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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OFS Capital Corporation | NASDAQ:OFS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.11% | 8.85 | 8.70 | 9.52 | 8.87 | 8.80 | 8.80 | 22,305 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
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|
46-1339639
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State or Other Jurisdiction of
|
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I.R.S. Employer Identification No.
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Incorporation or Organization
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10 S. Wacker Drive, Suite 2500, Chicago, Illinois
|
|
60606
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Address of Principal Executive Offices
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Zip Code
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(847) 734-2000
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Registrant’s Telephone Number, Including Area Code
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||
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Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
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Large accelerated filer
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¨
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Accelerated filer
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ý
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Item 1.
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Consolidated
Financial Statements
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Term
|
Explanation or Definition
|
1940 Act
|
Investment Company Act of 1940, as amended
|
Administration Agreement
|
Administration Agreement between the Company and OFS Services dated November 7, 2012
|
Annual Distribution Requirement
|
Distributions to our stockholders, for each taxable year, of at least 90% of our ICTI
|
April 2017 Offering
|
The April 2017 follow-on public offering 3,625,000 shares of our common stock at an offering price of $14.57 per share
|
ASC
|
Accounting Standards Codification, as issued by the FASB
|
ASU
|
Accounting Standards Updates, as issued by the FASB
|
BDC
|
Business Development Company under the 1940 Act
|
BLA
|
Business Loan Agreement, as amended, with Pacific Western Bank, as lender, which provides the Company with a senior secured revolving credit facility
|
Board
|
The Company's board of directors
|
CLO
|
Collateralized loan obligation
|
Code
|
Internal Revenue Code of 1986, as amended
|
DRIP
|
Distribution reinvestment plan
|
EBITDA
|
Earnings before interest, taxes, depreciation, and amortization
|
Exchange Act
|
Securities Exchange Act of 1934, as amended
|
FASB
|
Financial Accounting Standards Board
|
GAAP
|
Accounting principles generally accepted in the United States
|
HPCI
|
Hancock Park Corporate Income, Inc., a Maryland corporation and non-traded BDC for whom OFS Advisor serves as investment adviser
|
ICTI
|
Investment company taxable income, which is generally net ordinary income plus net short-term capital gains in excess of net long-term capital losses
|
Indicative Prices
|
Market quotations, prices from pricing services or bids from brokers or dealers
|
Investment Advisory Agreement
|
Investment Advisory and Management Agreement between the Company and OFS Advisor dated November 7, 2012
|
IPO
|
Initial Public Offering
|
LIBOR
|
London Interbank Offered Rate
|
Net Loan Fees
|
The cumulative amount of fees, such as discounts, premiums and amendment fees that are deferred and recognized as income over the life of the loan.
|
OCCI
|
OFS Credit Company, Inc., a Delaware corporation and a non-diversified, closed-end management investment company for whom OFS Advisor serves as investment adviser
|
OFS Advisor
|
OFS Capital Management, LLC, a wholly owned subsidiary of OFSAM and registered investment advisor under the Investment Advisers Act of 1940, as amended
|
OFS Capital WM
|
OFS Capital WM, LLC, a wholly owned investment company subsidiary of the Company
|
OFS Services
|
OFS Capital Services, LLC, a wholly owned subsidiary of OFSAM and affiliate of OFS Advisor
|
OFSAM
|
Orchard First Source Asset Management, LLC, a full-service provider of capital and leveraged finance solutions to U.S. corporations
|
PIK
|
Payment-in-kind, non-cash interest or dividends payable as an addition to the loan or equity security producing the income.
|
Prime Rate
|
United States Prime interest rate
|
PWB Credit Facility
|
Senior secured revolving credit facility between the Company and Pacific Western Bank, as lender
|
RIC
|
Regulated investment company under the Code
|
SBA
|
U.S. Small Business Administration
|
Term
|
Explanation or Definition
|
SBCAA
|
Small Business Credit Availability Act
|
SBIC
|
A fund licensed under the SBA small business investment company program
|
SBIC Acquisition
|
The Company's acquisition of the remaining ownership interests in SBIC I LP and OFS SBIC I GP, LLC on December 4, 2013
|
SBIC Act
|
Small Business Investment Act of 1958, as amended
|
SBIC I LP
|
OFS SBIC I, LP, a wholly owned SBIC subsidiary of the Company
|
SEC
|
U.S. Securities and Exchange Commission
|
Securities Act
|
Securities Act of 1933, as amended
|
Secured Revolver Amendment
|
The amended Business Loan Agreement with Pacific Western Bank, as lender, dated April 10, 2019
|
Stock Repurchase Program
|
The open market stock repurchase program for shares of the Company’s common stock under Rule 10b-18 of the Exchange Act
|
Structured Finance Notes
|
CLO subordinated debt positions. CLO subordinated debt positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses
|
The Order
|
We received exemptive relief from the SEC to permit us to co-invest in portfolio companies with certain funds managed by Affiliated Funds in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions.
|
Transaction Price
|
The cost of an arm's length transaction occurring in the same security
|
Unsecured Notes
|
The combination of the Unsecured Notes Due April 2025 and the Unsecured Notes Due October 2025
|
Unsecured Notes Due April 2025
|
The Company’s $50.0 million aggregate principal amount of 6.375% notes due April 30, 2025
|
Unsecured Notes Due October 2025
|
The Company’s $46.0 million aggregate principal amount of 6.5% notes due October 30, 2025
|
•
|
our ability and experience operating a BDC or an SBIC, or maintaining our tax treatment as a RIC under Subchapter M of the Code;
|
•
|
our dependence on key personnel;
|
•
|
our ability to maintain or develop referral relationships;
|
•
|
our ability to replicate historical results;
|
•
|
the ability of OFS Advisor to identify, invest in and monitor companies that meet our investment criteria;
|
•
|
actual and potential conflicts of interest with OFS Advisor and other affiliates of OFSAM;
|
•
|
constraint on investment due to access to material nonpublic information;
|
•
|
restrictions on our ability to enter into transactions with our affiliates;
|
•
|
limitations on the amount of SBA-guaranteed debentures that may be issued by an SBIC;
|
•
|
our ability to comply with SBA regulations and requirements;
|
•
|
the use of borrowed money to finance a portion of our investments;
|
•
|
our ability to incur additional leverage pursuant to the SBCAA, beginning on May 3, 2019;
|
•
|
competition for investment opportunities;
|
•
|
the ability of SBIC I LP to make distributions enabling us to meet RIC requirements;
|
•
|
our ability to raise debt or equity capital as a BDC;
|
•
|
the timing, form and amount of any distributions from our portfolio companies;
|
•
|
the impact of a protracted decline in the liquidity of credit markets on our business;
|
•
|
the general economy and its impact on the industries in which we invest;
|
•
|
uncertain valuations of our portfolio investments; and
|
•
|
the effect of new or modified laws or regulations governing our operations.
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
|
|
||
Investments, at fair value:
|
|
|
|
|
|
||
Non-control/non-affiliate investments (amortized cost of $323,794 and $312,223, respectively)
|
$
|
310,090
|
|
|
$
|
297,749
|
|
Affiliate investments (amortized cost of $120,199 and $90,751, respectively)
|
117,431
|
|
|
89,103
|
|
||
Control investment (amortized cost of $10,368 and $10,337, respectively)
|
10,146
|
|
|
9,945
|
|
||
Total investments at fair value (amortized cost of $454,361 and $413,311, respectively)
|
437,667
|
|
|
396,797
|
|
||
Cash
|
15,156
|
|
|
38,172
|
|
||
Interest receivable
|
3,787
|
|
|
2,787
|
|
||
Prepaid expenses and other assets
|
3,592
|
|
|
3,665
|
|
||
Total assets
|
$
|
460,202
|
|
|
$
|
441,421
|
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Revolving line of credit
|
$
|
35,750
|
|
|
$
|
12,000
|
|
SBA debentures (net of deferred debt issuance costs of $2,188 and $2,280, respectively)
|
147,692
|
|
|
147,600
|
|
||
Unsecured notes (net of deferred debt issuance costs of $3,176 and $3,299 respectively)
|
95,349
|
|
|
95,226
|
|
||
Interest payable
|
1,478
|
|
|
2,791
|
|
||
Payable to adviser and affiliates (Note 3)
|
3,767
|
|
|
3,700
|
|
||
Payable for investments purchased
|
1,027
|
|
|
4,151
|
|
||
Accrued professional fees
|
662
|
|
|
637
|
|
||
Other liabilities
|
219
|
|
|
293
|
|
||
Total liabilities
|
285,944
|
|
|
266,398
|
|
||
|
|
|
|
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
|
|
||
|
|
|
|
|
|
||
Net assets
|
|
|
|
|
|
||
Preferred stock, par value of $0.01 per share, 2,000,000 shares authorized, -0- shares issued and outstanding as of March 31, 2019, and December 31, 2018, respectively
|
$
|
—
|
|
|
$
|
—
|
|
Common stock, par value of $0.01 per share, 100,000,000 shares authorized, 13,361,134 and 13,357,337 shares issued and outstanding as of March 31, 2019, and December 31, 2018, respectively
|
134
|
|
|
134
|
|
||
Paid-in capital in excess of par
|
187,604
|
|
|
187,540
|
|
||
Total distributable earnings (losses)
|
(13,480
|
)
|
|
(12,651
|
)
|
||
Total net assets
|
174,258
|
|
|
175,023
|
|
||
|
|
|
|
|
|
||
Total liabilities and net assets
|
$
|
460,202
|
|
|
$
|
441,421
|
|
|
|
|
|
|
|
||
Number of shares outstanding
|
13,361,134
|
|
|
13,357,337
|
|
||
Net asset value per share
|
$
|
13.04
|
|
|
$
|
13.10
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Investment income
|
|
|
|
|
|
|
||
Interest income:
|
|
|
|
|
|
|
||
Non-control/non-affiliate investments
|
|
$
|
8,642
|
|
|
$
|
5,758
|
|
Affiliate investments
|
|
2,333
|
|
|
2,085
|
|
||
Control investment
|
|
259
|
|
|
239
|
|
||
Total interest income
|
|
11,234
|
|
|
8,082
|
|
||
Payment-in-kind interest and dividend income:
|
|
|
|
|
|
|
||
Non-control/non-affiliate investments
|
|
97
|
|
|
224
|
|
||
Affiliate investments
|
|
252
|
|
|
461
|
|
||
Control investment
|
|
27
|
|
|
27
|
|
||
Total payment-in-kind interest and dividend income
|
|
376
|
|
|
712
|
|
||
Dividend income:
|
|
|
|
|
|
|
||
Affiliate investments
|
|
173
|
|
|
130
|
|
||
Control investment
|
|
—
|
|
|
33
|
|
||
Total dividend income
|
|
173
|
|
|
163
|
|
||
Fee income:
|
|
|
|
|
|
|
||
Non-control/non-affiliate investments
|
|
342
|
|
|
26
|
|
||
Affiliate investments
|
|
205
|
|
|
2
|
|
||
Control investment
|
|
15
|
|
|
18
|
|
||
Total fee income
|
|
562
|
|
|
46
|
|
||
Total investment income
|
|
12,345
|
|
|
9,003
|
|
||
Expenses
|
|
|
|
|
|
|
||
Interest and financing expense
|
|
3,455
|
|
|
1,634
|
|
||
Management fee
|
|
1,843
|
|
|
1,360
|
|
||
Incentive fee
|
|
1,163
|
|
|
736
|
|
||
Professional fees
|
|
535
|
|
|
201
|
|
||
Administration fee
|
|
437
|
|
|
583
|
|
||
Other expenses
|
|
84
|
|
|
695
|
|
||
Total expenses before incentive fee waiver
|
|
7,517
|
|
|
5,209
|
|
||
Incentive fee waiver (see Note 3)
|
|
—
|
|
|
(22
|
)
|
||
Total expenses, net of incentive fee waiver
|
|
7,517
|
|
|
5,187
|
|
||
Net investment income
|
|
4,828
|
|
|
3,816
|
|
||
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) on investments
|
|
|
|
|
|
|
||
Net realized gain (loss) on non-control/non-affiliate investments
|
|
(804
|
)
|
|
461
|
|
||
Net realized loss on affiliate investments
|
|
—
|
|
|
(541
|
)
|
||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments
|
|
658
|
|
|
(1,563
|
)
|
||
Net unrealized appreciation (depreciation) on affiliate investments
|
|
(1,120
|
)
|
|
1,245
|
|
||
Net unrealized appreciation on control investment
|
|
170
|
|
|
75
|
|
||
|
|
|
|
|
|
|
||
Net loss on investments
|
|
(1,096
|
)
|
|
(323
|
)
|
||
|
|
|
|
|
|
|
||
Net increase in net assets resulting from operations
|
|
$
|
3,732
|
|
|
$
|
3,493
|
|
|
|
|
|
|
|
|
||
Net investment income per common share – basic and diluted
|
|
$
|
0.36
|
|
|
$
|
0.29
|
|
Net increase in net assets resulting from operations per common share – basic and diluted
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
Distributions declared per common share
|
|
$
|
0.34
|
|
|
$
|
0.71
|
|
Basic and diluted weighted average shares outstanding
|
|
13,357,464
|
|
|
13,340,502
|
|
|
Preferred stock
|
|
Common Stock
|
|
|
|
|
|
|
|||||||||||||||
|
Number of shares
|
|
Par value
|
|
Number of shares
|
|
Par value
|
|
Paid-in capital in excess of par
|
|
Total distributable earnings (losses)
|
|
Total net assets
|
|||||||||||
Balances at January 1, 2018
|
—
|
|
|
—
|
|
|
13,340,217
|
|
|
$
|
133
|
|
|
$
|
187,398
|
|
|
$
|
805
|
|
|
$
|
188,336
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,816
|
|
|
3,816
|
|
||||
Net realized loss on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
(80
|
)
|
||||
Net unrealized depreciation on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(243
|
)
|
|
(243
|
)
|
||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
(18
|
)
|
|
—
|
|
||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
8,557
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,472
|
)
|
|
(9,472
|
)
|
||||
Total increase (decrease) for the period ended March 31, 2018
|
—
|
|
|
—
|
|
|
8,557
|
|
|
—
|
|
|
114
|
|
|
(5,997
|
)
|
|
(5,883
|
)
|
||||
Balances at March 31, 2018
|
—
|
|
|
—
|
|
|
13,348,774
|
|
|
$
|
133
|
|
|
$
|
187,512
|
|
|
$
|
(5,192
|
)
|
|
$
|
182,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balances at January 1, 2019
|
—
|
|
|
—
|
|
|
13,357,337
|
|
|
$
|
134
|
|
|
$
|
187,540
|
|
|
$
|
(12,651
|
)
|
|
$
|
175,023
|
|
Net increase in net assets resulting from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,828
|
|
|
4,828
|
|
||||
Net realized loss on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(804
|
)
|
|
(804
|
)
|
||||
Net unrealized depreciation on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
(292
|
)
|
||||
Tax reclassifications of permanent differences
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
(19
|
)
|
|
—
|
|
||||
Distributions to stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common stock issued from reinvestment of stockholder distributions
|
—
|
|
|
—
|
|
|
3,797
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,542
|
)
|
|
(4,542
|
)
|
||||
Total increase (decrease) for the period ended March 31, 2019
|
—
|
|
|
—
|
|
|
3,797
|
|
|
—
|
|
|
64
|
|
|
(829
|
)
|
|
(765
|
)
|
||||
Balances at March 31, 2019
|
—
|
|
|
—
|
|
|
13,361,134
|
|
|
$
|
134
|
|
|
$
|
187,604
|
|
|
$
|
(13,480
|
)
|
|
$
|
174,258
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net increase in net assets resulting from operations
|
$
|
3,732
|
|
|
$
|
3,493
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
|
|
|
|
|
|
||
Net realized loss on investments
|
804
|
|
|
80
|
|
||
Net unrealized depreciation on investments
|
292
|
|
|
243
|
|
||
Amortization of Net Loan Fees
|
(178
|
)
|
|
(275
|
)
|
||
Payment-in-kind interest and dividend income
|
(377
|
)
|
|
(712
|
)
|
||
Accretion of interest income on structured-finance notes
|
(467
|
)
|
|
—
|
|
||
Amortization of debt issuance costs
|
277
|
|
|
144
|
|
||
Amortization of intangible asset
|
49
|
|
|
49
|
|
||
Purchase and origination of portfolio investments
|
(63,630
|
)
|
|
(98,208
|
)
|
||
Proceeds from principal payments on portfolio investments
|
6,013
|
|
|
13,025
|
|
||
Proceeds from sale or redemption of portfolio investments
|
16,328
|
|
|
28,203
|
|
||
Proceeds from distributions received from portfolio investments
|
433
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Interest receivable
|
(1,000
|
)
|
|
(181
|
)
|
||
Interest payable
|
(1,313
|
)
|
|
(1,186
|
)
|
||
Payable to adviser and affiliates
|
67
|
|
|
361
|
|
||
Other assets and liabilities
|
(3,297
|
)
|
|
137
|
|
||
Net cash used in operating activities
|
(42,267
|
)
|
|
(54,827
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Distributions paid to stockholders
|
(4,496
|
)
|
|
(9,376
|
)
|
||
Borrowings under revolving line of credit
|
36,500
|
|
|
46,250
|
|
||
Repayments under revolving line of credit
|
(12,750
|
)
|
|
(22,900
|
)
|
||
Payment of debt issuance costs
|
—
|
|
|
(173
|
)
|
||
Repurchases of common stock under Stock Repurchase Program
|
(3
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
19,251
|
|
|
13,801
|
|
||
Net decrease in cash
|
(23,016
|
)
|
|
(41,026
|
)
|
||
Cash — beginning of period
|
38,172
|
|
|
72,952
|
|
||
Cash — end of period
|
$
|
15,156
|
|
|
$
|
31,926
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
4,491
|
|
|
$
|
2,676
|
|
Reinvestment of stockholder common stock
|
45
|
|
|
96
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debt and Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Baymark Health Services, Inc.
