930 | 577,842 | 528,097 | 0.03 | % | C/E/N | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Preferred Stock | 719,998 | 216,335 | 373,319 | 0.02 | % | C/E/N | |||||||||||||||||||||
987,396 | 1,159,048 | 0.06 | % | |||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Class B Shares | 1,000,000 | 1,000,000 | 1,007,900 | 0.06 | % | C/E/F/H/N | |||||||||||||||||||||
Conergy Asia Holdings Limited (United Kingdom) | Ordinary Shares | 3,333 | 7,833,333 | 1,827,603 | 0.12 | % | C/E/F/H/N | |||||||||||||||||||||
GlassPoint Solar, Inc. | Warrants to Purchase Series C-1 Preferred Stock | 1,100,000 | 248,555 | 290,730 | 0.02 | % | C/E/N | |||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/N | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | 243 | — | C/E/F/H/N | ||||||||||||||||||||||
10,477,237 | 3,126,476 | 0.20 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | $ | 3,236,256 | $ | 1,976,927 | 0.12 | % | C/D/E/H/N | |||||||||||||||||||
Total Equity Securities | 91,742,889 | 65,455,520 | 4.08 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,560,349,649 | $ | 1,528,750,487 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 64,929,885 | 4.06 | % | |||||||||||||||||||||||||
Wells Fargo Government Money Market Fund | 4,000,000 | 0.25 | % | |||||||||||||||||||||||||
Wells Fargo Treasury Plus Government Money Market Fund | 3,000,000 | 0.19 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 71,929,885 | 4.50 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,600,680,372 | 100.00 | % | M |
(A) | Investments in bank debt generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing security. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(K) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(L) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(M) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(N) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
Options and Swaps at September 30, 2017 were as follows: | ||||||||||||||||||||
Receive | Pay | Counter Party | Maturity | Notional Amount | Fair Value | Upfront payments/receipts | Unrealized appreciation/depreciation | |||||||||||||
Interest at LIBOR plus 8.68% on USD 7,270,250 | Interest at 8.00% on EUR 6,500,000 | Wells Fargo Bank, N.A. | 5/31/2019 | USD 7,270,250/ EUR 6,500,000 | $ | (470,202 | ) | $ | — | $ | (470,202 | ) |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (A) | ||||||||||||||||||||||||||||||||
Activities Related to Credit Intermediation | ||||||||||||||||||||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 7.75 | % | 12/20/2021 | $ | 14,769,821 | $ | 14,623,499 | $ | 14,622,123 | 1.07 | % | M | ||||||||||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | Revolver | LIBOR (Q) | 1.00 | % | 6.75 | % | N/A | 12/20/2021 | $ | — | (6,669 | ) | (6,713 | ) | — | J/M | ||||||||||||||||
iPayment, Inc. | First Lien Term Loan B2 | LIBOR (Q) | 1.50 | % | 5.25 | % | 6.75 | % | 5/8/2017 | $ | 11,289,051 | 11,134,310 | 10,893,934 | 0.80 | % | M | ||||||||||||||||
25,751,140 | 25,509,344 | 1.87 | % | |||||||||||||||||||||||||||||
Activities Related to Real Estate | ||||||||||||||||||||||||||||||||
Associations, Inc. | First Lien FILO Term Loan | LIBOR (Q) | 1.00 | % | 8.96 | % | 9.96 | % | 12/23/2019 | $ | 12,891,845 | 12,773,127 | 12,898,291 | 0.94 | % | M | ||||||||||||||||
Advertising and Public Relations Services | ||||||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee) | LIBOR (M) | 0.33 | % | 10.17 | % | 10.98 | % | 9/1/2018 | $ | 15,000,000 | 14,772,946 | 14,704,508 | 1.07 | % | H/K/M | ||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 2 Term Loan | LIBOR (M) | 0.33 | % | 10.17 | % | N/A | 9/1/2018 | $ | — | — | — | — | H/M | ||||||||||||||||||
InMobi, Inc. (Singapore) | First Lien Delayed Draw Tranche 3 Term Loan | LIBOR (M) | 0.33 | % | 10.17 | % | N/A | 9/1/2018 | $ | — | — | — | — | H/M | ||||||||||||||||||
14,772,946 | 14,704,508 | 1.07 | % | |||||||||||||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||||||
Mesa Air Group, Inc. | Acquisition Loan | LIBOR (M) | — | 7.25 | % | 8.00 | % | 7/15/2022 | $ | 14,042,971 | 13,839,296 | 14,323,830 | 1.05 | % | M | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan A | LIBOR (M) | — | 7.25 | % | 8.00 | % | 12/14/2021 | $ | 16,546,652 | 16,259,013 | 16,257,105 | 1.19 | % | M | |||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan B | LIBOR (M) | — | 7.25 | % | N/A | 2/28/2022 | $ | — | — | — | — | M | |||||||||||||||||||
Mesa Airlines, Inc. | Engine Acquisition Delayed Draw Term Loan C | LIBOR (M) | — | 7.25 | % | N/A | 12/31/2022 | $ | — | — | — | — | M | |||||||||||||||||||
30,098,309 | 30,580,935 | 2.24 | % | |||||||||||||||||||||||||||||
Amusement and Recreation | ||||||||||||||||||||||||||||||||
AP Gaming I, LLC | First Lien Revolver | LIBOR (M) | — | 8.25 | % | N/A | 12/20/2018 | $ | — | (1,655,756 | ) | (937,500 | ) | (0.07 | )% | J/M | ||||||||||||||||
VSS-Southern Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | 9.50 | % | 11/3/2020 | $ | 24,220,291 | 23,755,180 | 23,735,885 | 1.73 | % | M | |||||||||||||||||
VSS-Southern Holdings, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 6.50% Cash+2.00% PIK | N/A | 11/3/2020 | $ | — | (16,444 | ) | (17,123 | ) | — | J/M | |||||||||||||||||
22,082,980 | 22,781,262 | 1.66 | % | |||||||||||||||||||||||||||||
Apparel Manufacturing | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | First Lien Term Loan (First Out) | LIBOR (Q) | 1.25 | % | 5.75 | % | 7.00 | % | 6/3/2021 | $ | 9,700,000 | 9,541,402 | 9,700,000 | 0.71 | % | M | ||||||||||||||||
Broder Bros., Co. | First Lien Term Loan B (Last Out) | LIBOR (Q) | 1.25 | % | 12.25 | % | 13.50 | % | 6/3/2021 | $ | 9,800,000 | 9,646,339 | 9,800,000 | 0.72 | % | M | ||||||||||||||||
JH Apparel Holdings, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 9.60 | % | 10.60 | % | 4/8/2019 | $ | 2,714,632 | 2,705,143 | 2,741,779 | 0.20 | % | M | ||||||||||||||||
21,892,884 | 22,241,779 | 1.63 | % | |||||||||||||||||||||||||||||
Building Equipment Contractors | ||||||||||||||||||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Delayed Draw Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.50 | % | 7/25/2021 | $ | — | — | — | — | M | |||||||||||||||||
Hylan Datacom & Electrical, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.50 | % | 8.50 | % | 7/25/2021 | $ | 14,295,589 | 14,092,734 | 14,188,374 | 1.04 | % | M | ||||||||||||||||
14,092,734 | 14,188,374 | 1.04 | % | |||||||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Revolving Loan | LIBOR (Q) | 0.23 | % | 8.52 | % | N/A | 11/30/2018 | $ | — | (17,798 | ) | 70,000 | 0.01 | % | J/M | ||||||||||||||||
Enerwise Global Technologies, Inc. | Sr Secured Term Loan (1.0% Exit Fee) | LIBOR (Q) | 0.23 | % | 9.27 | % | 10.12 | % | 11/30/2019 | $ | 23,937,500 | 23,867,666 | 24,356,406 | 1.78 | % | K/M | ||||||||||||||||
STG-Fairway Acquisitions, Inc. (First Advantage) | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.25 | % | 6/30/2023 | $ | 31,000,000 | 30,588,757 | 30,336,600 | 2.22 | % | M | ||||||||||||||||
54,438,625 | 54,763,006 | 4.01 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
Anuvia Plant Nutrients Holdings, LLC | Sr Secured Term Loan (8.0% Exit Fee) | LIBOR (Q) | — | 10.63 | % | 11.63 | % | 2/1/2018 | $ | 7,563,676 | $ | 7,995,360 | $ | 8,250,457 | 0.60 | % | K/M | |||||||||||||||
Green Biologics, Inc. | Sr Secured Delayed Draw Term Loan (12.4% Exit Fee) | Prime Rate | — | 7.75 | % | 11.50 | % | 6/30/2019 | $ | 15,000,000 | 15,468,439 | 14,905,500 | 1.09 | % | K/M | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Delayed Draw Term Loan | LIBOR (Q) | — | 8.00 | % | 9.00 | % | 10/12/2021 | $ | 253,581 | 245,565 | 251,684 | 0.02 | % | H/M | |||||||||||||||||
iGM RFE1 B.V. (Netherlands) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 9.00 | % | 10/12/2021 | $ | 3,864,583 | 3,836,083 | 3,835,599 | 0.28 | % | H/M | |||||||||||||||||
Nanosys, Inc. | First Lien Delayed Draw Term Loan (3.5% Exit Fees) | LIBOR (Q) | — | 9.81 | % | 10.75 | % | 4/1/2019 | $ | 10,000,000 | 9,526,456 | 9,712,000 | 0.71 | % | K/M | |||||||||||||||||
37,071,903 | 36,955,240 | 2.70 | % | |||||||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||||||
Globecomm Systems, Inc. | First Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.63 | % | 8.88 | % | 12/11/2018 | $ | 14,480,001 | 14,335,200 | 14,480,002 | 1.06 | % | B/M | ||||||||||||||||
Triangle Acquisition Co. (Polycom) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 7.50 | % | 9/27/2023 | $ | 4,835,417 | 4,646,389 | 4,877,727 | 0.36 | % | M | ||||||||||||||||
18,981,589 | 19,357,729 | 1.42 | % | |||||||||||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||||||
Aptos Inc. (Canada) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.75 | % | 7.75 | % | 9/1/2022 | $ | 9,975,000 | 9,784,353 | 9,875,250 | 0.72 | % | HM | ||||||||||||||||
Dealersocket, Inc. | Senior Secured 1st Lien Term Loan | LIBOR (M) | 1.00 | % | 10.00 | % | 11.00 | % | 2/10/2021 | $ | 17,500,000 | 16,884,459 | 17,291,750 | 1.26 | % | M | ||||||||||||||||
MSC Software Corporation | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.50 | % | 8.50 | % | 5/29/2021 | $ | 6,993,035 | 6,953,617 | 7,001,777 | 0.51 | % | M | ||||||||||||||||
Marketo, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 8/16/2021 | $ | 23,295,455 | 22,630,922 | 22,887,784 | 1.67 | % | M | ||||||||||||||||
Marketo, Inc. | Senior Secured Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 8/16/2021 | $ | — | (47,341 | ) | 21,307 | — | J/M | ||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 2,314,000 | 2,314,000 | 2,314,000 | 0.17 | % | H/M | |||||||||||||||||
OnX Enterprise Solutions, Ltd. (Canada) | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 10,320,000 | 10,268,787 | 10,320,000 | 0.75 | % | H/M | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan B | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 3,738,000 | 3,738,000 | 3,738,000 | 0.27 | % | M | |||||||||||||||||
OnX USA, LLC | First Lien Term Loan | LIBOR (Q) | — | 8.00 | % | 8.90 | % | 9/3/2018 | $ | 3,160,000 | 3,151,013 | 3,160,000 | 0.23 | % | M | |||||||||||||||||
Waterfall International, Inc. | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | LIBOR (Q) | — | 11.67 | % | 12.48 | % | 9/1/2018 | $ | 4,800,000 | 4,827,231 | 4,970,640 | 0.36 | % | K/M | |||||||||||||||||
80,505,041 | 81,580,508 | 5.94 | % | |||||||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||||||
IO Data Centers, USA, LLC | First Lien Term Loan | Fixed | — | 9.00 | % | 9.00 | % | 1/15/2020 | $ | 6,876,756 | 6,876,756 | 6,876,756 | 0.50 | % | M | |||||||||||||||||
Electric Power Generation, Transmission and Distribution | ||||||||||||||||||||||||||||||||
Holocene Renewable Energy Fund 3, LLC (Conergy) | First Lien Term Loan | Fixed | — | 9.00% Cash+1.00% PIK | 10.00 | % | 9/10/2017 | $ | 7,518,173 | 7,491,471 | 7,442,991 | 0.54 | % | M | ||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||||||
Soraa, Inc. | Tranche A Term Loan (3.0% Exit Fee) | LIBOR (Q) | 0.44 | % | 9.33 | % | 10.15 | % | 3/1/2018 | $ | 15,666,296 | 15,483,478 | 15,471,251 | 1.13 | % | K/M | ||||||||||||||||
Soraa, Inc. | Tranche B Term Loan | LIBOR (Q) | 0.44 | % | 9.33 | % | 10.15 | % | 9/1/2017 | $ | 1,603,779 | 1,556,152 | 1,563,204 | 0.11 | % | M | ||||||||||||||||
17,039,630 | 17,034,455 | 1.24 | % | |||||||||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Senior Note | Fixed | — | 12.00 | % | 12.00 | % | 11/1/2020 | $ | 29,203,304 | 29,203,304 | 29,203,304 | 2.13 | % | E/F/M | |||||||||||||||||
Essex Ocean, LLC (Solexel) | Sr Secured Term Loan | Fixed | — | 8.00 | % | 8.00 | % | 8/15/2018 | $ | 1,685,289 | 1,685,289 | 1,718,994 | 0.13 | % | M | |||||||||||||||||
30,888,593 | 30,922,298 | 2.26 | % | |||||||||||||||||||||||||||||
Facilities Support Services | ||||||||||||||||||||||||||||||||
NANA Development Corp. | First Lien Term Loan B | LIBOR (M) | 1.25 | % | 6.75 | % | 8.00 | % | 3/15/2018 | $ | 879,513 | 834,963 | 853,128 | 0.06 | % | M | ||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||||||
Magnolia Finance V plc (Cayman Islands) | Asset-Backed Credit Linked Notes | Fixed | — | 13.13 | % | 13.13 | % | 8/2/2021 | $ | 15,000,000 | 15,000,000 | 14,994,000 | 1.10 | % | E/H/M | |||||||||||||||||
Grocery Stores | ||||||||||||||||||||||||||||||||
