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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barings Corporate Investors | NYSE:MCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 1.02% | 18.80 | 18.80 | 18.19 | 18.54 | 33,863 | 01:00:00 |
Barings Corporate Investors | |||||
Report for the Three Months Ended March 31, 2024 | |||||
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![]() | Barings Corporate Investors c/o Barings LLC 300 S Tryon St., Suite 2500 Charlotte, NC 28202 1-866-399-1516 |
March 31, 2024(1)(2) | December 31, 2023(1) | % Change | |||||||||||||||
Quarterly Dividend per share | 0.39(3) | 0.38 | 2.6 | % | |||||||||||||
Net Investment Income(4) | $ | 8,072,939 | $ | 7,379,615 | 9.4 | % | |||||||||||
Net Assets | $ | 350,763,288 | $ | 339,826,094 | 3.2 | % | |||||||||||
Net Assets per share(5) | $ | 17.28 | $ | 16.77 | 3.0 | % | |||||||||||
Share Price | $ | 17.19 | $ | 18.43 | (6.7) | % | |||||||||||
Dividend Yield at Share Price | 9.1 | % | 8.2 | % | 11.0 | % | |||||||||||
(Discount) / Premium | (0.5) | % | 9.9 | % |
Average Annual Returns March 31, 2024 | 1 Year | 5 Year | 10 Year | ||||||||
Barings Corporate Investors | 33.02 | % | 10.20 | % | 9.48 | % | |||||
Bloomberg Barclays U.S. Corporate High Yield Index | 11.15 | % | 4.21 | % | 4.44 | % |
Assets: | |||||
Investments (See Consolidated Schedule of Investments) | |||||
Corporate restricted securities - private placement investments at fair value | $ | 361,078,037 | |||
(Cost - $ 343,066,466) | |||||
Corporate restricted securities - rule 144A securities at fair value | 9,674,035 | ||||
(Cost - $ 10,125,563) | |||||
Corporate public securities at fair value | 4,065,159 | ||||
(Cost - $ 4,920,617) | |||||
Total investments (Cost - $ 358,112,646) | 374,817,231 | ||||
Cash | 7,907,033 | ||||
Foreign currencies (Cost - $ 14,921) | 13,941 | ||||
Dividend and interest receivable | 4,098,511 | ||||
Receivable for investments sold | 854,878 | ||||
Other assets | 258,669 | ||||
Total assets | 387,950,263 | ||||
Liabilities: | |||||
Note payable | 30,000,000 | ||||
Credit facility (net of deferred financing fees) | 4,821,697 | ||||
Investment advisory fee payable | 1,096,135 | ||||
Deferred tax liability | 736,765 | ||||
Interest payable | 177,112 | ||||
Accrued expenses | 355,266 | ||||
Total liabilities | 37,186,975 | ||||
Commitments and Contingencies (See Note 7) | |||||
Total net assets | $ | 350,763,288 | |||
Net Assets: | |||||
Common shares, par value $1.00 per share | $ | 20,298,644 | |||
Additional paid-in capital | 277,619,814 | ||||
Total distributable earnings | 52,844,830 | ||||
Total net assets | $ | 350,763,288 | |||
Common shares issued and outstanding (28,054,782 authorized) | 20,298,644 | ||||
Net asset value per share | $ | 17.28 |
Investment Income: | |||||
Interest | $ | 9,907,301 | |||
Dividends | 40,866 | ||||
Other | 114,119 | ||||
Total investment income | 10,062,286 | ||||
Expenses: | |||||
Investment advisory fees | 1,096,135 | ||||
Interest and other financing fees | 551,276 | ||||
Trustees’ fees and expenses | 102,600 | ||||
Professional fees | 131,951 | ||||
Reports to shareholders | 69,000 | ||||
Custodian fees | 8,400 | ||||
Other | 29,985 | ||||
Total expenses | 1,989,347 | ||||
Investment income - net | 8,072,939 | ||||
Income tax, including excise tax benefit | — | ||||
Net investment income after taxes | 8,072,939 | ||||
Net realized and unrealized gain on investments and foreign currency: | |||||
Net realized gain on investments before taxes | 1,769,662 | ||||
Income tax benefit | 975 | ||||
Net realized gain on investments after taxes | 1,770,637 | ||||
Net increase in unrealized appreciation of investments before taxes | 552,695 | ||||
Net decrease in unrealized appreciation of foreign currency translation before taxes | (366) | ||||
Deferred income tax benefit (expense) | (102,321) | ||||
Net increase in unrealized appreciation of investments and foreign currency transactions after taxes | 450,008 | ||||
Net gain on investments and foreign currency | 2,220,645 | ||||
Net increase in net assets resulting from operations | $ | 10,293,584 |
Net decrease in cash & foreign currencies: | |||||
Cash flows from operating activities: | |||||
Purchases of portfolio securities | (26,334,548) | ||||
Proceeds from disposition of portfolio securities | 26,875,905 | ||||
Interest, dividends and other income received | 10,878,849 | ||||
Interest expenses paid | (572,940) | ||||
Operating expenses paid | (2,350,322) | ||||
Income taxes paid | (899,026) | ||||
Net cash provided by operating activities | 7,597,918 | ||||
Cash flows from financing activities: | |||||
Repayments under credit facility | (7,500,000) | ||||
Cash dividends paid from net investment income | (7,699,453) | ||||
Receipts for shares issued on reinvestment of dividends | 643,610 | ||||
Financing fees paid | 9,445 | ||||
Net cash used for financing activities | (14,546,398) | ||||
Net decrease in cash & foreign currencies | (6,948,480) | ||||
Cash & foreign currencies - beginning of period | 14,869,820 | ||||
Effects of foreign currency exchange rate changes on cash and cash equivalents | (366) | ||||
Cash & foreign currencies - end of period | $ | 7,920,974 | |||
Reconciliation of net increase in net assets to net cash provided by operating activities: | |||||
Net increase in net assets resulting from operations | $ | 10,293,584 | |||
Increase in investments | (6,062,097) | ||||
Decrease in interest receivable | 1,588,589 | ||||
Increase in receivable for investments sold | (36,490) | ||||
Decrease in payment-in-kind non-cash income received | 2,586,341 | ||||
Decrease in amortization | 887,458 | ||||
Decrease in other assets | 71,762 | ||||
Decrease in tax payable | (900,000) | ||||
Increase in deferred tax liability | 102,320 | ||||
Decrease in investment advisory fee payable | (1,046,907) | ||||
Decrease in interest payable | (21,664) | ||||
Increase in accrued expenses | 134,656 | ||||
Total adjustments to net assets from operations | (2,696,032) | ||||
Effects of foreign currency exchange rate changes on cash and cash equivalents | 366 | ||||
Net cash provided by operating activities | $ | 7,597,918 |
For the three months ended 03/31/2024 (Unaudited) | For the year ended 12/31/2023 | ||||||||||
Increase / (decrease) in net assets: | |||||||||||
Operations: | |||||||||||
Investment income - net | $ | 8,072,939 | $ | 32,631,730 | |||||||
Net realized gain / (loss) on investments and foreign currency after taxes | 1,770,637 | (1,447,280) | |||||||||
Net change in unrealized appreciation / (depreciation) of investments and foreign currency after taxes | 450,008 | 5,774,586 | |||||||||
Net increase in net assets resulting from operations | 10,293,584 | 36,959,036 | |||||||||
Increase from common shares issued on reinvestment of dividends | 643,610 | — | |||||||||
Dividends to shareholders from: | |||||||||||
Net investment income | — | (28,771,641) | |||||||||
Total increase / (decrease) in net assets | 10,937,194 | 8,187,395 | |||||||||
Net assets, beginning of period/year | 339,826,094 | 331,638,699 | |||||||||
Net assets, end of period/year | $ | 350,763,288 | $ | 339,826,094 |
For the three months ended 03/31/2024 (Unaudited) | For the years ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Net asset value: Beginning of period / year | $ | 16.77 | $ | 16.37 | $ | 16.68 | $ | 15.04 | $ | 15.24 | $ | 14.50 | |||||||||||||||||||||||
Net investment income (a) | 0.40 | 1.61 | 1.03 | 0.93 | 1.20 | 1.11 | |||||||||||||||||||||||||||||
Net realized and unrealized gain / (loss) on investments | 0.11 | 0.21 | (0.32) | 1.67 | (0.44) | 0.82 | |||||||||||||||||||||||||||||
Total from investment operations | 0.51 | 1.82 | 0.71 | 2.60 | 0.76 | 1.93 | |||||||||||||||||||||||||||||
Dividends from net investment income to common shareholders | — | (1.42) | (0.88) | (0.96) | (0.96) | (1.20) | |||||||||||||||||||||||||||||
Dividends from realized gain on investments to common shareholders | — | — | (0.14) | — | — | — | |||||||||||||||||||||||||||||
Increase from dividends reinvested | — | — | — | — | — | 0.01 | |||||||||||||||||||||||||||||
Total dividends | — | (1.42) | (1.02) | (0.96) | (0.96) | (1.19) | |||||||||||||||||||||||||||||
Net asset value: End of period / year | $ | 17.28 | $ | 16.77 | $ | 16.37 | $ | 16.68 | $ | 15.04 | $ | 15.24 | |||||||||||||||||||||||
Per share market value: End of period / year | $ | 17.19 | $ | 18.43 | $ | 13.96 | $ | 15.98 | $ | 13.18 | $ | 16.86 | |||||||||||||||||||||||
Total investment return | |||||||||||||||||||||||||||||||||||
Net asset value (b) | 3.04 | % | 11.62 | % | 4.34 | % | 17.57 | % | 5.36 | % | 13.71 | % | |||||||||||||||||||||||
Market value (b) | (6.73 | %) | 43.84 | % | (5.66 | %) | 29.13 | % | (15.95 | %) | 23.77 | % | |||||||||||||||||||||||
Net assets (in millions): End of period / year | $ | 350.76 | $ | 339.83 | $ | 331.64 | $ | 338.04 | $ | 304.68 | $ | 308.25 | |||||||||||||||||||||||
Ratio of total expenses to average net assets (c) | 2.31% (d) | 2.57 | % | 2.33 | % | 2.78 | % | 1.53 | % | 2.33 | % | ||||||||||||||||||||||||
