Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 103.63%: (C) | |||||||||||||||||||||||
1WorldSync, Inc. | |||||||||||||||||||||||
A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network. | |||||||||||||||||||||||
8.81% Term Loan due 06/24/2025 (LIBOR + 5.750%) | $ | 2,415,430 | * | $ | 2,391,020 | $ | 2,415,431 | ||||||||||||||||
* 07/01/19 and 12/09/20. | |||||||||||||||||||||||
Accelerate Learning | |||||||||||||||||||||||
A provider of standards-based, digital science education content of K-12 schools. | |||||||||||||||||||||||
7.81% Term Loan due 12/31/2024 (LIBOR + 5.000%) | $ | 974,753 | 12/19/18 | 967,541 | 961,739 | ||||||||||||||||||
7.81% Term Loan due 12/20/2024 (LIBOR + 5.000%) | $ | 744,620 | 09/30/21 | 734,350 | 734,678 | ||||||||||||||||||
1,701,891 | 1,696,417 | ||||||||||||||||||||||
Accurus Aerospace | |||||||||||||||||||||||
A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | |||||||||||||||||||||||
7.72% First Term Loan due 03/31/2028 (LIBOR + 5.750%) (G) | $ | 492,424 | 04/05/22 | 424,661 | 425,253 | ||||||||||||||||||
Limited Liability Company Unit (B) | 8,752 uts. | 10/14/21 | 8,752 | 8,796 | |||||||||||||||||||
433,413 | 434,049 | ||||||||||||||||||||||
Advanced Manufacturing Enterprises LLC | |||||||||||||||||||||||
A designer and manufacturer of large, custom gearing products for a number of critical customer applications. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 1,945 uts. | * | 207,911 | — | |||||||||||||||||||
* 12/07/12, 07/11/13 and 06/30/15. | |||||||||||||||||||||||
Advantage Software | |||||||||||||||||||||||
A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | |||||||||||||||||||||||
Limited Liability Company Unit Class A (B) (F) | 766 uts. | 10/01/21 | 24,353 | 69,515 | |||||||||||||||||||
Limited Liability Company Unit Class A (B) (F) | 197 uts. | 10/01/21 | 6,320 | 17,929 | |||||||||||||||||||
Limited Liability Company Unit Class B (B) (F) | 766 uts. | 10/01/21 | 784 | — | |||||||||||||||||||
Limited Liability Company Unit Class B (B) (F) | 197 uts. | 10/01/21 | 202 | — | |||||||||||||||||||
31,659 | 87,444 | ||||||||||||||||||||||
AIT Worldwide Logistics, Inc. | |||||||||||||||||||||||
A provider of domestic and international third-party logistics services. | |||||||||||||||||||||||
11.17% Second Lien Term Loan due 03/31/2029 (LIBOR + 7.500%) | $ | 1,669,355 | 04/06/21 | 1,638,774 | 1,640,941 | ||||||||||||||||||
Limited Liability Company Unit (B) | 56 uts. | 04/06/21 | 55,645 | 125,649 | |||||||||||||||||||
1,694,419 | 1,766,590 | ||||||||||||||||||||||
AMS Holding LLC | |||||||||||||||||||||||
A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches. | |||||||||||||||||||||||
Limited Liability Company Unit Class A Preferred (B) (F) | 114 uts. | 10/04/12 | 113,636 | 239,996 | |||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Amtech Software | |||||||||||||||||||||||
A provider of enterprise resource planning software and technology solutions for packaging manufacturers. | |||||||||||||||||||||||
8.06% First Lien Term Loan due 11/02/2027 (LIBOR + 5.500%) (G) | $ | 995,909 | 11/02/21 | $ | 542,655 | $ | 545,677 | ||||||||||||||||
ASC Communications, LLC (Becker's Healthcare) | |||||||||||||||||||||||
An operator of trade shows and controlled circulation publications targeting the healthcare market. | |||||||||||||||||||||||
8.05% Term Loan due 07/15/2027 (LIBOR + 5.000%) | $ | 476,524 | 07/15/22 | 446,516 | 446,188 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 535 uts. | 07/15/22 | 11,221 | 11,220 | |||||||||||||||||||
457,737 | 457,408 | ||||||||||||||||||||||
ASC Holdings, Inc. | |||||||||||||||||||||||
A manufacturer of capital equipment used by corrugated box manufacturers. | |||||||||||||||||||||||
13.00% (1% PIK) Senior Subordinated Note due 12/31/2024 | $ | 867,446 | 11/19/15 | 867,411 | 769,424 | ||||||||||||||||||
Limited Liability Company Unit (B) | 111,100 uts. | 11/18/15 | 111,100 | 9,999 | |||||||||||||||||||
978,511 | 779,423 | ||||||||||||||||||||||
ASPEQ Holdings | |||||||||||||||||||||||
A manufacturer of highly-engineered electric heating parts and equipment for a range of industrial, commercial, transportation and marine applications. | |||||||||||||||||||||||
8.37% Term Loan due 10/31/2025 (LIBOR + 5.250%) | $ | 1,121,968 | 11/08/19 | 1,113,262 | 1,121,376 | ||||||||||||||||||
Audio Precision | |||||||||||||||||||||||
A provider of high-end audio test and measurement sensing instrumentation software and accessories. | |||||||||||||||||||||||
9.67% Term Loan due 10/31/2024 (LIBOR + 6.000%) | $ | 1,732,500 | 10/30/18 | 1,720,471 | 1,713,892 | ||||||||||||||||||
Aurora Parts & Accessories LLC | |||||||||||||||||||||||
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | |||||||||||||||||||||||
Preferred Stock (B) | 210 shs. | 08/17/15 | 209,390 | 209,390 | |||||||||||||||||||
Common Stock (B) | 210 shs. | 08/17/15 | 210 | 272,728 | |||||||||||||||||||
209,600 | 482,118 | ||||||||||||||||||||||
BBB Industries LLC - DBA (GC EOS Buyer Inc.) | |||||||||||||||||||||||
A supplier of remanufactured and new parts to the North American automotive aftermarket. | |||||||||||||||||||||||
12.16% Second Lien Term Loan due 07/25/2030 (LIBOR + 9.000%) | $ | 454,545 | 07/25/22 | 436,769 | 436,364 | ||||||||||||||||||
Limited Liability Company Unit (B) | 45 uts. | 07/25/22 | 45,000 | 40,500 | |||||||||||||||||||
481,769 | 476,864 | ||||||||||||||||||||||
Best Lawyers (Azalea Investment Holdings, LLC) | |||||||||||||||||||||||
A global digital media company that provides ranking and marketing services to the legal community. | |||||||||||||||||||||||
8.92% First Lien Term Loan due 11/19/2027 (LIBOR + 5.250%) (G) | $ | 1,383,113 | 11/30/21 | 1,027,590 | 1,029,252 | ||||||||||||||||||
12.00% HoldCo PIK Note due 05/19/2028 | $ | 310,249 | 11/30/21 | 305,203 | 305,767 | ||||||||||||||||||
Limited Liability Company Unit (B) | 44,231 uts. | 11/30/21 | 44,231 | 32,952 | |||||||||||||||||||
1,377,024 | 1,367,971 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Blue Wave Products, Inc. | |||||||||||||||||||||||
A distributor of pool supplies. | |||||||||||||||||||||||
Common Stock (B) | 51,064 shs. | 10/12/12 | $ | 51,064 | $ | 99,319 | |||||||||||||||||
Warrant, exercisable until 2022, to purchase common stock at $.01 per share (B) | 20,216 shs. | 10/12/12 | 20,216 | 39,118 | |||||||||||||||||||
71,280 | 138,437 | ||||||||||||||||||||||
Bridger Aerospace | |||||||||||||||||||||||
A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | |||||||||||||||||||||||
Series C Convertible Preferred Equity (7.0% PIK) | 183 shs. | 08/12/22 | 174,481 | 174,481 | |||||||||||||||||||
BrightSign | |||||||||||||||||||||||
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | |||||||||||||||||||||||
9.13% Term Loan due 10/14/2027 (LIBOR + 5.500%) (G) | $ | 1,418,174 | 10/14/21 | 1,272,041 | 1,274,334 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 111,835 uts. | 10/14/21 | 111,835 | 125,815 | |||||||||||||||||||
1,383,876 | 1,400,149 | ||||||||||||||||||||||
Brown Machine LLC | |||||||||||||||||||||||
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | |||||||||||||||||||||||
8.92% Term Loan due 10/04/2024 (LIBOR + 5.250%) | $ | 808,993 | 10/03/18 | 805,122 | 808,993 | ||||||||||||||||||
Cadence, Inc. | |||||||||||||||||||||||
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | |||||||||||||||||||||||
8.12% First Lien Term Loan due 04/30/2025 (LIBOR + 5.000%) | $ | 872,613 | 05/14/18 | 866,015 | 828,110 | ||||||||||||||||||
Cadent, LLC | |||||||||||||||||||||||
A provider of advertising solutions driven by data and technology. | |||||||||||||||||||||||
10.17% Term Loan due 09/07/2023 (LIBOR + 6.500%) | $ | 869,533 | 09/04/18 | 865,865 | 843,447 | ||||||||||||||||||
8.98% Term Loan due 09/11/2023 (LIBOR + 6.500%) | $ | 380,467 | 07/13/22 | 369,834 | 369,053 | ||||||||||||||||||
1,235,699 | 1,212,500 | ||||||||||||||||||||||
CAi Software | |||||||||||||||||||||||
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | |||||||||||||||||||||||
9.92% Term Loan due 12/10/2028 (LIBOR + 6.250%) (G) | $ | 2,488,679 | 12/13/21 | 2,208,849 | 2,203,159 | ||||||||||||||||||
Cash Flow Management | |||||||||||||||||||||||
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | |||||||||||||||||||||||
8.92% Term Loan due 12/27/2027 (LIBOR + 5.250%) (G) | $ | 980,124 | 12/28/21 | 888,374 | 890,832 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 24,016 uts. | 25,331 | 26,778 | ||||||||||||||||||||
913,705 | 917,610 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Cleaver-Brooks, Inc. | |||||||||||||||||||||||
A manufacturer of full suite boiler room solutions. | |||||||||||||||||||||||