Bashas, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.50 | % | 8.80 | % | 10.30 | % | 10/8/2019 | $ | 9,333,235 | 9,297,529 | 9,426,567 | 0.69 | % | M |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Hospitals | ||||||||||||||||||||||||||||||||
KPC Healthcare, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.25 | % | 10.51 | % | 8/28/2020 | $ | 12,071,083 | $ | 11,857,665 | $ | 12,375,878 | 0.90 | % | M | ||||||||||||||
Pacific Coast Holdings Investment, LLC | Senior Secured 1st Lien Delayed Draw Term Loan | LIBOR (M) | 2.00 | % | 9.70 | % | 11.70 | % | 10/23/2019 | $ | 10,828,233 | 10,806,929 | 10,828,233 | 0.79 | % | M | ||||||||||||||||
22,664,594 | 23,204,111 | 1.69 | % | |||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Delayed Draw Term Loan | Prime | — | 4.50 | % | 8.25 | % | 12/30/2022 | $ | — | (8,333 | ) | — | — | J/M | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Revolver | Prime | — | 4.50 | % | 8.25 | % | 12/30/2021 | $ | — | (7,595 | ) | — | — | J/M | |||||||||||||||||
Alera Group Intermediate Holdings, Inc. | First Lien Term Loan | Prime | — | 4.50 | % | 8.25 | % | 12/30/2022 | $ | 3,407,121 | 3,373,050 | 3,373,050 | 0.25 | % | M | |||||||||||||||||
Association Member Benefits Advisors, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 8.75 | % | 9.75 | % | 6/8/2023 | $ | 8,277,983 | 8,112,882 | 8,112,423 | 0.59 | % | M | ||||||||||||||||
JSS Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.50 | % | 7.50 | % | 8/31/2021 | $ | 3,750,000 | 3,689,740 | 3,731,250 | 0.27 | % | M | ||||||||||||||||
US Apple Holdco, LLC (Ventiv Technology) | First Lien Term Loan | LIBOR (Q) | 0.50 | % | 13.62 | % | 14.49 | % | 8/29/2019 | $ | 20,015,152 | 19,533,393 | 20,015,152 | 1.46 | % | M | ||||||||||||||||
34,693,137 | 35,231,875 | 2.57 | % | |||||||||||||||||||||||||||||
Lessors of Nonfinancial Licenses | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 5/27/2022 | $ | 16,573,588 | 16,434,441 | 16,739,324 | 1.22 | % | M | ||||||||||||||||
ABG Intermediate Holdings 2, LLC | Second Lien Incremental Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 5/27/2022 | $ | 3,426,412 | 3,396,918 | 3,460,676 | 0.25 | % | M | ||||||||||||||||
19,831,359 | 20,200,000 | 1.47 | % | |||||||||||||||||||||||||||||
Management, Scientific, and Technical Consulting Services | ||||||||||||||||||||||||||||||||
Dodge Data & Analytics, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.75 | % | 9.75 | % | 10/31/2019 | $ | 23,995,511 | 23,613,049 | 23,699,166 | 1.73 | % | M | ||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||||||
NEG Holdings, LLC (CORE Entertainment) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00% PIK | 9.00 | % | 10/17/2022 | $ | 1,445,592 | 1,445,592 | 1,387,712 | 0.10 | % | M | |||||||||||||||||
Nondepository Credit Intermediation | ||||||||||||||||||||||||||||||||
Auto Trakk SPV, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | 0.50 | % | 9.50 | % | 10.24 | % | 12/21/2021 | $ | 32,392,942 | 31,888,166 | 31,939,467 | 2.33 | % | M | ||||||||||||||||
Caliber Home Loans, Inc. | First Lien Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 6.50 | % | 7.50 | % | 6/30/2020 | $ | 13,333,333 | 13,136,017 | 13,133,333 | 0.96 | % | M | ||||||||||||||||
Caribbean Financial Group (Cayman Islands) | Sr Secured Notes | Fixed | — | 11.50 | % | 11.50 | % | 11/15/2019 | $ | 28,678,000 | 28,568,148 | 29,108,170 | 2.13 | % | E/G/H/M | |||||||||||||||||
Daymark Financial Acceptance, LLC | First Lien Delayed Draw Term Loan | LIBOR (M) | — | 9.50 | % | 10.27 | % | 1/12/2020 | $ | 17,500,000 | 17,300,337 | 16,992,500 | 1.24 | % | M | |||||||||||||||||
Greystone Select Holdings, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 3/26/2021 | $ | 16,062,731 | 15,912,928 | 16,207,296 | 1.18 | % | M | ||||||||||||||||
Trade Finance Funding I, Ltd. (Cayman Islands) | Secured Class B Notes | Fixed | — | 10.75 | % | 10.75 | % | 11/13/2018 | $ | 15,084,000 | 15,084,000 | 14,857,740 | 1.09 | % | E/H/M | |||||||||||||||||
121,889,596 | 122,238,506 | 8.93 | % | |||||||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||||||
Asset International, Inc. | Delayed Draw Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 1,251,626 | 1,227,886 | 1,231,183 | 0.09 | % | M | ||||||||||||||||
Asset International, Inc. | Revolver Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 491,303 | 480,225 | 481,674 | 0.04 | % | M | ||||||||||||||||
Asset International, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 7/31/2020 | $ | 15,408,563 | 15,204,465 | 15,257,559 | 1.11 | % | M | ||||||||||||||||
Simmons Research, LLC | First Lien Term Loan | LIBOR (Q) | 0.50 | % | 10.50 | % | 11.38 | % | 12/11/2020 | $ | 4,936,601 | 4,853,985 | 4,973,625 | 0.36 | % | M | ||||||||||||||||
SoundCloud Ltd. (United Kingdom) | Sr Secured Term Loan (2.0% Exit Fee) | LIBOR (M) | 0.28 | % | 10.72 | % | 11.60 | % | 10/1/2018 | $ | 31,550,000 | 31,632,236 | 32,510,698 | 2.38 | % | H/K/M | ||||||||||||||||
TCH-2 Holdings, LLC (TravelClick) | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 7.75 | % | 8.75 | % | 11/6/2021 | $ | 19,988,392 | 19,769,829 | 19,663,581 | 1.44 | % | G/M | ||||||||||||||||
73,168,626 | 74,118,320 | 5.42 | % | |||||||||||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||||||
AGY Holding Corp. | Sr Secured Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 4,869,577 | 4,869,577 | 4,869,710 | 0.36 | % | B/M | |||||||||||||||||
AGY Holding Corp. | Second Lien Notes | Fixed | — | 11.00 | % | 11.00 | % | 11/15/2018 | $ | 9,268,000 | 7,586,317 | 9,268,000 | 0.68 | % | B/E/M | |||||||||||||||||
AGY Holding Corp. | Delayed Draw Term Loan | Fixed | — | 12.00 | % | 12.00 | % | 9/15/2018 | $ | 1,049,146 | 1,049,146 | 1,049,147 | 0.08 | % | B/M | |||||||||||||||||
Bioventus, LLC | Second Lien Term Loan | LIBOR (M) | 1.00 | % | 6.25 | % | 7.25 | % | 11/15/2021 | $ | 5,000,000 | 4,900,613 | 5,000,000 | 0.37 | % | M | ||||||||||||||||
Boomerang Tube, LLC | Subordinated Notes | LIBOR (M) | — | 17.50 | % | N/A | 2/1/2021 | $ | 1,030,741 | 1,030,740 | 107,200 | 0.01 | % | C/M | ||||||||||||||||||
19,436,393 | 20,294,057 | 1.50 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Other Publishing | ||||||||||||||||||||||||||||||||
Bisnow, LLC | First Lien Revolver | LIBOR (Q) | — | 9.00 | % | N/A | 4/29/2021 | $ | — | $ | (24,000 | ) | $ | 15,000 | — | J/M | ||||||||||||||||
Bisnow, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.00 | % | 9.88 | % | 4/29/2021 | $ | 8,614,356 | 8,459,058 | 8,549,749 | 0.62 | % | M | |||||||||||||||||
Contextmedia Health, LLC | First Lien Term Loan B | LIBOR (M) | 1.00 | % | 6.50 | % | 7.50 | % | 12/23/2021 | $ | 13,636,364 | 12,272,727 | 12,477,273 | 0.91 | % | |||||||||||||||||
20,707,785 | 21,042,022 | 1.53 | % | |||||||||||||||||||||||||||||
Other Telecommunications | ||||||||||||||||||||||||||||||||
Securus Technologies, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 7.75 | % | 9.00 | % | 4/30/2021 | $ | 4,516,129 | 4,470,968 | 4,407,177 | 0.32 | % | |||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Lantheus Medical Imaging, Inc. | First Lien Term Loan | LIBOR (M) | 1.00 | % | 6.00 | % | 7.00 | % | 6/30/2022 | $ | 8,642,604 | 8,199,514 | 8,664,210 | 0.63 | % | |||||||||||||||||
Plastics Manufacturing | ||||||||||||||||||||||||||||||||
Iracore International, Inc. | Sr Secured Notes | Fixed | — | 9.50 | % | 9.50 | % | 6/1/2018 | $ | 13,600,000 | 14,246,000 | 4,503,640 | 0.33 | % | C/E/G/M | |||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||||||
Fuse, LLC | Sr Secured Notes | Fixed | — | 10.38 | % | 10.38 | % | 7/1/2019 | $ | 7,312,000 | 7,312,000 | 4,435,972 | 0.32 | % | E/G | |||||||||||||||||
NEP/NCP Holdco, Inc. | Second Lien Term Loan | LIBOR (M) | 1.25 | % | 8.75 | % | 10.00 | % | 7/22/2020 | $ | 15,981,496 | 15,727,220 | 16,141,311 | 1.18 | % | |||||||||||||||||
23,039,220 | 20,577,283 | 1.50 | % | |||||||||||||||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||||||||||
Home Partners of America, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 7.00 | % | 8.00 | % | 10/13/2022 | $ | 5,000,000 | 4,902,332 | 5,000,000 | 0.37 | % | M | ||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||||||
RM OpCo, LLC (Real Mex) | Convertible Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 1,943,371 | 1,943,371 | 1,943,371 | 0.14 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | First Lien Term Loan Tranche A | Fixed | — | 7.00 | % | 7.00 | % | 3/30/2018 | $ | 4,871,284 | 4,587,898 | 4,871,284 | 0.36 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 9,683,150 | 9,683,150 | 3,154,770 | 0.23 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Second Lien Term Loan Tranche B-1 | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 3,049,554 | 3,034,132 | 3,049,555 | 0.22 | % | B/M | |||||||||||||||||
RM OpCo, LLC (Real Mex) | Sr Convertible Second Lien Term Loan B | Fixed | — | 8.50 | % | 8.50 | % | 3/30/2018 | $ | 4,251,368 | 4,251,368 | 4,251,368 | 0.31 | % | B/M | |||||||||||||||||
23,499,919 | 17,270,348 | 1.26 | % | |||||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||
Bon-Ton, Inc. | First Lien Tranche A-1 Revolver | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 3/15/2021 | $ | 4,432,934 | 4,348,162 | 4,388,605 | 0.32 | % | M | ||||||||||||||||
Gander Mountain Company | Second Lien Term Loan | LIBOR (M) | — | 9.50 | % | 10.44 | % | 6/15/2018 | $ | 14,740,910 | 14,618,096 | 14,749,754 | 1.08 | % | M | |||||||||||||||||
The Gymboree Corporation | First Lien Term Loan | LIBOR (Q) | — | 10.25 | % | 11.18 | % | 9/24/2020 | $ | 12,857,349 | 12,618,039 | 13,050,209 | 0.95 | % | M | |||||||||||||||||
Kenneth Cole Productions, Inc. | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 8.50 | % | 9.50 | % | 9/25/2020 | $ | 20,672,789 | 20,491,699 | 20,879,517 | 1.53 | % | M | ||||||||||||||||
52,075,996 | 53,068,085 | 3.88 | % | |||||||||||||||||||||||||||||
Satellite Telecommunications | ||||||||||||||||||||||||||||||||
Avanti Communications Group, PLC (United Kingdom) | Sr Secured Notes | Fixed | — | 10.00 | % | 10.00 | % | 10/1/2019 | $ | 9,393,000 | 9,393,000 | 5,665,153 | 0.41 | % | E/G/H | |||||||||||||||||
Scientific Research and Development Services | ||||||||||||||||||||||||||||||||
Envigo Holdings, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 11/3/2021 | $ | 35,192,124 | 34,499,517 | 34,796,212 | 2.54 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Principal | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||||||
Debt Investments (continued) | ||||||||||||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||||||
Acronis International GmbH (Switzerland) | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 11.50 | % | 12.50 | % | 6/9/2017 | $ | 28,336,513 | $ | 28,329,478 | $ | 28,165,077 | 2.06 | % | H/M | ||||||||||||||
ArcServe (USA), LLC | Second Lien Term Loan | LIBOR (Q) | 0.50 | % | 8.50% Cash+1.25% PIK | 10.75 | % | 1/31/2020 | $ | 30,222,833 | 29,851,330 | 28,893,029 | 2.11 | % | M | |||||||||||||||||
Autoalert, LLC | First Lien Term Loan | LIBOR (Q) | 0.25 | % | 5.75% Cash+3.00% PIK | 9.63 | % | 3/31/2019 | $ | 35,627,947 | 35,263,561 | 35,538,877 | 2.60 | % | M | |||||||||||||||||
Mapp Digital US, LLC | First Lien Term Loan | LIBOR (Q) | — | 9.50 | % | 10.35 | % | 12/31/2017 | $ | 5,837,798 | 5,754,455 | 5,823,203 | 0.43 | % | M | |||||||||||||||||
Edmentum, Inc. | Jr Revolving Facility | Fixed | — | 5.00 | % | 5.00 | % | 6/9/2020 | $ | — | — | — | — | B/M | ||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Sr PIK Notes | Fixed | — | 8.50 | % | 8.50 | % | 6/9/2020 | $ | 2,846,243 | 2,846,243 | 2,846,246 | 0.21 | % | B/M | |||||||||||||||||
Edmentum Ultimate Holdings, LLC | Jr PIK Notes | Fixed | — | 10.00 | % | 10.00 | % | 6/9/2020 | $ | 13,040,391 | 12,539,980 | 12,101,483 | 0.88 | % | B/M | |||||||||||||||||
Fidelis Acquisitionco, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 6.00% Cash+2.00% PIK | 9.00 | % | 11/4/2019 | $ | 42,565,572 | 41,986,034 | 42,991,228 | 3.14 | % | M | |||||||||||||||||
Fidelis Acquisitionco, LLC | Sr Secured Revolver | LIBOR (Q) | 1.00 | % | 8.00 | % | 9.00 | % | 11/4/2019 | $ | 3,182,143 | 3,182,143 | 3,213,964 | 0.24 | % | M | ||||||||||||||||
Newscycle Solutions, Inc. | Second Lien Term Loan | LIBOR (Q) | — | 13.00 | % | 13.95 | % | 9/10/2021 | $ | 11,513,361 | 11,196,782 | 11,334,905 | 0.83 | % | M | |||||||||||||||||