Ratio of operating expenses to average net assets | 1.67% (d) | 1.65 | % | 1.58 | % | 1.61 | % | 1.54 | % | 1.57 | % | ||||||||||||||||||||||||
Ratio of interest expense to average net assets | 0.64% (d) | 0.61 | % | 0.51 | % | 0.33 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of income tax expense to average net assets | 0.00% (d) | 0.31 | % | 0.24 | % | 0.84 | % | (0.36) | % | 0.42 | % | ||||||||||||||||||||||||
Ratio of net investment income to average net assets | 9.39% (d) | 9.56 | % | 6.17 | % | 5.84 | % | 8.17 | % | 7.41 | % | ||||||||||||||||||||||||
Portfolio turnover | 7 | % | 12 | % | 12 | % | 45 | % | 33 | % | 21 | % |
For the three months ended 03/31/2024 (Unaudited) | For the years ended December 31, | ||||||||||||||||||||||||||||||||||
Senior borrowings: | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Total principal amount (in millions) | $ | 35 | $ | 43 | $ | 46 | $ | 38 | $ | 30 | $ | 30 | |||||||||||||||||||||||
Asset coverage per $1,000 of indebtedness | $ | 11,073 | $ | 8,996 | $ | 8,210 | $ | 9,896 | $ | 11,156 | $ | 11,275 |
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
1WorldSync, Inc. | |||||||||||||||||||||||
A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network. | |||||||||||||||||||||||
10.18% Term Loan due 06/24/2025 (SOFR+ 4.750%) | $ | 4,836,274 | * | $ | 4,813,893 | $ | 4,836,274 | ||||||||||||||||
* 07/01/19 and 12/09/20. | |||||||||||||||||||||||
Accurus Aerospace | |||||||||||||||||||||||
A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | |||||||||||||||||||||||
10.72% First Lien Term Loan due 03/31/2028 (SOFR + 5.250%) (G) | $ | 971,906 | 04/05/22 | 937,779 | 922,243 | ||||||||||||||||||
Limited Liability Company Unit (B) | 17,505 uts. | 12/01/22 | 17,505 | 17,155 | |||||||||||||||||||
955,284 | 939,398 | ||||||||||||||||||||||
AdaCore Inc | |||||||||||||||||||||||
A provider of a software development toolkit that helps software developers to write code for embedded systems using a number of programming languages, including Ada, C/C++, Rust, and SPARK. | |||||||||||||||||||||||
11.56% First Lien Term Loan due 03/13/2030 (SOFR + 6.250%) (G) | $ | 2,435,162 | 03/13/24 | $ | 1,591,508 | $ | 1,590,980 | ||||||||||||||||
Advanced Manufacturing Enterprises LLC | |||||||||||||||||||||||
A designer and manufacturer of large, custom gearing products for a number of critical customer applications. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 4,669 uts. | * | 498,983 | — | |||||||||||||||||||
* 12/07/12, 07/11/13 and 06/30/15. | |||||||||||||||||||||||
Advantage Software | |||||||||||||||||||||||
A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | |||||||||||||||||||||||
Limited Liability Company Unit Class A (B) (F) | 1,556 uts. | 10/01/21 | 50,720 | 124,438 | |||||||||||||||||||
Limited Liability Company Unit Class A (B) (F) | 401 uts. | 10/01/21 | 13,103 | 32,094 | |||||||||||||||||||
Limited Liability Company Unit Class B (B) (F) | 1,556 uts. | 10/01/21 | 1,630 | — | |||||||||||||||||||
Limited Liability Company Unit Class B (B) (F) | 401 uts. | 10/01/21 | 420 | — | |||||||||||||||||||
65,873 | 156,532 | ||||||||||||||||||||||
Aero Accessories | |||||||||||||||||||||||
A fuel system, hydraulic, pneumatic and power generation system aftermarket services provider. | |||||||||||||||||||||||
11.06% Incremental Term Loan due 11/08/2028 (SOFR + 5.750%) | $ | 2,004,167 | 02/15/24 | 1,955,396 | 1,954,063 | ||||||||||||||||||
11.06% Term Loan due 11/01/2029 (SOFR + 5.750%) (G) | $ | 494,792 | 11/01/22 | 401,660 | 399,088 | ||||||||||||||||||
2,357,056 | 2,353,151 | ||||||||||||||||||||||
AIT Worldwide Logistics, Inc. | |||||||||||||||||||||||
A provider of domestic and international third-party logistics services. | |||||||||||||||||||||||
12.93% Second Lien Term Loan due 04/06/2029 (SOFR + 7.500%) | $ | 3,387,097 | 04/06/21 | 3,339,342 | 3,367,791 | ||||||||||||||||||
Limited Liability Company Unit (B) | 113 uts. | 04/06/21 | 112,903 | 173,974 | |||||||||||||||||||
3,452,245 | 3,541,765 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Americo Chemical Products | |||||||||||||||||||||||
A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. | |||||||||||||||||||||||
10.83% First Lien Term Loan due 04/28/2029 (SOFR + 5.500%) (G) | $ | 1,273,333 | 04/28/23 | $ | 996,864 | $ | 1,023,774 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 46,734 uts. | 04/28/23 | 46,734 | 49,538 | |||||||||||||||||||
1,043,598 | 1,073,312 | ||||||||||||||||||||||
AMS Holding LLC | |||||||||||||||||||||||
A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches. | |||||||||||||||||||||||
Limited Liability Company Unit Class A Preferred (B) (F) | 273 uts. | 10/04/12 | 272,727 | 211,011 | |||||||||||||||||||
Amtech Software | |||||||||||||||||||||||
A provider of enterprise resource planning software and technology solutions for packaging manufacturers. | |||||||||||||||||||||||
11.06% Incremental Term Loan due 11/02/2028 (SOFR + 5.750%) | $ | 1,747,682 | 03/29/24 | 1,712,790 | 1,712,728 | ||||||||||||||||||
11.06% First Lien Term Loan due 11/02/2027 (SOFR + 5.750%) (G) | $ | 1,752,318 | 11/02/21 | 1,408,839 | 1,395,863 | ||||||||||||||||||
3,121,629 | 3,108,591 | ||||||||||||||||||||||
Applied Aerospace Structures Corp. | |||||||||||||||||||||||
A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. | |||||||||||||||||||||||
11.59% Term Loan due 11/22/2028 (SOFR + 6.250%) (G) | $ | 478,629 | 12/01/22 | 402,956 | 418,254 | ||||||||||||||||||
Limited Liability Company Common Unit (B) | 18 uts. | 12/01/22 | 18,000 | 24,427 | |||||||||||||||||||
420,956 | 442,681 | ||||||||||||||||||||||
ASC Communications, LLC (Becker's Healthcare) | |||||||||||||||||||||||
An operator of trade shows and controlled circulation publications targeting the healthcare market. | |||||||||||||||||||||||
10.18% Term Loan due 07/15/2027 (SOFR + 4.750%) (G) | $ | 780,895 | 07/15/22 | 727,304 | 735,567 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,070 uts. | 07/15/22 | 22,442 | 31,322 | |||||||||||||||||||
749,746 | 766,889 | ||||||||||||||||||||||
ASC Holdings, Inc. | |||||||||||||||||||||||
A manufacturer of capital equipment used by corrugated box manufacturers. | |||||||||||||||||||||||
13.00% (1.00% PIK) Senior Subordinated Note due 12/31/2024 | $ | 1,849,147 | 11/19/15 | 1,848,937 | 1,682,724 | ||||||||||||||||||
Limited Liability Company Unit (B) | 225,300 uts. | 11/18/15 | 225,300 | 31,542 | |||||||||||||||||||
2,074,237 | 1,714,266 | ||||||||||||||||||||||
Audio Precision | |||||||||||||||||||||||
A provider of high-end audio test and measurement sensing instrumentation software and accessories. | |||||||||||||||||||||||
11.46% Term Loan due 10/31/2024 (SOFR+ 6.000%) | $ | 3,600,500 | 10/30/18 | 3,593,503 | 3,492,485 | ||||||||||||||||||
Aurora Parts & Accessories LLC (d.b.a Hoosier) | |||||||||||||||||||||||
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | |||||||||||||||||||||||
Preferred Stock (B) | 425 shs. | 08/17/15 | 424,875 | 424,875 | |||||||||||||||||||
Common Stock (B) | 425 shs. | 08/17/15 | 425 | 536,448 | |||||||||||||||||||
425,300 | 961,323 |
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
BBB Industries LLC | |||||||||||||||||||||||
A supplier of remanufactured and new parts to the North American automotive aftermarket. | |||||||||||||||||||||||
14.31% Second Lien Term Loan due 07/25/2030 (SOFR + 9.000%) | $ | 909,091 | 07/25/22 | $ | 880,364 | $ | 896,363 | ||||||||||||||||
Limited Liability Company Unit (B) | 91 uts. | 07/25/22 | 91,000 | 97,092 | |||||||||||||||||||
971,364 | 993,455 | ||||||||||||||||||||||
Best Lawyers (Azalea Investment Holdings, LLC) | |||||||||||||||||||||||
A global digital media company that provides ranking and marketing services to the legal community. | |||||||||||||||||||||||
10.69% First Lien Term Loan due 11/19/2027 (SOFR + 5.250%) (G) | $ | 2,774,075 | 11/30/21 | 2,215,302 | 2,249,075 | ||||||||||||||||||
12.00% HoldCo PIK Note due 05/19/2028 | $ | 774,008 | 11/30/21 | 766,498 | 759,302 | ||||||||||||||||||
Limited Liability Company Unit (B) | 89,744 uts. | 11/30/21 | 89,744 | 140,000 | |||||||||||||||||||
3,071,544 | 3,148,377 | ||||||||||||||||||||||
Blue Wave Products, Inc. | |||||||||||||||||||||||
A distributor of pool supplies. | |||||||||||||||||||||||
Common Stock (B) | 114,894 shs. | 10/12/12 | 114,894 | 136,724 | |||||||||||||||||||
Warrant, exercisable until 2024, to purchase common stock at $.01 per share (B) | 45,486 shs. | 10/12/12 | 45,486 | 53,673 | |||||||||||||||||||
160,380 | 190,397 | ||||||||||||||||||||||
Bridger Aerospace | |||||||||||||||||||||||
A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | |||||||||||||||||||||||
Series C Convertible Preferred Equity (7.00% PIK) | 365 shs. | 07/18/22 | 387,846 | 353,955 | |||||||||||||||||||
BrightSign | |||||||||||||||||||||||
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | |||||||||||||||||||||||
11.21% Term Loan due 10/14/2027 (SOFR + 5.750%) (G) | $ | 2,910,483 | 10/14/21 | 2,837,446 | 2,828,440 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 232,701 uts. | 10/14/21 | 232,701 | 211,758 | |||||||||||||||||||