8.77% Term Loan due 07/14/2028 (LIBOR + 5.750%) (G) | $ | 631,423 | 07/18/22 | $ | 563,870 | $ | 563,437 | ||||||||||||||||
11.00% HoldCo PIK Note due 07/14/2029 | 121,186 uts. | 07/18/22 | 118,596 | 118,459 | |||||||||||||||||||
682,466 | 681,896 | ||||||||||||||||||||||
CloudWave | |||||||||||||||||||||||
A provider of managed cloud hosting and IT services for hospitals. | |||||||||||||||||||||||
8.52% Term Loan due 01/04/2027 (LIBOR + 6.000%) | $ | 1,648,488 | 01/29/21 | 1,621,843 | 1,600,682 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 55,645 uts. | 01/29/21 | 55,645 | 35,056 | |||||||||||||||||||
1,677,488 | 1,635,738 | ||||||||||||||||||||||
Cogency Global | |||||||||||||||||||||||
A provider of statutory representation and compliance services for corporate and professional services clients. | |||||||||||||||||||||||
7.79% Term Loan due 12/28/2027 (LIBOR + 4.500%) (G) | $ | 970,225 | 02/14/22 | 870,242 | 872,229 | ||||||||||||||||||
Preferred Stock (B) | 28 shs. | 02/14/22 | 27,551 | 47,761 | |||||||||||||||||||
897,793 | 919,990 | ||||||||||||||||||||||
Command Alkon | |||||||||||||||||||||||
A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | |||||||||||||||||||||||
8.75% Term Loan due 04/17/2027 (SOFR + 7.750%, 10.00% Cash) | $ | 2,043,105 | * | 2,002,554 | 1,998,494 | ||||||||||||||||||
Limited Liability Company Unit Class B (B) | 6,629 uts. | 04/23/20 | — | 39,904 | |||||||||||||||||||
* 04/23/20, 10/30/20 and 11/18/20. | 2,002,554 | 2,038,398 | |||||||||||||||||||||
Compass Precision | |||||||||||||||||||||||
A manufacturer of custom metal precision components. | |||||||||||||||||||||||
11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025 | $ | 1,299,542 | 04/15/22 | 1,277,013 | 1,277,426 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 158,995 uts. | 10/14/21 | 431,250 | 445,982 | |||||||||||||||||||
1,708,263 | 1,723,408 | ||||||||||||||||||||||
Comply365 | |||||||||||||||||||||||
A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | |||||||||||||||||||||||
8.41% Term Loan due 04/19/2028 (SOFR + 5.650%) (G) | $ | 708,805 | 04/15/22 | 642,947 | 644,046 | ||||||||||||||||||
Concept Machine Tool Sales, LLC | |||||||||||||||||||||||
A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | |||||||||||||||||||||||
6.83% Term Loan due 01/31/2025 (LIBOR + 5.000%) | $ | 582,607 | 01/30/20 | 577,167 | 559,303 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,237 shs. | * | 49,559 | 22,346 | |||||||||||||||||||
* 01/30/20 and 03/05/21 | 626,726 | 581,649 | |||||||||||||||||||||
CTS Engines | |||||||||||||||||||||||
A provider of maintenance, repair and overhaul services within the aerospace & defense market. | |||||||||||||||||||||||
8.92% Term Loan due 12/22/2026 (LIBOR + 5.250%) | $ | 1,381,200 | 12/22/20 | 1,361,737 | 1,267,251 | ||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Decks Direct | |||||||||||||||||||||||
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | |||||||||||||||||||||||
9.12% Term Loan due 12/28/2026 (LIBOR + 6.000%) (G) | $ | 1,583,864 | 12/29/21 | $ | 1,180,613 | $ | 1,183,801 | ||||||||||||||||
Limited Liability Company Unit (B) | 2,209 uts. | 12/29/21 | 94,091 | 88,707 | |||||||||||||||||||
1,274,704 | 1,272,508 | ||||||||||||||||||||||
Del Real LLC | |||||||||||||||||||||||
A manufacturer and distributor of fully-prepared fresh refrigerated Hispanic entrees as well as side dishes that are typically sold on a heat-and-serve basis at retail grocers. | |||||||||||||||||||||||
11% Senior Subordinated Note due 04/06/2023 (D) | $ | 1,420,588 | 10/07/16 | 1,358,636 | 1,318,306 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 368,799 uts. | * | 368,928 | 92,200 | |||||||||||||||||||
* 10/07/16, 07/25/18, 03/13/19 and 06/17/19. | 1,727,564 | 1,410,506 | |||||||||||||||||||||
DistroKid (IVP XII DKCo-Invest,LP) | |||||||||||||||||||||||
A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | |||||||||||||||||||||||
8.63% Term Loan due 09/30/2027 (LIBOR + 5.750%) | $ | 1,635,080 | 10/01/21 | 1,607,828 | 1,613,248 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 73,333 uts. | 10/01/21 | 73,404 | 68,933 | |||||||||||||||||||
1,681,232 | 1,682,181 | ||||||||||||||||||||||
Dwyer Instruments, Inc. | |||||||||||||||||||||||
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | |||||||||||||||||||||||
7.78% Term Loan due 07/01/2027 (LIBOR + 5.500%) (G) | $ | 1,722,829 | 07/20/21 | 1,547,314 | 1,542,617 | ||||||||||||||||||
Echo Logistics | |||||||||||||||||||||||
A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | |||||||||||||||||||||||
9.81% Second Lien Term Loan due 11/05/2029 (LIBOR + 7.000%) | $ | 1,679,204 | 11/22/21 | 1,652,984 | 1,610,356 | ||||||||||||||||||
Limited Liability Company Unit (B) | 46 uts. | 11/22/21 | 45,796 | 65,559 | |||||||||||||||||||
1,698,780 | 1,675,915 | ||||||||||||||||||||||
EFI Productivity Software | |||||||||||||||||||||||
A provider of ERP software solutions purpose-built for the print and packaging industry. | |||||||||||||||||||||||
9.42% Term Loan due 12/30/2027 (LIBOR + 5.750%) (G) | $ | 993,048 | 12/30/21 | 902,668 | 905,140 | ||||||||||||||||||
Electric Power Systems International, Inc. | |||||||||||||||||||||||
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure. | |||||||||||||||||||||||
9.42% Term Loan due 04/19/2028 (LIBOR + 5.750%) (G) | $ | 1,241,419 | 04/19/21 | 1,171,612 | 1,178,443 | ||||||||||||||||||
Elite Sportswear Holding, LLC | |||||||||||||||||||||||
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,218,266 uts. | 10/14/16 | 159,722 | — | |||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Ellkay | |||||||||||||||||||||||
A provider of data interoperability solutions for labs, hospitals and healthcare providers. | |||||||||||||||||||||||
9.52% Term Loan due 09/14/2027 (LIBOR + 6.250%) | $ | 700,362 | 09/14/21 | $ | 688,750 | $ | 691,232 | ||||||||||||||||
English Color & Supply LLC | |||||||||||||||||||||||
A distributor of aftermarket automotive paint and related products to collision repair shops, auto dealerships and fleet customers through a network of stores in the Southern U.S. | |||||||||||||||||||||||
11.5% (0.50% PIK) Senior Subordinated Note due 12/31/2023 | $ | 1,362,586 | 06/30/17 | 1,356,922 | 1,362,586 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 397,695 uts. | 06/30/17 | 397,695 | 918,675 | |||||||||||||||||||
1,754,617 | 2,281,261 | ||||||||||||||||||||||
ENTACT Environmental Services, Inc. | |||||||||||||||||||||||
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | |||||||||||||||||||||||
9.42% Term Loan due 12/15/2025 (LIBOR + 6.750%) | $ | 993,493 | 02/09/21 | 986,920 | 972,629 | ||||||||||||||||||
eShipping | |||||||||||||||||||||||
An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes. | |||||||||||||||||||||||
8.12% Term Loan due 11/05/2027 (LIBOR + 5.000%) (G) | $ | 1,617,864 | 11/05/21 | 1,126,408 | 1,150,656 | ||||||||||||||||||
E.S.P. Associates, P.A. | |||||||||||||||||||||||
A professional services firm providing engineering, surveying and planning services to infrastructure projects. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 273 uts. | * | 295,518 | 225,217 | |||||||||||||||||||
* 06/29/18 and 12/29/20. | |||||||||||||||||||||||
F G I Equity LLC | |||||||||||||||||||||||
A manufacturer of a broad range of filters and related products that are used in commercial, light industrial, healthcare, gas turbine, nuclear, laboratory, clean room, hotel, educational system, and food processing settings. | |||||||||||||||||||||||
Limited Liability Company Unit Class B-1 (B) | 49,342 uts. | 12/15/10 | 42,343 | 696,212 | |||||||||||||||||||
Five Star Holding, LLC | |||||||||||||||||||||||
A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | |||||||||||||||||||||||
10.38% Second Lien Term Loan due 04/27/2030 (SOFR + 7.350%) | $ | 476,190 | 05/04/22 | 467,154 | 462,857 | ||||||||||||||||||
Limited Liability Company Unit Common (B) (F) | 34 uts. | 10/14/21 | 33,631 | 33,630 | |||||||||||||||||||
500,785 | 496,487 | ||||||||||||||||||||||
Follett School Solutions | |||||||||||||||||||||||
A provider of software for K-12 school libraries. | |||||||||||||||||||||||
8.87% First Lien Term Loan due 07/09/2028 (LIBOR + 5.750%) | $ | 1,697,051 | 08/31/21 | 1,668,366 | 1,675,366 | ||||||||||||||||||
LP Units (B) (F) | 881 uts. | 08/30/21 | 8,805 | 9,844 | |||||||||||||||||||
LP Interest (B) (F) | 200 shs. | 08/30/21 | 2,003 | 2,239 | |||||||||||||||||||
1,679,174 | 1,687,449 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
FragilePAK | |||||||||||||||||||||||
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | |||||||||||||||||||||||