Newscycle Solutions AB (Sweden) | Second Lien Term Loan B | LIBOR (Q) | — | 13.00 | % | 13.95 | % | 9/10/2021 | $ | 11,513,362 | 11,196,782 | 11,334,905 | 0.83 | % | H/M | |||||||||||||||||
Soasta, Inc. | Senior Secured 1st Lien Term Loan (4.0% Exit Fee) | LIBOR (M) | — | 9.56 | % | 10.50 | % | 4/1/2019 | $ | 17,880,435 | 17,783,558 | 19,037,299 | 1.39 | % | K/M | |||||||||||||||||
Soasta, Inc. | Convertible Promissory Note | Fixed | — | 10.00 | % | 10.00 | % | 12/16/2017 | $ | 2,282,609 | 2,282,609 | 5,504,054 | 0.40 | % | M | |||||||||||||||||
Utilidata, Inc. | First Lien Delayed Draw Term Loan (1.0% Exit Fee) | LIBOR (M) | 0.62 | % | 9.88 | % | 10.69 | % | 1/1/2019 | $ | 3,200,000 | 3,135,670 | 3,080,000 | 0.23 | % | K/M | ||||||||||||||||
205,348,625 | 209,864,270 | 15.35 | % | |||||||||||||||||||||||||||||
Textile Furnishings Mills | ||||||||||||||||||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 10.00 | % | 11.00 | % | 12/19/2019 | $ | 22,804,525 | 22,804,525 | 22,827,329 | 1.67 | % | M | ||||||||||||||||
Lexmark Carpet Mills, Inc. | First Lien Term Loan B | LIBOR (Q) | 1.00 | % | 10.00 | % | 11.00 | % | 12/19/2019 | $ | 7,822,482 | 7,681,925 | 7,830,304 | 0.57 | % | M | ||||||||||||||||
30,486,450 | 30,657,633 | 2.24 | % | |||||||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Bank Guarantee Credit Facility | Fixed | — | 8.20% Cash+3.50% PIK | 11.70 | % | 7/2/2017 | $ | 21,276,420 | 21,276,420 | 21,276,653 | 1.56 | % | F/H/M | ||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Revolving Credit Facility | Fixed | — | 8.20 | % | 8.20 | % | 7/2/2017 | $ | 4,000,000 | 4,000,000 | 4,000,000 | 0.29 | % | F/H/M | |||||||||||||||||
25,276,420 | 25,276,653 | 1.85 | % | |||||||||||||||||||||||||||||
Wholesalers | ||||||||||||||||||||||||||||||||
NILCO, LLC | First Lien Term Loan | LIBOR (Q) | 1.00 | % | 9.50 | % | 10.50 | % | 9/1/2021 | $ | 21,023,109 | 20,424,799 | 21,601,245 | 1.58 | % | M | ||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.53 | % | 5/31/2018 | $ | 332,044 | 328,743 | 326,682 | 0.02 | % | M | ||||||||||||||||
Alpheus Communications, LLC | First Lien Delayed Draw FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.66 | % | 5/31/2018 | $ | 1,355,968 | 1,346,859 | 1,328,296 | 0.10 | % | M | ||||||||||||||||
Alpheus Communications, LLC | First Lien FILO Term Loan | LIBOR (M) | 1.00 | % | 7.42 | % | 8.42 | % | 5/31/2018 | $ | 7,255,721 | 7,183,589 | 7,139,992 | 0.52 | % | M | ||||||||||||||||
Integra Telecom Holdings, Inc. | Second Lien Term Loan | LIBOR (Q) | 1.25 | % | 8.50 | % | 9.75 | % | 2/22/2020 | $ | 13,231,193 | 13,084,285 | 13,313,989 | 0.97 | % | G | ||||||||||||||||
U.S. TelePacific Corp. | First Lien Notes | LIBOR (Q) | 1.00 | % | 8.50 | % | 9.50 | % | 2/24/2021 | $ | 10,000,000 | 9,715,362 | 10,000,000 | 0.73 | % | M | ||||||||||||||||
31,658,838 | 32,108,959 | 2.34 | % | |||||||||||||||||||||||||||||
Wireless Telecommunications Carriers | ||||||||||||||||||||||||||||||||
Gogo, LLC | Sr Secured Notes | Fixed | — | 12.50 | % | 12.50 | % | 7/1/2022 | $ | 10,000,000 | 10,000,000 | 10,900,000 | 0.80 | % | E/G | |||||||||||||||||
Total Debt Investments | 1,254,861,949 | 1,248,887,808 | 91.25 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||
Advertising and Public Relations Services | ||||||||||||||||||||||||||||
InMobi, Inc. (Singapore) | Warrants to Purchase Stock | 562,496 | $ | 230,569 | $ | 87,356 | 0.01 | % | C/E/H/M | |||||||||||||||||||
Air Transportation | ||||||||||||||||||||||||||||
Aircraft Leased to United Airlines, Inc. | ||||||||||||||||||||||||||||
United N659UA-767, LLC (N659UA) | Trust Beneficial Interests | 683 | 3,250,956 | 3,191,938 | 0.23 | % | E/F/M | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | Trust Beneficial Interests | 688 | 3,376,251 | 3,266,101 | 0.24 | % | E/F/M | |||||||||||||||||||||
Epic Aero, Inc. (One Sky) | Warrants to Purchase Common Stock | 1,843 | 855,313 | 1,909,600 | 0.14 | % | C/E/M | |||||||||||||||||||||
7,482,520 | 8,367,639 | 0.61 | % | |||||||||||||||||||||||||
Business Support Services | ||||||||||||||||||||||||||||
Findly Talent, LLC | Membership Units | 708,229 | 230,938 | 143,133 | 0.01 | % | C/E/M | |||||||||||||||||||||
STG-Fairway Holdings, LLC (First Advantage) | Class A Units | 841,479 | 325,432 | 1,112,351 | 0.08 | % | C/E/M | |||||||||||||||||||||
556,370 | 1,255,484 | 0.09 | % | |||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||
Green Biologics, Inc. | Warrants to Purchase Stock | 909,300 | 274,213 | 875 | — | C/E/M | ||||||||||||||||||||||
Nanosys, Inc. | Warrants to Purchase Common Stock | 800,000 | 605,266 | 611,920 | 0.05 | % | C/E/M | |||||||||||||||||||||
879,479 | 612,795 | 0.05 | % | |||||||||||||||||||||||||
Communications Equipment Manufacturing | ||||||||||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) | Limited Partnership Units | 5,000,000 | 5,000,000 | 1,530,000 | 0.11 | % | B/C/E/M | |||||||||||||||||||||
Computer Systems Design and Related Services | ||||||||||||||||||||||||||||
Waterfall International, Inc. | Series B Preferred Stock | 1,428,571 | 1,000,000 | 1,145,286 | 0.08 | % | C/E/M | |||||||||||||||||||||
Waterfall International, Inc. | Warrants to Purchase Stock | 920,000 | 89,847 | 175,168 | 0.01 | % | C/E/M | |||||||||||||||||||||
1,089,847 | 1,320,454 | 0.09 | % | |||||||||||||||||||||||||
Data Processing and Hosting Services | ||||||||||||||||||||||||||||
Anacomp, Inc. | Class A Common Stock | 1,255,527 | 26,711,048 | 1,205,306 | 0.09 | % | C/E/F/M | |||||||||||||||||||||
Rightside Group, Ltd. | Warrants | 498,855 | 2,778,622 | 366,489 | 0.03 | % | C/E/M | |||||||||||||||||||||
29,489,670 | 1,571,795 | 0.12 | % | |||||||||||||||||||||||||
Electrical Equipment Manufacturing | ||||||||||||||||||||||||||||
NEXTracker, Inc. | Series B Preferred Stock | 558,884 | — | 1,727,622 | 0.13 | % | E/M | |||||||||||||||||||||
NEXTracker, Inc. | Series C Preferred Stock | 17,640 | — | 54,525 | — | E/M | ||||||||||||||||||||||
— | 1,782,147 | 0.13 | % | |||||||||||||||||||||||||
Electronic Component Manufacturing | ||||||||||||||||||||||||||||
Soraa, Inc. | Warrants to Purchase Common Stock | 3,071,860 | 478,899 | 5,222 | — | C/E/M | ||||||||||||||||||||||
Equipment Leasing | ||||||||||||||||||||||||||||
36th Street Capital Partners Holdings, LLC | Membership Units | 6,818,897 | 6,818,897 | 6,818,897 | 0.50 | % | C/E/F/M | |||||||||||||||||||||
Essex Ocean II, LLC | Membership Units | 199,430 | 103,398 | 159,045 | 0.01 | % | C/E/F/M | |||||||||||||||||||||
6,922,295 | 6,977,942 | 0.51 | % | |||||||||||||||||||||||||
Financial Investment Activities | ||||||||||||||||||||||||||||
GACP I, LP | Membership Units | 16,615,951 | 16,735,088 | 16,866,903 | 1.23 | % | C/E/I/M | |||||||||||||||||||||
Marsico Holdings, LLC | Common Interest Units | 168,698 | 172,694 | 1,687 | — | C/E/I/M | ||||||||||||||||||||||
16,907,782 | 16,868,590 | 1.23 | % | |||||||||||||||||||||||||
Metal and Mineral Mining | ||||||||||||||||||||||||||||
EPMC HoldCo, LLC | Membership Units | 1,312,720 | — | 210,035 | 0.02 | % | B/E/M | |||||||||||||||||||||
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Motion Picture and Video Industries | ||||||||||||||||||||||||||||
NEG Parent, LLC | Class A Units | 1,182,779 | $ | 1,235,194 | $ | 1,292,023 | 0.09 | % | C/E/M | |||||||||||||||||||
NEG Parent, LLC | Class P Units | 1,537,613 | 1,537,613 | 1,551,056 | 0.11 | % | C/E/M | |||||||||||||||||||||
NEG Parent, LLC | Class A Warrants to Purchase Class A Units | 343,387 | 196,086 | 196,086 | 0.01 | % | C/E/M | |||||||||||||||||||||
NEG Parent, LLC | Class B Warrants to Purchase Class A Units | 346,794 | 198,032 | 198,032 | 0.02 | % | C/E/M | |||||||||||||||||||||
3,166,925 | 3,237,197 | 0.23 | % | |||||||||||||||||||||||||
Other Information Services | ||||||||||||||||||||||||||||
SoundCloud, Ltd. (United Kingdom) | Warrants to Purchase Preferred Stock | 946,498 | 79,082 | 95,502 | 0.01 | % | C/E/H/M | |||||||||||||||||||||
Other Manufacturing | ||||||||||||||||||||||||||||
AGY Holding Corp. | Common Stock | 1,333,527 | — | — | — | B/C/E/M | ||||||||||||||||||||||
Boomerang Tube Holdings, Inc. | Common Stock | 24,288 | 243 | — | — | C/E/M | ||||||||||||||||||||||
KAGY Holding Company, Inc. | Series A Preferred Stock | 9,778 | 1,091,200 | 4,607,246 | 0.34 | % | B/C/E/M | |||||||||||||||||||||
1,091,443 | 4,607,246 | 0.34 | % | |||||||||||||||||||||||||
Radio and Television Broadcasting | ||||||||||||||||||||||||||||
Fuse Media, LLC | Warrants to Purchase Common Stock | 233,470 | 300,322 | — | — | C/E/M | ||||||||||||||||||||||
Restaurants | ||||||||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Equity Participation | 24 | — | — | — | B/C/E/M | ||||||||||||||||||||||
RM Holdco, LLC (Real Mex) | Membership Units | 13,161,000 | 2,010,777 | — | — | B/C/E/M | ||||||||||||||||||||||
2,010,777 | — | — | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Shop Holding, LLC (Connexity) | Class A Units | 507,167 | 480,049 | — | — | C/E/M | ||||||||||||||||||||||
Software Publishing | ||||||||||||||||||||||||||||
Blackline Intermediate, Inc. | Warrants to Purchase Common Stock | 246,546 | 522,678 | 5,300,373 | 0.39 | % | C/E/M | |||||||||||||||||||||
Edmentum Ultimate Holdings, LLC | Class A Common Units | 159,515 | 680,226 | 1,123,591 | 0.08 | % | B/C/E/M | |||||||||||||||||||||
Soasta, Inc. | Warrants to Purchase Series F Preferred Stock | 1,251,630 | 533,192 | 794,535 | 0.06 | % | C/E/M | |||||||||||||||||||||
Utilidata, Inc. | Warrants to Purchase Stock | 719,998 | 216,336 | 204,983 | 0.01 | % | C/E/M | |||||||||||||||||||||
1,952,432 | 7,423,482 | 0.54 | % | |||||||||||||||||||||||||
Utility System Construction | ||||||||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Ordinary Shares | 2,332,594 | — | — | — | C/E/F/H/M | ||||||||||||||||||||||
Kawa Solar Holdings Limited (Cayman Islands) | Series B Preferred Shares | 93,023 | 1,395,349 | 1,395,350 | 0.10 | % | C/E/F/H/M | |||||||||||||||||||||
1,395,349 | 1,395,350 | 0.10 | % |
Issuer | Instrument | Ref | Floor | Spread | Total Coupon | Maturity | Shares | Cost | Fair Value | % of Total Cash and Investments | Notes | |||||||||||||||||
Equity Securities (continued) | ||||||||||||||||||||||||||||
Wired Telecommunications Carriers | ||||||||||||||||||||||||||||
Integra Telecom, Inc. | Common Stock | 1,274,522 | $ | 8,433,884 | $ | 6,533,964 | 0.48 | % | C/E/M | |||||||||||||||||||
Integra Telecom, Inc. | Warrants | 346,939 | 19,920 | — | — | C/E/M | ||||||||||||||||||||||
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) | Common Shares | 1,393 | 3,236,256 | 2,199,862 | 0.16 | % | C/D/E/H/M | |||||||||||||||||||||
11,690,060 | 8,733,826 | 0.64 | % | |||||||||||||||||||||||||
Total Equity Securities | 91,203,870 | 66,082,062 | 4.83 | % | ||||||||||||||||||||||||
Total Investments | $ | 1,346,065,819 | $ | 1,314,969,870 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash Held on Account at Various Institutions | 53,579,868 | 3.92 | % | |||||||||||||||||||||||||
Cash and Cash Equivalents | 53,579,868 | 3.92 | % | |||||||||||||||||||||||||
Total Cash and Investments | $ | 1,368,549,738 | 100.00 | % | L |
(A) | Investments in bank debt generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. |
(B) | Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates. |
(C) | Non-income producing security. |
(D) | Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure. |
(E) | Restricted security. (See Note 2) |
(F) | Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates. |
(G) | Investment has been segregated to collateralize certain unfunded commitments. |
(H) | Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(I) | Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. |
(J) | Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount. |
(K) | In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown. |
(L) | All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements. |
(M) | Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | 39,120,645 | $ | 35,115,862 | $ | 117,016,921 | $ | 99,016,633 | |||||||
Companies 5% to 25% owned | 1,856,712 | 1,848,171 | 5,365,553 | 4,982,075 | |||||||||||
Companies more than 25% owned | 1,363,740 | 1,313,034 | 4,720,816 | 1,915,981 | |||||||||||
Dividend income: | |||||||||||||||