3,070,147 | 3,040,198 | ||||||||||||||||||||||
Brown Machine LLC | |||||||||||||||||||||||
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | |||||||||||||||||||||||
11.08% Term Loan due 10/04/2024 (SOFR + 5.750%) | $ | 1,631,521 | 10/03/18 | 1,626,635 | 1,608,680 | ||||||||||||||||||
Cadence, Inc. | |||||||||||||||||||||||
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | |||||||||||||||||||||||
10.21% First Lien Term Loan due 04/30/2025 (SOFR + 4.750%) | $ | 2,155,274 | 05/14/18 | 2,143,750 | 2,116,479 | ||||||||||||||||||
10.72% Incremental Term Loan due 05/26/2026 (SOFR + 5.250%) | $ | 918,705 | 10/02/23 | 900,083 | 911,356 | ||||||||||||||||||
3,043,833 | 3,027,835 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
CAi Software | |||||||||||||||||||||||
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | |||||||||||||||||||||||
11.82% Term Loan due 12/10/2028 (SOFR + 6.250%) (G) | $ | 4,909,430 | 12/13/21 | $ | 4,372,043 | $ | 4,339,748 | ||||||||||||||||
California Custom Fruits & Flavors | |||||||||||||||||||||||
Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. | |||||||||||||||||||||||
10.75% Term Loan due 02/11/2030 (SOFR + 5.750%) (G) | $ | 913,232 | 02/26/24 | 400,594 | 400,300 | ||||||||||||||||||
Limited Liability Company Unit (B) | 25 uts. | 02/26/24 | 25,000 | 25,000 | |||||||||||||||||||
425,594 | 425,300 | ||||||||||||||||||||||
Cascade Services | |||||||||||||||||||||||
A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. | |||||||||||||||||||||||
10.58% First Lien Term Loan due 09/30/2029 (SOFR + 5.250%) (G) | $ | 1,997,316 | 10/4/2023 | 1,215,609 | 1,257,439 | ||||||||||||||||||
Cash Flow Management | |||||||||||||||||||||||
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | |||||||||||||||||||||||
11.65% Term Loan due 12/27/2027 (SOFR + 6.000%) (G) | $ | 1,937,519 | 12/28/21 | 1,764,106 | 1,755,016 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 24,016 uts. | 07/22/22 | 25,331 | 24,736 | |||||||||||||||||||
1,789,437 | 1,779,752 | ||||||||||||||||||||||
CJS Global | |||||||||||||||||||||||
A janitorial services provider focused on high end restaurants in NYC, Florida, and Texas. | |||||||||||||||||||||||
11.16% Term Loan due 03/10/2029 (SOFR + 5.750%) (G) | $ | 1,684,848 | 03/20/23 | 1,158,211 | 1,166,808 | ||||||||||||||||||
Limited Liability Company Unit (B) | 606,358 uts. | 03/20/23 | 293,969 | 497,241 | |||||||||||||||||||
1,452,180 | 1,664,049 | ||||||||||||||||||||||
Cleaver-Brooks, Inc. | |||||||||||||||||||||||
A manufacturer of full suite boiler room solutions. | |||||||||||||||||||||||
10.83% Term Loan due 07/14/2028 (SOFR + 5.500%) (G) | $ | 1,172,565 | 07/18/22 | 1,017,398 | 1,034,171 | ||||||||||||||||||
11.00% HoldCo PIK Note due 07/14/2029 | $ | 218,312 | 07/18/22 | 215,262 | 217,003 | ||||||||||||||||||
1,232,660 | 1,251,174 | ||||||||||||||||||||||
Cloudbreak | |||||||||||||||||||||||
A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. | |||||||||||||||||||||||
11.07% Term Loan due 03/15/2030 (SOFR + 5.750%) (G) | $ | 1,904,762 | 03/15/24 | 1,222,592 | 1,222,222 | ||||||||||||||||||
Limited Liability Company Unit Class A (B) (F) | 117 shs. | 03/15/24 | 117,000 | 117,000 | |||||||||||||||||||
Limited Liability Company Unit Class B (B) (F) (I) | 117 shs. | 03/15/24 | — | — | |||||||||||||||||||
1,339,592 | 1,339,222 | ||||||||||||||||||||||
CloudWave | |||||||||||||||||||||||
A provider of managed cloud hosting and IT services for hospitals. | |||||||||||||||||||||||
10.96% Term Loan due 01/04/2027 (SOFR + 6.000%) | $ | 3,285,484 | 01/29/21 | 3,250,631 | 3,285,484 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 112,903 uts. | 01/29/21 | 112,903 | 207,742 | |||||||||||||||||||
3,363,534 | 3,493,226 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Cogency Global | |||||||||||||||||||||||
A provider of statutory representation and compliance services for corporate and professional services clients. | |||||||||||||||||||||||
10.66% Incremental Term Loan due 02/14/2028 (SOFR + 5.250%) | $ | 1,579,887 | * | $ | 1,545,143 | $ | 1,547,658 | ||||||||||||||||
10.66% Term Loan due 12/28/2027 (SOFR+ 5.250%) (G) | $ | 1,744,003 | 02/14/22 | 1,556,215 | 1,543,121 | ||||||||||||||||||
Preferred Stock (B) | 66 shs. | 02/14/22 | 72,216 | 124,391 | |||||||||||||||||||
* 12/30/22 and 09/13/23. | 3,173,574 | 3,215,170 | |||||||||||||||||||||
Command Alkon | |||||||||||||||||||||||
A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | |||||||||||||||||||||||
12.08% Term Loan due 04/17/2027 (SOFR + 6.750%, 10.00% Cash) | $ | 4,081,878 | * | 4,027,524 | 4,055,753 | ||||||||||||||||||
Limited Liability Company Unit B (B) | 13,449 uts. | 04/23/20 | — | 71,551 | |||||||||||||||||||
* 04/23/20, 10/30/20 and 11/18/20. | 4,027,524 | 4,127,304 | |||||||||||||||||||||
Compass Precision | |||||||||||||||||||||||
A manufacturer of custom metal precision components. | |||||||||||||||||||||||
11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025 | $ | 2,676,387 | 04/15/22 | 2,653,223 | 2,582,713 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 322,599 uts. | 04/19/22 | 875,000 | 1,016,188 | |||||||||||||||||||
3,528,223 | 3,598,901 | ||||||||||||||||||||||
Comply365 | |||||||||||||||||||||||
A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | |||||||||||||||||||||||
10.43% First Lien Term Loan due 04/19/2028 (SOFR + 5.000%) (G) | $ | 1,425,699 | 04/15/22 | 1,296,704 | 1,289,995 | ||||||||||||||||||
Concept Machine Tool Sales, LLC | |||||||||||||||||||||||
A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | |||||||||||||||||||||||
10.54% Term Loan due 01/31/2025 (SOFR + 5.000%) | $ | 1,206,087 | 01/30/20 | 1,202,102 | 1,074,623 | ||||||||||||||||||
10.54% Incremental Term Loan due 01/31/2027 (SOFR + 5.000%) | $ | 159,954 | 09/14/23 | 157,277 | 142,519 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 3,497 uts. | * | 140,032 | 332 | |||||||||||||||||||
* 01/30/2020, 03/05/21 and 09/14/23. | 1,499,411 | 1,217,474 | |||||||||||||||||||||
CTS Engines | |||||||||||||||||||||||
A provider of maintenance, repair and overhaul services within the aerospace & defense market. | |||||||||||||||||||||||
11.07% Term Loan due 12/22/2026 (SOFR + 5.750%) (G) | $ | 3,006,354 | 12/22/20 | 2,886,556 | 2,759,310 | ||||||||||||||||||
DataServ | |||||||||||||||||||||||
A managed IT services provider serving Ohio’s state, local, and education (“SLED”) market (79% of FY21 Revenue), as well as small and medium-sized businesses (“SMB”, 8%) and enterprise clients (13%). | |||||||||||||||||||||||
10.97% First Lien Term Loan due 09/30/2028 (SOFR + 5.500%) (G) | $ | 474,977 | 11/02/22 | 370,796 | 373,171 | ||||||||||||||||||
Preferred Stock (B) | 19,231 shs. | 11/02/22 | 19,231 | 19,423 | |||||||||||||||||||
390,027 | 392,594 |
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Decks Direct | |||||||||||||||||||||||
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | |||||||||||||||||||||||
11.68% Term Loan due 12/28/2026 (SOFR + 6.250%) (G) | $ | 3,012,280 | 12/29/21 | $ | 2,604,927 | $ | 2,577,221 | ||||||||||||||||
11.68% Incremental Term Loan due 12/28/2026 (SOFR + 6.250%) | $ | 240,177.00 | 07/31/23 | 235,354 | 235,278 | ||||||||||||||||||
11.68% Incremental Term Loan due 12/28/2026 (SOFR + 6.250%) | $ | 534,653.00 | 12/21/23 | 523,726 | 523,747 | ||||||||||||||||||
Common Stock (B) | 4,483 shs. | 12/29/21 | 190,909 | 166,671 | |||||||||||||||||||
3,554,916 | 3,502,917 | ||||||||||||||||||||||
Del Real LLC | |||||||||||||||||||||||
A manufacturer and distributor of fully-prepared fresh refrigerated Hispanic entrees as well as side dishes that are typically sold on a heat-and-serve basis at retail grocers. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 748,287 uts. | * | 748,548 | 703,390 | |||||||||||||||||||
* 10/07/16, 07/25/18, 03/13/19 and 06/17/19. | |||||||||||||||||||||||
DistroKid (IVP XII DKCo-Invest,LP) | |||||||||||||||||||||||
A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | |||||||||||||||||||||||
10.96% Senior Term Loan 09/30/2027 (SOFR + 5.500%) | $ | 3,267,287 | 10/01/21 | 3,229,184 | 3,260,752 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 148,791 uts. | 10/01/21 | 148,936 | 141,352 | |||||||||||||||||||
3,378,120 | 3,402,104 | ||||||||||||||||||||||
Dwyer Instruments, Inc. | |||||||||||||||||||||||
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | |||||||||||||||||||||||
11.15% First Lien Term Loan due 07/01/2027 (SOFR + 5.750%) | $ | 3,450,912 | 07/20/21 | 3,409,862 | 3,450,912 | ||||||||||||||||||
Echo Logistics | |||||||||||||||||||||||
A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | |||||||||||||||||||||||
12.43% Second Lien Term Loan due 11/05/2029 (SOFR + 7.000%) | $ | 3,407,080 | 11/22/21 | 3,365,019 | 3,328,717 | ||||||||||||||||||
Limited Liability Company Unit (B) | 93 uts. | 11/22/21 | 92,920 | 83,180 | |||||||||||||||||||
3,457,939 | 3,411,897 | ||||||||||||||||||||||
EFC International | |||||||||||||||||||||||
