☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended September 30, 2022 | |||||
OR | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 43-2048643 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
10 East 40th Street, 42nd Floor | |||||
New York, New York | 10016 | ||||
(Address of principal executive offices) | (Zip Code) | ||||
Registrant's telephone number, including area code: (212) 448-0702 |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
Common Stock, $0.001 par value | PSEC | NASDAQ Global Select Market | ||||||
5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001 | PSEC PRA | New York Stock Exchange |
Large accelerated filer | ý | Accelerated filer | o | |||||||||||||||||
Non-accelerated filer | o | Smaller reporting company | o | |||||||||||||||||
Emerging growth company | o | |||||||||||||||||||
(Do not check if a smaller reporting company) |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Financial Statements | ||||||||
PART II | OTHER INFORMATION | |||||||
September 30, 2022 | June 30, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Investments at fair value: | |||||||||||
Control investments (amortized cost of $2,786,356 and $2,732,906, respectively) | $ | 3,444,478 | $ | 3,438,317 | |||||||
Affiliate investments (amortized cost of $236,898 and $242,101, respectively) | 317,275 | 393,264 | |||||||||
Non-control/non-affiliate investments (amortized cost of $4,322,232 and $4,221,824, respectively) | 3,820,912 | 3,770,929 | |||||||||
Total investments at fair value (amortized cost of $7,345,486 and $7,196,831, respectively)(Note 3) | 7,582,665 | 7,602,510 | |||||||||
Cash | 43,399 | 35,364 | |||||||||
Receivables for: | |||||||||||
Interest, net | 18,781 | 12,925 | |||||||||
Other | 1,309 | 745 | |||||||||
Deferred financing costs on Revolving Credit Facility (Note 4) | 15,223 | 10,801 | |||||||||
Prepaid expenses | 839 | 1,078 | |||||||||
Total Assets | 7,662,216 | 7,663,423 | |||||||||
Liabilities | |||||||||||
Revolving Credit Facility (Notes 4 and 8) | 799,851 | 839,464 | |||||||||
Public Notes (less unamortized discount and debt issuance costs of $20,943 and $22,281, respectively) (Notes 6 and 8) | 1,344,169 | 1,343,178 | |||||||||
Prospect Capital InterNotes® (less unamortized debt issuance costs of $6,969 and $7,122, respectively) (Notes 7 and 8) | 342,075 | 340,442 | |||||||||
Convertible Notes (less unamortized debt issuance costs of $2,243 and $2,477, respectively) (Notes 5 and 8) | 153,925 | 214,192 | |||||||||
Due to Prospect Capital Management (Note 13) | 59,947 | 58,100 | |||||||||
Dividends payable | 23,836 | 23,657 | |||||||||
Interest payable | 19,426 | 26,669 | |||||||||
Accrued expenses | 4,775 | 3,309 | |||||||||
Due to broker | 2,834 | — | |||||||||
Due to Prospect Administration (Note 13) | 2,469 | 2,281 | |||||||||
Other liabilities | 1,229 | 932 | |||||||||
Total Liabilities | 2,754,536 | 2,852,224 | |||||||||
Commitments and Contingencies (Note 3) | |||||||||||
Preferred Stock, par value $0.001 per share (227,900,000 shares of preferred stock authorized, with 60,000,000 as Series A1, 60,000,000 as Series M1, 60,000,000 as Series M2, 20,000,000 as Series AA1, 20,000,000 as Series MM1, 1,000,000 as Series A2, and 6,900,000 as Series A, each as of September 30, 2022 and June 30, 2022; 30,751,961 and 20,794,645 Series A1 shares issued and outstanding; 3,925,331 and 2,626,238 Series M1 shares issued and outstanding; 0 and 0 Series M2 shares issued and outstanding; 0 and 0 Series AA1 shares issued and outstanding; 0 and 0 Series MM1 shares issued and outstanding; 187,000 and 187,000 Series A2 shares issued and outstanding; and 6,000,000 and 6,000,000 Series A shares issued and outstanding as of September 30, 2022 and June 30, 2022, respectively) at carrying value plus cumulative accrued and unpaid dividends (Note 9) | 943,258 | 692,076 | |||||||||
Net Assets Applicable to Common Shares | $ | 3,964,422 | $ | 4,119,123 | |||||||
Components of Net Assets Applicable to Common Shares and Net Assets, respectively | |||||||||||
Common stock, par value $0.001 per share (1,772,100,000 common shares authorized; 396,179,053 and 393,164,437 issued and outstanding, respectively) (Note 9) | 396 | 393 | |||||||||
Paid-in capital in excess of par (Note 9 and 12) | 4,071,937 | 4,050,370 | |||||||||
Total distributable (loss) earnings (Note 12) | (107,911) | 68,360 | |||||||||
Net Assets Applicable to Common Shares | $ | 3,964,422 | $ | 4,119,123 | |||||||
Net Asset Value Per Common Share (Note 16) | $ | 10.01 | $ | 10.48 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Investment Income | |||||||||||
Interest income: | |||||||||||
Control investments | $ | 62,263 | $ | 55,831 | |||||||
Affiliate investments | 7,461 | 10,077 | |||||||||
Non-control/non-affiliate investments | 81,698 | 57,529 | |||||||||
Structured credit securities | 22,896 | 22,834 | |||||||||
Total interest income | 174,318 | 146,271 | |||||||||
Dividend income: | |||||||||||
Control investments | 1,187 | 1,250 | |||||||||
Affiliate investments | 1,374 | — | |||||||||
Non-control/non-affiliate investments | 340 | 17 | |||||||||
Total dividend income | 2,901 | 1,267 | |||||||||
Other income: | |||||||||||
Control investments | 20,665 | 17,032 | |||||||||
Affiliate investments | 133 | 3,816 | |||||||||
Non-control/non-affiliate investments | 4,657 | 1,088 | |||||||||
Total other income (Note 10) | 25,455 | 21,936 | |||||||||
Total Investment Income | 202,674 | 169,474 | |||||||||
Operating Expenses | |||||||||||
Base management fee (Note 13) | 38,314 | 32,203 | |||||||||
Income incentive fee (Note 13) | 21,626 | 19,740 | |||||||||
Interest and credit facility expenses | 33,870 | 28,038 | |||||||||
Allocation of overhead from Prospect Administration (Note 13) | 3,099 | 4,526 | |||||||||
Audit, compliance and tax related fees | 2,301 | 617 | |||||||||
Directors’ fees | 131 | 116 | |||||||||
Other general and administrative expenses | 4,067 | 2,865 | |||||||||
Total Operating Expenses | 103,408 | 88,105 | |||||||||
Net Investment Income | 99,266 | 81,369 | |||||||||
Net Realized and Net Change in Unrealized Gains (Losses) from Investments | |||||||||||
Net realized (losses) gains | |||||||||||
Control investments | (1,093) | 3 | |||||||||
Affiliate investments | — | — | |||||||||
Non-control/non-affiliate investments | (22,084) | (604) | |||||||||
Net realized (losses) | (23,177) | (601) | |||||||||
Net change in unrealized (losses) gains | |||||||||||
Control investments | (47,289) | 122,330 | |||||||||
Affiliate investments | (70,786) | 6,037 | |||||||||
Non-control/non-affiliate investments | (50,425) | 8,353 | |||||||||
Net change in unrealized (losses) gains | (168,500) | 136,720 | |||||||||
Net Realized and Net Change in Unrealized (Losses) Gains from Investments | (191,677) | 136,119 | |||||||||
Net realized (losses) on extinguishment of debt | (28) | (5,357) | |||||||||
Net (Decrease) Increase in Net Assets Resulting from Operations | (92,439) | 212,131 | |||||||||
Preferred stock dividends | 12,760 | 2,407 | |||||||||
Net (Decrease) Increase in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (105,199) | $ | 209,724 | |||||||
Basic and diluted earnings per common share (Note 11) | |||||||||||
Basic | $ | (0.27) | $ | 0.54 | |||||||
Diluted | $ | (0.27) | $ | 0.52 | |||||||
Weighted-average shares of common stock outstanding (Note 11) | |||||||||||
Basic | 394,337,440 | 388,886,142 | |||||||||
Diluted | 394,337,440 | 409,052,821 |
Preferred Stock Classified as Temporary Equity | Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Shares | Carrying Value | Liquidation Value | Shares | Par | Paid-in capital in excess of par(1) | Distributable earnings (loss)(1) | Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | $ | 137,040 | 388,419,573 | $ | 388 | $ | 4,018,659 | $ | (210,570) | $ | 3,945,517 | ||||||||||||||||||||||||||||||||||||
Net Increase in Net Assets Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | 81,369 | 81,369 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net realized losses | (5,958) | (5,958) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 136,720 | 136,720 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | (68,755) | (68,755) | ||||||||||||||||||||||||||||||||||||||||||||||||
Return of capital to common stockholders(Note 12) | (3,695) | (3,695) | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of preferred stock to temporary equity(2) | 5,796,528 | 144,914 | (144,914) | (144,914) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | 8,805,451 | 220,136 | 7,866 | (13,239) | (5,373) | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued through reinvestment of dividends | 1,642 | 41 | 8 | 1,079,168 | 2 | 8,288 | 8,298 | |||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | (2,150) | (54) | 5,972 | 54 | 54 | |||||||||||||||||||||||||||||||||||||||||||||
Total increase (decrease) for the three months ended September 30, 2021 | 14,601,471 | 365,037 | (137,040) | 1,085,140 | 2 | (8,592) | 143,376 | (2,254) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021(1) | 14,601,471 | $ | 365,037 | $ | — | 389,504,713 | $ | 390 | $ | 4,010,067 | $ | (67,194) | $ | 3,943,263 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net (decrease) increase in net assets resulting from operations | $ | (92,439) | $ | 212,131 | |||||||
Net realized losses on extinguishment of debt | 28 | 5,357 | |||||||||
Net realized losses on investments | 23,177 | 601 | |||||||||
Net change in unrealized losses (gains) on investments | 168,500 | (136,720) | |||||||||
Amortization of discounts (accretion of premiums), net | 5,412 | 8,459 | |||||||||
Accretion of original issue discount | 767 | 573 | |||||||||
Amortization of deferred financing costs | 1,692 | 1,915 | |||||||||
Payment-in-kind interest | (24,194) | (18,790) | |||||||||
Structuring fees | (4,225) | (11,360) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Payments for purchases of investments | (276,111) | (394,518) | |||||||||
Proceeds from sale of investments and collection of investment principal | 127,286 | 323,399 | |||||||||
Increase (decrease) in due to broker | 2,834 | (2,627) | |||||||||
Increase in due to Prospect Capital Management | 1,847 | 3,338 | |||||||||
Increase in interest receivable, net | (5,856) | (317) | |||||||||
Decrease in interest payable | (7,243) | (12,283) | |||||||||
Increase (decrease) in accrued expenses | 1,466 | (53) | |||||||||
Decrease in due from broker | — | 12,551 | |||||||||
Increase (Decrease) in other liabilities | 297 | (162) | |||||||||
Increase in other receivables | (564) | (44) | |||||||||
Increase in due from affiliate | — | (1) | |||||||||
Decrease in prepaid expenses | 239 | 234 | |||||||||
Increase (decrease) in due to Prospect Administration | 188 | (1,798) | |||||||||
Net Cash Used In Operating Activities | (76,899) | (10,115) | |||||||||
Financing Activities | |||||||||||
Borrowings under Revolving Credit Facility (Note 4) | 262,300 | 417,618 | |||||||||
Principal payments under Revolving Credit Facility (Note 4) | (301,913) | (690,018) | |||||||||
Issuances of Public Notes, net of original issue discount (Note 6) | — | 294,798 | |||||||||
Redemptions of Public Notes (Note 6) | (341) | — | |||||||||
Redemptions of Convertible Notes, net (Note 5) | (60,501) | (51,872) | |||||||||
Issuances of Prospect Capital InterNotes® (Note 7) | 2,624 | 87,657 | |||||||||
Redemptions of Prospect Capital InterNotes®, net (Note 7) | (1,144) | (214,204) | |||||||||
Financing costs paid and deferred | (5,187) | (6,047) | |||||||||
Proceeds from issuance of preferred stock, net of underwriting costs | 261,625 | 216,123 | |||||||||
Offering costs from issuance of preferred stock | (4,353) | (1,360) | |||||||||
Dividends paid and distributions to stockholders | (68,176) | (64,034) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 84,934 | (11,339) | |||||||||
Net Increase (Decrease) in Cash | 8,035 | (21,454) | |||||||||
Cash at beginning of period | 35,364 | 63,610 | |||||||||
Cash at End of Period | $ | 43,399 | $ | 42,156 | |||||||
Supplemental Disclosures | |||||||||||
Cash paid for interest | $ | 38,654 | $ | 37,833 | |||||||
Non-Cash Financing Activities | |||||||||||
Value of shares issued through reinvestment of dividends | $ | 15,477 | $ | 8,339 |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(40) | |||||||||||||||||||||||||||||||||||
CP Energy Services Inc. (20) | Energy Equipment & Services | First Lien Term Loan | 10/1/2017 | 12.67% (3ML+ 9.00%) | 1.00 | 4/4/2027 | $48,046 | $48,046 | $48,046 | 1.2% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan | 4/5/2022 | 12.67% (3ML+ 9.00%) | 1.00 | 4/4/2027 | 6,173 | 6,173 | 6,173 | 0.2% | (10) | ||||||||||||||||||||||||||
First Lien Term Loan A to Spartan Energy Services, LLC | 10/20/2014 | 11.12% (1ML+ 8.00%) | 1.00 | 12/31/2025 | 27,347 | 27,347 | 27,347 | 0.7% | (10)(39) | ||||||||||||||||||||||||||
Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares) | 9/25/2020 | 15.00% | N/A | 26,193 | 13,431 | 0.3% | (16) | ||||||||||||||||||||||||||||
Series B Convertible Preferred Stock (790 shares) | 10/30/2015 | 16.00% | N/A | 63,225 | 10,954 | 0.3% | (16) | ||||||||||||||||||||||||||||
Common Stock (102,924 shares) | 8/2/2013 | N/A | 86,240 | — | —% | (16) | |||||||||||||||||||||||||||||
257,224 | 105,951 | 2.7% | |||||||||||||||||||||||||||||||||
Credit Central Loan Company, LLC (21) | Consumer Finance | First Lien Term Loan | 12/28/2012 | 5.00% plus 5.00% PIK | — | 6/30/2025 | 67,549 | 65,804 | 67,457 | 1.8% | (14)(39) | ||||||||||||||||||||||||
Class A Units (14,867,312 units) | 12/28/2012 | N/A | 19,331 | — | —% | (14)(16) | |||||||||||||||||||||||||||||
Preferred Class P Shares (9,980,481 units) | 7/1/2022 | 12.75% | N/A | 9,980 | — | —% | (14)(16) | ||||||||||||||||||||||||||||
Net Revenues Interest (25% of Net Revenues) | 1/28/2015 | N/A | — | — | —% | (14)(16) | |||||||||||||||||||||||||||||
95,115 | 67,457 | 1.8% | |||||||||||||||||||||||||||||||||
Echelon Transportation, LLC | Aerospace & Defense | First Lien Term Loan | 3/31/2014 | 6.37% (1ML+ 4.00%) | 2.00 | 3/31/2024 | 54,797 | 54,797 | 54,797 | 1.4% | (10) | ||||||||||||||||||||||||
Membership Interest(100%) | 3/31/2014 | N/A | 22,738 | — | —% | (16) | |||||||||||||||||||||||||||||
Preferred Units(32,842,586 shares) | 1/31/2022 | N/A | 32,843 | 7,225 | 0.2% | (16) | |||||||||||||||||||||||||||||
110,378 | 62,022 | 1.6% | |||||||||||||||||||||||||||||||||
First Tower Finance Company LLC (23) | Consumer Finance | First Lien Term Loan to First Tower, LLC | 6/24/2014 | 10.00% plus 12.00% PIK | — | 2/18/2025 | 365,802 | 365,802 | 365,802 | 9.3% | (14)(39) | ||||||||||||||||||||||||
Class A Units (95,709,910 units) | 6/14/2012 | N/A | 31,146 | 239,480 | 6.0% | (14)(16) | |||||||||||||||||||||||||||||
396,948 | 605,282 | 15.3% | |||||||||||||||||||||||||||||||||
Freedom Marine Solutions, LLC (24) | Energy Equipment & Services | Membership Interest (100%) | 11/9/2006 | N/A | 45,492 | 13,312 | 0.3% | (16) | |||||||||||||||||||||||||||
45,492 | 13,312 | 0.3% | |||||||||||||||||||||||||||||||||
InterDent, Inc. | Health Care Providers & Services | First Lien Term Loan A/B | 8/1/2018 | 17.77% (1ML+ 14.65%) | 2.00 | 9/5/2025 | 14,249 | 14,249 | 14,249 | 0.4% | (3) (10) | ||||||||||||||||||||||||
First Lien Term Loan A | 8/3/2012 | 8.62% (1ML+ 5.50%) | 1.00 | 9/5/2025 | 96,773 | 96,773 | 96,773 | 2.4% | (3) (10) | ||||||||||||||||||||||||||
First Lien Term Loan B | 8/3/2012 | 12.00% PIK | — | 9/5/2025 | 167,407 | 167,407 | 167,407 | 4.2% | (39) | ||||||||||||||||||||||||||
Common Stock(99,900 shares) | 5/3/2019 | N/A | 45,118 | 129,105 | 3.3% | (16) | |||||||||||||||||||||||||||||
323,547 | 407,534 | 10.3% | |||||||||||||||||||||||||||||||||
Kickapoo Ranch Pet Resort | Diversified Consumer Services | Membership Interest (100%) | 8/26/2019 | N/A | 2,378 | 3,833 | 0.1% | ||||||||||||||||||||||||||||
2,378 | 3,833 | 0.1% | |||||||||||||||||||||||||||||||||
MITY, Inc. (25) | Commercial Services & Supplies | First Lien Term Loan A | 9/19/2013 | 10.67% (3ML+ 7.00%) | 3.00 | 4/30/2025 | 31,944 | 31,944 | 31,944 | 0.8% | (10) | ||||||||||||||||||||||||
First Lien Term Loan B | 6/23/2014 | 10.67% (3ML+ 7.00%) plus 10.00% PIK | 3.00 | 4/30/2025 | 18,404 | 18,404 | 18,404 | 0.5% | (10)(39) | ||||||||||||||||||||||||||
Unsecured Note to Broda Enterprises ULC | 9/19/2013 | 10.00% | — | 1/1/2028 | 7,200 | 7,200 | 7,200 | 0.2% | (14) | ||||||||||||||||||||||||||
Common Stock (42,053 shares) | 9/19/2013 | N/A | 27,349 | 280 | —% | (16) | |||||||||||||||||||||||||||||
84,897 | 57,828 | 1.5% |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(40) | |||||||||||||||||||||||||||||||||||
National Property REIT Corp. (26) | Equity Real Estate Investment Trusts (REITs) / Online Lending / Structured Finance | First Lien Term Loan A | 12/31/2018 | 5.11% (3ML+ 1.44%) plus 3.53% PIK | 3.00 | 12/31/2023 | $468,161 | $468,161 | $468,161 | 11.8% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan B | 12/31/2018 | 5.67% (3ML+ 2.00%) plus 5.50% PIK | 3.00 | 12/31/2023 | 25,080 | 25,080 | 25,058 | 0.6% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan C | 10/31/2019 | 13.67%(3ML+ 10.00%%) plus 2.25% PIK | 1.00 | 12/31/2023 | 196,200 | 196,200 | 194,510 | 4.9% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan D | 6/19/2020 | 4.17% (3ML+ 0.50%) plus 2.50% PIK | 3.00 | 12/31/2023 | 183,425 | 183,425 | 183,425 | 4.6% | (10)(39) | ||||||||||||||||||||||||||
Residual Profit Interest | 12/31/2018 | N/A | — | 60,697 | 1.5% | (35) | |||||||||||||||||||||||||||||
Common Stock (3,334,895 shares) | 12/31/2013 | N/A | 15,430 | 700,447 | 17.8% | (16)(45) | |||||||||||||||||||||||||||||
888,296 | 1,632,298 | 41.2% | |||||||||||||||||||||||||||||||||
Nationwide Loan Company LLC (27) | Consumer Finance | First Lien Term Loan | 6/18/2014 | 10.00% plus 10.00% PIK | — | 6/18/2023 | 20,782 | 20,782 | 20,782 | 0.5% | (14)(39) | ||||||||||||||||||||||||
Class A Units (38,550,460 units) | 1/31/2013 | N/A | 20,846 | 28,569 | 0.7% | (14) | |||||||||||||||||||||||||||||
41,628 | 49,351 | 1.2% | |||||||||||||||||||||||||||||||||
NMMB, Inc. (28) | Media | First Lien Term Loan | 12/30/2019 | 12.17% (3ML+ 8.50%) | 2.00 | 3/31/2027 | 29,723 | 29,723 | 29,723 | 0.7% | (3) (10) | ||||||||||||||||||||||||
Common Stock (21,418 shares) | 12/30/2019 | N/A | — | 84,971 | 2.1% | ||||||||||||||||||||||||||||||
29,723 | 114,694 | 2.8% | |||||||||||||||||||||||||||||||||
Pacific World Corporation (36) | Personal Products | First Lien Revolving Line of Credit - $26,000 Commitment | 9/26/2014 | 10.37% PIK (1ML+ 7.25%) | 1.00 | 9/26/2025 | 27,897 | 27,897 | 27,897 | 0.7% | (10)(15)(39) | ||||||||||||||||||||||||
First Lien Term Loan A | 12/31/2014 | 8.37% PIK (1ML+ 5.25%) | 1.00 | 9/26/2025 | 45,207 | 45,207 | 37,439 | 0.9% | (10)(39) | ||||||||||||||||||||||||||
Convertible Preferred Equity (323,235 shares) | 6/15/2018 | 6.50% PIK | N/A | 189,295 | — | —% | (16) | ||||||||||||||||||||||||||||
Common Stock (6,778,414 shares) | 9/29/2017 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
262,399 | 65,336 | 1.6% | |||||||||||||||||||||||||||||||||
R-V Industries, Inc. | Machinery | First Lien Term Loan | 12/15/2020 | 12.67% (3ML+ 9.00%) | 1.00 | 12/15/2028 | 33,622 | 33,622 | 33,622 | 0.8% | (3) (10) | ||||||||||||||||||||||||
Common Stock (745,107 shares) | 6/26/2007 | N/A | 6,866 | 22,496 | 0.6% | ||||||||||||||||||||||||||||||
40,488 | 56,118 | 1.4% | |||||||||||||||||||||||||||||||||
Universal Turbine Parts, LLC (34) | Trading Companies & Distributors | First Lien Delayed Draw Term Loan - $6,965 Commitment | 2/28/2019 | 10.87% (1ML+ 7.75%) | 2.50 | 4/5/2024 | 3,133 | 3,133 | 3,133 | 0.1% | (10)(15) | ||||||||||||||||||||||||
First Lien Term Loan A | 7/22/2016 | 9.42% (3ML+ 5.75%) | 1.00 | 4/5/2024 | 29,575 | 29,575 | 29,575 | 0.7% | (10) | ||||||||||||||||||||||||||
Preferred Units (55,383,218 units) | 3/31/2021 | N/A | 32,500 | 3,406 | 0.1% | (16) | |||||||||||||||||||||||||||||
Common Stock (10,000 units) | 12/10/2018 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
65,208 | 36,114 | 0.9% | |||||||||||||||||||||||||||||||||
USES Corp. (30) | Commercial Services & Supplies | First Lien Term Loan A | 3/31/2014 | 9.00% PIK | — | 7/29/2024 | 61,761 | 30,651 | 17,555 | 0.4% | (9) | ||||||||||||||||||||||||
First Lien Term Loan B | 3/31/2014 | 15.50% PIK | — | 7/29/2024 | 94,211 | 35,567 | — | —% | (9) | ||||||||||||||||||||||||||
First Lien Term Loan | 12/30/2020 | 12.12% (1ML+ 9.00%) | 1.00 | 7/29/2024 | 2,000 | 2,000 | 2,000 | 0.1% | (10) | ||||||||||||||||||||||||||
First Lien Equipment Term Loan | 8/3/2022 | 12.12% (1ML+ 9.00%) | 1.00 | 7/29/2024 | 6,114 | 6,114 | 6,114 | 0.2% | (10) (39) | ||||||||||||||||||||||||||
Common Stock (268,962 shares) | 6/15/2016 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
74,332 | 25,669 | 0.7% | |||||||||||||||||||||||||||||||||
Valley Electric Company, Inc. (31) | Construction & Engineering | First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc. | 12/31/2012 | 8.67% (3ML+ 5.00%) plus 2.50% PIK | 3.00 | 12/31/2024 | 10,452 | 10,452 | 10,452 | 0.3% | (3) (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan | 6/24/2014 | 8.00% plus 10.00% PIK | — | 6/23/2024 | 33,301 | 33,301 | 33,301 | 0.8% | (3) (39) | ||||||||||||||||||||||||||
First Lien Term Loan B | 3/28/2022 | 8.00% plus 4.50% PIK | — | 6/23/2024 | 13,000 | 13,000 | 13,000 | 0.3% | (3) (39) | ||||||||||||||||||||||||||
Consolidated Revenue Interest(2.00%) | 6/22/2018 | N/A | — | 1,555 | —% | (12) | |||||||||||||||||||||||||||||
Common Stock (50,000 shares) | 12/31/2012 | N/A | 11,550 | 83,371 | 2.1% | ||||||||||||||||||||||||||||||
68,303 | 141,679 | 3.5% | |||||||||||||||||||||||||||||||||
Total Control Investments (Level 3) | $2,786,356 | $3,444,478 | 86.9% |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Affiliate Investments (5.00% to 24.99% voting control)(41) | |||||||||||||||||||||||||||||||||||
Nixon, Inc. (32) | Textiles, Apparel & Luxury Goods | Common Stock (857 units) | 5/12/2017 | N/A | $ | — | $ | — | — | % | (16) | ||||||||||||||||||||||||
— | — | — | % | ||||||||||||||||||||||||||||||||
PGX Holdings, Inc. (6) | Diversified Consumer Services | First Lien Term Loan | 7/21/2021 | 11.56% (3M SOFR+ 7.75%) | 1.50 | 7/21/2026 | 70,639 | 70,639 | 69,029 | 1.8 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 7/21/2021 | 14.82% (1ML+ 11.75%) | 1.50 | 7/27/2027 | 153,931 | 153,931 | 151,818 | 3.8 | % | (3) (10) | |||||||||||||||||||||||||
Common Stock(40,780,359 shares) | 5/27/2020 | N/A | — | 66,904 | 1.7 | % | (16) | ||||||||||||||||||||||||||||
224,570 | 287,751 | 7.3 | % | ||||||||||||||||||||||||||||||||
RGIS Services, LLC | Commercial Services & Supplies | Membership Interest (5.27%) | 6/25/2020 | N/A | 9,523 | 9,755 | 0.2 | % | |||||||||||||||||||||||||||
9,523 | 9,755 | 0.2 | % | ||||||||||||||||||||||||||||||||
Targus Cayman HoldCo Limited (33) | Textiles, Apparel & Luxury Goods | Common Stock (7,383,395 shares) | 2/12/2016 | N/A | 2,805 | 19,769 | 0.5 | % | (16) | ||||||||||||||||||||||||||
2,805 | 19,769 | 0.5 | % | ||||||||||||||||||||||||||||||||
Total Affiliate Investments (Level 3) | $ | 236,898 | $ | 317,275 | 8.0 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
8th Avenue Food & Provisions, Inc. | Food Products | Second Lien Term Loan | 9/21/2018 | 10.87% (1ML+ 7.75%) | — | 10/1/2026 | $ | 32,133 | $ | 31,976 | $ | 27,032 | 0.7 | % | (8)(10) | ||||||||||||||||||||
31,976 | 27,032 | 0.7 | % | ||||||||||||||||||||||||||||||||
ABG Intermediate Holdings 2 LLC | Textiles, Apparel & Luxury Goods | Second Lien Term Loan | 12/20/2021 | 9.13% (1M SOFR+ 6.00%) | 0.50 | 12/20/2029 | 9,000 | 8,939 | 8,734 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
8,939 | 8,734 | 0.2 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XI | Structured Finance | Subordinated Structured Note | 12/6/2012 | Residual Interest, current yield 13.14% | — | 4/17/2034 | 67,782 | 37,499 | 28,094 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
37,499 | 28,094 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XII | Structured Finance | Subordinated Structured Note | 3/15/2013 | Residual Interest, current yield 11.30% | — | 4/15/2031 | 52,203 | 33,248 | 28,778 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
33,248 | 28,778 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XV | Structured Finance | Subordinated Structured Note | 9/13/2013 | Residual Interest, current yield 11.24% | — | 4/21/2031 | 48,515 | 34,512 | 28,534 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
34,512 | 28,534 | 0.7 | % | ||||||||||||||||||||||||||||||||
Apidos CLO XXII | Structured Finance | Subordinated Structured Note | 9/16/2015 | Residual Interest, current yield 14.83% | — | 4/21/2031 | 35,855 | 28,543 | 25,308 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
28,543 | 25,308 | 0.6 | % | ||||||||||||||||||||||||||||||||
Atlantis Health Care Group (Puerto Rico), Inc. | Health Care Providers & Services | First Lien Revolving Line of Credit - $3,000 Commitment | 2/21/2013 | 12.42% (3ML+ 8.75%) | 2.00 | 4/22/2024 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 2/21/2013 | 12.42% (3ML+ 8.75%) | 2.00 | 4/22/2024 | 61,611 | 61,611 | 61,611 | 1.6 | % | (3) (10) | |||||||||||||||||||||||||
61,611 | 61,611 | 1.6 | % | ||||||||||||||||||||||||||||||||
Aventiv Technologies, LLC (f/k/a Securus Technologies Holdings, Inc.) | Communications Equipment | First Lien Term Loan | 8/2/2019 | 8.17% (3ML+ 4.50%) | 1.00 | 11/1/2024 | 9,670 | 9,214 | 8,743 | 0.2 | % | (3)(8)(10)(47) | |||||||||||||||||||||||
Second Lien Term Loan | 6/20/2017 | 11.06% (3ML+ 8.25%) | 1.00 | 11/1/2025 | 50,662 | 50,585 | 47,864 | 1.2 | % | (3)(8)(10) | |||||||||||||||||||||||||
59,799 | 56,607 | 1.4 | % | ||||||||||||||||||||||||||||||||