8.87% Term Loan due 05/24/2027 (LIBOR + 5.750%) (G) | $ | 1,603,711 | 05/21/21 | $ | 1,030,448 | $ | 1,061,441 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 108 shs. | 05/21/21 | 107,813 | 121,673 | |||||||||||||||||||
1,138,261 | 1,183,114 | ||||||||||||||||||||||
GD Dental Services LLC | |||||||||||||||||||||||
A provider of convenient "onestop" general, specialty, and cosmetic dental services with 21 offices located throughout South and Central Florida. | |||||||||||||||||||||||
Limited Liability Company Unit Preferred (B) | 76 uts. | 10/05/12 | 75,920 | 108,821 | |||||||||||||||||||
Limited Liability Company Unit Common (B) | 767 uts. | 10/05/12 | 767 | — | |||||||||||||||||||
76,687 | 108,821 | ||||||||||||||||||||||
gloProfessional Holdings, Inc. | |||||||||||||||||||||||
A marketer and distributor of premium mineral-based cosmetics, cosmeceuticals and professional hair care products to the professional spa and physician's office channels. | |||||||||||||||||||||||
Preferred Stock (B) | 650 shs. | 03/29/19 | 649,606 | 838,583 | |||||||||||||||||||
Common Stock (B) | 1,181 shs. | 03/27/13 | 118,110 | 18,077 | |||||||||||||||||||
767,716 | 856,660 | ||||||||||||||||||||||
GraphPad Software, Inc. | |||||||||||||||||||||||
A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets. | |||||||||||||||||||||||
7.00% Term Loan due 4/27/2027 (LIBOR + 6.000%) | $ | 2,372,138 | * | 2,362,485 | 2,346,045 | ||||||||||||||||||
8.31% Term Loan due 04/27/2027 (LIBOR + 5.500%) | $ | 83,468 | 04/27/21 | 82,197 | 82,866 | ||||||||||||||||||
Preferred Stock (B) (F) | 3,737 shs. | 04/27/21 | 103,147 | 124,262 | |||||||||||||||||||
* 12/19/17 and 04/16/19. | 2,547,829 | 2,553,173 | |||||||||||||||||||||
Handi Quilter Holding Company (Premier Needle Arts) | |||||||||||||||||||||||
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | |||||||||||||||||||||||
Limited Liability Company Unit Preferred (B) | 372 uts. | * | 371,644 | 155,028 | |||||||||||||||||||
Limited Liability Company Unit Common Class A (B) | 3,594 uts. | 12/19/14 | — | — | |||||||||||||||||||
*12/19/14 and 04/29/16. | 371,644 | 155,028 | |||||||||||||||||||||
Heartland Veterinary Partners | |||||||||||||||||||||||
A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | |||||||||||||||||||||||
11.00% Opco PIK Note due 11/09/2028 (G) | $ | 1,877,531 | 11/17/21 | 1,794,077 | 1,798,197 | ||||||||||||||||||
HHI Group, LLC | |||||||||||||||||||||||
A developer, marketer, and distributor of hobby-grade radio control products. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 102 uts. | 01/17/14 | 101,563 | 369,469 | |||||||||||||||||||
Home Care Assistance, LLC | |||||||||||||||||||||||
A provider of private pay non-medical home care assistance services. | |||||||||||||||||||||||
8.12% Term Loan due 03/30/2027 (LIBOR + 5.000%) | $ | 846,592 | 03/26/21 | 833,910 | 832,137 | ||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
HOP Entertainment LLC | |||||||||||||||||||||||
A provider of post production equipment and services to producers of television shows and motion pictures. | |||||||||||||||||||||||
Limited Liability Company Unit Class F (B) (F) | 47 uts. | 10/14/11 | $ | — | $ | — | |||||||||||||||||
Limited Liability Company Unit Class G (B) (F) | 114 uts. | 10/14/11 | — | — | |||||||||||||||||||
Limited Liability Company Unit Class H (B) (F) | 47 uts. | 10/14/11 | — | — | |||||||||||||||||||
Limited Liability Company Unit Class I (B) (F) | 47 uts. | 10/14/11 | — | — | |||||||||||||||||||
— | — | ||||||||||||||||||||||
HTI Technology & Industries Inc. | |||||||||||||||||||||||
A designer and manufacturer of powered motion solutions to industrial customers. | |||||||||||||||||||||||
11.66% Term Loan due 07/07/2025 (SOFR + 8.750%) (G) | $ | 750,000 | 07/27/22 | 568,986 | 568,295 | ||||||||||||||||||
Illumifin | |||||||||||||||||||||||
A leading provider of third-party administrator (“TPA”) services and software for life and annuity insurance providers. | |||||||||||||||||||||||
8.82% Term Loan due 02/04/2028 (LIBOR + 6.000%) | $ | 386,366 | 04/05/22 | 379,287 | 379,890 | ||||||||||||||||||
IM Analytics Holdings, LLC | |||||||||||||||||||||||
A provider of test and measurement equipment used for vibration, noise, and shock testing. | |||||||||||||||||||||||
8.67% Term Loan due 11/22/2023 (LIBOR + 7.000%) | $ | 439,854 | 11/21/19 | 438,589 | 383,993 | ||||||||||||||||||
Warrant, exercisable until 2026, to purchase common stock at $.01 per share (B) | 8,885 shs. | 11/25/19 | — | — | |||||||||||||||||||
438,589 | 383,993 | ||||||||||||||||||||||
Industrial Service Solutions | |||||||||||||||||||||||
A provider of maintenance, repair and overhaul services for process equipment within the industrial, energy and power end-markets. | |||||||||||||||||||||||
9.20% Term Loan due 01/31/2026 (LIBOR + 5.500%) | $ | 1,049,395 | 02/05/20 | 1,036,368 | 1,024,209 | ||||||||||||||||||
JF Petroleum Group | |||||||||||||||||||||||
A provider of repair, maintenance, instalation and projection management servicese to the US fueling infrastructure industry. | |||||||||||||||||||||||
9.12% Term Loan due 04/20/2026 (LIBOR + 6.000%) | $ | 678,004 | 05/04/21 | 663,400 | 633,934 | ||||||||||||||||||
Jones Fish | |||||||||||||||||||||||
A provider of lake management services, fish stocking and pond aeration sales and services. | |||||||||||||||||||||||
9.28% First Lien Term Loan due 12/20/2027 (LIBOR + 5.750%) (G) | $ | 1,261,603 | 02/28/22 | 1,074,372 | 1,076,721 | ||||||||||||||||||
Common Stock (B) (F) | 384 shs. | 02/28/22 | 38,397 | 38,397 | |||||||||||||||||||
1,112,769 | 1,115,118 | ||||||||||||||||||||||
Kano Laboratories LLC | |||||||||||||||||||||||
A producer of industrial strength penetrating oils and lubricants. | |||||||||||||||||||||||
7.01% Term Loan due 09/30/2026 (LIBOR + 5.000%) (G) | $ | 1,238,669 | 11/18/20 | 826,634 | 826,144 | ||||||||||||||||||
7.01% Term Loan due 10/31/2027 (LIBOR + 5.000%) (G) | $ | 445,016 | 11/08/21 | 262,985 | 264,306 | ||||||||||||||||||
Limited Liability Company Unit Class (B) | 20 uts. | 11/19/20 | 19,757 | 18,653 | |||||||||||||||||||
1,109,376 | 1,109,103 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Kings III | |||||||||||||||||||||||
A provider of emergency phones and monitoring services. | |||||||||||||||||||||||
8.90% First Lien Term Loan due 07/07/2028 (SOFR + 6.000%) (G) | $ | 500,000 | 08/31/22 | $ | 371,857 | $ | 371,712 | ||||||||||||||||
LeadsOnline | |||||||||||||||||||||||
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | |||||||||||||||||||||||
8.67% Term Loan due 12/23/2027 (LIBOR + 5.000%) (G) | $ | 1,713,774 | 02/07/22 | 1,462,562 | 1,465,742 | ||||||||||||||||||
Limited Liability Company Unit (F) | 4,528 uts. | 02/07/22 | 4,528 | 4,958 | |||||||||||||||||||
1,467,090 | 1,470,700 | ||||||||||||||||||||||
LYNX Franchising | |||||||||||||||||||||||
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | |||||||||||||||||||||||
9.92% Term Loan due 12/18/2026 (LIBOR + 6.250%) | $ | 2,470,601 | * | 2,434,331 | 2,434,229 | ||||||||||||||||||
* 12/22/20 and 09/09/21 | |||||||||||||||||||||||
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC) | |||||||||||||||||||||||
An express car wash consolidator primarily in the Southeastern US. | |||||||||||||||||||||||
9.13% Term Loan due 07/08/2028 (LIBOR + 6.500%) (G) | $ | 600,983 | 07/14/22 | 542,379 | 541,945 | ||||||||||||||||||
Manhattan Beachwear Holding Company | |||||||||||||||||||||||
A designer and distributor of women’s swimwear. | |||||||||||||||||||||||
12.50% Senior Subordinated Note due 12/31/2022 (D) | $ | 419,971 | 01/15/10 | 404,121 | — | ||||||||||||||||||
15.00% (2.50% PIK) Senior Subordinated Note due 12/31/2022 (D) | $ | 115,253 | 10/05/10 | 114,604 | — | ||||||||||||||||||
Common Stock (B) | 35 shs. | 10/05/10 | 35,400 | — | |||||||||||||||||||
Common Stock Class B (B) | 118 shs. | 01/15/10 | 117,647 | — | |||||||||||||||||||
Warrant, exercisable until 2023, to purchase common stock at $.01 per share (B) | 104 shs. | 10/05/10 | 94,579 | — | |||||||||||||||||||
766,351 | — | ||||||||||||||||||||||
Marshall Excelsior Co. | |||||||||||||||||||||||
A designer, manufacturer and supplier of mission critical, highly engineered flow control products used in the transportation, storage and consumption of liquified petroleum gas, liquified anhydrous ammonia, refined industrial and cryogenic gasses. | |||||||||||||||||||||||
9.20% Term Loan due 02/18/2028 (SOFR + 5.500%) (G) | $ | 605,124 | 02/24/22 | 575,778 | 576,075 | ||||||||||||||||||
Master Cutlery LLC | |||||||||||||||||||||||
A designer and marketer of a wide assortment of knives and swords. | |||||||||||||||||||||||