Companies less than 5% owned | — | — | 16,627 | — | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | 74,457 | 71,013 | 223,370 | 1,496,869 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | 841,895 | 120,910 | 1,424,831 | 1,241,885 | |||||||||||
Companies 5% to 25% owned | 31,486 | — | 94,458 | — | |||||||||||
Total investment income | 43,288,935 | 38,468,990 | 128,862,576 | 108,653,443 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 8,213,045 | 6,198,850 | 23,863,700 | 17,577,859 | |||||||||||
Management and advisory fees | 5,611,249 | 4,816,043 | 15,624,277 | 13,976,545 | |||||||||||
Administrative expenses | 597,232 | 429,867 | 1,730,638 | 1,267,815 | |||||||||||
Legal fees, professional fees and due diligence expenses | 288,180 | 550,563 | 1,127,387 | 1,784,174 | |||||||||||
Director fees | 114,098 | 97,877 | 422,108 | 295,486 | |||||||||||
Insurance expense | 111,585 | 78,794 | 327,725 | 280,575 | |||||||||||
Custody fees | 85,035 | 75,995 | 244,427 | 231,846 | |||||||||||
Other operating expenses | 700,780 | 555,944 | 2,036,376 | 1,569,986 | |||||||||||
Total operating expenses | 15,721,204 | 12,803,933 | 45,376,638 | 36,984,286 | |||||||||||
Net investment income | 27,567,731 | 25,665,057 | 83,485,938 | 71,669,157 | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | (4,663,896 | ) | (763,617 | ) | (11,540,457 | ) | (4,490,140 | ) | |||||||
Investments in companies 5% to 25% owned | — | 102,392 | — | 417,446 | |||||||||||
Investments in companies more than 25% owned | — | — | — | 79,742 | |||||||||||
Net realized loss | (4,663,896 | ) | (661,225 | ) | (11,540,457 | ) | (3,992,952 | ) | |||||||
Change in net unrealized appreciation/depreciation | (2,772,338 | ) | 869,981 | (967,257 | ) | 53,816 | |||||||||
Net realized and unrealized gain (loss) | (7,436,234 | ) | 208,756 | (12,507,714 | ) | (3,939,136 | ) | ||||||||
Net increase in net assets from operations | 20,131,497 | 25,873,813 | 70,978,224 | 67,730,021 | |||||||||||
Distributions of incentive allocation to the General Partner from: | |||||||||||||||
Net investment income | (5,513,546 | ) | (5,133,010 | ) | (16,697,188 | ) | (14,333,831 | ) | |||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 14,617,951 | $ | 20,740,803 | $ | 54,281,036 | $ | 53,396,190 | |||||||
Basic and diluted earnings per common share | $ | 0.25 | $ | 0.39 | $ | 0.96 | $ | 1.06 | |||||||
Basic and diluted weighted average common shares outstanding | 58,792,204 | 52,736,835 | 56,390,954 | 50,245,035 | |||||||||||
Common Stock | Paid in Capital in Excess of Par | Accumulated Net Investment Income | Accumulated Net Realized Losses | Accumulated Net Unrealized Depreciation | Total Net Assets | ||||||||||||||||||||||
Shares | Par Amount | ||||||||||||||||||||||||||
Balance at December 31, 2015 | 48,834,734 | $ | 48,834 | $ | 878,383,356 | $ | 22,261,793 | $ | (132,483,593 | ) | $ | (46,233,373 | ) | $ | 721,977,017 | ||||||||||||
Issuance of common stock in public offering, net | 2,336,552 | 2,337 | 34,956,233 | — | — | — | 34,958,570 | ||||||||||||||||||||
Issuance of common stock from conversion of convertible debt | 2,011,900 | 2,012 | 30,216,726 | — | — | — | 30,218,738 | ||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 610 | — | 9,657 | — | — | — | 9,657 | ||||||||||||||||||||
Equity component of issuance of convertible debt | — | — | 3,309,596 | — | — | — | 3,309,596 | ||||||||||||||||||||
Repurchase of common stock | (141,896 | ) | (141 | ) | (1,879,407 | ) | — | — | — | (1,879,548 | ) | ||||||||||||||||
Net investment income | — | — | — | 95,253,322 | — | — | 95,253,322 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | — | — | — | — | (15,002,148 | ) | 15,116,650 | 114,502 | |||||||||||||||||||
General Partner incentive allocation | — | — | — | (19,050,665 | ) | — | — | (19,050,665 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (73,975,198 | ) | — | — | (73,975,198 | ) | ||||||||||||||||||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | — | — | (569,511 | ) | (11,955,963 | ) | 12,525,474 | — | — | ||||||||||||||||||
Balance at December 31, 2016 | 53,041,900 | $ | 53,042 | $ | 944,426,650 | $ | 12,533,289 | $ | (134,960,267 | ) | $ | (31,116,723 | ) | $ | 790,935,991 | ||||||||||||
Issuance of common stock in public offering, net | 5,750,000 | 5,750 | 93,591,750 | — | — | — | 93,597,500 | ||||||||||||||||||||
Issuance of common stock from dividend reinvestment plan | 464 | — | 7,854 | — | — | — | 7,854 | ||||||||||||||||||||
Net investment income | — | — | — | 83,485,938 | — | — | 83,485,938 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | — | — | — | — | (11,540,457 | ) | (967,257 | ) | (12,507,714 | ) | |||||||||||||||||
General Partner incentive allocation | — | — | — | (16,697,188 | ) | — | — | (16,697,188 | ) | ||||||||||||||||||
Regular dividends paid to common shareholders | — | — | — | (61,425,414 | ) | — | — | (61,425,414 | ) | ||||||||||||||||||
Balance at September 30, 2017 | 58,792,364 | $ | 58,792 | $ | 1,038,026,254 | $ | 17,896,625 | $ | (146,500,724 | ) | $ | (32,083,980 | ) | $ | 877,396,967 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 54,281,036 | $ | 53,396,190 | |||
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash used in operating activities: | |||||||
Net realized loss | 11,540,457 | 3,992,952 | |||||
Change in net unrealized appreciation/depreciation of investments | 973,415 | 121,178 | |||||
Net amortization of investment discounts and premiums | (10,569,705 | ) | (9,263,325 | ) | |||
Amortization of original issue discount on convertible debt | 763,012 | 361,750 | |||||
Interest and dividend income paid in kind | (10,130,140 | ) | (5,209,391 | ) | |||
Amortization of deferred debt issuance costs | 2,646,451 | 1,947,472 | |||||
Accrued interest on convertible debt at conversion | — | 218,738 | |||||
Changes in assets and liabilities: | |||||||
Purchases of investment securities | (642,264,119 | ) | (374,607,255 | ) | |||
Proceeds from sales, maturities and pay downs of investments | 434,061,754 | 294,224,143 | |||||
Increase in accrued interest income - companies less than 5% owned | (1,809,544 | ) | (2,224,606 | ) | |||
Increase in accrued interest income - companies 5% to 25% owned | (1,284,273 | ) | (295,458 | ) | |||
Decrease in accrued interest income - companies more than 25% owned | 13,845 | 13,311 | |||||
Increase in receivable for investments sold | (13,414,257 | ) | (6,306,581 | ) | |||
Decrease (increase) in prepaid expenses and other assets | (2,978,344 | ) | 909,421 | ||||
Increase in payable for investments purchased | 73,196,164 | 2,725,929 | |||||
Increase (decrease) in incentive allocation payable | 796,712 | (74,596 | ) | ||||
Increase (decrease) in interest payable | (487,058 | ) | 1,608,964 | ||||
Increase in payable to the Advisor | 768,459 | 369,532 | |||||
Decrease in accrued expenses and other liabilities | (408,038 | ) | (540,927 | ) | |||
Net cash used in operating activities | (104,304,173 | ) | (38,632,559 | ) | |||
Financing activities | |||||||
Borrowings | 321,000,000 | 503,700,000 | |||||
Repayments of debt | (352,500,000 | ) | (503,500,000 | ) | |||
Payments of debt issuance costs | (2,652,000 | ) | (4,529,350 | ) | |||
Regular dividends paid to common shareholders | (61,425,414 | ) | (54,880,168 | ) | |||
Repurchase of common shares | — | (1,879,548 | ) | ||||
Proceeds from issuances of convertible debt | — | 170,000,000 | |||||
Proceeds from issuance of debt | 124,626,250 | — | |||||
Proceeds from shares issued in connection with dividend reinvestment plan | 7,854 | 7,147 | |||||
Proceeds from common shares sold, net of underwriting and offering costs | 93,597,500 | 34,958,570 | |||||
Net cash provided by financing activities | 122,654,190 | 143,876,651 | |||||
Net increase in cash and cash equivalents | 18,350,017 | 105,244,092 | |||||
Cash and cash equivalents at beginning of period | 53,579,868 | 35,629,435 | |||||
Cash and cash equivalents at end of period | $ | 71,929,885 | $ | 140,873,527 | |||
Supplemental cash flow information | |||||||
Interest payments | $ | 19,746,066 | $ | 12,768,481 | |||
Excise tax payments | $ | 528,603 | $ | 877,879 | |||
Non-cash transactions | |||||||
Conversion of convertible debt | $ | — | $ | 30,218,738 |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | 87,613 | |||||||
2 | Other direct and indirect observable market inputs * | 140,288,886 | 11,443,750 | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,239,716,175 | 71,846,156 | 63,217,780 | ||||||||||
3 | Advisor valuations with significant unobservable inputs | — | — | 2,150,127 | ||||||||||
$ | 1,380,005,061 | $ | 83,289,906 | $ | 65,455,520 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | ||||||
Bank Debt | $ | 1,116,767,255 | Income approach | Discount rate | 5.8% - 27.5% (11.9%) | |||||
66,626,635 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
22,867,951 | Market comparable companies | Revenue multiples | 0.4x - 2.9x (1.1x) | |||||||
33,454,334 | Market comparable companies | EBITDA multiples | 3.4x - 9.5x (6.9x) | |||||||
Other Corporate Debt | 56,724,406 | Market quotations | Indicative bid/ask quotes | 1 - 11 (7) | ||||||
5,853,750 | Market comparable companies | Revenue multiples | 2.0x (2.0x) | |||||||
9,268,000 | Market comparable companies | EBITDA multiples | 8.0x (8.0x) | |||||||
Equity | 7,557,538 | Income approach | Discount rate | 4.0% - 19.5% (7.1%) | ||||||
30,631,924 | Market quotations | Indicative bid/ask quotes | 1 (1) | |||||||
3,516,942 | Market comparable companies | Revenue multiples | 0.3x - 4.4x (2.1x) | |||||||
23,661,503 | Market comparable companies | EBITDA multiples | 3.4x - 18.0x (9.0x) | |||||||
$ | 1,376,930,238 |
Input | Impact to Value if Input Increases | Impact to Value if Input Decreases | ||
Discount rate | Decrease | Increase | ||
Revenue multiples | Increase | Decrease | ||
EBITDA multiples | Increase | Decrease |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,131,662,534 | $ | 95,645,627 | $ | 65,359,889 | |||||
Net realized and unrealized gains (losses) | (1,698,366 | ) | (2,413,331 | ) | (539,557 | ) | |||||
Acquisitions * | 219,258,618 | 10,349,086 | 11,837,810 | ||||||||
Dispositions | (109,506,611 | ) | (31,735,226 | ) | (13,440,362 | ) | |||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (1,940,418 | ) | $ | (2,413,332 | ) | $ | (2,625,120 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | — | $ | — | $ | 2,221,444 | |||||
Net realized and unrealized gains (losses) | — | — | (69,630 | ) | |||||||
Dispositions | — | — | (1,687 | ) | |||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (69,630 | ) |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,036,044,457 | $ | 101,934,853 | $ | 64,521,901 | |||||
Net realized and unrealized gains (losses) | (17,582,409 | ) | (3,758,757 | ) | 34,522 | ||||||
Acquisitions * | 559,544,251 | 25,582,996 | 28,384,223 | ||||||||
Dispositions | (307,732,609 | ) | (51,912,936 | ) | (27,845,217 | ) | |||||
Transfers out of Level 3 † | (30,557,515 | ) | — | — | |||||||
Reclassifications within Level 3 ‡ | — | — | (1,877,649 | ) | |||||||
Ending balance | $ | 1,239,716,175 | $ | 71,846,156 | $ | 63,217,780 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (9,121,109 | ) | $ | (3,393,578 | ) | $ | 819,830 |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of two investments that were transferred to Level 2 due to increased observable market activity |
‡ | Comprised of three investments that were reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 107,199 | $ | — | $ | 1,560,161 | |||||
Net realized and unrealized gains (losses) | 65,797 | — | (1,285,996 | ) | |||||||
Acquisitions * | (20,962 | ) | — | — | |||||||
Dispositions | (152,034 | ) | — | (1,687 | ) | ||||||
Reclassifications within Level 3 † | — | — | 1,877,649 | ||||||||
Ending balance | $ | — | $ | — | $ | 2,150,127 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | — | $ | — | $ | (1,285,996 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of three investments that were reclassified from Independent Third-Party Valuation |
Level | Basis for Determining Fair Value | Bank Debt | Other Corporate Debt | Equity Securities | ||||||||||
1 | Quoted prices in active markets for identical assets | $ | — | $ | — | $ | — | |||||||
2 | Other direct and indirect observable market inputs * | 89,800,173 | 21,001,126 | — | ||||||||||
