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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OHA Investment Corporation | NASDAQ:OHAI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.315 | 1.27 | 1.32 | 0 | 01:00:00 |
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OHA Investment Corporation
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(Exact name of registrant as specified in its charter)
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Maryland
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20-1371499
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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1114 Avenue of the Americas,
27
th
Floor
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10036
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New York, New York
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(Zip Code)
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(Address of principal executive
offices)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
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Smaller reporting company
o
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Emerging growth company
o
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(Do not check if smaller reporting company)
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March 31, 2018
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December 31, 2017
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||||
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(unaudited)
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Assets
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Investments in portfolio securities at fair value
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Affiliate investments (cost: $24,267 and $23,263, respectively)
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$
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18,177
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$
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18,179
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Non-affiliate investments (cost: $129,681 and $132,429, respectively)
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46,863
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46,751
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Total portfolio investments (cost: $153,948 and $155,692, respectively)
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65,040
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64,930
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Investments in U.S. Treasury Bills at fair value (cost: $14,996 and $19,994, respectively)
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14,996
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19,994
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Total investments
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80,036
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84,924
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Cash and cash equivalents
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22,235
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19,939
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Accounts receivable and other current assets
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6
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—
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Interest receivable
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457
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632
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Due from broker
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103
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—
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Other prepaid assets
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11
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21
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Deferred tax asset
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591
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632
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Total current assets
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23,403
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21,224
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Total assets
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$
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103,439
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$
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106,148
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Liabilities
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Current liabilities
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Distributions payable
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$
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403
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$
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403
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Accounts payable and accrued expenses
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1,682
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1,585
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Due to broker
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1,250
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—
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Due to affiliate (Note 4)
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96
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562
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Management and incentive fees payable (Note 4)
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400
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426
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Income taxes payable
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30
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24
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Repurchase agreement
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14,695
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19,592
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Short-term debt, net of debt issuance costs
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35,783
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35,785
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Total current liabilities
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54,339
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58,377
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Long-term debt, net of debt issuance costs
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—
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—
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Total liabilities
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54,339
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58,377
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Commitments and Contingencies (Note 6)
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Net assets
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Common stock, $.001 par value, 250,000,000 shares authorized; 20,172,392 and 20,172,392 shares issued and outstanding, respectively
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20
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20
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Paid-in capital in excess of par
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234,553
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234,553
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Undistributed net investment loss
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(2,611
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)
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(2,113
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)
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Undistributed net realized capital loss
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(97,072
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)
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(97,043
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)
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Net unrealized depreciation on investments
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(85,790
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)
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(87,646
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)
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Total net assets
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49,100
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47,771
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Total liabilities and net assets
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$
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103,439
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$
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106,148
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Net asset value per share
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$
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2.43
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$
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2.37
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For the three months ended March 31,
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2018
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2017
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Investment income:
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Interest income:
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Affiliate investments
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$
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122
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$
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103
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Payment-in-kind from affiliate investments
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988
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792
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Non-affiliate investments
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1,118
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1,509
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Money market interest
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49
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—
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Other income
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6
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51
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Total investment income
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2,283
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2,455
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Operating expenses:
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Interest expense and bank fees
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823
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974
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Management fees (Note 4)
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400
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570
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Incentive fees (Note 4)
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1
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—
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Costs related to strategic alternatives review
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75
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—
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Professional fees
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643
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271
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Other general and administrative expenses
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370
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382
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Directors fees
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61
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61
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Total operating expenses
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2,373
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2,258
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Waived incentive fees (Note 4)
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(1
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)
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—
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Income tax provision, net
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6
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4
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Net investment income (loss)
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(95
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)
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193
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Realized and unrealized gain (loss) on investments:
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Net realized capital gain (loss) on investments
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Control investments
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—
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1
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Non-affiliate investments
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13
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94
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Benefit (Provision) for taxes on realized gain (loss)
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(42
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)
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—
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Total net realized capital gain (loss) on investments
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(29
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95
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Net unrealized appreciation (depreciation) on investments
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Control investments
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—
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—
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Affiliate investments
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(1,006
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(299
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Non-affiliate investments
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2,862
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(19,080
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Total net unrealized appreciation (depreciation) on investments
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1,856
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(19,379
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Net increase (decrease) in net assets resulting from operations
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$
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1,732
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$
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(19,091
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Net increase (decrease) in net assets resulting from operations per common share
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$
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0.08
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$
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(0.95
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)
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Distributions declared per common share
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$
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0.02
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$
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0.02
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Weighted average shares outstanding - basic and diluted
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20,172
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20,172
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For the three months ended March 31,
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2018