|
|
Outpatient Mental Health & Sub. Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.74%
|
|
(L +8.25%)
|
|
3/22/2018
|
|
3/1/2025
|
|
$
|
4,000
|
|
|
$
|
3,966
|
|
|
$
|
3,960
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Brookfield WEC Holdings Inc.,
|
|
Business to Business Electronic Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.25%
|
|
(L +6.75%)
|
|
12/6/2018
|
|
8/3/2026
|
|
1,959
|
|
|
1,959
|
|
|
1,969
|
|
|
1.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Carolina Lubes, Inc. (4)
|
|
Automotive Oil Change and Lubrication Shops
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (8)
|
|
|
|
10.61%
|
|
(L +7.82%)
|
|
8/23/2017
|
|
8/23/2022
|
|
20,696
|
|
|
20,572
|
|
|
20,920
|
|
|
12.0
|
|
|||
Senior Secured Loan (Revolver)
|
|
|
|
0.25% (18)
|
|
(L +7.25%)
|
|
8/23/2017
|
|
8/23/2022
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
20,696
|
|
|
20,562
|
|
|
20,920
|
|
|
12.0
|
|
|||
Cenexel Clinical Research Holdings, Inc. (f/k/a JBR Clinical Research, Inc.) (4) (8)
|
|
Research and Development in the Social Sciences and Humanities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.61%
|
|
(L +7.79%)
|
|
8/2/2018
|
|
8/2/2023
|
|
22,419
|
|
|
22,283
|
|
|
22,059
|
|
|
12.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cirrus Medical Staffing, Inc. (4)
|
|
Temporary Help Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.85%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
12,835
|
|
|
12,699
|
|
|
12,573
|
|
|
7.2
|
|
|||
Senior Secured Loan (Revolver)
|
|
|
|
10.85%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
26
|
|
|
26
|
|
|
25
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
12,861
|
|
|
12,725
|
|
|
12,598
|
|
|
7.2
|
|
|||
Community Intervention Services, Inc. (4) (6) (10) (11)
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
7.0% cash / 6.0% PIK
|
|
N/A
|
|
7/16/2015
|
|
1/16/2021
|
|
9,196
|
|
|
7,639
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Confie Seguros Holdings II Co.
|
|
Insurance Agencies and Brokerages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.13%
|
|
(L +8.50%)
|
|
7/7/2015
|
|
11/1/2025
|
|
9,678
|
|
|
9,495
|
|
|
9,417
|
|
|
5.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Constellis Holdings, LLC
|
|
Other Justice, Public Order, and Safety Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.74%
|
|
(L +9.00%)
|
|
4/28/2017
|
|
4/21/2025
|
|
9,950
|
|
|
9,836
|
|
|
9,442
|
|
|
5.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Convergint Technologies
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.25%
|
|
(L +6.75%)
|
|
9/28/2018
|
|
2/2/2026
|
|
$
|
3,481
|
|
|
$
|
3,424
|
|
|
$
|
3,433
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Davis Vision, Inc.
|
|
Direct Health and Medical Insurance Carriers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.25%
|
|
(L +6.75%)
|
|
7/17/2018
|
|
12/1/2025
|
|
5,854
|
|
|
5,705
|
|
|
5,749
|
|
|
3.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
DuPage Medical Group
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.49%
|
|
(L +7.00%)
|
|
8/22/2017
|
|
8/15/2025
|
|
10,099
|
|
|
10,181
|
|
|
10,079
|
|
|
5.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Eblens Holdings, Inc.
|
|
Shoe Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (11)
|
|
|
|
12.0% cash / 1.0% PIK
|
|
N/A
|
|
7/13/2017
|
|
1/13/2023
|
|
8,942
|
|
|
8,881
|
|
|
8,843
|
|
|
5.1
|
|
|||
Common Equity (71,250 Class A units) (10)
|
|
|
|
|
|
|
|
7/13/2017
|
|
|
|
|
|
|
713
|
|
|
813
|
|
|
0.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,942
|
|
|
9,594
|
|
|
9,656
|
|
|
5.6
|
|
|||
Elgin Fasteners Group
|
|
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.10%
|
|
(L +6.50%)
|
|
10/31/2011
|
|
8/27/2018
|
|
3,591
|
|
|
3,591
|
|
|
3,427
|
|
|
2.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Envocore Holding, LLC (FKA LRI Holding, LLC) (4)
|
|
Electrical Contractors and Other Wiring Installation Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.85%
|
|
(L +9.25%)
|
|
6/30/2017
|
|
6/30/2022
|
|
17,112
|
|
|
16,993
|
|
|
15,760
|
|
|
9.0
|
|
|||
Preferred Equity (238,095 Series B units) (10)
|
|
|
|
|
|
|
|
6/30/2017
|
|
|
|
|
|
|
300
|
|
|
74
|
|
|
—
|
|
|||
Preferred Equity (13,315 Series C units) (10)
|
|
|
|
|
|
|
|
8/13/2018
|
|
|
|
|
|
|
13
|
|
|
15
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
17,112
|
|
|
17,306
|
|
|
15,849
|
|
|
9.0
|
|
|||
Excelin Home Health, LLC
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
12.10%
|
|
(L +9.50%)
|
|
10/25/2018
|
|
4/25/2024
|
|
4,250
|
|
|
4,172
|
|
|
4,161
|
|
|
2.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GGC Aerospace Topco L.P.
|
|
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.37%
|
|
(L +8.75%)
|
|
12/29/2017
|
|
9/8/2024
|
|
5,000
|
|
|
4,898
|
|
|
4,000
|
|
|
2.3
|
|
|||
Common Equity (368,852 Class A units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
|
450
|
|
|
140
|
|
|
0.1
|
|
|||
Common Equity (40,984 Class B units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
|
50
|
|
|
6
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5,398
|
|
|
4,146
|
|
|
2.4
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
GOBP Holdings, Inc.,
|
|
Supermarkets and Other Grocery (except Convenience) Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.85%
|
|
(L +7.25%)
|
|
10/17/2018
|
|
10/22/2026
|
|
$
|
1,400
|
|
|
$
|
1,387
|
|
|
$
|
1,403
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hyland Software, Inc.
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.00%
|
|
(L +3.50%)
|
|
10/24/2018
|
|
7/1/2024
|
|
173
|
|
|
173
|
|
|
173
|
|
|
0.1
|
|
|||
Senior Secured Loan
|
|
|
|
9.50%
|
|
(L +7.00%)
|
|
10/24/2018
|
|
7/7/2025
|
|
2,601
|
|
|
2,619
|
|
|
2,598
|
|
|
1.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
2,774
|
|
|
2,792
|
|
|
2,771
|
|
|
1.6
|
|
|||
Inergex Holdings, LLC
|
|
Other Computer Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.80%
|
|
(L +7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
13,092
|
|
|
12,911
|
|
|
12,790
|
|
|
7.3
|
|
|||
Senior Secured Loan (Revolver)
|
|
|
|
11.50%
|
|
(Prime + 6.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
516
|
|
|
490
|
|
|
504
|
|
|
0.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,608
|
|
|
13,401
|
|
|
13,294
|
|
|
7.6
|
|
|||
Institutional Shareholder Services Inc.
|
|
Administrative Management and General Management Consulting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.12%
|
|
(L +8.50%)
|
|
3/4/2019
|
|
3/5/2027
|
|
6,244
|
|
|
6,058
|
|
|
6,058
|
|
|
3.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MAI Holdings, Inc. (4)
|
|
Printing Machinery and Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
9.50%
|
|
N/A
|
|
6/21/2018
|
|
6/1/2023
|
|
5,000
|
|
|
5,000
|
|
|
2,950
|
|
|
1.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
My Alarm Center, LLC (4) (10) (13)
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (1,485 Class A units), 8% PIK
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
1,571
|
|
|
1,221
|
|
|
0.7
|
|
|||
Preferred Equity (1,198 Class B units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
1,198
|
|
|
—
|
|
|
—
|
|
|||
Preferred Equity (335 Class Z units)
|
|
|
|
|
|
|
|
9/12/2018
|
|
|
|
|
|
|
325
|
|
|
1,038
|
|
|
0.6
|
|
|||
Common Equity (64,149 units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,094
|
|
|
2,259
|
|
|
1.3
|
|
|||
Online Tech Stores, LLC (4)
|
|
Stationary & Office Supply Merchant Wholesaler
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
10.50% cash / 1.0% PIK
|
|
N/A
|
|
2/1/2018
|
|
8/1/2023
|
|
16,188
|
|
|
15,936
|
|
|
16,121
|
|
|
9.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
OnSite Care, PLLC (4) (8)
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.34%
|
|
(L +7.83%)
|
|
8/10/2018
|
|
8/10/2023
|
|
7,100
|
|
|
7,038
|
|
|
6,994
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Parfums Holding Company, Inc.
|
|
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.36%
|
|
(L +8.75%)
|
|
11/16/2017
|
|
6/30/2025
|
|
$
|
6,320
|
|
|
$
|
6,333
|
|
|
$
|
6,352
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pelican Products, Inc.
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.23%
|
|
(L +7.75%)
|
|
9/24/2018
|
|
5/1/2026
|
|
6,055
|
|
|
6,060
|
|
|
5,982
|
|
|
3.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Performance Team LLC (4)
|
|
General Warehousing and Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
12.50%
|
|
(L +10.00%)
|
|
5/24/2018
|
|
11/24/2023
|
|
20,300
|
|
|
20,128
|
|
|
20,502
|
|
|
11.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PM Acquisition LLC
|
|
All Other General Merchandise Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.50% cash / 2.5% PIK
|
|
N/A
|
|
9/30/2017
|
|
10/29/2021
|
|
5,497
|
|
|
5,424
|
|
|
5,195
|
|
|
3.0
|
|
|||
Common Equity (499 units) (10) (13)
|
|
|
|
|
|
|
|
9/30/2017
|
|
|
|
|
|
|
499
|
|
|
107
|
|
|
0.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,497
|
|
|
5,923
|
|
|
5,302
|
|
|
3.1
|
|
|||
Resource Label Group, LLC
|
|
Commercial Printing (except Screen and Books)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.30%
|
|
(L +8.50%)
|
|
6/7/2017
|
|
11/26/2023
|
|
4,821
|
|
|
4,769
|
|
|
4,739
|
|
|
2.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Rocket Software, Inc.
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.75%
|
|
(L +4.25%)
|
|
11/20/2018
|
|
11/28/2025
|
|
670
|
|
|
667
|
|
|
670
|
|
|
0.4
|
|
|||
Senior Secured Loan
|
|
|
|
10.75%
|
|
(L +8.25%)
|
|
11/20/2018
|
|
11/19/2026
|
|
6,275
|
|
|
6,165
|
|
|
6,319
|
|
|
3.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
6,945
|
|
|
6,832
|
|
|
6,989
|
|
|
4.0
|
|
|||
RPLF Holdings, LLC (10) (13)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity (254,110 Class A units)
|
|
|
|
|
|
|
|
1/17/2018
|
|
|
|
|
|
|
254
|
|
|
285
|
|
|
0.2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sentry Centers Holdings, LLC
|
|
Other Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (15)
|
|
|
|
13.50%
|
|
(L +11.50%)
|
|
1/25/2016
|
|
7/24/2020
|
|
8,850
|
|
|
8,805
|
|
|
8,757
|
|
|
5.0
|
|
|||
Common Equity (5,000 Series C units) (10) (13)
|
|
|
|
|
|
|
|
3/31/2014
|
|
|
|
—
|
|
|
500
|
|
|
1,160
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,850
|
|
|
9,305
|
|
|
9,917
|
|
|
5.7
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Southern Technical Institute, LLC (4) (6) (10)
|
|
Colleges, Universities, and Professional Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
6.00% PIK
|
|
N/A
|
|
6/27/2018
|
|
12/31/2021
|
|
$
|
1,540
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
Other
|
|
|
|
|
|
|
|
6/27/2018
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,540
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Spring Education Group, Inc. (F/K/A SSH Group Holdings, Inc.,)
|
|
Child Day Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.75%
|
|
(L +4.25%)
|
|
7/26/2018
|
|
7/30/2025
|
|
979
|
|
|
977
|
|
|
951
|
|
|
0.5
|
|
|||
Senior Secured Loan
|
|
|
|
10.75%
|
|
(L +8.25%)
|
|
7/26/2018
|
|
7/30/2026
|
|
7,216
|
|
|
7,150
|
|
|
7,122
|
|
|
4.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,195
|
|
|
8,127
|
|
|
8,073
|
|
|
4.6
|
|
|||
Stancor, L.P. (4)
|
|
Pump and Pumping Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (1,250,000 Class A units), 8% PIK (10)
|
|
|
|
|
|
|
|
8/19/2014
|
|
|
|
|
|
|
1,501
|
|
|
1,350
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
STS Operating, Inc.
|
|
Industrial Machinery and Equipment Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
6.75%
|
|
(L +4.25%)
|
|
5/16/2018
|
|
12/11/2024
|
|
637
|
|
|
635
|
|
|
629
|
|
|
0.4
|
|
|||
Senior Secured Loan
|
|
|
|
10.50%
|
|
(L +8.00%)
|
|
5/15/2018
|
|
4/30/2026
|
|
9,073
|
|
|
9,068
|
|
|
8,936
|
|
|
5.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,710
|
|
|
9,703
|
|
|
9,565
|
|
|
5.5
|
|
|||
The Escape Game, LLC (4)
|
|
Other amusement and recreation industries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.25%
|
|
(L +8.75%)
|
|
12/22/2017
|
|
12/22/2022
|
|
7,000
|
|
|
6,961
|
|
|
6,843
|
|
|
3.9
|
|
|||
Senior Secured Loan (Delayed Draw)
|
|
|
|
11.25%
|
|
(L +8.75%)
|
|
7/20/2018
|
|
12/22/2022
|
|
6,067
|
|
|
6,067
|
|
|
5,931
|
|
|
3.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,067
|
|
|
13,028
|
|
|
12,774
|
|
|
7.3
|
|
|||
Truck Hero, Inc.
|
|
Truck Trailer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.75%
|
|
(L +8.25%)
|
|
5/30/2017
|
|
4/21/2025
|
|
7,014
|
|
|
6,978
|
|
|
6,895
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
United Biologics Holdings, LLC (4) (10)
|
|
Medical Laboratories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (151,787 units)
|
|
|
|
|
|
|
|
4/16/2013
|
|
|
|
|
|
|
9
|
|
|
20
|
|
|
—
|
|
|||
Warrants (29,374 units)
|
|
|
|
|
|
|
|
7/26/2012
|
|
3/05/2022 (12)
|
|
|
|
|
82
|
|
|
18
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
91
|
|
|
38
|
|
|
—
|
|
|||
Wastebuilt Environmental Solutions, LLC. (4)
|
|
Industrial Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.35%
|
|
(L +8.75%)
|
|
10/11/2018
|
|
10/11/2024
|
|
7,000
|
|
|
6,865
|
|
|
6,878
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Total Debt and Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
306,716
|
|
|
308,439
|
|
|
294,356
|
|
|
169.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Structured Finance Note Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Elevation CLO 2017-7. Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Notes
|
|
|
|
15.27% (9)
|
|
|
|
2/6/2019
|
|
7/15/2030 (17)
|
|
10,000
|
|
|
7,781 (16)
|
|
|
7,700
|
|
|
4.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Flatiron CLO 18, Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subordinated Notes
|
|
|
|
17.77% (9)
|
|
|
|
1/2/2019
|
|
4/17/2031 (17)
|
|
9,680
|
|
|
7,574 (16)
|
|
|
8,034
|
|
|
4.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Structured Finance Note Investments
|
|
|
|
|
|
|
|
|
|
|
|
19,680
|
|
|
15,355
|
|
|
15,734
|
|
|
9.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
326,396
|
|
|
323,794
|
|
|
310,090
|
|
|
178.1
|
|
|||
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
3rd Rock Gaming Holdings, LLC
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
10.30%
|
|
(L +7.50%)
|
|
3/13/2018
|
|
3/12/2023
|
|
21,500
|
|
|
21,244
|
|
|
20,231
|
|
|
11.6
|
|
|||
Common Equity (2,547,250 units) (10) (13)
|
|
|
|
|
|
|
|
3/13/2018
|
|
|
|
|
|
|
2,547
|
|
|
1,245
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
21,500
|
|
|
23,791
|
|
|
21,476
|
|
|
12.3
|
|
|||
Chemical Resources Holdings, Inc.