Barings CLO 2018-III | Structured Finance | Subordinated Structured Note | 10/9/2014 | Residual Interest, current yield —% | — | 7/20/2029 | 83,097 | 35,128 | 23,228 | 0.6 | % | (5) (14)(17) | |||||||||||||||||||||||
35,128 | 23,228 | 0.6 | % | ||||||||||||||||||||||||||||||||
Barracuda Parent, LLC | IT Services | Second Lien Term Loan | 8/15/2022 | 9.85% (1M SOFR+ 7.00%) | 0.50 | 8/15/2030 | 20,000 | 19,413 | 19,321 | 0.5 | % | (8)(10) | |||||||||||||||||||||||
19,413 | 19,321 | 0.5 | % | ||||||||||||||||||||||||||||||||
BCPE North Star US Holdco 2, Inc. | Food Products | Second Lien Delayed Draw Term Loan - $5,185 Commitment | 6/7/2021 | 10.92% (3ML+ 7.25%) | 0.75 | 6/10/2023 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
Second Lien Term Loan | 6/7/2021 | 10.92% (3ML+ 7.25%) | 0.75 | 6/11/2029 | 94,815 | 94,135 | 93,668 | 2.4 | % | (3)(8)(10) | |||||||||||||||||||||||||
94,135 | 93,668 | 2.4 | % | ||||||||||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. | Health Care Technology | First Lien Revolving Line of Credit - $4,239 Commitment | 10/18/2021 | 8.71% (3ML+ 5.75%) | 0.75 | 8/21/2026 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
Second Lien Delayed Draw Term Loan -$22,609 Commitment | 10/18/2021 | 8.71% (3ML+ 5.75%) | 0.75 | 8/23/2028 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||||
First Lien Term Loan | 10/18/2021 | 8.71% (3ML+ 5.75%) | 0.75 | 8/23/2028 | 64,513 | 64,513 | 63,927 | 1.6 | % | (8)(10) | |||||||||||||||||||||||||
64,513 | 63,927 | 1.6 | % | ||||||||||||||||||||||||||||||||
Belnick, LLC | Household Durables | First Lien Term Loan | 1/20/2022 | 11.17% (3ML+ 7.50%) | 1.00 | 1/20/2027 | 90,828 | 90,828 | 90,828 | 2.3 | % | (3) (10) | |||||||||||||||||||||||
90,828 | 90,828 | 2.3 | % | ||||||||||||||||||||||||||||||||
Broder Bros., Co. | Textiles, Apparel & Luxury Goods | First Lien Term Loan | 12/4/2017 | 9.60% (6ML+ 6.00%) | 1.00 | 12/4/2025 | 165,628 | 165,628 | 165,628 | 4.2 | % | (3) (10) | |||||||||||||||||||||||
165,628 | 165,628 | 4.2 | % | ||||||||||||||||||||||||||||||||
Burgess Point Purchaser Corporation | Auto Components | Second Lien Term Loan | 7/25/2022 | 12.16% (1M SOFR+ 9.00%) | 0.75 | 7/25/2030 | 30,000 | 30,000 | 30,000 | 0.8 | % | (8)(10) | |||||||||||||||||||||||
30,000 | 30,000 | 0.8 | % | ||||||||||||||||||||||||||||||||
California Street CLO IX Ltd. | Structured Finance | Subordinated Structured Note | 4/19/2012 | Residual Interest, current yield 11.45% | — | 7/16/2032 | 58,914 | 42,483 | 29,652 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
42,483 | 29,652 | 0.7 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Candle-Lite Company, LLC | Household Products | First Lien Term Loan A | 1/23/2018 | 8.57% (3ML+ 5.50%) | 1.25 | 4/30/2023 | $ | 9,925 | $ | 9,925 | $ | 9,925 | 0.3 | % | (3) (10) | ||||||||||||||||||||
First Lien Term Loan B | 1/23/2018 | 12.57% (3ML+ 9.50%) | 1.25 | 4/30/2023 | 10,949 | 10,949 | 10,949 | 0.3 | % | (3) (10) | |||||||||||||||||||||||||
20,874 | 20,874 | 0.6 | % | ||||||||||||||||||||||||||||||||
Capstone Logistics Acquisition, Inc. | Commercial Services & Supplies | Second Lien Term Loan | 11/12/2020 | 11.87% (1ML+ 8.75%) | 1.00 | 11/13/2028 | 8,500 | 8,256 | 8,500 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
8,256 | 8,500 | 0.2 | % | ||||||||||||||||||||||||||||||||
Carlyle C17 CLO Limited | Structured Finance | Subordinated Structured Note | 1/24/2013 | Residual Interest, current yield 15.55% | — | 4/30/2031 | 24,870 | 14,762 | 13,200 | 0.3 | % | (5) (14) | |||||||||||||||||||||||
14,762 | 13,200 | 0.3 | % | ||||||||||||||||||||||||||||||||
Carlyle Global Market Strategies CLO 2014-4-R, Ltd. | Structured Finance | Subordinated Structured Note | 4/7/2017 | Residual Interest, current yield 12.39% | — | 7/15/2030 | 25,533 | 18,152 | 15,133 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
18,152 | 15,133 | 0.4 | % | ||||||||||||||||||||||||||||||||
Carlyle Global Market Strategies CLO 2016-3, Ltd. | Structured Finance | Subordinated Structured Note | 8/9/2016 | Residual Interest, current yield 12.23% | — | 7/20/2034 | 32,200 | 29,900 | 25,644 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
29,900 | 25,644 | 0.6 | % | ||||||||||||||||||||||||||||||||
Cent CLO 21 Limited | Structured Finance | Subordinated Structured Note | 5/15/2014 | Residual Interest, current yield —% | — | 7/29/2030 | 49,552 | 32,922 | 24,685 | 0.6 | % | (5) (14)(17) | |||||||||||||||||||||||
32,922 | 24,685 | 0.6 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2013-III-R, Ltd. | Structured Finance | Subordinated Structured Note | 8/2/2013 | Residual Interest, current yield 13.47% | — | 4/24/2031 | 44,100 | 26,547 | 20,365 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
26,547 | 20,365 | 0.5 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2013-IV, Ltd. | Structured Finance | Subordinated Structured Note | 10/22/2013 | Residual Interest, current yield 15.39% | — | 4/28/2031 | 45,500 | 30,742 | 27,694 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
30,742 | 27,694 | 0.7 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2014-IV-R, Ltd. | Structured Finance | Subordinated Structured Note | 8/5/2014 | Residual Interest, current yield 16.50% | — | 10/17/2030 | 50,143 | 32,606 | 25,895 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
32,606 | 25,895 | 0.7 | % | ||||||||||||||||||||||||||||||||
CIFC Funding 2016-I, Ltd. | Structured Finance | Subordinated Structured Note | 12/9/2016 | Residual Interest, current yield 17.06% | — | 10/21/2031 | 34,000 | 30,692 | 28,660 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
30,692 | 28,660 | 0.7 | % | ||||||||||||||||||||||||||||||||
Collections Acquisition Company, Inc. | Diversified Financial Services | First Lien Term Loan | 12/3/2019 | 11.82% (3ML+ 8.15%) | 2.50 | 6/3/2024 | 36,816 | 36,816 | 36,816 | 0.9 | % | (3) (10) | |||||||||||||||||||||||
36,816 | 36,816 | 0.9 | % | ||||||||||||||||||||||||||||||||
Columbia Cent CLO 27 Limited | Structured Finance | Subordinated Structured Note | 12/18/2013 | Residual Interest, current yield 15.79% | — | 10/25/2028 | 48,977 | 30,453 | 26,421 | 0.7 | % | (5) (14) | |||||||||||||||||||||||
30,453 | 26,421 | 0.7 | % | ||||||||||||||||||||||||||||||||
CP IRIS Holdco I, Inc. (48) | Building Products | Second Lien Term Loan | 10/1/2021 | 10.12% (1ML+ 7.00%) | 0.50 | 10/1/2029 | 35,000 | 35,000 | 34,669 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||
35,000 | 34,669 | 0.9 | % | ||||||||||||||||||||||||||||||||
Curo Group Holdings Corp. | Consumer Finance | First Lien Term Loan | 7/30/2021 | 7.50% | — | 8/1/2028 | 47,000 | 47,028 | 26,681 | 0.7 | % | (8)(14)(47) | |||||||||||||||||||||||
47,028 | 26,681 | 0.7 | % | ||||||||||||||||||||||||||||||||
DRI Holding Inc. | Commercial Services & Supplies | First Lien Term Loan | 12/21/2021 | 8.37% (1ML+ 5.25%) | 0.50 | 12/21/2028 | 34,161 | 32,889 | 33,393 | 0.8 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 12/21/2021 | 11.12% (1ML+ 8.00%) | 0.50 | 12/21/2029 | 145,000 | 145,000 | 141,738 | 3.6 | % | (10) | |||||||||||||||||||||||||
177,889 | 175,131 | 4.4 | % | ||||||||||||||||||||||||||||||||
DTI Holdco, Inc. | Professional Services | First Lien Term Loan | 4/26/2022 | 7.33%(1M SOFR+ 4.75%) | 0.75 | 4/26/2029 | 18,500 | 18,152 | 18,089 | 0.5 | % | (8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 4/26/2022 | 10.33% (1M SOFR+ 7.75%) | 0.75 | 4/26/2030 | 75,000 | 75,000 | 74,063 | 1.9 | % | (8)(10) | |||||||||||||||||||||||||
93,152 | 92,152 | 2.4 | % | ||||||||||||||||||||||||||||||||
Easy Gardener Products, Inc. | Household Durables | Class A Units of EZG Holdings, LLC (200 units) | 6/11/2020 | — | N/A | — | 313 | — | — | % | (16) | ||||||||||||||||||||||||
Class B Units of EZG Holdings, LLC(12,525 units) | 6/11/2020 | — | N/A | — | 1,688 | — | — | % | (16) | ||||||||||||||||||||||||||
2,001 | — | — | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Engine Group, Inc. (7) | Media | First Lien Term Loan | 11/17/2020 | 7.56% (3ML+ 4.75%) | 1.00 | 11/17/2023 | $ | 3,551 | $ | 3,551 | $ | 3,327 | 0.1 | % | (8)(10) | ||||||||||||||||||||
Class B Common Units(1,039,554 units) | 11/17/2020 | — | N/A | — | 26,991 | 87 | — | % | (8)(16) | ||||||||||||||||||||||||||
30,542 | 3,414 | 0.1 | % | ||||||||||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Machinery | Incremental Amendment No. 2 Second Lien Term Loan | 5/6/2021 | 10.17% (3ML+ 6.50%) | 0.75 | 7/18/2025 | 5,000 | 4,983 | 4,934 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||
Incremental Amendment No. 3 Second Lien Term Loan | 8/6/2021 | 9.67% (3ML+ 6.00%) | 0.75 | 5/21/2029 | 5,000 | 5,000 | 4,815 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||||
9,983 | 9,749 | 0.2 | % | ||||||||||||||||||||||||||||||||
Enseo Acquisition, Inc. | IT Services | First Lien Term Loan | 6/2/2021 | 11.67% (3ML+ 8.00%) | 1.00 | 6/2/2026 | 54,313 | 54,313 | 54,313 | 1.4 | % | (3) (10) | |||||||||||||||||||||||
54,313 | 54,313 | 1.4 | % | ||||||||||||||||||||||||||||||||
Eze Castle Integration, Inc. | IT Services | First Lien Delayed Draw Term Loan - $1,786 Commitment | 7/15/2020 | 11.24% (3ML+ 8.50%) | 1.50 | 7/15/2025 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 7/15/2020 | 11.24% (3ML+ 8.50%) | 1.50 | 7/15/2025 | 46,620 | 46,620 | 46,620 | 1.2 | % | (3) (10) | |||||||||||||||||||||||||
46,620 | 46,620 | 1.2 | % | ||||||||||||||||||||||||||||||||
First Brands Group | Auto Components | First Lien Term Loan | 3/24/2021 | 8.37% (6M SOFR+ 5.00%) | 1.00 | 3/30/2027 | 22,468 | 22,348 | 22,251 | 0.6 | % | (3)(8) | |||||||||||||||||||||||
Second Lien Term Loan | 3/24/2021 | 11.87% (3ML+ 8.50%) | 1.00 | 3/30/2028 | 37,000 | 36,546 | 37,000 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||||
58,894 | 59,251 | 1.5 | % | ||||||||||||||||||||||||||||||||
Galaxy XV CLO, Ltd. | Structured Finance | Subordinated Structured Note | 2/13/2013 | Residual Interest, current yield 13.31% | — | 10/15/2030 | 50,525 | 33,614 | 26,395 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
33,614 | 26,395 | 0.6 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 9/30/2013 | Residual Interest, current yield 14.95% | — | 5/16/2031 | 24,575 | 16,051 | 11,970 | 0.3 | % | (5) (14) | |||||||||||||||||||||||
16,051 | 11,970 | 0.3 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVIII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 5/30/2014 | Residual Interest, current yield 11.05% | — | 7/15/2031 | 39,905 | 26,835 | 17,819 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
26,835 | 17,819 | 0.4 | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2012-1 Ltd. | Structured Finance | Subordinated Structured Note | 8/7/2012 | Residual Interest, current yield —% | — | 8/15/2023 | 23,188 | 3,704 | 6 | — | % | (5) (14)(17) | |||||||||||||||||||||||
3,704 | 6 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2013-1 Ltd. | Structured Finance | Subordinated Structured Note | 3/8/2013 | Residual Interest, current yield —% | — | 4/15/2025 | 40,400 | 19,983 | 18 | — | % | (5) (14)(17) | |||||||||||||||||||||||
19,983 | 18 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-1 Ltd. | Structured Finance | Subordinated Structured Note | 2/7/2014 | Residual Interest, current yield —% | — | 4/20/2026 | 24,500 | 11,822 | 34 | — | % | (5) (14)(17) | |||||||||||||||||||||||
11,822 | 34 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-2 Ltd. | Structured Finance | Subordinated Structured Note | 4/14/2014 | Residual Interest, current yield —% | — | 4/28/2025 | 41,164 | 21,321 | 44 | — | % | (5) (14)(17) | |||||||||||||||||||||||
21,321 | 44 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2015-3 Ltd. | Structured Finance | Subordinated Structured Note | 7/23/2015 | Residual Interest, current yield —% | — | 10/18/2027 | 39,598 | 29,556 | 203 | — | % | (5) (14)(17) | |||||||||||||||||||||||
29,556 | 203 | — | % | ||||||||||||||||||||||||||||||||
HarbourView CLO VII-R, Ltd. | Structured Finance | Subordinated Structured Note | 6/5/2015 | Residual Interest, current yield 1.80% | — | 7/18/2031 | 19,025 | 13,083 | 6,650 | 0.2 | % | (5) (14) | |||||||||||||||||||||||
13,083 | 6,650 | 0.2 | % | ||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | Software | Second Lien Term Loan | 11/14/2019 | 9.88% (3M SOFR+ 6.75%) | 0.75 | 11/19/2027 | 52,500 | 52,309 | 50,013 | 1.3 | % | (3)(8)(10) | |||||||||||||||||||||||
52,309 | 50,013 | 1.3 | % | ||||||||||||||||||||||||||||||||
Interventional Management Services, LLC | Health Care Providers & Services | First Lien Revolving Line of Credit - $5,000 Commitment | 2/22/2021 | 12.67% (3ML+ 9.00%) | 1.00 | 2/22/2025 | 5,000 | 5,000 | 4,877 | 0.1 | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 2/22/2021 | 12.67% (3ML+ 9.00%) | 1.00 | 2/20/2026 | 68,033 | 68,033 | 66,362 | 1.7 | % | (3) (10) | |||||||||||||||||||||||||
73,033 | 71,239 | 1.8 | % | ||||||||||||||||||||||||||||||||
Jefferson Mill CLO Ltd. | Structured Finance | Subordinated Structured Note | 6/26/2015 | Residual Interest, current yield 7.55% | — | 10/20/2031 | 23,594 | 17,935 | 12,734 | 0.3 | % | (5) (14) | |||||||||||||||||||||||
17,935 | 12,734 | 0.3 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
K&N Parent, Inc. | Auto Components | Second Lien Term Loan | 10/19/2016 | 11.87% (3ML+ 8.75%) | 1.00 | 10/21/2024 | $ | 25,887 | $ | 25,718 | $ | 14,075 | 0.4 | % | (8)(10) | ||||||||||||||||||||
25,718 | 14,075 | 0.4 | % | ||||||||||||||||||||||||||||||||
KM2 Solutions LLC | IT Services | First Lien Term Loan | 12/17/2020 | 11.67% (3ML+ 8.00%) | 1.00 | 12/17/2025 | 23,863 | 23,863 | 23,863 | 0.6 | % | (3) (10) | |||||||||||||||||||||||
23,863 | 23,863 | 0.6 | % | ||||||||||||||||||||||||||||||||
LCM XIV Ltd. | Structured Finance | Subordinated Structured Note | 6/25/2013 | Residual Interest, current yield 8.37% | — | 7/21/2031 | 49,934 | 25,270 | 18,664 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
25,270 | 18,664 | 0.5 | % | ||||||||||||||||||||||||||||||||
LGC US FINCO, LLC | Machinery | First Lien Term Loan | 1/17/2020 | 9.62% (1ML+ 6.50%) | 1.00 | 12/20/2025 | 30,476 | 29,934 | 28,898 | 0.7 | % | (3)(8)(10) | |||||||||||||||||||||||
29,934 | 28,898 | 0.7 | % | ||||||||||||||||||||||||||||||||
Magnate Worldwide, LLC | Air Freight & Logistics | First Lien Delayed Draw Term Loan - $2,357 Commitment | 3/11/2022 | 9.17% (3ML+ 5.50%) | 0.75 | 12/30/2028 | — | — | — | — | % | (8)(10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 3/11/2022 | 9.17% (3ML+ 5.50%) | 0.75 | 12/30/2028 | 30,490 | 30,490 | 30,490 | 0.8 | % | (3)(8)(10) | |||||||||||||||||||||||||
Second Lien Term Loan | 12/30/2021 | 12.17% (3ML+ 8.50%) | 0.75 | 12/30/2029 | 95,000 | 95,000 | 95,000 | 2.4 | % | (3)(8)(10) | |||||||||||||||||||||||||
125,490 | 125,490 | 3.2 | % | ||||||||||||||||||||||||||||||||
Mamba Purchaser, Inc. | Health Care Providers & Services | Second Lien Term Loan | 9/29/2021 | 9.55% (1ML+ 6.50%) | 0.50 | 10/14/2029 | 23,000 | 22,846 | 23,000 | 0.6 | % | (3)(8)(10) | |||||||||||||||||||||||
22,846 | 23,000 | 0.6 | % | ||||||||||||||||||||||||||||||||
Medical Solutions Holdings, Inc. (4) | Health Care Providers & Services | Second Lien Term Loan | 11/1/2021 | 9.88% (6ML+ 7.00%) | 0.50 | 11/1/2029 | 54,463 | 54,423 | 54,463 | 1.4 | % | (3)(8)(10) | |||||||||||||||||||||||
54,423 | 54,463 | 1.4 | % | ||||||||||||||||||||||||||||||||
Medusind Acquisition, Inc. (19) | Health Care Providers & Services | First Lien Term Loan | 9/30/2019 | 10.19% (3ML+ 6.50%) | 1.00 | 4/8/2024 | 23,447 | 23,320 | 23,447 | 0.6 | % | (3) (10) | |||||||||||||||||||||||
23,320 | 23,447 | 0.6 | % | ||||||||||||||||||||||||||||||||
Mountain View CLO 2013-I Ltd. | Structured Finance | Subordinated Structured Note | 4/17/2013 | Residual Interest, current yield —% | — | 10/15/2030 | 43,650 | 24,503 | 14,982 | 0.4 | % | (5) (14)(17) | |||||||||||||||||||||||
24,503 | 14,982 | 0.4 | % | ||||||||||||||||||||||||||||||||
Mountain View CLO IX Ltd. | Structured Finance | Subordinated Structured Note | 5/13/2015 | Residual Interest, current yield 9.86% | — | 7/15/2031 | 47,830 | 24,657 | 21,417 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
24,657 | 21,417 | 0.5 | % | ||||||||||||||||||||||||||||||||
Nexus Buyer LLC | Capital Markets | Second Lien Term Loan | 11/5/2021 | 9.37% (1ML+ 6.25%) | 0.50 | 11/5/2029 | 42,500 | 42,500 | 41,640 | 1.1 | % | (8)(10) | |||||||||||||||||||||||
42,500 | 41,640 | 1.1 | % | ||||||||||||||||||||||||||||||||
Octagon Investment Partners XV, Ltd. | Structured Finance | Subordinated Structured Note | 1/24/2013 | Residual Interest, current yield 9.28% | — | 7/19/2030 | 42,064 | 29,058 | 24,383 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
29,058 | 24,383 | 0.6 | % | ||||||||||||||||||||||||||||||||
Octagon Investment Partners 18-R Ltd. | Structured Finance | Subordinated Structured Note | 8/12/2015 | Residual Interest, current yield 15.18% | — | 4/16/2031 | 46,016 | 21,735 | 17,476 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
21,735 | 17,476 | 0.4 | % | ||||||||||||||||||||||||||||||||
OneTouchPoint Corp | Professional Services | First Lien Term Loan | 2/19/2021 | 11.67% (3ML+ 8.00%) | 1.00 | 2/19/2026 | 39,285 | 39,285 | 39,285 | 1.0 | % | (3) (10) | |||||||||||||||||||||||
39,285 | 39,285 | 1.0 | % | ||||||||||||||||||||||||||||||||
PeopleConnect Holdings, LLC (11) | Interactive Media & Services | First Lien Term Loan | 1/22/2020 | 11.92% (3ML+ 8.25%) | 1.75 | 1/22/2025 | 226,054 | 226,054 | 226,054 | 5.7 | % | (3) (10) | |||||||||||||||||||||||
226,054 | 226,054 | 5.7 | % | ||||||||||||||||||||||||||||||||
PetVet Care Centers, LLC (f/k/a Pearl Intermediate Parent LLC) | Health Care Providers & Services | Second Lien Term Loan | 2/1/2018 | 9.37% (1ML+ 6.25%) | — | 2/15/2026 | 16,000 | 15,945 | 15,560 | 0.4 | % | (3)(8)(10) | |||||||||||||||||||||||
15,945 | 15,560 | 0.4 | % | ||||||||||||||||||||||||||||||||
PlayPower, Inc. | Leisure Products | First Lien Term Loan | 5/7/2019 | 9.17% (3ML+ 5.50%) | — | 5/10/2026 | 5,824 | 5,791 | 5,446 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||
5,791 | 5,446 | 0.1 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Precisely Software Incorporated (f/k/a Vision Solutions, Inc.) (29) | IT Services | Second Lien Term Loan | 4/23/2021 | 10.03% (3ML+ 7.25%) | 0.75 | 4/23/2029 | $ | 80,000 | $ | 79,245 | $ | 76,383 | 1.9 | % | (3)(8)(10) | ||||||||||||||||||||
79,245 | 76,383 | 1.9 | % | ||||||||||||||||||||||||||||||||
Preventics, Inc. (d/b/a Legere Pharmaceuticals) (46) | Health Care Providers & Services | First Lien Term Loan | 11/12/2021 | 14.17% (3ML+ 10.50%) | 1.00 | 11/12/2026 | 9,219 | 9,219 | 9,219 | 0.2 | % | (3) (10) | |||||||||||||||||||||||
Series A Convertible Preferred Stock (320 units) | 11/12/2021 | 8.00% | — | N/A | — | 127 | 127 | — | % | (16) | |||||||||||||||||||||||||
Series C Convertible Preferred Stock (3,575 units) | 11/12/2021 | 8.00% | — | N/A | — | 1,419 | 1,415 | — | % | (16) | |||||||||||||||||||||||||
10,765 | 10,761 | 0.2 | % | ||||||||||||||||||||||||||||||||
Raisin Acquisition Co, Inc. | Pharmaceuticals | First Lien Revolving Line of Credit | 6/17/2022 | 10.44% (3ML+ 7.00%) | 1.00 | 12/13/2026 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan | 6/17/2022 | 10.81% (3ML+ 7.00%) | 1.00 | 12/13/2026 | 1,546 | 1,507 | 1,519 | — | % | (10)(15) | |||||||||||||||||||||||||
First Lien Term Loan | 6/17/2022 | 10.44% (3ML+ 7.00%) | 1.00 | 12/13/2026 | 24,738 | 24,029 | 24,310 | 0.6 | % | (3) (10) | |||||||||||||||||||||||||
25,536 | 25,829 | 0.6 | % | ||||||||||||||||||||||||||||||||
RC Buyer, Inc. | Auto Components | Second Lien Term Loan | 7/26/2021 | 10.17% (3ML+ 6.50%) | 0.75 | 7/30/2029 | 20,000 | 19,915 | 19,435 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
19,915 | 19,435 | 0.5 | % | ||||||||||||||||||||||||||||||||
Reception Purchaser, LLC | Air Freight & Logistics | First Lien Term Loan | 4/28/2022 | 9.13% (3M SOFR+ 6.00%) | 0.75 | 3/24/2028 | 63,207 | 62,130 | 62,488 | 1.6 | % | (3)(8)(10) | |||||||||||||||||||||||
62,130 | 62,488 | 1.6 | % | ||||||||||||||||||||||||||||||||
Redstone Holdco 2 LP (22) | IT Services | Second Lien Term Loan | 4/16/2021 | 10.52% (3ML+ 7.75%) | 0.75 | 4/27/2029 | 50,000 | 49,267 | 42,547 | 1.1 | % | (3)(8)(10) | |||||||||||||||||||||||
49,267 | 42,547 | 1.1 | % | ||||||||||||||||||||||||||||||||
Research Now Group, Inc. & Survey Sampling International LLC | Professional Services | First Lien Term Loan | 12/8/2017 | 8.84% (6ML+ 5.50%) | 1.00 | 12/20/2024 | 9,525 | 9,348 | 8,734 | 0.2 | % | (3)(8)(10)(47) | |||||||||||||||||||||||
Second Lien Term Loan | 12/8/2017 | 12.84% (6ML+ 9.50%) | 1.00 | 12/20/2025 | 50,000 | 48,606 | 45,500 | 1.1 | % | (3)(8)(10) | |||||||||||||||||||||||||
57,954 | 54,234 | 1.3 | % | ||||||||||||||||||||||||||||||||
Rising Tide Holdings, Inc. | Diversified Consumer Services | Second Lien Term Loan | 5/26/2021 | 11.37% (1ML+ 8.25%) | 0.75 | 6/1/2029 | 23,000 | 22,713 | 19,717 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
22,713 | 19,717 | 0.5 | % | ||||||||||||||||||||||||||||||||
The RK Logistics Group, Inc. | Commercial Services & Supplies | First Lien Term Loan | 3/24/2022 | 14.17% (3ML+ 10.50%) | 1.00 | 3/24/2027 | 6,122 | 6,122 | 6,122 | 0.2 | % | (3)(10) | |||||||||||||||||||||||
Class A Common Units (263,000 units) | 3/24/2022 | — | N/A | — | 263 | — | — | % | (16) | ||||||||||||||||||||||||||
Class B Common Units(1,237,000 units) | 3/24/2022 | — | N/A | — | 1,237 | 10,145 | 0.3 | % | (16) | ||||||||||||||||||||||||||
7,622 | 16,267 | 0.5 | % | ||||||||||||||||||||||||||||||||
RME Group Holding Company | Media | First Lien Term Loan A | 5/4/2017 | 9.17% (3ML+ 5.50%) | 1.00 | 5/6/2024 | 25,800 | 25,800 | 25,800 | 0.7 | % | (3) (10) | |||||||||||||||||||||||
First Lien Term Loan B | 5/4/2017 | 14.67% (3ML+ 11.00%) | 1.00 | 5/6/2024 | 21,747 | 21,747 | 21,747 | 0.5 | % | (3) (10) | |||||||||||||||||||||||||
47,547 | 47,547 | 1.2 | % | ||||||||||||||||||||||||||||||||
Romark WM-R Ltd. | Structured Finance | Subordinated Structured Note | 4/11/2014 | Residual Interest, current yield 8.50% | — | 4/21/2031 | 27,725 | 20,019 | 14,339 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
20,019 | 14,339 | 0.4 | % | ||||||||||||||||||||||||||||||||
Rosa Mexicano | Hotels, Restaurants & Leisure | First Lien Revolving Line of Credit - $500 Commitment | 3/29/2018 | 11.17% (3ML+ 7.50%) | 1.25 | 5/29/2024 | 338 | 338 | 325 | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 3/29/2018 | 11.17% (3ML+ 7.50%) | 1.25 | 5/29/2024 | 22,789 | 22,789 | 21,909 | 0.6 | % | (10) | |||||||||||||||||||||||||
23,127 | 22,234 | 0.6 | % | ||||||||||||||||||||||||||||||||
SEOTownCenter, Inc. | IT Services | First Lien Term Loan | 1/31/2022 | 11.67% (3ML+ 8.00%) | 1.00 | 1/31/2027 | 51,610 | 51,610 | 51,610 | 1.3 | % | (3) (10) | |||||||||||||||||||||||
51,610 | 51,610 | 1.3 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Shearer’s Foods, LLC | Food Products | Second Lien Term Loan | 9/15/2020 | 10.87% (1ML+ 7.75%) | 1.00 | 9/23/2028 | $ | 5,000 | $ | 4,925 | $ | 5,000 | 0.1 | % | (3)(8)(10) | ||||||||||||||||||||
4,925 | 5,000 | 0.1 | % | ||||||||||||||||||||||||||||||||
ShiftKey, LLC | Health Care Technology | First Lien Term Loan | 6/21/2022 | 7.96% (3M SOFR+ 5.75%) | 1.00 | 6/21/2027 | 65,000 | 64,460 | 65,000 | 1.6 | % | (3) (10) | |||||||||||||||||||||||
64,460 | 65,000 | 1.6 | % | ||||||||||||||||||||||||||||||||
Shutterfly, LLC | Internet & Direct Marketing Retail | 2021 Refinancing First Lien Term Loan B | 7/1/2021 | 8.67% (3ML+ 5.00%) | 0.75 | 9/25/2026 | 20,295 | 20,217 | 16,946 | 0.4 | % | (3)(8)(10) | |||||||||||||||||||||||
20,217 | 16,946 | 0.4 | % | ||||||||||||||||||||||||||||||||
Sorenson Communications, LLC | Diversified Telecommunication Services | First Lien Term Loan | 3/12/2021 | 9.17% (3ML+ 5.50%) | 0.75 | 3/17/2026 | 35,194 | 34,776 | 34,782 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||
34,776 | 34,782 | 0.9 | % | ||||||||||||||||||||||||||||||||
Southern Veterinary Partners | Health Care Providers & Services | Second Lien Term Loan | 10/2/2020 | 10.87% (1ML+ 7.75%) | 1.00 | 10/5/2028 | 8,000 | 7,939 | 7,824 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
7,939 | 7,824 | 0.2 | % | ||||||||||||||||||||||||||||||||
Spectrum Holdings III Corp | Health Care Equipment & Supplies | Second Lien Term Loan | 1/26/2018 | 10.12% (1ML+ 7.00%) | 1.00 | 1/31/2026 | 7,500 | 7,484 | 6,894 | 0.2 | % | (8)(10) | |||||||||||||||||||||||
7,484 | 6,894 | 0.2 | % | ||||||||||||||||||||||||||||||||
Staples, Inc. | Distributors | First Lien Term Loan | 11/18/2019 | 7.78% (3ML+ 5.00%) | — | 4/16/2026 | 8,751 | 8,701 | 7,821 | 0.2 | % | (3)(8)(10)(47) | |||||||||||||||||||||||
8,701 | 7,821 | 0.2 | % | ||||||||||||||||||||||||||||||||
Strategic Materials Holding Corp. | Household Durables | First Lien Term Loan | 8/1/2022 | 6.53% (3ML+ 3.75%) | 1.00 | 11/1/2024 | 7,351 | 5,647 | 5,657 | 0.1 | % | (8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 10/27/2017 | 10.53% (3ML+ 7.75%) | 1.00 | 11/1/2025 | 7,000 | 6,973 | 5,207 | 0.1 | % | (8)(10) | |||||||||||||||||||||||||
12,620 | 10,864 | 0.2 | % | ||||||||||||||||||||||||||||||||
Stryker Energy, LLC | Energy Equipment & Services | Overriding Royalty Interest | 12/4/2006 | — | N/A | — | — | — | — | % | (13) | ||||||||||||||||||||||||
— | — | — | % | ||||||||||||||||||||||||||||||||
Sudbury Mill CLO Ltd. | Structured Finance | Subordinated Structured Note | 11/14/2013 | Residual Interest, current yield —% | — | 1/19/2026 | 28,200 | — | — | — | % | (5)(14)(17) | |||||||||||||||||||||||
— | — | — | % | ||||||||||||||||||||||||||||||||
Symphony CLO XIV, Ltd. | Structured Finance | Subordinated Structured Note | 5/6/2014 | Residual Interest, current yield —% | — | 7/14/2026 | 49,250 | 24,723 | 13,712 | 0.3 | % | (5) (14)(17) | |||||||||||||||||||||||
24,723 | 13,712 | 0.3 | % | ||||||||||||||||||||||||||||||||