13.00% Senior Subordinated Note due 07/20/2022 (D) | $ | 868,102 | 04/17/15 | 867,529 | 1,302 | ||||||||||||||||||
Limited Liability Company Unit (B) | 5 uts. | 04/17/15 | 678,329 | — | |||||||||||||||||||
1,545,858 | 1,302 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Media Recovery, Inc. | |||||||||||||||||||||||
A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | |||||||||||||||||||||||
9.30% First Out Term Loan due 11/22/2025 (SOFR + 5.500%) | $ | 484,874 | 11/25/19 | $ | 479,697 | $ | 484,874 | ||||||||||||||||
MES Partners, Inc. | |||||||||||||||||||||||
An industrial service business offering an array of cleaning and environmental services to the Gulf Coast region of the U.S. | |||||||||||||||||||||||
Preferred Stock Series A (B) | 30,926 shs. | 07/25/19 | 12,412 | — | |||||||||||||||||||
Preferred Stock Series C (B) | 1,275 shs. | 09/22/20 | 457,365 | — | |||||||||||||||||||
Common Stock Class B (B) | 259,252 shs. | * | 244,163 | — | |||||||||||||||||||
Warrant, exercisable until 2030, to purchase common stock at $.01 per share (B) | 351,890 shs. | 09/22/20 | — | — | |||||||||||||||||||
* 09/30/14 and 02/28/18. | 713,940 | — | |||||||||||||||||||||
MeTEOR Education LLC | |||||||||||||||||||||||
A leading provider of classroom and common area design services, furnishings, equipment and instructional support to K-12 schools. | |||||||||||||||||||||||
12.00% Senior Subordinated Note due 03/20/2024 | $ | 915,819 | 03/09/18 | 913,628 | 900,555 | ||||||||||||||||||
12.00% Senior Subordinated Debt due 03/31/2025 | $ | 351,088 | 03/31/22 | 345,245 | 345,236 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 190 uts. | 03/09/18 | 200,718 | 521,131 | |||||||||||||||||||
1,459,591 | 1,766,922 | ||||||||||||||||||||||
MNS Engineers, Inc. | |||||||||||||||||||||||
A consulting firm that provides civil engineering, construction management and land surveying services. | |||||||||||||||||||||||
8.62% Term Loan due 07/30/2027 (LIBOR + 5.500%) | $ | 1,188,000 | 08/09/21 | 1,168,758 | 1,168,992 | ||||||||||||||||||
Limited Liability Company Unit (B) | 100,000 uts. | 08/09/21 | 100,000 | 91,000 | |||||||||||||||||||
1,268,758 | 1,259,992 | ||||||||||||||||||||||
Mobile Pro Systems | |||||||||||||||||||||||
A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | |||||||||||||||||||||||
10.00% Second Lien Term Loan due 06/23/2027 | $ | 588,235 | 06/27/22 | 577,090 | 577,484 | ||||||||||||||||||
Common Stock (B) (F) | 4,118 shs. | 02/28/22 | 411,765 | 411,765 | |||||||||||||||||||
988,855 | 989,249 | ||||||||||||||||||||||
Music Reports, Inc. | |||||||||||||||||||||||
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | |||||||||||||||||||||||
8.68% Incremental Term Loan due 08/21/2026 (LIBOR + 6.000%) | $ | 814,353 | 11/05/21 | 801,137 | 800,121 | ||||||||||||||||||
8.68% Term Loan due 08/21/2026 (LIBOR + 6.000%) | $ | 548,682 | 08/25/20 | 539,763 | 539,093 | ||||||||||||||||||
1,340,900 | 1,339,214 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Narda-MITEQ (JFL-Narda Partners, LLC) | |||||||||||||||||||||||
A manufacturer of radio frequency and microwave components and assemblies. | |||||||||||||||||||||||
8.92% First Lien Term Loan due 11/30/2027 (LIBOR + 5.250%) (G) | $ | 762,047 | 12/06/21 | $ | 553,226 | $ | 506,071 | ||||||||||||||||
8.92% Incremental Term Loan due 12/06/2027 (LIBOR + 5.250%) | $ | 871,553 | 12/28/21 | 858,249 | 804,444 | ||||||||||||||||||
Limited Liability Company Unit Class A Preferred (B) | 790 uts. | 12/06/21 | 79,043 | 63,641 | |||||||||||||||||||
Limited Liability Company Unit Class B Common (B) | 88 uts. | 12/06/21 | 8,783 | — | |||||||||||||||||||
1,499,301 | 1,374,156 | ||||||||||||||||||||||
National Auto Care | |||||||||||||||||||||||
A provider of professional finance and insurance products and consulting services to auto, RV, and powersports dealerships. | |||||||||||||||||||||||
8.23% First Lien Term Loan due 09/28/2024 (SOFR + 5.250%) (G) | $ | 994,204 | 12/20/21 | 887,234 | 881,252 | ||||||||||||||||||
Navia Benefit Solutions, Inc. | |||||||||||||||||||||||
A third-party administrator of employee-directed healthcare benefits. | |||||||||||||||||||||||
8.24% Term Loan due 02/01/2026 (LIBOR + 5.250%) (G) | $ | 1,164,657 | 02/10/21 | 1,149,829 | 1,155,392 | ||||||||||||||||||
Northstar Recycling | |||||||||||||||||||||||
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | |||||||||||||||||||||||
8.42% Term Loan due 09/30/2027 (LIBOR + 4.750%) | $ | 743,693 | 10/01/21 | 731,297 | 730,857 | ||||||||||||||||||
Office Ally (OA TOPCO, LP) | |||||||||||||||||||||||
A provider of medical claims clearinghouse software to office-based physician providers and healthcare insurance payers. | |||||||||||||||||||||||
9.12% Term Loan due 12/10/2028 (LIBOR + 6.000%) (G) | $ | 978,925 | 12/20/21 | 828,209 | 828,960 | ||||||||||||||||||
9.12% Term Loan due 12/20/2028 (LIBOR + 6.000%) | $ | 113,370 | 04/29/22 | 111,242 | 111,420 | ||||||||||||||||||
Limited Liability Company Unit (B) | 21,092 uts. | 12/20/21 | 21,092 | 21,092 | |||||||||||||||||||
960,543 | 961,472 | ||||||||||||||||||||||
Omega Holdings | |||||||||||||||||||||||
A distributor of aftermarket automotive air conditioning products. | |||||||||||||||||||||||
7.98% Term Loan due 03/31/2029 (SOFR + 5.000%) (G) | $ | 645,704 | 03/31/22 | 530,131 | 531,311 | ||||||||||||||||||
Omni Logistics, LLC | |||||||||||||||||||||||
A specialty freight forwarding business specifically targeting the semiconductor, media, technology and healthcare end markets. | |||||||||||||||||||||||
8.64% Term Loan due 12/30/2026 (SOFR + 5.000%) | $ | 1,728,191 | 12/30/20 | 1,691,489 | 1,696,699 | ||||||||||||||||||
Options Technology Ltd | |||||||||||||||||||||||
A provider of vertically focused financial technology managed services and IT infrastructure products for the financial services industry. | |||||||||||||||||||||||
6.20% Term Loan due 12/18/2025 (LIBOR + 4.750%) | $ | 1,574,903 | 12/23/19 | 1,557,911 | 1,553,059 | ||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
PANOS Brands LLC | |||||||||||||||||||||||
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you,“free from” healthy and gluten-free categories. | |||||||||||||||||||||||
12.00% (1.00% PIK) Senior Subordinated Note due 12/29/2023 (D) | $ | 1,775,705 | 02/17/17 | $ | 1,775,610 | $ | 1,747,294 | ||||||||||||||||
Common Stock Class A (B) | 380,545 shs. | * | 380,545 | 215,008 | |||||||||||||||||||
* 01/29/16 and 02/17/17. | 2,156,155 | 1,962,302 | |||||||||||||||||||||
PB Holdings LLC | |||||||||||||||||||||||
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers. | |||||||||||||||||||||||
9.27% Term Loan due 02/28/2024 (LIBOR + 6.000%) | $ | 763,469 | 03/06/19 | 757,290 | 698,574 | ||||||||||||||||||
Pearl Holding Group | |||||||||||||||||||||||
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carries in Florida. | |||||||||||||||||||||||
8.78% First Lien Term Loan due 12/16/2026 (LIBOR + 6.000%) | $ | 1,774,267 | 12/20/21 | 1,730,794 | 1,721,039 | ||||||||||||||||||
Warrant-Class A, to purchase common stock at $.01 per share (B) | 924 uts. | 12/22/21 | — | — | |||||||||||||||||||
Warrant-Class B, to purchase common stock at $.01 per share (B) | 312 uts. | 12/22/21 | — | — | |||||||||||||||||||
Warrant-Class CC, to purchase common stock at $.01 per share (B) | 32 uts. | 12/22/21 | — | — | |||||||||||||||||||
Warrant-Class D, to purchase common stock at $.01 per share (B) | 82 uts. | 12/22/21 | — | — | |||||||||||||||||||
1,730,794 | 1,721,039 | ||||||||||||||||||||||
Pegasus Transtech Corporation | |||||||||||||||||||||||
A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | |||||||||||||||||||||||
9.62% Term Loan due 11/17/2024 (LIBOR + 6.500%) | $ | 1,887,855 | 11/14/17 | 1,873,482 | 1,850,185 | ||||||||||||||||||
9.62% Term Loan due 08/31/2026 (LIBOR + 6.500%) | $ | 379,889 | 09/29/20 | 371,087 | 372,309 | ||||||||||||||||||
2,244,569 | 2,222,494 | ||||||||||||||||||||||
Petroplex Inv Holdings LLC | |||||||||||||||||||||||
A leading provider of acidizing services to E&P customers in the Permian Basin. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 0.40% int. | * | 156,250 | — | |||||||||||||||||||
* 11/29/12 and 12/20/16. | |||||||||||||||||||||||
Polara (VSC Polara LLC) | |||||||||||||||||||||||
A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, “push to walk” buttons, and related “traffic” control units. | |||||||||||||||||||||||
7.30% First Lien Term Loan due 12/03/2027 (LIBOR + 4.850%) (G) | $ | 944,394 | 12/03/21 | 819,844 | 819,112 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,471 uts. | 12/03/21 | 147,110 | 147,110 | |||||||||||||||||||