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2017
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Increase (decrease) in net assets from operations
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Net investment income
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$
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(95
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)
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$
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193
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Net realized capital gain (loss) on investments
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(29
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95
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Net unrealized appreciation (depreciation) on investments
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1,856
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(19,379
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Net increase (decrease) in net assets resulting from operations
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1,732
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(19,091
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)
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Distributions to common stockholders
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Distributions from net investment income
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(403
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)
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(403
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)
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Net decrease in net assets from distributions
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(403
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)
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(403
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)
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Net increase (decrease) in net assets
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1,329
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(19,494
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Net assets, beginning of period
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47,771
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80,493
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Net assets, end of period
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$
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49,100
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$
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60,999
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Net asset value per common share at end of period
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$
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2.43
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$
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3.02
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Common shares outstanding at end of period
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20,172
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20,172
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For the three months ended March 31,
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2018
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2017
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Cash flows from operating activities:
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Net increase (decrease) in net assets resulting from operations
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$
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1,732
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$
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(19,091
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)
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Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities:
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Payment-in-kind interest
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(988
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)
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(1,445
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)
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Net amortization of premiums, discounts and fees
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(44
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)
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(81
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)
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Net realized capital (gain) loss on investments
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(13
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)
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(95
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)
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Net unrealized depreciation on investments
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(1,856
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)
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19,379
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Purchase of investments in portfolio securities
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(10,858
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)
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(9,925
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)
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Proceeds from redemption or sale of investments in portfolio securities
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13,649
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8,490
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Purchase of investments in U.S. Treasury Bills
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(15,000
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)
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(40,000
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)
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Proceeds from redemption of investments in U.S. Treasury Bills
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19,998
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40,000
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Amortization of debt issuance costs on Credit Facility
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178
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289
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Effects of changes in operating assets and liabilities:
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Accounts receivable and other current assets
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(6
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)
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(6
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)
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Interest receivable
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175
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626
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Prepaid assets
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10
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6
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Payables and accrued expenses
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77
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(556
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)
|
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Deferred tax asset
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41
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—
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Due from broker
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(103
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)
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(3,551
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)
|
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Due to broker
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1,250
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—
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Due to affiliate
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(466
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)
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(51
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)
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Net cash provided by (used in) operating activities
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7,776
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(6,011
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)
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Cash flows from financing activities:
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Borrowings under repurchase agreement
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14,695
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39,200
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Debt issuance cost paid
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(180
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)
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—
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Repayments on repurchase agreement
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(19,592
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)
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(39,200
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)
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Distributions to common stockholders
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(403
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)
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(1,210
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)
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Net cash used in financing activities
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(5,480
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)
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(1,210
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)
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Net change in cash and cash equivalents
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2,296
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(7,221
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)
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Cash and cash equivalents, beginning of period
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19,939
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16,533
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Cash and cash equivalents, end of period
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$
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22,235
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$
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9,312
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Portfolio Company
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Industry Segment
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Investment
(1)
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Principal
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Cost
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Fair Value
(2)
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Non-affiliate Investments - (Less than 5% owned) - Continued
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Coinamatic Canada, Inc.
(5)
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Industrials - Laundry Equipment
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Second Lien Term Loan (LIBOR + 7.0% with a 1.0% floor), 8.88%, due 5/14/2023
(3)(5)
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|
596
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593
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593
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ClearChoice (CC Dental Implants Intermediate)
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Healthcare
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First Lien Revolver (Last Out) (Funded: LIBOR+6.5% with a 1.0% floor), 8.48%, due 1/2/2023
(12)(13)
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|
563
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|
547
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|
|
547
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ClearChoice (CC Dental Implants Intermediate)
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Healthcare
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First Lien Term Loan (Last Out) (LIBOR+6.5% with a 1.0% floor), 8.66% due 1/2/2023)
(13)
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500
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|
495
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|
495
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MedRisk, LLC
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Healthcare
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Second Lien Term Loan
(LIBOR+6.75%), 8.63%, due 12/28/2025) (3) |
|
500
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|
|
498
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|
|
500
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EaglePicher Technologies, LLC
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Aerospace and Defense
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Second Lien Term Loan
(LIBOR+7.25%), 8.96% due 3/28/2026 (3) |
|
300
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|
|
298
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|
|
303
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Gramercy Park CLO Ltd.
(5)
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Financial Services
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Subordinated Notes, Residual Interest, 13.46% based on cost, due 7/17/2023
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9,000
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19
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182
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Castex Energy 2005, LP
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Oil & Natural Gas
Production and Development
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Redeemable Preferred LP Units (current pay 8.0% cash or 10.0% PIK)
(6)(8)
|
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62,529
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|
|
56,315
|
|
|
—
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|
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ATP Oil & Gas Corporation/Bennu Oil & Gas, LLC
|
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Oil & Natural Gas Production and Development
|
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Limited Term Royalty Interest (notional rate of 13.2%)
(9)
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|
27,845
|
|
|
—
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Globe BG, LLC
|
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Coal Production
|
|
Contingent earn-out related to July 2011 sale of royalty interests in Alden Resources, LLC
(10)
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|
|
—
|
|
|
—
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|
||||
Subtotal Non-affiliate Investments - (Less than 5% owned)
|
|
|
|
|
$
|
129,681
|
|
|
$
|
46,863
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|
|||||
Subtotal Portfolio Investments (81.3% of total investments)
|
|
|
|
|
$
|
153,948
|
|
|
$
|
65,040
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|
|||||
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|
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|
||||||
GOVERNMENT SECURITIES
|
||||||||||||||||
U.S. Treasury Bills
(4)
|
|
|
|
|
|
$
|
15,000
|
|
|
$
|
14,996
|
|
|
$
|
14,996
|
|
Subtotal Government Securities (18.7% of total investments)
|
|
|
|
|
$
|
14,996
|
|
|
$
|
14,996
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
TOTAL INVESTMENTS
|
|
$
|
168,944
|
|
|
$
|
80,036
|
|
(1)
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We pledged all of our portfolio investments, except our investments in U.S. Treasury Bills, as collateral for obligations under our Credit Facility. See Note 3 to Consolidated Financial Statements. Percentages represent interest rates in effect as of
March 31, 2018
, and due dates represent the contractual maturity dates. Common stock, units and earn-outs are non-income producing securities, unless otherwise stated.