Symphony CLO XV, Ltd. | Structured Finance | Subordinated Structured Note | 10/17/2014 | Residual Interest, current yield 9.40% | — | 1/19/2032 | 63,831 | 41,773 | 26,651 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
41,773 | 26,651 | 0.6 | % | ||||||||||||||||||||||||||||||||
Town & Country Holdings, Inc. | Distributors | First Lien Term Loan | 1/26/2018 | 9.42% (3ML+ 5.75%) plus 4.875% PIK | 1.50 | 2/27/2026 | 159,506 | 159,506 | 153,011 | 3.9 | % | (3) (10)(39) | |||||||||||||||||||||||
Non-Voting Class W Interests (188,105 units) | 8/31/2022 | 4.00% | — | N/A | — | — | 2,012 | 0.1 | % | (16) | |||||||||||||||||||||||||
159,506 | 155,023 | 4.0 | % | ||||||||||||||||||||||||||||||||
TPS, LLC | Machinery | First Lien Term Loan | 11/30/2020 | 12.67% (3ML+ 9.00%) plus 1.50% PIK | 1.00 | 11/30/2025 | 27,815 | 27,815 | 27,815 | 0.7 | % | (3) (10)(39) | |||||||||||||||||||||||
27,815 | 27,815 | 0.7 | % | ||||||||||||||||||||||||||||||||
United Sporting Companies, Inc. (18) | Distributors | Second Lien Term Loan | 9/28/2012 | 13.25% (1ML+ 11.00%) plus 2.00% PIK | 2.25 | 11/16/2019 | 144,692 | 103,730 | 6,076 | 0.2 | % | (9)(10) | |||||||||||||||||||||||
103,730 | 6,076 | 0.2 | % | ||||||||||||||||||||||||||||||||
Upstream Newco, Inc. | Health Care Providers & Services | Second Lien Term Loan | 11/20/2019 | 12.17% (3ML+ 8.50%) | — | 11/20/2027 | 22,000 | 21,868 | 21,895 | 0.6 | % | (3)(8)(10) | |||||||||||||||||||||||
21,868 | 21,895 | 0.6 | % | ||||||||||||||||||||||||||||||||
USG Intermediate, LLC | Leisure Products | First Lien Revolving Line of Credit - $3,000 Commitment | 4/15/2015 | 12.37% (1ML+ 9.25%) | 1.00 | 2/9/2027 | 3,000 | 3,000 | 3,000 | 0.1 | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan B | 4/15/2015 | 14.87% (1ML+ 11.75%) | 1.00 | 2/9/2027 | 59,088 | 59,088 | 59,088 | 1.5 | % | (3) (10) | |||||||||||||||||||||||||
Equity | 4/15/2015 | — | N/A | — | 1 | — | — | % | (16) | ||||||||||||||||||||||||||
62,089 | 62,088 | 1.6 | % | ||||||||||||||||||||||||||||||||
VC GB Holdings I Corp | Household Durables | Second Lien Term Loan | 6/30/2021 | 9.63% (6ML+ 6.75%) | 0.50 | 7/23/2029 | 23,000 | 22,804 | 21,157 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
22,804 | 21,157 | 0.5 | % |
September 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(37) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
ViaPath Technologies. | Diversified Telecommunication Services | First Lien Term Loan | 8/7/2019 | 7.06% (3ML+ 4.25%) | — | 11/29/2025 | $ | 9,698 | $ | 9,490 | $ | 9,072 | 0.2 | % | (3)(8)(10) | ||||||||||||||||||||
Second Lien Term Loan | 11/20/2018 | 12.73% (1M SOFR+ 10.00%) | — | 11/29/2026 | 122,670 | 121,799 | 119,457 | 3.0 | % | (3)(8)(10) | |||||||||||||||||||||||||
131,289 | 128,529 | 3.2 | % | ||||||||||||||||||||||||||||||||
Victor Technology, LLC | Commercial Services & Supplies | First Lien Term Loan | 12/3/2021 | 11.17% (3ML+ 7.50%) | 1.00 | 12/3/2028 | 29,775 | 29,775 | 29,506 | 0.7 | % | (3) (10) | |||||||||||||||||||||||
29,775 | 29,506 | 0.7 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2012-4, Ltd. | Structured Finance | Subordinated Structured Note | 11/5/2012 | Residual Interest, current yield 6.01% | — | 10/15/2030 | 40,613 | 28,732 | 22,547 | 0.6 | % | (5) (14) | |||||||||||||||||||||||
28,732 | 22,547 | 0.6 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2014-1, Ltd. | Structured Finance | Subordinated Structured Note | 2/5/2014 | Residual Interest, current yield 0.63% | — | 4/18/2031 | 40,773 | 25,089 | 15,694 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
25,089 | 15,694 | 0.4 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2016-3, Ltd. | Structured Finance | Subordinated Structured Note | 9/30/2016 | Residual Interest, current yield 8.66% | — | 10/20/2031 | 28,100 | 23,247 | 18,308 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
23,247 | 18,308 | 0.5 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2017-3, Ltd. | Structured Finance | Subordinated Structured Note | 6/13/2017 | Residual Interest, current yield 13.91% | — | 4/20/2034 | 44,885 | 49,824 | 39,955 | 1.0 | % | (5) (14) | |||||||||||||||||||||||
49,824 | 39,955 | 1.0 | % | ||||||||||||||||||||||||||||||||
VT Topco, Inc. | Commercial Services & Supplies | Second Lien Term Loan | 8/14/2018 | 9.87% (1ML+ 6.75%) | — | 8/17/2026 | 12,000 | 11,930 | 11,779 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
2021 Second Lien Term Loan | 7/30/2021 | 10.12% (1ML+ 7.00%) | 0.75 | 8/17/2026 | 20,250 | 20,118 | 19,878 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||||
32,048 | 31,657 | 0.8 | % | ||||||||||||||||||||||||||||||||
WatchGuard Technologies, Inc. | IT Services | First Lien Term Loan | 8/17/2022 | 8.28% (3ML+ 5.25%) | 0.75 | 6/30/2027 | 35,000 | 35,000 | 34,053 | 0.9 | % | (8)(10) | |||||||||||||||||||||||
35,000 | 34,053 | 0.9 | % | ||||||||||||||||||||||||||||||||
Wellful Inc. (f/k/a KNS Acquisition Corp.) | Food & Staples Retailing | First Lien Term Loan | 5/26/2022 | 10.42% (3ML+ 6.25%) | 0.75 | 4/21/2027 | 14,037 | 13,362 | 13,505 | 0.3 | % | (8)(10) | |||||||||||||||||||||||
Incremental First Lien Term Loan | 7/21/2022 | 10.42% (3M SOFR+ 6.25%) | 0.75 | 4/21/2027 | 14,928 | 14,075 | 13,641 | 0.3 | % | (8)(10) | |||||||||||||||||||||||||
27,437 | 27,146 | 0.6 | % | ||||||||||||||||||||||||||||||||
Wellpath Holdings, Inc. (f/k/a CCS-CMGC Holdings, Inc.) | Health Care Providers & Services | First Lien Term Loan | 5/13/2019 | 8.62% (1ML+ 5.50%) | — | 10/1/2025 | 14,379 | 14,231 | 13,865 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 9/25/2018 | 12.12% (1ML+ 9.00%) | — | 10/1/2026 | 37,000 | 36,643 | 34,628 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||||
50,874 | 48,493 | 1.2 | % | ||||||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (Level 3) | $ | 4,322,232 | $ | 3,820,912 | 96.4 | % | |||||||||||||||||||||||||||||
Total Portfolio Investments (Level 3) | $ | 7,345,486 | $ | 7,582,665 | 191.3 | % |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(38) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
LEVEL 3 PORTFOLIO INVESTMENTS | |||||||||||||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(42) | |||||||||||||||||||||||||||||||||||
CP Energy Services Inc. (20) | Energy Equipment & Services | First Lien Term Loan | 10/1/2017 | 13.25% (3ML+ 11.00%) | 1.00 | 4/4/2027 | $ | 46,698 | $ | 46,698 | $ | 46,698 | 1.1% | (10)(39) | |||||||||||||||||||||
First Lien Term Loan | 4/5/2022 | 11.25% (3ML+ 8.00%) | 1.00 | 4/4/2027 | 6,000 | 6,000 | 6,000 | 0.1% | (10) | ||||||||||||||||||||||||||
First Lien Term Loan A to Spartan Energy Services, LLC | 10/20/2014 | 9.67% (1ML+ 8.00%) | 1.00 | 12/31/2022 | 26,648 | 26,648 | 26,648 | 0.6% | (10)(39) | ||||||||||||||||||||||||||
Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares) | 9/25/2020 | N/A | 26,193 | 21,793 | 0.5% | (16) | |||||||||||||||||||||||||||||
Series B Convertible Preferred Stock (790 shares) | 10/30/2015 | N/A | 63,225 | 11,562 | 0.3% | (16) | |||||||||||||||||||||||||||||
Common Stock (102,924 shares) | 8/2/2013 | N/A | 86,240 | — | —% | (16) | |||||||||||||||||||||||||||||
255,004 | 112,701 | 2.6% | |||||||||||||||||||||||||||||||||
Credit Central Loan Company, LLC (21) | Consumer Finance | First Lien Term Loan | 12/28/2012 | 10.00% plus 10.00%PIK | — | 6/30/2025 | 75,832 | 73,902 | 75,832 | 1.9% | (14)(39) | ||||||||||||||||||||||||
Class A Units (14,867,312 units) | 12/28/2012 | N/A | 19,331 | 1,103 | —% | (14)(16) | |||||||||||||||||||||||||||||
Net Revenues Interest (25% of Net Revenues) | 1/28/2015 | N/A | — | — | —% | (14)(16) | |||||||||||||||||||||||||||||
93,233 | 76,935 | 1.9% | |||||||||||||||||||||||||||||||||
Echelon Transportation, LLC | Aerospace & Defense | First Lien Term Loan | 3/31/2014 | 6.00% (1ML+ 4.00%) | 2.00 | 3/31/2024 | 53,209 | 53,209 | 53,209 | 1.3% | (10) | ||||||||||||||||||||||||
Membership Interest (100%) | 3/31/2014 | N/A | 22,738 | — | —% | (16) | |||||||||||||||||||||||||||||
Preferred Units (32,842,586 shares) | 1/31/2022 | N/A | 32,843 | 12,557 | 0.3% | (16) | |||||||||||||||||||||||||||||
108,790 | 65,766 | 1.6% | |||||||||||||||||||||||||||||||||
First Tower Finance Company LLC (23) | Consumer Finance | First Lien Term Loan to First Tower, LLC | 6/24/2014 | 10.00% plus 12.00% PIK | — | 2/18/2025 | 356,225 | 356,225 | 356,225 | 8.7% | (14)(39) | ||||||||||||||||||||||||
Class A Units (95,709,910 units) | 6/14/2012 | N/A | 31,146 | 251,058 | 6.1% | (14)(16) | |||||||||||||||||||||||||||||
387,371 | 607,283 | 14.8% | |||||||||||||||||||||||||||||||||
Freedom Marine Solutions, LLC (24) | Energy Equipment & Services | Membership Interest (100%) | 11/9/2006 | N/A | 45,492 | 13,899 | 0.3% | (16) | |||||||||||||||||||||||||||
45,492 | 13,899 | 0.3% | |||||||||||||||||||||||||||||||||
InterDent, Inc. | Health Care Providers & Services | First Lien Term Loan A/B | 8/1/2018 | 16.65% (1ML+ 14.65%) | 2.00 | 9/5/2025 | 14,249 | 14,249 | 14,249 | 0.3% | (10) | ||||||||||||||||||||||||
First Lien Term Loan A | 8/3/2012 | 7.17% (1ML+ 5.50%) | 1.00 | 9/5/2025 | 96,773 | 96,773 | 96,773 | 2.4% | (3) (10) | ||||||||||||||||||||||||||
First Lien Term Loan B | 8/3/2012 | 12.00% PIK | — | 9/5/2025 | 162,426 | 162,426 | 162,426 | 3.9% | (39) | ||||||||||||||||||||||||||
Common Stock (99,900 shares) | 5/3/2019 | N/A | 45,118 | 132,746 | 3.2% | (16) | |||||||||||||||||||||||||||||
318,566 | 406,194 | 9.8% | |||||||||||||||||||||||||||||||||
Kickapoo Ranch Pet Resort | Diversified Consumer Services | Membership Interest (100%) | 8/26/2019 | N/A | 2,378 | 3,833 | 0.1% | ||||||||||||||||||||||||||||
2,378 | 3,833 | 0.1% | |||||||||||||||||||||||||||||||||
MITY, Inc. (25) | Commercial Services & Supplies | First Lien Term Loan A | 9/19/2013 | 10.00% (3ML+ 7.00%) | 3.00 | 4/30/2025 | 32,210 | 32,210 | 32,210 | 0.8% | (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan B | 6/23/2014 | 10.00% (3ML+ 7.00%) plus 10.00% PIK | 3.00 | 4/30/2025 | 18,711 | 18,711 | 18,711 | 0.5% | (10)(39) | ||||||||||||||||||||||||||
Unsecured Note to Broda Enterprises ULC | 9/19/2013 | 10.00% | — | 1/1/2028 | 7,200 | 7,200 | 7,200 | 0.2% | (14) | ||||||||||||||||||||||||||
Common Stock (42,053 shares) | 9/19/2013 | N/A | 27,349 | 1,878 | —% | (16) | |||||||||||||||||||||||||||||
85,470 | 59,999 | 1.5% |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(38) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
LEVEL 3 PORTFOLIO INVESTMENTS | |||||||||||||||||||||||||||||||||||
Control Investments (greater than 25.00% voting control)(42) | |||||||||||||||||||||||||||||||||||
National Property REIT Corp. (26) | Equity Real Estate Investment Trusts (REITs) / Online Lending / Structured Finance | First Lien Term Loan A | 12/31/2018 | 4.44% (3ML+ 1.44%) plus 3.53% PIK | 3.00 | 12/31/2023 | $ | 448,061 | $ | 448,061 | $ | 448,061 | 10.9% | (10)(39) | |||||||||||||||||||||
First Lien Term Loan B | 12/31/2018 | 5.00% (3ML+ 2.00%) plus 5.50% PIK | 3.00 | 12/31/2023 | 29,080 | 29,080 | 29,080 | 0.7% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan C | 10/31/2019 | 12.25% (3ML+ 10.00%) plus 2.25% PIK | 1.00 | 12/31/2023 | 186,800 | 186,800 | 186,800 | 4.5% | (10)(39) | ||||||||||||||||||||||||||
First Lien Term Loan D | 6/19/2020 | 3.50% (3ML+ 0.50%) plus 2.50% PIK | 3.00 | 12/31/2023 | 183,425 | 183,425 | 183,425 | 4.5% | (10)(39) | ||||||||||||||||||||||||||
Residual Profit Interest | 12/31/2018 | N/A | — | 60,749 | 1.5% | (35) | |||||||||||||||||||||||||||||
Common Stock (3,334,895 shares) | 12/31/2013 | N/A | 15,830 | 707,622 | 17.3% | (45) | |||||||||||||||||||||||||||||
863,196 | 1,615,737 | 39.4% | |||||||||||||||||||||||||||||||||
Nationwide Loan Company LLC (27) | Consumer Finance | First Lien Term Loan | 6/18/2014 | 10.00% plus 10.00% PIK | — | 6/18/2022 | 20,260 | 20,260 | 20,260 | 0.5% | (14)(39) | ||||||||||||||||||||||||
Class A Units (38,550,460 units) | 1/31/2013 | N/A | 20,846 | 30,140 | 0.7% | (14) | |||||||||||||||||||||||||||||
41,106 | 50,400 | 1.2% | |||||||||||||||||||||||||||||||||
NMMB, Inc. (28) | Media | First Lien Term Loan | 12/30/2019 | 10.75% (3ML+ 8.50%) | 2.00 | 3/31/2027 | 29,723 | 29,723 | 29,723 | 0.7% | (3) (10) | ||||||||||||||||||||||||
Common Stock (21,418 shares) | 12/30/2019 | N/A | — | 80,220 | 2.0% | ||||||||||||||||||||||||||||||
29,723 | 109,943 | 2.7% | |||||||||||||||||||||||||||||||||
Pacific World Corporation (36) | Personal Products | First Lien Revolving Line of Credit - $26,000 Commitment | 9/26/2014 | 8.92% PIK (1ML+ 7.25%) | 1.00 | 9/26/2025 | 26,743 | 26,743 | 26,743 | 0.6% | (10)(15)(39) | ||||||||||||||||||||||||
First Lien Term Loan A | 12/31/2014 | 6.92% PIK (1ML+ 5.25%) | 1.00 | 9/26/2025 | 44,358 | 44,358 | 32,436 | 0.8% | (10)(39) | ||||||||||||||||||||||||||
Convertible Preferred Equity (323,235 shares) | 6/15/2018 | N/A | 189,295 | — | —% | (16) | |||||||||||||||||||||||||||||
Common Stock (6,778,414 shares) | 9/29/2017 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
260,396 | 59,179 | 1.4% | |||||||||||||||||||||||||||||||||
R-V Industries, Inc. | Machinery | First Lien Term Loan | 12/15/2020 | 11.25% (3ML+ 9.00%) | 1.00 | 12/15/2028 | 33,622 | 33,622 | 33,622 | 0.8% | (3) (10) | ||||||||||||||||||||||||
Common Stock (745,107 shares) | 6/26/2007 | N/A | 6,866 | 23,301 | 0.6% | ||||||||||||||||||||||||||||||
40,488 | 56,923 | 1.4% | |||||||||||||||||||||||||||||||||
Universal Turbine Parts, LLC (34) | Trading Companies & Distributors | First Lien Delayed Draw Term Loan - $6,965 Commitment | 2/28/2019 | 10.25% (1ML+ 7.75%) | 2.50 | 4/5/2024 | 3,141 | 3,141 | 3,141 | 0.1% | (10)(15) | ||||||||||||||||||||||||
First Lien Term Loan A | 7/22/2016 | 8.00% (3ML+ 5.75%) | 1.00 | 4/5/2024 | 29,575 | 29,575 | 28,006 | 0.7% | (10) | ||||||||||||||||||||||||||
Preferred Units (55,383,218 units) | 3/31/2021 | N/A | 32,500 | — | —% | (16) | |||||||||||||||||||||||||||||
Common Stock (10,000 units) | 12/10/2018 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
65,216 | 31,147 | 0.8% | |||||||||||||||||||||||||||||||||
USES Corp. (30) | Commercial Services & Supplies | First Lien Term Loan A | 3/31/2014 | 9.00% PIK | — | 7/29/2024 | 60,362 | 30,651 | 20,395 | 0.5% | (9) | ||||||||||||||||||||||||
First Lien Term Loan B | 3/31/2014 | 15.50% PIK | — | 7/29/2024 | 90,576 | 35,567 | — | —% | (9) | ||||||||||||||||||||||||||
First Lien Term Loan | 12/30/2020 | 10.67% (1ML+ 9.00%) | 1.00 | 7/29/2024 | 2,000 | 2,000 | 2,000 | —% | (10) | ||||||||||||||||||||||||||
Common Stock (268,962 shares) | 6/15/2016 | N/A | — | — | —% | (16) | |||||||||||||||||||||||||||||
68,218 | 22,395 | 0.5% | |||||||||||||||||||||||||||||||||
Valley Electric Company, Inc. (31) | Construction & Engineering | First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc. | 12/31/2012 | 8.00% (3ML+ 5.00%) plus 2.50% PIK | 3.00 | 12/31/2024 | 10,452 | 10,452 | 10,452 | 0.3% | (3) (10)(39) | ||||||||||||||||||||||||
First Lien Term Loan | 6/24/2014 | 8.00% plus 10.00% PIK | — | 6/23/2024 | 33,301 | 33,301 | 33,301 | 0.8% | (39) | ||||||||||||||||||||||||||
First Lien Term Loan B | 3/28/2022 | 8.00% plus 4.50% PIK | — | 6/23/2024 | 13,000 | 13,000 | 13,000 | 0.3% | (39) | ||||||||||||||||||||||||||
Consolidated Revenue Interest (2.00%) | 6/22/2018 | N/A | — | 1,781 | —% | (12) | |||||||||||||||||||||||||||||
Common Stock (50,000 shares) | 12/31/2012 | N/A | 11,506 | 87,449 | 2.1% | ||||||||||||||||||||||||||||||
68,259 | 145,983 | 3.5% | |||||||||||||||||||||||||||||||||
Total Control Investments (Level 3) | $ | 2,732,906 | $ | 3,438,317 | 83.5% |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(38) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
LEVEL 3 PORTFOLIO INVESTMENTS | |||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
Engine Group, Inc. (7) | Media | First Lien Term Loan | 11/17/2020 | 6.42% (1ML+ 4.75%) | 1.00 | 11/17/2023 | $ | 3,551 | $ | 3,551 | $ | 3,400 | 0.1 | % | (8)(10) | ||||||||||||||||||||
Class B Common Units (1,039,554 units) | 11/17/2020 | N/A | 26,991 | — | — | % | (8)(16) | ||||||||||||||||||||||||||||
30,542 | 3,400 | 0.1 | % | ||||||||||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Machinery | Incremental Amendment No. 2 Second Lien Term Loan | 5/6/2021 | 8.75% (3ML+ 6.50%) | 0.75 | 5/21/2029 | 5,000 | 4,982 | 4,897 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||
Incremental Amendment No. 3 Second Lien Term Loan | 8/6/2021 | 8.25% (3ML+ 6.00%) | 0.75 | 5/21/2029 | 5,000 | 5,000 | 4,772 | 0.1 | % | (3)(8)(10) | |||||||||||||||||||||||||
9,982 | 9,669 | 0.2 | % | ||||||||||||||||||||||||||||||||
Enseo Acquisition, Inc. | IT Services | First Lien Term Loan | 6/2/2021 | 10.25% (3ML+ 8.00%) | 1.00 | 6/2/2026 | 54,450 | 54,450 | 54,450 | 1.3 | % | (3) (10) | |||||||||||||||||||||||
54,450 | 54,450 | 1.3 | % | ||||||||||||||||||||||||||||||||
Excelitas Technologies Corp. (f/k/a/ EXC Holdings III Corp.) | Technology Hardware, Storage & Peripherals | Second Lien Term Loan | 11/17/2017 | 8.50% (3ML+ 7.50%) | 1.00 | 12/1/2025 | 12,500 | 12,447 | 12,398 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
12,447 | 12,398 | 0.3 | % | ||||||||||||||||||||||||||||||||
Eze Castle Integration, Inc. | IT Services | First Lien Delayed Draw Term Loan - $1,786 Commitment | 7/15/2020 | 10.00% (3ML+ 8.50%) | 1.50 | 7/15/2025 | — | — | — | — | % | (10)(15) | |||||||||||||||||||||||
First Lien Term Loan | 7/15/2020 | 10.00% (3ML+ 8.50%) | 1.50 | 7/15/2025 | 46,740 | 46,740 | 46,740 | 1.1 | % | (3) (10) | |||||||||||||||||||||||||
46,740 | 46,740 | 1.1 | % | ||||||||||||||||||||||||||||||||
First Brands Group | Auto Components | First Lien Term Loan | 3/24/2021 | 6.29% (3M SOFR+ 5.00%) | 1.00 | 3/30/2027 | 22,525 | 22,388 | 22,210 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 3/24/2021 | 9.74% (3ML+ 8.50%) | 1.00 | 3/30/2028 | 37,000 | 36,503 | 37,000 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||||
58,891 | 59,210 | 1.4 | % | ||||||||||||||||||||||||||||||||
Galaxy XV CLO, Ltd. | Structured Finance | Subordinated Structured Note | 2/13/2013 | Residual Interest, current yield 12.12% | — | 10/15/2030 | 50,525 | 33,868 | 26,924 | 0.8 | % | (5) (14) | |||||||||||||||||||||||
33,868 | 26,924 | 0.8 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 9/30/2013 | Residual Interest, current yield 11.34% | — | 5/16/2031 | 24,575 | 15,963 | 11,898 | 0.3 | % | (5) (14) | |||||||||||||||||||||||
15,963 | 11,898 | 0.3 | % | ||||||||||||||||||||||||||||||||
Galaxy XXVIII CLO, Ltd. | Structured Finance | Subordinated Structured Note | 5/30/2014 | Residual Interest, current yield 7.95% | — | 7/15/2031 | 39,905 | 27,017 | 17,407 | 0.4 | % | (5) (14) | |||||||||||||||||||||||
27,017 | 17,407 | 0.4 | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2012-1 Ltd. | Structured Finance | Subordinated Structured Note | 8/7/2012 | Residual Interest, current yield —% | — | 8/15/2023 | 23,188 | 3,704 | 6 | — | % | (5) (14)(17) | |||||||||||||||||||||||
3,704 | 6 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2013-1 Ltd. | Structured Finance | Subordinated Structured Note | 3/8/2013 | Residual Interest, current yield —% | — | 4/15/2025 | 40,400 | 19,984 | 22 | — | % | (5) (14)(17) | |||||||||||||||||||||||
19,984 | 22 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-1 Ltd. | Structured Finance | Subordinated Structured Note | 2/7/2014 | Residual Interest, current yield —% | — | 4/20/2026 | 24,500 | 11,822 | 37 | — | % | (5) (14)(17) | |||||||||||||||||||||||
11,822 | 37 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2014-2 Ltd. | Structured Finance | Subordinated Structured Note | 4/14/2014 | Residual Interest, current yield —% | — | 4/28/2025 | 41,164 | 21,321 | 53 | — | % | (5) (14)(17) | |||||||||||||||||||||||
21,321 | 53 | — | % | ||||||||||||||||||||||||||||||||
Halcyon Loan Advisors Funding 2015-3 Ltd. | Structured Finance | Subordinated Structured Note | 7/23/2015 | Residual Interest, current yield —% | — | 10/18/2027 | 39,598 | 29,557 | 234 | — | % | (5) (14)(17) | |||||||||||||||||||||||
29,557 | 234 | — | % | ||||||||||||||||||||||||||||||||
HarbourView CLO VII-R, Ltd. | Structured Finance | Subordinated Structured Note | 6/5/2015 | Residual Interest, current yield —% | — | 7/18/2031 | 19,025 | 13,024 | 6,585 | 0.3 | % | (5) (14)(17) | |||||||||||||||||||||||
13,024 | 6,585 | 0.3 | % |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Portfolio Company | Industry | Investments(1)(38) | Acquisition Date(44) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
LEVEL 3 PORTFOLIO INVESTMENTS | |||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments (less than 5.00% voting control) | |||||||||||||||||||||||||||||||||||
USG Intermediate, LLC | Leisure Products | First Lien Revolving Line of Credit - $3,000 Commitment | 4/15/2015 | 10.92% (1ML+ 9.25%) | 1.00 | 2/9/2027 | $ | 3,000 | $ | 3,000 | $ | 3,000 | 0.1 | % | (10)(15) | ||||||||||||||||||||
First Lien Term Loan B | 4/15/2015 | 13.42% (1ML+ 11.75%) | 1.00 | 2/9/2027 | 30,209 | 30,209 | 30,209 | 0.7 | % | (3) (10) | |||||||||||||||||||||||||
Equity | 4/15/2015 | N/A | 1 | — | — | % | (16) | ||||||||||||||||||||||||||||
33,210 | 33,209 | 0.8 | % | ||||||||||||||||||||||||||||||||
VC GB Holdings I Corp | Household Durables | Second Lien Term Loan | 6/30/2021 | 9.63% (6ML+ 6.75%) | 0.50 | 7/23/2029 | 23,000 | 22,797 | 21,896 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||
22,797 | 21,896 | 0.5 | % | ||||||||||||||||||||||||||||||||
Venio LLC (48) | Professional Services | First Lien Term Loan | 2/19/2014 | 1.00% PIK | — | 2/19/2020 | 14,554 | 14,554 | 12,199 | 0.3 | % | (39) | |||||||||||||||||||||||
14,554 | 12,199 | 0.3 | % | ||||||||||||||||||||||||||||||||
ViaPath Technologies. | Diversified Telecommunication Services | First Lien Term Loan | 8/7/2019 | 5.92% (1ML+ 4.25%) | — | 11/29/2025 | 9,698 | 9,474 | 9,125 | 0.2 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 11/20/2018 | 11.63% (1M SOFR+ 10.00%) | — | 11/29/2026 | 122,670 | 121,746 | 122,266 | 3.0 | % | (3)(8)(10) | |||||||||||||||||||||||||
131,220 | 131,391 | 3.2 | % | ||||||||||||||||||||||||||||||||
Victor Technology, LLC | Commercial Services & Supplies | First Lien Term Loan | 12/3/2021 | 9.75%(3ML+ 7.50%) | 1.00 | 12/3/2028 | 29,850 | 29,850 | 29,850 | 0.7 | % | (3) (10) | |||||||||||||||||||||||
29,850 | 29,850 | 0.7 | % | ||||||||||||||||||||||||||||||||
Vision Solutions, Inc. (29) | IT Services | Second Lien Term Loan | 4/23/2021 | 8.43% (1ML+ 7.25%) | 0.75 | 4/23/2029 | 80,000 | 79,216 | 78,320 | 1.9 | % | (3)(8)(10) | |||||||||||||||||||||||
79,216 | 78,320 | 1.9 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2012-4, Ltd. | Structured Finance | Subordinated Structured Note | 11/5/2012 | Residual Interest, current yield 3.74% | — | 10/15/2030 | 40,613 | 28,996 | 22,424 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
28,996 | 22,424 | 0.5 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2014-1, Ltd. | Structured Finance | Subordinated Structured Note | 2/5/2014 | Residual Interest, current yield —% | — | 4/18/2031 | 40,773 | 26,014 | 16,336 | 0.4 | % | (5) (14)(17) | |||||||||||||||||||||||
26,014 | 16,336 | 0.4 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2016-3, Ltd. | Structured Finance | Subordinated Structured Note | 9/30/2016 | Residual Interest, current yield 7.08% | — | 10/20/2031 | 28,100 | 23,495 | 18,811 | 0.5 | % | (5) (14) | |||||||||||||||||||||||
23,495 | 18,811 | 0.5 | % | ||||||||||||||||||||||||||||||||
Voya CLO 2017-3, Ltd. | Structured Finance | Subordinated Structured Note | 6/13/2017 | Residual Interest, current yield 12.14% | — | 4/20/2034 | 44,885 | 49,276 | 41,072 | 1.1 | % | (5) (14) | |||||||||||||||||||||||
49,276 | 41,072 | 1.1 | % | ||||||||||||||||||||||||||||||||
VT Topco, Inc. | Commercial Services & Supplies | Second Lien Term Loan | 8/14/2018 | 8.42% (1ML+ 6.75%) | — | 8/17/2026 | 12,000 | 11,926 | 11,847 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
2021 Second Lien Term Loan | 7/30/2021 | 8.67% (1ML+ 7.00%) | 0.75 | 8/17/2026 | 20,250 | 20,110 | 19,992 | 0.5 | % | (3)(8)(10) | |||||||||||||||||||||||||
32,036 | 31,839 | 0.8 | % | ||||||||||||||||||||||||||||||||
Wellpath Holdings, Inc. (f/k/a CCS-CMGC Holdings, Inc.) | Health Care Providers & Services | First Lien Term Loan | 5/13/2019 | 7.07% (3ML+ 5.50%) | — | 10/1/2025 | 14,389 | 14,229 | 14,193 | 0.3 | % | (3)(8)(10) | |||||||||||||||||||||||
Second Lien Term Loan | 9/25/2018 | 10.57% (3ML+ 9.00%) | — | 10/1/2026 | 37,000 | 36,621 | 36,464 | 0.9 | % | (3)(8)(10) | |||||||||||||||||||||||||
50,850 | 50,657 | 1.2 | % | ||||||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (Level 3) | $ | 4,221,824 | $ | 3,770,929 | 91.6 | % | |||||||||||||||||||||||||||||
Total Portfolio Investments (Level 3) | $ | 7,196,831 | $ | 7,602,510 | 184.6 | % |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Cost Total | ||||||||||||||
Control Investments | ||||||||||||||||||||
Aerospace & Defense | $ | 54,797 | $ | — | $ | — | $ | — | $ | 55,581 | $ | 110,378 | ||||||||
Commercial Services & Supplies | 124,680 | — | — | 7,200 | 27,349 | 159,229 | ||||||||||||||
Construction & Engineering | 56,753 | — | — | — | 11,550 | 68,303 | ||||||||||||||
Consumer Finance | 452,388 | — | — | — | 81,303 | 533,691 | ||||||||||||||
Diversified Consumer Services | — | — | — | — | 2,378 | 2,378 | ||||||||||||||
Energy Equipment & Services | 81,566 | — | — | — | 221,150 | 302,716 | ||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 651,586 | — | — | — | 15,430 | 667,016 | ||||||||||||||
Health Care Providers & Services | 278,429 | — | — | — | 45,118 | 323,547 | ||||||||||||||
Machinery | 33,622 | — | — | — | 6,866 | 40,488 | ||||||||||||||
Media | 29,723 | — | — | — | — | 29,723 | ||||||||||||||
Online Lending | 25,080 | — | — | — | — | 25,080 | ||||||||||||||
Personal Products | 73,104 | — | — | — | 189,295 | 262,399 | ||||||||||||||