A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. | |||||||||||||||||||||||
11.00% (2.5% PIK) Term Loan due 02/28/2030 | $ | 1,964,527 | 03/01/23 | 1,915,796 | 1,926,808 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 410 uts. | 03/01/23 | 576,923 | 847,867 | |||||||||||||||||||
2,492,719 | 2,774,675 | ||||||||||||||||||||||
EFI Productivity Software | |||||||||||||||||||||||
A provider of ERP software solutions purpose-built for the print and packaging industry. | |||||||||||||||||||||||
10.94% Term Loan due 12/30/2027 (SOFR + 5.500%) (G) | $ | 1,958,286 | 12/30/21 | 1,824,314 | 1,838,977 | ||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Electric Power Systems International, Inc. | |||||||||||||||||||||||
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure. | |||||||||||||||||||||||
11.21% Term Loan due 04/19/2028 (SOFR + 5.750%) (G) | $ | 2,441,231 | 04/19/21 | 2,412,991 | 2,355,788 | ||||||||||||||||||
Elite Sportswear Holding, LLC | |||||||||||||||||||||||
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 2,471,843 uts. | 10/14/16 | 324,074 | 667,398 | |||||||||||||||||||
Ellkay | |||||||||||||||||||||||
A provider of data interoperability solutions for labs, hospitals and healthcare providers. | |||||||||||||||||||||||
12.96% Term Loan due 09/14/2027 (SOFR + 7.250%) | $ | 1,435,196 | 09/14/21 | 1,418,608 | 1,278,760 | ||||||||||||||||||
ENTACT Environmental Services, Inc. | |||||||||||||||||||||||
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | |||||||||||||||||||||||
10.99% Term Loan due 12/15/2025 (SOFR + 5.500%) | $ | 1,914,834 | 02/09/21 | 1,908,095 | 1,891,857 | ||||||||||||||||||
11.07% Incremental Term Loan due 12/15/2025 (SOFR + 5.500%) | $ | 327,458 | 9/1/2023 | 322,577 | 323,528 | ||||||||||||||||||
2,230,672 | 2,215,385 | ||||||||||||||||||||||
eShipping | |||||||||||||||||||||||
An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes. | |||||||||||||||||||||||
10.44% Term Loan due 11/05/2027 (SOFR + 5.000%) (G) | $ | 2,413,152 | 11/05/21 | 2,100,593 | 2,129,515 | ||||||||||||||||||
E.S.P. Associates, P.A. | |||||||||||||||||||||||
A professional services firm providing engineering, surveying and planning services to infrastructure projects. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 684 uts. | * | 741,480 | 739,191 | |||||||||||||||||||
* 06/29/18 and 12/29/20. | |||||||||||||||||||||||
F G I Equity LLC | |||||||||||||||||||||||
A manufacturer of a broad range of filters and related products that are used in commercial, light industrial, healthcare, gas turbine, nuclear, laboratory, clean room, hotel, educational system, and food processing settings. | |||||||||||||||||||||||
Limited Liability Company Unit Class B-1 (B) | 296,053 uts. | 12/15/10 | 254,058 | 3,608,883 | |||||||||||||||||||
Five Star Holding, LLC | |||||||||||||||||||||||
A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | |||||||||||||||||||||||
12.54% Second Lien Term Loan due 04/27/2030 (SOFR + 7.250%) | $ | 952,381 | 05/04/22 | 937,889 | 940,000 | ||||||||||||||||||
Limited Liability Company Common Unit (B) (F) | 67 uts. | 05/24/22 | 67,263 | 53,883 | |||||||||||||||||||
1,005,152 | 993,883 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Follett School Solutions | |||||||||||||||||||||||
A provider of software for K-12 school libraries. | |||||||||||||||||||||||
11.08% First Lien Term Loan due 08/31/2028 (SOFR + 5.750%) | $ | 3,391,120 | 08/31/21 | $ | 3,348,337 | $ | 3,391,119 | ||||||||||||||||
LP Units (B) (F) | 1,787 uts. | 08/30/21 | 17,865 | 22,546 | |||||||||||||||||||
LP Interest (B) (F) | 406 uts. | 08/30/21 | 4,063 | 5,128 | |||||||||||||||||||
3,370,265 | 3,418,793 | ||||||||||||||||||||||
Fortis Payments, LLC | |||||||||||||||||||||||
A payment service provider operating in the payments industry. | |||||||||||||||||||||||
13.25% Incremental Term Loan due 02/13/2026 (PRIME + 4.750%) (G) | $ | 1,508,188 | 01/31/24 | 1,216,010 | 1,213,537 | ||||||||||||||||||
11.15% First Lien Term Loan due 05/31/2026 (SOFR + 5.750%) | $ | 990,135 | 10/31/22 | 978,560 | 970,332 | ||||||||||||||||||
2,194,570 | 2,183,869 | ||||||||||||||||||||||
FragilePAK | |||||||||||||||||||||||
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | |||||||||||||||||||||||
11.32% Term Loan due 05/24/2027 (SOFR + 5.750%) (G) | $ | 2,132,813 | 05/21/21 | 2,102,025 | 1,940,860 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 219 uts. | 05/21/21 | 218,750 | 96,171 | |||||||||||||||||||
2,320,775 | 2,037,031 | ||||||||||||||||||||||
GD Dental Services LLC | |||||||||||||||||||||||
A provider of convenient “onestop” general, specialty, and cosmetic dental services with 21 offices located throughout South and Central Florida. | |||||||||||||||||||||||
Limited Liability Company Unit Preferred (B) | 182 uts. | 10/05/12 | 182,209 | 256,962 | |||||||||||||||||||
Limited Liability Company Unit Common (B) | 1,840 uts. | 10/05/12 | 1,840 | — | |||||||||||||||||||
184,049 | 256,962 | ||||||||||||||||||||||
gloProfessional Holdings, Inc. | |||||||||||||||||||||||
A marketer and distributor of premium mineral-based cosmetics, cosmeceuticals and professional hair care products to the professional spa and physician’s office channels. | |||||||||||||||||||||||
Preferred Stock (B) | 1,559 shs. | 03/29/19 | 1,559,055 | 1,273,807 | |||||||||||||||||||
Common Stock (B) | 2,835 shs. | 03/27/13 | 283,465 | — | |||||||||||||||||||
1,842,520 | 1,273,807 | ||||||||||||||||||||||
Gojo Industries | |||||||||||||||||||||||
A manufacturer of hand hygiene and skin health products. | |||||||||||||||||||||||
10.33% Term Loan due 10/20/2028 (SOFR + 5.000%) | $ | 1,257,725 | 10/24/23 | 1,223,795 | 1,223,263 | ||||||||||||||||||
GraphPad Software, Inc. | |||||||||||||||||||||||
A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets. | |||||||||||||||||||||||
11.32% Term Loan due 04/27/2027 (SOFR + 6.000%) | $ | 4,748,852 | * | 4,717,705 | 4,748,851 | ||||||||||||||||||
11.19% Term Loan due 04/27/2027 (SOFR + 5.500%) | $ | 97,946 | 04/27/21 | 96,943 | 97,701 | ||||||||||||||||||
Preferred Stock (B) (F) | 7,474 shs. | 04/27/21 | 206,294 | 302,266 | |||||||||||||||||||
* 12/19/17 and 04/16/19. | 5,020,942 | 5,148,818 | |||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Handi Quilter Holding Company (Premier Needle Arts) | |||||||||||||||||||||||
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | |||||||||||||||||||||||
Limited Liability Company Unit Preferred (B) | 754 uts. | * | $ | 754,061 | $ | 295,007 | |||||||||||||||||
Limited Liability Company Unit Common Class A (B) | 7,541 uts. | 12/19/14 | — | — | |||||||||||||||||||
* 12/19/14 and 04/29/16. | 754,061 | 295,007 | |||||||||||||||||||||
Heartland Veterinary Partners | |||||||||||||||||||||||
A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | |||||||||||||||||||||||
11.00% Opco PIK Note due 11/09/2028 | $ | 4,386,727 | 11/17/21 | 4,328,902 | 3,943,667 | ||||||||||||||||||
HemaSource, Inc. | |||||||||||||||||||||||
A technology-enabled distributor of consumable medical products to plasma collection centers. | |||||||||||||||||||||||
11.31% Senior Term Loan 08/31/2029 (SOFR + 6.000%) (G) | 2,111,531 | 08/31/23 | 1,717,400 | 1,743,920 | |||||||||||||||||||
Limited Liability Company Unit (B) | 23,529 uts. | 23,529 | 24,705 | ||||||||||||||||||||
1,740,929 | 1,768,625 | ||||||||||||||||||||||
Home Care Assistance, LLC | |||||||||||||||||||||||
A provider of private pay non-medical home care assistance services. | |||||||||||||||||||||||
10.41% Term Loan due 03/30/2027 (SOFR + 5.000%) | $ | 1,734,825 | 03/26/21 | 1,717,516 | 1,587,364 | ||||||||||||||||||
HOP Entertainment LLC | |||||||||||||||||||||||
A provider of post production equipment and services to producers of television shows and motion pictures. | |||||||||||||||||||||||
Limited Liability Company Unit Class F (B) (F) | 89 uts. | 10/14/11 | — | — | |||||||||||||||||||
Limited Liability Company Unit Class G (B) (F) | 215 uts. | 10/14/11 | — | — | |||||||||||||||||||
Limited Liability Company Unit Class H (B) (F) | 89 uts. | 10/14/11 | — | — | |||||||||||||||||||
Limited Liability Company Unit Class I (B) (F) | 89 uts. | 10/14/11 | — | — | |||||||||||||||||||
— | — | ||||||||||||||||||||||
HTI Technology & Industries Inc. | |||||||||||||||||||||||
A designer and manufacturer of powered motion solutions to industrial customers. | |||||||||||||||||||||||
13.94% Term Loan due 07/07/2025 (SOFR + 8.500%) (G) | $ | 1,483,125 | 07/27/22 | 1,132,664 | 1,111,070 | ||||||||||||||||||
13.94% Incremental Term Loan due 07/27/2025 (SOFR + 8.500%) | $ | 503,817 | 02/15/23 | 495,659 | 493,237 | ||||||||||||||||||
1,628,323 | 1,604,307 | ||||||||||||||||||||||
Ice House America | |||||||||||||||||||||||
A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. | |||||||||||||||||||||||
10.83% Term Loan due 12/28/2029 (SOFR + 5.500%) (G) | $ | 1,891,892 | 01/12/24 | 1,636,345 | 1,634,955 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,081 uts. | 01/12/24 | 108,100 | 108,100 | |||||||||||||||||||