966,954 | 966,222 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Polytex Holdings LLC | |||||||||||||||||||||||
A manufacturer of water based inks and related products serving primarily the wall covering market. | |||||||||||||||||||||||
13.90% (7.90% PIK) Senior Subordinated Note due 12/31/2024 (D) | $ | 1,069,985 | 07/31/14 | $ | 1,064,183 | $ | 700,840 | ||||||||||||||||
Limited Liability Company Unit (B) | 148,096 uts. | 07/31/14 | 148,096 | — | |||||||||||||||||||
Limited Liability Company Unit Class F (B) | 36,976 uts. | * | 24,802 | — | |||||||||||||||||||
* 09/28/17 and 02/15/18. | 1,237,081 | 700,840 | |||||||||||||||||||||
Portfolio Group | |||||||||||||||||||||||
A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions. | |||||||||||||||||||||||
10.21% First Lien Term Loan due 12/02/2025 (LIBOR + 6.000%) (G) | $ | 1,459,678.00 | 11/15/21 | 1,191,710 | 1,173,857 | ||||||||||||||||||
PPC Event Services | |||||||||||||||||||||||
A special event equipment rental business. | |||||||||||||||||||||||
Preferred Stock Series P-1 (B) | 71 shs. | 07/21/20 | — | 90,551 | |||||||||||||||||||
Common Stock (B) | 170,927 shs. | 07/21/20 | — | 111,957 | |||||||||||||||||||
Limited Liability Company Unit (B) | 3,450 uts. | 11/20/14 | 172,500 | 2,260 | |||||||||||||||||||
Limited Liability Company Unit Series A-1 (B) | 339 uts. | 03/16/16 | 42,419 | 222 | |||||||||||||||||||
214,919 | 204,990 | ||||||||||||||||||||||
ProfitOptics | |||||||||||||||||||||||
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | |||||||||||||||||||||||
9.59% Term Loan due 02/15/2028 (LIBOR + 5.750%) (G) | $ | 901,452 | 03/15/22 | 691,524 | 686,269 | ||||||||||||||||||
8.00% Subordinated Note due 02/15/2029 | $ | 32,258 | 03/15/22 | 32,258 | 31,581 | ||||||||||||||||||
Limited Liability Company Unit (B) | 96,774 uts. | 03/15/22 | 64,516 | 65,323 | |||||||||||||||||||
788,298 | 783,173 | ||||||||||||||||||||||
Recovery Point Systems, Inc. | |||||||||||||||||||||||
A provider of IT infrastructure, colocation and cloud based resiliency services. | |||||||||||||||||||||||
9.41% Term Loan due 07/31/2026 (LIBOR + 6.500%) | $ | 1,332,775 | 08/12/20 | 1,315,609 | 1,330,109 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 21,532 uts. | 03/05/21 | 21,532 | 14,319 | |||||||||||||||||||
1,337,141 | 1,344,428 | ||||||||||||||||||||||
RedSail Technologies | |||||||||||||||||||||||
A provider of pharmacy management software solutions for independent pharmacies and long-term care facilities. | |||||||||||||||||||||||
8.39% Term Loan due 10/27/2026 (LIBOR + 4.750%) | $ | 1,618,231 | 12/09/20 | 1,588,210 | 1,588,968 | ||||||||||||||||||
ReelCraft Industries, Inc. | |||||||||||||||||||||||
A designer and manufacturer of heavy-duty reels for diversified industrial, mobile equipment OEM, auto aftermarket, government/military and other end markets. | |||||||||||||||||||||||
Limited Liability Company Unit Class B (B) | 293,617 uts. | 11/13/17 | 184,689 | 797,170 | |||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Renovation Brands (Renovation Parent Holdings, LLC) | |||||||||||||||||||||||
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | |||||||||||||||||||||||
7.46% Term Loan due 08/16/2027 (LIBOR + 5.500%) | $ | 966,019 | 11/15/21 | $ | 945,549 | $ | 948,913 | ||||||||||||||||
Limited Liability Company Unit (B) | 39,474 uts. | 09/29/17 | 39,474 | 39,474 | |||||||||||||||||||
985,023 | 988,387 | ||||||||||||||||||||||
Resonetics, LLC | |||||||||||||||||||||||
A provider of laser micro-machining manufacturing services for medical device and diagnostic companies. | |||||||||||||||||||||||
10.16% Second Lien Term Loan due 04/28/2029 (LIBOR + 7.000%) | $ | 1,725,000 | 04/28/21 | 1,696,651 | 1,700,562 | ||||||||||||||||||
10.16% Second Lien Term Loan due 04/28/2029 (LIBOR + 7.000%) | $ | 552,000 | 11/15/21 | 542,258 | 544,180 | ||||||||||||||||||
2,238,909 | 2,244,742 | ||||||||||||||||||||||
REVSpring, Inc. | |||||||||||||||||||||||
A provider of accounts receivable management and revenue cycle management services to customers in the healthcare, financial and utility industries. | |||||||||||||||||||||||
10.50% Second Lien Term Loan due 10/11/2026 (LIBOR + 8.250%) | $ | 1,725,000 | 10/11/18 | 1,698,948 | 1,725,000 | ||||||||||||||||||
Rock-it Cargo | |||||||||||||||||||||||
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries. | |||||||||||||||||||||||
6.83% Term Loan due 06/22/2024 (LIBOR + 5.000%) (G) | $ | 2,455,258 | * | 2,437,054 | 2,317,763 | ||||||||||||||||||
* 07/30/18 and 09/30/20. | |||||||||||||||||||||||
ROI Solutions | |||||||||||||||||||||||
Call center outsourcing and end user engagement services provider. | |||||||||||||||||||||||
8.67% Term Loan due 07/31/2024 (LIBOR + 5.000%) | $ | 1,055,088 | 07/31/18 | 1,048,638 | 1,055,088 | ||||||||||||||||||
RPX Corp | |||||||||||||||||||||||
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | |||||||||||||||||||||||
7.00% Term Loan due 10/23/2025 (LIBOR + 6.000%) | $ | 2,415,753 | * | 2,379,753 | 2,379,617 | ||||||||||||||||||
* 10/22/20 and 09/28/21. | |||||||||||||||||||||||
Ruffalo Noel Levitz | |||||||||||||||||||||||
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities. | |||||||||||||||||||||||
8.25% Term Loan due 05/29/2024 (LIBOR + 6.000%) | $ | 1,216,573 | 01/08/19 | 1,210,954 | 1,216,573 | ||||||||||||||||||
Safety Products Holdings, Inc. | |||||||||||||||||||||||
A manufacturer of highly engineered safety cutting tools. | |||||||||||||||||||||||
9.12% Term Loan due 12/15/2026 (LIBOR + 6.000%) (H) | $ | 1,670,079 | 12/15/20 | 1,643,724 | 1,644,993 | ||||||||||||||||||
Common Stock (B) | 29 shs. | 12/16/20 | 29,262 | 39,888 | |||||||||||||||||||
1,672,986 | 1,684,881 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Sandvine Corporation | |||||||||||||||||||||||
A provider of active network intelligence solutions. | |||||||||||||||||||||||
11.12% Second Lien Term Loan due 11/02/2026 (LIBOR + 8.000%) | $ | 1,725,000 | 11/01/18 | $ | 1,702,965 | $ | 1,719,825 | ||||||||||||||||
Sara Lee Frozen Foods | |||||||||||||||||||||||
A provider of frozen bakery products, desserts and sweet baked goods. | |||||||||||||||||||||||
7.62% First Lien Term Loan due 07/30/2025 (LIBOR + 4.500%) | $ | 1,475,790 | 07/27/18 | 1,462,375 | 1,359,202 | ||||||||||||||||||
Scaled Agile, Inc. | |||||||||||||||||||||||
A provider of training and certifications for IT professionals focused on software development. | |||||||||||||||||||||||
9.15% Term Loan due 12/15/2027 (LIBOR + 5.500%) (G) | $ | 1,718,969 | 12/16/21 | 1,169,678 | 1,200,083 | ||||||||||||||||||
SEKO Worldwide, LLC | |||||||||||||||||||||||
A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | |||||||||||||||||||||||
8.07% Term Loan due 12/30/2026 (LIBOR + 5.000%) (G) | $ | 1,702,662 | 12/30/20 | 1,511,584 | 1,518,978 | ||||||||||||||||||
Smart Bear | |||||||||||||||||||||||
A provider of web-based tools for software development, testing and monitoring. | |||||||||||||||||||||||
10.57% Second Lien Term Loan due 11/10/2028 (LIBOR + 7.500%) | $ | 1,725,000 | 03/02/21 | 1,686,549 | 1,701,681 | ||||||||||||||||||
Smartling, Inc. | |||||||||||||||||||||||
A provider in SaaS-based translation management systems and related translation services. | |||||||||||||||||||||||
9.39% Term Loan due 10/26/2027 (LIBOR + 5.750%) (G) | $ | 1,714,346.00 | 11/03/21 | 1,380,795 | 1,380,790 | ||||||||||||||||||
Specified Air Solutions (dba Madison Indoor Air Solutions) | |||||||||||||||||||||||
A manufacturer and distributor of heating, dehumidification and other air quality solutions. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 726,845 uts. | 02/20/19 | 2,298,574 | 10,103,149 | |||||||||||||||||||
Springbrook Software | |||||||||||||||||||||||
A provider of vertical-market enterprise resource planning software and payments platforms focused on the local government end-market. | |||||||||||||||||||||||
8.60% Term Loan due 12/20/2026 (LIBOR + 5.750%) | $ | 1,318,605 | 12/23/19 | 1,304,671 | 1,300,572 | ||||||||||||||||||
Stackline | |||||||||||||||||||||||
An e-commerce data company that tracks products sold through online retailers. | |||||||||||||||||||||||
4.38% Term Loan due 07/30/2028 (LIBOR + 7.750%) | $ | 1,835,111 | 07/29/21 | 1,807,087 | 1,812,682 | ||||||||||||||||||
Common Stock (B) | 1,340 shs. | 07/30/21 | 42,078 | 70,390 | |||||||||||||||||||
1,849,165 | 1,883,072 | ||||||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Standard Elevator Systems | |||||||||||||||||||||||
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | |||||||||||||||||||||||