Trading Companies & Distributors | 32,708 | — | — | — | 32,500 | 65,208 | ||||||||||||||
Structured Finance (A) | 196,200 | — | — | — | — | 196,200 | ||||||||||||||
Total Control Investments | $ | 2,090,636 | $ | — | $ | — | $ | 7,200 | $ | 688,520 | $ | 2,786,356 | ||||||||
Affiliate Investments | ||||||||||||||||||||
Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 9,523 | $ | 9,523 | ||||||||
Diversified Consumer Services | 70,639 | 153,931 | — | — | — | 224,570 | ||||||||||||||
Textiles, Apparel & Luxury Goods | — | — | — | — | 2,805 | 2,805 | ||||||||||||||
Total Affiliate Investments | $ | 70,639 | $ | 153,931 | $ | — | $ | — | $ | 12,328 | $ | 236,898 | ||||||||
Non-Control/Non-Affiliate Investments | ||||||||||||||||||||
Air Freight & Logistics | $ | 92,620 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 187,620 | ||||||||
Auto Components | 22,348 | 112,179 | — | — | — | 134,527 | ||||||||||||||
Building Products | — | 35,000 | — | — | — | 35,000 | ||||||||||||||
Capital Markets | — | 42,500 | — | — | — | 42,500 | ||||||||||||||
Commercial Services & Supplies | 68,786 | 185,304 | — | — | 1,500 | 255,590 | ||||||||||||||
Communications Equipment | 9,214 | 50,585 | — | — | — | 59,799 | ||||||||||||||
Consumer Finance | 47,028 | — | — | — | — | 47,028 | ||||||||||||||
Distributors | 168,207 | 103,730 | — | — | — | 271,937 | ||||||||||||||
Diversified Consumer Services | — | 22,713 | — | — | — | 22,713 | ||||||||||||||
Diversified Financial Services | 36,816 | — | — | — | — | 36,816 | ||||||||||||||
Diversified Telecommunication Services | 44,266 | 121,799 | — | — | — | 166,065 | ||||||||||||||
Food & Staples Retailing | 27,437 | — | — | — | — | 27,437 | ||||||||||||||
Food Products | — | 131,036 | — | — | — | 131,036 | ||||||||||||||
Health Care Equipment & Supplies | — | 7,484 | — | — | — | 7,484 | ||||||||||||||
Health Care Providers & Services | 181,414 | 159,664 | — | — | 1,546 | 342,624 | ||||||||||||||
Health Care Technology | 128,973 | — | — | — | — | 128,973 | ||||||||||||||
Hotels, Restaurants & Leisure | 23,127 | — | — | — | — | 23,127 | ||||||||||||||
Household Durables | 96,475 | 29,777 | — | — | 2,001 | 128,253 | ||||||||||||||
Household Products | 20,874 | — | — | — | — | 20,874 | ||||||||||||||
Interactive Media & Services | 226,054 | — | — | — | — | 226,054 | ||||||||||||||
Internet & Direct Marketing Retail | 20,217 | — | — | — | — | 20,217 | ||||||||||||||
IT Services | 211,406 | 147,925 | — | — | — | 359,331 | ||||||||||||||
Leisure Products | 67,879 | — | — | — | 1 | 67,880 | ||||||||||||||
Machinery | 57,749 | 9,983 | — | — | — | 67,732 | ||||||||||||||
Media | 51,098 | — | — | — | 26,991 | 78,089 | ||||||||||||||
Pharmaceuticals | 25,536 | — | — | — | — | 25,536 | ||||||||||||||
Professional Services | 66,785 | 123,606 | — | — | — | 190,391 | ||||||||||||||
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Cost Total | ||||||||||||||
Software | — | 52,309 | — | — | — | 52,309 | ||||||||||||||
Textiles, Apparel & Luxury Goods | 165,628 | 8,939 | — | — | — | 174,567 | ||||||||||||||
Structured Finance (A) | — | — | 990,723 | — | — | 990,723 | ||||||||||||||
Total Non-Control/Non-Affiliate | $ | 1,859,937 | $ | 1,439,533 | $ | 990,723 | $ | — | $ | 32,039 | $ | 4,322,232 | ||||||||
Total Portfolio Investment Cost | $ | 4,021,212 | $ | 1,593,464 | $ | 990,723 | $ | 7,200 | $ | 732,887 | $ | 7,345,486 |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets Applicable to Common Stock | ||||||||||||||||
Control Investments | |||||||||||||||||||||||
Aerospace & Defense | $ | 54,797 | $ | — | $ | — | $ | — | $ | 7,225 | $ | 62,022 | 1.6 | % | |||||||||
Commercial Services & Supplies | 76,017 | — | — | 7,200 | 280 | 83,497 | 2.1 | % | |||||||||||||||
Construction & Engineering | 56,753 | — | — | — | 84,926 | 141,679 | 3.6 | % | |||||||||||||||
Consumer Finance | 454,041 | — | — | — | 268,049 | 722,090 | 18.2 | % | |||||||||||||||
Diversified Consumer Services | — | — | — | — | 3,833 | 3,833 | 0.1 | % | |||||||||||||||
Energy Equipment & Services | 81,566 | — | — | — | 37,697 | 119,263 | 3.0 | % | |||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 651,586 | — | — | — | 761,144 | 1,412,730 | 35.7 | % | |||||||||||||||
Health Care Providers & Services | 278,429 | — | — | — | 129,105 | 407,534 | 10.3 | % | |||||||||||||||
Machinery | 33,622 | — | — | — | 22,496 | 56,118 | 1.4 | % | |||||||||||||||
Media | 29,723 | — | — | — | 84,971 | 114,694 | 2.9 | % | |||||||||||||||
Online Lending | 25,058 | — | — | — | — | 25,058 | 0.6 | % | |||||||||||||||
Personal Products | 65,336 | — | — | — | — | 65,336 | 1.6 | % | |||||||||||||||
Trading Companies & Distributors | 32,708 | — | — | — | 3,406 | 36,114 | 0.9 | % | |||||||||||||||
Structured Finance (A) | 194,510 | — | — | — | — | 194,510 | 4.9 | % | |||||||||||||||
Total Control Investments | $ | 2,034,146 | $ | — | $ | — | $ | 7,200 | $ | 1,403,132 | $ | 3,444,478 | 86.9 | % | |||||||||
Fair Value % of Net Assets | 51.3 | % | — | % | — | % | 0.2 | % | 35.4 | % | 86.9 | % | |||||||||||
Affiliate Investments | |||||||||||||||||||||||
Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 9,755 | $ | 9,755 | 0.2 | % | |||||||||
Diversified Consumer Services | 69,029 | 151,818 | — | — | 66,904 | 287,751 | 7.3 | % | |||||||||||||||
Textiles, Apparel & Luxury Goods | — | — | — | — | 19,769 | 19,769 | 0.5 | % | |||||||||||||||
Total Affiliate Investments | $ | 69,029 | $ | 151,818 | $ | — | $ | — | $ | 96,428 | $ | 317,275 | 8.0 | % | |||||||||
Fair Value % of Net Assets | 1.7 | % | 3.8 | % | — | % | — | % | 2.5 | % | 8.0 | % | |||||||||||
Non-Control/Non-Affiliate Investments | |||||||||||||||||||||||
Air Freight & Logistics | $ | 92,978 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 187,978 | 4.7 | % | |||||||||
Auto Components | 22,251 | 100,510 | — | — | — | 122,761 | 3.1 | % | |||||||||||||||
Building Products | — | 34,669 | — | — | — | 34,669 | 0.9 | % | |||||||||||||||
Capital Markets | — | 41,640 | — | — | — | 41,640 | 1.1 | % | |||||||||||||||
Commercial Services & Supplies | 69,021 | 181,895 | — | — | 10,145 | 261,061 | 6.6 | % | |||||||||||||||
Communications Equipment | 8,743 | 47,864 | — | — | — | 56,607 | 1.4 | % | |||||||||||||||
Consumer Finance | 26,681 | — | — | — | — | 26,681 | 0.7 | % | |||||||||||||||
Distributors | 160,832 | 6,076 | — | — | 2,012 | 168,920 | 4.2 | % | |||||||||||||||
Diversified Consumer Services | — | 19,717 | — | — | — | 19,717 | 0.5 | % | |||||||||||||||
Diversified Financial Services | 36,816 | — | — | — | — | 36,816 | 0.9 | % | |||||||||||||||
Diversified Telecommunication Services | 43,854 | 119,457 | — | — | — | 163,311 | 4.1 | % | |||||||||||||||
Food & Staples Retailing | 27,146 | — | — | — | — | 27,146 | 0.7 | % | |||||||||||||||
Food Products | — | 125,700 | — | — | — | 125,700 | 3.2 | % | |||||||||||||||
Health Care Equipment & Supplies | — | 6,894 | — | — | — | 6,894 | 0.2 | % | |||||||||||||||
Health Care Providers & Services | 179,381 | 157,370 | — | — | 1,542 | 338,293 | 8.4 | % | |||||||||||||||
Health Care Technology | 128,927 | — | — | — | — | 128,927 | 3.3 | % | |||||||||||||||
Hotels, Restaurants & Leisure | 22,234 | — | — | — | — | 22,234 | 0.6 | % |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets Applicable to Common Stock | ||||||||||||||||
Household Durables | 96,485 | 26,364 | — | — | — | 122,849 | 3.1 | % | |||||||||||||||
Household Products | 20,874 | — | — | — | — | 20,874 | 0.5 | % | |||||||||||||||
Interactive Media & Services | 226,054 | — | — | — | — | 226,054 | 5.7 | % | |||||||||||||||
Internet & Direct Marketing Retail | 16,946 | — | — | — | — | 16,946 | 0.4 | % | |||||||||||||||
IT Services | 210,459 | 138,251 | — | — | — | 348,710 | 8.8 | % | |||||||||||||||
Leisure Products | 67,534 | — | — | — | — | 67,534 | 1.7 | % | |||||||||||||||
Machinery | 56,713 | 9,749 | — | — | — | 66,462 | 1.7 | % | |||||||||||||||
Media | 50,874 | — | — | — | 87 | 50,961 | 1.3 | % | |||||||||||||||
Pharmaceuticals | 25,829 | — | — | — | — | 25,829 | 0.7 | % | |||||||||||||||
Professional Services | 66,108 | 119,563 | — | — | — | 185,671 | 4.7 | % | |||||||||||||||
Software | — | 50,013 | — | — | — | 50,013 | 1.3 | % | |||||||||||||||
Textiles, Apparel & Luxury Goods | 165,628 | 8,734 | — | — | — | 174,362 | 4.4 | % | |||||||||||||||
Structured Finance (A) | — | — | 695,292 | — | — | 695,292 | 17.5 | % | |||||||||||||||
Total Non-Control/Non-Affiliate | $ | 1,822,368 | $ | 1,289,466 | $ | 695,292 | $ | — | $ | 13,786 | $ | 3,820,912 | 96.4 | % | |||||||||
Fair Value % of Net Assets | 46.0 | % | 32.6 | % | 17.5 | % | — | % | 0.3 | % | 96.4 | % | |||||||||||
Total Portfolio | $ | 3,925,543 | $ | 1,441,284 | $ | 695,292 | $ | 7,200 | $ | 1,513,346 | $ | 7,582,665 | 191.3 | % | |||||||||
Fair Value % of Net Assets | 99.0 | % | 36.4 | % | 17.5 | % | 0.2 | % | 38.2 | % | 191.3 | % |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Cost Total | ||||||||||||||
Control Investments | ||||||||||||||||||||
Aerospace & Defense | $ | 53,209 | $ | — | $ | — | $ | — | $ | 55,581 | $ | 108,790 | ||||||||
Commercial Services & Supplies | 119,139 | — | — | 7,200 | 27,349 | 153,688 | ||||||||||||||
Construction & Engineering | 56,753 | — | — | — | 11,506 | 68,259 | ||||||||||||||
Consumer Finance | 450,387 | — | — | — | 71,323 | 521,710 | ||||||||||||||
Diversified Consumer Services | — | — | — | — | 2,378 | 2,378 | ||||||||||||||
Energy Equipment & Services | 79,346 | — | — | — | 221,150 | 300,496 | ||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 631,486 | — | — | — | 15,830 | 647,316 | ||||||||||||||
Health Care Providers & Services | 273,448 | — | — | — | 45,118 | 318,566 | ||||||||||||||
Machinery | 33,622 | — | — | — | 6,866 | 40,488 | ||||||||||||||
Media | 29,723 | — | — | — | — | 29,723 | ||||||||||||||
Online Lending | 29,080 | — | — | — | — | 29,080 | ||||||||||||||
Personal Products | 71,101 | — | — | — | 189,295 | 260,396 | ||||||||||||||
Trading Companies & Distributors | 32,716 | — | — | — | 32,500 | 65,216 | ||||||||||||||
Structured Finance (A) | 186,800 | — | — | — | — | 186,800 | ||||||||||||||
Total Control Investments | $ | 2,046,810 | $ | — | $ | — | $ | 7,200 | $ | 678,896 | $ | 2,732,906 | ||||||||
Affiliate Investments | ||||||||||||||||||||
Commercial Services & Supplies | $ | 3,680 | $ | — | $ | — | $ | — | $ | 10,303 | $ | 13,983 | ||||||||
Diversified Consumer Services | 71,382 | 153,931 | — | — | — | 225,313 | ||||||||||||||
Textiles, Apparel & Luxury Goods | — | — | — | — | 2,805 | 2,805 | ||||||||||||||
Total Affiliate Investments | $ | 75,062 | $ | 153,931 | $ | — | $ | — | $ | 13,108 | $ | 242,101 | ||||||||
Non-Control/Non-Affiliate Investments | ||||||||||||||||||||
Air Freight & Logistics | $ | 83,077 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 178,077 | ||||||||
Auto Components | 22,388 | 82,111 | — | — | — | 104,499 | ||||||||||||||
Building Products | — | 35,000 | — | — | — | 35,000 | ||||||||||||||
Capital Markets | — | 42,500 | — | — | — | 42,500 | ||||||||||||||
Commercial Services & Supplies | 70,342 | 185,282 | — | — | 1,500 | 257,124 | ||||||||||||||
Communications Equipment | 9,202 | 50,578 | — | — | — | 59,780 | ||||||||||||||
Consumer Finance | 47,029 | — | — | — | — | 47,029 | ||||||||||||||
Distributors | 174,800 | 103,730 | — | — | — | 278,530 | ||||||||||||||
Diversified Consumer Services | — | 22,702 | — | — | — | 22,702 | ||||||||||||||
Diversified Financial Services | 36,878 | — | — | — | — | 36,878 | ||||||||||||||
Diversified Telecommunication Services | 44,220 | 121,746 | — | — | — | 165,966 | ||||||||||||||
Food & Staples Retailing | 9,262 | — | — | — | — | 9,262 | ||||||||||||||
Food Products | — | 130,998 | — | — | — | 130,998 | ||||||||||||||
Health Care Equipment & Supplies | — | 7,483 | — | — | — | 7,483 | ||||||||||||||
Health Care Providers & Services | 182,160 | 158,704 | — | — | 1,546 | 342,410 | ||||||||||||||
Health Care Technology | 89,675 | — | — | — | — | 89,675 | ||||||||||||||
Hotels, Restaurants & Leisure | 23,359 | — | — | — | — | 23,359 | ||||||||||||||
Household Durables | 91,406 | 29,768 | — | — | 2,001 | 123,175 | ||||||||||||||
Household Products | 20,936 | — | — | — | — | 20,936 | ||||||||||||||
Insurance | — | 21,966 | — | — | — | 21,966 | ||||||||||||||
Interactive Media & Services | 233,204 | — | — | — | — | 233,204 | ||||||||||||||
Internet & Direct Marketing Retail | 20,212 | — | — | — | — | 20,212 | ||||||||||||||
IT Services | 176,855 | 128,456 | — | — | — | 305,311 | ||||||||||||||
Leisure Products | 39,014 | — | — | — | 1 | 39,015 | ||||||||||||||
Machinery | 58,310 | 9,982 | — | — | — | 68,292 | ||||||||||||||
Media | 51,348 | — | — | — | 26,991 | 78,339 | ||||||||||||||
Paper & Forest Products | — | 11,445 | — | — | — | 11,445 | ||||||||||||||
Pharmaceuticals | 25,557 | — | — | — | — | 25,557 | ||||||||||||||
Professional Services | 81,536 | 123,496 | — | — | — | 205,032 | ||||||||||||||
Software | — | 52,295 | — | — | — | 52,295 | ||||||||||||||
Technology Hardware, Storage & Peripherals | — | 12,447 | — | — | — | 12,447 | ||||||||||||||
Textiles, Apparel & Luxury Goods | 166,686 | 8,937 | — | — | — | 175,623 | ||||||||||||||
Structured Finance | — | — | 997,703 | — | — | 997,703 | ||||||||||||||
Total Non-Control/Non-Affiliate | $ | 1,757,456 | $ | 1,434,626 | $ | 997,703 | $ | — | $ | 32,039 | $ | 4,221,824 | ||||||||
Total Portfolio Investment Cost | $ | 3,879,328 | $ | 1,588,557 | $ | 997,703 | $ | 7,200 | $ | 724,043 | $ | 7,196,831 |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets | ||||||||||||||||
Control Investments | |||||||||||||||||||||||
Aerospace & Defense | $ | 53,209 | $ | — | $ | — | $ | — | $ | 12,557 | $ | 65,766 | 1.6 | % | |||||||||
Commercial Services & Supplies | 73,316 | — | — | 7,200 | 1,878 | 82,394 | 2.0 | % | |||||||||||||||
Construction & Engineering | 56,753 | — | — | — | 89,230 | 145,983 | 3.5 | % | |||||||||||||||
Consumer Finance | 452,317 | — | — | — | 282,301 | 734,618 | 17.8 | % | |||||||||||||||
Diversified Consumer Services | — | — | — | — | 3,833 | 3,833 | 0.1 | % | |||||||||||||||
Energy Equipment & Services | 79,346 | — | — | — | 47,254 | 126,600 | 3.1 | % | |||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 631,486 | — | — | — | 768,371 | 1,399,857 | 34.0 | % | |||||||||||||||
Health Care Providers & Services | 273,448 | — | — | — | 132,746 | 406,194 | 9.9 | % | |||||||||||||||
Machinery | 33,622 | — | — | — | 23,301 | 56,923 | 1.4 | % | |||||||||||||||
Media | 29,723 | — | — | — | 80,220 | 109,943 | 2.7 | % | |||||||||||||||
Online Lending | 29,080 | — | — | — | — | 29,080 | 0.7 | % | |||||||||||||||
Personal Products | 59,179 | — | — | — | — | 59,179 | 1.4 | % | |||||||||||||||
Trading Companies & Distributors | 31,147 | — | — | — | — | 31,147 | 0.8 | % | |||||||||||||||
Structured Finance (A) | 186,800 | — | — | — | — | 186,800 | 4.5 | % | |||||||||||||||
Total Control Investments | $ | 1,989,426 | $ | — | $ | — | $ | 7,200 | $ | 1,441,691 | $ | 3,438,317 | 83.5 | % | |||||||||
Fair Value % of Net Assets | 48.3 | % | — | % | — | % | 0.2 | % | 35.0 | % | 83.5 | % | |||||||||||
Affiliate Investments | |||||||||||||||||||||||
Commerical Sevices & Supplies | $ | 3,680 | $ | — | $ | — | $ | — | $ | 13,324 | $ | 17,004 | 0.4 | % | |||||||||
Diversified Consumer Services | 71,382 | 153,931 | — | — | 114,940 | 340,253 | 8.2 | % | |||||||||||||||
Textiles, Apparel & Luxury Goods | — | — | — | — | 36,007 | 36,007 | 0.9 | % | |||||||||||||||
Total Affiliate Investments | $ | 75,062 | $ | 153,931 | $ | — | $ | — | $ | 164,271 | $ | 393,264 | 9.5 | % | |||||||||
Fair Value % of Net Assets | 1.8 | % | 3.7 | % | — | % | — | % | 4.0 | % | 9.5 | % | |||||||||||
Non-Control/Non-Affiliate Investments | |||||||||||||||||||||||
Air Freight & Logistics | $ | 83,414 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 178,414 | 4.3 | % | |||||||||
Auto Components | 22,210 | 81,326 | — | — | — | 103,536 | 2.5 | % | |||||||||||||||
Commercial Services & Supplies | 70,221 | 183,889 | — | — | 3,457 | 257,567 | 6.3 | % | |||||||||||||||
Communications Equipment | 8,962 | 48,594 | — | — | — | 57,556 | 1.4 | % | |||||||||||||||
Building Products | — | 34,697 | — | — | — | 34,697 | 0.8 | % | |||||||||||||||
Capital Markets | — | 41,574 | — | — | — | 41,574 | 1.0 | % | |||||||||||||||
Consumer Finance | 30,550 | — | — | — | — | 30,550 | 0.7 | % | |||||||||||||||
Distributors | 174,001 | 6,107 | — | — | — | 180,108 | 4.4 | % | |||||||||||||||
Diversified Consumer Services | — | 21,583 | — | — | — | 21,583 | 0.5 | % | |||||||||||||||
Diversified Financial Services | 36,878 | — | — | — | — | 36,878 | 0.9 | % | |||||||||||||||
Diversified Telecommunication Services | 44,090 | 122,266 | — | — | — | 166,356 | 4.0 | % | |||||||||||||||
Food & Staples Retailing | 9,440 | — | — | — | — | 9,440 | 0.2 | % | |||||||||||||||
Food Products | — | 127,436 | — | — | — | 127,436 | 3.1 | % | |||||||||||||||
Health Care Equipment & Supplies | — | 6,966 | — | — | — | 6,966 | 0.2 | % | |||||||||||||||
Health Care Providers & Services | 181,747 | 158,843 | — | — | 1,807 | 342,397 | 8.4 | % | |||||||||||||||
Health Care Technology | 89,675 | — | — | — | — | 89,675 | 2.2 | % | |||||||||||||||
Hotels, Restaurants & Leisure | 22,651 | — | — | — | — | 22,651 | 0.5 | % | |||||||||||||||
Household Durables | 91,406 | 27,633 | — | — | 3,613 | 122,652 | 3.0 | % | |||||||||||||||
Household Products | 20,936 | — | — | — | — | 20,936 | 0.5 | % | |||||||||||||||
Insurance | — | 22,280 | — | — | — | 22,280 | 0.5 | % | |||||||||||||||
Interactive Media & Services | 233,204 | — | — | — | — | 233,204 | 5.8 | % | |||||||||||||||
Internet & Direct Marketing Retail | 17,454 | — | — | — | — | 17,454 | 0.4 | % | |||||||||||||||
IT Services | 176,855 | 126,826 | — | — | — | 303,681 | 7.4 | % | |||||||||||||||
Leisure Products | 38,757 | — | — | — | — | 38,757 | 0.9 | % | |||||||||||||||
Machinery | 57,866 | 9,669 | — | — | — | 67,535 | 1.6 | % | |||||||||||||||
Media | 51,197 | — | — | — | — | 51,197 | 1.2 | % | |||||||||||||||
Paper & Forest Products | — | 4,952 | — | — | — | 4,952 | 0.1 | % | |||||||||||||||
Pharmaceuticals | 25,962 | — | — | — | — | 25,962 | 0.6 | % |
Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets | ||||||||||||||||
Professional Services | 79,056 | 124,200 | — | — | — | 203,256 | 4.9 | % | |||||||||||||||
Software | — | 52,500 | — | — | — | 52,500 | 1.3 | % | |||||||||||||||
Technology Hardware, Storage & Peripherals | — | 12,398 | — | — | — | 12,398 | 0.3 | % | |||||||||||||||
Textiles, Apparel & Luxury Goods | 166,686 | 8,666 | — | — | — | 175,352 | 4.4 | % | |||||||||||||||
Structured Finance | — | — | 711,429 | — | — | 711,429 | 17.3 | % | |||||||||||||||
Total Non-Control/Non-Affiliate | $ | 1,733,218 | $ | 1,317,405 | $ | 711,429 | $ | — | $ | 8,877 | $ | 3,770,929 | 91.6 | % | |||||||||
Fair Value % of Net Assets | 42.1 | % | 32.0 | % | 17.3 | % | — | % | 0.2 | % | 91.6 | % | |||||||||||
Total Portfolio | $ | 3,797,706 | $ | 1,471,336 | $ | 711,429 | $ | 7,200 | $ | 1,614,839 | $ | 7,602,510 | 184.6 | % | |||||||||
Fair Value % of Net Assets | 92.2 | % | 35.7 | % | 17.3 | % | 0.2 | % | 39.2 | % | 184.6 | % |
Security Name | PIK Rate - Capitalized | PIK Rate - Paid as cash | Maximum Current PIK Rate | |||||||||||
CP Energy Services Inc. - First Lien Term Loan | 12.67 | % | — | % | 12.67 | % | (A) | |||||||
CP Energy Services Inc. - First Lien Term Loan | 12.67 | % | — | % | 12.67 | % | (A) | |||||||
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 11.12 | % | — | % | 11.12 | % | (B) | |||||||
Credit Central Loan Company, LLC - First Lien Term Loan | 5.00 | % | — | % | 5.00 | % | (C) | |||||||
Echelon Transportation, LLC - First Lien Term Loan | 6.00 | % | — | % | 6.00 | % | (D) | |||||||
First Tower Finance Company LLC - First Lien Term Loan | 9.37 | % | 2.63 | % | 12.00 | % | ||||||||
InterDent, Inc. - First Lien Term Loan B | 12.00 | % | — | % | 12.00 | % | ||||||||
MITY, Inc. - First Lien Term Loan B | — | % | 10.00 | % | 10.00 | % | ||||||||
National Property REIT Corp. - First Lien Term Loan A | — | % | 3.53 | % | 3.53 | % | ||||||||
National Property REIT Corp. - First Lien Term Loan B | — | % | 5.50 | % | 5.50 | % | ||||||||
National Property REIT Corp. - First Lien Term Loan C | — | % | 2.25 | % | 2.25 | % | ||||||||
National Property REIT Corp. - First Lien Term Loan D | — | % | 2.50 | % | 2.50 | % | ||||||||
Nationwide Loan Company LLC - First Lien Term Loan | 10.00 | % | — | % | 10.00 | % | ||||||||
Pacific World Corporation - Revolving Line of Credit | 10.37 | % | — | % | 10.37 | % | (E) | |||||||
Pacific World Corporation - First Lien Term Loan A | 8.37 | % | — | % | 8.37 | % | ||||||||
Town & Country Holdings, Inc. - First Lien Term Loan | 4.875 | % | — | % | 4.875 | % | (F) | |||||||
TPS, LLC - First Lien Term Loan | 1.50 | % | — | % | 1.50 | % | ||||||||
USES Corp. - First Lien Equipment Term Loan | 12.12 | % | — | % | 12.12 | % | ||||||||
Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan | — | % | 2.50 | % | 2.50 | % | ||||||||
Valley Electric Company, Inc. - First Lien Term Loan | — | % | 10.00 | % | 10.00 | % | ||||||||
Valley Electric Company, Inc. - First Lien Term Loan B | — | % | 4.50 | % | 4.50 | % |
Security Name | PIK Rate - Capitalized | PIK Rate - Paid as cash | Maximum Current PIK Rate | |||||||||||
CP Energy Services Inc. - First Lien Term Loan | 13.25% | —% | 13.25% | (A) | ||||||||||
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 9.67% | —% | 9.67% | (B) | ||||||||||
Credit Central Loan Company, LLC - First Lien Term Loan | 12.92% | 7.08% | 10.00% | (C) | ||||||||||
First Tower Finance Company LLC - First Lien Term Loan | 8.72% | 3.28% | 12.00% | |||||||||||
InterDent, Inc. - First Lien Term Loan B | 12.00% | —% | 12.00% | |||||||||||
MITY, Inc. - First Lien Term Loan A | 3.30% | 6.70% | —% | (D) | ||||||||||
MITY, Inc. - First Lien Term Loan B | 6.59% | 13.41% | 10.00% | (D) | ||||||||||
National Property REIT Corp. - First Lien Term Loan A | —% | 3.53% | 3.53% | |||||||||||
National Property REIT Corp. - First Lien Term Loan B | —% | 5.50% | 5.50% | |||||||||||
National Property REIT Corp. - First Lien Term Loan C | —% | 2.25% | 2.25% | |||||||||||
National Property REIT Corp. - First Lien Term Loan D | —% | 2.50% | 2.50% | |||||||||||
Nationwide Loan Company LLC - First Lien Term Loan | —% | 10.00% | 10.00% | |||||||||||
Pacific World Corporation - Revolving Line of Credit | 8.92% | —% | 8.92% | (E) | ||||||||||
Pacific World Corporation - First Lien Term Loan A | 6.92% | —% | 6.92% | |||||||||||
Town & Country Holdings, Inc. - First Lien Term Loan | N/A | N/A | N/A | (F) | ||||||||||
TPS, LLC - First Lien Term Loan | 1.50% | —% | 1.50% | |||||||||||
Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan | —% | 2.50% | 2.50% | |||||||||||
Valley Electric Company, Inc. - First Lien Term Loan | —% | 10.00% | 10.00% | |||||||||||
Valley Electric Company, Inc. - First Lien Term Loan B | —% | 4.50% | 4.50% | (G) | ||||||||||
Venio LLC - First Lien Term Loan | 1.00% | —% | 1.00% |
Controlled Companies | Fair Value at June 30, 2022 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at September 30, 2022 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
CP Energy Services Inc. | $ | 64,260 | $ | 1,521 | $ | — | $ | (608) | $ | 65,173 | $ | 1,521 | $ | — | $ | — | $ | — | |||||||||||
CP Energy - Spartan Energy Services, Inc. | 48,441 | 699 | — | (8,362) | 40,778 | 700 | — | — | — | ||||||||||||||||||||
Credit Central Loan Company, LLC | 76,935 | 1,882 | — | (11,360) | 67,457 | 1,859 | — | — | — | ||||||||||||||||||||
Echelon Transportation, LLC | 65,766 | 1,588 | — | (5,332) | 62,022 | 869 | — | — | — | ||||||||||||||||||||
First Tower Finance Company LLC | 607,283 | 9,577 | — | (11,578) | 605,282 | 20,235 | — | — | — | ||||||||||||||||||||
Freedom Marine Solutions, LLC | 13,899 | — | — | (587) | 13,312 | — | — | — | — | ||||||||||||||||||||
InterDent, Inc. | 406,194 | 4,981 | — | (3,641) | 407,534 | 7,508 | — | — | — | ||||||||||||||||||||
Kickapoo Ranch Pet Resort | 3,833 | — | — | — | 3,833 | — | 50 | — | — | ||||||||||||||||||||
MITY, Inc. | 59,999 | — | (573) | (1,598) | 57,828 | 1,897 | — | — | — | ||||||||||||||||||||
National Property REIT Corp. | 1,615,737 | 77,600 | (52,500) | (8,539) | 1,632,298 | 20,272 | — | 20,665 | — | ||||||||||||||||||||
Nationwide Loan Company LLC | 50,400 | 522 | — | (1,571) | 49,351 | 1,045 | — | — | — | ||||||||||||||||||||
NMMB, Inc. | 109,943 | — | — | 4,751 | 114,694 | 818 | 1,093 | — | (1,093) | ||||||||||||||||||||
Pacific World Corporation | 59,179 | 2,003 | — | 4,154 | 65,336 | 1,508 | — | — | — | ||||||||||||||||||||
R-V Industries, Inc. | 56,923 | — | — | (805) | 56,118 | 985 | — | — | — | ||||||||||||||||||||
Universal Turbine Parts, LLC | 31,147 | — | (8) | 4,975 | 36,114 | 688 | — | — | — | ||||||||||||||||||||
USES Corp. | 22,395 | 6,114 | — | (2,840) | 25,669 | 173 | — | — | — | ||||||||||||||||||||
Valley Electric Company, Inc. | 145,983 | — | 44 | (4,348) | 141,679 | 2,185 | 44 | — | — | ||||||||||||||||||||
Total | $ | 3,438,317 | $ | 106,487 | $ | (53,037) | $ | (47,289) | $ | 3,444,478 | $ | 62,263 | $ | 1,187 | $ | 20,665 | $ | (1,093) |
Affiliated Companies | Fair Value at June 30, 2022 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at September 30, 2022 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
Nixon, Inc. | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
PGX Holdings, Inc. | 340,253 | — | (743) | (51,759) | 287,751 | 7,430 | — | 133 | — | ||||||||||||||||||||
RGIS Services, LLC | 17,004 | — | (4,460) | (2,789) | 9,755 | 31 | 1,374 | — | — | ||||||||||||||||||||
Targus Cayman HoldCo Limited | 36,007 | — | — | (16,238) | 19,769 | — | — | — | — | ||||||||||||||||||||
Total | $ | 393,264 | $ | — | $ | (5,203) | $ | (70,786) | $ | 317,275 | $ | 7,461 | $ | 1,374 | $ | 133 | $ | — |