|
|
Custom Compounding of Purchased Resins
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4)
|
|
|
|
10.88%
|
|
(L +8.05%)
|
|
1/25/2019
|
|
1/25/2024
|
|
13,743
|
|
|
13,564
|
|
|
13,565
|
|
|
7.8
|
|
|||
Common Equity (1,832 Class A shares) (10) (13)
|
|
|
|
|
|
|
|
1/25/2019
|
|
|
|
|
|
|
1,813
|
|
|
1,813
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,743
|
|
|
15,377
|
|
|
15,378
|
|
|
8.8
|
|
|||
Contract Datascan Holdings, Inc. (4)
|
|
Office Machinery and Equipment Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
11.50%
|
|
N/A
|
|
8/5/2015
|
|
2/5/2021
|
|
8,000
|
|
|
7,991
|
|
|
8,000
|
|
|
4.6
|
|
|||
Preferred Equity (3,061 Series A shares), 10% PIK
|
|
|
|
|
|
|
|
8/5/2015
|
|
|
|
|
|
|
5,102
|
|
|
6,677
|
|
|
3.8
|
|
|||
Common Equity (11,273 shares) (10)
|
|
|
|
|
|
|
|
6/28/2016
|
|
|
|
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,000
|
|
|
13,197
|
|
|
14,677
|
|
|
8.4
|
|
|||
DRS Imaging Services, LLC
|
|
Data Processing, Hosting, and Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4) (8)
|
|
|
|
12.23%
|
|
(L +9.39%)
|
|
3/8/2018
|
|
11/20/2023
|
|
10,864
|
|
|
10,780
|
|
|
10,657
|
|
|
6.1
|
|
|||
Common Equity (453 units) (10) (13)
|
|
|
|
|
|
|
|
3/8/2018
|
|
|
|
|
|
|
1,135
|
|
|
1,657
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,864
|
|
|
11,915
|
|
|
12,314
|
|
|
7.1
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Master Cutlery, LLC (4) (6) (10)
|
|
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (11)
|
|
|
|
13.00%
|
|
N/A
|
|
4/17/2015
|
|
4/17/2020
|
|
$
|
5,403
|
|
|
$
|
4,764
|
|
|
$
|
732
|
|
|
0.4
|
%
|
Preferred Equity (3,723 Series A units), 8% PIK
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
|
|
|
3,483
|
|
|
—
|
|
|
—
|
|
|||
Common Equity (15,564 units)
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,403
|
|
|
8,247
|
|
|
732
|
|
|
0.4
|
|
|||
NeoSystems Corp. (4)
|
|
Other Accounting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred Equity (521,962 convertible shares), 10% PIK
|
|
|
|
|
|
|
|
8/14/2014
|
|
|
|
|
|
|
1,575
|
|
|
2,250
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pfanstiehl Holdings, Inc. (4)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan
|
|
|
|
10.50%
|
|
N/A
|
|
1/1/2014
|
|
9/29/2022
|
|
3,788
|
|
|
3,813
|
|
|
3,788
|
|
|
2.2
|
|
|||
Common Equity (400 Class A shares)
|
|
|
|
|
|
|
|
1/1/2014
|
|
|
|
|
|
|
217
|
|
|
8,960
|
|
|
5.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,788
|
|
|
4,030
|
|
|
12,748
|
|
|
7.3
|
|
|||
Professional Pipe Holdings, LLC
|
|
Plumbing, Heating, and Air-Conditioning Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
8.75% cash / 1.50% PIK
|
|
(L +8.75%)
|
|
3/23/2018
|
|
3/23/2023
|
|
7,543
|
|
|
7,422
|
|
|
7,294
|
|
|
4.2
|
|
|||
Common Equity (1,414 Class A units) (10)
|
|
|
|
|
|
|
|
3/23/2018
|
|
|
|
|
|
|
1,414
|
|
|
1,753
|
|
|
1.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,543
|
|
|
8,836
|
|
|
9,047
|
|
|
5.2
|
|
|||
TRS Services, LLC (4) (11)
|
|
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan
|
|
|
|
11.25% cash / 1.00% PIK
|
|
(L +8.75%)
|
|
12/10/2014
|
|
3/16/2020
|
|
14,666
|
|
|
14,627
|
|
|
14,181
|
|
|
8.1
|
|
|||
Preferred Equity (329,266 Class AA units), 15% PIK
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
|
|
|
|
483
|
|
|
453
|
|
|
0.3
|
|
|||
Preferred Equity (3,000,000 Class A units), 11% PIK (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
|
|
|
3,374
|
|
|
—
|
|
|
—
|
|
|||
Common Equity (3,000,000 units) (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
14,666
|
|
|
19,056
|
|
|
14,634
|
|
|
8.4
|
|
|||
TTG Healthcare, LLC
|
|
Diagnostic Imaging Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Senior Secured Loan (4)
|
|
|
|
11.49%
|
|
(L +9.00%)
|
|
3/1/2019
|
|
3/1/2024
|
|
12103
|
|
|
11,866
|
|
|
11,866
|
|
|
6.8
|
|
|||
Preferred Equity ( 2,309 Class B units) (10) (13)
|
|
|
|
|
|
|
|
3/1/2019
|
|
|
|
|
|
|
2,309
|
|
|
2,309
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
12,103
|
|
|
14,175
|
|
|
14,175
|
|
|
8.1
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of Net Assets
|
|||||||
Total Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
97,610
|
|
|
120,199
|
|
|
117,431
|
|
|
67.3
|
|
|||
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MTE Holding Corp. (4)
|
|
Travel Trailer and Camper Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.)
|
|
|
|
14.10% cash / 1.5% PIK
|
|
(L +11.50%)
|
|
11/25/2015
|
|
11/25/2020
|
|
$
|
7,323
|
|
|
$
|
7,299
|
|
|
$
|
7,322
|
|
|
4.2
|
%
|
Common Equity (554 shares)
|
|
|
|
|
|
|
|
11/25/2015
|
|
|
|
|
|
|
3,069
|
|
|
2,824
|
|
|
1.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,323
|
|
|
10,368
|
|
|
10,146
|
|
|
5.8
|
|
|||
Total Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
7,323
|
|
|
10,368
|
|
|
10,146
|
|
|
5.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
431,329
|
|
|
$
|
454,361
|
|
|
$
|
437,667
|
|
|
251.2
|
%
|
(1)
|
Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Substantially all of the investments that bear interest at a variable rate are indexed to LIBOR (L), and reset monthly, quarterly, or semi-annually. Variable-rate loans with an aggregate cost of $
344,896
include LIBOR reference rate floor provisions of generally 1% to 2%; at
March 31, 2019
, the reference rate on all such instruments was above the stated floors. For each investment, the Company has provided the spread over the reference rate and current interest rate in effect at
March 31, 2019
. Unless otherwise noted, all investments with a stated PIK rate require interest payments with the issuance of additional securities as payment of the entire PIK provision.
|
(3)
|
Fair value was determined using significant unobservable inputs for all of the Company's investments. See
Note 5
for further details.
|
(4)
|
Investments (or portion thereof) held by SBIC I LP. All other investments pledged as collateral under the PWB Credit Facility.
|
(5)
|
Elgin Fasteners Group became contractually due on August 27, 2018. The lending group entered into a forbearance agreement to extend the maturity through September 26, 2019. The investment shall continue to accrue interest as the borrower has continued to make interest and amortization payments.
|
(6)
|
Investment was on non-accrual status as of
March 31, 2019
, meaning the Company has ceased recognizing all or a portion of income on the investment. See
Note 4
for further details.
|
(7)
|
Structured Finance Notes are considered CLO subordinated debt positions. CLO subordinated debt positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.
|
(8)
|
The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of
March 31, 2019
:
|
Portfolio Company
|
|
Reported Interest Rate
|
|
Interest Rate per Credit Agreement
|
|
Additional Interest per Annum
|
Carolina Lubes, Inc.
|
|
10.61%
|
|
10.05%
|
|
0.56%
|
Cenexel Clinical Holding (F/K/A JBR Clinical Research, Inc.)
|
|
10.61%
|
|
9.05%
|
|
1.56%
|
Chemical Resources Holdings, Inc.
|
|
10.88%
|
|
8.77%
|
|
2.11%
|
DRS Imaging Services, LLC
|
|
12.23%
|
|
10.80%
|
|
1.43%
|
OnSite Care, PLLC
|
|
10.34%
|
|
8.74%
|
|
1.60%
|
(9)
|
The rate disclosed is an estimated effective yield based upon the current projection of the amount and timing of distributions in addition to the estimated amount and timing of terminal principal payments. Effective yields for the Company's Structured Finance Note investments are monitored and evaluated at each reporting date. The estimated yield and investment cost may ultimately not be realized.
|
(10)
|
Non-income producing.
|
Portfolio Company
|
|
Investment Type
|
|
Range of PIK
Option
|
|
Range of Cash
Option
|
|
Maximum PIK
Rate Allowed
|
Community Intervention Services, Inc.
|
|
Subordinated Loan
|
|
0% or 6.00%
|
|
13.00% or 7.00%
|
|
6.00%
|
Eblens Holdings, Inc.
|
|
Subordinated Loan
|
|
0% or 1.00%
|
|
13.00% or 12.00%
|
|
1.00%
|
Master Cutlery, LLC
|
|
Senior Secured Loan
|
|
0% to 13.00%
|
|
13.00% to 0%
|
|
13.00%
|
TRS Services, LLC
|
|
Senior Secured Loan
|
|
0% or 1.00%
|
|
10.84% or 1.00%
|
|
1.00%
|
(12)
|
Represents expiration date of the warrants.
|
(13)
|
All or portion of investment held by a wholly-owned subsidiary subject to income tax.
|
(14)
|
The PIK provision is reset at the beginning of each interest period equal to the excess of reference rate over the reference rate floor of 1.00%. The PIK interest rate in the schedule represents the current PIK interest rate in effect.
|
(15)
|
Maximum interest rate allowable under the terms of this investment is 13.50%.
|
(16)
|
Amortized cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO Structured Finance Note investments.
|
(17)
|
Maturity represents the contractual maturity date of the structured finance notes. Expected maturity and cash flows, not contractual maturity and cash flows, were utilized in deriving the effective yield of the investments.
|
(18)
|
Commitment fee on undrawn funds.
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
BayMark Health Services
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.60%
|
|
(L +8.25%)
|
|
3/22/2018
|
|
3/1/2025
|
|
$
|
4,000
|
|
|
$
|
3,964
|
|
|
$
|
3,933
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brookfield WEC Holdings Inc.,
|
|
Business to Business Electronic Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.27%
|
|
(L +6.75%)
|
|
12/6/2018
|
|
8/3/2026
|
|
1,959
|
|
|
1,959
|
|
|
1,914
|
|
|
1.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Carolina Lubes, Inc. (4)
|
|
Automotive Oil Change and Lubrication Shops
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (8)
|
|
|
|
10.24%
|
|
(L +7.82%)
|
|
8/23/2017
|
|
8/23/2022
|
|
20,840
|
|
|
20,705
|
|
|
20,839
|
|
|
11.9
|
|
|||
Senior Secured Loan (Revolver) (7)
|
|
|
|
9.65%
|
|
(L +7.25%)
|
|
8/23/2017
|
|
8/23/2022
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
20,840
|
|
|
20,694
|
|
|
20,839
|
|
|
11.9
|
|
|||
Cirrus Medical Staffing, Inc. (4)
|
|
Temporary Help Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.05%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
12,926
|
|
|
12,779
|
|
|
12,732
|
|
|
7.3
|
|
|||
Senior Secured Loan (Revolver) (7)
|
|
|
|
11.05%
|
|
(L +8.25%)
|
|
3/5/2018
|
|
10/19/2022
|
|
1,280
|
|
|
1,280
|
|
|
1,261
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
14,206
|
|
|
14,059
|
|
|
13,993
|
|
|
8.0
|
|
|||
Community Intervention Services, Inc. (4) (6) (10) (11)
|
|
Outpatient Mental Health and Substance Abuse Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
7.0% cash / 6.0% PIK
|
|
N/A
|
|
7/16/2015
|
|
1/16/2021
|
|
9,060
|
|
|
7,639
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Confie Seguros Holdings II Co.
|
|
Insurance Agencies and Brokerages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.24%
|
|
(L +8.50%)
|
|
7/7/2015
|
|
11/1/2025
|
|
9,678
|
|
|
9,489
|
|
|
9,290
|
|
|
5.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Constellis Holdings, LLC
|
|
Other Justice, Public Order, and Safety Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.52%
|
|
(L +9.00%)
|
|
4/28/2017
|
|
4/21/2025
|
|
9,950
|
|
|
9,832
|
|
|
9,437
|
|
|
5.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Convergint Technologies
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.27%
|
|
(L +6.75%)
|
|
9/28/2018
|
|
2/2/2026
|
|
3,481
|
|
|
3,422
|
|
|
3,327
|
|
|
1.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Davis Vision, Inc.
|
|
Direct Health and Medical Insurance Carriers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.28%
|
|
(L +6.75%)
|
|
7/17/2018
|
|
12/1/2025
|
|
$
|
5,854
|
|
|
$
|
5,700
|
|
|
$
|
5,570
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DuPage Medical Group
|
|
Offices of Physicians, Mental Health Specialists
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.50%
|
|
(L +7.00%)
|
|
8/22/2017
|
|
8/15/2025
|
|
10,098
|
|
|
10,185
|
|
|
9,771
|
|
|
5.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Eblens Holdings, Inc.
|
|
Shoe Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (11)
|
|
|
|
12.0% cash / 1.00% PIK
|
|
N/A
|
|
7/13/2017
|
|
1/13/2023
|
|
8,920
|
|
|
8,855
|
|
|
8,821
|
|
|
5
|
|
|||
Common Equity (71,250 Class A units) (10)
|
|
|
|
|
|
|
|
7/13/2017
|
|
|
|
|
|
713
|
|
|
722
|
|
|
0.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
8,920
|
|
|
9,568
|
|
|
9,543
|
|
|
5.4
|
|
|||
Elgin Fasteners Group
|
|
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.30%
|
|
(L +6.50%)
|
|
10/31/2011
|
|
8/27/2018
|
|
3,645
|
|
|
3,645
|
|
|
3,509
|
|
|
2.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Envocore Holding, LLC (FKA LRI Holding, LLC) (4)
|
|
Electrical Contractors and Other Wiring Installation Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
12.05%
|
|
(L +9.25%)
|
|
6/30/2017
|
|
6/30/2022
|
|
17,344
|
|
|
17,212
|
|
|
16,821
|
|
|
9.6
|
|
|||
Preferred Equity (238,095 Series B units) (10)
|
|
|
|
|
|
|
|
6/30/2017
|
|
|
|
|
|
300
|
|
|
300
|
|
|
0.2
|
|
||||
Preferred Equity (13,315 Series C units) (10)
|
|
|
|
|
|
|
|
8/13/2018
|
|
|
|
|
|
13
|
|
|
13
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
17,344
|
|
|
17,525
|
|
|
17,134
|
|
|
9.8
|
|
|||
Excelin Home Health, LLC
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
12.31%
|
|
(L +9.50%)
|
|
10/25/2018
|
|
4/25/2024
|
|
4,250
|
|
|
4,168
|
|
|
4,168
|
|
|
2.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GGC Aerospace Topco L.P.
|
|
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.49%
|
|
(L +8.75%)
|
|
12/29/2017
|
|
9/8/2024
|
|
5,000
|
|
|
4,894
|
|
|
4,033
|
|
|
2.3
|
|
|||
Common Equity (368,852 Class A units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
450
|
|
|
104
|
|
|
0.1
|
|
||||
Common Equity (40,984 Class B units) (10)
|
|
|
|
|
|
|
|
12/29/2017
|
|
|
|
|
|
50
|
|
|
4
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5,394
|
|
|
4,141
|
|
|
2.4
|
|
|||
GOBP Holdings, Inc.,
|
|
Supermarkets and Other Grocery (except Convenience) Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.05%
|
|
(L +7.25%)
|
|
10/17/2018
|
|
10/22/2026
|
|
1,400
|
|
|
1,386
|
|
|
1,349
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Hyland Software, Inc.