|
(2)
|
The Audit Committee recommends fair values of each asset to our Board of Directors, which in good faith determines the final fair value for each investment. Fair value is determined using unobservable inputs (Level 3 hierarchy), unless otherwise stated. See Note 7 to the Consolidated Financial Statements.
|
(3)
|
Fair value is determined using prices with observable market inputs (Level 2 hierarchy). See Note 7 to the Consolidated Financial Statements.
|
(4)
|
Fair value is determined using prices for identical securities in active markets (Level 1 hierarchy). See Note 7 to the Consolidated Financial Statements.
|
(5)
|
We have determined that this investment is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, or the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. We monitor the status of these assets on an ongoing basis.
|
(6)
|
Investment on non-accrual status and therefore non-income producing.
|
(7)
|
During the fourth quarter of 2016, we executed a series of amendments to our note purchase and security agreement with OCI Holdings, LLC, or OCI, to allow the company to PIK its LIBOR+12% cash interest for November and December 2016. Also, default interest of $0.1 million and current unpaid interest of $0.4 million was added to the principal balance in the fourth quarter 2016. OCI remains in financial covenant default and while in default, we are earning an additional 2% cash interest and 2% PIK interest. In 2017, we have executed a number of amendments to our note purchase and security agreement with OCI that allows the company to continue to PIK its LIBOR +12% cash interest through December 31, 2017.
|
(8)
|
By the terms of our original investment, upon redemption, we were due the outstanding face amount of $50 million, any unpaid and accrued dividends, plus an option to elect to receive either: a) a cash payment resulting in a total 12% return or make-whole (inclusive of the 8% cash distributions even if not paid), or b) our pro rata share of 2% of the outstanding regular limited partner interests in Castex Energy 2005, LP, or Castex (0.67% net to us). Amounts shown for principal and cost include PIK dividends that have been added to the principal balance.
|
(9)
|
Effective July 1, 2015, ATP was placed on non-accrual status based on estimated future production payments and income is recognized to the extent cash received. For more information on ATP, refer to the discussion of the ATP litigation in Note 7 to the Consolidated Financial Statements.
|
(10)
|
Contingent payment of up to $6.8 million is dependent upon Alden Resources, LLC’s achievement of certain sales volume and operating efficiency levels during the three-year period ended July 2014. The reporting and review mechanism to conclude the ultimate value of the earn-out has not yet been completed. Globe BG, LLC has informally advised us that the company’s relative cost of production has not improved since July 2011.
|
(11)
|
Non-income producing equity security.
|
(12)
|
Represents a revolving line of credit of which $1.0 million of the $1.6 million total commitment is unfunded at March 31, 2018. The revolving line of credit includes a 0.75% unused fee applied to the unfunded amount.
|
(13)
|
Investment is entitled to skim interest which will result in a higher interest rate spread by approximately 28 basis points.
|
Portfolio Company
|
|
Industry Segment
|
|
Investment
(1)
|
|
Principal
|
|
Cost
|
|
Fair Value
(2)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-affiliate Investments - (Less than 5% owned) - Continued
|
||||||||||||||||
Coinamatic Canada, Inc.
|
|
Industrials - Laundry Equipment
|
|
Second Lien Term Loan (LIBOR + 7.0% with a 1.0% floor), 8.57%, due 5/14/2023
(3)
|
|
$
|
596
|
|
|
$
|
593
|
|
|
$
|
593
|
|
Gramercy Park CLO Ltd.
(5)
|
|
Financial Services
|
|
Subordinated Notes, Residual Interest, 13.46% based on cost, due 7/17/2023
|
|
9,000
|
|
|
19
|
|
|
209
|
|
|||
Castex Energy 2005, LP
|
|
Oil & Natural Gas
Production and Development |
|
Redeemable Preferred LP Units (current pay 8.0% cash or 10.0% PIK
(6)(8)
|
|
62,529
|
|
|
56,315
|
|
|
—
|
|
|||
ATP Oil & Gas Corporation/Bennu Oil & Gas, LLC
|
|
Oil & Natural Gas
Production and Development |
|
Limited Term Royalty Interest
(notional rate of 13.2%) (9) |
|
—
|
|
|
27,845
|
|
|
—
|
|
|||
Globe BG, LLC
|
|
Coal Production
|
|
Contingent earn-out related to July 2011 sale of royalty interests in Alden Resources, LLC
(10)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Subtotal Non-affiliate Investments - (Less than 5% owned)
|
|
|
|
|
$
|
132,429
|
|
|
$
|
46,751
|
|
|||||
Subtotal Portfolio Investments (76.5% of total investments)
|
|
|
|
|
$
|
155,692
|
|
|
$
|
64,930
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GOVERNMENT SECURITIES
|
||||||||||||||||
U.S. Treasury Bills
(4)
|
|
|
|
|
|
$
|
20,000
|
|
|
$
|
19,994
|
|
|
$
|
19,994
|
|
Subtotal Government Securities (23.5% of total investments)
|
|
|
|
|
$
|
19,994
|
|
|
$
|
19,994
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
TOTAL INVESTMENTS
|
|
$
|
175,686
|
|
|
$
|
84,924
|
|
(1)
|
We pledged all of our portfolio investments, except our investments in U.S. Treasury Bills, as collateral for obligations under our Credit Facility. See Note 3 to Consolidated Financial Statements. Percentages represent interest rates in effect as of December 31, 2017, and due dates represent the contractual maturity dates. Common stock, units and earn-outs are non-income producing securities, unless otherwise stated.