Portfolio Company | Fair Value at June 30, 2021 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at June 30, 2022 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
CP Energy Services Inc. | $ | 44,621 | $ | 11,277 | $ | — | $ | 8,362 | $ | 64,260 | $ | 5,424 | $ | — | $ | — | $ | — | |||||||||||
CP Energy - Spartan Energy Services, LLC | 26,866 | 10,992 | — | 10,583 | 48,441 | 1,884 | — | 6 | — | ||||||||||||||||||||
Credit Central Loan Company, LLC | 78,023 | 9,599 | (1,295) | (9,392) | 76,935 | 15,106 | — | — | — | ||||||||||||||||||||
Echelon Transportation LLC | 84,240 | 10,646 | — | (29,120) | 65,766 | 7,695 | — | — | — | ||||||||||||||||||||
First Tower Finance Company LLC | 592,356 | 42,669 | (11,153) | (16,589) | 607,283 | 74,501 | — | 7,898 | — | ||||||||||||||||||||
Freedom Marine Solutions, LLC | 11,717 | 1,000 | — | 1,182 | 13,899 | — | — | — | — | ||||||||||||||||||||
InterDent, Inc. | 412,339 | 36,123 | (246) | (42,022) | 406,194 | 26,517 | — | 200 | — | ||||||||||||||||||||
Kickapoo Ranch Pet Resort | 3,833 | — | — | — | 3,833 | — | 25 | — | — | ||||||||||||||||||||
MITY, Inc. | 49,680 | 4,956 | — | 5,363 | 59,999 | 7,317 | — | — | 12 | ||||||||||||||||||||
National Property REIT Corp. | 1,189,755 | 410,867 | (301,382) | 316,497 | 1,615,737 | 63,818 | — | 69,772 | — | ||||||||||||||||||||
Nationwide Loan Company LLC | 47,993 | — | — | 2,407 | 50,400 | 4,108 | 2,650 | 405 | — | ||||||||||||||||||||
NMMB, Inc. | 46,888 | 25,000 | (13,021) | 51,076 | 109,943 | 1,206 | 8,383 | 450 | 3,946 | ||||||||||||||||||||
Pacific World Corporation | 71,097 | 11,151 | — | (23,069) | 59,179 | 4,779 | — | — | — | ||||||||||||||||||||
R-V Industries, Inc. | 49,693 | 5,000 | — | 2,230 | 56,923 | 3,051 | 441 | 125 | — | ||||||||||||||||||||
Universal Turbine Parts, LLC | 27,106 | — | (33) | 4,074 | 31,147 | 2,354 | — | — | — | ||||||||||||||||||||
USES Corp. | 33,815 | — | — | (11,420) | 22,395 | 203 | — | — | — | ||||||||||||||||||||
Valley Electric Company, Inc. | 149,695 | 13,022 | (14,698) | (2,036) | 145,983 | 7,531 | 3,150 | 926 | — | ||||||||||||||||||||
Total | $ | 2,919,717 | $ | 592,302 | $ | (341,828) | $ | 268,126 | $ | 3,438,317 | $ | 225,494 | $ | 14,649 | $ | 79,782 | $ | 3,958 |
Portfolio Company | Fair Value at June 30, 2021 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at June 30, 2022 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
Nixon, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
PGX Holdings, Inc. | $ | 313,089 | $ | 229,984 | $ | (190,825) | $ | (11,995) | $ | 340,253 | $ | 30,032 | $ | — | $ | 4,032 | $ | — | |||||||||||
RGIS Services, LLC | $ | 17,440 | $ | — | $ | — | $ | (436) | $ | 17,004 | $ | 317 | $ | 256 | $ | — | $ | — | |||||||||||
Targus Cayman HoldCo Limited | $ | 26,205 | $ | — | $ | — | $ | 9,802 | $ | 36,007 | $ | — | $ | — | $ | — | $ | — | |||||||||||
356,734 | 229,984 | (190,825) | (2,629) | 393,264 | 30,349 | 256 | 4,032 | — |
Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
8th Avenue Food & Provisions, Inc. | Second Lien Term Loan | 11/17/2020, 9/17/2021 | 7,051 | ||||||||
Amerilife Group, LLC | Second Lien Term Loan | 9/3/2020, 12/2/2020, 6/10/2021 | 12,060 | ||||||||
Apidos CLO XI | Subordinated Structured Note | 11/2/2016, 4/8/2021 | 7,559 | ||||||||
Apidos CLO XII | Subordinated Structured Note | 1/26/2018 | 4,070 | ||||||||
Apidos CLO XV | Subordinated Structured Note | 3/29/2018 | 6,480 | ||||||||
Apidos CLO XXII | Subordinated Structured Note | 2/24/2020 | 1,912 | ||||||||
Atlantis Health Care Group (Puerto Rico), Inc. | First Lien Revolving Line of Credit | 4/15/2013, 5/21/2013, 3/11/2014, 6/26/2017, 9/29/2017, 10/12/2017, 10/31/2017 | 7,500 | ||||||||
Atlantis Health Care Group (Puerto Rico), Inc. | First Lien Term Loan | 12/9/2016 | 42,000 | ||||||||
Barings CLO 2018-III | Subordinated Structured Note | 5/18/2018 | 9,255 | ||||||||
BCPE North Star US Holdco 2, Inc. | Second Lien Term Loan | 12/30/2021 | 65,000 | ||||||||
Belnick, LLC | First Lien Term Loan | 6/27/2022 | 5,000 | ||||||||
Broder Bros., Co. | First Lien Term Loan | 1/29/2019, 2/28/2019, 9/10/2021, 9/30/2021 | 25,370 | ||||||||
California Street CLO IX Ltd. | Subordinated Structured Note | 9/6/2016, 10/17/2016 | 6,842 | ||||||||
Cent CLO 21 Limited | Subordinated Structured Note | 7/12/2018 | 1,024 | ||||||||
CIFC Funding 2014-IV-R, Ltd. | Subordinated Structured Note | 10/12/2018, 12/20/2021 | 2,860 | ||||||||
Collections Acquisition Company, Inc. | First Lien Term Loan | 1/13/2022 | 6,900 | ||||||||
Columbia Cent CLO 27 Limited | Subordinated Structured Note | 12/2/2021 | 7,815 | ||||||||
CP Energy Services Inc. | First Lien Term Loan A to Spartan Energy Services, LLC | 4/9/2021, 1/10/2022 | 12,181 | ||||||||
CP Energy Services Inc. | Common Stock | 10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019 | 69,586 | ||||||||
Credit Central Loan Company, LLC | Class A Units | 12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019 | 11,975 | ||||||||
Credit Central Loan Company, LLC | First Lien Term Loan | 6/26/2014, 9/28/2016 | 41,335 | ||||||||
Curo Group Holdings Corp. | First Lien Term Loan | 8/31/2021, 11/18/2021, 1/12/2022 | 17,033 | ||||||||
DRI Holding, Inc. | First Lien Term Loan | 4/26/2022, 7/21/2022 | 12,999 | ||||||||
DRI Holding, Inc. | Second Lien Term Loan | 5/18/2022 | 10,000 | ||||||||
Echelon Transportation, LLC | Membership Interest | 3/31/2014, 9/30/2014, 12/9/2016 | 22,488 | ||||||||
Echelon Transportation, LLC | First Lien Term Loan | 11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021, 3/18/2021 | 5,465 | ||||||||
First Brands Group | First Lien Term Loan | 4/27/2022 | 5,955 | ||||||||
First Brands Group | Second Lien Term Loan | 5/12/2022 | 4,938 | ||||||||
First Tower Finance Company LLC | Class A Units | 12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018 | 39,885 | ||||||||
First Tower Finance Company LLC | First Lien Term Loan to First Tower, LLC | 12/15/2015, 3/9/2018, 3/24/2022 | 43,047 | ||||||||
Freedom Marine Solutions, LLC | Membership Interest | 10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010, 2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015, 1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017, 6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018, 10/31/2018, 5/14/2021, 4/18/2022 | 41,468 | ||||||||
Galaxy XV CLO, Ltd. | Subordinated Structured Note | 8/21/2015, 3/10/2017 | 9,161 | ||||||||
Galaxy XXVII CLO, Ltd. | Subordinated Structured Note | 6/11/2015 | 1,460 | ||||||||
Help/Systems Holdings, Inc. | Second Lien Term Loan | 5/11/2021, 10/14/2021 | 54,649 | ||||||||
Interdent, Inc. | First Lien Term Loan A | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021, 3/28/2022 | 93,903 | ||||||||
Interdent, Inc. | First Lien Term Loan B | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014 | 76,125 | ||||||||
Interventional Management Services, LLC | First Lien Revolving Line of Credit | 2/25/2021, 11/17/2021 | 5,000 | ||||||||
Jefferson Mill CLO Ltd. | Subordinated Structured Note | 9/21/2018 | 2,047 | ||||||||
K&N Parent, Inc. | Second Lien Term Loan | 8/14/2018, 9/5/2018, 9/7/2018, 9/10/2018, 9/24/2018, 11/12/2020 | 13,111 | ||||||||
Kickapoo Ranch Pet Resort | Membership Interest | 10/21/2019, 12/4/2019 | 28 | ||||||||
LCM XIV Ltd. | Subordinated Structured Note | 9/25/2015, 5/18/2018 | 9,422 | ||||||||
LGC US FINCO, LLC | First Lien Term Loan | 3/2/2022 | 2,095 |
Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
Mamba Purchaser, Inc. | Second Lien Term Loan | 5/4/2022, 5/10/2022 | 17,860 | ||||||||
Medical Solutions Holdings, Inc. | Second Lien Term Loan | 5/4/2022, 9/22/2022 | 1,423 | ||||||||
MITY, Inc. | Common Stock | 6/23/2014 | 7,200 | ||||||||
MITY, Inc. | First Lien Term Loan A | 1/17/2017, 3/23/2021 | 10,650 | ||||||||
MITY, Inc. | First Lien Term Loan B | 1/17/2017, 6/3/2019 | 11,000 | ||||||||
Nationwide Loan Company LLC | Class A Units | 3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016, 8/31/2016, 5/31/2017, 10/31/2017 | 20,469 | ||||||||
Nationwide Loan Company LLC | First Lien Term Loan | 12/28/2015, 8/31/2016 | 1,999 | ||||||||
National Property REIT Corp. | First Lien Term Loan A | 4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020, 9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020, 11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021, 5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021, 11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022, 3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022, 7/5/2022, 8/31/2022 | 525,419 | ||||||||
National Property REIT Corp. | First Lien Term Loan B | 12/8/2021, 12/17/2021, 1/13/2022, 2/8/2022, 2/14/2022, 2/17/2022, 2/24/2022 | 28,880 | ||||||||
National Property REIT Corp. | First Lien Term Loan C | 10/23/2019, 1/23/2020, 3/31/2020, 4/8/2020, 8/4/2020, 12/7/2021, 1/7/2022, 2/2/2022, 5/12/2022, 5/19/2022, 6/6/2022, 8/1/2022, 9/15/2022, 9/19/2022 | 239,200 | ||||||||
NMMB, Inc. | First Lien Term Loan | 12/30/2019, 3/28/2022 | 40,100 | ||||||||
Octagon Investment Partners XV, Ltd. | Subordinated Structured Note | 4/27/2015, 8/3/2015, 6/27/2017 | 10,516 | ||||||||
Octagon Investment Partners 18-R Ltd. | Subordinated Structured Note | 3/23/2018 | 8,908 | ||||||||
Pacific World Corporation | First Lien Revolving Line of Credit | 10/21/2014, 12/19/2014, 4/7/2015, 4/22/2015, 8/12/2016, 10/18/2016, 2/7/2017, 2/21/2017, 4/26/2017, 10/11/2017, 10/17/2017, 1/16/2018, 12/27/2018, 3/15/2019, 7/2/2019, 8/15/2019, 9/1/2021, 10/19/2021, 9/6/2022 | 41,325 | ||||||||
Pacific World Corporation | Convertible Preferred Equity | 4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019, 12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021 | 22,600 | ||||||||
PeopleConnect Holdings, LLC | First Lien Term Loan | 10/21/2021 | 82,005 | ||||||||
PetVet Care Centers, LLC (f/k/a Pearl Intermediate Parent LLC) | Second Lien Term Loan | 11/22/2021, 5/10/2022 | 10,950 | ||||||||
PGX Holdings, Inc. | First Lien Term Loan | 11/16/2021, 5/25/2022 | 25,000 | ||||||||
Reception Purchaser, LLC | First Lien Term Loan | 7/29/2022, 9/22/2022 | 9,655 | ||||||||
Redstone Holdco 2 LP | Second Lien Term Loan | 9/10/2021 | 17,903 | ||||||||
Romark WM-R Ltd. | Subordinated Structured Note | 3/29/2018 | 5,125 | ||||||||
Rosa Mexicano | First Lien Revolving Line of Credit | 3/27/2020 | 500 | ||||||||
R-V Industries, Inc. | First Lien Term Loan | 3/4/2022 | 5,000 | ||||||||
R-V Industries, Inc. | Common Stock | 12/27/2016 | 1,854 | ||||||||
Securus Technologies Holdings, Inc. | Second Lien Term Loan | 11/13/2017, 11/24/2017, 8/6/2018, 8/24/2018, 3/18/2019 | 22,750 | ||||||||
Shiftkey, LLC | First Lien Term Loan | 8/26/2022, 9/14/2022, 9/23/2022 | 39,450 | ||||||||
Shutterfly, LLC | 2021 Refinancing First Lien Term Loan B | 9/17/2021 | 3,969 | ||||||||
Sorenson Communications, LLC | First Lien Term Loan | 5/12/2022, 5/19/2022 | 19,675 | ||||||||
Symphony CLO XV, Ltd. | Subordinated Structured Note | 12/7/2018 | 2,655 | ||||||||
Town & Country Holdings, Inc. | First Lien Term Loan | 7/13/2018, 7/16/2018 | 105,000 | ||||||||
United Sporting Companies, Inc. | Second Lien Term Loan | 3/7/2013 | 58,650 | ||||||||
Universal Turbine Parts, LLC | First Lien Delayed Draw Term Loan | 10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021 | 3,216 | ||||||||
USES Corp. | First Lien Term Loan A | 6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017, 8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019 | 14,100 | ||||||||
USG Intermediate, LLC | First Lien Revolving Line of Credit | 7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/18/2021, 5/19/2022 | 10,700 | ||||||||
USG Intermediate, LLC | First Lien Term Loan B | 8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022 | 57,975 | ||||||||
Valley Electric Company, Inc. | Common Stock | 12/31/2012, 6/24/2014 | 18,502 | ||||||||
Valley Electric Company, Inc. | First Lien Term Loan | 6/30/2014, 8/31/2018, 3/28/2022 | 18,129 | ||||||||
ViaPath Technologies (f/k/a Global Tel*Link Corporation) | Second Lien Term Loan | 4/10/2019, 8/22/2019, 9/20/2019, 9/14/2021, 9/17/2021, 12/17/2021, 2/7/2022 | 96,743 | ||||||||
Vision Solutions, Inc. | Second Lien Term Loan | 5/28/2021, 6/24/2021, 6/3/2022 | 59,333 | ||||||||
Voya CLO 2014-1, Ltd. | Subordinated Structured Note | 3/29/2018 | 3,943 | ||||||||
VT Topco, Inc. | Second Lien Term Loan | 5/2/2022, 5/12/2022 | 4,941 | ||||||||
VT Topco, Inc. | 2021 Second Lien Term Loan | 4/27/2022, 5/12/2022 | 6,939 |
Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
Wellful Inc. | First Lien Term Loan | 7/28/2022 | 3,860 | ||||||||
Wellpath Holdings, Inc. | First Lien Term Loan | 10/8/2019, 10/8/2021 | 9,592 | ||||||||
Wellpath Holdings, Inc. | Second Lien Term Loan | 8/20/2019 | 1,993 |
Fiscal Year | Follow-On Investments (NPRC Common Stock, excluding cost of initial investment) | ||||
2014 | $ | 4,555 | |||
2015 | 68,693 | ||||
2016 | 93,857 | ||||
2017 | 116,830 | ||||
2018 | 137,024 | ||||
2019 | 11,582 | ||||
2020 | 19,800 | ||||
2022 | 15,620 | ||||
2023 | 3,600 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||
First Lien Revolving Line of Credit | $ | 40,875 | $ | 40,751 | $ | 39,775 | $ | 39,746 | |||||||||||||||
First Lien Debt | 3,980,337 | 3,884,792 | 3,839,553 | 3,757,960 | |||||||||||||||||||
Second Lien Debt | 1,593,464 | 1,441,284 | 1,588,557 | 1,471,336 | |||||||||||||||||||
Unsecured Debt | 7,200 | 7,200 | 7,200 | 7,200 | |||||||||||||||||||
Subordinated Structured Notes | 990,723 | 695,292 | 997,703 | 711,429 | |||||||||||||||||||
Equity | 732,887 | 1,513,346 | 724,043 | 1,614,839 | |||||||||||||||||||
Total Investments | $ | 7,345,486 | $ | 7,582,665 | $ | 7,196,831 | $ | 7,602,510 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
First Lien Revolving Line of Credit | $ | — | $ | — | $ | 40,751 | $ | 40,751 | |||||||||||||||
First Lien Debt | — | 51,979 | 3,832,813 | 3,884,792 | |||||||||||||||||||
Second Lien Debt | — | — | 1,441,284 | 1,441,284 | |||||||||||||||||||
Unsecured Debt | — | — | 7,200 | 7,200 | |||||||||||||||||||
Subordinated Structured Notes | — | — | 695,292 | 695,292 | |||||||||||||||||||
Equity | — | — | 1,513,346 | 1,513,346 | |||||||||||||||||||
Total Investments | $ | — | $ | 51,979 | $ | 7,530,686 | $ | 7,582,665 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
First Lien Revolving Line of Credit | $ | — | $ | — | $ | 39,746 | $ | 39,746 | |||||||||||||||
First Lien Debt | — | 73,816 | 3,684,144 | 3,757,960 | |||||||||||||||||||
Second Lien Debt | — | — | 1,471,336 | 1,471,336 | |||||||||||||||||||
Unsecured Debt | — | — | 7,200 | 7,200 | |||||||||||||||||||
Subordinated Structured Notes | — | — | 711,429 | 711,429 | |||||||||||||||||||
Equity | — | — | 1,614,839 | 1,614,839 | |||||||||||||||||||
Total Investments | $ | — | $ | 73,816 | $ | 7,528,694 | $ | 7,602,510 |
Fair Value Measurements Using Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Control Investments | Affiliate Investments | Non-Control/ Non-Affiliate Investments | Total | ||||||||||||||||||||
Fair value as of June 30, 2022 | $ | 3,438,317 | $ | 393,264 | $ | 3,697,113 | $ | 7,528,694 | |||||||||||||||
Net realized losses on investments | (1,093) | — | (22,084) | (23,177) | |||||||||||||||||||
Net change in unrealized losses | (47,289) | (70,786) | (46,057) | (164,132) | |||||||||||||||||||
Net realized and unrealized losses | (48,382) | (70,786) | (68,141) | (187,309) | |||||||||||||||||||
Purchases of portfolio investments | 84,100 | — | 196,236 | 280,336 | |||||||||||||||||||
Payment-in-kind interest | 22,202 | — | 1,992 | 24,194 | |||||||||||||||||||
Accretion (amortization) of discounts and premiums, net | 185 | — | (5,655) | (5,470) | |||||||||||||||||||
Repayments and sales of portfolio investments | (51,944) | (5,203) | (70,066) | (127,213) | |||||||||||||||||||
Transfers into Level 3(1) | — | — | 17,454 | 17,454 | |||||||||||||||||||
Fair value as of September 30, 2022 | $ | 3,444,478 | $ | 317,275 | $ | 3,768,933 | $ | 7,530,686 |
First Lien Revolving Line of Credit | First Lien Debt | Second Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | |||||||||||||||||||||||||||||||||||
Fair value as of June 30, 2022 | $ | 39,746 | $ | 3,684,144 | $ | 1,471,336 | $ | 7,200 | $ | 711,429 | $ | 1,614,839 | $ | 7,528,694 | |||||||||||||||||||||||||||
Net realized (losses) gains on investments | — | (14,472) | (8,791) | — | 1,179 | (1,093) | (23,177) | ||||||||||||||||||||||||||||||||||
Net change in unrealized losses | (95) | (9,584) | (34,959) | — | (9,157) | (110,337) | (164,132) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized losses | (95) | (24,056) | (43,750) | — | (7,978) | (111,430) | (187,309) | ||||||||||||||||||||||||||||||||||
Purchases of portfolio investments | 500 | 215,937 | 50,319 | — | — | 13,580 | 280,336 | ||||||||||||||||||||||||||||||||||
Payment-in-kind interest | 654 | 23,540 | — | — | — | — | 24,194 | ||||||||||||||||||||||||||||||||||
Accretion (amortization) of discounts and premiums, net | 2 | 694 | 813 | — | (6,979) | — | (5,470) | ||||||||||||||||||||||||||||||||||
Repayments and sales of portfolio investments | (56) | (84,900) | (37,434) | — | (1,180) | (3,643) | (127,213) | ||||||||||||||||||||||||||||||||||
Transfers into Level 3(1) | — | 17,454 | — | — | — | — | 17,454 | ||||||||||||||||||||||||||||||||||
Fair value as of September 30, 2022 | $ | 40,751 | $ | 3,832,813 | $ | 1,441,284 | $ | 7,200 | $ | 695,292 | $ | 1,513,346 | $ | 7,530,686 | |||||||||||||||||||||||||||
Fair Value Measurements Using Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Control Investments | Affiliate Investments | Non-Control/ Non-Affiliate Investments | Total | ||||||||||||||||||||
Fair value as of June 30, 2021 | $ | 2,919,717 | $ | 356,734 | $ | 2,885,433 | $ | 6,161,884 | |||||||||||||||
Net realized gains on investments | 3 | — | — | 3 | |||||||||||||||||||
Net change in unrealized gains | 122,330 | 6,037 | 12,082 | 140,449 | |||||||||||||||||||
Net realized and unrealized gains | 122,333 | 6,037 | 12,082 | 140,452 | |||||||||||||||||||
Purchases of portfolio investments | 19,668 | 202,931 | 127,875 | 350,474 | |||||||||||||||||||
Payment-in-kind interest | 18,615 | 27 | 148 | 18,790 | |||||||||||||||||||
Accretion (amortization) of discounts and premiums, net | 137 | 2,026 | (14,163) | (12,000) | |||||||||||||||||||
Repayments and sales of portfolio investments | (34,380) | (188,698) | (70,262) | (293,340) | |||||||||||||||||||
Fair Value as of September 30, 2021 | $ | 3,046,090 | $ | 379,057 | $ | 2,941,113 | $ | 6,366,260 |
Revolving Line of Credit | First Lien Debt | 1.5 Lien Debt | Second Lien Debt | Third Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | |||||||||||||||||||||||||||||||||||||||||||||
Fair value as of June 30, 2021 | $ | 27,503 | $ | 3,104,139 | $ | 18,164 | $ | 944,123 | $ | 3,950 | $ | 3,715 | $ | 756,109 | $ | 1,304,181 | $ | 6,161,884 | |||||||||||||||||||||||||||||||||||
Net realized gains on investments | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | 8 | (4,403) | — | 594 | — | 399 | 10,084 | 133,767 | 140,449 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | 8 | (4,403) | — | 594 | — | 402 | 10,084 | 133,767 | 140,452 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of portfolio investments | 4,000 | 101,588 | — | 244,886 | — | — | — | — | 350,474 | ||||||||||||||||||||||||||||||||||||||||||||
Payment-in-kind interest | — | 17,037 | — | 1,753 | — | — | — | — | 18,790 | ||||||||||||||||||||||||||||||||||||||||||||
Accretion (amortization) of discounts and premiums, net | — | 2,856 | — | 568 | — | — | (15,424) | — | (12,000) | ||||||||||||||||||||||||||||||||||||||||||||
Repayments and sales of portfolio investments | (32) | (140,369) | (18,164) | (134,772) | — | (3) | — | — | (293,340) | ||||||||||||||||||||||||||||||||||||||||||||
Fair value as of September 30, 2021 | $ | 31,479 | $ | 3,080,848 | $ | — | $ | 1,057,152 | $ | 3,950 | $ | 4,114 | $ | 750,769 | $ | 1,437,948 | $ | 6,366,260 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Cost | Fair Value | % of Portfolio | Cost | Fair Value | % of Portfolio | ||||||||||||||||||||||||||||||
Equity Real Estate Investment Trusts (REITs) | $ | 667,016 | $ | 1,412,730 | 18.6 | % | $ | 647,316 | $ | 1,399,857 | 18.4 | % | |||||||||||||||||||||||
Consumer Finance | 580,719 | 748,771 | 9.9 | % | 568,739 | 765,168 | 10.1 | % | |||||||||||||||||||||||||||
All Other Industries | 6,097,751 | 5,421,164 | 71.5 | % | 5,980,776 | 5,437,485 | 71.5 | % | |||||||||||||||||||||||||||
Total | $ | 7,345,486 | $ | 7,582,665 | 100.0 | % | $ | 7,196,831 | $ | 7,602,510 | 100.0 | % |
Unobservable Input | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (5) | |||||||||||||||||||||||||||||||||
First Lien Debt | $ | 1,839,417 | Discounted cash flow (Yield analysis) | Market yield | 9.0% | to | 25.8% | 13.3% | ||||||||||||||||||||||||||||||
First Lien Debt | 481,583 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 10.3x | 8.8x | |||||||||||||||||||||||||||||||
First Lien Debt | 172,571 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.5x | to | 1.5x | 1.0x | |||||||||||||||||||||||||||||||
First Lien Debt | 54,797 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 7.5% | to | 9.5% | 8.5% | |||||||||||||||||||||||||||||||
First Lien Debt (1) | 25,058 | Enterprise value waterfall | Loss-adjusted discount rate | 6.2% | to | 10.5% | 8.3% | |||||||||||||||||||||||||||||||
Projected loss rates | —% | to | 0.8% | —% | ||||||||||||||||||||||||||||||||||
First Lien Debt (2) | 194,511 | Enterprise value waterfall | Discount rate (3) | 10.7% | to | 17.1% | 12.8% | |||||||||||||||||||||||||||||||
First Lien Debt | 433,259 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.7x | to | 2.1x | 1.9x | |||||||||||||||||||||||||||||||
Earnings multiple | 5.5x | to | 8.0x | 6.9x | ||||||||||||||||||||||||||||||||||
First Lien Debt | 20,782 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.0x | to | 1.5x | 1.3x | |||||||||||||||||||||||||||||||
First Lien Debt | 651,586 | Enterprise value waterfall (NAV analysis) | Capitalization rate | 3.6% | to | 7.5% | 4.8% | |||||||||||||||||||||||||||||||
Second Lien Debt | 1,421,133 | Discounted cash flow (Yield analysis) | Market yield | 10.9% | to | 29.0% | 14.7% | |||||||||||||||||||||||||||||||
Second Lien Debt | 14,075 | Enterprise value waterfall (Market approach) | Revenue multiple | 1.0x | to | 1.5x | 1.3x | |||||||||||||||||||||||||||||||
Second Lien Debt | 6,076 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
Unsecured Debt | 7,200 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 6.8x | 6.3x | |||||||||||||||||||||||||||||||
Subordinated Structured Notes | 695,292 | Discounted cash flow | Discount rate (3) | 2.5% | to | 31.6% | 21.6% | |||||||||||||||||||||||||||||||
Preferred Equity | 25,927 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.6x | to | 1.5x | 1.0x | |||||||||||||||||||||||||||||||
Preferred Equity | 5,418 | Enterprise value waterfall (Market approach) | EBITDA multiple | 7.5x | to | 9.5x | 8.6x | |||||||||||||||||||||||||||||||
Preferred Equity | 7,225 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 7.5% | to | 9.5% | 8.5% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 426,796 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.0x | to | 10.3x | 8.3x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 87 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 1.5x | 0.4x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (1) | 2,053 | Enterprise value waterfall | Loss-adjusted discount rate | 6.2% | to | 10.5% | 8.3% | |||||||||||||||||||||||||||||||
Projected loss rates | —% | to | 0.8% | —% | ||||||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (2) | 30,723 | Enterprise value waterfall | Discount rate (3) | 10.7% | to | 17.1% | 12.8% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (4) | 60,697 | Enterprise value waterfall (NAV analysis) | Capitalization Rate | 3.6% | to | 7.5% | 4.8% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 239,480 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.7x | to | 2.1x | 1.9x | |||||||||||||||||||||||||||||||
Earnings multiple | 5.5x | to | 8.0x | 7.0x | ||||||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 28,569 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.0x | to | 1.5x | 1.3x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 667,671 | Enterprise value waterfall (NAV analysis) | Capitalization rate | 3.6% | to | 7.5% | 4.8% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 5,388 | Enterprise value waterfall (Discounted cash flow) | Discount Rate | 12.8% | to | 30.0% | 21.6% |
Unobservable Input | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (5) | |||||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 13,312 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
Total Level 3 Investments | $ | 7,530,686 |
Unobservable Input | ||||||||||||||||||||||||||||||||||||||
Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (5) | |||||||||||||||||||||||||||||||||
First Lien Debt | $ | 1,722,265 | Discounted cash flow (Yield analysis) | Market yield | 8.1% | to | 16.9% | 11.7% | ||||||||||||||||||||||||||||||
First Lien Debt | 528,312 | Enterprise value waterfall (Market approach) | EBITDA multiple | 6.0x | to | 10.5x | 9.0x | |||||||||||||||||||||||||||||||
First Lien Debt | 108,222 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.5x | to | 1.2x | 0.9x | |||||||||||||||||||||||||||||||
First Lien Debt | 53,209 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 8.8% | to | 10.8% | 9.8% | |||||||||||||||||||||||||||||||
First Lien Debt | 12,199 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
First Lien Debt (1) | 29,080 | Enterprise value waterfall | Loss-adjusted discount rate | 5.6% | to | 9.4% | 8.1% | |||||||||||||||||||||||||||||||
Projected loss rates | —% | to | 1.6% | —% | ||||||||||||||||||||||||||||||||||