9.49% First Lien Term Loan due 12/02/2027 (LIBOR + 5.750%) (G) | $ | 1,717,047 | 12/02/21 | $ | 1,097,447 | $ | 1,082,396 | ||||||||||||||||
Strahman Holdings Inc. | |||||||||||||||||||||||
A manufacturer of industrial valves and wash down equipment for a variety of industries, including chemical, petrochemical, polymer, pharmaceutical, food processing, beverage and mining. | |||||||||||||||||||||||
Preferred Stock Series A (B) | 158,967 shs. | 12/13/13 | 158,967 | 236,861 | |||||||||||||||||||
Preferred Stock Series A-2 (B) | 26,543 shs. | 09/10/15 | 29,994 | 39,549 | |||||||||||||||||||
188,961 | 276,410 | ||||||||||||||||||||||
Stratus Unlimited | |||||||||||||||||||||||
A nationwide provide of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | |||||||||||||||||||||||
8.38% Term Loan due 06/08/2027 (LIBOR + 5.500%) (G) | $ | 942,811 | 07/02/21 | 754,828 | 759,046 | ||||||||||||||||||
Limited Liability Company Unit (B) | 75 uts. | 06/30/21 | 74,666 | 74,655 | |||||||||||||||||||
829,494 | 833,701 | ||||||||||||||||||||||
Sunvair Aerospace Group Inc. | |||||||||||||||||||||||
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft. | |||||||||||||||||||||||
12.00% (1.00% PIK) Senior Subordinated Note due 08/01/2024 | $ | 2,023,687 | * | 2,008,329 | 2,002,262 | ||||||||||||||||||
Preferred Stock Series A (B) | 28 shs. | 12/21/20 | 71,176 | 81,472 | |||||||||||||||||||
Common Stock (B) | 68 shs. | ** | 104,986 | 247,083 | |||||||||||||||||||
* 07/31/15 and 12/21/20. | 2,184,491 | 2,330,817 | |||||||||||||||||||||
** 07/31/15 and 11/08/17. | |||||||||||||||||||||||
Syntax Systems Ltd. | |||||||||||||||||||||||
A cloud management service provider. | |||||||||||||||||||||||
8.62% Term Loan due 10/14/2028 (LIBOR + 5.500%) (G) | $ | 992,944 | 10/28/21 | 757,366 | 738,128 | ||||||||||||||||||
Tank Holding | |||||||||||||||||||||||
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | |||||||||||||||||||||||
8.78% Term Loan due 03/31/2028 (SOFR + 5.750%) (G) | $ | 500,000 | 03/31/22 | 467,876 | 468,807 | ||||||||||||||||||
Tencarva Machinery Company | |||||||||||||||||||||||
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | |||||||||||||||||||||||
8.92% Term Loan due 12/20/2027 (LIBOR + 5.250%) (G) | $ | 1,966,414 | 12/20/21 | 1,638,944 | 1,643,389 | ||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Terrybear | |||||||||||||||||||||||
A designer and wholesaler of cremation urns and memorial products for people and pets. | |||||||||||||||||||||||
10.00% (4.00% PIK) Term Loan due 04/27/2028 | $ | 899,814 | 04/29/22 | $ | 883,374 | $ | 884,334 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 84,038 uts. | 10/14/21 | 823,577 | 825,678 | |||||||||||||||||||
1,706,951 | 1,710,012 | ||||||||||||||||||||||
The Caprock Group (aka TA/TCG Holdings, LLC) | |||||||||||||||||||||||
A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | |||||||||||||||||||||||
9.58% HoldCo PIK Note due 10/21/2028 (LIBOR + 7.750%) | $ | 1,162,538 | 10/28/21 | 1,142,579 | 1,146,435 | ||||||||||||||||||
7.90% Term Loan due 12/15/2027 (LIBOR + 4.250%) (G) | $ | 574,457 | 12/21/21 | 98,518 | 100,010 | ||||||||||||||||||
1,241,097 | 1,246,445 | ||||||||||||||||||||||
The Hilb Group, LLC | |||||||||||||||||||||||
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | |||||||||||||||||||||||
8.87% Term Loan due 09/30/2026 (LIBOR + 5.750%) | $ | 1,692,575 | * | 1,666,836 | 1,661,622 | ||||||||||||||||||
* 12/02/19 and 12/15/20. | |||||||||||||||||||||||
The Octave Music Group, Inc. (fka TouchTunes) | |||||||||||||||||||||||
A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | |||||||||||||||||||||||
9.58% Second Lien Term Loan due 03/31/2030 (SOFR + 7.500%) | $ | 474,359 | 04/01/22 | 465,466 | 466,444 | ||||||||||||||||||
Limited Liability Company Unit (B) | 25,641 uts. | 04/01/22 | 25,641 | 36,795 | |||||||||||||||||||
491,107 | 503,239 | ||||||||||||||||||||||
Therma-Stor Holdings LLC | |||||||||||||||||||||||
A designer and manufacturer of dehumidifiers and water damage restoration equipment for residential and commercial applications. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 19,696 uts. | 11/30/17 | — | 12,330 | |||||||||||||||||||
Transit Technologies LLC | |||||||||||||||||||||||
A software platform for the transportation market that offers end-to-end software solutions focused on operations, fleet management and telematics services. | |||||||||||||||||||||||
7.92% Term Loan due 02/10/2025 (LIBOR + 5.000%) | $ | 780,310 | 02/13/20 | 773,849 | 749,878 | ||||||||||||||||||
Trident Maritime Systems | |||||||||||||||||||||||
A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | |||||||||||||||||||||||
8.67% Term Loan due 02/19/2026 (LIBOR + 5.000%) | $ | 1,702,674 | 02/25/21 | 1,680,792 | 1,677,071 | ||||||||||||||||||
Tristar Global Energy Solutions, Inc. | |||||||||||||||||||||||
A hydrocarbon and decontamination services provider serving refineries worldwide. | |||||||||||||||||||||||
12.50% (1.50% PIK) Senior Subordinated Note due 06/30/2024 (D) | $ | 1,204,904 | 01/23/15 | 1,162,522 | 1,204,904 | ||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Truck-Lite | |||||||||||||||||||||||
A leading provider of harsh environment LED safety lighting, electronics, filtration systems, and telematics for a wide range of commercial vehicles, specialty vehicles, final mile delivery vehicles, off-road/off-highway, marine, and other adjacent harsh environment markets. | |||||||||||||||||||||||
9.89% Term Loan due 12/02/2026 (LIBOR + 6.250%) | $ | 1,679,221 | 12/13/19 | $ | 1,659,068 | $ | 1,648,435 | ||||||||||||||||
9.89% First Lien Term Loan due 04/28/2029 (LIBOR + 6.250%) | $ | 799,167 | 11/15/21 | 785,789 | 784,516 | ||||||||||||||||||
2,444,857 | 2,432,951 | ||||||||||||||||||||||
Trystar, Inc. | |||||||||||||||||||||||
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets. | |||||||||||||||||||||||
7.81% Term Loan due 10/01/2023 (LIBOR + 5.500%) | $ | 2,258,218 | 09/28/18 | 2,249,281 | 2,226,603 | ||||||||||||||||||
8.42% Third Amendment Term Loan due 09/28/2023 (LIBOR + 5.500%) | $ | 213,781 | 10/27/21 | 211,804 | 210,788 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 56 uts. | 09/28/18 | 60,413 | 52,098 | |||||||||||||||||||
2,521,498 | 2,489,489 | ||||||||||||||||||||||
Turnberry Solutions, Inc. | |||||||||||||||||||||||
A provider of technology consulting services. | |||||||||||||||||||||||
9.19% Term Loan due 07/30/2026 (SOFR + 6.000%) | $ | 1,616,763 | 07/29/21 | 1,592,007 | 1,590,655 | ||||||||||||||||||
U.S. Legal Support, Inc. | |||||||||||||||||||||||
A provider of court reporting, record retrieval and other legal supplemental services. | |||||||||||||||||||||||
8.30% Term Loan due 11/12/2024 (SOFR + 5.750%) | $ | 2,073,262 | * | 2,058,274 | 2,039,206 | ||||||||||||||||||
* 11/29/18 and 03/25/19. | |||||||||||||||||||||||
UroGPO, LLC | |||||||||||||||||||||||
A group purchasing organization that connects pharmaceutical companies with urology practices to facilitate the purchase of pharmaceutical drugs for discounted prices. | |||||||||||||||||||||||
8.76% Term Loan due 12/15/2026 (LIBOR + 5.750%) (B) | $ | 2,283,333 | 12/14/20 | 2,251,318 | 2,283,333 | ||||||||||||||||||
VitalSource | |||||||||||||||||||||||
A provider of digital fulfillment software for the higher education sector. | |||||||||||||||||||||||
8.58% Term Loan due 06/01/2028 (LIBOR + 5.500%) | $ | 1,677,083 | 06/01/21 | 1,649,930 | 1,677,083 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,891 uts. | 06/01/21 | 18,909 | 37,856 | |||||||||||||||||||
1,668,839 | 1,714,939 | ||||||||||||||||||||||
VP Holding Company | |||||||||||||||||||||||
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut. | |||||||||||||||||||||||
8.62% Term Loan due 05/22/2024 (LIBOR + 5.500%) | $ | 2,368,931 | 05/17/18 | 2,355,990 | 2,321,552 | ||||||||||||||||||
Westminster Acquisition LLC | |||||||||||||||||||||||
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 370,241 uts. | 08/03/15 | 370,241 | 57,387 | |||||||||||||||||||
Corporate Restricted Securities - 108.36%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Wolf-Gordon, Inc. | |||||||||||||||||||||||
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces. | |||||||||||||||||||||||
Common Stock (B) | 157 shs. | 01/22/16 | $ | 62,177 | $ | 243,354 | |||||||||||||||||
Woodland Foods, Inc. | |||||||||||||||||||||||
A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | |||||||||||||||||||||||
8.58% Term Loan due 11/30/2027 (LIBOR + 5.500%) (G) | $ | 1,200,638 | 12/01/21 | 1,110,543 | 1,086,799 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 146 uts. | 09/29/17 | 145,803 | 127,035 | |||||||||||||||||||
1,256,346 | 1,213,834 | ||||||||||||||||||||||