3 | Independent third-party valuation sources that employ significant unobservable inputs | 1,036,044,457 | 101,934,853 | 64,521,901 | ||||||||||
3 | Advisor valuations with significant unobservable inputs | 107,199 | — | 1,560,161 | ||||||||||
Total | $ | 1,125,951,829 | $ | 122,935,979 | $ | 66,082,062 |
* | For example, quoted prices in inactive markets or quotes for comparable investments |
Asset Type | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Avg.) | ||||||
Bank Debt | $ | 847,311,244 | Income approach | Discount rate | 6.9% – 19.4% (12.1%) | |||||
136,116,277 | Market quotations | Indicative bid/ask quotes | 1 – 2 (1) | |||||||
24,851,412 | Market comparable companies | Revenue multiples | 0.4x – 2.6x (1.0x) | |||||||
27,872,723 | Market comparable companies | EBITDA multiples | 7.3x – 11.0x (8.4x) | |||||||
Other Corporate Debt | 88,163,213 | Market quotations | Indicative bid/ask quotes | 1(1) | ||||||
13,771,640 | Market comparable companies | EBITDA multiples | 7.6x – 7.8x (7.7x) | |||||||
Equity | 6,617,084 | Income approach | Discount rate | 7.3% – 26.2% (7.7%) | ||||||
41,442,919 | Market quotations | Indicative bid/ask quotes | 1(1) | |||||||
1,767,102 | Market comparable companies | Revenue multiples | 0.3x – 2.6x (1.6x) | |||||||
16,254,957 | Market comparable companies | EBITDA multiples | 5.0x – 11.0x (7.7x) | |||||||
$ | 1,204,168,571 |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 986,374,365 | $ | 108,247,783 | $ | 53,064,896 | |||||
Net realized and unrealized gains (losses) | 185,985 | 1,148,520 | (1,782,745 | ) | |||||||
Acquisitions * | 143,164,985 | 7,310,415 | 5,540,103 | ||||||||
Dispositions | (102,376,236 | ) | — | (3,007,459 | ) | ||||||
Transfers out of Level 3 † | — | (46,265,760 | ) | — | |||||||
Transfers into Level 3 ‡ | 6,502,839 | — | — | ||||||||
Reclassifications within Level 3 § | — | — | (320,682 | ) | |||||||
Ending balance | $ | 1,033,851,938 | $ | 70,440,958 | $ | 53,494,113 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | 2,587,265 | $ | 1,148,520 | $ | (1,782,745 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of two investments that transferred to Level 2 due to increased observable market activity |
‡ | Comprised of one investment that transferred from Level 2 due to reduced trading volumes |
§ | Comprised of one investment that reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 146,365 | $ | — | $ | 1,855,336 | |||||
Net realized and unrealized gains (losses) | 3,093 | — | (319,764 | ) | |||||||
Dispositions | — | — | (102,763 | ) | |||||||
Reclassifications within Level 3 * | — | — | 320,682 | ||||||||
Ending balance | $ | 149,458 | $ | — | $ | 1,753,491 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | 3,093 | $ | — | $ | (420,896 | ) |
* | Comprised of one investment that reclassified from Independent Third-Party Valuation |
Independent Third-Party Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 907,967,337 | $ | 89,314,530 | $ | 49,956,123 | |||||
Net realized and unrealized gains (losses) | 4,677,005 | (1,665,010 | ) | (5,662,544 | ) | ||||||
Acquisitions * | 324,878,794 | 23,280,718 | 19,764,729 | ||||||||
Dispositions | (249,281,514 | ) | — | (10,238,452 | ) | ||||||
Transfers out of Level 3 † | (5,492,400 | ) | (46,265,760 | ) | — | ||||||
Transfers into Level 3 ‡ | 51,102,716 | 5,776,480 | — | ||||||||
Reclassifications within Level 3 § | — | — | (325,743 | ) | |||||||
Ending balance | $ | 1,033,851,938 | $ | 70,440,958 | $ | 53,494,113 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | 7,944,054 | $ | (1,665,010 | ) | $ | (5,637,217 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of three investments that transferred to Level 2 due to increased observable market activity |
‡ | Comprised of six investments that transferred from Level 2 due to reduced trading volumes |
§ | Comprised of two investments that reclassified to Advisor Valuation |
Advisor Valuation | |||||||||||
Bank Debt | Other Corporate Debt | Equity Securities | |||||||||
Beginning balance | $ | 1,124,504 | $ | — | $ | 2,428,217 | |||||
Net realized and unrealized gains (losses) | (923,349 | ) | — | (582,896 | ) | ||||||
Acquisitions * | 1,050,297 | — | 243 | ||||||||
Dispositions | (1,101,994 | ) | — | (417,816 | ) | ||||||
Reclassifications within Level 3 † | — | — | 325,743 | ||||||||
Ending balance | $ | 149,458 | $ | — | $ | 1,753,491 | |||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ | (881,282 | ) | $ | — | $ | (999,280 | ) |
* | Includes payments received in kind and accretion of original issue and market discounts |
† | Comprised of two investments that reclassified from Independent Third-Party Valuation |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Cross currency basis swap | $ | — | $ | (470,202 | ) |
Instrument | Realized Gains (Losses) | Unrealized Gains (Losses) | ||||||
Put option | $ | — | $ | 460,972 | ||||
Cross currency basis swap | 2,746,072 | (3,229,442 | ) | |||||
Interest rate cap | (51,750 | ) | 51,750 |
September 30, 2017 | December 31, 2016 | ||||||
Unrealized appreciation | $ | 41,846,827 | $ | 33,945,996 | |||
Unrealized depreciation | (73,916,191 | ) | (65,041,945 | ) | |||
Net unrealized depreciation | $ | (32,069,364 | ) | $ | (31,095,949 | ) | |
Cost | $ | 1,560,349,649 | $ | 1,346,065,819 |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | 30,000,000 | $ | 86,000,000 | $ | 116,000,000 | |||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,893,357 | — | 106,893,357 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,266,488 | — | 137,266,488 | ||||||||||
2022 Notes ($125 million par) | 2022 | 4.125% | 124,635,706 | — | 124,635,706 | ||||||||||
TCPC Funding Facility | 2021 | L+2.50%‡ | 200,000,000 | 150,000,000 | 350,000,000 | ||||||||||
SBA Debentures | 2024−2027 | 2.57%§ | 75,000,000 | 75,000,000 | 150,000,000 | ||||||||||
Total leverage | 673,795,551 | $ | 311,000,000 | $ | 984,795,551 | ||||||||||
Unamortized issuance costs | (8,417,444 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 665,378,107 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† | Based on either LIBOR or the lender’s cost of funds, subject to certain limitations |
‡ | Or L+2.25% subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Facility | |||||||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | — | $ | 116,000,000 | $ | 116,000,000 | |||||||
Term Loan | 2018 | L+2.50%† | 100,500,000 | — | 100,500,000 | ||||||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,547,929 | — | 106,547,929 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 136,858,359 | — | 136,858,359 | ||||||||||
TCPC Funding Facility | 2020 | L+2.50%‡ | 175,000,000 | 175,000,000 | 350,000,000 | ||||||||||
SBA Debentures | 2024−2026 | 2.58%§ | 61,000,000 | 89,000,000 | 150,000,000 | ||||||||||
Total leverage | 579,906,288 | $ | 380,000,000 | $ | 959,906,288 | ||||||||||
Unamortized issuance costs | (8,247,426 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 571,658,862 |
* | Except for the convertible notes, all carrying values are the same as the principal amounts outstanding. |
† | Based on either LIBOR or the lender’s cost of funds, subject to certain limitations |
‡ | Or L+2.25% subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36% |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Interest expense | $ | 20,022,020 | $ | 14,739,195 | |||
Amortization of deferred debt issuance costs | 2,646,451 | 1,947,472 | |||||
Commitment fees | 1,195,229 | 891,192 | |||||
Total | $ | 23,863,700 | $ | 17,577,859 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||||||
Principal amount of debt | $ | 108,000,000 | $ | 140,000,000 | $ | 108,000,000 | $ | 140,000,000 | |||||||
Original issue discount, net of accretion | (1,106,643 | ) | (2,733,512 | ) | (1,452,071 | ) | (3,141,641 | ) | |||||||
Carrying value of debt | $ | 106,893,357 | $ | 137,266,488 | $ | 106,547,929 | $ | 136,858,359 |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
2019 Convertible Notes | 2022 Convertible Notes | 2019 Convertible Notes | 2022 Convertible Notes | ||||||||||||
Stated interest expense | $ | 4,252,500 | $ | 4,874,236 | $ | 4,252,500 | $ | 431,667 | |||||||
Amortization of original issue discount | 345,427 | 408,129 | 326,391 | $ | 35,359 | ||||||||||
Total interest expense | $ | 4,597,927 | $ | 5,282,365 | $ | 4,578,891 | $ | 467,026 |
September 30, 2017 | |||
Principal amount of debt | $ | 125,000,000 | |
Original issue discount, net of accretion | (364,294 | ) | |
Carrying value of debt | $ | 124,635,706 |
Nine Months Ended September 30, | |||
2017 | |||
Stated interest expense | $ | 716,146 | |
Amortization of original issue discount | 9,456 | ||
Total interest expense | $ | 725,602 |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
September 20, 2017 | September 1, 2027 | 14,000,000 | 2.52 | % | 0.36 | % | ||||||
$ | 75,000,000 | 2.57 | % | * |
* | Weighted-average interest rate |
Issuance Date | Maturity | Debenture Amount | Fixed Interest Rate | SBA Annual Charge | ||||||||
September 24, 2014 | September 1, 2024 | $ | 18,500,000 | 3.02 | % | 0.36 | % | |||||
March 25, 2015 | March 1, 2025 | 9,500,000 | 2.52 | % | 0.36 | % | ||||||
September 23, 2015 | September 1, 2025 | 10,800,000 | 2.83 | % | 0.36 | % | ||||||
March 23, 2016 | March 1, 2026 | 4,000,000 | 2.51 | % | 0.36 | % | ||||||
September 21, 2016 | September 1, 2026 | 18,200,000 | 2.05 | % | 0.36 | % | ||||||
$ | 61,000,000 | 2.58 | % | * |
* | Weighted-average interest rate |
Unfunded Balances | ||||||||||
Issuer | Maturity | September 30, 2017 | December 31, 2016 | |||||||
Alera Group Intermediate Holdings, Inc. | 12/30/2021 | $ | 708,333 | $ | 833,333 | |||||
Alera Group Intermediate Holdings, Inc. | 12/30/2022 | 759,546 | 759,547 | |||||||
Alpheus Communications, LLC | 5/31/2018 | 357,419 | 357,419 | |||||||
AP Gaming I, LLC | 12/20/2018 | N/A | 12,500,000 | |||||||
Applause App Quality, Inc. | 9/20/2022 | 1,509,820 | N/A | |||||||
Asset International, Inc. | 7/1/2021 | 1,325,721 | 1,325,721 | |||||||
Auto Trakk SPV, LLC | 12/21/2021 | 3,827,058 | 3,827,058 | |||||||
Bisnow, LLC | 4/29/2021 | 1,200,000 | 1,200,000 | |||||||
Caliber Home Loans, Inc. | 6/30/2020 | 4,444,444 | 6,666,667 | |||||||
Edmentum, Inc. | 6/9/2020 | 3,368,586 | 3,368,586 | |||||||
Enerwise Global Technologies, Inc. | 11/30/2017 | 4,000,000 | 4,000,000 | |||||||
Foursquare Labs, Inc. | 6/1/2020 | 3,750,000 | N/A | |||||||
GlassPoint Solar, Inc. | 8/1/2020 | 16,000,000 | N/A | |||||||
Hylan Datacom & Electrical, LLC | 7/25/2016 | N/A | 1,247,989 | |||||||
iGM RFE1 B.V. | 10/12/2021 | N/A | 855,935 | |||||||
InMobi, Inc. | 12/31/2019 | 8,299,181 | 7,500,000 | |||||||
Marketo, Inc. | 8/16/2021 | 1,704,545 | 1,704,545 | |||||||
Mesa Airlines, Inc. | 2/28/2022 | N/A | 9,268,182 | |||||||
Mesa Airlines, Inc. | 12/31/2022 | N/A | 9,731,591 | |||||||
Patient Point Network Solutions, LLC | 6/26/2022 | 440,474 | N/A | |||||||
Pegasus Business Intelligence, LP (Onyx Centersource) | 12/20/2021 | 581,841 | 671,356 | |||||||
Pulse Secure, LLC | 5/1/2022 | 1,342,516 | N/A | |||||||
RM OpCo, LLC (Real Mex) | 3/30/2018 | 188,903 | N/A | |||||||
Tradeshift Holdings, Inc. | 9/1/2020 | 9,941,115 | N/A | |||||||
VSS-Southern Holdings, LLC | 11/3/2020 | 856,164 | 856,164 | |||||||
Videology Tech Technologies, LLC | 1/10/2020 | 9,202,379 | N/A | |||||||
Xactly Corporation | 7/31/2022 | 1,405,501 | N/A | |||||||
Total Unfunded Balances | $ | 75,213,546 | $ | 66,674,093 |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 464 | $ | 16.93 | * | $ | 7,854 | ||||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 |
* | Weighted-average price per share |
Shares Issued | Price Per Share | Net Proceeds | |||||||
Shares issued from dividend reinvestment plan | 610 | $ | 15.83 | * | $ | 9,657 | |||
Shares issued from conversion of convertible debt † | 2,011,900 | 15.02 | — | ||||||
July 13, 2016 registered direct public offering | 2,336,552 | 15.09 | 34,958,570 |
* | Weighted-average price per share |
† | Shares issued in connection with the full conversion of the CNO Note |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 22, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 24, 2016 | March 17, 2016 | March 31, 2016 | Regular | $ | 0.36 | $ | 17,530,963 | |||||||
May 10, 2016 | June 16, 2016 | June 30, 2016 | Regular | 0.36 | 18,254,229 | |||||||||
August 9, 2016 | September 16, 2016 | September 30, 2016 | Regular | 0.36 | 19,094,976 | |||||||||