First Lien Debt (2) | 186,800 | Enterprise value waterfall | Discount rate (3) | 9.2% | to | 14.8% | 11.1% | |||||||||||||||||||||||||||||||
First Lien Debt | 432,057 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 2.2x | to | 3.0x | 2.7x | |||||||||||||||||||||||||||||||
Earnings multiple | 4.8x | to | 7.5x | 7.0x | ||||||||||||||||||||||||||||||||||
First Lien Debt | 20,260 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.3x | to | 1.5x | 1.4x | |||||||||||||||||||||||||||||||
First Lien Debt | 631,486 | Enterprise value waterfall (NAV analysis) | Capitalization Rate | 3.3% | to | 7.5% | 4.5% | |||||||||||||||||||||||||||||||
Second Lien Debt | 1,460,277 | Discounted cash flow (Yield analysis) | Market yield | 9.6% | to | 25.0% | 13.0% | |||||||||||||||||||||||||||||||
Second Lien Debt | 4,952 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.8x | to | 1.0x | 0.9x | |||||||||||||||||||||||||||||||
Second Lien Debt | 6,107 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
Unsecured Debt | 7,200 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.5x | to | 0.6x | 0.5x | |||||||||||||||||||||||||||||||
Subordinated Structured Notes | 711,429 | Discounted cash flow | Discount rate (3) | 6.9% | to | 30.5% | 18.7% | |||||||||||||||||||||||||||||||
Preferred Equity | 33,355 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.8x | to | 1.5x | 1.2x | |||||||||||||||||||||||||||||||
Preferred Equity | 1,807 | Enterprise value waterfall (Market approach) | EBITDA multiple | 3.8x | to | 4.8x | 4.3x | |||||||||||||||||||||||||||||||
Preferred Equity | 12,557 | Enterprise value waterfall (Market approach) | Discount rate | 8.8% | to | 10.8% | 9.8% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 493,322 | Enterprise value waterfall (Market approach) | EBITDA multiple | 1.8x | to | 10.5x | 8.8x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 3,613 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.4x | to | 1.0x | 0.5x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (1) | 8,994 | Enterprise value waterfall | Loss-adjusted discount rate | 5.6% | to | 9.4% | 8.1% | |||||||||||||||||||||||||||||||
Projected loss rates | —% | to | 1.6% | —% | ||||||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (2) | 30,386 | Enterprise value waterfall | Discount rate (3) | 9.2% | to | 14.8% | 11.1% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants (4) | 60,749 | Enterprise value waterfall (NAV analysis) | Capitalization Rate | 3.3% | to | 7.5% | 4.5% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 252,161 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 2.2x | to | 3.0x | 2.8x | |||||||||||||||||||||||||||||||
Earnings multiple | 4.8x | to | 7.5x | 7.0x | ||||||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 30,140 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.3x | to | 1.5x | 1.4x | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 668,242 | Enterprise value waterfall (NAV analysis) | Capitalization Rate | 3.3% | to | 7.5% | 4.5% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 5,614 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 12.5% | to | 30.0% | 21.2% | |||||||||||||||||||||||||||||||
Common Equity/Interests/Warrants | 13,899 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
Total Level 3 Investments | $ | 7,528,694 |
Loan Type | Outstanding Principal Balance | Fair Value | Interest Rate Range | Weighted Average Interest Rate* | ||||||||||||||||||||||||||||
Super Prime | $ | 252 | $ | 250 | 8.0% | - | 20.5% | 12.2% | ||||||||||||||||||||||||
Prime | 344 | 337 | 12.0% | - | 25.0% | 19.0% | ||||||||||||||||||||||||||
Near Prime | 273 | 270 | 19.5% | - | 36.0% | 26.4% |
No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
1 | Filet of Chicken | Forest Park, GA | 10/24/2012 | $ | 7,400 | $ | — | |||||||||||||||||||||||||
2 | Arlington Park Marietta, LLC | Marietta, GA | 5/8/2013 | 14,850 | 13,494 | |||||||||||||||||||||||||||
3 | Taco Bell, OK | Yukon, OK | 6/4/2014 | 1,719 | — | |||||||||||||||||||||||||||
4 | Taco Bell, MO | Marshall, MO | 6/4/2014 | 1,405 | — | |||||||||||||||||||||||||||
5 | Abbie Lakes OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 12,600 | 15,015 | |||||||||||||||||||||||||||
6 | Kengary Way OH Partners, LLC | Reynoldsburg, OH | 9/30/2014 | 11,500 | 15,179 | |||||||||||||||||||||||||||
7 | Lakeview Trail OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 26,500 | 28,957 | |||||||||||||||||||||||||||
8 | Lakepoint OH Partners, LLC | Pickerington, OH | 9/30/2014 | 11,000 | 16,478 | |||||||||||||||||||||||||||
9 | Sunbury OH Partners, LLC | Columbus, OH | 9/30/2014 | 13,000 | 16,710 | |||||||||||||||||||||||||||
10 | Heatherbridge OH Partners, LLC | Blacklick, OH | 9/30/2014 | 18,416 | 23,881 | |||||||||||||||||||||||||||
11 | Jefferson Chase OH Partners, LLC | Blacklick, OH | 9/30/2014 | 13,551 | 18,593 | |||||||||||||||||||||||||||
12 | Goldenstrand OH Partners, LLC | Hilliard, OH | 10/29/2014 | 7,810 | 11,333 | |||||||||||||||||||||||||||
13 | SSIL I, LLC | Aurora, IL | 11/5/2015 | 34,500 | 25,268 | |||||||||||||||||||||||||||
14 | Vesper Tuscaloosa, LLC | Tuscaloosa, AL | 9/28/2016 | 54,500 | 42,402 | |||||||||||||||||||||||||||
15 | Vesper Iowa City, LLC | Iowa City, IA | 9/28/2016 | 32,750 | 24,453 | |||||||||||||||||||||||||||
16 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,638 | |||||||||||||||||||||||||||
17 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,963 | |||||||||||||||||||||||||||
18 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 31,578 | |||||||||||||||||||||||||||
19 | Vesper Kennesaw, LLC | Kennesaw, GA | 9/28/2016 | 57,900 | 50,291 | |||||||||||||||||||||||||||
20 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,480 | |||||||||||||||||||||||||||
21 | Vesper Manhattan KS, LLC | Manhattan, KS | 9/28/2016 | 23,250 | 14,679 | |||||||||||||||||||||||||||
22 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 153,580 | |||||||||||||||||||||||||||
23 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 90,768 | |||||||||||||||||||||||||||
24 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,784 | |||||||||||||||||||||||||||
25 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 54,504 | |||||||||||||||||||||||||||
26 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,894 | |||||||||||||||||||||||||||
27 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 36,668 | |||||||||||||||||||||||||||
28 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,876 |
No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
29 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,393 | |||||||||||||||||||||||||||
30 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 25,374 | |||||||||||||||||||||||||||
31 | Crown Pointe Passthrough LLC | Danbury, CT | 8/30/2018 | 108,500 | 89,400 | |||||||||||||||||||||||||||
32 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 47,680 | |||||||||||||||||||||||||||
33 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
34 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
35 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 79,104 | |||||||||||||||||||||||||||
36 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,793 | |||||||||||||||||||||||||||
37 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,545 | |||||||||||||||||||||||||||
38 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
39 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 27,590 | |||||||||||||||||||||||||||
40 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,865 | |||||||||||||||||||||||||||
41 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,844 | |||||||||||||||||||||||||||
42 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
43 | NPRC Grayson LLC | Grayson, GA | 12/14/2020 | 47,860 | 40,500 | |||||||||||||||||||||||||||
44 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
45 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
46 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 19,000 | |||||||||||||||||||||||||||
47 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
48 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 38,175 | |||||||||||||||||||||||||||
49 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 16,950 | |||||||||||||||||||||||||||
50 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 31,050 | |||||||||||||||||||||||||||
51 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 33,825 | |||||||||||||||||||||||||||
52 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 100,573 | |||||||||||||||||||||||||||
53 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 73,000 | |||||||||||||||||||||||||||
54 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
55 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 33,830 | |||||||||||||||||||||||||||
56 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 28,350 | |||||||||||||||||||||||||||
57 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 22,500 | |||||||||||||||||||||||||||
58 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
59 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | 27,500 | 17,656 | |||||||||||||||||||||||||||
60 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
61 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
62 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
$ | 2,631,326 | $ | 2,185,197 |
Three Months Ended September 30, | |||||||||||
Summary Statement of Operations | 2022 | 2021 | |||||||||
Total income | $ | 103,621 | $ | 94,370 | |||||||
Operating expenses | 52,484 | 46,153 | |||||||||
Operating income | 51,137 | 48,217 | |||||||||
Interest expense | (69,479) | (51,732) | |||||||||
Depreciation and amortization | (29,323) | (29,165) | |||||||||
Fair value adjustment | (7,068) | 2,132 | |||||||||
Net loss | $ | (54,733) | $ | (30,548) |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Average stated interest rate | 4.23% | 2.14% | |||||||||
Average outstanding balance | 966,173 | 436,780 |
2025 Notes | ||||||||
Initial conversion rate(1) | 110.7420 | |||||||
Initial conversion price | $ | 9.03 | ||||||
Conversion rate at September 30, 2022(1)(2) | 110.7420 | |||||||
Conversion price at September 30, 2022(2)(3) | $ | 9.03 | ||||||
Last conversion price calculation date | 3/1/2022 | |||||||
Dividend threshold amount (per share)(4) | $ | 0.060000 |
Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
5 | $ | 2,624 | 4.50% | 4.50% | July 15, 2027 – September 15, 2027 | |||||||||||||||||||||
$ | 2,624 |
Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
5 | $ | 15,681 | 2.25% – 2.50% | 2.42% | July 15, 2026 – September 15, 2026 | |||||||||||||||||||||
7 | 17,016 | 2.75% – 3.00% | 2.96% | July 15, 2028 – September 15, 2028 | ||||||||||||||||||||||
10 | 17,027 | 3.15% – 3.40% | 3.29% | July 15, 2031 – September 15, 2031 | ||||||||||||||||||||||
12 | 2,422 | 3.70 | % | 3.70% | July 15, 2033 | |||||||||||||||||||||
15 | 12,317 | 3.50% – 4.00% | 3.82% | July 15, 2036 – September 15, 2036 | ||||||||||||||||||||||
30 | 23,194 | 4.00 | % | 4.00% | July 15, 2051 – September 15, 2051 | |||||||||||||||||||||
$ | 87,657 |
Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
3 | $ | 2,161 | 1.50% – 2.50% | 2.19% | January 15, 2024 – March 15, 2025 | |||||||||||||||||||||
5 | 97,758 | 2.25% – 4.50% | 3.30% | January 15, 2026 – September 15, 2027 | ||||||||||||||||||||||
6 | 15,007 | 3.00% | 3.00% | June 15, 2027 – July 15, 2027 | ||||||||||||||||||||||
7 | 29,252 | 2.75% – 4.25% | 3.17% | January 15, 2028 – February 15, 2029 | ||||||||||||||||||||||
8 | 3,511 | 3.40% – 3.50% | 3.45% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
10 | 77,291 | 3.15% – 4.50% | 3.85% | August 15, 2029 – May 15, 2032 | ||||||||||||||||||||||
12 | 14,946 | 3.70% – 4.00% | 3.95% | June 15, 2033 – July 15, 2033 | ||||||||||||||||||||||
15 | 14,836 | 3.50% – 4.50% | 3.84% | July 15, 2036 – February 15, 2037 | ||||||||||||||||||||||
18 | 3,085 | 4.50% – 5.00% | 4.73% | January 15, 2031 – April 15, 2031 | ||||||||||||||||||||||
20 | 1,597 | 5.75% | 5.75% | November 15, 2032 | ||||||||||||||||||||||
25 | 8,036 | 6.25% – 6.50% | 6.37% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
30 | 81,564 | 4.00% – 6.63% | 5.30% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
Principal Outstanding | $ | 349,044 | ||||||||||||||||||||||||
Less Discounts | ||||||||||||||||||||||||||
Unamortized Debt Issuance | (6,969) | |||||||||||||||||||||||||
Carrying Amount | $ | 342,075 |
Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
3 | $ | 2,161 | 1.50% - 2.50% | 2.19% | January 15, 2024 – March 15, 2025 | |||||||||||||||||||||
5 | 95,134 | 2.25% - 4.50% | 3.27% | January 15, 2026 – June 15, 2027 | ||||||||||||||||||||||
6 | 15,057 | 3.00% | 3.00% | June 15, 2027 – July 15, 2027 | ||||||||||||||||||||||
7 | 29,252 | 2.75% - 4.25% | 3.17% | January 15, 2028 – February 15, 2029 | ||||||||||||||||||||||
8 | 3,511 | 3.40% - 3.50% | 3.45% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
10 | 77,434 | 3.15% - 4.50% | 3.85% | August 15, 2029 – May 15, 2032 | ||||||||||||||||||||||
12 | 15,066 | 3.70% - 4.00% | 3.95% | June 15, 2033 – July 15, 2033 | ||||||||||||||||||||||
15 | 15,041 | 3.50% - 4.50% | 3.84% | July 15, 2036 – February 15, 2037 | ||||||||||||||||||||||
18 | 3,085 | 4.50% - 5.00% | 4.73% | January 15, 2031 – April 15, 2031 | ||||||||||||||||||||||
20 | 1,597 | 5.75% | 5.75% | November 15, 2032 | ||||||||||||||||||||||
25 | 8,036 | 6.25% - 6.50% | 6.37% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
30 | 82,190 | 4.00% - 6.63% | 5.29% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
Principal Outstanding | $ | 347,564 | ||||||||||||||||||||||||
Less Discounts | ||||||||||||||||||||||||||
Unamortized debt issuance | (7,122) | |||||||||||||||||||||||||
Carrying Amount | $ | 340,442 |
Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 799,851 | $ | 9,459 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 839,464 | 9,015 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 356,937 | 17,408 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 237,536 | 22,000 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 167,000 | 34,298 | — | — | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 37,000 | 155,503 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | — | — | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | — | — | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 368,700 | 18,136 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 92,000 | 69,470 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 124,000 | 34,996 | — | — | ||||||||||||||||||||||
2015 Notes(4) | ||||||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | $ | 150,000 | $ | 2,241 | — | — | ||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 150,000 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 150,000 | 2,578 | — | — | ||||||||||||||||||||||
2016 Notes(5) | ||||||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | $ | 167,500 | $ | 2,269 | — | — | ||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 167,500 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 167,500 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 167,500 | 2,578 | — | — | ||||||||||||||||||||||
2017 Notes(6) | ||||||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | $ | 50,734 | $ | 2,251 | — | — | ||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 129,500 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 130,000 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 130,000 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 130,000 | 2,578 | — | — | ||||||||||||||||||||||
2018 Notes(7) | ||||||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | $ | 85,419 | $ | 2,251 | — | — | ||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 200,000 | 2,269 | — | — |
Fiscal 2015 (as of June 30, 2015) | 200,000 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 200,000 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 200,000 | 2,578 | — | — | ||||||||||||||||||||||
2019 Notes(9) | ||||||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | $ | 101,647 | $ | 2,452 | — | — | ||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 200,000 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 200,000 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 200,000 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 200,000 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 200,000 | 2,578 | — | — | ||||||||||||||||||||||
5.00% 2019 Notes(10) | ||||||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | $ | 153,536 | $ | 2,452 | — | — | ||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 300,000 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 300,000 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 300,000 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 300,000 | 2,305 | — | — | ||||||||||||||||||||||
2020 Notes (13) | ||||||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | $ | 224,114 | $ | 2,365 | — | — | ||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 392,000 | 2,452 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 392,000 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 392,000 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 392,000 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 400,000 | 2,305 | — | — | ||||||||||||||||||||||
6.95% 2022 Notes(8) | ||||||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | $ | 100,000 | $ | 2,305 | — | $ | 1,038 | |||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 100,000 | 2,578 | — | 1,036 | ||||||||||||||||||||||
2022 Notes | ||||||||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | $ | 60,501 | $ | 2,733 | — | — | ||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 111,055 | 2,740 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 258,240 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 328,500 | 2,365 | — | — | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 328,500 | 2,452 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 225,000 | 2,251 | — | — | ||||||||||||||||||||||
2023 Notes(11) | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 283,872 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 284,219 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 284,219 | 2,740 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 319,145 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 318,863 | 2,365 | — | — | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 318,675 | 2,452 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 248,507 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 248,293 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 248,094 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 247,881 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 247,725 | 2,578 | — | — | ||||||||||||||||||||||
2024 Notes(14) | ||||||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | $ | 233,788 | $ | 2,408 | — | $ | 959 | |||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 234,443 | 2,365 | — | 1,002 | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 199,281 | 2,452 | — | 1,029 | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 199,281 | 2,251 | — | 1,027 | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 161,364 | 2,269 | — | 951 | ||||||||||||||||||||||
6.375% 2024 Notes(11) | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 81,240 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 81,240 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 81,389 | 2,740 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 99,780 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 99,726 | 2,365 | — | — | ||||||||||||||||||||||
2025 Notes | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 156,168 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 156,168 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 156,168 | 2,740 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 201,250 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 201,250 | 2,365 | — | — | ||||||||||||||||||||||
2026 Notes | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 400,000 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 400,000 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 400,000 | 2,740 | — | — | ||||||||||||||||||||||
3.364% 2026 Notes | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 300,000 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 300,000 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 300,000 | 2,740 | — | — | ||||||||||||||||||||||
3.437% 2028 Notes | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 300,000 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 300,000 | 2,733 | — | — | ||||||||||||||||||||||
2028 Notes(15) | ||||||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | $ | 70,761 | $ | 2,408 | — | $ | 950 | |||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 70,761 | 2,365 | — | 984 | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 55,000 | 2,452 | — | 1,004 | ||||||||||||||||||||||
2029 Notes(16) | ||||||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | $ | 69,170 | $ | 2,740 | — | $ | 1,028 | |||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 69,170 | 2,408 | — | 970 | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 69,170 | 2,365 | — | 983 | ||||||||||||||||||||||
Prospect Capital InterNotes® | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 349,044 | $ | 2,833 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 347,564 | 2,733 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 508,711 | 2,740 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 680,229 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 707,699 | 2,365 | — | — | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 760,924 | 2,452 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 980,494 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 908,808 | 2,269 | — | — |
Fiscal 2015 (as of June 30, 2015) | 827,442 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 785,670 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 363,777 | 2,578 | — | — | ||||||||||||||||||||||
5.50% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 871,607 | $ | 51 | $ | 25 | — | |||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 590,197 | 54 | 25 | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 137,040 | 65 | 25 | — | ||||||||||||||||||||||
5.35% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 150,000 | $ | 51 | $ | 25 | $ | 16.92 | ||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 150,000 | 54 | $ | 25 | 21.08 | |||||||||||||||||||||
All Senior Securities(11)(12) | ||||||||||||||||||||||||||
Fiscal 2023 (as of September 30, 2022) | $ | 3,691,782 | $ | 2,049 | — | — | ||||||||||||||||||||
Fiscal 2022 (as of June 30, 2022) | 3,509,353 | 2,156 | — | — | ||||||||||||||||||||||
Fiscal 2021 (as of June 30, 2021) | 2,404,689 | 2,584 | — | — | ||||||||||||||||||||||
Fiscal 2020 (as of June 30, 2020) | 2,169,899 | 2,408 | — | — | ||||||||||||||||||||||
Fiscal 2019 (as of June 30, 2019) | 2,421,526 | 2,365 | — | — | ||||||||||||||||||||||
Fiscal 2018 (as of June 30, 2018) | 2,346,563 | 2,452 | — | — | ||||||||||||||||||||||
Fiscal 2017 (as of June 30, 2017) | 2,681,435 | 2,251 | — | — | ||||||||||||||||||||||
Fiscal 2016 (as of June 30, 2016) | 2,707,465 | 2,269 | — | — | ||||||||||||||||||||||
Fiscal 2015 (as of June 30, 2015) | 2,983,736 | 2,241 | — | — | ||||||||||||||||||||||
Fiscal 2014 (as of June 30, 2014) | 2,773,051 | 2,305 | — | — | ||||||||||||||||||||||
Fiscal 2013 (as of June 30, 2013) | 1,683,002 | 2,578 | — | — |
Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 799,851 | $ | 15,223 | $ | 799,851 | (1) | $ | 799,851 | (2) | 1M SOFR + | 2.05% | (5) | |||||||||||||||||||||||||
2025 Notes | 156,168 | 2,243 | 153,925 | 154,919 | (3) | 6.63% | (6) | |||||||||||||||||||||||||||||||
Convertible Notes | 156,168 | 153,925 | 154,919 | |||||||||||||||||||||||||||||||||||
2023 Notes | 283,872 | 389 | 283,483 | 284,380 | (3) | 6.07% | (6) | |||||||||||||||||||||||||||||||
6.375% | 2024 Notes | 81,240 | 254 | 80,986 | 80,540 | (3) | 6.57% | (6) | ||||||||||||||||||||||||||||||
2026 Notes | 400,000 | 6,669 | 393,331 | 347,808 | (3) | 3.98% | (6) | |||||||||||||||||||||||||||||||
3.364% | 2026 Notes | 300,000 | 5,706 | 294,294 | 248,496 | (3) | 3.60% | (6) | ||||||||||||||||||||||||||||||
3.437% | 2028 Notes | 300,000 | 7,925 | 292,075 | 221,616 | (3) | 3.64% | (6) | ||||||||||||||||||||||||||||||
Public Notes | 1,365,112 | 1,344,169 | 1,182,840 | |||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 349,044 | 6,969 | 342,075 | 283,400 | (4) | 5.71% | (7) | |||||||||||||||||||||||||||||||
Total | $ | 2,670,175 | $ | 2,640,020 | $ | 2,421,010 |
Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 839,464 | $ | 10,801 | $ | 839,464 | (1) | $ | 839,464 | (2) | 1ML + | 2.05 | % | (5) | ||||||||||||||||||||||||
2022 Notes | 60,501 | 18 | 60,483 | 60,753 | (3) | 5.63% | (6) | |||||||||||||||||||||||||||||||
2025 Notes | 156,168 | 2,459 | 153,709 | 158,094 | (3) | 6.63% | (6) | |||||||||||||||||||||||||||||||
Convertible Notes | 216,669 | 214,192 | 218,847 | |||||||||||||||||||||||||||||||||||
2023 Notes | 284,219 | 600 | 283,619 | 286,101 | (3) | 6.07% | (6) | |||||||||||||||||||||||||||||||
6.375% | 2024 Notes | 81,240 | 299 | 80,941 | 82,084 | (3) | 6.57% | (6) | ||||||||||||||||||||||||||||||
2026 Notes | 400,000 | 7,134 | 392,866 | 355,316 | (3) | 3.98% | (6) | |||||||||||||||||||||||||||||||
3.364% | 2026 Notes | 300,000 | 6,026 | 293,974 | 254,931 | (3) | 3.60% | (6) | ||||||||||||||||||||||||||||||
3.437% | 2028 Notes | 300,000 | 8,222 | 291,778 | 229,866 | (3) | 3.64% | (6) | ||||||||||||||||||||||||||||||
Public Notes | 1,365,459 | 1,343,178 | 1,208,298 | |||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 347,564 | 7,122 | 340,442 | 285,822 | (4) | 5.71% | (7) | |||||||||||||||||||||||||||||||