|
(2)
|
The Audit Committee recommends fair values of each asset to our Board of Directors, which in good faith determines the final fair value for each investment. Fair value is determined using unobservable inputs (Level 3 hierarchy), unless otherwise stated. See Note 7 to the Consolidated Financial Statements.
|
(3)
|
Fair value is determined using prices with observable market inputs (Level 2 hierarchy). See Note 7 to the Consolidated Financial Statements.
|
(4)
|
Fair value is determined using prices for identical securities in active markets (Level 1 hierarchy). See Note 7 to the Consolidated Financial Statements.
|
(5)
|
We have determined that this investment is not a “qualifying asset” under Section 55(a) of the Investment Company Act of 1940, or the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. We monitor the status of these assets on an ongoing basis.
|
(6)
|
Investment on non-accrual status and therefore non-income producing.
|
(7)
|
During the fourth quarter of 2016, we executed a series of amendments to our note purchase and security agreement with OCI Holdings, LLC, or OCI, to allow the company to PIK its LIBOR+12% cash interest for November and December 2016. Also, default interest of $0.1 million and current unpaid interest of $0.4 million was added to the principal balance in the fourth quarter 2016. OCI remains in financial covenant default and while in default, we are earning an additional 2% cash interest and 2% PIK interest. In 2017, we have executed a number of amendments to our note purchase and security agreement with OCI that allows the company to continue to PIK its LIBOR +12% cash interest through December 31, 2017.
|
(8)
|
By the terms of our original investment, upon redemption, we were due the outstanding face amount of $50 million, any
|
(9)
|
Effective July 1, 2015, ATP was placed on non-accrual status based on estimated future production payments and income is recognized to the extent cash received. For more information on ATP, refer to the discussion of the ATP litigation in Note 7 to the Consolidated Financial Statements.
|
(10)
|
Contingent payment of up to $6.8 million is dependent upon Alden Resources, LLC’s achievement of certain sales volume and operating efficiency levels during the three-year period ended July 2014. The reporting and review mechanism to conclude the ultimate value of the earn-out has not yet been completed. Globe BG, LLC has informally advised us that the company’s relative cost of production has not improved since July 2011.
|
(11)
|
Non-income producing equity security.
|
|
For the three months ended March 31,
|
||||||
Per Share Data
(1)
|
2018
|
|
2017
|
||||
Net asset value, beginning of period
|
$
|
2.37
|
|
|
$
|
3.99
|
|
Net investment income, net of tax
|
(0.01
|
)
|
|
0.01
|
|
||
Net realized and unrealized loss on investments
(2)
|
0.09
|
|
|
(0.96
|
)
|
||
Net decrease in net assets resulting from operations
|
0.08
|
|
|
(0.95
|
)
|
||
Distributions to common stockholders
|
|
|
|
|
|||
Distributions from net investment income
|
(0.02
|
)
|
|
(0.02
|
)
|
||
Net decrease in net assets from distributions
|
(0.02
|
)
|
|
(0.02
|
)
|
||
Net asset value, end of period
|
2.43
|
|
|
3.02
|
|
||
|
|
|
|
||||
Market value, beginning of period
|
$
|
1.15
|
|
|
$
|
1.72
|
|
Market value, end of period
|
$
|
1.40
|
|
|
$
|
1.54
|
|
Market value return
(3)(4)
|
23.8
|
%
|
|
(9.5
|
)%
|
||
|
|
|
|
||||
Ratios and Supplemental Data
|
|
|
|
|
|
||
($ and shares in thousands)
|
|
|
|
|
|
||
Net assets, end of period
|
$
|
49,100
|
|
|
$
|
60,999
|
|
Average net assets
|
$
|
48,516
|
|
|
$
|
76,630
|
|
Common shares outstanding, end of period
|
20,172
|
|
|
20,172
|
|
||
Total operating expenses and taxes/average net assets, before waived incentive fees
(5)
|
19.9
|
%
|
|
12.0
|
%
|
||
Total operating expenses and taxes/average net assets, net of waived incentive fees
(5)
|
19.9
|
%
|
|
12.0
|
%
|
||
Net investment income(loss)/average net assets, before waived incentive fees
(5)
|
(0.8
|
)%
|
|
1.0
|
%
|
||
Net investment income (loss)/average net assets, net of waived incentive fees
(5)
|
(0.8
|
)%
|
|
1.0
|
%
|
||
Portfolio turnover rate
|
16.7
|
%
|
|
7.8
|
%
|
||
|
|
|
|
||||
Expense Ratios (as a percentage of average net assets)
(5)
|
|
|
|
|
|
||
Interest expense and bank fees
|
6.9
|
%
|
|
5.2
|
%
|
||
Management fees
|
3.3
|
%
|
|
3.0
|
%
|
||
Incentive fees
|
—
|
%
|
|
—
|
%
|
||
Incentive fees, net of waived incentive fees
|
—
|
%
|
|
—
|
%
|
||
Costs related to strategic alternatives review
|
0.6
|
%
|
|
—
|
%
|
||
Other operating expenses, including provision for income taxes
|
9.1
|
%
|
|
3.8
|
%
|
||
Total operating expenses, including provision for income taxes, before waived incentive fees
|
19.9
|
%
|
|
12.0
|
%
|
||
Total operating expenses, including provision for income taxes, net of waived incentive fees
|
19.9
|
%
|
|
12.0
|
%
|
(1)
|
Per share data is based on weighted average number of common shares outstanding for the period.