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.02%
|
|
(L +3.50%)
|
|
10/24/2018
|
|
7/1/2024
|
|
$
|
173
|
|
|
$
|
173
|
|
|
$
|
166
|
|
|
0.1
|
%
|
Senior Secured Loan
|
|
|
|
9.52%
|
|
(L +7.00%)
|
|
10/24/2018
|
|
7/7/2025
|
|
2,601
|
|
|
2,620
|
|
|
2,534
|
|
|
1.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
2,774
|
|
|
2,793
|
|
|
2,700
|
|
|
1.5
|
|
|||
Inergex Holdings
|
|
Other Computer Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.39%
|
|
(L +7.00%)
|
|
10/1/2018
|
|
10/1/2024
|
|
13,092
|
|
|
12,904
|
|
|
12,904
|
|
|
7.4
|
|
|||
Senior Secured Loan (Revolver) (7)
|
|
|
|
0.50%
|
|
|
|
10/1/2018
|
|
10/1/2024
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
13,092
|
|
|
12,877
|
|
|
12,904
|
|
|
7.4
|
|
|||
JBR Clinical Research, Inc. (4) (8)
|
|
Research and Development in the Social Sciences and Humanities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.10%
|
|
(L +6.71%)
|
|
8/2/2018
|
|
8/2/2023
|
|
29,943
|
|
|
29,693
|
|
|
29,016
|
|
|
16.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MAI Holdings, Inc. (4)
|
|
Printing Machinery and Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.50%
|
|
N/A
|
|
6/21/2018
|
|
6/1/2023
|
|
5,000
|
|
|
5,000
|
|
|
4,841
|
|
|
2.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
My Alarm Center, LLC (4) (10) (13)
|
|
Security Systems Services (except Locksmiths)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (1,485 Class A units), 8% PIK
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
1,571
|
|
|
1,536
|
|
|
0.9
|
|
||||
Preferred Equity (1,198 Class B units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
1,198
|
|
|
—
|
|
|
—
|
|
||||
Preferred Equity (335 Class Z units) 25% PIK
|
|
|
|
|
|
|
|
9/12/2018
|
|
|
|
|
|
325
|
|
|
1,038
|
|
|
0.6
|
|
||||
Common Equity (64,149 units)
|
|
|
|
|
|
|
|
7/14/2017
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,094
|
|
|
2,574
|
|
|
1.5
|
|
||||
Online Tech Stores, LLC (4)
|
|
Stationery and Office Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
10.50% cash / 1.0% PIK
|
|
N/A
|
|
2/1/2018
|
|
8/1/2023
|
|
16,150
|
|
|
15,882
|
|
|
15,785
|
|
|
8.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OnSite Care, PLLC (4) (8)
|
|
Home Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.22%
|
|
(L +7.85%)
|
|
8/10/2018
|
|
8/10/2023
|
|
7,100
|
|
|
7,035
|
|
|
7,008
|
|
|
4.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Parfums Holding Company, Inc.
|
|
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.56%
|
|
(L +8.75%)
|
|
11/16/2017
|
|
6/30/2025
|
|
6,320
|
|
|
6,334
|
|
|
6,292
|
|
|
3.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Pelican Products, Inc.
|
|
Unlaminated Plastics Profile Shape Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.13%
|
|
(L +7.75%)
|
|
9/24/2018
|
|
5/1/2026
|
|
$
|
6,055
|
|
|
$
|
6,060
|
|
|
$
|
5,901
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Performance Team LLC (4)
|
|
General Warehousing and Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
12.52%
|
|
(L +10.00%)
|
|
5/24/2018
|
|
11/24/2023
|
|
20,300
|
|
|
20,118
|
|
|
20,647
|
|
|
11.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PM Acquisition LLC
|
|
All Other General Merchandise Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.50% cash / 2.50% PIK
|
|
N/A
|
|
9/30/2017
|
|
10/29/2021
|
|
5,512
|
|
|
5,431
|
|
|
5,217
|
|
|
3.0
|
|
|||
Common Equity (499 units) (10) (13)
|
|
|
|
|
|
|
|
9/30/2017
|
|
|
|
|
|
499
|
|
|
137
|
|
|
0.1
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
5,512
|
|
|
5,930
|
|
|
5,354
|
|
|
3.1
|
|
|||
Resource Label Group, LLC
|
|
Commercial Printing (except Screen and Books)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.90%
|
|
(L +8.50%)
|
|
6/7/2017
|
|
11/26/2023
|
|
4,821
|
|
|
4,767
|
|
|
4,772
|
|
|
2.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Rocket Software, Inc.
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.77%
|
|
(L +4.25%)
|
|
11/20/2018
|
|
11/19/2025
|
|
670
|
|
|
667
|
|
|
645
|
|
|
0.4
|
|
|||
Senior Secured Loan
|
|
|
|
10.77%
|
|
(L +8.25%)
|
|
11/20/2018
|
|
11/19/2026
|
|
5,187
|
|
|
5,136
|
|
|
5,046
|
|
|
2.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,857
|
|
|
5,803
|
|
|
5,691
|
|
|
3.3
|
|
|||
RPLF Holdings, LLC (10) (13)
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common Equity (254,110 Class A units)
|
|
|
|
|
|
|
|
1/17/2018
|
|
|
|
|
|
254
|
|
|
291
|
|
|
0.2
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sentry Centers Holdings, LLC
|
|
Other Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (14)
|
|
|
|
13.50%
|
|
(L +11.50%)
|
|
1/25/2016
|
|
7/24/2020
|
|
8,855
|
|
|
8,802
|
|
|
8,753
|
|
|
5.0
|
|
|||
Common Equity (5,000 Series C units) (10) (13)
|
|
|
|
|
|
|
|
3/31/2014
|
|
|
|
—
|
|
|
500
|
|
|
983
|
|
|
0.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,855
|
|
|
9,302
|
|
|
9,736
|
|
|
5.6
|
|
|||
Southern Technical Institute, LLC (4) (6) (10)
|
|
Colleges, Universities, and Professional Schools
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
6.00% PIK
|
|
N/A
|
|
6/27/2018
|
|
12/31/2021
|
|
1,517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
|
|
|
|
|
|
6/27/2018
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
1,517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
SSH Group Holdings, Inc.,
|
|
Child Day Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.77%
|
|
(L +4.25%)
|
|
7/26/2018
|
|
7/30/2025
|
|
$
|
982
|
|
|
$
|
979
|
|
|
$
|
920
|
|
|
0.5
|
%
|
Senior Secured Loan
|
|
|
|
10.77%
|
|
(L +8.25%)
|
|
7/26/2018
|
|
7/30/2026
|
|
7,216
|
|
|
7,147
|
|
|
6,839
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,198
|
|
|
8,126
|
|
|
7,759
|
|
|
4.4
|
|
|||
Stancor, L.P. (4) (10)
|
|
Pump and Pumping Equipment Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (1,250,000 Class A units), 8% PIK
|
|
|
|
|
|
|
|
8/19/2014
|
|
|
|
—
|
|
|
1,501
|
|
|
1,416
|
|
|
0.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
STS Operating, Inc.
|
|
Industrial Machinery and Equipment Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
6.77%
|
|
(L +4.25%)
|
|
5/16/2018
|
|
12/11/2024
|
|
638
|
|
|
637
|
|
|
602
|
|
|
0.3
|
|
|||
Senior Secured Loan
|
|
|
|
10.52%
|
|
(L +8.00%)
|
|
5/15/2018
|
|
4/30/2026
|
|
9,073
|
|
|
9,069
|
|
|
8,484
|
|
|
4.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
9,711
|
|
|
9,706
|
|
|
9,086
|
|
|
5.1
|
|
|||
The Escape Game, LLC (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
Other amusement and recreation industries
|
|
11.27%
|
|
(L +8.75%)
|
|
12/22/2017
|
|
12/22/2022
|
|
7,000
|
|
|
6,958
|
|
|
6,855
|
|
|
3.9
|
|
|||
Senior Secured Loan (Delayed Draw) (7)
|
|
|
|
11.22%
|
|
(L +8.75%)
|
|
7/20/2018
|
|
12/22/2022
|
|
3,733
|
|
|
3,733
|
|
|
3,656
|
|
|
2.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,733
|
|
|
10,691
|
|
|
10,511
|
|
|
6.0
|
|
|||
Truck Hero, Inc.
|
|
Truck Trailer Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.76%
|
|
(L +8.25%)
|
|
5/30/2017
|
|
4/21/2025
|
|
7,014
|
|
|
6,977
|
|
|
6,808
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
United Biologics Holdings, LLC (4) (10)
|
|
Medical Laboratories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (151,787 units)
|
|
|
|
|
|
|
|
7/26/2012
|
|
|
|
—
|
|
|
9
|
|
|
20
|
|
|
—
|
|
|||
Warrants (29,374 units)
|
|
|
|
|
|
|
|
7/26/2012
|
|
3/5/2022
|
|
—
|
|
|
82
|
|
|
25
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
91
|
|
|
45
|
|
|
—
|
|
|||
Wand Intermediate I LP
|
|
Automotive Body, Paint, and Interior Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
9.84%
|
|
(L +7.25%)
|
|
5/14/2018
|
|
9/19/2022
|
|
3,770
|
|
|
3,802
|
|
|
3,747
|
|
|
2.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wastebuilt Environmental Solutions, LLC.
|
|
Industrial Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.27%
|
|
(L +8.75%)
|
|
10/11/2018
|
|
10/11/2024
|
|
7,000
|
|
|
6,858
|
|
|
6,858
|
|
|
3.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
900
|
|
|
$
|
89
|
|
|
0.1
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Non-control/Non-affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
309,407
|
|
|
312,223
|
|
|
297,749
|
|
|
169.9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
3rd Rock Gaming Holdings, LLC
|
|
Software Publishers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
10.30%
|
|
(L +7.50%)
|
|
3/13/2018
|
|
3/12/2023
|
|
21,626
|
|
|
21,353
|
|
|
20,023
|
|
|
11.4
|
|
|||
Common Equity (2,547,250 units) (10) (13)
|
|
|
|
|
|
|
|
3/13/2018
|
|
|
|
—
|
|
|
2,547
|
|
|
1,073
|
|
|
0.6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
21,626
|
|
|
23,900
|
|
|
21,096
|
|
|
12.0
|
|
|||
Contract Datascan Holdings, Inc. (4)
|
|
Office Machinery and Equipment Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
11.50%
|
|
N/A
|
|
8/5/2015
|
|
2/5/2021
|
|
8,000
|
|
|
7,990
|
|
|
8,000
|
|
|
4.6
|
|
|||
Preferred Equity (3,061 Series A shares), 10% PIK
|
|
|
|
|
|
|
|
8/5/2015
|
|
|
|
—
|
|
|
4,944
|
|
|
6,652
|
|
|
3.8
|
|
|||
Common Equity (11,273 shares) (10)
|
|
|
|
|
|
|
|
6/28/2016
|
|
|
|
—
|
|
|
104
|
|
|
2,313
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
8,000
|
|
|
13,038
|
|
|
16,965
|
|
|
9.7
|
|
|||
DRS Imaging Services, LLC
|
|
Data Processing, Hosting, and Related Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan (4) (8)
|
|
|
|
12.23%
|
|
(L +9.42%)
|
|
3/8/2018
|
|
11/20/2023
|
|
10,864
|
|
|
10,774
|
|
|
10,617
|
|
|
6.1
|
|
|||
Common Equity (1,135 units) (10) (13)
|
|
|
|
|
|
|
|
3/8/2018
|
|
|
|
—
|
|
|
1,135
|
|
|
1,197
|
|
|
0.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
10,864
|
|
|
11,909
|
|
|
11,814
|
|
|
6.8
|
|
|||
Master Cutlery, LLC (4) (6) (10)
|
|
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (11)
|
|
|
|
13.00% PIK
|
|
N/A
|
|
4/17/2015
|
|
4/17/2020
|
|
5,229
|
|
|
4,764
|
|
|
850
|
|
|
0.5
|
|
|||
Preferred Equity (3,723 Series A units), 8% PIK
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
—
|
|
|
3,483
|
|
|
—
|
|
|
—
|
|
|||
Common Equity (15,564 units)
|
|
|
|
|
|
|
|
4/17/2015
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
5,229
|
|
|
8,247
|
|
|
850
|
|
|
0.5
|
|
|||
NeoSystems Corp. (4) (10)
|
|
Other Accounting Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Preferred Equity (521,962 convertible shares), 10% PIK
|
|
|
|
|
|
|
|
8/14/2014
|
|
|
|
—
|
|
|
1,537
|
|
|
2,250
|
|
|
1.3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company (1)
Investment Type |
|
Industry
|
|
Interest Rate (2)
|
|
Spread Above
Index (2)
|
|
Initial Acquisition Date
|
|
Maturity
|
|
Principal
Amount
|
|
Amortized Cost
|
|
Fair Value (3)
|
|
Percent of
Net Assets
|
|||||||
Pfanstiehl Holdings, Inc. (4)
|
|
Pharmaceutical Preparation Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan
|
|
|
|
10.50%
|
|
N/A
|
|
1/1/2014
|
|
9/29/2022
|
|
$
|
3,788
|
|
|
$
|
3,814
|
|
|
$
|
3,788
|
|
|
2.2
|
%
|
Common Equity (400 Class A shares)
|
|
|
|
|
|
|
|
1/1/2014
|
|
|
|
—
|
|
|
217
|
|
|
8,360
|
|
|
4.8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
3,788
|
|
|
4,031
|
|
|
12,148
|
|
|
7.0
|
|
|||
Professional Pipe Holdings, LLC
|
|
Plumbing, Heating, and Air-Conditioning Contractors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
12.77%
|
|
(L +10.25%)
|
|
3/23/2018
|
|
3/23/2023
|
|
7,779
|
|
|
7,647
|
|
|
7,466
|
|
|
4.3
|
|
|||
Common Equity (1,414 Class A units) (10)
|
|
|
|
|
|
|
|
3/23/2018
|
|
|
|
—
|
|
|
1,414
|
|
|
769
|
|
|
0.4
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,779
|
|
|
9,061
|
|
|
8,235
|
|
|
4.7
|
|
|||
TRS Services, LLC (4) (11)
|
|
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Secured Loan
|
|
|
|
11.27% cash / 1.0% PIK
|
|
(L +8.75%)
|
|
12/10/2014
|
|
12/10/2019
|
|
14,681
|
|
|
14,617
|
|
|
14,446
|
|
|
8.3
|
|
|||
Preferred Equity (329,266 Class AA units), 15% PIK
|
|
|
|
|
|
|
|
6/30/2016
|
|
|
|
—
|
|
|
465
|
|
|
473
|
|
|
0.3
|
|
|||
Preferred Equity (3,000,000 Class A units), 11% PIK (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
—
|
|
|
3,374
|
|
|
826
|
|
|
0.5
|
|
|||
Common Equity (3,000,000 units) (10)
|
|
|
|
|
|
|
|
12/10/2014
|
|
|
|
—
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
14,681
|
|
|
19,028
|
|
|
15,745
|
|
|
9.1
|
|
|||
Total Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
71,967
|
|
|
90,751
|
|
|
89,103
|
|
|
51.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MTE Holding Corp. (4)
|
|
Travel Trailer and Camper Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subordinated Loan (to Mirage Trailers, LLC, a controlled, consolidated subsidiary of MTE Holding Corp.)
|
|
|
|
14.00% cash / 1.50% PIK
|
|
(L +11.50%)
|
|
11/25/2015
|
|
11/25/2020
|
|
7,296
|
|
|
7,268
|
|
|
7,296
|
|
|
4.2
|
|
|||
Common Equity (554 shares)
|
|
|
|
|
|
|
|
11/25/2015
|
|
|
|
—
|
|
|
3,069
|
|
|
2,649
|
|
|
1.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
7,296
|
|
|
10,337
|
|
|
9,945
|
|
|
5.7
|
|
|||
Total Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
7,296
|
|
|
10,337
|
|
|
9,945
|
|
|
5.7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
$
|
388,670
|
|
|
$
|
413,311
|
|
|
$
|
396,797
|
|
|
226.7
|
%
|
(1)
|
Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Substantially all of the investments that bear interest at a variable rate are indexed to LIBOR (L), and reset monthly, quarterly, or semi-annually. Variable-rate loans with an aggregate cost of $316,260 include LIBOR reference rate floor provisions of generally 1% to 2%. At December 31, 2018, the reference rate on all such instruments was above the stated floors. For each investment, the Company has provided the
|
(3)
|
Fair value was determined using significant unobservable inputs for all of the Company's investments. See Note 5 for further details.
|
(4)
|
Investments (or portion thereof) held by SBIC I LP. All other investments pledged as collateral under the PWB Credit Facility.
|
(5)
|
Elgin Fasteners Group became contractually due on August 27, 2018. The lending group entered into a forbearance agreement to extend the maturity through September 26, 2019. The investment shall continue to accrue interest as the borrower has continued to make interest and amortization payments.
|
(6)
|
Investment was on non-accrual status as of December 31, 2018, meaning the Company has ceased recognizing all or a portion of income on the investment. See Note 5 for further details.
|
(7)
|
Subject to unfunded commitments. See Note 6 for further details.
|
(8)
|
The Company has entered into a contractual arrangement with co‑lenders whereby, subject to certain conditions, it has agreed to receive its principal payment after the repayment of certain co‑lenders pursuant to a payment waterfall. The table below provides additional details as of December 31, 2018:
|
Portfolio Company
|
|
Reported Interest Rate
|
|
Interest Rate per Credit Agreement
|
|
Additional Interest per Annum
|
Carolina Lubes, Inc.
|
|
10.24%
|
|
9.65%
|
|
0.59%
|
DRS Imaging Services, LLC
|
|
12.23%
|
|
10.80%
|
|
1.43%
|
JBR Clinical Research, Inc.
|
|
9.10%
|
|
8.64%
|
|
0.46%
|
OnSite Care, PLLC
|
|
10.22%
|
|
8.60%
|
|
1.62%
|
(9)
|
Reserved.
|
(10)
|
Non-income producing.
|
Portfolio Company
|
|
Investment Type
|
|
Range of PIK
Option
|
|
Range of Cash
Option
|
|
Maximum PIK
Rate Allowed
|
Community Intervention Services, Inc.
|
|
Subordinated Loan
|
|
0% or 6.00%
|
|
13.00% or 7.00%
|
|
6.00%
|
Eblens Holdings, Inc.
|
|
Subordinated Loan
|
|
0% or 1.00%
|
|
14.00% or 12.00%
|
|
1.50%
|
Master Cutlery, LLC
|
|
Senior Secured Loan
|
|
0% to 13.00%
|
|
13.00% to 0%
|
|
13.00%
|
TRS Services, LLC
|
|
Senior Secured Loan
|
|
0% or 1.00%
|
|
11.25% or 1.00%
|
|
1.00%
|
(12)
|
Represents expiration date of the warrants.
|
(13)
|
All or portion of investment held by a wholly-owned subsidiary subject to corporate income tax.