Total | $ | 2,769,156 | $ | 2,737,276 | $ | 2,552,431 |
Payments Due by Fiscal Year | |||||||||||||||||||||||||||||||||||||||||
Total | Remainder of 2023 | 2024 | 2025 | 2026 | 2027 | After 5 Years | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 799,851 | $ | — | $ | — | $ | — | $ | — | $ | 799,851 | |||||||||||||||||||||||||||||
Convertible Notes | 156,168 | — | — | 156,168 | — | — | — | ||||||||||||||||||||||||||||||||||
Public Notes | 1,365,112 | 283,872 | 81,240 | — | 400,000 | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 349,044 | — | 662 | 1,499 | 30,293 | 75,176 | 241,414 | ||||||||||||||||||||||||||||||||||
Total Contractual Obligations | $ | 2,670,175 | $ | 283,872 | $ | 81,902 | $ | 157,667 | $ | 430,293 | $ | 375,176 | $ | 1,341,265 | |||||||||||||||||||||||||||
Series | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Issued via Offering | Inception to Date Liquidation Preference of Shares Issued via Offering | Preferred Stock Shares Outstanding | Liquidation Preference of Shares Outstanding | ||||||||||||||||||||||||||||||||
Series A1 | 60,000,000 | (1) | $ | 1,500,000 | (1) | 30,994,482 | $ | 774,862 | 30,751,961 | (4) | $ | 768,799 | ||||||||||||||||||||||||||
Series M1 | 60,000,000 | (1) | 1,500,000 | (1) | 4,005,114 | 100,128 | 3,925,331 | (4) | 98,133 | |||||||||||||||||||||||||||||
Series M2 | 60,000,000 | (1) | 1,500,000 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||
Series AA1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||
Series MM1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||
Series A2 | 187,000 | 4,675 | 187,000 | 4,675 | 187,000 | 4,675 | ||||||||||||||||||||||||||||||||
Series A | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 6,000,000 | 150,000 | ||||||||||||||||||||||||||||||||
Total | 76,187,000 | (3) | $ | 1,904,675 | (3) | 41,186,596 | $ | 1,029,665 | 40,864,292 | (5) | $ | 1,021,607 |
Series | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Issued via Offering | Inception to Date Liquidation Preference of Shares Issued | Preferred Stock Shares Outstanding | Liquidation Preference of Shares Outstanding | ||||||||||||||||||||||||||||||||
Series A1 | 60,000,000 | (1) | $ | 1,500,000 | (1) | 20,837,185 | $ | 520,930 | 20,794,645 | (4) | $ | 519,866 | ||||||||||||||||||||||||||
Series M1 | 60,000,000 | (1) | 1,500,000 | (1) | 2,640,752 | 66,019 | 2,626,238 | (4) | 65,656 | |||||||||||||||||||||||||||||
Series M2 | 60,000,000 | (1) | 1,500,000 | (1) | — | — | — | |||||||||||||||||||||||||||||||
Series AA1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | |||||||||||||||||||||||||||||||
Series MM1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | |||||||||||||||||||||||||||||||
Series A2 | 187,000 | 4,675 | 187,000 | 4,675 | 187,000 | 4,675 | ||||||||||||||||||||||||||||||||
Series A | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 6,000,000 | 150,000 | ||||||||||||||||||||||||||||||||
Total | 76,187,000 | (3) | $ | 1,904,675 | (3) | 29,664,937 | $ | 741,624 | 29,607,882 | (5) | $ | 740,197 |
Series | June 30, 2022 Shares Outstanding | Shares Issued | Shares issued through Preferred Stock DRIP | Shares Converted to Common(1) | September 30, 2022 Shares Outstanding | ||||||||||||||||||||||||||||||
Series A1 | 20,794,645 | 10,157,297 | 9,183 | (209,163) | 30,751,961 | (2) | |||||||||||||||||||||||||||||
Series M1 | 2,626,238 | 1,364,362 | 212 | (65,481) | 3,925,331 | ||||||||||||||||||||||||||||||
Series A2 | 187,000 | — | — | — | 187,000 | ||||||||||||||||||||||||||||||
Series A | 6,000,000 | — | — | — | 6,000,000 | ||||||||||||||||||||||||||||||
Total | 29,607,882 | (2) | 11,521,659 | 9,395 | (274,644) | 40,864,292 |
Series | June 30, 2021 Shares Outstanding | Shares Issued | Shares issued through Preferred Stock DRIP | Shares Converted to Common(1) | September 30, 2021 Shares Outstanding | ||||||||||||||||||||||||||||||
Series A1 | 5,163,926 | 2,946,568 | 1,907 | (2,150) | 8,110,251 | ||||||||||||||||||||||||||||||
Series M1 | 130,666 | 173,506 | 48 | — | 304,220 | ||||||||||||||||||||||||||||||
Series A2 | 187,000 | — | — | — | 187,000 | ||||||||||||||||||||||||||||||
Series A | — | 6,000,000 | — | — | 6,000,000 | ||||||||||||||||||||||||||||||
Total | 5,481,592 | 9,120,074 | 1,955 | (2,150) | 14,601,471 |
For the three months ended September 30, 2022 | |||||||||||
Basic | Diluted | ||||||||||
Net increase (decrease) in net assets resulting from operations applicable to Common Stockholders | $ | (105,199) | $ | (105,199) | |||||||
Basic weighted average common shares outstanding | 394,337,440 | 394,337,440 | |||||||||
Basic earnings (loss) per share | $ | (0.27) | $ | (0.27) |
For the Three Months Ended September 30, 2021 | |||||||||||
Basic | Diluted | ||||||||||
Net increase in net assets resulting from operations applicable to Common Stockholders | $ | 209,724 | $ | 212,131 | |||||||
Weighted average common shares outstanding | 388,886,142 | 409,052,821 | |||||||||
Earnings per share | $ | 0.54 | $ | 0.52 |
Tax Year Ended August 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Ordinary income | $ | 230,743 | $ | 251,171 | $ | 169,041 | ||||||||||||||
Capital gain | 50,960 | — | — | |||||||||||||||||
Return of capital | — | 25,784 | 96,720 | |||||||||||||||||
Total dividends paid to common stockholders | $ | 281,703 | (1) | $ | 276,955 | $ | 265,761 |
Tax Year Ended August 31, 2022 | Tax Year Ended August 31, 2021 | |||||||||||||
Ordinary income | $ | 23,776 | $ | 2,391 | ||||||||||
Capital gain | 5,251 | — | ||||||||||||
Return of capital | — | — | ||||||||||||
Total dividends paid to preferred stockholders | $ | 29,027 | (2) | $ | 2,391 |
Tax Year Ended August 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 735,343 | $ | 428,106 | $ | (78,949) | ||||||||||||||
Net realized (gains) losses on investments | 22,375 | 16,173 | 10,139 | |||||||||||||||||
Net unrealized (gains) losses on investments | (405,414) | (143,654) | 328,997 | |||||||||||||||||
Other temporary book-to-tax differences | (76,361) | (47,330) | (91,368) | |||||||||||||||||
Permanent differences | 30 | (20) | 57 | |||||||||||||||||
Taxable income before deductions for distributions | $ | 275,973 | (3) | $ | 253,275 | $ | 168,876 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | |||||||||||
Interest Income from CP Energy | $ | 1,521 | $ | 1,271 | |||||||
Interest Income from Spartan | 700 | 360 | |||||||||
Total Interest Income | $ | 2,221 | $ | 1,631 | |||||||
Other Income | |||||||||||
Administrative Agent | $ | — | $ | 6 | |||||||
Total Other Income | $ | — | $ | 6 | |||||||
Reimbursement of Legal, Tax, etc. (1) | 21 | — | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income Capitalized as PIK | |||||||||||
CP Energy | $ | 1,521 | $ | 1,271 | |||||||
Spartan | 699 | — | |||||||||
Total Interest Income Capitalized as PIK | $ | 2,220 | $ | 1,271 | |||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 28 | $ | 26 | |||||||
Other Receivables (3) | 173 | 171 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 1,859 | $ | 3,650 | |||||||
Managerial Assistance (1) | 175 | 175 | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Accreted Original Issue Discount | $ | 185 | $ | 137 | |||||||
Interest Income Capitalized as PIK | 1,697 | 1,755 | |||||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 19 | $ | 42 | |||||||
Other Receivables (3) | 7 | 7 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 869 | $ | 2,701 | |||||||
Managerial Assistance (1) | 63 | 63 | |||||||||
Reimbursement of Legal, Tax, etc.(2) | 2 | — |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income Capitalized as PIK | 1,587 | 5,104 | |||||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 621 | $ | 1,339 | |||||||
Other Receivables (4) | 3 | 2 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 20,235 | $ | 18,338 | |||||||
Other Income | |||||||||||
Structuring Fee | $ | — | $ | 7,234 | |||||||
Total Other Income | $ | — | $ | 7,234 | |||||||
Managerial Assistance (1) | $ | — | $ | 600 | |||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income Capitalized as PIK | $ | 9,576 | $ | 3,777 | |||||||
Repayment of Loan Receivable | — | 308 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 224 | $ | 218 | |||||||
Other Receivables (3) | 6 | 6 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Other Receivables | $ | 4 | $ | 6 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 7,508 | $ | 6,328 | |||||||
Managerial Assistance (1) | 365 | — | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Additions | $ | — | $ | 7,778 | |||||||
Interest Income Capitalized as PIK | 4,981 | 4,418 | |||||||||
Repayment of Loan Receivable | — | 123 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 86 | $ | 80 | |||||||
Other Receivables (3) | 22 | 16 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Dividend Income | $ | 50 | $ | — | |||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Other Receivables (1) | $ | 7 | $ | 8 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 1,897 | $ | 1,757 | |||||||
Managerial Assistance (1) | $ | 75 | $ | — | |||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income Capitalized as PIK | $ | — | $ | 1,607 | |||||||
Repayment of Loan Receivable | 573 | — |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 27 | $ | 81 | |||||||
Other Receivables (3) | 8 | 6 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 20,272 | $ | 15,997 | |||||||
Other Income | |||||||||||
Royalty/Net Interest | $ | 20,665 | $ | 9,625 | |||||||
Total Other Income | $ | 20,665 | $ | 9,625 | |||||||
Managerial Assistance (1) | $ | 525 | $ | 525 | |||||||
Reimbursement of Legal, Tax, etc.(2) | 506 | 2,118 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Additions | $ | 77,600 | $ | 9,890 | |||||||
Repayment of Loan Receivable | 48,500 | 33,900 | |||||||||
Return of Capital | 4,000 | — |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 95 | $ | 83 | |||||||
Other Receivables (4) | 8 | 7 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 1,045 | $ | 1,036 | |||||||
Dividend Income (1) | 3 | 1,250 | |||||||||
Managerial Assistance (2) | 100 | 100 | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income Capitalized as PIK | $ | 522 | $ | — | |||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 12 | $ | 11 | |||||||
Other Receivables (4) | 9 | 9 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 818 | $ | 131 | |||||||
Dividend Income (1) | 1,093 | — | |||||||||
Managerial Assistance (2) | 100 | 100 | |||||||||
Realized Loss | (1,093) | — | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Repayment of loan receivable | |||||||||||
Repayment from NMMB | $ | — | $ | 38 | |||||||
Total Repayment of Loan Receivable | $ | — | $ | 38 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 10 | $ | 9 | |||||||
Other Receivables (4) | 5 | 5 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 1,508 | $ | 1,124 | |||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Additions | $ | 500 | $ | 2,000 | |||||||
Interest Income Capitalized as PIK | 1,504 | 683 | |||||||||
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (1) | $ | 19 | $ | 16 | |||||||
Other Receivables (2) | 118 | 109 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 985 | $ | 716 | |||||||
Managerial Assistance (1) | 45 | 45 | |||||||||
Reimbursement of Legal, Tax, etc.(2) | — | 4 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 12 | $ | 11 | |||||||
Other Receivables (4) | 3 | 2 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 688 | $ | 593 | |||||||
Managerial Assistance (1) | 3 | 3 | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Repayment of Loan Receivable | $ | 8 | $ | 8 |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (2) | $ | 9 | $ | 7 | |||||||
Other Receivables (3) | 17 | 17 | |||||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | $ | 173 | $ | 51 | |||||||
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Additions | $ | 6,000 | $ | — | |||||||
Interest Income Capitalized as PIK | 114 | — |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (1) | $ | 3 | $ | 1 | |||||||
Other Receivables (2) | 62 | 62 |
Three Months Ended | |||||||||||
September 30, 2022 | September 30, 2021 | ||||||||||
Interest Income | |||||||||||
Interest Income from Valley | $ | 558 | $ | 280 | |||||||
Interest Income from Valley Electric | 1,627 | 1,498 | |||||||||
Total Interest Income | $ | 2,185 | $ | 1,778 | |||||||
Dividend Income (1) | $ | 44 | $ | — | |||||||
Other Income | |||||||||||
Residual Profit Interest | $ | — | $ | 167 | |||||||
Total Other Income | $ | — | $ | 167 | |||||||
Managerial Assistance (2) | $ | 150 | $ | 150 | |||||||
Three Months Ended | |||||||||||
September 30, 2022 | ` | September 30, 2021 | |||||||||
Repayment of loan receivable | $ | (44) | $ | — |
As of | |||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
Interest Receivable (3) | $ | 19 | $ | 19 | |||||||
Other Receivables (4) | 5 | 5 |
Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Per Share Data | ||||||||||||||
Net asset value per common share at beginning of period | $ | 10.48 | $ | 9.81 | ||||||||||
Net investment income(1) | 0.25 | 0.21 | ||||||||||||
Net realized and change in unrealized (losses) gains(1) | (0.49) | 0.33 | ||||||||||||
Net (decrease) increase from operations | (0.24) | 0.54 | ||||||||||||
Distributions of net investment income to preferred stockholders | (0.03) | (0.01) | ||||||||||||
Net (decrease) increase from operations applicable to common stockholders | (0.27) | 0.53 | ||||||||||||
Distributions of net investment income to common stockholders | (0.18) | (4) | (0.18) | (4) | ||||||||||
Return of Capital to common stockholders | — | (4) | — | (4) | ||||||||||
Common stock transactions(2) | (0.02) | (0.01) | ||||||||||||
Offering costs from issuance of preferred stock | — | (0.03) | ||||||||||||
Net asset value per common share at end of period | $ | 10.01 | $ | 10.12 | ||||||||||
Per common share market value at end of period | $ | 6.20 | $ | 7.70 | ||||||||||
Total return based on market value(3) | (9.06 | %) | (6.06 | %) | ||||||||||
Total return based on net asset value(3) | (2.07 | %) | 5.59 | % | ||||||||||
Shares of common stock outstanding at end of period | 396,179,053 | 389,504,713 | ||||||||||||
Weighted average shares of common stock outstanding | 394,337,440 | 388,886,142 | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||
Net assets at end of period | $ | 3,964,422 | $ | 3,943,263 | ||||||||||
Portfolio turnover rate | 1.98 | % | 5.13 | % | ||||||||||
Annualized ratio of operating expenses to average net assets applicable to common shares(8) | 10.23 | % | 9.09 | % | ||||||||||
Annualized ratio of net investment income to average net assets applicable to common shares(8) | 9.82 | % | 8.40 | % |
Year Ended June 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value per common share at beginning of year | $ | 9.81 | $ | 8.18 | $ | 9.01 | $ | 9.35 | $ | 9.32 | ||||||||||||||||||||||
Net investment income(1) | 0.88 | 0.75 | 0.72 | 0.85 | 0.79 | |||||||||||||||||||||||||||
Net realized and change in unrealized gains (losses)(1) | 0.61 | 1.77 | (0.76) | (0.46) | 0.04 | |||||||||||||||||||||||||||
Net increase (decrease) from operations | 1.49 | 2.51 | (5) | (0.04) | 0.39 | 0.83 | ||||||||||||||||||||||||||
Distributions of net investment income to preferred stockholders | (0.06) | — | — | — | — | |||||||||||||||||||||||||||
Net increase (decrease) from operations applicable to common stockholders | 1.43 | 2.51 | (0.04) | 0.39 | 0.83 | |||||||||||||||||||||||||||
Distributions of net investment income to common stockholders | (0.71) | (4) | (0.63) | (9) | (0.49) | (7) | (0.72) | (0.77) | ||||||||||||||||||||||||
Return of capital to common stockholders | (0.01) | (4) | (0.09) | (9) | (0.23) | (7) | — | — | ||||||||||||||||||||||||
Common stock transactions(2) | (0.05) | (0.11) | (0.07) | (0.01) | (0.03) | (4) | ||||||||||||||||||||||||||
Offering costs from issuance of preferred stock | (0.03) | (0.04) | — | — | — | |||||||||||||||||||||||||||
Reclassification of preferred stock issuance costs(6) | 0.03 | — | — | — | — | |||||||||||||||||||||||||||
Net asset value per common share at end of year | $ | 10.48 | (5) | $ | 9.81 | (5) | $ | 8.18 | $ | 9.01 | $ | 9.35 | ||||||||||||||||||||
Per share market value at end of year | $ | 6.99 | $ | 8.39 | $ | 5.11 | $ | 6.53 | $ | 6.71 | ||||||||||||||||||||||
Total return based on market value(3) | (8.59 | %) | 85.53 | % | (11.35 | %) | 8.23 | % | (7.42 | %) | ||||||||||||||||||||||
Total return based on net asset value(3) | 17.21 | % | 35.52 | % | 2.84 | % | 7.17 | % | 12.39 | % | ||||||||||||||||||||||
Shares of common stock outstanding at end of year | 393,164,437 | 388,419,573 | 373,538,499 | 367,131,025 | 364,409,938 | |||||||||||||||||||||||||||
Weighted average shares of common stock outstanding | 390,571,648 | 382,705,106 | 368,094,299 | 365,984,541 | 361,456,075 | |||||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets at end of year | $ | 4,119,123 | $ | 3,945,517 | $ | 3,055,861 | $ | 3,306,275 | $ | 3,407,047 | ||||||||||||||||||||||
Portfolio turnover rate | 15.92 | % | 14.64 | % | 16.46 | % | 10.86 | % | 30.70 | % | ||||||||||||||||||||||
Ratio of operating expenses to average net assets applicable to common shares(8) | 9.00 | % | 9.98 | % | 11.37 | % | 11.65 | % | 11.08 | % | ||||||||||||||||||||||
Ratio of net investment income to average net assets applicable to common shares(8) | 8.44 | % | 8.24 | % | 8.44 | % | 9.32 | % | 8.57 | % |
Investment Income | Net Investment Income | Net Realized and Unrealized (Losses) Gains | Net Increase (Decrease) in Net Assets from Operations Applicable to Common Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Total | Per Share (1) | Total | Per Share (1) | Total | Per Share (1) | Total | Per Share (1) | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | $ | 142,880 | $ | 0.38 | $ | 57,545 | $ | 0.15 | $ | 110,201 | $ | 0.30 | $ | 167,746 | $ | 0.45 | ||||||||||||||||||||||||||||||||||
December 31, 2020 | 172,292 | 0.45 | 81,561 | 0.21 | 224,406 | 0.60 | 305,921 | 0.80 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 159,456 | 0.41 | 73,402 | 0.19 | 173,006 | 0.45 | 246,008 | 0.64 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | 157,339 | 0.41 | 73,229 | 0.19 | 170,457 | 0.44 | 242,421 | 0.62 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | $ | 169,474 | $ | 0.44 | $ | 81,369 | $ | 0.21 | $ | 130,762 | $ | 0.34 | $ | 209,724 | $ | 0.54 | ||||||||||||||||||||||||||||||||||
December 31, 2021 | 175,376 | 0.45 | 85,557 | 0.22 | 168,056 | 0.43 | 246,411 | 0.63 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 181,431 | 0.46 | 87,005 | 0.22 | 77,291 | 0.20 | 157,157 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | 184,623 | 0.47 | 89,969 | 0.23 | (137,425) | (0.35) | (56,643) | (0.14) | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | $ | 202,674 | $ | 0.51 | $ | 99,266 | $ | 0.25 | $ | (191,705) | $ | (0.49) | $ | (105,199) | $ | (0.27) |
Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
December 2022 | 12/21/2022 | 1/3/2023 | $0.114583 | ||||||||
January 2023 | 1/18/2023 | 2/1/2023 | $0.114583 | ||||||||
February 2023 | 2/15/2023 | 3/1/2023 | $0.114583 |
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
December 2022 | 12/21/2022 | 1/3/2023 | $0.135417 | ||||||||
January 2023 | 1/18/2023 | 2/1/2023 | $0.135417 | ||||||||
February 2023 | 2/15/2023 | 3/1/2023 | $0.135417 |
Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
November 2022 - January 2023 | 1/18/2023 | 2/1/2023 | $0.334375 |
Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
November 2022 | 11/28/2022 | 12/20/2022 | $0.0600 | ||||||||
December 2022 | 12/28/2022 | 1/19/2023 | $0.0600 | ||||||||
January 2023 | 1/27/2023 | 2/16/2023 | $0.0600 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||
Level of Control | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
Control Investments | $ | 2,786,356 | 37.9 | % | $ | 3,444,478 | 45.4 | % | $ | 2,732,906 | 38.0 | % | $ | 3,438,317 | 45.2 | % | |||||||||||||
Affiliate Investments | 236,898 | 3.2 | % | 317,275 | 4.2 | % | 242,101 | 3.4 | % | 393,264 | 5.2 | % | |||||||||||||||||
Non-Control/Non-Affiliate Investments | 4,322,232 | 58.9 | % | 3,820,912 | 50.4 | % | 4,221,824 | 58.6 | % | 3,770,929 | 49.6 | % | |||||||||||||||||
Total Investments | $ | 7,345,486 | 100.0 | % | $ | 7,582,665 | 100.0 | % | $ | 7,196,831 | 100.0 | % | $ | 7,602,510 | 100.0 | % |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||
Type of Investment | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
First Lien Revolving Line of Credit | $ | 40,875 | 0.6 | % | $ | 40,751 | 0.5 | % | $ | 39,775 | 0.6 | % | $ | 39,746 | 0.5 | % | |||||||||||||
First Lien Debt | 3,980,337 | 54.2 | % | 3,884,792 | 51.3 | % | 3,839,553 | 53.3 | % | 3,757,960 | 49.4 | % | |||||||||||||||||
Second Lien Debt | 1,593,464 | 21.7 | % | 1,441,284 | 19.0 | % | 1,588,557 | 22.1 | % | 1,471,336 | 19.4 | % | |||||||||||||||||
Unsecured Debt | 7,200 | 0.1 | % | 7,200 | 0.1 | % | 7,200 | 0.1 | % | 7,200 | 0.1 | % | |||||||||||||||||
Subordinated Structured Notes | 990,723 | 13.4 | % | 695,292 | 9.2 | % | 997,703 | 13.9 | % | 711,429 | 9.4 | % | |||||||||||||||||
Preferred Stock | 355,582 | 4.8 | % | 38,570 | 0.5 | % | 345,602 | 4.8 | % | 47,719 | 0.6 | % | |||||||||||||||||
Common Stock | 196,859 | 2.7 | % | 1,117,488 | 14.7 | % | 197,215 | 2.7 | % | 1,187,620 | 15.6 | % | |||||||||||||||||
Membership Interest | 180,446 | 2.5 | % | 295,036 | 3.9 | % | 181,226 | 2.5 | % | 316,970 | 4.2 | % | |||||||||||||||||
Participating Interest | — | — | % | 62,252 | 0.8 | % | — | — | % | 62,530 | 0.8 | % | |||||||||||||||||
Total Investments | $ | 7,345,486 | 100.0 | % | $ | 7,582,665 | 100.0 | % | $ | 7,196,831 | 100.0 | % | $ | 7,602,510 | 100.0 | % |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||
Industry | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
Aerospace & Defense | $ | 110,378 | 1.5 | % | $ | 62,022 | 0.8 | % | $ | 108,790 | 1.5 | % | $ | 65,766 | 0.9 | % | |||||||||||||
Air Freight & Logistics | 187,620 | 2.6 | % | 187,978 | 2.5 | % | 178,077 | 2.5 | % | 178,414 | 2.3 | % | |||||||||||||||||
Auto Components | 134,527 | 1.8 | % | 122,761 | 1.6 | % | 104,499 | 1.5 | % | 103,536 | 1.4 | % | |||||||||||||||||
Building Products | 35,000 | 0.5 | % | 34,669 | 0.5 | % | 35,000 | 0.5 | % | 34,697 | 0.5 | % | |||||||||||||||||
Capital Markets | 42,500 | 0.6 | % | 41,640 | 0.5 | % | 42,500 | 0.6 | % | 41,574 | 0.5 | % | |||||||||||||||||
Commercial Services & Supplies | 424,342 | 5.8 | % | 354,313 | 4.7 | % | 424,795 | 5.9 | % | 356,965 | 4.7 | % | |||||||||||||||||
Communications Equipment | 59,799 | 0.8 | % | 56,607 | 0.7 | % | 59,780 | 0.8 | % | 57,556 | 0.8 | % | |||||||||||||||||
Construction & Engineering | 68,303 | 0.9 | % | 141,679 | 1.9 | % | 68,259 | 0.9 | % | 145,983 | 1.9 | % | |||||||||||||||||
Consumer Finance | 580,719 | 7.9 | % | 748,771 | 9.9 | % | 568,739 | 7.9 | % | 765,168 | 10.1 | % | |||||||||||||||||
Distributors | 271,937 | 3.7 | % | 168,920 | 2.2 | % | 278,530 | 3.9 | % | 180,108 | 2.4 | % | |||||||||||||||||
Diversified Consumer Services | 249,661 | 3.4 | % | 311,301 | 4.1 | % | 250,393 | 3.5 | % | 365,669 | 4.8 | % | |||||||||||||||||
Diversified Financial Services | 36,816 | 0.5 | % | 36,816 | 0.5 | % | 36,878 | 0.5 | % | 36,878 | 0.5 | % | |||||||||||||||||
Diversified Telecommunication Services | 166,065 | 2.3 | % | 163,311 | 2.2 | % | 165,966 | 2.3 | % | 166,356 | 2.2 | % | |||||||||||||||||
Energy Equipment & Services | 302,716 | 4.1 | % | 119,263 | 1.6 | % | 300,496 | 4.2 | % | 126,600 | 1.7 | % | |||||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 667,016 | 9.0 | % | 1,412,730 | 18.6 | % | 647,316 | 9.0 | % | 1,399,857 | 18.3 | % | |||||||||||||||||
Food & Staples Retailing | 27,437 | 0.4 | % | 27,146 | 0.4 | % | 9,262 | 0.1 | % | 9,440 | 0.1 | % | |||||||||||||||||
Food Products | 131,036 | 1.8 | % | 125,700 | 1.7 | % | 130,998 | 1.8 | % | 127,436 | 1.7 | % | |||||||||||||||||
Health Care Equipment & Supplies | 7,484 | 0.1 | % | 6,894 | 0.1 | % | 7,483 | 0.1 | % | 6,966 | 0.1 | % | |||||||||||||||||
Health Care Providers & Services | 666,171 | 9.1 | % | 745,827 | 9.8 | % | 660,976 | 9.2 | % | 748,591 | 9.8 | % | |||||||||||||||||
Health Care Technology | 128,973 | 1.8 | % | 128,927 | 1.7 | % | 89,675 | 1.2 | % | 89,675 | 1.2 | % | |||||||||||||||||
Hotels, Restaurants & Leisure | 23,127 | 0.3 | % | 22,234 | 0.3 | % | 23,359 | 0.3 | % | 22,651 | 0.3 | % | |||||||||||||||||
Household Durables | 128,253 | 1.7 | % | 122,849 | 1.6 | % | 123,175 | 1.7 | % | 122,652 | 1.6 | % | |||||||||||||||||
Household Products | 20,874 | 0.3 | % | 20,874 | 0.3 | % | 20,936 | 0.3 | % | 20,936 | 0.3 | % | |||||||||||||||||
Insurance | — | — | % | — | — | % | 21,966 | 0.3 | % | 22,280 | 0.3 | % | |||||||||||||||||
Interactive Media & Services | 226,054 | 3.1 | % | 226,054 | 3.0 | % | 233,204 | 3.2 | % | 233,204 | 3.1 | % | |||||||||||||||||
Internet & Direct Marketing Retail | 20,217 | 0.3 | % | 16,946 | 0.2 | % | 20,212 | 0.3 | % | 17,454 | 0.2 | % | |||||||||||||||||
IT Services | 359,331 | 4.9 | % | 348,710 | 4.6 | % | 305,311 | 4.2 | % | 303,681 | 4.0 | % | |||||||||||||||||
Leisure Products | 67,880 | 0.9 | % | 67,534 | 0.9 | % | 39,015 | 0.5 | % | 38,757 | 0.5 | % | |||||||||||||||||
Machinery | 108,220 | 1.5 | % | 122,580 | 1.6 | % | 108,780 | 1.5 | % | 124,458 | 1.6 | % | |||||||||||||||||
Media | 107,812 | 1.5 | % | 165,655 | 2.2 | % | 108,062 | 1.5 | % | 161,140 | 2.1 | % | |||||||||||||||||
Online Lending | 25,080 | 0.3 | % | 25,058 | 0.3 | % | 29,080 | 0.4 | % | 29,080 | 0.4 | % | |||||||||||||||||
Paper & Forest Products | — | — | % | — | — | % | 11,445 | 0.2 | % | 4,952 | 0.1 | % | |||||||||||||||||
Personal Products | 262,399 | 3.6 | % | 65,336 | 0.9 | % | 260,396 | 3.6 | % | 59,179 | 0.8 | % | |||||||||||||||||