|
(2)
|
May include a balancing amount necessary to reconcile the change in net asset value per share with other per share information presented due to rounding.
|
(3)
|
Total return is based on the change in market price per share during the respective periods. Total return calculations take into account distributions, if any, reinvested in accordance with the Company's dividend reinvestment plan and do not reflect brokerage commissions.
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
Declaration Date
|
|
Per Share
Amount
|
|
Record Date
|
|
Payment Date
|
||
March 14, 2017
|
|
$
|
0.02
|
|
|
March 31, 2017
|
|
April 7, 2017
|
June 16, 2017
|
|
0.02
|
|
|
June 30, 2017
|
|
July 10, 2017
|
|
September 18, 2017
|
|
0.02
|
|
|
September 30, 2017
|
|
October 9, 2017
|
|
December 12, 2017
|
|
0.02
|
|
|
December 31, 2017
|
|
January 9, 2018
|
|
March 14, 2018
|
|
0.02
|
|
|
March 31, 2018
|
|
April 9, 2018
|
•
|
maintain a Debt to Tangible Net Worth Ratio of not more than 0.80:1.00 as determined on the last day of each calendar month,
|
•
|
maintain at all times a minimum liquidity in the form of Cash or Cash Equivalents of at least $1.0 million,
|
•
|
maintain a Debt to Fair Market Value Ratio of not more than 0.50:1.00 at any time, and
|
•
|
maintain the Fair Market Value of Liquid Portfolio Investments as a percentage of outstanding aggregate principal balance to not be less than 80% through March 9, 2017, 90% through September 9, 2017 and 100% through September 9, 2018.
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||
(Dollar amounts in thousands)
|
|
Cost
|
|
% of total
|
|
Fair Value
|
|
% of total
|
|
Cost
|
|
% of total
|
|
Fair Value
|
|
% of total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Portfolio investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First lien secured debt
|
|
$
|
495
|
|
|
0.3
|
%
|
|
$
|
495
|
|
|
0.6
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Revolving loan facility
|
|
547
|
|
|
0.3
|
%
|
|
547
|
|
|
0.7
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
||||
Second lien debt
|
|
37,486
|
|
|
22.2
|
%
|
|
38,428
|
|
|
48.0
|
%
|
|
29,748
|
|
|
16.9
|
%
|
|
30,679
|
|
|
36.2
|
%
|
||||
Subordinated debt
|
|
28,741
|
|
|
17.0
|
%
|
|
25,226
|
|
|
31.5
|
%
|
|
39,265
|
|
|
22.4
|
%
|
|
33,878
|
|
|
39.9
|
%
|
||||
Limited term royalties
|
|
27,845
|
|
|
16.5
|
%
|
|
—
|
|
|
—
|
%
|
|
27,845
|
|
|
15.8
|
%
|
|
—
|
|
|
—
|
%
|
||||
Redeemable preferred units
|
|
56,315
|
|
|
33.3
|
%
|
|
—
|
|
|
—
|
%
|
|
56,315
|
|
|
32.1
|
%
|
|
—
|
|
|
—
|
%
|
||||
CLO residual interests
|
|
19
|
|
|
—
|
%
|
|
182
|
|
|
0.3
|
%
|
|
19
|
|
|
—
|
%
|
|
209
|
|
|
0.2
|
%
|
||||
Equity securities
|
|
2,500
|
|
|
1.5
|
%
|
|
162
|
|
|
0.2
|
%
|
|
2,500
|
|
|
1.4
|
%
|
|
164
|
|
|
0.2
|
%
|
||||
Total portfolio investments
|
|
153,948
|
|
|
91.1
|
%
|
|
65,040
|
|
|
81.3
|
%
|
|
155,692
|
|
|
88.6
|
%
|
|
64,930
|
|
|
76.5
|
%
|
||||
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury Bills
|
|
14,996
|
|
|
8.9
|
%
|
|
14,996
|
|
|
18.7
|
%
|
|
19,994
|
|
|
11.4
|
%
|
|
19,994
|
|
|
23.5
|
%
|
||||
Total investments
|
|
$
|
168,944
|
|
|
100.0
|
%
|
|
$
|
80,036
|
|
|
100.0
|
%
|
|
$
|
175,686
|
|
|
100.0
|
%
|
|
$
|
84,924
|
|
|
100.0
|
%
|
•
|
Investment Team Valuation.
The investment professionals of our investment advisor prepare fair value recommendations for each investment.
|
•
|
Investment Team Valuation Documentation.
The investment team documents and discusses its preliminary fair value recommendations with the investment committee and senior management of our investment advisor.
|
•
|
Third Party Valuation Activity.