$ | 1.08 | $ | 54,880,168 |
Shares Repurchased | Price Per Share | Total Cost | |||||||
Company Repurchase Plan | 141,896 | $ | 13.25 | * | $ | 1,879,548 |
* | Weighted-average price per share |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net increase in net assets applicable to common shareholders resulting from operations | $ | 14,617,951 | $ | 20,740,803 | $ | 54,281,036 | $ | 53,396,190 | |||||||
Weighted average shares outstanding | 58,792,204 | 52,736,835 | 56,390,954 | 50,245,035 | |||||||||||
Earnings per share | $ | 0.25 | $ | 0.39 | $ | 0.96 | $ | 1.06 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Per Common Share | |||||||
Per share NAV at beginning of period | $ | 14.91 | $ | 14.78 | |||
Investment operations: | |||||||
Net investment income | 1.48 | 1.43 | |||||
Net realized and unrealized losses | (0.22 | ) | (0.08 | ) | |||
Incentive allocation reserve and distributions | (0.30 | ) | (0.29 | ) | |||
Total from investment operations | 0.96 | 1.06 | |||||
Issuance of common stock | 0.13 | 0.02 | |||||
Issuance of convertible debt | — | 0.06 | |||||
Distributions to common shareholders from: | |||||||
Net investment income | (1.08 | ) | (1.08 | ) | |||
Per share NAV at end of period | $ | 14.92 | $ | 14.84 | |||
Per share market price at end of period | $ | 16.49 | $ | 16.38 | |||
Total return based on market value (1), (2) | 4.0 | % | 25.3 | % | |||
Total return based on net asset value (1), (3) | 7.3 | % | 7.7 | % | |||
Shares outstanding at end of period | 58,792,364 | 53,041,751 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Ratios to average common equity: (4) | |||||||
Net investment income (5) | 11.1 | % | 10.2 | % | |||
Expenses | 7.1 | % | 6.6 | % | |||
Expenses and incentive allocation (6) | 9.1 | % | 8.5 | % | |||
Ending common shareholder equity | $ | 877,396,967 | $ | 787,107,542 | |||
Portfolio turnover rate | 31.1 | % | 23.8 | % | |||
Weighted-average leverage outstanding | $ | 599,740,024 | $ | 528,593,078 | |||
Weighted-average interest rate on leverage | 4.5 | % | 3.7 | % | |||
Weighted-average number of common shares | 56,390,954 | 50,245,035 | |||||
Average leverage per share | $ | 10.64 | $ | 10.52 |
(1) | Not annualized. |
(2) | Total return based on market value equals the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period. |
(3) | Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period. |
(4) | Annualized, except for incentive allocation. |
(5) | Net of incentive allocation. |
(6) | Includes incentive allocation payable to the General Partner and all Company expenses. |
Security | Dividends or Interest (2) | Fair Value at December 31, 2016 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions (3) | Dispositions (4) | Fair Value at September 30, 2017 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | — | $ | 6,818,897 | $ | — | $ | 2,362,761 | $ | 1,876,574 | $ | (1,612,852 | ) | $ | 9,445,380 | |||||||||||||
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 | 2,814,491 | 29,203,304 | — | — | 10,323,288 | (17,829,721 | ) | 21,696,871 | ||||||||||||||||||||
AGY Holding Corp., Common Stock | — | — | — | — | — | — | — | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 | 764,610 | 9,268,000 | — | — | — | — | 9,268,000 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 | 95,472 | 1,049,147 | — | (1 | ) | — | — | 1,049,146 | ||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 | 443,133 | 4,869,710 | — | (133 | ) | — | — | 4,869,577 | ||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,205,306 | — | 50,221 | — | — | 1,255,527 | |||||||||||||||||||||
Conergy Asia Holdings Limited, Class B Shares | 0 | 0 | — | 7,900 | 1,000,000 | 1,007,900 | ||||||||||||||||||||||
Conergy Asia Holdings Limited, Ordinary Shares | 0 | 0 | — | — | 7,833,333 | (6,005,729 | ) | 1,827,604 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,123,796 | 12,101,483 | — | (2,034,497 | ) | 1,106,331 | — | 11,173,317 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 190,177 | 2,846,246 | — | — | 187,429 | — | 3,033,675 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 78,261 | — | — | — | 3,368,589 | (3,368,589 | ) | — | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 1,123,591 | — | (1,121,996 | ) | — | — | 1,595 | ||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 210,035 | — | — | — | — | 210,035 | |||||||||||||||||||||
Essex Ocean II, LLC, Membership Units | — | 159,045 | — | (159,045 | ) | — | — | — | ||||||||||||||||||||
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 973,215 | 14,480,002 | — | (1,033,747 | ) | 373 | (37,320 | ) | 13,409,308 | |||||||||||||||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 | 91,711 | — | — | — | 1,900,733 | — | 1,900,733 | |||||||||||||||||||||
Iracore Investments Holdings, Inc., Class A Common Stock | — | — | — | (1,143,868 | ) | 4,177,710 | — | 3,033,842 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 4,607,246 | — | 6,414,295 | — | 11,021,541 | ||||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 | 1,614,803 | 21,276,653 | — | (771,618 | ) | 267,919 | (4,072,441 | ) | 16,700,513 | |||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 | 291,522 | 4,000,000 | — | — | 2,072,441 | — | 6,072,441 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | 1,395,350 | — | (1,395,340 | ) | 233 | — | 243 | ||||||||||||||||||||
RM Holdco, LLC, Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC, Membership Units | 94,458 | — | — | — | — | — | — | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 | 259,194 | 4,871,284 | — | — | 20,813 | — | 4,892,097 | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | 644,597 | 3,154,770 | — | (3,799,525 | ) | 644,755 | — | — | ||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 203,774 | 3,049,555 | — | (576,038 | ) | 203,055 | — | 2,676,572 | ||||||||||||||||||||
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 129,857 | 1,943,371 | — | (367,088 | ) | 129,400 | — | 1,705,683 | ||||||||||||||||||||
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 367,755 | 4,251,368 | — | — | 2,238,735 | — | 6,490,103 | |||||||||||||||||||||
United N659UA-767, LLC (N659UA) | 119,856 | 3,191,938 | — | 62,801 | (271,381 | ) | 2,983,358 | |||||||||||||||||||||
United N661UA-767, LLC (N661UA) | 103,515 | 3,266,101 | — | 78,880 | (287,722 | ) | 3,057,259 | |||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units | — | 1,530,000 | — | (1,529,500 | ) | — | — | 500 |
(1) | The issuers of the securities listed on this schedule are considered affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% or more of the issuers' voting securities. |
(2) | Also includes fee and lease income as applicable |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Security | Dividends or Interest(2) | Fair Value at December 31, 2015 | Net realized gain or loss | Net increase or decrease in unrealized appreciation or depreciation | Acquisitions(3) | Dispositions(4) | Fair Value at December 31, 2016 | |||||||||||||||||||||
36th Street Capital Partners Holdings, LLC, Membership Units | $ | — | $ | 225,000 | $ | — | $ | — | $ | 6,593,897 | $ | — | $ | 6,818,897 | ||||||||||||||
36th Street Capital Partners Holdings, LLC, Subordinated Promissory Note, 12%, due 11/1/20 | 1,921,851 | 900,000 | — | — | 28,303,304 | — | 29,203,304 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 | 1,019,480 | 9,268,000 | — | — | — | — | 9,268,000 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 | 20,074 | — | — | — | 1,049,147 | — | 1,049,147 | |||||||||||||||||||||
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 | 594,088 | 4,869,577 | — | — | 133 | — | 4,869,710 | |||||||||||||||||||||
Anacomp, Inc., Class A Common Stock | — | 1,581,964 | — | (376,658 | ) | — | — | 1,205,306 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 | 1,381,227 | 11,343,490 | — | (605,002 | ) | 1,362,995 | — | 12,101,483 | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 | 236,640 | 2,612,408 | — | — | 233,838 | — | 2,846,246 | |||||||||||||||||||||
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 | 51,210 | — | — | — | 2,762,241 | (2,762,241 | ) | — | ||||||||||||||||||||
Edmentum Ultimate Holdings, LLC, Class A Common Units | — | 680,218 | — | — | 443,373 | — | 1,123,591 | |||||||||||||||||||||
EPMC HoldCo, LLC, Membership Units | — | 682,614 | 417,445 | (472,579 | ) | 0 | (417,445 | ) | 210,035 | |||||||||||||||||||
Essex Ocean II, LLC, Membership Units | — | 200,686 | — | 54,390 | 0 | (96,031 | ) | 159,045 | ||||||||||||||||||||
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 | 1,316,646 | 14,256,233 | — | 371,555 | 1,493 | (149,279 | ) | 14,480,002 | ||||||||||||||||||||
KAGY Holding Company, Inc., Series A Preferred Stock | — | 6,118,515 | — | (1,511,269 | ) | 0 | — | 4,607,246 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 | 2,475,897 | 25,000,000 | — | — | (3,723,347 | ) | — | 21,276,653 | ||||||||||||||||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 | 93,425 | — | — | — | 4,000,000 | — | 4,000,000 | |||||||||||||||||||||
Kawa Solar Holdings Limited, Ordinary Shares | — | — | — | — | — | — | — | |||||||||||||||||||||
Kawa Solar Holdings Limited, Series B Preferred Shares | — | — | — | — | 1,395,350 | — | 1,395,350 | |||||||||||||||||||||
N659UA Aircraft Secured Mortgage, 12%, due 2/28/16 | 4,554 | 318,980 | — | (5,665 | ) | — | (313,315 | ) | — | |||||||||||||||||||
N661UA Aircraft Secured Mortgage, 12%, due 5/4/16 | 11,822 | 570,303 | — | (12,619 | ) | — | (557,684 | ) | — | |||||||||||||||||||
N913DL Aircraft Secured Mortgage, 8%, due 3/15/17 | 2,322 | 115,617 | — | (1,421 | ) | — | (114,196 | ) | — | |||||||||||||||||||
N918DL Aircraft Secured Mortgage, 8%, due 8/15/18 | 5,109 | 237,494 | — | (4,275 | ) | — | (233,219 | ) | — | |||||||||||||||||||
N954DL Aircraft Secured Mortgage, 8%, due 3/20/19 | 7,829 | 342,734 | — | (6,180 | ) | — | (336,554 | ) | — | |||||||||||||||||||
N955DL Aircraft Secured Mortgage, 8%, due 6/20/19 | 8,463 | 369,162 | — | (6,930 | ) | — | (362,232 | ) | — | |||||||||||||||||||
N956DL Aircraft Secured Mortgage, 8%, due 5/20/19 | 8,365 | 365,197 | — | (6,817 | ) | — | (358,380 | ) | — | |||||||||||||||||||
N957DL Aircraft Secured Mortgage, 8%, due 6/20/19 | 8,537 | 372,392 | — | (6,991 | ) | — | (365,401 | ) | — | |||||||||||||||||||
N959DL Aircraft Secured Mortgage, 8%, due 7/20/19 | 8,708 | 379,522 | — | (7,161 | ) | — | (372,361 | ) | — | |||||||||||||||||||
N960DL Aircraft Secured Mortgage, 8%, due 10/20/19 | 9,289 | 403,869 | — | (7,700 | ) | — | (396,169 | ) | — | |||||||||||||||||||
N961DL Aircraft Secured Mortgage, 8%, due 8/20/19 | 9,028 | 393,115 | — | (7,448 | ) | — | (385,667 | ) | — | |||||||||||||||||||
N976DL Aircraft Secured Mortgage, 8%, due 2/15/18 | 4,636 | 218,321 | — | (3,635 | ) | — | (214,686 | ) | — | |||||||||||||||||||
N913DL Equipment Trust Beneficial Interests | 491,371 | 107,501 | 211,982 | (23,336 | ) | — | (296,147 | ) | — | |||||||||||||||||||
N918DL Equipment Trust Beneficial Interests | 8,483 | 127,662 | 89,515 | (41,618 | ) | — | (175,559 | ) | — | |||||||||||||||||||
N954DL Equipment Trust Beneficial Interests | 8,743 | 77,850 | (17,833 | ) | 17,495 | — | (77,512 | ) | — | |||||||||||||||||||
N955DL Equipment Trust Beneficial Interests | 8,278 | 108,100 | (40,649 | ) | (16,055 | ) | — | (51,396 | ) | — | ||||||||||||||||||
N956DL Equipment Trust Beneficial Interests | 8,362 | 104,478 | (36,257 | ) | (12,484 | ) | — | (55,737 | ) | — | ||||||||||||||||||
N957DL Equipment Trust Beneficial Interests | 8,249 | 105,329 | (43,849 | ) | (12,913 | ) | — | (48,567 | ) | — | ||||||||||||||||||
N959DL Equipment Trust Beneficial Interests | 8,139 | 106,203 | (51,380 | ) | (13,363 | ) | — | (41,460 | ) | — | ||||||||||||||||||
N960DL Equipment Trust Beneficial Interests | 7,785 | 105,937 | (76,964 | ) | (11,434 | ) | — | (17,539 | ) | — | ||||||||||||||||||
N961DL Equipment Trust Beneficial Interests | 7,976 | 101,487 | (65,354 | ) | (7,469 | ) | — | (28,664 | ) | — | ||||||||||||||||||
N976DL Equipment Trust Beneficial Interests | 8,635 | 100,793 | 110,531 | (12,825 | ) | — | (198,499 | ) | — | |||||||||||||||||||
RM Holdco, LLC, Equity Participation | — | — | — | — | — | — | — | |||||||||||||||||||||