See Note 8
for further details.
|
(14)
|
Maximum interest rate allowable under the terms of this investment is 13.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Base management fees
|
|
$
|
1,843
|
|
|
$
|
1,360
|
|
Incentive fees:
|
|
|
|
|
||||
Income Incentive Fee
|
|
1,163
|
|
|
736
|
|
||
Capital Gain Fee
|
|
—
|
|
|
—
|
|
||
Incentive fee waiver
|
|
—
|
|
|
(22
|
)
|
||
Administration fee expense
|
|
437
|
|
|
583
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Senior secured debt investments
(1)
|
$
|
348,021
|
|
|
76.5
|
%
|
|
199.7
|
%
|
|
$
|
340,939
|
|
|
78.0
|
%
|
|
195.8
|
%
|
Subordinated debt investments
|
56,323
|
|
|
12.4
|
|
|
32.3
|
|
|
44,806
|
|
|
10.2
|
|
|
25.7
|
|
||
Preferred equity
|
21,243
|
|
|
4.7
|
|
|
12.2
|
|
|
15,407
|
|
|
3.5
|
|
|
8.8
|
|
||
Common equity and warrants
|
13,419
|
|
|
3.0
|
|
|
7.7
|
|
|
20,781
|
|
|
4.7
|
|
|
11.9
|
|
||
Total debt and equity investments
|
439,006
|
|
|
96.6
|
|
|
251.9
|
|
|
421,933
|
|
|
96.4
|
|
|
242.2
|
|
||
Structured Finance Notes
|
15,355
|
|
|
3.4
|
|
|
8.8
|
|
|
15,734
|
|
|
3.6
|
|
|
9.0
|
|
||
Total investments
|
$
|
454,361
|
|
|
100.0
|
%
|
|
260.7
|
%
|
|
$
|
437,667
|
|
|
100.0
|
%
|
|
251.2
|
%
|
(1)
|
Includes debt investments, typically referred to as unitranche, in which we have entered into contractual arrangements with co‑lenders whereby, subject to certain conditions, we have agreed to receive our principal payments after the repayment of certain co‑lenders pursuant to a payment waterfall. Amortized cost and fair value of these investments were
$74,237
and
$74,195
, respectively.
|
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Administrative and Support and Waste Management and Remediation Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Security Systems Services (except Locksmiths)
|
|
$
|
6,518
|
|
|
1.5
|
%
|
|
3.7
|
%
|
|
$
|
5,692
|
|
|
1.3
|
%
|
|
3.3
|
%
|
Temporary Help Services
|
|
12,725
|
|
|
2.9
|
|
|
7.3
|
|
|
12,598
|
|
|
3.0
|
|
|
7.2
|
|
||
Arts, Entertainment, and Recreation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other amusement and recreation industries
|
|
13,028
|
|
|
3.0
|
|
|
7.5
|
|
|
12,774
|
|
|
3.0
|
|
|
7.3
|
|
||
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electrical Contractors and Other Wiring Installation Contractors
|
|
17,306
|
|
|
3.9
|
|
|
9.9
|
|
|
15,849
|
|
|
3.8
|
|
|
9.1
|
|
||
Plumbing, Heating, and Air-Conditioning Contractors
|
|
8,836
|
|
|
2.0
|
|
|
5.1
|
|
|
9,047
|
|
|
2.1
|
|
|
5.2
|
|
||
Education Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Colleges, Universities, and Professional Schools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Finance and Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Direct Health and Medical Insurance Carriers
|
|
5,705
|
|
|
1.3
|
|
|
3.3
|
|
|
5,749
|
|
|
1.4
|
|
|
3.3
|
|
||
Insurance Agencies and Brokerages
|
|
9,495
|
|
|
2.2
|
|
|
5.4
|
|
|
9,417
|
|
|
2.2
|
|
|
5.4
|
|
||
Health Care and Social Assistance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Child Day Care Services
|
|
8,127
|
|
|
1.9
|
|
|
4.7
|
|
|
8,073
|
|
|
1.9
|
|
|
4.6
|
|
||
Diagnostic Imaging Centers
|
|
14,175
|
|
|
3.2
|
|
|
8.1
|
|
|
14,175
|
|
|
3.4
|
|
|
8.1
|
|
||
Home Health Care Services
|
|
11,210
|
|
|
2.6
|
|
|
6.4
|
|
|
11,155
|
|
|
2.6
|
|
|
6.4
|
|
||
Medical Laboratories
|
|
91
|
|
|
—
|
|
|
0.1
|
|
|
38
|
|
|
—
|
|
|
—
|
|
||
Offices of Physicians, Mental Health Specialists
|
|
10,181
|
|
|
2.3
|
|
|
5.8
|
|
|
10,079
|
|
|
2.4
|
|
|
5.8
|
|
||
Outpatient Mental Health and Substance Abuse Centers
|
|
11,605
|
|
|
2.6
|
|
|
6.7
|
|
|
3,960
|
|
|
0.9
|
|
|
2.3
|
|
||
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Data Processing, Hosting, and Related Services
|
|
11,915
|
|
|
2.7
|
|
|
6.8
|
|
|
12,314
|
|
|
2.9
|
|
|
7.1
|
|
||
Software Publishers
|
|
33,669
|
|
|
7.7
|
|
|
19.4
|
|
|
31,521
|
|
|
7.5
|
|
|
18.2
|
|
||
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
|
|
3,591
|
|
|
0.8
|
|
|
2.1
|
|
|
3,427
|
|
|
0.8
|
|
|
2.0
|
|
||
Commercial Printing (except Screen and Books)
|
|
4,769
|
|
|
1.1
|
|
|
2.7
|
|
|
4,739
|
|
|
1.1
|
|
|
2.7
|
|
||
Custom Compounding of Purchased Resins
|
|
15,377
|
|
|
3.5
|
|
|
8.8
|
|
|
15,378
|
|
|
3.6
|
|
|
8.8
|
|
||
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
5,398
|
|
|
1.2
|
|
|
3.1
|
|
|
4,146
|
|
|
1.0
|
|
|
2.4
|
|
||
Pharmaceutical Preparation Manufacturing
|
|
4,030
|
|
|
0.9
|
|
|
2.3
|
|
|
12,748
|
|
|
3.0
|
|
|
7.3
|
|
||
Printing Machinery and Equipment Manufacturing
|
|
5,000
|
|
|
1.1
|
|
|
2.9
|
|
|
2,950
|
|
|
0.7
|
|
|
1.7
|
|
||
Pump and Pumping Equipment Manufacturing
|
|
1,501
|
|
|
0.3
|
|
|
0.9
|
|
|
1,350
|
|
|
0.3
|
|
|
0.8
|
|
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Travel Trailer and Camper Manufacturing
|
|
10,368
|
|
|
2.4
|
|
|
5.9
|
|
|
10,146
|
|
|
2.4
|
|
|
5.8
|
|
||
Truck Trailer Manufacturing
|
|
6,978
|
|
|
1.6
|
|
|
4.0
|
|
|
6,895
|
|
|
1.6
|
|
|
4.0
|
|
||
Unlaminated Plastics Profile Shape Manufacturing
|
|
6,060
|
|
|
1.4
|
|
|
3.5
|
|
|
5,982
|
|
|
1.4
|
|
|
3.4
|
|
||
Other Services (except Public Administration)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Automotive Oil Change and Lubrication Shops
|
|
20,562
|
|
|
4.8
|
|
|
11.8
|
|
|
20,920
|
|
|
5.1
|
|
|
12.0
|
|
||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
19,056
|
|
|
4.3
|
|
|
10.9
|
|
|
14,634
|
|
|
3.5
|
|
|
8.4
|
|
||
Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Administrative Management and General Management Consulting Services
|
|
6,058
|
|
|
1.4
|
|
|
3.5
|
|
|
6,058
|
|
|
1.4
|
|
|
3.5
|
|
||
Other Accounting Services
|
|
1,575
|
|
|
0.4
|
|
|
0.9
|
|
|
2,250
|
|
|
0.5
|
|
|
1.3
|
|
||
Other Computer Related Services
|
|
13,401
|
|
|
3.1
|
|
|
7.7
|
|
|
13,294
|
|
|
3.2
|
|
|
7.6
|
|
||
Other Professional, Scientific, and Technical Services
|
|
9,305
|
|
|
2.1
|
|
|
5.3
|
|
|
9,917
|
|
|
2.4
|
|
|
5.7
|
|
||
Research and Development in the Social Sciences and Humanities
|
|
22,283
|
|
|
5.1
|
|
|
12.8
|
|
|
22,059
|
|
|
5.2
|
|
|
12.7
|
|
||
Public Administration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Other Justice, Public Order, and Safety Activities
|
|
9,836
|
|
|
2.2
|
|
|
5.6
|
|
|
9,442
|
|
|
2.2
|
|
|
5.4
|
|
||
Real Estate and Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Office Machinery and Equipment Rental and Leasing
|
|
13,197
|
|
|
3.0
|
|
|
7.6
|
|
|
14,677
|
|
|
3.5
|
|
|
8.4
|
|
||
Retail Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
6,333
|
|
|
1.4
|
|
|
3.6
|
|
|
6,352
|
|
|
1.5
|
|
|
3.6
|
|
||
Shoe store
|
|
9,594
|
|
|
2.2
|
|
|
5.5
|
|
|
9,656
|
|
|
2.3
|
|
|
5.5
|
|
||
Supermarkets and Other Grocery (except Convenience) Stores
|
|
1,387
|
|
|
0.3
|
|
|
0.8
|
|
|
1,403
|
|
|
0.3
|
|
|
0.8
|
|
||
All Other General Merchandise Stores
|
|
5,923
|
|
|
1.3
|
|
|
3.4
|
|
|
5,302
|
|
|
1.3
|
|
|
3.0
|
|
||
Transportation and Warehousing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
General Warehousing and Storage
|
|
20,128
|
|
|
4.6
|
|
|
11.7
|
|
|
20,502
|
|
|
4.9
|
|
|
11.8
|
|
||
Wholesale Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Business to Business Electronic Markets
|
|
1,959
|
|
|
0.4
|
|
|
1.1
|
|
|
1,969
|
|
|
0.5
|
|
|
1.1
|
|
||
Industrial Machinery and Equipment Merchant Wholesalers
|
|
9,703
|
|
|
2.2
|
|
|
5.6
|
|
|
9,565
|
|
|
2.3
|
|
|
5.5
|
|
||
Industrial Supplies Merchant Wholesalers
|
|
6,865
|
|
|
1.6
|
|
|
3.9
|
|
|
6,878
|
|
|
1.6
|
|
|
3.9
|
|
||
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
8,247
|
|
|
1.9
|
|
|
4.7
|
|
|
732
|
|
|
0.2
|
|
|
0.4
|
|
||
Stationary & Office Supply Merchant Wholesaler
|
|
15,936
|
|
|
3.6
|
|
|
9.1
|
|
|
16,121
|
|
|
3.8
|
|
|
9.3
|
|
||
Total debt and equity investments
|
|
$
|
439,006
|
|
|
100.0
|
%
|
|
251.9
|
%
|
|
$
|
421,933
|
|
|
100.0
|
%
|
|
242.1
|
%
|
Structured Finance Notes
|
|
15,355
|
|
|
—
|
|
|
8.8
|
%
|
|
15,734
|
|
|
—
|
|
|
9.0
|
%
|
||
Total investments
|
|
$
|
454,361
|
|
|
100.0
|
%
|
|
260.7
|
%
|
|
$
|
437,667
|
|
|
100.0
|
%
|
|
251.1
|
%
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Senior secured debt investments
|
$
|
325,873
|
|
|
78.8
|
%
|
|
186.2
|
%
|
|
$
|
319,017
|
|
|
80.4
|
%
|
|
182.3
|
%
|
Subordinated debt investments
|
56,212
|
|
|
13.6
|
|
|
32.1
|
|
|
44,540
|
|
|
11.2
|
|
|
25.4
|
|
||
Preferred equity
|
19,620
|
|
|
4.7
|
|
|
11.2
|
|
|
14,613
|
|
|
3.7
|
|
|
8.4
|
|
||
Common equity and warrants
|
11,606
|
|
|
2.8
|
|
|
6.6
|
|
|
18,627
|
|
|
4.7
|
|
|
10.6
|
|
||
Total
|
$
|
413,311
|
|
|
100.0
|
%
|
|
236.1
|
%
|
|
$
|
396,797
|
|
|
100.0
|
%
|
|
226.7
|
%
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Administrative and Support and Waste Management and Remediation Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Security Systems Services (except Locksmiths)
|
|
$
|
6,516
|
|
|
1.6
|
%
|
|
3.7
|
%
|
|
$
|
5,901
|
|
|
1.5
|
%
|
|
3.4
|
%
|
Temporary Help Services
|
|
14,059
|
|
|
3.4
|
|
|
8.0
|
|
|
13,993
|
|
|
3.5
|
|
|
8.0
|
|
||
Arts, Entertainment, and Recreation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other Amusement and Recreation Industries
|
|
10,691
|
|
|
2.6
|
|
|
6.1
|
|
|
10,511
|
|
|
2.6
|
|
|
6.0
|
|
||
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electrical Contractors and Other Wiring Installation Contractors
|
|
17,525
|
|
|
4.2
|
|
|
10.0
|
|
|
17,134
|
|
|
4.3
|
|
|
9.8
|
|
||
Plumbing, Heating, and Air-Conditioning Contractors
|
|
9,061
|
|
|
2.2
|
|
|
5.2
|
|
|
8,235
|
|
|
2.1
|
|
|
4.7
|
|
||
Education Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Colleges, Universities, and Professional Schools
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Finance and Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Direct Health and Medical Insurance Carriers
|
|
5,700
|
|
|
1.4
|
|
|
3.3
|
|
|
5,570
|
|
|
1.4
|
|
|
3.2
|
|
||
Insurance Agencies and Brokerages
|
|
9,489
|
|
|
2.3
|
|
|
5.4
|
|
|
9,290
|
|
|
2.3
|
|
|
5.3
|
|
||
Health Care and Social Assistance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Child Day Care Services
|
|
8,126
|
|
|
2.0
|
|
|
4.6
|
|
|
7,759
|
|
|
2.0
|
|
|
4.4
|
|
||
Home Health Care Services
|
|
11,203
|
|
|
2.7
|
|
|
6.4
|
|
|
11,176
|
|
|
2.8
|
|
|
6.4
|
|
||
Medical Laboratories
|
|
91
|
|
|
—
|
|
|
0.1
|
|
|
45
|
|
|
—
|
|
|
—
|
|
||
Offices of Physicians, Mental Health Specialists
|
|
10,185
|
|
|
2.5
|
|
|
5.8
|
|
|
9,771
|
|
|
2.5
|
|
|
5.6
|
|
||
Outpatient Mental Health and Substance Abuse Centers
|
|
11,603
|
|
|
2.8
|
|
|
6.6
|
|
|
3,933
|
|
|
1.0
|
|
|
2.2
|
|
||
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Data Processing, Hosting, and Related Services
|
|
11,909
|
|
|
2.9
|
|
|
6.8
|
|
|
11,814
|
|
|
3.0
|
|
|
6.7
|
|
||
Software Publishers
|
|
32,750
|
|
|
7.9
|
|
|
18.6
|
|
|
29,778
|
|
|
7.5
|
|
|
16.9
|
|
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
|
|
3,645
|
|
|
0.9
|
|
|
2.1
|
|
|
3,509
|
|
|
0.9
|
|
|
2.0
|
|
||
Commercial Printing (except Screen and Books)
|
|
4,767
|
|
|
1.2
|
|
|
2.7
|
|
|
4,772
|
|
|
1.2
|
|
|
2.7
|
|
||
Other Aircraft Parts and Auxiliary Equipment Manufacturing
|
|
5,394
|
|
|
1.3
|
|
|