1,744,445 | 1,743,055 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Illumifin | |||||||||||||||||||||||
A leading provider of third-party administrator (“TPA”) services and software for life and annuity insurance providers. | |||||||||||||||||||||||
12.57% Term Loan due 02/04/2028 (SOFR + 1.000% Cash, 5.000% PIK) | $ | 837,095 | 04/05/22 | $ | 826,608 | $ | 716,554 | ||||||||||||||||
i-Sight | |||||||||||||||||||||||
A provider of SaaS internal investigation case management software utilized by Human Resources, Compliance, and Corporate Security departments. | |||||||||||||||||||||||
13.11% Term Loan due 03/31/2027 (SOFR + 8.645%) | $ | 745,823 | 04/15/22 | 739,065 | 732,399 | ||||||||||||||||||
Limited Liability Company Unit (B) | 117,762 uts. | 04/15/22 | 117,762 | 175,465 | |||||||||||||||||||
856,827 | 907,864 | ||||||||||||||||||||||
ISTO Biologics | |||||||||||||||||||||||
In the orthobioligic space, providing solutions in autologous therapies and bone grafts for spine, orthopedics and sports medicine. | |||||||||||||||||||||||
11.56% Senior Term Loan due 10/17/2028 (SOFR + 6.250%) (G) | $ | 1,327,661 | 10/18/23 | 1,171,032 | 1,173,060 | ||||||||||||||||||
JF Petroleum Group | |||||||||||||||||||||||
A provider of repair, maintenance, installation and projection management services to the US fueling infrastructure industry. | |||||||||||||||||||||||
10.91% Term Loan due 04/20/2026 (SOFR + 5.500%) | $ | 1,389,233 | 05/04/21 | 1,371,818 | 1,344,777 | ||||||||||||||||||
Jones Fish | |||||||||||||||||||||||
A provider of lake management services, fish stocking and pond aeration sales and services. | |||||||||||||||||||||||
10.75% First Lien Term Loan due 12/20/2027 (SOFR + 5.500%) (G) | $ | 3,119,996 | 02/28/22 | 2,225,814 | 2,233,885 | ||||||||||||||||||
10.86% Term Loan due 02/28/2029 (SOFR + 5.600%) | 548,524 | 03/16/23 | 534,957 | 541,941 | |||||||||||||||||||
10.82% Incremental Term Loan due 02/28/2028 (SOFR + 5.500%) | 407,503 | 04/28/23 | 399,134 | 402,612 | |||||||||||||||||||
Common Stock (B) (F) | 802 shs. | 02/28/22 | 83,943 | 190,988 | |||||||||||||||||||
3,243,848 | 3,369,426 | ||||||||||||||||||||||
Kano Laboratories LLC | |||||||||||||||||||||||
A producer of industrial strength penetrating oils and lubricants. | |||||||||||||||||||||||
10.47% Term Loan due 09/30/2026 (SOFR + 5.000%) (G) | $ | 2,550,558 | 11/18/20 | 2,528,815 | 2,499,547 | ||||||||||||||||||
10.47% First Lien Term Loan due 10/31/2027 (SOFR + 5.000%) (G) | $ | 827,360 | 11/08/21 | 817,942 | 810,813 | ||||||||||||||||||
Limited Liability Company Unit Class (B) | 41 uts. | 11/19/20 | 41,109 | 43,827 | |||||||||||||||||||
3,387,866 | 3,354,187 | ||||||||||||||||||||||
Kings III | |||||||||||||||||||||||
A provider of emergency phones and monitoring services. | |||||||||||||||||||||||
11.34% First Lien Term Loan due 07/07/2028 (SOFR + 6.000%) (G) | $ | 992,529 | 08/31/22 | 799,967 | 804,613 | ||||||||||||||||||
11.33% Incremental Term Loan due 08/31/2028 (SOFR + 6.000%) (G) | $ | 1,007,471 | 02/16/24 | 746,520 | 746,157 | ||||||||||||||||||
1,546,487 | 1,550,770 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
LeadsOnline | |||||||||||||||||||||||
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | |||||||||||||||||||||||
10.82% Term Loan due 12/23/2027 (SOFR + 5.500%) (G) | $ | 3,439,857 | 02/07/22 | $ | 2,946,076 | $ | 2,949,927 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 14,305 uts. | 02/07/22 | 14,816 | 30,183 | |||||||||||||||||||
2,960,892 | 2,980,110 | ||||||||||||||||||||||
LYNX Franchising | |||||||||||||||||||||||
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | |||||||||||||||||||||||
12.23% Term Loan due 12/18/2026 (SOFR + 6.750%) | $ | 4,865,813 | * | 4,819,846 | 4,851,216 | ||||||||||||||||||
* 12/22/2020 and 09/09/2021 | |||||||||||||||||||||||
Madison Indoor Air Solutions | |||||||||||||||||||||||
A manufacturer and distributor of heating, dehumidification and other air quality solutions. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 1,474,759 uts. | 02/20/19 | 4,663,773 | 25,616,563 | |||||||||||||||||||
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC) | |||||||||||||||||||||||
An express car wash consolidator primarily in the Southeastern US. | |||||||||||||||||||||||
12.09% Term Loan due 07/08/2028 (SOFR + 6.500%) (G) | $ | 1,109,564 | 07/14/22 | 1,074,482 | 1,095,660 | ||||||||||||||||||
Marshall Excelsior Co. | |||||||||||||||||||||||
A designer, manufacturer and supplier of mission critical, highly engineered flow control products used in the transportation, storage and consumption of liquified petroleum gas, liquified anhydrous ammonia, refined industrial and cryogenic gases. | |||||||||||||||||||||||
10.95% First Lien Term Loan due 02/18/2028 (SOFR + 5.500%) (G) | $ | 1,294,951 | 02/24/22 | 1,263,146 | 1,273,278 | ||||||||||||||||||
Master Cutlery LLC | |||||||||||||||||||||||
A designer and marketer of a wide assortment of knives and swords. | |||||||||||||||||||||||
13.00% Senior Subordinated Note due 07/20/2023 (D) | $ | 1,736,205 | 04/17/15 | 1,735,164 | — | ||||||||||||||||||
Limited Liability Company Unit (B) | 9 uts. | 04/17/15 | 1,356,658 | — | |||||||||||||||||||
3,091,822 | — | ||||||||||||||||||||||
Media Recovery, Inc. | |||||||||||||||||||||||
A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | |||||||||||||||||||||||
11.56% First Lien Term Loan due 11/22/2025 (SOFR + 6.000%) | $ | 993,466 | 11/25/19 | 987,909 | 966,643 | ||||||||||||||||||
Mission Microwave | |||||||||||||||||||||||
A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. | |||||||||||||||||||||||
10.58% Senior Term Loan due 01/15/2030 (SOFR + 5.250%) (G) | $ | 1,456,888 | 03/01/24 | 1,228,704 | 1,228,283 | ||||||||||||||||||
Limited Liability Company Unit (B) | 614 uts. | 03/01/24 | 61,400 | 61,400 | |||||||||||||||||||
1,290,104 | 1,289,683 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
MNS Engineers, Inc. | |||||||||||||||||||||||
A consulting firm that provides civil engineering, construction management and land surveying services. | |||||||||||||||||||||||
10.93% First Lien Term Loan due 07/30/2027 (SOFR + 5.500%) | $ | 2,340,000 | 08/09/21 | $ | 2,313,881 | $ | 2,340,000 | ||||||||||||||||
Limited Liability Company Unit (B) | 200,000 uts. | 08/09/21 | 200,000 | 228,000 | |||||||||||||||||||
2,513,881 | 2,568,000 | ||||||||||||||||||||||
Mobile Pro Systems | |||||||||||||||||||||||
A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | |||||||||||||||||||||||
11.00% Second Lien Term Loan due 06/23/2027 | $ | 1,219,225 | 06/27/22 | 1,206,144 | 1,209,105 | ||||||||||||||||||
Common Stock (B) (F) | 8,235 uts. | 06/27/22 | 823,529 | 1,187,776 | |||||||||||||||||||
2,029,673 | 2,396,881 | ||||||||||||||||||||||
Music Reports, Inc. | |||||||||||||||||||||||
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | |||||||||||||||||||||||
11.48% Incremental Term Loan due 08/21/2026 (SOFR + 6.000%) | $ | 1,630,439 | 11/05/21 | 1,614,191 | 1,561,961 | ||||||||||||||||||
11.48% Term Loan due 08/21/2026 (SOFR + 6.000%) | $ | 1,141,668 | 08/25/20 | 1,130,251 | 1,093,718 | ||||||||||||||||||
2,744,442 | 2,655,679 | ||||||||||||||||||||||
Narda-MITEQ (JFL-Narda Partners, LLC) | |||||||||||||||||||||||
A manufacturer of radio frequency and microwave components and assemblies. | |||||||||||||||||||||||
10.41% Incremental Term Loan due 12/06/2027 (SOFR + 5.000%) (G) | $ | 2,129,506 | 12/28/21 | 1,681,466 | 1,704,529 | ||||||||||||||||||
10.41% First Lien Term Loan due 11/30/2027 (SOFR + 5.000%) | $ | 1,047,194 | 12/06/21 | 1,035,973 | 1,047,193 | ||||||||||||||||||
Limited Liability Company Unit Class A Preferred (B) | 1,614 uts. | 12/06/21 | 161,392 | 192,008 | |||||||||||||||||||
Limited Liability Company Unit Class B Common (B) | 179 uts. | 12/06/21 | 17,932 | 116,068 | |||||||||||||||||||
2,896,763 | 3,059,798 | ||||||||||||||||||||||
Navia Benefit Solutions, Inc. | |||||||||||||||||||||||
A third-party administrator of employee-directed healthcare benefits. | |||||||||||||||||||||||
10.33% Term Loan due 02/01/2026 (SOFR + 5.000%) | $ | 2,333,114 | 02/10/21 | 2,313,622 | 2,311,182 | ||||||||||||||||||
7.43% Incremental Term Loan due 02/01/2027 (SOFR +2.250%) | $ | 1,036,875 | 11/14/22 | 1,019,653 | 1,020,700 | ||||||||||||||||||
3,333,275 | 3,331,882 | ||||||||||||||||||||||
Net at Work | |||||||||||||||||||||||
An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. | |||||||||||||||||||||||
11.07% Term Loan due 09/13/2029 (SOFR + 5.750%) (G) | $ | 3,441,667 | 9/13/2023 | $ | 2,064,279 | $ | 2,117,012 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 66,152 uts. | 9/13/2023 | 66,152 | 60,198 | |||||||||||||||||||
2,130,431 | 2,177,210 | ||||||||||||||||||||||
Newforma | |||||||||||||||||||||||
A leader in Project Information Management software for the construction industry. | |||||||||||||||||||||||
11.81% Term Loan due 04/02/2029 (SOFR + 6.500%) (G) | $ | 1,848,790 | 03/31/23 | $ | 1,582,838 | $ | 1,613,283 | ||||||||||||||||
Limited Liability Company Unit (B) | 203,181 uts. | 08/15/23 | 209,327 | 229,595 | |||||||||||||||||||