RM Holdco, LLC, Membership Units | 251,887 | — | — | — | — | — | — | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 | 328,902 | 3,719,155 | — | 281,896 | 870,233 | — | 4,871,284 | |||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 | 804,739 | 4,490,993 | — | (2,135,114 | ) | 798,891 | — | 3,154,770 | ||||||||||||||||||||
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 253,440 | 2,797,956 | — | — | 251,599 | — | 3,049,555 | |||||||||||||||||||||
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 | 165,193 | 1,783,036 | — | (3,685 | ) | 164,020 | — | 1,943,371 | ||||||||||||||||||||
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 | 248,959 | 2,188,233 | — | — | 2,063,135 | — | 4,251,368 | |||||||||||||||||||||
United N659UA-767, LLC (N659UA) | 456,168 | 3,368,599 | — | (284,572 | ) | — | 107,911 | 3,191,938 | ||||||||||||||||||||
United N661UA-767, LLC (N661UA) | 549,091 | 3,294,024 | — | (341,679 | ) | — | 313,756 | 3,266,101 | ||||||||||||||||||||
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units | — | 4,198,500 | — | (2,668,500 | ) | — | — | 1,530,000 |
(1) | The issuers of the securities listed on this schedule are considered affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% or more of the issuers’ voting securities. |
(2) | Also includes fee and lease income as applicable. |
(3) | Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. |
(4) | Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation. |
Investment | Acquisition Date | |
Actifio, Inc., Warrants to Purchase Series F Preferred Stock | 5/5/17 | |
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 10%, due 10/1/21 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 10%, due 10/1/21 | 1/26/17 | |
Avanti Communications Group, PLC (144A), Senior Secured Third-Priority Note, 12%, due 10/1/23 | 1/26/17 | |
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19 | 10/19/12 | |
Epic Aero, Inc. (One Sky), Warrants to Purchase Common Stock | 12/4/13 | |
Findly Talent, LLC, Membership Units | 1/1/14 | |
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock | 5/4/17 | |
Fuse Media, LLC, Warrants to Purchase Common Stock | 8/3/12 | |
GACP I, LP, Membership Units | 10/1/15 | |
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock | 2/7/17 | |
Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/22 | 6/9/16 | |
Green Biologics, Inc., Convertible Note, 10% PIK, due 6/30/19 | 7/12/17 | |
Green Biologics, Inc., Warrants to Purchase Stock | 12/22/14 | |
InMobi, Inc., Warrants to Purchase Common Stock | 8/22/17 | |
InMobi, Inc., Warrants to Purchase Series E Preferred Stock | 9/18/15 | |
Lions Holdings, Inc., (BPA), Series A Warrants to Purchase Common Stock | 7/14/17 | |
Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock | 7/14/17 | |
Nanosys, Inc., Warrants to Purchase Common Stock | 3/29/16 | |
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units | 10/17/16 | |
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units | 10/17/16 | |
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units | 10/17/16 | |
NEXTracker, Inc., Series B Preferred Stock | 12/17/14 | |
NEXTracker, Inc., Series C Preferred Stock | 6/12/15 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock | 3/9/17 | |
Utilidata, Inc., Warrants to Purchase Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 |
Investment | Acquisition Date | |
Avanti Communications Group, PLC, Senior Secured Notes, 10%, due 10/1/19 | 9/26/13 | |
BlackLine Intermediate, Inc., Warrants to Purchase Common Stock | 9/25/13 | |
Boomerang Tube Holdings, Inc., Common Stock | 2/2/16 | |
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19 | 10/19/12 | |
Epic Aero, Inc. (One Sky), Warrants to Purchase Common Stock | 12/4/13 | |
Findly Talent, LLC, Membership Units | 1/1/14 | |
Fuse Media, LLC, Warrants to Purchase Common Stock | 8/3/12 | |
Fuse, LLC, Senior Secured Notes, 10.375%, due 7/1/19 | 6/18/14 | |
GACP I, LP, Membership Units | 10/1/15 | |
Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/22 | 6/9/16 | |
Green Biologics, Inc., Warrants to Purchase Stock | 12/22/14 | |
InMobi, Inc., Warrants to Purchase Stock | 9/18/15 | |
Integra Telecom, Inc., Common Stock | 11/19/09 | |
Integra Telecom, Inc., Warrants | 11/19/09 | |
Iracore International, Inc., Senior Secured Notes, 9.5%, due 6/1/18 | 5/8/13 | |
Magnolia Finance V plc, Asset-Backed Credit Linked Notes, 13.125%, due 8/2/21 | 8/1/13 | |
Marsico Holdings, LLC, Common Interest Units | 9/10/12 | |
Nanosys, Inc., Warrants to Purchase Common Stock | 3/29/16 | |
NEG Parent, LLC, Class A Units | 10/17/16 | |
NEG Parent, LLC, Class A Warrants to Purchase Class A Units | 10/17/16 | |
NEG Parent, LLC, Class B Warrants to Purchase Class A Units | 10/17/16 | |
NEG Parent, LLC, Class P Units | 10/17/16 | |
NEXTracker, Inc., Series B Preferred Stock | 12/17/14 | |
NEXTracker, Inc., Series C Preferred Stock | 6/12/15 | |
Rightside Group, Ltd., Warrants | 8/6/14 | |
Shop Holding, LLC (Connexity), Class A Units | 6/2/11 | |
Soasta, Inc., Warrants to Purchase Series F Preferred Stock | 3/4/16 | |
Soraa, Inc., Warrants to Purchase Common Stock | 8/29/14 | |
SoundCloud, Ltd., Warrants to Purchase Preferred Stock | 4/30/15 | |
STG-Fairway Holdings, LLC (First Advantage), Class A Units | 12/30/10 | |
Trade Finance Funding I, Ltd., Secured Class B Notes, 10.75%, due 11/13/18 | 11/13/13 | |
Utilidata, Inc., Warrants to Purchase Stock | 12/22/15 | |
V Telecom Investment S.C.A. (Vivacom), Common Shares | 11/9/12 | |
Waterfall International, Inc., Series B Preferred Stock | 9/16/15 | |
Waterfall International, Inc., Warrants to Purchase Stock | 9/16/15 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Assets | |||||||||||||||
Investments, at fair value: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 1,389,967,667 | $ | — | $ | 1,389,967,667 | |||||||
Companies 5% to 25% owned | — | 74,735,725 | — | 74,735,725 | |||||||||||
Companies more than 25% owned | — | 64,047,095 | — | 64,047,095 | |||||||||||
Investment in subsidiary | 1,243,969,860 | — | (1,243,969,860 | ) | — | ||||||||||
Total investments | 1,243,969,860 | 1,528,750,487 | (1,243,969,860 | ) | 1,528,750,487 | ||||||||||
Cash and cash equivalents | — | 71,929,885 | — | 71,929,885 | |||||||||||
Accrued interest income | — | 19,850,090 | — | 19,850,090 | |||||||||||
Receivable for investments sold | — | 13,414,257 | — | 13,414,257 | |||||||||||
Deferred debt issuance costs | — | 3,664,315 | — | 3,664,315 | |||||||||||
Prepaid expenses and other assets | 512,789 | 3,993,300 | — | 4,506,089 | |||||||||||
Total assets | 1,244,482,649 | 1,641,602,334 | (1,243,969,860 | ) | 1,642,115,123 | ||||||||||
Liabilities | |||||||||||||||
Debt, net of unamortized issuance costs | 363,128,121 | 302,249,986 | — | 665,378,107 | |||||||||||
Payable for investment securities purchased | — | 85,545,089 | — | 85,545,089 | |||||||||||
Incentive allocation payable | — | 5,513,546 | — | 5,513,546 | |||||||||||
Interest payable | 2,921,146 | 1,605,509 | — | 4,526,655 | |||||||||||
Payable to the Advisor | 424,942 | 669,307 | — | 1,094,249 | |||||||||||
Unrealized depreciation on swaps | — | 470,202 | — | 470,202 | |||||||||||
Accrued expenses and other liabilities | 611,473 | 1,578,835 | — | 2,190,308 | |||||||||||
Total liabilities | 367,085,682 | 397,632,474 | — | 764,718,156 | |||||||||||
Net assets | $ | 877,396,967 | $ | 1,243,969,860 | $ | (1,243,969,860 | ) | $ | 877,396,967 | ||||||
Composition of net assets | |||||||||||||||
Common stock | $ | 58,792 | $ | — | $ | — | $ | 58,792 | |||||||
Additional paid-in capital | 1,038,026,254 | 1,273,621,817 | (1,273,621,817 | ) | 1,038,026,254 | ||||||||||
Accumulated deficit | (160,688,079 | ) | (29,651,957 | ) | 29,651,957 | (160,688,079 | ) | ||||||||
Net assets | $ | 877,396,967 | $ | 1,243,969,860 | $ | (1,243,969,860 | ) | $ | 877,396,967 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Assets | |||||||||||||||
Investments, at fair value: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 1,175,097,468 | $ | — | $ | 1,175,097,468 | |||||||
Companies 5% to 25% owned | — | 69,355,808 | — | 69,355,808 | |||||||||||
Companies more than 25% owned | — | 70,516,594 | — | 70,516,594 | |||||||||||
Investment in subsidiary | 1,031,709,637 | — | (1,031,709,637 | ) | — | ||||||||||
Total investments | 1,031,709,637 | 1,314,969,870 | (1,031,709,637 | ) | 1,314,969,870 | ||||||||||
Cash and cash equivalents | — | 53,579,868 | — | 53,579,868 | |||||||||||
Accrued interest income | — | 13,692,194 | — | 13,692,194 | |||||||||||
Deferred debt issuance costs | — | 3,828,784 | — | 3,828,784 | |||||||||||
Prepaid expenses and other assets | 371,466 | 1,156,279 | — | 1,527,745 | |||||||||||
Total assets | 1,032,081,103 | 1,387,226,995 | (1,031,709,637 | ) | 1,387,598,461 | ||||||||||
Liabilities | |||||||||||||||
Debt, net of unamortized issuance costs | 237,871,436 | 333,787,426 | — | 571,658,862 | |||||||||||
Payable for investment securities purchased | — | 12,348,925 | — | 12,348,925 | |||||||||||
Interest payable | 2,298,333 | 2,715,380 | — | 5,013,713 | |||||||||||
Incentive allocation payable | — | 4,716,834 | — | 4,716,834 | |||||||||||
Payable to the Advisor | — | 325,790 | — | 325,790 | |||||||||||
Accrued expenses and other liabilities | 975,343 | 1,623,003 | — | 2,598,346 | |||||||||||
Total liabilities | 241,145,112 | 355,517,358 | — | 596,662,470 | |||||||||||
Net assets | $ | 790,935,991 | $ | 1,031,709,637 | $ | (1,031,709,637 | ) | $ | 790,935,991 | ||||||
Composition of net assets | |||||||||||||||
Common stock | $ | 53,042 | $ | — | $ | — | $ | 53,042 | |||||||
Additional paid-in capital | 944,426,650 | 1,180,024,317 | (1,180,024,317 | ) | 944,426,650 | ||||||||||
Accumulated deficit | (153,543,701 | ) | (148,314,680 | ) | 148,314,680 | (153,543,701 | ) | ||||||||
Net assets | $ | 790,935,991 | $ | 1,031,709,637 | $ | (1,031,709,637 | ) | $ | 790,935,991 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 117,016,921 | $ | — | $ | 117,016,921 | |||||||
Companies 5% to 25% owned | — | 5,365,553 | — | 5,365,553 | |||||||||||
Companies more than 25% owned | — | 4,720,816 | — | 4,720,816 | |||||||||||
Dividend income: | |||||||||||||||
Companies less than 5% owned | — | 16,627 | — | 16,627 | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | — | 223,370 | — | 223,370 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | — | 1,424,831 | — | 1,424,831 | |||||||||||
Companies 5% to 25% owned | — | 94,458 | — | 94,458 | |||||||||||
Total investment income | — | 128,862,576 | — | 128,862,576 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 11,710,817 | 12,152,883 | — | 23,863,700 | |||||||||||
Management and advisory fees | — | 15,624,277 | — | 15,624,277 | |||||||||||
Administration expenses | — | 1,730,638 | — | 1,730,638 | |||||||||||
Legal fees, professional fees and due diligence expenses | 434,665 | 692,722 | — | 1,127,387 | |||||||||||
Director fees | 140,292 | 281,816 | — | 422,108 | |||||||||||
Insurance expense | 109,058 | 218,667 | — | 327,725 | |||||||||||
Custody fees | 2,626 | 241,801 | — | 244,427 | |||||||||||
Other operating expenses | 729,707 | 1,306,669 | — | 2,036,376 | |||||||||||
Total operating expenses | 13,127,165 | 32,249,473 | — | 45,376,638 | |||||||||||
Net investment income (loss) | (13,127,165 | ) | 96,613,103 | — | 83,485,938 | ||||||||||
Net realized and unrealized loss on investments and foreign currency | |||||||||||||||
Net realized loss: | |||||||||||||||
Investments in companies less than 5% owned | — | (11,540,457 | ) | — | (11,540,457 | ) | |||||||||
Net realized loss | — | (11,540,457 | ) | — | (11,540,457 | ) | |||||||||
Change in net unrealized appreciation/depreciation | — | (967,257 | ) | — | (967,257 | ) | |||||||||
Net realized and unrealized loss | — | (12,507,714 | ) | — | (12,507,714 | ) | |||||||||
Net increase (decrease) in net assets from operations | (13,127,165 | ) | 84,105,389 | — | 70,978,224 | ||||||||||
Interest in earnings of subsidiary | 67,408,201 | — | (67,408,201 | ) | — | ||||||||||
Distributions of incentive allocation to the General Partner from net investment income | — | — | (16,697,188 | ) | (16,697,188 | ) | |||||||||
Net increase in net assets applicable to common equityholders resulting from operations | $ | 54,281,036 | $ | 84,105,389 | $ | (84,105,389 | ) | $ | 54,281,036 |
TCP Capital Corp. Standalone | Special Value Continuation Partners, LP Consolidated | Eliminations | TCP Capital Corp. Consolidated | ||||||||||||