We may, at our discretion, retain an independent valuation firm to review any or all of the valuation analyses and fair value recommendations provided by the investment team of our investment advisor. Our general practice is that we have an independent valuation firm review all Level 3 investments (those whose value is determined using significant unobservable inputs) with recommended fair values in excess of $10 million on a quarterly basis, and review all
|
•
|
Presentation to Audit Committee
. Our investment advisor and senior management present the valuation analyses and fair value recommendations to the Audit Committee of our Board of Directors.
|
•
|
Board of Directors and Audit Committee.
The Board of Directors and the Audit Committee review and discuss the valuation analyses and fair value recommendations provided by the investment team of our investment advisor and the independent valuation firm, if applicable.
|
•
|
Final Valuation Determination.
Our Board of Directors discusses the fair values recommended by the Audit Committee and determines the fair value of each investment in our portfolio for which market quotations are not readily available, in good faith, based on the input of the investment team of our investment advisor, our Audit Committee and the independent valuation firm, if applicable.
|
•
|
Level 1
— Quoted unadjusted prices for identical instruments in active markets to which we have access at the date of measurement.
|
•
|
Level 2
— Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
|
•
|
Level 3
— Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect our own assumptions regarding what market participants would use to price the asset or liability based on the best available information.
|
March 31, 2018
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Portfolio investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments
|
|
|
|
|
|
|
|
|
||||||||
Subordinated debt
|
|
$
|
18,015
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,015
|
|
Equity securities
|
|
162
|
|
|
—
|
|
|
—
|
|
|
162
|
|
||||
Total affiliate investments
|
|
18,177
|
|
|
—
|
|
|
—
|
|
|
18,177
|
|
||||
Non-affiliate investments
|
|
|
|
|
|
|
|
|
||||||||
First lien secured debt
|
|
495
|
|
|
—
|
|
|
—
|
|
|
495
|
|
||||
Second lien debt
|
|
38,428
|
|
|
—
|
|
|
38,428
|
|
|
—
|
|
||||
Subordinated debt
|
|
7,211
|
|
|
—
|
|
|
7,211
|
|
|
—
|
|
||||
Limited term royalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Redeemable preferred units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
CLO residual interests
|
|
182
|
|
|
—
|
|
|
—
|
|
|
182
|
|
||||
Revolving Loan Facility
|
|
547
|
|
|
—
|
|
|
—
|
|
|
547
|
|
||||
Total non-affiliate investments
|
|
46,863
|
|
|
—
|
|
|
45,639
|
|
|
1,224
|
|
||||
Total portfolio investments
|
|
65,040
|
|
|
—
|
|
|
45,639
|
|
|
19,401
|
|
||||
Government securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury Bills
|
|
14,996
|
|
|
14,996
|
|
|
—
|
|
|
—
|
|
||||
Total investments
|
|
$
|
80,036
|
|
|
$
|
14,996
|
|
|
$
|
45,639
|
|
|
$
|
19,401
|
|
December 31, 2017
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Portfolio investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subordinated debt
|
|
$
|
18,015
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,015
|
|
Equity securities
|
|
164
|
|
|
—
|
|
|
—
|
|
|
164
|
|
||||
Total affiliate investments
|
|
18,179
|
|
|
—
|
|
|
—
|
|
|
18,179
|
|
||||
Non-affiliate investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First lien secured debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Second lien debt
|
|
30,679
|
|
|
—
|
|
|
30,679
|
|
|
—
|
|
||||
Subordinated debt
|
|
15,863
|
|
|
—
|
|
|
15,863
|
|
|
—
|
|
||||
Limited term royalties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Redeemable preferred units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
CLO residual interests
|
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
||||
Total non-affiliate investments
|
|
46,751
|
|
|
—
|
|
|
46,542
|
|
|
209
|
|
||||
Total portfolio investments
|
|
64,930
|
|
|
—
|
|
|
46,542
|
|
|
18,388
|
|
||||
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury Bills
|
|
19,994
|
|
|
19,994
|
|
|
—
|
|
|
—
|
|
||||
Total investments
|
|
$
|
84,924
|
|
|
$
|
19,994
|
|
|
$
|
46,542
|
|
|
$
|
18,388
|
|
|
|
First
Lien Secured
Debt and
Limited Term
Royalties
|
|
Revolving Loan Facility
|
|
Second
Lien Debt
|
|
Subordinated
Debt and
Redeemable
Preferred Units
|
|
Equity
Securities
|
|
CLO Residual Interests
|
|
Total
Investments
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
For the three months ended March 31, 2018