1,792,165 | 1,842,878 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Northstar Recycling | |||||||||||||||||||||||
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | |||||||||||||||||||||||
10.11% Term Loan due 09/30/2027 (SOFR + 4.650%) | $ | 1,524,049 | 10/01/21 | $ | 1,506,269 | $ | 1,524,049 | ||||||||||||||||
Ocelot Holdco | |||||||||||||||||||||||
An electric power services provider that focuses on construction and maintenance services, installing electrical distribution systems and substation infrastructure. | |||||||||||||||||||||||
10.00% Term Loan due 10/20/2027 | $ | 391,772 | 10/24/23 | 391,771 | 391,771 | ||||||||||||||||||
Preferred Stock | 27 shs. | 10/24/23 | 175,707 | 230,953 | |||||||||||||||||||
Common Stock (I) | 21 shs. | 10/24/23 | — | — | |||||||||||||||||||
567,478 | 622,724 | ||||||||||||||||||||||
Office Ally (OA TOPCO, LP) | |||||||||||||||||||||||
A provider of medical claims clearinghouse software to office-based physician providers and healthcare insurance payers. | |||||||||||||||||||||||
11.19% Term Loan due 12/10/2028 (SOFR + 5.500%) (G) | $ | 1,932,349 | 12/20/21 | 1,675,593 | 1,701,601 | ||||||||||||||||||
10.83% Incremental Term Loan due 12/20/2028 (SOFR + 5.500%) | $ | 223,339 | 04/29/22 | 220,157 | 223,339 | ||||||||||||||||||
Limited Liability Company Unit (B) | 42,184 uts. | 12/20/21 | 42,184 | 63,698 | |||||||||||||||||||
1,937,934 | 1,988,638 | ||||||||||||||||||||||
Omega Holdings | |||||||||||||||||||||||
A distributor of aftermarket automotive air conditioning products. | |||||||||||||||||||||||
13.32% Term Loan due 03/31/2029 (SOFR + 5.000%) (G) | $ | 1,328,915 | 03/31/22 | 1,021,036 | 1,021,050 | ||||||||||||||||||
Options Technology Ltd | |||||||||||||||||||||||
A provider of vertically focused financial technology managed services and IT infrastructure products for the financial services industry. | |||||||||||||||||||||||
10.47% Term Loan due 12/18/2025 (SOFR + 4.750%) | $ | 3,226,693 | 12/23/19 | 3,208,028 | 3,214,109 | ||||||||||||||||||
PANOS Brands LLC | |||||||||||||||||||||||
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, “free from” healthy and gluten-free categories. | |||||||||||||||||||||||
12.00% (1.00% PIK) Senior Subordinated Note due 12/29/2025 (D) | $ | 3,859,494 | 02/17/17 | 3,264,715 | 3,859,494 | ||||||||||||||||||
Common Stock Class A (B) | 772,121 shs. | * | 772,121 | 911,103 | |||||||||||||||||||
* 01/29/16 and 02/17/17. | 4,036,836 | 4,770,597 | |||||||||||||||||||||
Parkview Dental Partners | |||||||||||||||||||||||
A dental service organization focused in the southwest Florida market. | |||||||||||||||||||||||
13.61% Term Loan due 10/12/2029 (SOFR + 8.300%) (G) | $ | 1,190,476 | 10/20/23 | 1,213,405 | 1,216,830 | ||||||||||||||||||
Limited Liability Company Unit (B) | 59,524 uts. | 10/20/23 | 595,240 | 585,121 | |||||||||||||||||||
1,808,645 | 1,801,951 | ||||||||||||||||||||||
PB Holdings LLC | |||||||||||||||||||||||
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers. | |||||||||||||||||||||||
10.56% Term Loan due 03/06/2025 (SOFR + 5.250%) | $ | 1,453,414 | 03/06/19 | 1,448,919 | 1,437,427 | ||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Pearl Holding Group | |||||||||||||||||||||||
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. | |||||||||||||||||||||||
11.61% First Lien Term Loan due 12/16/2026 (SOFR + 6.000%) | $ | 3,799,979 | 12/20/21 | $ | 3,748,086 | $ | 3,743,740 | ||||||||||||||||
Warrant - Class A, to purchase common stock at $.01 per share (B) | 1,874 uts. | 12/22/21 | — | 95,143 | |||||||||||||||||||
Warrant - Class B, to purchase common stock at $.01 per share (B) | 633 uts. | 12/22/21 | — | 32,137 | |||||||||||||||||||
Warrant - Class CC, to purchase common stock at $.01 per share (B) | 65 uts. | 12/22/21 | — | — | |||||||||||||||||||
Warrant - Class D, to purchase common stock at $.01 per share (B) | 181 uts. | 12/22/21 | — | 9,189 | |||||||||||||||||||
3,748,086 | 3,880,209 | ||||||||||||||||||||||
Pegasus Transtech Corporation | |||||||||||||||||||||||
A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | |||||||||||||||||||||||
11.33% Term Loan due 11/17/2024 (SOFR + 6.000%) | $ | 2,921,712 | 11/14/17 | 2,900,380 | 2,921,712 | ||||||||||||||||||
11.33% Term Loan due 08/31/2026 (SOFR + 6.000%) | $ | 589,764 | 09/29/20 | 581,335 | 589,764 | ||||||||||||||||||
3,481,715 | 3,511,476 | ||||||||||||||||||||||
Polara (VSC Polara LLC) | |||||||||||||||||||||||
A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, “push to walk” buttons, and related “traffic” control units. | |||||||||||||||||||||||
10.18% First Lien Term Loan due 12/03/2027 (SOFR + 4.750%) (G) | $ | 1,741,199 | 12/03/21 | 1,501,791 | 1,523,105 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 2,963 uts. | 12/03/21 | 296,343 | 483,897 | |||||||||||||||||||
1,798,134 | 2,007,002 | ||||||||||||||||||||||
Polytex Holdings LLC | |||||||||||||||||||||||
A manufacturer of water based inks and related products serving primarily the wall covering market. | |||||||||||||||||||||||
13.90% (7.90% PIK) Senior Subordinated Note due 12/31/2024 (D) | $ | 4,673,911 | 07/31/14 | 2,159,212 | 1,266,630 | ||||||||||||||||||
Limited Liability Company Unit (B) | 300,485 uts. | 07/31/14 | 300,485 | — | |||||||||||||||||||
Limited Liability Company Unit Class F (B) | 75,022 uts. | * | 50,322 | — | |||||||||||||||||||
* 09/28/17 and 02/15/18. | 2,510,019 | 1,266,630 | |||||||||||||||||||||
Portfolio Group | |||||||||||||||||||||||
A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions. | |||||||||||||||||||||||
11.46% First Lien Term Loan due 12/02/2025 (SOFR + 6.000%) (G) | $ | 2,604,525.00 | 11/15/21 | 2,582,965 | 2,510,762 | ||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Process Insights Acquisition, Inc. | |||||||||||||||||||||||
A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. | |||||||||||||||||||||||
11.57% Term Loan due 06/30/2029 (SOFR + 6.250%) (G) | $ | 1,707,192 | 07/18/23 | $ | 1,248,621 | $ | 1,296,887 | ||||||||||||||||
Limited Liability Company Unit (B) | 66 uts. | 07/18/23 | 66,000 | 79,490 | |||||||||||||||||||
1,314,621 | 1,376,377 | ||||||||||||||||||||||
ProfitOptics | |||||||||||||||||||||||
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | |||||||||||||||||||||||
11.18% Term Loan due 02/15/2028 (SOFR + 5.750%) (G) | $ | 1,687,742 | 03/15/22 | 1,594,574 | 1,616,774 | ||||||||||||||||||
8.00% Senior Subordinated Note due 02/15/2029 | $ | 64,516 | 03/15/22 | 64,516 | 58,387 | ||||||||||||||||||
Limited Liability Company Unit (B) | 193,548 uts. | 03/15/22 | 129,032 | 176,129 | |||||||||||||||||||
1,788,122 | 1,851,290 | ||||||||||||||||||||||
Randy's Worldwide | |||||||||||||||||||||||
A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. | |||||||||||||||||||||||
11.82% First Lien Term Loan due 10/31/2028 (SOFR + 6.500%) (G) | $ | 484,143 | 11/01/22 | 341,646 | 350,119 | ||||||||||||||||||
Limited Liability Company Unit Class A (B) | 133 uts. | 12/01/22 | 13,300 | 13,319 | |||||||||||||||||||
354,946 | 363,438 | ||||||||||||||||||||||
Recovery Point Systems, Inc. | |||||||||||||||||||||||
A provider of IT infrastructure, colocation and cloud based resiliency services. | |||||||||||||||||||||||
11.98% Term Loan due 07/31/2026 (SOFR + 6.500%) | $ | 2,723,771 | 08/12/20 | 2,702,314 | 2,723,771 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 44,803 uts. | 03/05/21 | 44,803 | 23,298 | |||||||||||||||||||
2,747,117 | 2,747,069 | ||||||||||||||||||||||
RedSail Technologies | |||||||||||||||||||||||
A provider of pharmacy management software solutions for independent pharmacies and long-term care facilities. | |||||||||||||||||||||||
10.06% Term Loan due 10/27/2026 (SOFR + 4.750%) | $ | 3,088,840 | 12/09/20 | 3,048,098 | 3,042,507 | ||||||||||||||||||
Renovation Brands (Renovation Parent Holdings, LLC) | |||||||||||||||||||||||
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | |||||||||||||||||||||||
10.95% Term Loan due 08/16/2027 (SOFR + 5.500%) | $ | 1,902,913 | 11/15/21 | $ | 1,875,004 | $ | 1,676,466 | ||||||||||||||||
Limited Liability Company Unit (B) | 78,947 uts. | 09/29/17 | 78,947 | 23,684 | |||||||||||||||||||
1,953,951 | 1,700,150 | ||||||||||||||||||||||
Resonetics, LLC | |||||||||||||||||||||||
A provider of laser micro-machining manufacturing services for medical device and diagnostic companies. | |||||||||||||||||||||||
12.59% Second Lien Term Loan due 04/28/2029 (SOFR + 7.000%) | $ | 3,500,000 | 04/28/21 | 3,455,609 | 3,500,000 | ||||||||||||||||||
12.59% Incremental Second Lien Term Loan due 04/28/2029 | $ | 1,120,000 | 11/15/21 | 1,104,746 | 1,120,000 | ||||||||||||||||||
4,560,355 | 4,620,000 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
RoadOne IntermodaLogistics | |||||||||||||||||||||||
A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. | |||||||||||||||||||||||
11.72% First Lien Term Loan due 12/30/2028 (SOFR + 6.250%) (G) | $ | 1,488,827 | 12/30/22 | $ | 1,086,680 | $ | 1,132,793 | ||||||||||||||||
Rock-it Cargo | |||||||||||||||||||||||