World 50, Inc. | |||||||||||||||||||||||
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | |||||||||||||||||||||||
7.87% Term Loan due 12/31/2025 (LIBOR + 4.750%) | $ | 1,197,149 | 01/09/20 | 1,180,793 | 1,182,162 | ||||||||||||||||||
8.37% Term Loan due 01/10/2026 (LIBOR + 5.250%) | $ | 284,577 | 09/21/20 | 279,298 | 280,024 | ||||||||||||||||||
1,460,091 | 1,462,186 | ||||||||||||||||||||||
Ziyad | |||||||||||||||||||||||
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | |||||||||||||||||||||||
8.42% First Lien Term Loan due 02/09/2028 (LIBOR + 4.750%) (G) | $ | 1,002,056 | 02/09/22 | 534,337 | 536,484 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 31 uts. | 02/09/22 | 31,256 | 36,701 | |||||||||||||||||||
565,593 | 573,185 | ||||||||||||||||||||||
Total Private Placement Investments (E) | $ | 160,943,317 | $ | 166,325,157 |
Corporate Restricted Securities - 108.36%: (A) | Interest Rate | Maturity Date | Principal Amount | Cost | Market Value | ||||||||||||||||||||||||
Rule 144A Securities - 4.73%: (H) | |||||||||||||||||||||||||||||
Bonds - 4.73% | |||||||||||||||||||||||||||||
American Airlines Inc. | 11.750 | 07/15/2025 | $ | 500,000 | $ | 496,925 | $ | 522,170 | |||||||||||||||||||||
AOC, LLC | 6.625 | 10/15/2029 | 70,000 | 61,318 | 52,500 | ||||||||||||||||||||||||
Carriage Purchaser Inc. | 7.875 | 10/15/2029 | 500,000 | 380,221 | 372,410 | ||||||||||||||||||||||||
Cogent Communications | 7.000 | 06/15/2027 | 750,000 | 727,655 | 705,342 | ||||||||||||||||||||||||
Coronado Finance Pty Ltd. | 10.750 | 05/15/2026 | 247,000 | 243,407 | 256,878 | ||||||||||||||||||||||||
County of Gallatin MT | 11.500 | 09/1/2027 | 340,000 | 340,000 | 353,691 | ||||||||||||||||||||||||
CSC Holdings LLC | 5.000 | 11/15/2031 | 625,000 | 521,757 | 412,838 | ||||||||||||||||||||||||
CVR Energy Inc. | 5.750 | 02/15/2028 | 500,000 | 463,849 | 427,095 | ||||||||||||||||||||||||
First Quantum Minerals Ltd. | 7.500 | 04/1/2025 | 500,000 | 475,096 | 481,250 | ||||||||||||||||||||||||
Frontier Communications | 8.750 | 05/15/2030 | 194,000 | 194,000 | 194,124 | ||||||||||||||||||||||||
Neptune Energy Bondco PLC | 6.630 | 05/15/2025 | 500,000 | 495,938 | 464,183 | ||||||||||||||||||||||||
New Enterprise Stone & Lime Co Inc. | 9.750 | 07/15/2028 | 505,000 | 484,423 | 425,975 | ||||||||||||||||||||||||
Prime Security Services, LLC | 6.250 | 01/15/2028 | 885,000 | 797,812 | 755,234 | ||||||||||||||||||||||||
Scientific Games Holdings LP | 6.630 | 03/1/2030 | 480,000 | 480,000 | 384,768 | ||||||||||||||||||||||||
Terrier Media Buyer, Inc. | 8.875 | 12/15/2027 | 530,000 | 512,530 | 404,901 | ||||||||||||||||||||||||
The Manitowoc Company, Inc. | 9.000 | 04/1/2026 | 500,000 | 491,447 | 454,765 | ||||||||||||||||||||||||
Trident TPI Holdings Inc. | 9.250 | 08/1/2024 | 500,000 | 493,280 | 458,827 | ||||||||||||||||||||||||
Verscend Holding Corp | 9.750 | 08/15/2026 | 482,000 | 502,678 | 465,130 | ||||||||||||||||||||||||
Total Bonds | 8,162,336 | 7,592,081 | |||||||||||||||||||||||||||
Common Stock - 0.00% | |||||||||||||||||||||||||||||
TherOX, Inc. (B) | 2 shs | — | — | ||||||||||||||||||||||||||
Touchstone Health Partnership (B) | 292 shs | — | — | ||||||||||||||||||||||||||
Total Common Stock | — | — | |||||||||||||||||||||||||||
Total Rule 144A Securities | $ | 8,162,336 | $ | 7,592,081 | |||||||||||||||||||||||||
Total Corporate Restricted Securities | $ | 169,105,653 | $ | 173,917,238 |
Corporate Public Securities - 2.59%: (A) | LIBOR Spread | Interest Rate | Maturity Date | Principal Amount | Cost | Market Value | |||||||||||||||||||||||||||||
Bank Loans - 1.85% | |||||||||||||||||||||||||||||||||||
Almonde, Inc. | 7.250 | 8.489 | 06/13/2025 | $ | 500,000 | $ | 505,000 | $ | 403,440 | ||||||||||||||||||||||||||
Alpine US Bidco LLC | 9.000 | 11.685 | 04/28/2029 | 628,215 | 612,623 | 577,957 | |||||||||||||||||||||||||||||
Edelman Financial Services | 6.750 | 9.865 | 06/8/2026 | 128,178 | 127,872 | 112,797 | |||||||||||||||||||||||||||||
Front Line Power Construction LLC | 12.500 | 15.450 | 11/1/2028 | 249,375 | 235,701 | 238,403 | |||||||||||||||||||||||||||||
Kenan Advantage Group Inc. | 7.250 | 10.365 | 08/17/2027 | 564,317 | 550,935 | 519,172 | |||||||||||||||||||||||||||||
Magenta Buyer LLC | 8.250 | 11.370 | 05/3/2029 | 503,333 | 498,688 | 460,968 | |||||||||||||||||||||||||||||
STS Operating, Inc. | 8.000 | 11.115 | 04/25/2026 | 500,000 | 505,000 | 481,250 | |||||||||||||||||||||||||||||
Syncsort Incorporated | 7.250 | 10.033 | 04/23/2029 | 222,222 | 220,806 | 184,029 | |||||||||||||||||||||||||||||
Total Bank Loans | 3,256,625 | 2,978,016 | |||||||||||||||||||||||||||||||||
Bonds - 0.72% | |||||||||||||||||||||||||||||||||||
Genesis Energy LP | 6.500 | 10/01/25 | 337,000 | 326,115 | 304,681 | ||||||||||||||||||||||||||||||
Hecla Mining Company | 7.250 | 02/15/28 | 500,000 | 477,669 | 463,850 | ||||||||||||||||||||||||||||||
Triumph Group, Inc. | 7.750 | 08/15/25 | 500,000 | 501,995 | 382,104 | ||||||||||||||||||||||||||||||
Total Bonds | 1,305,779 | 1,150,635 | |||||||||||||||||||||||||||||||||
Common Stock - 0.02% | |||||||||||||||||||||||||||||||||||
Front Line Power Construction LLC | 12,001 shs | 13,694 | 5,700 | ||||||||||||||||||||||||||||||||
Tourmaline Oil Corp | 42,397 shs | — | 30,856 | ||||||||||||||||||||||||||||||||
Total Common Stock | 13,694 | 36,556 | |||||||||||||||||||||||||||||||||
Total Corporate Public Securities | $ | 4,576,098 | $ | 4,165,207 | |||||||||||||||||||||||||||||||
Total Investments | 110.95 | % | $ | 173,681,751 | $ | 178,082,445 | |||||||||||||||||||||||||||||
Other Assets | 3.89 | 6,238,479 | |||||||||||||||||||||||||||||||||
Liabilities | (14.84) | (23,820,383) | |||||||||||||||||||||||||||||||||
Total Net Assets | 100.00 | % | $ | 160,500,541 |
Industry Classification: | Fair Value/ Market Value | ||||
AEROSPACE & DEFENSE - 6.34% | |||||
Accurus Aerospace | $ | 434,049 | |||
Bridger Aerospace | 528,172 | ||||
Compass Precision | 1,723,408 | ||||
CTS Engines | 1,267,251 | ||||
Narda-MITEQ (JFL-Narda Partners, LLC) | 1,374,156 | ||||
Sunvair Aerospace Group Inc. | 2,330,817 | ||||
Trident Maritime Systems | 1,677,071 | ||||
Trident TPI Holdings Inc. | 458,827 | ||||
Triumph Group, Inc. | 382,104 | ||||
10,175,855 | |||||
AIRLINES - 1.37% | |||||
American Airlines Inc. | 522,170 | ||||
Echo Logistics | 1,675,915 | ||||
2,198,085 | |||||
AUTOMOTIVE - 4.26% | |||||
Aurora Parts & Accessories LLC | 482,118 | ||||
BBB Industries LLC - DBA (GC EOS Buyer Inc.) | 476,864 | ||||
English Color & Supply LLC | 2,281,261 | ||||
JF Petroleum Group | 633,934 | ||||
Omega Holdings | 531,311 | ||||
Truck-Lite | 2,432,951 | ||||
6,838,439 | |||||
BROKERAGE, ASSET MANAGERS & EXCHANGES - 1.81% | |||||
The Caprock Group (aka TA/TCG Holdings, LLC) | 1,246,445 | ||||
The Hilb Group, LLC | 1,661,622 | ||||
2,908,067 | |||||
BUILDING MATERIALS - 1.21% | |||||
Decks Direct | 1,272,508 | ||||
New Enterprise Stone & Lime Co Inc. | 425,975 | ||||
Wolf-Gordon, Inc. | 243,354 | ||||
1,941,837 | |||||
CABLE & SATELLITE - 0.26% | |||||
CSC Holdings LLC | 412,838 | ||||
CHEMICALS - 1.13% | |||||
Kano Laboratories LLC | 1,109,103 | ||||
Polytex Holdings LLC | 700,840 | ||||
1,809,943 | |||||
CONSUMER CYCLICAL SERVICES - 6.54% | |||||
Accelerate Learning | 1,696,417 | ||||
LYNX Franchising | 2,434,229 |
Industry Classification: | Fair Value/ Market Value | ||||
MeTEOR Education LLC | $ | 1,766,922 | |||
Mobile Pro Systems | 989,249 | ||||
PPC Event Services | 204,990 | ||||
Prime Security Services, LLC | 755,233 | ||||
ROI Solutions | 1,055,088 | ||||
Turnberry Solutions, Inc. | 1,590,655 | ||||
10,492,783 | |||||
CONSUMER PRODUCTS - 3.81% | |||||
AMS Holding LLC | 239,996 | ||||
Blue Wave Products, Inc. | 138,437 | ||||
gloProfessional Holdings, Inc. | 856,660 | ||||
Handi Quilter Holding Company | 155,028 | ||||
HHI Group, LLC | 369,469 | ||||
Jones Fish | 1,115,118 | ||||
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC) | 541,945 | ||||
Master Cutlery LLC | 1,302 | ||||
Renovation Brands (Renovation Parent Holdings, LLC) | 988,387 | ||||
Terrybear | 1,710,012 | ||||
6,116,354 | |||||
DIVERSIFIED MANUFACTURING - 7.53% | |||||
AOC, LLC | 52,500 | ||||
F G I Equity LLC | 696,212 | ||||
HTI Technology & Industries Inc (Trident Motion Technologies) | 568,295 | ||||
MNS Engineers, Inc. | 1,259,992 | ||||
Reelcraft Industries, Inc. | 797,170 | ||||
Resonetics, LLC | 2,244,742 | ||||
Safety Products Holdings, Inc. | 1,684,881 | ||||
Standard Elevator Systems | 1,082,396 | ||||
Strahman Holdings Inc. | 276,410 | ||||
Tank Holding | 468,807 | ||||
The Manitowoc Company, Inc. | 454,765 | ||||
Therma-Stor Holdings LLC | 12,330 | ||||