|
||||||||||||||||||||||||||||
Fair value at December 31, 2017
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,015
|
|
|
$
|
164
|
|
|
$
|
209
|
|
|
$
|
18,388
|
|
Total gains, (losses) and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net realized losses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net unrealized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,004
|
)
|
|
(2
|
)
|
|
(27
|
)
|
|
(1,033
|
)
|
|||||||
Net amortization of premiums, discounts and fees
|
|
(5
|
)
|
|
(16
|
)
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||||
New investments, repayments and settlements, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
New investments
|
|
500
|
|
|
563
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,063
|
|
|||||||
PIK
|
|
—
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|||||||
Repayments and settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Fair value at March 31, 2018
|
|
$
|
495
|
|
|
$
|
547
|
|
|
$
|
—
|
|
|
$
|
18,015
|
|
|
$
|
162
|
|
|
$
|
182
|
|
|
$
|
19,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net change in unrealized gains (losses) from investments still held as of reporting date:
|
||||||||||||||||||||||||||||
March 31, 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,004
|
)
|
|
$
|
(2
|
)
|
|
$
|
(27
|
)
|
|
$
|
(1,033
|
)
|
March 31, 2017
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(21,299
|
)
|
|
(244
|
)
|
|
149
|
|
|
(21,399
|
)
|
|
|
Second
Lien Debt
|
|
Subordinated
Debt and
Redeemable
Preferred Units
|
|
Equity
Securities
|
|
CLO Equity
|
|
Total
Investments
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the three months ended March 31, 2017
|
||||||||||||||||||||
Fair value at December 31, 2016
|
|
$
|
9,137
|
|
|
$
|
49,340
|
|
|
$
|
686
|
|
|
$
|
1,773
|
|
|
$
|
60,936
|
|
Total gains, (losses) and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||
Net realized gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net unrealized gains (losses)
|
|
(5
|
)
|
|
(21,299
|
)
|
|
(244
|
)
|
|
149
|
|
|
(21,399
|
)
|
|||||
Net amortization of premiums, discounts and fees
|
|
5
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||
New investments, repayments and settlements, net:
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
New investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PIK
|
|
—
|
|
|
1,445
|
|
|
—
|
|
|
—
|
|
|
1,445
|
|
|||||
Repayments and settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(457
|
)
|
|
(457
|
)
|
|||||
Fair value at March 31, 2017
|
|
$
|
9,137
|
|
|
$
|
29,501
|
|
|
$
|
442
|
|
|
$
|
1,465
|
|
|
$
|
40,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of Investment
|
|
Fair Value
|
|
Valuation Technique
|
|
Significant Unobservable Inputs
|
|
Range of Inputs
|
|
Weighted Average
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Non-Energy Investments:
|
|
|
|
|
|
|
|
|
|
|
||
First lien debt
|
|
$
|
495
|
|
|
Private transaction comparables
|
|
EBITDA multiples
|
|
10.6x - 13.3x
|
|
10.4x
|
|
|
|
|
|
|
|
|
|
|
|
||
Subordinated debt
|
|
18,015
|
|
|
Market comparables
|
|
EBITDA multiples
|
|
7.3x - 15.2x
|
|
13.0x
|
|
|
|
|
|
|
|
|
|
|
|
|
||
CLO residual interest
|
|
182
|
|
|
Net asset value with discount rate
|
|
Discount rate
|
|
15.0%
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Equity securities
|
|
162
|
|
|
Market comparables
|
|
EBITDA multiples
|
|
6.0x - 7.0x
|
|
6.5x
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Revolving Loan Facility
|
|
547
|
|
|
Market comparables
|
|
Precedent transaction
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
19,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Energy Investments:
|
|
|
|
|
|
|
|
|
|
|
||
Redeemable preferred units
|
|
—
|
|
|
Estimated recovery analysis
|
|
Residual value
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Level 3 investments
|
|
$
|
19,401
|
|
|
|
|
|
|
|
|
|
•
|
changes in interest rates;
|
•
|
the future operating results of our portfolio companies and their ability to achieve their objectives;
|
•
|
changes in regional, national or international economic conditions and their impact on the industries in which we invest;
|
•
|
disruptions in the credit and capital markets;
|
•
|
changes in the conditions of the industries in which we invest;
|
•
|
the adequacy of our cash resources and working capital;
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies;
|
•
|
the ability of OHA to locate suitable investments for us and to monitor and administer our investments;
|
•
|
other factors enumerated in our filings with the SEC; and
|
•
|
effects of current and pending legislation.