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries. | |||||||||||||||||||||||
10.52% Term Loan due 07/31/2026 (SOFR + 5.000%) | $ | 4,911,986 | 07/30/18 | 4,905,426 | 4,838,307 | ||||||||||||||||||
Rock Labor | |||||||||||||||||||||||
A provider of live entertainment event labor in the United States. | |||||||||||||||||||||||
12.66% Term Loan due 09/14/2029 (SOFR + 7.500%) (G) | $ | 837,060 | 09/14/23 | 694,145 | 696,373 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | $ | 25,455 | 09/14/23 | 136,294 | 133,384 | ||||||||||||||||||
830,439 | 829,757 | ||||||||||||||||||||||
ROI Solutions | |||||||||||||||||||||||
Call center outsourcing and end user engagement services provider. | |||||||||||||||||||||||
10.32% Term Loan due 07/31/2024 (SOFR + 5.000%) | $ | 1,162,709 | 07/31/18 | 1,158,280 | 1,162,709 | ||||||||||||||||||
RPX Corp | |||||||||||||||||||||||
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | |||||||||||||||||||||||
10.83% Term Loan due 10/23/2025 (SOFR + 5.500%) | $ | 4,116,898 | * | 4,085,671 | 4,116,898 | ||||||||||||||||||
* 10/22/20 and 09/28/21. | |||||||||||||||||||||||
Ruffalo Noel Levitz | |||||||||||||||||||||||
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities. | |||||||||||||||||||||||
11.31% Term Loan due 05/29/2024 (SOFR + 6.000%) | $ | 2,569,163 | 01/08/19 | 2,561,501 | 2,268,571 | ||||||||||||||||||
Safety Products Holdings, Inc. | |||||||||||||||||||||||
A manufacturer of highly engineered safety cutting tools. | |||||||||||||||||||||||
11.49% Term Loan due 12/15/2026 (SOFR + 6.000%) (H) | $ | 3,337,862 | 12/15/20 | 3,303,980 | 3,301,145 | ||||||||||||||||||
Common Stock (B) | 60 shs. | 12/16/20 | 60,667 | 72,195 | |||||||||||||||||||
3,364,647 | 3,373,340 | ||||||||||||||||||||||
Sandvine Corporation | |||||||||||||||||||||||
A provider of active network intelligence solutions. | |||||||||||||||||||||||
13.36% Second Lien Term Loan due 11/02/2026 (SOFR + 8.000%) (D) | $ | 3,463,451 | 11/01/18 | 3,434,843 | 2,029,582 | ||||||||||||||||||
10.06% First Lien Term Loan due 11/02/2025 (SOFR + 4.500%) (D) | $ | 68,845 | 01/31/24 | 57,485 | 50,484 | ||||||||||||||||||
3,492,328 | 2,080,066 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Sara Lee Frozen Foods | |||||||||||||||||||||||
A provider of frozen bakery products, desserts and sweet baked goods. | |||||||||||||||||||||||
9.96% First Lien Term Loan due 07/31/2024 (SOFR + 4.500%) | $ | 3,654,800 | 07/27/18 | 3,639,203 | 3,453,786 | ||||||||||||||||||
SBP Holding LP | |||||||||||||||||||||||
A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. | |||||||||||||||||||||||
12.06% Term Loan due 01/31/2028 (SOFR + 6.750%) (G) | $ | 1,487,310 | 03/27/23 | 1,374,841 | 1,430,134 | ||||||||||||||||||
Scaled Agile, Inc. | |||||||||||||||||||||||
A provider of training and certifications for IT professionals focused on software development. | |||||||||||||||||||||||
10.91% Term Loan due 12/15/2027 (SOFR + 5.500%) (G) | $ | 2,986,365 | 12/16/21 | 2,554,919 | 2,478,105 | ||||||||||||||||||
SEKO Worldwide, LLC | |||||||||||||||||||||||
A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | |||||||||||||||||||||||
10.46% Term Loan due 12/30/2026 (SOFR + 5.000%) | $ | 3,397,162 | 12/30/20 | 3,357,476 | 3,298,644 | ||||||||||||||||||
Smart Bear | |||||||||||||||||||||||
A provider of web-based tools for software development, testing and monitoring. | |||||||||||||||||||||||
12.91% Second Lien Term Loan due 11/10/2028 | $ | 3,500,000 | 03/02/21 | 3,440,222 | 3,500,000 | ||||||||||||||||||
Smartling, Inc. | |||||||||||||||||||||||
A provider in SaaS-based translation management systems and related translation services. | |||||||||||||||||||||||
9.93% Term Loan due 10/26/2027 (SOFR + 4.500%) (G) | $ | 3,431,029 | 11/03/21 | 3,184,075 | 3,211,766 | ||||||||||||||||||
smartShift Technologies | |||||||||||||||||||||||
A provider of technology-enabled services for the SAP ERP ecosystem. | |||||||||||||||||||||||
11.59% First Lien Term Loan due 09/30/2029 (SOFR + 5.750%) (G) | $ | 3,098,952 | 09/01/23 | 1,958,753 | 2,051,337 | ||||||||||||||||||
Common Stock (B) | 58 shs. | 09/01/23 | 58,000 | 82,672 | |||||||||||||||||||
2,016,753 | 2,134,009 | ||||||||||||||||||||||
Spatco | |||||||||||||||||||||||
A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. | |||||||||||||||||||||||
12.00% (1.00% PIK) Term Loan due 11/30/2028 | $ | 1,000,000 | 11/08/23 | 981,568 | 982,600 | ||||||||||||||||||
Springbrook Software | |||||||||||||||||||||||
A provider of vertical-market enterprise resource planning software and payments platforms focused on the local government end-market. | |||||||||||||||||||||||
10.91% Term Loan due 12/20/2026 (SOFR + 5.500%) | $ | 2,708,482 | 12/23/19 | 2,690,019 | 2,661,083 | ||||||||||||||||||
11.91% Incremental Term Loan due 12/23/2026 (SOFR + 6.500%) | $ | 748,757 | 12/28/22 | 738,513 | 748,757 | ||||||||||||||||||
3,428,532 | 3,409,840 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Stackline | |||||||||||||||||||||||
An e-commerce data company that tracks products sold through online retailers. | |||||||||||||||||||||||
12.07% Term Loan due 07/30/2028 (SOFR + 6.500%) | $ | 4,473,010 | 07/29/21 | $ | 4,430,783 | $ | 4,379,077 | ||||||||||||||||
Common Stock (B) | 2,720 shs. | 07/30/21 | 85,374 | 129,635 | |||||||||||||||||||
4,516,157 | 4,508,712 | ||||||||||||||||||||||
Standard Elevator Systems | |||||||||||||||||||||||
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | |||||||||||||||||||||||
11.25% First Lien Term Loan due 12/02/2027 (SOFR + 5.750%) (G) | $ | 2,522,518 | 12/02/21 | 2,485,731 | 2,382,893 | ||||||||||||||||||
Stratus Unlimited | |||||||||||||||||||||||
A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | |||||||||||||||||||||||
10.91% Term Loan due 06/08/2027 (SOFR + 5.500%) (G) | $ | 1,858,864 | 07/02/21 | 1,721,380 | 1,742,784 | ||||||||||||||||||
Limited Liability Company Unit (B) | 149 uts. | 06/30/21 | 149,332 | 147,995 | |||||||||||||||||||
1,870,712 | 1,890,779 | ||||||||||||||||||||||
Sunvair Aerospace Group Inc. | |||||||||||||||||||||||
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft. | |||||||||||||||||||||||
12.75% (1.00% PIK) Senior Subordinated Note due 07/31/2025 | $ | 4,199,451 | * | 4,180,164 | 4,191,168 | ||||||||||||||||||
Preferred Stock Series A (B) | 58 shs. | 12/21/20 | 144,411 | 187,270 | |||||||||||||||||||
Common Stock (B) | 139 shs. | ** | 213,007 | 487,964 | |||||||||||||||||||
* 07/31/15 and 12/21/20. | 4,537,582 | 4,866,402 | |||||||||||||||||||||
** 07/31/15 and 11/08/17. | |||||||||||||||||||||||
SVI International, Inc. | |||||||||||||||||||||||
A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). | |||||||||||||||||||||||
12.07% First Lien Term Loan due 03/04/2030 (SOFR + 6.750%) (G) | $ | 2,376,238 | 03/04/24 | 1,883,776 | 1,883,168 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 623,762 shs. | 03/04/24 | 623,762 | 623,762 | |||||||||||||||||||
2,507,538 | 2,506,930 | ||||||||||||||||||||||
Syntax Systems Ltd. | |||||||||||||||||||||||
A cloud management service provider. | |||||||||||||||||||||||
10.93% Term Loan due 10/14/2028 (SOFR + 5.500%) (G) | $ | 1,578,106 | 10/28/21 | 1,511,444 | 1,521,479 | ||||||||||||||||||
Tank Holding | |||||||||||||||||||||||
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | |||||||||||||||||||||||
11.18% Term Loan due 03/31/2028 (SOFR + 5.750%) (G) | $ | 983,264 | 03/31/22 | 935,802 | 943,162 | ||||||||||||||||||
11.43% Incremental Term Loan due 03/31/2028 (SOFR + 6.000%) (G) | $ | 451,475 | 05/22/23 | 365,252 | 369,188 | ||||||||||||||||||
1,301,054 | 1,312,350 | ||||||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Team Air (Swifty Holdings LLC) | |||||||||||||||||||||||
A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. | |||||||||||||||||||||||
12.00% Senior Subordinated Note due 05/02/2030 | $ | 2,100,000 | 05/25/23 | $ | 2,063,171 | $ | 2,069,970 | ||||||||||||||||
Limited Liability Company Unit (B) (F) | 1,400,000 uts. | 05/25/23 | 1,400,000 | 1,484,000 | |||||||||||||||||||
3,463,171 | 3,553,970 | ||||||||||||||||||||||
Tencarva Machinery Company | |||||||||||||||||||||||
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | |||||||||||||||||||||||
10.46% Term Loan due 12/20/2027 (SOFR + 5.000%) (G) | $ | 4,037,907 | 12/20/21 | $ | 3,375,016 | $ | 3,358,245 | ||||||||||||||||
Terrybear | |||||||||||||||||||||||
A designer and wholesaler of cremation urns and memorial products for people and pets. | |||||||||||||||||||||||
10.00% (4.00% PIK) Term Loan due 04/27/2028 | $ | 1,937,176 | 04/29/22 | 1,912,801 | 1,826,756 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 170,513 uts. | 04/29/22 | 1,671,026 | 726,385 | |||||||||||||||||||
3,583,827 | 2,553,141 | ||||||||||||||||||||||
The Caprock Group (aka TA/TCG Holdings, LLC) | |||||||||||||||||||||||
A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | |||||||||||||||||||||||
13.29% Holdco PIK Note due 10/21/2028 (SOFR + 7.750%) | $ | 2,518,281 | 10/28/21 | 2,487,816 | 2,508,711 | ||||||||||||||||||