3.1
|
|
|
4,141
|
|
|
1.0
|
|
|
2.4
|
|
||
Pharmaceutical Preparation Manufacturing
|
|
4,031
|
|
|
1.0
|
|
|
2.3
|
|
|
12,148
|
|
|
3.1
|
|
|
6.9
|
|
||
Printing Machinery and Equipment Manufacturing
|
|
5,000
|
|
|
1.2
|
|
|
2.9
|
|
|
4,841
|
|
|
1.2
|
|
|
2.8
|
|
||
Pump and Pumping Equipment Manufacturing
|
|
1,501
|
|
|
0.4
|
|
|
0.9
|
|
|
1,416
|
|
|
0.4
|
|
|
0.8
|
|
||
Travel Trailer and Camper Manufacturing
|
|
10,337
|
|
|
2.5
|
|
|
5.9
|
|
|
9,945
|
|
|
2.5
|
|
|
5.7
|
|
||
Truck Trailer Manufacturing
|
|
6,977
|
|
|
1.7
|
|
|
4.0
|
|
|
6,808
|
|
|
1.7
|
|
|
3.9
|
|
||
Unlaminated Plastics Profile Shape Manufacturing
|
|
6,060
|
|
|
1.5
|
|
|
3.5
|
|
|
5,901
|
|
|
1.5
|
|
|
3.4
|
|
||
Other Services (except Public Administration)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Automotive Body, Paint, and Interior Repair and Maintenance
|
|
3,802
|
|
|
0.9
|
|
|
2.2
|
|
|
3,747
|
|
|
0.9
|
|
|
2.1
|
|
||
Automotive Oil Change and Lubrication Shops
|
|
20,694
|
|
|
5.0
|
|
|
11.8
|
|
|
20,839
|
|
|
5.3
|
|
|
11.9
|
|
||
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
|
|
19,028
|
|
|
4.6
|
|
|
10.9
|
|
|
15,745
|
|
|
4.0
|
|
|
9.0
|
|
||
Professional, Scientific, and Technical Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other Accounting Services
|
|
1,537
|
|
|
0.4
|
|
|
0.9
|
|
|
2,250
|
|
|
0.6
|
|
|
1.3
|
|
||
Other Computer Related Services
|
|
12,877
|
|
|
3.1
|
|
|
7.4
|
|
|
12,904
|
|
|
3.3
|
|
|
7.4
|
|
||
Other Professional, Scientific, and Technical Services
|
|
9,302
|
|
|
2.3
|
|
|
5.3
|
|
|
9,736
|
|
|
2.5
|
|
|
5.6
|
|
||
Research and Development in the Social Sciences and Humanities
|
|
29,693
|
|
|
7.2
|
|
|
17.0
|
|
|
29,016
|
|
|
7.3
|
|
|
16.5
|
|
||
Public Administration
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other Justice, Public Order, and Safety Activities
|
|
9,832
|
|
|
2.4
|
|
|
5.6
|
|
|
9,437
|
|
|
2.4
|
|
|
5.4
|
|
||
Real Estate and Rental and Leasing
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Home Health Equipment Rental
|
|
900
|
|
|
0.2
|
|
|
0.5
|
|
|
89
|
|
|
—
|
|
|
0.1
|
|
||
Office Machinery and Equipment Rental and Leasing
|
|
13,038
|
|
|
3.2
|
|
|
7.4
|
|
|
16,965
|
|
|
4.3
|
|
|
9.7
|
|
||
Retail Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cosmetics, Beauty Supplies, and Perfume Stores
|
|
6,334
|
|
|
1.5
|
|
|
3.6
|
|
|
6,292
|
|
|
1.6
|
|
|
3.6
|
|
||
Shoe store
|
|
9,568
|
|
|
2.2
|
|
|
5.5
|
|
|
9,543
|
|
|
2.4
|
|
|
5.5
|
|
||
Supermarkets and Other Grocery (except Convenience) Stores
|
|
1,386
|
|
|
0.3
|
|
|
0.8
|
|
|
1,349
|
|
|
0.3
|
|
|
0.8
|
|
||
All Other General Merchandise Stores
|
|
5,930
|
|
|
1.4
|
|
|
3.4
|
|
|
5,354
|
|
|
1.2
|
|
|
3.1
|
|
||
Transportation and Warehousing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Total
|
|
|
|
Percentage of Total
|
||||||||||||
|
|
Amortized Cost
|
|
Amortized Cost
|
|
Net Assets
|
|
Fair Value
|
|
Fair Value
|
|
Net Assets
|
||||||||
General Warehousing and Storage
|
|
20,118
|
|
|
4.9
|
|
|
11.5
|
|
|
20,647
|
|
|
5.2
|
|
|
11.8
|
|
||
Wholesale Trade
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Business to Business Electronic Markets
|
|
1,959
|
|
|
0.5
|
|
|
1.1
|
|
|
1,914
|
|
|
0.5
|
|
|
1.1
|
|
||
Industrial Machinery and Equipment Merchant Wholesalers
|
|
9,706
|
|
|
2.3
|
|
|
5.5
|
|
|
9,086
|
|
|
2.3
|
|
|
5.2
|
|
||
Industrial Supplies Merchant Wholesalers
|
|
6,858
|
|
|
1.7
|
|
|
3.9
|
|
|
6,858
|
|
|
1.7
|
|
|
3.9
|
|
||
Sporting and Recreational Goods and Supplies Merchant Wholesalers
|
|
8,247
|
|
|
2.0
|
|
|
4.7
|
|
|
850
|
|
|
0.2
|
|
|
0.5
|
|
||
Stationery and Office Supplies Merchant Wholesalers
|
|
15,882
|
|
|
3.7
|
|
|
9.1
|
|
|
15,785
|
|
|
4.0
|
|
|
9.0
|
|
||
|
|
$
|
413,311
|
|
|
100.0
|
%
|
|
236.1
|
%
|
|
$
|
396,797
|
|
|
100.0
|
%
|
|
226.7
|
%
|
|
|
|
|
Fair Value at March 31, 2019
(1)
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
(Weighted average) |
||
Debt investments:
|
|
|
|
|
|
|
|
||
Senior secured
|
$
|
309,451
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
6.27% - 19.86% (12.43%)
|
|
31,488
|
|
|
Transaction Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
|
36,751
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
6.57% - 15.44% (11.61%)
|
|
|
8,055
|
|
|
Enterprise value
|
|
EBITDA multiples
|
|
4.25x - 6.00x (5.25x)
|
|
|
|
|
|
|
|
|
|
|
|
Structured Finance Notes:
|
|
|
|
|
|
|
|
|
|
Subordinated notes
|
15,734
|
|
|
Market quotes
|
|
NBIB
|
|
75.5% - 84.5% (80.0%)
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments:
|
|
|
|
|
|
|
|
|
|
Preferred equity
|
10,839
|
|
|
Enterprise value
|
|
EBITDA multiples
|
|
4.75x - 8.5x (7.39x)
|
|
|
2,259
|
|
|
Enterprise value
|
|
Reocurring monthly revenue
|
|
38.0x - 42.0x (40.0x)
|
|
|
2,309
|
|
|
Transaction Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Common equity and warrants
|
18,968
|
|
|
Enterprise value
|
|
EBITDA multiples
|
|
4.00x - 11.5x (9.50x)
|
|
|
1,813
|
|
|
Transaction Price
|
|
|
|
|
|
|
|
|
Fair Value at December 31, 2018
(1)
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
(Weighted average) |
||
Debt investments:
|
|
|
|
|
|
|
|
||
Senior secured
|
$
|
295,087
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
6.94% - 19.70% (12.49%)
|
|
23,930
|
|
|
Transaction Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Subordinated
|
36,394
|
|
|
Discounted cash flow
|
|
Discount rates
|
|
7.16% - 15.40% (7.21%)
|
|
|
8,146
|
|
|
Market approach
|
|
EBITDA multiples
|
|
3.50x - 7.65x (5.10x)
|
|
|
|
|
|
|
|
|
|
||
Equity investments
|
|
|
|
|
|
|
|
||
Preferred equity
|
12,039
|
|
|
Market approach
|
|
EBITDA multiples
|
|
4.50x - 8.50x (7.42x)
|
|
|
2,574
|
|
|
Market approach
|
|
Reoccurring Monthly Revenue
|
|
38.0x - 42.0x (40.0x)
|
|
Common equity and warrants
|
18,627
|
|
|
Market approach
|
|
EBITDA multiples
|
|
3.50x - 11.00x (8.68x)
|
|
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
|
Senior
Secured Debt Investments |
|
Subordinated
Debt Investments |
|
Preferred Equity
|
|
Common Equity and Warrants
|
|
Structured Finance Notes
|
|
Total
|
||||||||||||
Level 3 assets, January 1, 2019
|
$
|
319,017
|
|
|
$
|
44,540
|
|
|
$
|
14,613
|
|
|
$
|
18,627
|
|
|
$
|
—
|
|
|
$
|
396,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net realized gain (loss) on investments
|
73
|
|
|
—
|
|
|
(900
|
)
|
|
—
|
|
|
—
|
|
|
(827
|
)
|
||||||
Net unrealized appreciation (depreciation) on investments
|
(225
|
)
|
|
155
|
|
|
(829
|
)
|
|
341
|
|
|
379
|
|
|
(179
|
)
|
||||||
Amortization of Net Loan Fees
|
157
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
178
|
|
||||||
Accretion of interest income on structured-finance notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
467
|
|
|
467
|
|
||||||
Capitalized PIK interest and dividends
|
71
|
|
|
90
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
375
|
|
||||||
Purchase and origination of portfolio investments
|
44,187
|
|
|
—
|
|
|
2,309
|
|
|
1,813
|
|
|
15,321
|
|
|
63,630
|
|
||||||
Proceeds from principal payments on portfolio investments
|
(6,013
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,013
|
)
|
||||||
Sale and redemption of portfolio investments
|
(16,328
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,328
|
)
|
||||||
Proceeds from distributions received from portfolio investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(433
|
)
|
|
(433
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 3 assets, March 31, 2019
|
$
|
340,939
|
|
|
$
|
44,806
|
|
|
$
|
15,407
|
|
|
$
|
20,781
|
|
|
$
|
15,734
|
|
|
$
|
437,667
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
Senior
Secured Debt Investments |
|
Subordinated
Debt Investments |
|
Preferred Equity
|
|
Common Equity and Warrants
|
|
Total
|
||||||||||
Level 3 assets, January 1, 2018
|
$
|
195,112
|
|
|
$
|
51,198
|
|
|
$
|
19,200
|
|
|
$
|
11,989
|
|
|
277,499
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net realized gain (loss) on investments
|
401
|
|
|
—
|
|
|
60
|
|
|
(541
|
)
|
|
(80
|
)
|
|||||
Net unrealized appreciation (depreciation) on investments
|
(122
|
)
|
|
(1,400
|
)
|
|
(1,112
|
)
|
|
2,398
|
|
|
(236
|
)
|
|||||
Amortization of Net Loan Fees
|
245
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|||||
Capitalized PIK interest, dividends
|
263
|
|
|
110
|
|
|
339
|
|
|
—
|
|
|
712
|
|
|||||
Purchase and origination of portfolio investments
|
72,350
|
|
|
20,930
|
|
|
2,547
|
|
|
2,381
|
|
|
98,208
|
|
|||||
Proceeds from principal payments on portfolio investments
|
(7,828
|
)
|
|
(5,197
|
)
|
|
—
|
|
|
—
|
|
|
(13,025
|
)
|
|||||
Sale and redemption of portfolio investments
|
(27,097
|
)
|
|
—
|
|
|
(578
|
)
|
|
(214
|
)
|
|
(27,889
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Level 3 assets, March 31, 2018
|
$
|
233,324
|
|
|
$
|
65,671
|
|
|
$
|
20,456
|
|
|
$
|
16,013
|
|
|
$
|
335,464
|
|
|
Period ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Senior secured debt investments
|
$
|
(280
|
)
|
|
$
|
(75
|
)
|
Subordinated debt investments
|
155
|
|
|
(1,400
|
)
|
||
Preferred equity
|
(1,640
|
)
|
|
(1,112
|
)
|
||
Common equity and warrants
|
341
|
|
|
1,944
|
|
||
Structured Finance Notes
|
379
|
|
|
—
|
|
||
Net unrealized depreciation on investments held
|
$
|
(1,045
|
)
|
|
$
|
(643
|
)
|
|
|
|
|
March 31, 2019
|
||||||||||||||
Description
|
Level 1
|
|
Level 2
|
|
Level 3
(1)
|
|
Total
|
||||||||
PWB Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,750
|
|
|
$
|
35,750
|
|
OFS Capital Corporation 6.375% Notes due 2025
|
50,760
|
|
|
—
|
|
|
—
|
|
|
50,760
|
|
||||
OFS Capital Corporation 6.5% Notes due 2025
|
48,176
|
|
|
—
|
|
|
—
|
|
|
48,176
|
|
||||
SBA-guaranteed debentures
|
—
|
|
|
—
|
|
|
150,086
|
|
|
150,086
|
|
||||
Total debt, at fair value
|
$
|
98,936
|
|
|
$
|
—
|
|
|
$
|
185,836
|
|
|
$
|
284,772
|
|
|
December 31, 2018
|
||||||||||||||
Description
|
Level 1
|
|
Level 2
|
|
Level 3
(1)
|
|
Total
|
||||||||
PWB Facility
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,000
|
|
|
$
|
12,000
|
|
OFS Capital Corporation 6.375% Notes due 2025
|
48,500
|
|
|
—
|
|
|
—
|
|
|
48,500
|
|
||||
OFS Capital Corporation 6.5% Notes due 2025
|
46,603
|
|
|
—
|
|
|
—
|
|
|
46,603
|
|
||||
SBA-guaranteed debentures
|
—
|
|
|
—
|
|
|
147,956
|
|
|
147,956
|
|
||||
Total debt, at fair value
|
$
|
95,103
|
|
|
$
|
—
|
|
|
$
|
159,956
|
|
|
$
|
255,059
|
|
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||||||||||
Description
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
PWB Facility
|
$
|
35,750
|
|
|
$
|
35,750
|
|
|
$
|
12,000
|
|
|
$
|
12,000
|
|
OFS Capital Corporation 6.375% Notes due 2025
|
48,440
|
|
|
50,760
|
|
|
48,377
|
|
|
48,500
|
|
||||
OFS Capital Corporation 6.5% Notes due 2025
|
46,909
|
|
|
48,176
|
|
|
46,849
|
|
|
46,603
|
|
||||
SBA-guaranteed debentures
|
147,692
|
|
|
150,086
|
|
|
147,600
|
|
|
147,956
|
|
||||
Total debt, at fair value
|
$
|
278,791
|
|
|
$
|
284,772
|
|
|
$
|
254,826
|
|
|
$
|
255,059
|
|
|
|
|
Name of Portfolio Company
|
|
Investment Type
|
|
Commitment
|
||
Carolina Lubes, Inc.
|
|
Senior Secured Loan (Revolver)
|
|
$
|
2,920
|
|
Cirrus Medical Staffing, Inc.