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||
|
|
Weighted
Average
Yields
(1)
|
|
|
|
|
|
Weighted
Average
Yields
(1)
|
|
|
|
|
||||||
|
|
|
Percentage of Portfolio
|
|
|
Percentage of Portfolio
|
||||||||||||
|
|
|
Cost
(1)
|
|
Fair Value
(1)
|
|
|
Cost
(1)
|
|
Fair Value
(1)
|
||||||||
First lien secured debt
|
|
8.3
|
%
|
|
0.3
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Second lien debt
|
|
9.6
|
%
|
|
24.3
|
%
|
|
59.1
|
%
|
|
9.7
|
%
|
|
19.1
|
%
|
|
47.2
|
%
|
Subordinated debt
|
|
18.6
|
%
|
|
18.7
|
%
|
|
38.8
|
%
|
|
15.8
|
%
|
|
25.2
|
%
|
|
52.2
|
%
|
Limited term royalties
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Redeemable preferred units
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Revolving Loan Facility
|
|
8.6
|
%
|
|
0.4
|
%
|
|
0.8
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
CLO residual interests(2)
|
|
13.5
|
%
|
|
—
|
%
|
|
0.3
|
%
|
|
13.5
|
%
|
|
—
|
%
|
|
0.3
|
%
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Membership and partnership units
|
|
—
|
%
|
|
1.6
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
1.6
|
%
|
|
0.3
|
%
|
Total equity securities
|
|
—
|
%
|
|
1.6
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
1.6
|
%
|
|
0.3
|
%
|
Total portfolio investments
|
|
13.6
|
%
|
|
|
|
|
|
13.2
|
%
|
|
|
|
|
Investment Income
|
For the three months ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Interest income
|
$
|
2,228
|
|
|
$
|
2,404
|
|
Dividend income
|
—
|
|
|
—
|
|
||
Other income
|
55
|
|
|
51
|
|
||
Total investment income
|
$
|
2,283
|
|
|
$
|
2,455
|
|
Operating Expenses
|
For the three months ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
|
|
|
|
||||
Interest expense and bank fees
|
$
|
823
|
|
|
$
|
974
|
|
Management fees
|
400
|
|
|
570
|
|
||
Incentive fees
|
1
|
|
|
—
|
|
||
Costs related to strategic alternatives review
|
75
|
|
|
—
|
|
||
Professional fees
|
643
|
|
|
271
|
|
||
Other general and administrative expenses
|
370
|
|
|
382
|
|
||
Directors fees
|
61
|
|
|
61
|
|
||
Operating expenses before incentive fee waiver
|
$
|
2,373
|
|
|
$
|
2,258
|
|
Incentive fee waiver
|
(1
|
)
|
|
—
|
|
||
Total operating expenses, net of incentive fee waiver
|
2,372
|
|
|
2,258
|
|
Net Investment Income
|
|
|
|
For the three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
|
|
||||
Net investment income (loss)
|
|
|
|
$
|
(95
|
)
|
|
$
|
193
|
|
Net investment income (loss) per common share
|
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
Net Realized Gains and Losses
|
|
|
For the three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
|
||||
Net realized capital gain (loss) on investments
|
|
|
$
|
13
|
|
|
$
|
95
|
|
Benefit (Provision) for taxes on realized loss
|
|
|
(42
|
)
|
|
—
|
|
||
Net realized capital gains (losses)
|
|
|
$
|
(29
|
)
|
|
$
|
95
|
|
Net realized capital gains (losses) per common share
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Unrealized Appreciation (Depreciation) on Investments
|
|
For the three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Control investments
|
|
$
|
—
|
|
|
$
|
—
|
|
Affiliate investments
|
|
(1,006
|
)
|
|
(299
|
)
|
||
Non-affiliate investments
|
|
2,862
|
|
|
(19,080
|
)
|
||
Net unrealized appreciation (depreciation) on investments
|
|
$
|
1,856
|
|
|
$
|
(19,379
|
)
|
Net unrealized appreciation (depreciation) on investments per common share
|
|
$
|
0.09
|
|
|
$
|
(0.96
|
)
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
For the three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations
|
|
$
|
1,732
|
|
|
$
|
(19,091
|
)
|
Net increase (decrease) in net assets resulting from operations per common share
|
|
$
|
0.08
|
|
|
$
|
(0.95
|
)
|
•
|
maintain a Debt to Tangible Net Worth Ratio of not more than 0.80:1.00 as determined on the last day of each calendar month,
|
•
|
maintain at all times a minimum liquidity in the form of Cash or Cash Equivalents of at least $1.0 million,
|
•
|
maintain a Debt to Fair Market Value Ratio of not more than 0.50:1.00 at any time, and
|
•
|
maintain the Fair Market Value of Liquid Portfolio Investments as a percentage of outstanding aggregate principal balance to not be less than 80% through March 9, 2017, 90% through September 9, 2017 and 100% through September 9, 2018.
|
Non-accruing and non-income producing investments
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
(in thousands)
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Non-accruing investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Castex Energy 2005, LP (non-accrual January 2017)
|
|
$
|
56,315
|
|
|
$
|
—
|
|
|
$
|
56,315
|
|
|
$
|
—
|
|
ATP Oil & Gas Corporation/Bennu Oil & Gas, LLC (non-accrual July 2015)
|
|
27,845
|
|
|
—
|
|
|
27,845
|
|
|
—
|
|
||||
Total non-accruing investments
|
|
84,160
|
|
|
—
|
|
|
84,160
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Non-income producing investments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
OHA/OCI Investments, LLC Class A Units
|
|
2,500
|
|
|
162
|
|
|
2,500
|
|
|
164
|
|
||||
Total non-income producing investments
|
|
2,500
|
|
|
162
|
|
|
2,500
|
|
|
164
|
|
||||
Total non-accruing and non-income producing investments
|
|
$
|
86,660
|
|
|
$
|
162
|
|
|
$
|
86,660
|
|
|
$
|
164
|
|
Credit facilities
(1)
|
|
Total
|
|
Less than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than
5 Years
|
||||||||||
Credit Facility
|
|
$
|
36,000
|
|
|
$
|
36,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Repurchase Agreement
(2)
|
|
14,695
|
|
|
14,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
50,695
|
|
|
$
|
50,695
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
OHA INVESTMENT CORPORATION
|
|
|
|
|
|
Date:
|
May 14, 2018
|
By:
|
/s/ STEVEN T. WAYNE
|
|
|
|
Steven T. Wayne
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
May 14, 2018
|
By:
|
/s/ CORY E. GILBERT
|
|
|
|
Cory E. Gilbert
|
|
|
|
Chief Financial Officer and Treasurer
|
Exhibit No.
|
|
Exhibit
|
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
1 Year OHA Investment Chart |
1 Month OHA Investment Chart |
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