Trystar, Inc. | 2,489,489 | ||||
12,087,989 | |||||
ELECTRIC - 1.69% | |||||
Dwyer Instruments, Inc. | 1,542,617 | ||||
Electric Power Systems International, Inc. | 1,178,443 | ||||
2,721,060 | |||||
Industry Classification: | Fair Value/ Market Value | ||||
ENVIRONMENTAL - 1.42% | |||||
ENTACT Environmental Services, Inc. | $ | 972,629 | |||
Marshall Excelsior Co. | 576,075 | ||||
Northstar Recycling | 730,857 | ||||
2,279,561 | |||||
FINANCE COMPANIES - 0.73% | |||||
Portfolio Group | 1,173,857 | ||||
FINANCIAL OTHER - 1.19% | |||||
Cogency Global | 919,990 | ||||
Edelman Financial Services | 112,797 | ||||
National Auto Care | 881,252 | ||||
1,914,039 | |||||
FOOD & BEVERAGE - 4.46% | |||||
Alpine US Bidco LLC | 577,957 | ||||
Del Real LLC | 1,410,506 | ||||
PANOS Brands LLC | 1,962,302 | ||||
Sara Lee Frozen Foods | 1,359,202 | ||||
Westminster Acquisition LLC | 57,387 | ||||
Woodland Foods, Inc. | 1,213,834 | ||||
Ziyad | 573,185 | ||||
7,154,373 | |||||
GAMING - 0.24% | |||||
Scientific Games Holdings LP | 384,768 | ||||
HEALTHCARE - 6.91% | |||||
Cadence, Inc. | 828,110 | ||||
Ellkay | 691,232 | ||||
GD Dental Services LLC | 108,821 | ||||
Heartland Veterinary Partners | 1,798,197 | ||||
Home Care Assistance, LLC | 832,137 | ||||
Illumifin | 379,890 | ||||
Navia Benefit Solutions, Inc. | 1,155,392 | ||||
Office Ally (OA TOPCO, LP) | 961,472 | ||||
RedSail Technologies | 1,588,968 | ||||
TherOX, Inc. | — | ||||
UroGPO, LLC | 2,283,333 | ||||
Verscend Holding Corp | 465,130 | ||||
11,092,682 | |||||
INDUSTRIAL OTHER - 13.27% | |||||
ASPEQ Holdings | 1,121,376 | ||||
Cleaver-Brooks, Inc. | 681,896 | ||||
Concept Machine Tool Sales, LLC | 581,649 | ||||
E.S.P. Associates, P.A. | 225,217 | ||||
Front Line Power Construction LLC | 244,103 | ||||
IM Analytics Holdings, LLC | 383,993 |
Industry Classification: | Fair Value/ Market Value | ||||
Industrial Service Solutions | $ | 1,024,209 | |||
Kings III | 371,712 | ||||
Media Recovery, Inc. | 484,874 | ||||
PB Holdings LLC | 698,574 | ||||
Specified Air Solutions | 10,103,149 | ||||
Polara (VSC Polara LLC) | 966,222 | ||||
Stratus Unlimited | 833,701 | ||||
STS Operating, Inc. | 481,250 | ||||
Tencarva Machinery Company | 1,643,389 | ||||
World 50, Inc. | 1,462,186 | ||||
21,307,500 | |||||
LOCAL AUTHORITY - 0.92% | |||||
LeadsOnline | 1,470,700 | ||||
MEDIA & ENTERTAINMENT - 4.41% | |||||
Advantage Software | 87,444 | ||||
ASC Communications, LLC (Becker's Healthcare) | 457,408 | ||||
BrightSign | 1,400,149 | ||||
Cadent, LLC | 1,212,500 | ||||
DistroKid (IVP XII DK Co-Invest, LP) | 1,682,181 | ||||
Music Reports, Inc. | 1,339,214 | ||||
The Octave Music Group, Inc. (fka TouchTunes) | 503,239 | ||||
Terrier Media Buyer, Inc. | 404,901 | ||||
7,087,036 | |||||
METALS & MINING - 0.75% | |||||
Coronado Finance Pty Ltd. | 256,878 | ||||
First Quantum Minerals Ltd. | 481,250 | ||||
Hecla Mining Company | 463,850 | ||||
1,201,978 | |||||
MIDSTREAM - 0.19% | |||||
Genesis Energy LP | 304,681 | ||||
OIL FIELD SERVICES - 0.31% | |||||
Neptune Energy Bondco PLC | 464,183 | ||||
Petroplex Inv Holdings LLC | — | ||||
Tourmaline Oil Corp | 30,856 | ||||
495,039 | |||||
PACKAGING - 1.30% | |||||
ASC Holdings, Inc. | 779,423 | ||||
Five Star Holding, LLC | 496,487 | ||||
Brown Machine LLC | 808,993 | ||||
2,084,903 | |||||
Industry Classification: | Fair Value/ Market Value | ||||
PROPERTY & CASUALTY - 1.07% | |||||
Pearl Holding Group | $ | 1,721,039 | |||
REFINING - 1.02% | |||||
CVR Energy Inc. | 427,096 | ||||
MES Partners, Inc. | — | ||||
Tristar Global Energy Solutions, Inc. | 1,204,904 | ||||
1,632,000 | |||||
TECHNOLOGY - 26.86% | |||||
1WorldSync, Inc. | 2,415,431 | ||||
Almonde, Inc. | 403,440 | ||||
Amtech Software | 545,677 | ||||
Audio Precision | 1,713,892 | ||||
Best Lawyers (Azalea Investment Holdings, LLC) | 1,367,971 | ||||
CAi Software | 2,203,159 | ||||
Cash Flow Management | 917,610 | ||||
CloudWave | 1,635,738 | ||||
Command Alkon | 2,038,398 | ||||
Comply365 | 644,046 | ||||
EFI Productivity Software | 905,140 | ||||
Follett School Solutions | 1,687,449 | ||||
GraphPad Software, Inc. | 2,553,173 | ||||
Magenta Buyer LLC | 460,968 | ||||
Options Technology Ltd | 1,553,059 | ||||
ProfitOptics | 783,173 | ||||
Recovery Point Systems, Inc. | 1,344,428 | ||||
REVSpring, Inc. | 1,725,000 | ||||
RPX Corp | 2,379,617 | ||||
Ruffalo Noel Levitz | 1,216,573 | ||||
Sandvine Corporation | 1,719,825 | ||||
Scaled Agile, Inc. | 1,200,083 | ||||
Smart Bear | 1,701,681 | ||||
Smartling, Inc. | 1,380,790 | ||||
Springbrook Software | 1,300,572 | ||||
Stackline | 1,883,072 | ||||
Syncsort Incorporated | 184,029 | ||||
Syntax Systems Ltd. | 738,128 | ||||
Transit Technologies LLC | 749,878 | ||||
U.S. Legal Support, Inc. | 2,039,206 | ||||
VitalSource | 1,714,939 | ||||
43,106,145 | |||||
TELECOM - WIRELINE INTEGRATED & SERVICES - 0.12% |
Industry Classification: | Fair Value/ Market Value | ||||
Frontier Communications | 194,124 | ||||
TRANSPORTATION SERVICES - 9.39% | |||||
AIT Worldwide Logistics, Inc. | $ | 1,766,590 | |||
Carriage Purchaser Inc. | 372,410 | ||||
eShipping | 1,150,656 | ||||
FragilePAK | 1,183,114 | ||||
Kenan Advantage Group Inc. | 519,172 | ||||
Omni Logistics, LLC | 1,696,699 | ||||
Pegasus Transtech Corporation | 2,222,494 | ||||
Rock-it Cargo | 2,317,763 | ||||
SEKO Worldwide, LLC | 1,518,978 | ||||
VP Holding Company | 2,321,552 | ||||
15,069,428 | |||||
WIRELESS - 0.44% | |||||
Cogent Communications | 705,342 | ||||
Total Investments - 110.95% | |||||
(Cost - $173,681,751) | $ | 178,082,445 |
Assets: | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Restricted Securities | ||||||||||||||
Corporate Bonds | $ | 17,599,553 | $ | — | $ | 7,592,081 | $ | 10,007,472 | ||||||
Bank Loans | 135,309,007 | — | — | 135,309,007 | ||||||||||
Common Stock - U.S. | 1,807,085 | — | — | 1,807,085 | ||||||||||
Preferred Stock | 1,718,648 | — | — | 1,718,648 | ||||||||||
Partnerships and LLCs | 17,482,945 | — | — | 17,482,945 | ||||||||||
Public Securities | ||||||||||||||
Bank Loans | 2,978,016 | — | 1,529,687 | 1,448,329 | ||||||||||
Corporate Bonds | 1,150,635 | — | 1,150,635 | — | ||||||||||
Common Stock | 36,556 | 5,700 | — | 30,856 | ||||||||||
Total | $ | 178,082,445 | $ | 5,700 | $ | 10,272,403 | $ | 167,804,342 | ||||||
See information disaggregated by security type and industry classification in the Unaudited Consolidated Schedule of Investments. |
Fair Value | Valuation Technique | Unobservable Inputs | Range | Weighted* | |||||||||||||
Bank Loans | $122,638,248 | Income Approach | Implied Spread | 8.7% - 26.6% | 11.0% | ||||||||||||
$1,701,681 | Market Approach | Revenue Multiple | 14.8x | 14.8x | |||||||||||||
Corporate Bonds | $10,006,170 | Income Approach | Implied Spread | 0.2% - 39.0% | 18.3% | ||||||||||||
$1,302 | Market Approach | Revenue Multiple | 0.2x | 0.2x | |||||||||||||
Equity Securities** | $20,028,786 | Enterprise Value Waterfall Approach | Valuation Multiple | 3.7x - 52.5x | 12.4x | ||||||||||||
$49,893 | Market Approach | Revenue Multiple | 0.2x - 16.5x | 9.2x |
Assets: | Beginning balance at 12/31/2021 | Included in earnings | Purchases | Sales | Prepayments | Transfers into Level 3 | Transfers out of Level 3 | Ending balance at 09/30/2022 | ||||||||||||||||||
Restricted Securities | ||||||||||||||||||||||||||
Corporate Bonds | $ | 9,549,244 | $ | 411,957 | $ | 135,671 | $ | (89,400) | $ | — | $ | — | $ | — | $ | 10,007,472 | ||||||||||
Bank Loans | 130,187,625 | (952,745) | 19,865,145 | (553,486) | (13,237,532) | — | — | 135,309,007 | ||||||||||||||||||
Common Stock - U.S. | 1,257,986 | 401,319 | 450,161 | (302,381) | — | — | — | 1,807,085 | ||||||||||||||||||
Preferred Stock | 1,608,973 | (3,705) | 202,032 | (88,652) | — | — | — | 1,718,648 | ||||||||||||||||||
Partnerships and LLCs | 17,285,572 | (1,347,072) | 1,593,507 | (49,062) | — | — | — | 17,482,945 | ||||||||||||||||||
Public Securities | ||||||||||||||||||||||||||
Bank Loans | 1,127,428 | (79,848) | 284,692 | — | (625) | 116,682 | — | 1,448,329 | ||||||||||||||||||
Common Stock - U.S. | 33,565 | (2,709) | — | — | — | — | — | 30,856 | ||||||||||||||||||
$ | 161,050,393 | $ | (1,572,803) | $ | 22,531,208 | $ | (1,082,981) | $ | (13,238,157) | $ | 116,682 | $ | — | $ | 167,804,342 |
Net Increase / (Decrease) in Net Assets Resulting from Operations | Change in Unrealized (Depreciation) in Net Assets from assets still held | ||||||||||
Interest Income (OID Amortization) | $ | 384,450 | $ | — | |||||||
Net realized gain on investments before taxes | (829,834) | — | |||||||||
Net change in unrealized (depreciation) of investments before taxes | (1,127,419) | (3,385,364.00) |