|
|
Senior Secured Loan (Revolver)
|
|
1,383
|
|
|
Inergex Holdings, LLC
|
|
Senior Secured Loan (Revolver)
|
|
1,359
|
|
|
The Escape Game, LLC
|
|
Senior Secured Loan (Delayed Draw)
|
|
933
|
|
|
TTG Healthcare, LLC
|
|
Senior Secured Loan (Delayed Draw)
|
|
2,775
|
|
|
|
|
|
|
$
|
9,370
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
SBA Debentures
|
|
$
|
1,267
|
|
|
$
|
1,267
|
|
PWB Credit Facility
|
|
462
|
|
|
367
|
|
||
Unsecured Notes Due April 2025
|
|
860
|
|
|
—
|
|
||
Unsecured Notes Due October 2025
|
|
866
|
|
|
—
|
|
||
Total interest expense
|
|
$
|
3,455
|
|
|
$
|
1,634
|
|
|
|
|
|
|
||||
Average dollar borrowings
|
|
$
|
272,007
|
|
|
$
|
172,259
|
|
Average interest rate
|
|
4.98
|
%
|
|
3.71
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Tax-basis amortized cost of investments
|
$
|
449,597
|
|
|
$
|
408,715
|
|
Tax-basis gross unrealized appreciation on investments
|
18,537
|
|
|
18,426
|
|
||
Tax-basis gross unrealized depreciation on investments
|
(30,467
|
)
|
|
(30,344
|
)
|
||
Tax-basis net unrealized appreciation (depreciation) on investments
|
(11,930
|
)
|
|
(11,918
|
)
|
||
Fair value of investments
|
$
|
437,667
|
|
|
$
|
396,797
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Per share operating performance:
|
|
|
|
|
||||
Net asset value per share at beginning of period
|
|
$
|
13.10
|
|
|
$
|
14.12
|
|
Distributions
|
|
(0.34
|
)
|
|
(0.71
|
)
|
||
Net investment income
(4)
|
|
0.36
|
|
|
0.29
|
|
||
Net realized gain (loss) on non-control/non-affiliate investments
(4)
|
|
(0.06
|
)
|
|
0.03
|
|
||
Net realized loss on affiliate investments
(4)
|
|
—
|
|
|
(0.04
|
)
|
||
Net unrealized appreciation (depreciation) on non-control/non-affiliate investments
(4)
|
|
0.05
|
|
|
(0.12
|
)
|
||
Net unrealized appreciation (depreciation) on affiliate investments
(4)
|
|
(0.08
|
)
|
|
0.09
|
|
||
Net unrealized appreciation on control investment
(4)
|
|
0.01
|
|
|
0.01
|
|
||
Net asset value per share at end of period
|
|
$
|
13.04
|
|
|
$
|
13.67
|
|
|
|
|
|
|
||||
Per share market value, end of period
|
|
$
|
11.75
|
|
|
$
|
11.22
|
|
Total return based on market value
(1)
|
|
14.1
|
%
|
|
0.3
|
%
|
||
Total return based on net asset value
(2)
|
|
2.4
|
%
|
|
2.0
|
%
|
||
Shares outstanding at end of period
|
|
13,361,134
|
|
|
13,348,774
|
|
||
Weighted average shares outstanding
|
|
13,357,464
|
|
|
13,340,502
|
|
||
Ratio/Supplemental Data (in thousands except ratios)
|
|
|
|
|
|
|
||
Average net asset value
(3)
|
|
$
|
174,654
|
|
|
$
|
185,395
|
|
Net asset value at end of period
|
|
$
|
174,258
|
|
|
$
|
182,453
|
|
Net investment income
|
|
$
|
4,828
|
|
|
$
|
3,816
|
|
Ratio of total expenses, net to average net assets
(5) (7)
|
|
17.2
|
%
|
|
11.2
|
%
|
||
Ratio of net investment income to average net assets
(5) (8)
|
|
11.1
|
%
|
|
8.2
|
%
|
||
Portfolio turnover
(6)
|
|
5.5
|
%
|
|
13.5
|
%
|
(1)
|
Calculation is ending market value less beginning market value, adjusting for distributions reinvested at prices based on the Company’s dividend reinvestment plan for the respective distributions.
|
(2)
|
Calculation is ending net asset value less beginning net asset value, adjusting for distributions reinvested at the Company’s dividend reinvestment plan for the respective distributions.
|
(3)
|
Based on the average of the net asset value at the beginning of the indicated period and the preceding calendar quarter.
|
(4)
|
Calculated on the average share method.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover rate is calculated using the lesser of period-to-date sales and principal payments or period-to-date purchases over the average of the invested assets at fair value.
|
(7)
|
Ratio of total expenses before incentive fee waiver to average net assets was 11.2% for the
three months ended
March 31, 2018.
|
(8)
|
Ratio of net investment income before incentive fee waiver to average net assets was 8.2% for the
three months ended
March 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
Period ended March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Name of Portfolio Company
|
|
Investment Type (1)
|
|
Net Realized Gain (Loss)
|
|
Net change in unrealized appreciation/(depreciation)
|
|
Interest & PIK Interest
|
|
Dividends
|
|
Fees
|
|
Total Income (2)
|
|
December 31, 2018, Fair Value
|
|
Gross
Additions (3) |
|
Gross
Reductions (4) |
|
March 31, 2019, Fair Value (5)
|
||||||||||||||||||||
Control Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
MTE Holding Corp.
|
|
Subordinated Loan
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
286
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
301
|
|
|
$
|
7,296
|
|
|
$
|
31
|
|
|
$
|
(5
|
)
|
|
$
|
7,322
|
|
|
|
Common Equity
|
|
—
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,649
|
|
|
175
|
|
|
—
|
|
|
2,824
|
|
||||||||||
|
|
|
|
—
|
|
|
170
|
|
|
286
|
|
|
—
|
|
|
15
|
|
|
301
|
|
|
9,945
|
|
|
206
|
|
|
(5
|
)
|
|
10,146
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Control Investment
|
|
|
|
—
|
|
|
170
|
|
|
286
|
|
|
—
|
|
|
15
|
|
|
301
|
|
|
9,945
|
|
|
206
|
|
|
(5
|
)
|
|
10,146
|
|
||||||||||
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
3rd Rock Gaming Holdings, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
318
|
|
|
573
|
|
|
—
|
|
|
—
|
|
|
573
|
|
|
20,023
|
|
|
333
|
|
|
(125
|
)
|
|
20,231
|
|
||||||||||
|
|
Preferred Equity (6)
|
|
—
|
|
|
172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,073
|
|
|
172
|
|
|
—
|
|
|
1,245
|
|
||||||||||
|
|
|
|
—
|
|
|
490
|
|
|
573
|
|
|
—
|
|
|
—
|
|
|
573
|
|
|
21,096
|
|
|
505
|
|
|
(125
|
)
|
|
21,476
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Chemical Resources Holdings, Inc.
|
|
Senior Secured Loan
|
|
—
|
|
|
—
|
|
|
281
|
|
|
—
|
|
|
204
|
|
|
485
|
|
|
—
|
|
|
13,565
|
|
|
—
|
|
|
13,565
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,813
|
|
|
—
|
|
|
1,813
|
|
||||||||||
|
|
|
|
—
|
|
|
—
|
|
|
281
|
|
|
—
|
|
|
204
|
|
|
485
|
|
|
—
|
|
|
15,378
|
|
|
—
|
|
|
15,378
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Contract Datascan Holdings, Inc.
|
|
Subordinated Loan
|
|
—
|
|
|
(1
|
)
|
|
225
|
|
|
—
|
|
|
—
|
|
|
225
|
|
|
8,000
|
|
|
1
|
|
|
(1
|
)
|
|
8,000
|
|
||||||||||
|
|
Preferred Equity A (7)
|
|
—
|
|
|
(133
|
)
|
|
158
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
6,652
|
|
|
158
|
|
|
(133
|
)
|
|
6,677
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
(2,313
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,313
|
|
|
—
|
|
|
(2,313
|
)
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
(2,447
|
)
|
|
383
|
|
|
—
|
|
|
—
|
|
|
383
|
|
|
16,965
|
|
|
159
|
|
|
(2,447
|
)
|
|
14,677
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
DRS Imaging Services, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
35
|
|
|
337
|
|
|
—
|
|
|
—
|
|
|
337
|
|
|
10,617
|
|
|
40
|
|
|
—
|
|
|
10,657
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,197
|
|
|
460
|
|
|
—
|
|
|
1,657
|
|
||||||||||
|
|
|
|
—
|
|
|
495
|
|
|
337
|
|
|
—
|
|
|
—
|
|
|
337
|
|
|
11,814
|
|
|
500
|
|
|
—
|
|
|
12,314
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Master Cutlery, LLC
|
|
Subordinated Loan (6)
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
850
|
|
|
—
|
|
|
(118
|
)
|
|
732
|
|
||||||||||
|
|
Preferred Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
850
|
|
|
—
|
|
|
(118
|
)
|
|
732
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
NeoSystems Corp.
|
|
Convertible Preferred Stock (7)
|
|
—
|
|
|
(38
|
)
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
2,250
|
|
|
38
|
|
|
(38
|
)
|
|
2,250
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Name of Portfolio Company
|
|
Investment Type (1)
|
|
Net Realized Gain (Loss)
|
|
Net change in unrealized appreciation/(depreciation)
|
|
Interest & PIK Interest
|
|
Dividends
|
|
Fees
|
|
Total Income (2)
|
|
December 31, 2018, Fair Value
|
|
Gross
Additions (3) |
|
Gross
Reductions (4) |
|
March 31, 2019, Fair Value (5)
|
||||||||||||||||||||
Pfanstiehl Holdings, Inc
|
|
Subordinated Loan
|
|
—
|
|
|
2
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
96
|
|
|
3,788
|
|
|
2
|
|
|
(2
|
)
|
|
3,788
|
|
||||||||||
|
|
Class A Common Equity
|
|
—
|
|
|
600
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
173
|
|
|
8,360
|
|
|
600
|
|
|
—
|
|
|
8,960
|
|
||||||||||
|
|
|
|
—
|
|
|
602
|
|
|
96
|
|
|
173
|
|
|
—
|
|
|
269
|
|
|
12,148
|
|
|
602
|
|
|
(2
|
)
|
|
12,748
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Professional Pipe Holdings, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
52
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
7,466
|
|
|
64
|
|
|
(236
|
)
|
|
7,294
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
769
|
|
|
984
|
|
|
—
|
|
|
1,753
|
|
||||||||||
|
|
|
|
—
|
|
|
1,036
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|
8,235
|
|
|
1,048
|
|
|
(236
|
)
|
|
9,047
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TRS Services, Inc.
|
|
Senior Term Loan
|
|
—
|
|
|
(276
|
)
|
|
476
|
|
|
—
|
|
|
—
|
|
|
476
|
|
|
14,446
|
|
|
62
|
|
|
(327
|
)
|
|
14,181
|
|
||||||||||
|
|
Class AA Units in IGT Holdings, LLC (7)
|
|
—
|
|
|
(38
|
)
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
473
|
|
|
18
|
|
|
(38
|
)
|
|
453
|
|
||||||||||
|
|
Class A Units in IGT Holdings, LLC (6)
|
|
—
|
|
|
(826
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
826
|
|
|
—
|
|
|
(826
|
)
|
|
—
|
|
||||||||||
|
|
Common Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
|
|
|
|
—
|
|
|
(1,140
|
)
|
|
494
|
|
|
—
|
|
|
—
|
|
|
494
|
|
|
15,745
|
|
|
80
|
|
|
(1,191
|
)
|
|
14,634
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TTG Healthcare, LLC
|
|
Senior Secured Loan
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
1
|
|
|
125
|
|
|
—
|
|
|
11,866
|
|
|
—
|
|
|
11,866
|
|
||||||||||
|
|
Preferred Equity (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,309
|
|
|
—
|
|
|
2,309
|
|
||||||||||
|
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
1
|
|
|
125
|
|
|
—
|
|
|
14,175
|
|
|
—
|
|
|
14,175
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total Affiliate Investments
|
|
|
|
—
|
|
|
(1,120
|
)
|
|
2,585
|
|
|
173
|
|
|
205
|
|
|
2,963
|
|
|
89,103
|
|
|
32,485
|
|
|
(4,157
|
)
|
|
117,431
|
|
||||||||||
Total Control and Affiliate Investments
|
|
|
|
$
|
—
|
|
|
$
|
(950
|
)
|
|
$
|
2,871
|
|
|
$
|
173
|
|
|
$
|
220
|
|
|
$
|
3,264
|
|
|
$
|
99,048
|
|
|
$
|
32,691
|
|
|
$
|
(4,162
|
)
|
|
$
|
127,577
|
|
(1)
|
Principal balance of debt investments and ownership detail for equity investments are shown in the consolidated schedule of investments. The Company's investments are generally classified as "restricted securities" as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144.
|
(2)
|
Represents the total amount of interest, fees or dividends included in income for the
three
months ended
March 31, 2019
, that an investment was included in Control or Affiliate Investment categories, respectively.
|
(3)
|
Gross additions include increases in cost basis resulting from a new portfolio investment, PIK interest, fees and dividends, accretion of OID, and net increases in unrealized net appreciation or decreases in net unrealized depreciation.
|
(4)
|
Gross reductions include decreases in the cost basis of investments resulting from principal repayments and sales, if any, and net decreases in net unrealized appreciation or net increases in unrealized depreciation.
|
(5)
|
Fair value was determined using significant unobservable inputs. See
Note 5
for further details.
|
(6)
|
Non-income producing.
|
(7)
|
Dividends credited to income include dividends contractually earned but not declared.
|
|
|
|
|
|
Fair Value at March 31, 2019
|
|
Range of Fair Value
|
||||||||
Investment Type
|
|
|
Low-end
|
|
High-end
|
|||||||
Debt investments:
|
|
|
|
|
|
|
|
|
|
|||
Senior secured
|
|
$
|
309,451
|
|
|
$
|
303,987
|
|
|
$
|
314,926
|
|
Senior secured (valued at Transaction Prices)
|
|
31,488
|
|
|
31,488
|
|
|
31,488
|
|
|||
Subordinated
|
|
44,806
|
|
|
44,112
|
|
|
45,504
|
|
|||
|
|
|
|
|
|
|
||||||
Investment:
|
|
|
|
|
|
|
||||||
Structured finance notes
|
|
15,734
|
|
|
15,439
|
|
|
16,030
|
|
|||
|
|
|
|
|
|
|
||||||
Equity investments:
|
|
|
|
|
|
|
||||||
Preferred equity
|
|
13,098
|
|
|
11,749
|
|
|
13,926
|
|
|||
Preferred equity (valued at Transaction Prices)
|
|
2,309
|
|
|
2,309
|
|
|
2,309
|
|
|||
Common equity and warrants
|
|
18,968
|
|
|
15,450
|
|
|
22,923
|
|
|||
Common equity and warrants (valuated at Transaction Prices)
|
|
1,813
|
|
|
1,813
|
|
|
1,813
|
|
|||
|
|
$
|
437,667
|
|
|
$
|
426,347
|
|
|
$
|
448,919
|
|
•
|
The Investment Advisory Agreement with OFS Advisor to manage our operating and investment activities. Under the Investment Advisory Agreement we have agreed to pay OFS Advisor an annual base management fee based on the average value of our total assets (other than cash but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) as well as an incentive fee based on our investment performance. See “Item 1–Financial Statements–
Note 3
”.
|
•
|
The Administration Agreement with OFS Services, an affiliate of OFS Advisor, to provide us with the office facilities and administrative services necessary to conduct our operations. See “Item 1–Financial Statements–
Note 3
.