Pharmaceuticals | 25,536 | 0.3 | % | 25,829 | 0.3 | % | 25,557 | 0.4 | % | 25,962 | 0.3 | % | |||||||||||||||||
Professional Services | 190,391 | 2.6 | % | 185,671 | 2.4 | % | 205,032 | 2.8 | % | 203,256 | 2.7 | % | |||||||||||||||||
Software | 52,309 | 0.7 | % | 50,013 | 0.7 | % | 52,295 | 0.7 | % | 52,500 | 0.7 | % | |||||||||||||||||
Technology Hardware, Storage & Peripherals | — | — | % | — | — | % | 12,447 | 0.2 | % | 12,398 | 0.2 | % | |||||||||||||||||
Textiles, Apparel & Luxury Goods | 177,372 | 2.4 | % | 194,131 | 2.6 | % | 178,428 | 2.5 | % | 211,359 | 2.8 | % | |||||||||||||||||
Trading Companies & Distributors | 65,208 | 0.9 | % | 36,114 | 0.5 | % | 65,216 | 0.9 | % | 31,147 | 0.4 | % | |||||||||||||||||
Subtotal | 6,158,563 | 83.9 | % | 6,692,863 | 88.4 | % | 6,012,328 | 83.4 | % | 6,704,281 | 88.3 | % | |||||||||||||||||
Structured Finance(1) | 1,186,923 | 16.1 | % | 889,802 | 11.6 | % | 1,184,503 | 16.6 | % | 898,229 | 11.7 | % | |||||||||||||||||
Total Investments | $ | 7,345,486 | 100.0 | % | $ | 7,582,665 | 100.0 | % | $ | 7,196,831 | 100.0 | % | $ | 7,602,510 | 100.0 | % |
Three months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Investments in portfolio companies | |||||||||||
Investments in new portfolio companies | $ | 110,253 | $ | 315,156 | |||||||
Follow-on investments in existing portfolio companies (1) | 169,583 | 86,722 | |||||||||
Revolver advances | 500 | 4,000 | |||||||||
PIK interest (2) | 24,194 | 18,790 | |||||||||
Total investments in portfolio companies | $ | 304,530 | $ | 424,668 | |||||||
Investments by portfolio composition | |||||||||||
First Lien Debt | $ | 250,611 | $ | 178,026 | |||||||
Second Lien Debt | 50,319 | 246,642 | |||||||||
Equity | 3,600 | — | |||||||||
Total investments by portfolio composition | $ | 304,530 | $ | 424,668 | |||||||
Investments repaid or sold | |||||||||||
Partial repayments (3) | $ | 85,948 | $ | 54,738 | |||||||
Full repayments | 53,014 | 269,230 | |||||||||
Investments sold | 11,445 | — | |||||||||
Revolver paydowns | 56 | 32 | |||||||||
Total investments repaid or sold | $ | 150,463 | $ | 324,000 | |||||||
Investments repaid or sold by portfolio composition | |||||||||||
First Lien Debt | $ | 99,502 | $ | 138,279 | |||||||
1.5 Lien Debt | — | 18,164 | |||||||||
Second Lien Debt | 46,225 | 167,557 | |||||||||
Equity | 4,736 | — | |||||||||
Total investments repaid or sold by portfolio composition | $ | 150,463 | $ | 324,000 | |||||||
Weighted average interest rates for new investments by portfolio composition (4) | |||||||||||
First Lien Debt | 8.95 | % | 8.10 | % | |||||||
Second Lien Debt | 11.24 | % | 11.47 | % |
Loan Type | Outstanding Principal Balance | Fair Value | Interest Rate Range | Weighted Average Interest Rate* | ||||||||||||||||||||||||||||
Super Prime | $ | 252 | $ | 250 | 8.0% | - | 20.5% | 12.2% | ||||||||||||||||||||||||
Prime | 344 | $ | 337 | 12.0% | - | 25.0% | 19.0% | |||||||||||||||||||||||||
Near Prime | 273 | $ | 270 | 19.5% | - | 36.0% | 26.4% |
No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
1 | Filet of Chicken | Forest Park, GA | 10/24/2012 | $ | 7,400 | $ | — | |||||||||||||||||||||||||
2 | Arlington Park Marietta, LLC | Marietta, GA | 5/8/2013 | 14,850 | 13,494 | |||||||||||||||||||||||||||
3 | Taco Bell, OK | Yukon, OK | 6/4/2014 | 1,719 | — | |||||||||||||||||||||||||||
4 | Taco Bell, MO | Marshall, MO | 6/4/2014 | 1,405 | — | |||||||||||||||||||||||||||
5 | Abbie Lakes OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 12,600 | 15,015 | |||||||||||||||||||||||||||
6 | Kengary Way OH Partners, LLC | Reynoldsburg, OH | 9/30/2014 | 11,500 | 15,179 | |||||||||||||||||||||||||||
7 | Lakeview Trail OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 26,500 | 28,957 | |||||||||||||||||||||||||||
8 | Lakepoint OH Partners, LLC | Pickerington, OH | 9/30/2014 | 11,000 | 16,478 | |||||||||||||||||||||||||||
9 | Sunbury OH Partners, LLC | Columbus, OH | 9/30/2014 | 13,000 | 16,710 | |||||||||||||||||||||||||||
10 | Heatherbridge OH Partners, LLC | Blacklick, OH | 9/30/2014 | 18,416 | 23,881 | |||||||||||||||||||||||||||
11 | Jefferson Chase OH Partners, LLC | Blacklick, OH | 9/30/2014 | 13,551 | 18,593 | |||||||||||||||||||||||||||
12 | Goldenstrand OH Partners, LLC | Hilliard, OH | 10/29/2014 | 7,810 | 11,333 | |||||||||||||||||||||||||||
13 | SSIL I, LLC | Aurora, IL | 11/5/2015 | 34,500 | 25,268 | |||||||||||||||||||||||||||
14 | Vesper Tuscaloosa, LLC | Tuscaloosa, AL | 9/28/2016 | 54,500 | 42,402 | |||||||||||||||||||||||||||
15 | Vesper Iowa City, LLC | Iowa City, IA | 9/28/2016 | 32,750 | 24,453 | |||||||||||||||||||||||||||
16 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,638 | |||||||||||||||||||||||||||
17 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,963 | |||||||||||||||||||||||||||
18 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 31,578 | |||||||||||||||||||||||||||
19 | Vesper Kennesaw, LLC | Kennesaw, GA | 9/28/2016 | 57,900 | 50,291 | |||||||||||||||||||||||||||
20 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,480 | |||||||||||||||||||||||||||
21 | Vesper Manhattan KS, LLC | Manhattan, KS | 9/28/2016 | 23,250 | 14,679 | |||||||||||||||||||||||||||
22 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 153,580 | |||||||||||||||||||||||||||
23 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 90,768 | |||||||||||||||||||||||||||
24 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,784 | |||||||||||||||||||||||||||
25 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 54,504 | |||||||||||||||||||||||||||
26 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,894 | |||||||||||||||||||||||||||
27 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 36,668 | |||||||||||||||||||||||||||
28 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,876 | |||||||||||||||||||||||||||
29 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,393 | |||||||||||||||||||||||||||
30 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 25,374 |
No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
31 | Crown Pointe Passthrough LLC | Danbury, CT | 8/30/2018 | 108,500 | 89,400 | |||||||||||||||||||||||||||
32 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 47,680 | |||||||||||||||||||||||||||
33 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
34 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
35 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 79,104 | |||||||||||||||||||||||||||
36 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,793 | |||||||||||||||||||||||||||
37 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,545 | |||||||||||||||||||||||||||
38 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
39 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 27,590 | |||||||||||||||||||||||||||
40 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,865 | |||||||||||||||||||||||||||
41 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,844 | |||||||||||||||||||||||||||
42 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
43 | NPRC Grayson LLC | Grayson, GA | 12/14/2020 | 47,860 | 40,500 | |||||||||||||||||||||||||||
44 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
45 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
46 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 19,000 | |||||||||||||||||||||||||||
47 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
48 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 38,175 | |||||||||||||||||||||||||||
49 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 16,950 | |||||||||||||||||||||||||||
50 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 31,050 | |||||||||||||||||||||||||||
51 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 33,825 | |||||||||||||||||||||||||||
52 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 100,573 | |||||||||||||||||||||||||||
53 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 73,000 | |||||||||||||||||||||||||||
54 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
55 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 33,830 | |||||||||||||||||||||||||||
56 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 28,350 | |||||||||||||||||||||||||||
57 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 22,500 | |||||||||||||||||||||||||||
58 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
59 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | 27,500 | 17,656 | |||||||||||||||||||||||||||
60 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
61 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
62 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
$ | 2,631,326 | $ | 2,185,197 |
Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 799,851 | $ | 15,223 | $ | 799,851 | $ | 799,851 | 1M SOFR + | 2.05% | |||||||||||||||||||||||||
2025 Notes | 156,168 | 2,243 | 153,925 | 154,919 | 6.63% | ||||||||||||||||||||||||||||||
Convertible Notes | 156,168 | 153,925 | 154,919 | ||||||||||||||||||||||||||||||||
2023 Notes | 283,872 | 389 | 283,483 | 284,380 | 6.07% | ||||||||||||||||||||||||||||||
6.375% | 2024 Notes | 81,240 | 254 | 80,986 | 80,540 | 6.57% | |||||||||||||||||||||||||||||
2026 Notes | 400,000 | 6,669 | 393,331 | 347,808 | 3.98% | ||||||||||||||||||||||||||||||
3.364% | 2026 Notes | 300,000 | 5,706 | 294,294 | 248,496 | 3.60% | |||||||||||||||||||||||||||||
3.437% | 2028 Notes | 300,000 | 7,925 | 292,075 | 221,616 | 3.64% | |||||||||||||||||||||||||||||
Public Notes | 1,365,112 | 1,344,169 | 1,182,840 | ||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 349,044 | 6,969 | 342,075 | 283,400 | 5.71% | ||||||||||||||||||||||||||||||
Total | $ | 2,670,175 | $ | 2,640,020 | $ | 2,421,010 |
Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 839,464 | $ | 10,801 | $ | 839,464 | $ | 839,464 | 1ML + | 2.05 | % | ||||||||||||||||||||||||
2022 Notes | 60,501 | 18 | 60,483 | 60,753 | 5.63% | ||||||||||||||||||||||||||||||
2025 Notes | 156,168 | 2,459 | 153,709 | 158,094 | 6.63% | ||||||||||||||||||||||||||||||
Convertible Notes | 216,669 | 214,192 | 218,847 | ||||||||||||||||||||||||||||||||
2023 Notes | 284,219 | 600 | 283,619 | 286,101 | 6.07% | ||||||||||||||||||||||||||||||
6.375% | 2024 Notes | 81,240 | 299 | 80,941 | 82,084 | 6.57% | |||||||||||||||||||||||||||||
2026 Notes | 400,000 | 7,134 | 392,866 | 355,316 | 3.98% | ||||||||||||||||||||||||||||||
3.364% | 2026 Notes | 300,000 | 6,026 | 293,974 | 254,931 | 3.60% | |||||||||||||||||||||||||||||
3.437% | 2028 Notes | 300,000 | 8,222 | 291,778 | 229,866 | 3.64% | |||||||||||||||||||||||||||||
Public Notes | 1,365,459 | 1,343,178 | 1,208,298 | ||||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 347,564 | 7,122 | 340,442 | 285,822 | 5.71% | ||||||||||||||||||||||||||||||
Total | $ | 2,769,156 | $ | 2,737,276 | $ | 2,552,431 |
Payments Due by Fiscal Year | |||||||||||||||||||||||||||||||||||||||||
Total | Remainder of 2023 | 2024 | 2025 | 2026 | 2027 | After 5 Years | |||||||||||||||||||||||||||||||||||
Revolving Credit Facility | $ | 799,851 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 799,851 | |||||||||||||||||||||||||||
Convertible Notes | 156,168 | — | — | 156,168 | — | — | — | ||||||||||||||||||||||||||||||||||
Public Notes | 1,365,112 | 283,872 | 81,240 | — | 400,000 | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 349,044 | — | 662 | 1,499 | 30,293 | 75,176 | 241,414 | ||||||||||||||||||||||||||||||||||
Total Contractual Obligations | $ | 2,670,175 | $ | 283,872 | $ | 81,902 | $ | 157,667 | $ | 430,293 | $ | 375,176 | $ | 1,341,265 |
September 30, 2022 | June 30, 2022 | |||||||||||||
Net assets available to common stockholders | $ | 3,964,422 | $ | 4,119,123 | ||||||||||
Shares of common stock issued and outstanding | 396,179,053 | 393,164,437 | ||||||||||||
Net asset value per common share | $ | 10.01 | $ | 10.48 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Investment income | $ | 202,674 | $ | 169,474 | |||||||
Operating expenses | 103,408 | 88,105 | |||||||||
Net investment income | 99,266 | 81,369 | |||||||||
Net realized (losses) from investments | (23,177) | (601) | |||||||||
Net change in unrealized (losses) gains from investments | (168,500) | 136,720 | |||||||||
Net realized (losses) on extinguishment of debt | (28) | (5,357) | |||||||||
Net (decrease) increase in net assets resulting from operations | (92,439) | 212,131 | |||||||||
Preferred stock dividend | 12,760 | 2,407 | |||||||||
Net (Decrease) Increase in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (105,199) | $ | 209,724 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Interest income | $ | 174,318 | $ | 146,271 | |||||||
Dividend income | 2,901 | 1,267 | |||||||||
Other income | 25,455 | 21,936 | |||||||||
Total investment income | $ | 202,674 | $ | 169,474 | |||||||
Average debt principal of performing interest bearing investments(1) | $ | 6,979,112 | $ | 5,777,799 | |||||||
Weighted average interest rate earned on performing interest bearing investments(1) | 9.77 | % | 9.91 | % | |||||||
Average debt principal of all interest bearing investments(2) | $ | 7,287,336 | $ | 6,056,587 | |||||||
Weighted average interest rate earned on all interest bearing investments(2) | 9.36 | % | 9.45 | % |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Dividend income | |||||||||||
RGIS Services, LLC | $ | 1,374 | $ | — | |||||||
NMMB, Inc. | 1,093 | — | |||||||||
Nationwide Loan Company LLC | — | 1,250 | |||||||||
Other, net | 434 | 17 | |||||||||
Total dividend income | $ | 2,901 | $ | 1,267 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Structuring and amendment fees | |||||||||||
WatchGuard Technologies, Inc. | $ | 2,275 | $ | — | |||||||
Burgess Point Purchaser Corporation | 1,200 | — | |||||||||
USG Intermediate, LLC | 600 | — | |||||||||
First Tower Finance Company LLC | — | 7,234 | |||||||||
PGX Holdings, Inc. | — | 3,779 | |||||||||
OneTouchPoint Corp. | — | 810 | |||||||||
Other, net | 552 | 139 | |||||||||
Total structuring and amendment fees | $ | 4,627 | $ | 11,962 | |||||||
Royalty and net revenue interests | |||||||||||
National Property REIT Corp. | $ | 20,665 | $ | 9,625 | |||||||
Other, net | 13 | 181 | |||||||||
Total royalty and net revenue interests | $ | 20,678 | $ | 9,806 | |||||||
Administrative agent fees | |||||||||||
Other, net | $ | 150 | $ | 168 | |||||||
Total administrative agent fees | $ | 150 | $ | 168 | |||||||
Total other income | $ | 25,455 | $ | 21,936 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Base management fee | $ | 38,314 | $ | 32,203 | |||||||
Income incentive fee | 21,626 | 19,740 | |||||||||
Interest and credit facility expenses | 33,870 | 28,038 | |||||||||
Allocation of overhead from Prospect Administration | 3,099 | 4,526 | |||||||||
Audit, compliance and tax related fees | 2,301 | 617 | |||||||||
Directors’ fees | 131 | 116 | |||||||||
Other general and administrative expenses | 4,067 | 2,865 | |||||||||
Total operating expenses | $ | 103,408 | $ | 88,105 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Interest on borrowings | $ | 30,811 | $ | 24,245 | |||||||
Amortization of deferred financing costs | 1,692 | 1,915 | |||||||||
Accretion of discount on unsecured debt | 767 | 573 | |||||||||
Facility commitment fees | 600 | 1,305 | |||||||||
Total interest and credit facility expenses | $ | 33,870 | $ | 28,038 | |||||||
Average principal debt outstanding | $ | 2,845,503 | $ | 2,278,761 | |||||||
Annualized weighted average stated interest rate on borrowings(1) | 4.33 | % | 4.26 | % | |||||||
Annualized weighted average interest rate on borrowings(2) | 4.76 | % | 4.92 | % |
Three Months Ended September 30, | |||||||||||
Portfolio Company | 2022 | 2021 | |||||||||
Venio LLC | $ | (14,472) | $ | — | |||||||
Dunn Paper, Inc. | (8,791) | — | |||||||||
NMMB Inc. | (1,093) | — | |||||||||
Sudbury Mill CLO, Ltd. | 306 | — | |||||||||
Voya CLO 2012-2, Ltd. | 433 | — | |||||||||
Voya CLO 2012-3, Ltd. | 440 | ||||||||||
Other, net | — | (601) | |||||||||
Net realized (losses) gains | $ | (23,177) | $ | (601) |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Control investments | $ | (47,289) | $ | 122,330 | |||||||
Affiliate investments | (70,786) | 6,037 | |||||||||
Non-control/non-affiliate investments | (50,425) | 8,353 | |||||||||
Net change in unrealized gains (losses) | $ | (168,500) | $ | 136,720 |
Net Change in Unrealized Gains (Losses) | |||||||||||
The RK Logistics Group, Inc. | $ | 6,532 | |||||||||
Dunn Paper, Inc. | 6,493 | ||||||||||
Universal Turbine Parts, LLC | 4,975 | ||||||||||
NMMB, Inc. | 4,751 | ||||||||||
Pacific World Corporation | 4,154 | ||||||||||
Valley Electric Company, Inc. | (4,348) | ||||||||||
Town & Country Holdings, Inc. | (4,483) | ||||||||||
Echelon Transportation, LLC | (5,332) | ||||||||||
Redstone Holdco 2 LP | (5,986) | ||||||||||
National Property REIT Corp. | (8,539) | ||||||||||
CP Energy Services Inc. | (8,970) | ||||||||||
Subordinated Structured Notes | (9,157) | ||||||||||
K&N Parent, Inc. | (10,282) | ||||||||||
Credit Central Loan Company, LLC | (11,360) | ||||||||||
First Tower Finance Company LLC | (11,578) | ||||||||||
Targus Cayman HoldCo Limited | (16,238) | ||||||||||
Other, net | (47,373) | ||||||||||
PGX Holdings, Inc. | (51,759) | ||||||||||
Net change in unrealized losses | $ | (168,500) |
Net Change in Unrealized Gains (Losses) | |||||||||||
National Property REIT Corp. | $ | 73,851 | |||||||||
InterDent, Inc. | 26,932 | ||||||||||
NMMB, Inc. | 16,876 | ||||||||||
First Tower Finance Company LLC | 15,403 | ||||||||||
Subordinated Structured Notes | 10,084 | ||||||||||
Credit Central Loan Company, LLC | 8,554 | ||||||||||
Targus Cayman HoldCo Limited | 5,093 | ||||||||||
Other, net | (1,193) | ||||||||||
USES Corp. | (4,381) | ||||||||||
Valley Electric Company, Inc. | (6,776) | ||||||||||
Echelon Transportation, LLC | (7,723) | ||||||||||
Net change in unrealized gains | $ | 136,720 |
Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
December 2022 | 12/21/2022 | 1/3/2023 | $0.114583 | ||||||||
January 2023 | 1/18/2023 | 2/1/2023 | $0.114583 | ||||||||
February 2023 | 2/15/2023 | 3/1/2023 | $0.114583 |
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
December 2022 | 12/21/2022 | 1/3/2023 | $0.135417 | ||||||||
January 2023 | 1/18/2023 | 2/1/2023 | $0.135417 | ||||||||
February 2023 | 2/15/2023 | 3/1/2023 | $0.135417 |
Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
November 2022 - January 2023 | 1/18/2023 | 2/1/2023 | $0.334375 |
Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
November 2022 | 11/28/2022 | 12/20/2022 | $0.0600 | ||||||||
December 2022 | 12/28/2022 | 1/19/2023 | $0.0600 | ||||||||
January 2023 | 1/27/2023 | 2/16/2023 | $0.0600 |
(in thousands) Basis Point Change | Increase (Decrease) in Interest Income | (Increase) Decrease in Interest Expense | Increase (Decrease) in Net Investment Income | Increase (Decrease) in Net Investment Income (1) | ||||||||||||||||||||||
Up 300 basis points | $ | 147,290 | $ | (23,996) | $ | 123,294 | $ | 98,635 | ||||||||||||||||||
Up 200 basis points | $ | 99,798 | $ | (15,997) | $ | 83,801 | $ | 67,041 | ||||||||||||||||||
Up 100 basis points | $ | 52,305 | $ | (7,999) | $ | 44,306 | $ | 35,445 | ||||||||||||||||||
Down 100 basis points | $ | (39,642) | $ | 24,315 | $ | (15,327) | $ | (12,262) | ||||||||||||||||||
Down 200 basis points | $ | (77,286) | $ | 24,315 | $ | (52,971) | $ | (42,377) | ||||||||||||||||||
Down 300 basis points | $ | (97,743) | $ | 24,315 | $ | (73,428) | $ | (58,742) |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
Corresponding Return to Common Stockholder(1) | (27.6)% | (16.7)% | (5.8)% | 5.1% | 16.0% |
Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
Corresponding Return to Common Stockholder(2) | (17.5)% | (9.9)% | (2.4)% | 5.2% | 12.8% |
Stock Price | Premium (Discount) of High to NAV | Premium (Discount) of Low to NAV | |||||||||||||||||||||||||||||||||||||||||||||||||||
NAV(1) | High(2) | Low(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 8.40 | $ | 5.17 | $ | 4.69 | (38.5) | % | (44.2) | % | |||||||||||||||||||||||||||||||||||||||||||
Second quarter | 8.96 | 5.60 | 4.95 | (37.5) | % | (44.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Third quarter | 9.38 | 7.98 | 5.51 | (14.9) | % | (41.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Fourth quarter | 9.81 | 9.22 | 7.62 | (6.0) | % | (22.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 10.12 | $ | 8.46 | $ | 7.69 | (16.4) | % | (24.0) | % | |||||||||||||||||||||||||||||||||||||||||||
Second quarter | 10.60 | 9.00 | 7.83 | (15.1) | % | (26.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Third quarter | 10.81 | 8.89 | 7.86 | (17.8) | % | (27.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Fourth quarter | 10.48 | 8.48 | 6.68 | (19.1) | % | (36.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ending June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 10.01 | $ | 8.18 | $ | 6.11 | (18.3) | % | (39.0) | % | |||||||||||||||||||||||||||||||||||||||||||
Date of Offering | Price Per Share to Investors | Shares Issued | Estimated Net Asset Value per Common Share(1) | Percentage Dilution | ||||||||||
June 15, 2020 to June 22, 2020(2) | $5.29 - $5.40 | 1,158,222 | $7.93 - 7.94 | 0.10% |
Stockholder transaction expenses: | A1 Shares | M1 and M2 Shares | AA1 Shares and MM1 Shares | |||||||||||||||||
Sales Load (as a percentage of offering price) | 10.00% | (1) | 3.00% | (2) | 5.00% | (3) | ||||||||||||||
Offering expenses borne by the Company (as a percentage of offering price) | (4) | (4) | (5) | |||||||||||||||||
Preferred Stock Dividend reinvestment plan expenses (6) | None | None | None | |||||||||||||||||
Total stockholder transaction expenses (as a percentage of offering price): | 11.5% | 4.5% | 6.0% | |||||||||||||||||
Annual expenses (as a percentage of net assets attributable to common stock): | ||||||||||||||||||||
Management fees (7) | 4.79% | |||||||||||||||||||
Incentive fees payable under Investment Advisory Agreement (20% of realized capital gains and 20% of pre-incentive fee net investment income) (8) | 2.23% | |||||||||||||||||||
Total advisory fees | 7.02% | |||||||||||||||||||
Total interest expenses (9) | 4.41% | |||||||||||||||||||
Other expenses (10) | 0.99% | |||||||||||||||||||
Total annual expenses (8)(10)(11) | 12.42% | |||||||||||||||||||
Dividends on Preferred Stock(12) | 2.70% | |||||||||||||||||||
Total annual expenses after dividends on Preferred Stock (13) | 15.12% |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||
Ongoing Preferred Stock Offerings(1) - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio* | $ | 171 | $ | 388 | $ | 572 | $ | 919 | ||||||||||||||||||
Ongoing Preferred Stock Offerings(1) - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio** | $ | 180 | $ | 410 | $ | 601 | $ | 949 |
Year Ended June 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||
Net asset value at beginning of year | $ | 9.62 | $ | 10.31 | $ | 10.56 | $ | 10.72 | $ | 10.83 | |||||||||||||||||||
Net investment income(1) | 0.85 | 1.04 | 1.03 | 1.19 | 1.57 | ||||||||||||||||||||||||
Net realized and change in unrealized (losses)(1) | (0.15) | (0.75) | (0.05) | (0.13) | (0.50) | ||||||||||||||||||||||||
Net increase from operations | 0.70 | 0.29 | 0.98 | 1.06 | 1.07 | ||||||||||||||||||||||||
Distributions of net investment income | (1.00) | (1.00) | (1.19) | (1.32) | (1.28) | ||||||||||||||||||||||||
Common stock transactions(2) | — | (4) | 0.02 | (0.04) | 0.10 | 0.10 | |||||||||||||||||||||||
Net asset value at end of year | $ | 9.32 | $ | 9.62 | $ | 10.31 | $ | 10.56 | $ | 10.72 | |||||||||||||||||||
Per share market value at end of year | $ | 8.12 | $ | 7.82 | $ | 7.37 | $ | 10.63 | $ | 10.80 | |||||||||||||||||||
Total return based on market value(3) | 16.80 | % | 21.84 | % | (20.84 | %) | 10.88 | % | 6.24 | % | |||||||||||||||||||
Total return based on net asset value(3) | 8.98 | % | 7.15 | % | 11.47 | % | 10.97 | % | 10.91 | % | |||||||||||||||||||
Shares of common stock outstanding at end of year | 360,076,933 | 357,107,231 | 359,090,759 | 342,626,637 | 247,836,965 | ||||||||||||||||||||||||
Weighted average shares of common stock outstanding | 358,841,714 | 356,134,297 | 353,648,522 | 300,283,941 | 207,069,971 | ||||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||
Net assets at end of year | $ | 3,354,952 | $ | 3,435,917 | $ | 3,703,049 | $ | 3,618,182 | $ | 2,656,494 | |||||||||||||||||||
Portfolio turnover rate | 23.65 | % | 15.98 | % | 21.89 | % | 15.21 | % | 29.24 | % | |||||||||||||||||||
Ratio of operating expenses to average net assets | 11.57 | % | 11.95 | % | 11.66 | % | 11.11 | % | 11.50 | % | |||||||||||||||||||
Ratio of net investment income to average net assets | 8.96 | % | 10.54 | % | 9.87 | % | 11.18 | % | 14.86 | % |
Exhibit No. | |||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
3.6 | |||||
3.7 | |||||
3.8 | |||||
3.9 | |||||
3.10 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
10.1 | |||||
11 | Computation of Per Share Earnings (included in the notes to the financial statements contained in this report) | ||||
12 | Computation of Ratios (included in the notes to the financial statements contained in this report) | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | ||||
(1) | |||||
(2) | |||||
(3) | |||||
(4) | |||||
(5) |
(6) | |||||
(7) | |||||
(8) | |||||
(9) | |||||
(10) | |||||
(11) | |||||
(12) | |||||
(13) | |||||
(14) | |||||
(15) | |||||
(16) | |||||
(17) | |||||
(18) | |||||
(19) | |||||
(20) | |||||
(21) | |||||
(22) |
PROSPECT CAPITAL CORPORATION | |||||||||||
November 9, 2022 | By: | /s/ JOHN F. BARRY III | |||||||||
Date | John F. Barry III | ||||||||||
Chairman of the Board and Chief Executive Officer | |||||||||||
November 9, 2022 | By: | /s/ KRISTIN L. VAN DASK | |||||||||
Date | Kristin L. Van Dask | ||||||||||
Chief Financial Officer |