Investment income | |||||||||||||||
Interest income: | |||||||||||||||
Companies less than 5% owned | $ | — | $ | 99,016,633 | $ | — | $ | 99,016,633 | |||||||
Companies 5% to 25% owned | — | 4,982,075 | — | 4,982,075 | |||||||||||
Companies more than 25% owned | — | 1,915,981 | — | 1,915,981 | |||||||||||
Lease income: | |||||||||||||||
Companies more than 25% owned | — | 1,496,869 | — | 1,496,869 | |||||||||||
Other income: | |||||||||||||||
Companies less than 5% owned | — | 1,241,885 | — | 1,241,885 | |||||||||||
Total investment income | — | 108,653,443 | — | 108,653,443 | |||||||||||
Operating expenses | |||||||||||||||
Interest and other debt expenses | 5,819,334 | 11,758,525 | — | 17,577,859 | |||||||||||
Management and advisory fees | — | 13,976,545 | — | 13,976,545 | |||||||||||
Legal fees, professional fees and due diligence expenses | 973,172 | 811,002 | — | 1,784,174 | |||||||||||
Administration expenses | — | 1,267,815 | — | 1,267,815 | |||||||||||
Director fees | 97,295 | 198,191 | — | 295,486 | |||||||||||
Insurance expense | 90,345 | 190,230 | — | 280,575 | |||||||||||
Custody fees | 2,625 | 229,221 | — | 231,846 | |||||||||||
Other operating expenses | 708,438 | 861,548 | — | 1,569,986 | |||||||||||
Total expenses | 7,691,209 | 29,293,077 | — | 36,984,286 | |||||||||||
Net investment income (loss) | (7,691,209 | ) | 79,360,366 | — | 71,669,157 | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency | |||||||||||||||
Net realized gain (loss): | |||||||||||||||
Investments in companies less than 5% owned | — | (4,490,140 | ) | — | (4,490,140 | ) | |||||||||
Investments in companies 5% to 25% owned | — | 417,446 | — | 417,446 | |||||||||||
Investments in companies more than 25% owned | — | 79,742 | — | 79,742 | |||||||||||
Net realized loss | — | (3,992,952 | ) | — | (3,992,952 | ) | |||||||||
Change in net unrealized appreciation/depreciation | — | 53,816 | — | 53,816 | |||||||||||
Net realized and unrealized loss | — | (3,939,136 | ) | — | (3,939,136 | ) | |||||||||
Net increase (decrease) in net assets from operations | (7,691,209 | ) | 75,421,230 | — | 67,730,021 | ||||||||||
Interest in earnings of subsidiary | 61,087,399 | — | (61,087,399 | ) | — | ||||||||||
Distributions of incentive allocation to the General Partner from net investment income | — | — | (14,333,831 | ) | (14,333,831 | ) | |||||||||
Net increase in net assets applicable to common equityholders resulting from operations | $ | 53,396,190 | $ | 75,421,230 | $ | (75,421,230 | ) | $ | 53,396,190 |
• | our, or our portfolio companies’, future business, operations, operating results or prospects; |
• | the return or impact of current and future investments; |
• | the impact of a protracted decline in the liquidity of credit markets on our business; |
• | the impact of fluctuations in interest rates on our business; |
• | the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies; |
• | our contractual arrangements and relationships with third parties; |
• | the general economy and its impact on the industries in which we invest; |
• | the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; |
• | our expected financings and investments; |
• | the adequacy of our financing resources and working capital; |
• | the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; |
• | the timing of cash flows, if any, from the operations of our portfolio companies; |
• | the timing, form and amount of any dividend distributions; and |
• | our ability to maintain our qualification as a regulated investment company and as a business development company. |
• | our organization; |
• | calculating our net asset value (including the cost and expenses of any independent valuation firms); |
• | interest payable on debt, if any, incurred to finance our investments; |
• | costs of future offerings of our common stock and other securities, if any; |
• | the base management fee and any incentive compensation; |
• | dividends and distributions on our preferred shares, if any, and common shares; |
• | administration fees payable under the administration agreement; |
• | fees payable to third parties relating to, or associated with, making investments; |
• | transfer agent and custodial fees; |
• | registration fees; |
• | listing fees; |
• | taxes; |
• | director fees and expenses; |
• | costs of preparing and filing reports or other documents with the SEC; |
• | costs of any reports, proxy statements or other notices to our stockholders, including printing costs; |
• | our fidelity bond; |
• | directors and officers/errors and omissions liability insurance, and any other insurance premiums; |
• | indemnification payments; |
• | direct costs and expenses of administration, including audit and legal costs; and |
• | all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs. |
• | The investment professionals of the Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors. |
• | Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor. |
• | The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Advisor in good faith in accordance with our valuation policy without the employment of an independent valuation firm. |
• | The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments in our portfolio in good faith based on the input of the Advisor, the respective independent valuation firms (to the extent applicable) and the audit committee of the board of directors. |
Industry | Percent of Total Investments | ||
Software Publishing | 16.4 | % | |
Computer Systems Design and Related Services | 8.6 | % | |
Data Processing and Hosting Services | 5.2 | % | |
Credit (Nondepository) | 5.1 | % | |
Air Transportation | 3.6 | % | |
Advertising, Public Relations and Marketing | 3.6 | % | |
Business Support Services | 3.5 | % | |
Lessors of Nonfinancial Licenses | 3.2 | % | |
Management, Scientific, and Technical Consulting Services | 3.1 | % | |
Hospitals | 2.9 | % | |
Pharmaceuticals | 2.8 | % | |
Scientific Research and Development Services | 2.7 | % | |
Credit Related Activities | 2.6 | % | |
Chemicals | 2.5 | % | |
Other Real Estate Activities | 2.5 | % | |
Insurance | 2.4 | % | |
Equipment Leasing | 2.0 | % | |
Other Telecommunications | 2.0 | % | |
Utility System Construction | 1.9 | % | |
Other Information Services | 1.9 | % | |
Other Publishing | 1.9 | % | |
Textile Furnishings Mills | 1.8 | % | |
Other Manufacturing | 1.7 | % | |
Amusement and Recreation | 1.6 | % | |
Wholesalers | 1.4 | % | |
Real Estate Leasing | 1.2 | % | |
Apparel Manufacturing | 1.2 | % | |
Financial Investment Activities | 1.1 | % | |
Restaurants | 1.0 | % | |
Retail | 1.0 | % | |
Educational Support Services | 0.9 | % | |
Building Equipment Contractors | 0.9 | % | |
Communications Equipment Manufacturing | 0.9 | % | |
Other | 4.9 | % | |
Total | 100.0 | % |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 464 | $ | 16.93 | * | $ | 7,854 | ||||
April 25, 2017 public offering | 5,750,000 | 16.84 | 93,597,500 |
* | Weighted-average price per share. |
Shares Issued | Price Per Share | Net Proceeds | ||||||||
Shares issued from dividend reinvestment plan | 610 | $ | 15.83 | * | $ | 9,657 | ||||
Shares issued from conversion of convertible debt † | 2,011,900 | 15.02 | — | |||||||
July 13, 2016 registered direct public offering | 2,336,552 | 15.09 | 34,958,570 |
* | Weighted-average price per share. |
† | On April 18, 2016, the Company issued $30.0 million in aggregate principal amount of a 5.25% convertible senior unsecured note due 2021 to CNO Financial Investments Corp. (the “CNO Note”). On June 7, 2016, the Company issued 2,011,900 shares of its common stock pursuant to the full conversion, at the holder’s option, of the $30.0 million in aggregate principal amount (plus accrued interest) of the CNO Note. The CNO Note was converted at a price of $15.02 per share of common stock. No placement agent or underwriting fees were incurred in connection with the issuance or the conversion of the CNO Note. |
Maturity | Rate | Carrying Value* | Available | Total Capacity | |||||||||||
SVCP Revolver | 2018 | L+2.50%† | $ | 30,000,000 | $ | 86,000,000 | $ | 116,000,000 | |||||||
2019 Convertible Notes ($108 million par) | 2019 | 5.25% | 106,893,357 | — | 106,893,357 | ||||||||||
2022 Convertible Notes ($140 million par) | 2022 | 4.625% | 137,266,488 | — | 137,266,488 | ||||||||||
2022 Notes ($125 million par) | 2022 | 4.125% | 124,635,706 | — | 124,635,706 | ||||||||||
TCPC Funding Facility | 2021 | L+2.50%‡ | 200,000,000 | 150,000,000 | 350,000,000 | ||||||||||
SBA Debentures | 2024−2027 | 2.57%§ | 75,000,000 | 75,000,000 | 150,000,000 | ||||||||||
Total leverage | 673,795,551 | $ | 311,000,000 | $ | 984,795,551 | ||||||||||
Unamortized issuance costs | (8,417,444 | ) | |||||||||||||
Debt, net of unamortized issuance costs | $ | 665,378,107 |
* | Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding. |
† | Based on either LIBOR or the lender’s cost of funds, subject to certain limitations |
‡ | Or L+2.25% subject to certain funding requirements |
§ | Weighted-average interest rate, excluding fees of 0.36%. |
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 22, 2017 | March 17, 2017 | March 31, 2017 | Regular | $ | 0.36 | $ | 19,095,084 | |||||||
May 9, 2017 | June 16, 2017 | June 30, 2017 | Regular | 0.36 | 21,165,137 | |||||||||
August 3, 2017 | September 15, 2017 | September 29, 2017 | Regular | 0.36 | 21,165,193 | |||||||||
$ | 1.08 | $ | 61,425,414 | |||||||||||
Date Declared | Record Date | Payment Date | Type | Amount Per Share | Total Amount | |||||||||
February 24, 2016 | March 17, 2016 | March 31, 2016 | Regular | $ | 0.36 | $ | 17,530,963 | |||||||
May 10, 2016 | June 16, 2016 | June 30, 2016 | Regular | 0.36 | 18,254,229 | |||||||||
August 9, 2016 | September 16, 2016 | September 30, 2016 | Regular | 0.36 | 19,094,976 | |||||||||
$ | 1.08 | $ | 54,880,168 |
2017 | 2016 | ||||||
Shares Issued | 464 | 311 | |||||
Average Price Per Share | $ | 16.93 | $ | 15.08 | |||
Proceeds | $ | 7,854 | $ | 4,691 |
• | 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year; |
• | 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and |
• | certain undistributed amounts from previous years on which we paid no U.S. federal income tax. |
• | Each of the Holding Company, the Operating Company, TCPC Funding, and the SBIC has entered into an investment management agreement with the Advisor. |
• | The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. |
• | We have entered into a royalty-free license agreement with the Advisor, pursuant to which the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name “TCP.” |
• | Pursuant to its limited partnership agreement, the general partner of the Operating Company is Series H of SVOF/MM, LLC. SVOF/MM, LLC is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor. |
Basis Point Change | Interest income | Interest Expense | Net Investment Income | |||||||||
Up 300 basis points | $ | 45,988,135 | $ | (9,150,000 | ) | $ | 36,838,135 | |||||
Up 200 basis points | 32,119,293 | (6,100,000 | ) | 26,019,293 | ||||||||
Up 100 basis points | 18,250,452 | (3,050,000 | ) | 15,200,452 | ||||||||
Down 100 basis points | (7,085,379 | ) | 3,050,000 | (4,035,379 | ) | |||||||
Down 200 basis points | (8,033,856 | ) | 4,036,065 | (3,997,791 | ) | |||||||
Down 300 basis points | (8,033,856 | ) | 4,036,065 | (3,997,791 | ) |
Number | Description | |
3.1 | ||
3.2 | ||
31.1 | ||
31.2 | ||
32.1 |
(1) | Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011 |
(2) | Incorporated by reference to Exhibit (b)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011 |
Date: November 7, 2017 | ||
By: | /s/ Howard M. Levkowitz | |
Name: | Howard M. Levkowitz | |
Title: | Chief Executive Officer | |
Date: November 7, 2017 | ||
By: | /s/ Paul L. Davis | |
Name: | Paul L. Davis | |
Title: | Chief Financial Officer |
Dated: November 7, 2017 |
/s/ Howard M. Levkowitz |
Howard M. Levkowitz |
Chief Executive Officer |
(Principal Executive Officer) |
Dated: November 7, 2017 |
/s/ Paul L. Davis |
Paul L. Davis |
Chief Financial Officer |
(Principal Financial Officer) |
Dated: November 7, 2017 |
/s/ Howard M. Levkowitz |
Howard M. Levkowitz |
Chief Executive Officer |
(Principal Executive Officer) |
Dated: November 7, 2017 |
/s/ Paul L. Davis |
Paul L. Davis |
Chief Financial Officer |
(Principal Financial Officer) |