|
•
|
A license agreement with OFSAM, the parent company of OFS Advisor, under which OFSAM has agreed to grant us a non-exclusive, royalty-free license to use the name “OFS.” Under this agreement, we have a right to use the “OFS” name for so long as OFS Advisor or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the “OFS” name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with OFS Advisor is in effect.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Senior secured debt investments
(1)
|
$
|
348,021
|
|
|
$
|
340,939
|
|
|
$
|
325,873
|
|
|
$
|
319,017
|
|
Subordinated debt investments
|
56,323
|
|
|
44,806
|
|
|
56,212
|
|
|
44,540
|
|
||||
Preferred equity
|
21,243
|
|
|
15,407
|
|
|
19,620
|
|
|
14,613
|
|
||||
Common equity and warrants
|
13,419
|
|
|
20,781
|
|
|
11,606
|
|
|
18,627
|
|
||||
Total direct investments in the debt and equity securities of portfolio companies
|
$
|
439,006
|
|
|
$
|
421,933
|
|
|
$
|
413,311
|
|
|
$
|
396,797
|
|
Total number of portfolio companies
|
51
|
|
|
51
|
|
|
50
|
|
|
50
|
|
(1)
|
Includes debt investments in which we have entered into contractual arrangements with co‑lenders whereby, subject to certain conditions, we have agreed to receive our principal payments after the repayment of certain co‑lenders pursuant to a payment waterfall. The aggregate amortized cost and fair value of these investments was
$74,237
and
$74,195
at
March 31, 2019
, respectively, and $68,207 and $67,480, at
December 31, 2018
, respectively
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
South - US
|
$
|
124,774
|
|
|
28.4
|
%
|
|
$
|
124,795
|
|
|
30.2
|
%
|
|
$
|
121,536
|
|
|
28.8
|
%
|
|
$
|
123,344
|
|
|
31.1
|
%
|
Northeast - US
|
169,168
|
|
|
38.6
|
|
|
109,899
|
|
|
26.6
|
|
|
151,302
|
|
|
35.8
|
|
|
92,570
|
|
|
23.4
|
|
||||
West - US
|
95,292
|
|
|
21.7
|
|
|
124,991
|
|
|
30.2
|
|
|
93,120
|
|
|
22.1
|
|
|
120,788
|
|
|
30.4
|
|
||||
Midwest - US
|
49,772
|
|
|
11.3
|
|
|
53,626
|
|
|
13.0
|
|
|
55,975
|
|
|
13.3
|
|
|
60,095
|
|
|
15.1
|
|
||||
Total
|
$
|
439,006
|
|
|
100.0
|
%
|
|
$
|
413,311
|
|
|
100.0
|
%
|
|
$
|
421,933
|
|
|
100.0
|
%
|
|
$
|
396,797
|
|
|
100.0
|
%
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
Up to $4,000
|
$
|
20,932
|
|
|
5.2
|
%
|
|
$
|
24,785
|
|
|
6.4
|
%
|
|
$
|
28,433
|
|
|
7.4
|
%
|
|
$
|
25,117
|
|
|
6.9
|
%
|
$4,001 to $7,000
|
73,858
|
|
|
18.3
|
|
|
66,756
|
|
|
17.5
|
|
|
65,992
|
|
|
17.1
|
|
|
60,151
|
|
|
16.5
|
|
||||
$7,001 to $10,000
|
92,236
|
|
|
22.8
|
|
|
92,389
|
|
|
24.2
|
|
|
76,713
|
|
|
19.9
|
|
|
92,687
|
|
|
25.5
|
|
||||
$10,001 to $13,000
|
45,552
|
|
|
11.3
|
|
|
44,527
|
|
|
11.7
|
|
|
57,974
|
|
|
15.0
|
|
|
34,032
|
|
|
9.4
|
|
||||
Greater than $13,000
|
171,766
|
|
|
42.4
|
|
|
153,628
|
|
|
40.2
|
|
|
156,633
|
|
|
40.6
|
|
|
151,570
|
|
|
41.7
|
|
||||
Total
|
$
|
404,344
|
|
|
100.0
|
%
|
|
$
|
382,085
|
|
|
100.0
|
%
|
|
$
|
385,745
|
|
|
100.0
|
%
|
|
$
|
363,557
|
|
|
100.0
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||
|
Senior
Secured
|
Subordinated
|
Structured Finance
|
|
|
Senior
Secured
|
Subordinated
|
Structured Finance
|
|
||||||||
Weighted Ave. Yield
(1)
|
Debt
|
Debt
|
Notes
|
Total
|
|
Debt
|
Debt
|
Notes
|
Total
|
||||||||
Less than 8%
|
1.7
|
%
|
—
|
%
|
—
|
%
|
1.4
|
%
|
|
0.7
|
%
|
—
|
%
|
—
|
%
|
0.7
|
%
|
8% - 10%
|
8.3
|
|
—
|
|
—
|
|
7.1
|
|
|
22.5
|
|
—
|
|
—
|
|
19.8
|
|
10% - 12%
|
57.0
|
|
26.9
|
|
—
|
|
51.6
|
|
|
42.9
|
|
26.9
|
|
—
|
|
41.0
|
|
12% - 14%
|
28.9
|
|
56.5
|
|
—
|
|
30.8
|
|
|
29.5
|
|
56.5
|
|
—
|
|
32.7
|
|
Greater than 14%
|
4.1
|
|
16.6
|
|
100.0
|
|
9.1
|
|
|
4.4
|
|
16.6
|
|
—
|
|
5.8
|
|
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
—
|
%
|
100.0
|
%
|
Weighted average yield - performing debt and Structured Finance Note investments
(1)
|
11.46
|
%
|
12.84
|
%
|
16.50
|
%
|
11.80
|
%
|
|
11.33
|
%
|
12.74
|
%
|
—
|
%
|
11.50
|
%
|
Weighted average yield - total debt and Structured Finance Note investments
(2)
|
11.46
|
%
|
10.02
|
%
|
16.50
|
%
|
11.45
|
%
|
|
11.33
|
%
|
9.93
|
%
|
—
|
%
|
11.12
|
%
|
|
|
Debt
Investments
|
|
Equity
Investments
|
||||
Investments in new portfolio companies
|
|
$
|
31.5
|
|
|
$
|
4.1
|
|
Investments in existing portfolio companies
|
|
|
|
|
|
|
||
Follow-on investments
|
|
9.9
|
|
|
—
|
|
||
Delayed draw and revolver funding
|
|
2.8
|
|
|
—
|
|
||
Total investments in existing portfolio companies
|
|
12.7
|
|
|
—
|
|
||
Total investments in new and existing portfolio
companies
|
|
$
|
44.2
|
|
|
$
|
4.1
|
|
Number of new portfolio company investments
|
|
3
|
|
|
2
|
|
||
Number of existing portfolio company
investments
|
|
7
|
|
|
—
|
|
||
|
|
|
|
|
||||
Proceeds/distributions from principal payments/
equity investments
|
|
$
|
6.0
|
|
|
$
|
—
|
|
Proceeds from investments sold or redeemed
|
|
16.3
|
|
|
—
|
|
||
Total proceeds from principal payments, equity
distributions and investments sold
|
|
$
|
22.3
|
|
|
$
|
—
|
|
|
|
Debt
Investments
|
|
Equity
Investments
|
||||
Investments in new portfolio companies
|
|
$
|
68.4
|
|
|
$
|
4.6
|
|
Investments in existing portfolio companies
|
|
|
|
|
||||
Follow-on investments
|
|
23.5
|
|
|
0.3
|
|
||
Delayed draw and revolver funding
|
|
1.4
|
|
|
—
|
|
||
Total investments in existing portfolio companies
|
|
24.9
|
|
|
0.3
|
|
||
Total investments in new and existing portfolio
companies
|
|
$
|
93.3
|
|
|
$
|
4.9
|
|
Number of new portfolio company investments
|
|
7
|
|
|
4
|
|
||
Number of existing portfolio company
investments
|
|
5
|
|
|
1
|
|
||
|
|
|
|
|
||||
Proceeds/distributions from principal payments/
equity investments
|
|
13.0
|
|
|
—
|
|
||
Proceeds from investments sold or redeemed
|
|
27.1
|
|
|
1.1
|
|
||
Total proceeds from principal payments, equity
distributions and investments sold
|
|
40.1
|
|
|
1.1
|
|
|
|
Debt Investments, at Fair Value
|
||||||||||||
Risk Category
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||
1 (Low Risk)
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
2 (Below Average Risk)
|
|
3,788
|
|
|
1.0
|
|
|
3,788
|
|
|
1.0
|
|
||
3 (Average)
|
|
328,390
|
|
|
85.1
|
|
|
329,635
|
|
|
90.7
|
|
||
4 (Special Mention)
|
|
52,835
|
|
|
13.7
|
|
|
29,284
|
|
|
8.1
|
|
||
5 (Substandard)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
6 (Doubtful)
|
|
732
|
|
|
0.2
|
|
|
850
|
|
|
0.2
|
|
||
7 (Loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
|
$
|
385,745
|
|
|
100.0
|
%
|
|
$
|
363,557
|
|
|
100.0
|
%
|
•
|
the cost of calculating our net asset value, including the cost of any third-party valuation services;
|
•
|
the cost of effecting sales and repurchases of shares of our common stock and other securities;
|
•
|
fees payable to third parties relating to making investments, including out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;
|
•
|
transfer agent and custodial fees;
|
•
|
out-of-pocket fees and expenses associated with marketing efforts;
|
•
|
federal and state registration fees and any stock exchange listing fees;
|
•
|
U.S. federal, state and local taxes;
|
•
|
independent directors’ fees and expenses;
|
•
|
brokerage commissions;
|
•
|
fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;
|
•
|
direct costs, such as printing, mailing and long-distance telephone;
|
•
|
fees and expenses associated with independent audits and outside legal costs;
|
•
|
costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws; and
|
•
|
other expenses incurred by either OFS Services or us in connection with administering our business.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Investment income
|
|
|
|
|
||||
Interest income:
|
|
|
|
|
||||
Cash interest income (including accretion of interest on Structured Finance Notes)
|
|
$
|
10,980
|
|
|
$
|
7,713
|
|
Net Loan Fee amortization
|
|
178
|
|
|
275
|
|
||
Other interest income
|
|
76
|
|
|
94
|
|
||
Total interest income
|
|
11,234
|
|
|
8,082
|
|
||
PIK income:
|
|
|
|
|
|
|
||
PIK interest income
|
|
161
|
|
|
373
|
|
||
Preferred equity PIK dividends
|
|
215
|
|
|
339
|
|
||
Total PIK income
|
|
376
|
|
|
712
|
|
||
Dividend income:
|
|
|
|
|
|
|
||
Common equity dividends
|
|
173
|
|
|
163
|
|
||
Total dividend income
|
|
173
|
|
|
163
|
|
||
Fee income:
|
|
|
|
|
|
|
||
Management, valuation and syndication
|
|
562
|
|
|
33
|
|
||
Prepayment and other fees
|
|
—
|
|
|
13
|
|
||
Total fee income
|
|
562
|
|
|
46
|
|
||
Total investment income
|
|
12,345
|
|
|
9,003
|
|
||
Total expenses, net
|
|
7,517
|
|
|
5,187
|
|
||
Net investment income
|
|
4,828
|
|
|
3,816
|
|
||
Net loss on investments
|
|
(1,096
|
)
|
|
(323
|
)
|
||
Net increase in net assets resulting from operations
|
|
$
|
3,732
|
|
|
$
|
3,493
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Interest income and PIK interest income:
|
|
|
|
|
||||
Senior secured debt investments
|
|
$
|
9,547
|
|
|
$
|
6,615
|
|
Subordinated debt investments
|
|
1,380
|
|
|
2,214
|
|
||
Structured Finance Notes
|
|
468
|
|
|
—
|
|
||
Total interest income and PIK interest income
|
|
11,395
|
|
|
8,829
|
|
||
Plus purchased premiums (less Net Loan Fees) accelerations
|
|
25
|
|
|
(12
|
)
|
||
Recurring interest income and PIK interest income
|
|
$
|
11,420
|
|
|
$
|
8,817
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Interest expense
|
$
|
3,455
|
|
|
$
|
1,634
|
|
Management fees
|
1,843
|
|
|
1,360
|
|
||
Incentive fee
|
1,163
|
|
|
736
|
|
||
Professional fees
|
535
|
|
|
201
|
|
||
Administration fee
|
437
|
|
|
583
|
|
||
Other expenses
|
84
|
|
|
695
|
|
||
Total expenses before incentive fee waiver
|
7,517
|
|
|
5,209
|
|
||
Incentive fee waiver
|
—
|
|
|
(22
|
)
|
||
Total expenses, net of incentive fee waiver
|
$
|
7,517
|
|
|
$
|
5,187
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
SBA Debentures
|
|
$
|
1,267
|
|
|
$
|
1,267
|
|
PWB Credit Facility
|
|
462
|
|
|
367
|
|
||
Unsecured Notes Due April 2025
|
|
860
|
|
|
—
|
|
||
Unsecured Notes Due October 2025
|
|
866
|
|
|
—
|
|
||
Total interest expense
|
|
$
|
3,455
|
|
|
$
|
1,634
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Senior secured debt
|
$
|
(129
|
)
|
|
$
|
279
|
|
Subordinated debt
|
155
|
|
|
(1,400
|
)
|
||
Preferred equity
|
(1,729
|
)
|
|
(1,112
|
)
|
||
Common equity and warrants
|
228
|
|
|
1,910
|
|
||
Structured Finance Notes
|
379
|
|
|
—
|
|
||
Net gain (loss) on investments
|
$
|
(1,096
|
)
|
|
$
|
(323
|
)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash from net investment income
|
|
$
|
1,713
|
|
|
$
|
2,153
|
|
Cash received from realized gains
|
|
22
|
|
|
374
|
|
||
Net (purchases and originations) repayments of portfolio investments
|
|
(44,002
|
)
|
|
(57,354
|
)
|
||
Net cash used in operating activities
|
|
(42,267
|
)
|
|
(54,827
|
)
|
||
|
|
|
|
|
||||
Distributions paid to stockholders
(1)
:
|
|
|
|
|
||||
From net investment income
|
|
(4,496
|
)
|
|
(4,886
|
)
|
||
From realized gains
|
|
—
|
|
|
(4,490
|
)
|
||
Net borrowings under line of credit
|
|
23,750
|
|
|
23,350
|
|
||
Other financing
|
|
—
|
|
|
(173
|
)
|
||
Decrease in cash
|
|
$
|
(23,013
|
)
|
|
$
|
(41,026
|
)
|
(1)
|
The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our ICTI for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of our distributions for a full year. The 2018 distribution from realized gains represents a special dividend of undistributed net long-term capital gains that we realized in 2017. See "Item 1–Financial Statements–
Note 10
."
|
Unsecured Notes
|
Principal
|
|
Stated Interest Rate
(1)
|
|
Effective Interest Rate
(2)
|
|
Maturity
(3)
|
|
Interest Expense
(4)
|
||||||
Unsecured Notes Due April 2025
|
$
|
50,000
|
|
|
6.375
|
%
|
|
6.875
|
%
|
|
4/30/2025
|
|
$
|
860
|
|
Unsecured Notes Due October 2025
|
48,525
|
|
|
6.50
|
%
|
|
7.01
|
%
|
|
10/31/2025
|
|
866
|
|
||
Total
|
$
|
98,525
|
|
|
|
|
|
|
|
|
$
|
1,726
|
|
(1)
|
The weighted-average fixed cash interest rate on the Unsecured Notes as of March 31, 2019 was 6.44%.
|
(2)
|
The effective interest rate on the Unsecured Notes includes deferred debt issuance cost amortization.
|
(3)
|
The Unsecured Notes Due April 2025 may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2020. The Unsecured Notes Due October 2025 may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after October 31, 2020.
|
(4)
|
Interest expense includes deferred issuance costs amortization.
|
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligation
(1)
|
|
Total
|
|
Less than
year |
|
1-3 years (2)
|
|
3-5 years
|
|
After 5
years (2) |
||||||||||
PWB Credit Facility
|
|
$
|
35,750
|
|
|
$
|
—
|
|
|
$
|
35,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured Notes
|
|
98,525
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,525
|
|
|||||
SBA Debentures
|
|
149,880
|
|
|
—
|
|
|
—
|
|
|
21,000
|
|
|
128,880
|
|
|||||
Total
|
|
$
|
284,155
|
|
|
$
|
—
|
|
|
$
|
35,750
|
|
|
$
|
21,000
|
|
|
$
|
227,405
|
|
(1)
|
Excludes commitments to extend credit to our portfolio companies.
|
(2)
|
The PWB Credit Facility is scheduled to mature on February 28, 2021. The SBA debentures are scheduled to mature between September 2022 and 2025. The Unsecured Notes are scheduled to mature between April 2025 and October 2025.
|
Basis point increase
|
|
Interest income
|
|
Interest expense
|
|
Net increase
|
||||||
50
|
|
$
|
2,006
|
|
|
$
|
(191
|
)
|
|
$
|
1,815
|
|
100
|
|
3,840
|
|
|
(383
|
)
|
|
3,457
|
|
|||
150
|
|
5,675
|
|
|
(574
|
)
|
|
5,101
|
|
|||
200
|
|
7,509
|
|
|
(765
|
)
|
|
6,744
|
|
|||
250
|
|
9,343
|
|
|
(957
|
)
|
|
8,386
|
|
Basis point decrease
|
|
Interest income
|
|
Interest expense
|
|
Net decrease
|
||||||
50
|
|
$
|
(1,662
|
)
|
|
$
|
191
|
|
|
$
|
(1,471
|
)
|
100
|
|
(3,479
|
)
|
|
383
|
|
|
(3,096
|
)
|
|||
150
|
|
(5,186
|
)
|
|
—
|
|
|
(5,186
|
)
|
|||
200
|
|
(5,839
|
)
|
|
—
|
|
|
(5,839
|
)
|
|||
250
|
|
(6,268
|
)
|
|
—
|
|
|
(6,268
|
)
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Cost of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Maximum Number (or Appropriate Dollar Value) of Shares that May Yet Be Purchased Under the Stock Repurchase Program
|
|||||||
January 1, 2019 through March 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,997
|
|
(1)
|
Excludes shares purchased on the open market and reissued in order to satisfy the DRIP obligation.
|
|
|
|
Incorporated by Reference
|
|
|
Exhibit
Number
|
|
Description
|
Form and SEC File No.
|
Filing Date with SEC
|
Filed with this 10-Q
|
|
|
|
|
|
|
11.1
|
|
Computation of Per Share Earnings
|
|
|
+
|
|
|
|
|
|
|
31.1
|
|
|
|
*
|
|
|
|
|
|
|
|
31.2
|
|
|
|
*
|
|
|
|
|
|
|
|
32.1
|
|
|
|
†
|
|
|
|
|
|
|
|
32.2
|
|
|
|
†
|
+
|
Included in the consolidated statements of operations contained in this report
|
*
|
Filed herewith
|
†
|
Furnished herewith
|
Dated: May 3, 2019
|
OFS CAPITAL CORPORATION
|
|
|
|
|
|
By:
|
/s/ Bilal Rashid
|
|
Name:
|
Bilal Rashid
|
|
Title:
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ Jeffrey A. Cerny
|
|
Name:
|
Jeffrey A. Cerny
|
|
Title:
|
Chief Financial Officer
|
1 Year OFS Capital Chart |
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