9.66% Term Loan due 12/15/2027 (SOFR + 4.250%) (G) | $ | 905,281 | 12/21/21 | 679,697 | 690,247 | ||||||||||||||||||
3,167,513 | 3,198,958 | ||||||||||||||||||||||
The Hilb Group, LLC | |||||||||||||||||||||||
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | |||||||||||||||||||||||
11.18% Term Loan due 09/30/2026 (SOFR + 5.750%) | $ | 3,380,830 | * | 3,348,044 | 3,361,221 | ||||||||||||||||||
* 12/02/19 and 12/10/20. | |||||||||||||||||||||||
The Octave Music Group, Inc. (fka TouchTunes) | |||||||||||||||||||||||
A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | |||||||||||||||||||||||
12.81% Second Lien Term Loan due 03/31/2030 (SOFR + 7.500%) | $ | 323,952 | 04/01/22 | 319,095 | 323,952 | ||||||||||||||||||
Limited Liability Company Unit (B) | 51,282 uts. | 04/01/22 | 51,282 | 163,077 | |||||||||||||||||||
370,377 | 487,029 | ||||||||||||||||||||||
Therma-Stor Holdings LLC | |||||||||||||||||||||||
A designer and manufacturer of dehumidifiers and water damage restoration equipment for residential and commercial applications. | |||||||||||||||||||||||
Limited Liability Company Unit (B) | 39,963 uts. | 11/30/17 | — | 27,633 | |||||||||||||||||||
Transit Technologies LLC | |||||||||||||||||||||||
A software platform for the transportation market that offers end-to-end software solutions focused on operations, fleet management and telematics services. | |||||||||||||||||||||||
10.08% Term Loan due 02/10/2025 (SOFR + 4.750%) | $ | 1,623,627 | 02/13/20 | 1,618,720 | 1,603,332 | ||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Trident Maritime Systems | |||||||||||||||||||||||
A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | |||||||||||||||||||||||
10.96% Unitranche Term Loan due 02/19/2026 (SOFR + 5.500%) | $ | 3,404,389 | 02/25/21 | $ | 3,375,539 | $ | 3,288,640 | ||||||||||||||||
10.96% Incremental Term Loan due 02/26/2027 (SOFR + 5.500%) | $ | 159,243 | 10/19/23 | 156,142 | 153,829 | ||||||||||||||||||
3,531,681 | 3,442,469 | ||||||||||||||||||||||
Trintech, Inc. | |||||||||||||||||||||||
An international provider of core, cloud-based financial close software. | |||||||||||||||||||||||
11.83% Term Loan due 07/25/2029 (SOFR + 6.500%) (G) | $ | 3,491,875 | 07/25/23 | 3,220,543 | 3,232,292 | ||||||||||||||||||
Trystar, Inc. | |||||||||||||||||||||||
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 115 uts. | 09/28/18 | 124,682 | 298,541 | |||||||||||||||||||
Turnberry Solutions, Inc. | |||||||||||||||||||||||
A provider of technology consulting services. | |||||||||||||||||||||||
11.18% Term Loan due 07/30/2026 (SOFR + 6.000%) | $ | 3,304,756 | 07/29/21 | 3,273,989 | 3,304,756 | ||||||||||||||||||
USA Industries | |||||||||||||||||||||||
A manufacturer and supplier of piping isolation & testing products, tube plugs, flow measurement orifice plates, and heat exchanger tools which are sold or rented to customers. | |||||||||||||||||||||||
12.75% Term Loan due 06/30/2029 | $ | 1,153,846 | 03/14/24 | 1,136,700 | 1,136,538 | ||||||||||||||||||
U.S. Legal Support, Inc. | |||||||||||||||||||||||
A provider of court reporting, record retrieval and other legal supplemental services. | |||||||||||||||||||||||
11.21% Term Loan due 11/12/2024 (SOFR + 5.750%) | $ | 4,235,760 | * | 4,226,299 | 4,176,459 | ||||||||||||||||||
* 11/29/18 and 03/25/19. | |||||||||||||||||||||||
VitalSource | |||||||||||||||||||||||
A provider of digital fulfillment software for the higher education sector. | |||||||||||||||||||||||
10.88% Term Loan due 06/01/2028 (SOFR + 5.500%) | $ | 3,281,250 | 06/01/21 | 3,242,188 | 3,281,250 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 3,837 uts. | 06/01/21 | 38,367 | 65,070 | |||||||||||||||||||
3,280,555 | 3,346,320 | ||||||||||||||||||||||
VP Holding Company | |||||||||||||||||||||||
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut. | |||||||||||||||||||||||
11.58% First Lien Term Loan due 05/22/2024 (SOFR + 6.250%) | $ | 4,378,684 | 05/17/18 | 4,376,645 | 4,269,217 | ||||||||||||||||||
Warner Pacific Insurance Services | |||||||||||||||||||||||
A wholesale insurance broker focused on employee benefits. | |||||||||||||||||||||||
11.56% Term Loan due 12/27/2027 (SOFR + 6.250%) (G) | $ | 1,781,573 | 08/01/23 | 858,411 | 888,639 | ||||||||||||||||||
Corporate Restricted Securities - 105.70%: (A) | Principal Amount, Shares, Units or Ownership Percentage | Acquisition Date | Cost | Fair Value | |||||||||||||||||||
Private Placement Investments - 102.94%: (C) | |||||||||||||||||||||||
Westminster Acquisition LLC | |||||||||||||||||||||||
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | |||||||||||||||||||||||
Limited Liability Company Unit (B) (F) | 751,212 uts. | 08/03/15 | $ | 751,212 | $ | 112,682 | |||||||||||||||||
Whitcraft Holdings, Inc. | |||||||||||||||||||||||
A leading supplier of highly engineered components for commercial and military aircraft engines. | |||||||||||||||||||||||
12.33% First Lien Term Loan due 02/15/2029 (SOFR + 7.000%) (G) | $ | 1,929,111 | 02/15/23 | 1,735,637 | 1,794,475 | ||||||||||||||||||
Limited Liability Company Unit (B) | 8,412 uts. | 02/15/23 | 84,116 | 109,098 | |||||||||||||||||||
1,819,753 | 1,903,573 | ||||||||||||||||||||||
Wolf-Gordon, Inc. | |||||||||||||||||||||||
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces. | |||||||||||||||||||||||
Common Stock (B) | 318 shs. | 01/22/16 | 126,157 | 714,012 | |||||||||||||||||||
Woodland Foods, Inc. | |||||||||||||||||||||||
A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | |||||||||||||||||||||||
11.08% Term Loan due 11/30/2027 (SOFR+ 5.750%) (G) | $ | 2,466,725 | 12/01/21 | 2,375,245 | 2,254,916 | ||||||||||||||||||
Limited Liability Company Unit (B) (F) | 303 uts. | 09/29/17 | 303,379 | 193,395 | |||||||||||||||||||
2,678,624 | 2,448,311 | ||||||||||||||||||||||
World 50, Inc. | |||||||||||||||||||||||
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | |||||||||||||||||||||||
11.08% Term Loan due 03/22/2030 (SOFR + 5.750%) (G) | $ | 3,500,000 | 03/22/24 | 3,259,992 | 3,259,673 | ||||||||||||||||||
Worldwide Electric Corporation | |||||||||||||||||||||||
Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. | |||||||||||||||||||||||
11.10% Term Loan due 10/03/2029 (SOFR + 5.750%) (G) | $ | 1,977,209 | 10/03/22 | $ | 1,694,566 | $ | 1,679,331 | ||||||||||||||||
Ziyad | |||||||||||||||||||||||
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | |||||||||||||||||||||||
10.96% First Lien Term Loan due 02/09/2028 (SOFR + 5.500%) (G) | $ | 2,059,105 | 02/09/22 | 1,802,231 | 1,787,534 | ||||||||||||||||||
10.96% Incremental Term Loan due 02/09/2028 (SOFR + 5.500%) (G) | 1,332,399 | 08/31/23 | 1,113,487 | 1,112,865 | |||||||||||||||||||
Limited Liability Company Unit (B) (F) | 65uts. | 02/09/22 | 65,036 | 90,396 | |||||||||||||||||||
2,980,754 | 2,990,795 | ||||||||||||||||||||||
Total Private Placement Investments (E) | $ | 343,066,466 | $ | 361,078,037 |
Corporate Restricted Securities - 105.70%: (A) | Interest Rate | Maturity Date | Principal Amount | Cost | Market Value | ||||||||||||||||||||||||
Rule 144A Securities - 2.76%: (H) | |||||||||||||||||||||||||||||
Bonds - 2.76% | |||||||||||||||||||||||||||||
AOC, LLC | 6.625 | 10/15/2029 | $ | 140,000 | $ | 125,488 | $ | 126,061 | |||||||||||||||||||||
Carriage Purchaser Inc. | 7.875 | 10/15/2029 | 1,250,000 | 987,738 | 1,110,600 | ||||||||||||||||||||||||
County of Gallatin MT | 11.500 | 09/01/2027 | 680,000 | 680,000 | 699,600 | ||||||||||||||||||||||||
CSC Holdings LLC | 5.000 | 11/15/2031 | 1,250,000 | 1,068,658 | 631,916 | ||||||||||||||||||||||||
Frontier Communications | 8.750 | 05/15/2030 | 387,000 | 387,000 | 395,987 | ||||||||||||||||||||||||
LifePoint Health | 11.000 | 10/15/2030 | 1,000,000 | 1,044,621 | 1,068,791 | ||||||||||||||||||||||||
Neptune Energy Bondco PLC | 6.625 | 05/15/2025 | 1,000,000 | 996,249 | 999,989 | ||||||||||||||||||||||||
New Enterprise Stone & Lime Co Inc. | 9.750 | 07/15/2028 | 1,000,000 | 967,487 | 1,023,075 | ||||||||||||||||||||||||
Prime Security Services, LLC | 6.250 | 01/15/2028 | 1,200,000 | 1,115,394 | 1,175,493 | ||||||||||||||||||||||||
Scientific Games Holdings LP | 6.625 | 03/01/2030 | 960,000 | 960,000 | 928,076 | ||||||||||||||||||||||||
Terrier Media Buyer, Inc. | 8.875 | 12/15/2027 | 825,000 | 801,182 | 546,736 | ||||||||||||||||||||||||
Verscend Holding Corp. | 9.750 | 08/15/2026 | 965,000 | 991,746 | 967,711 | ||||||||||||||||||||||||
Total Bonds | 10,125,563 | 9,674,035 | |||||||||||||||||||||||||||
Common Stock - 0.00% | |||||||||||||||||||||||||||||
TherOX, Inc. (B) | 6 shs | — | — | ||||||||||||||||||||||||||
Touchstone Health Partnership (B) | 1,168 shs | — | — | ||||||||||||||||||||||||||
Total Common Stock | — | — | |||||||||||||||||||||||||||
Total Rule 144A Securities | $ | 10,125,563 | $ | 9,674,035 | |||||||||||||||||||||||||
Total Corporate Restricted Securities | $ | 353,192,029 | $ | 370,752,072 |
Corporate Public Securities - 1.16%: (A) | LIBOR Spread | Interest Rate | Maturity Date | Principal Amount | Cost | Market Value | |||||||||||||||||||||||||||||
Bank Loans - 1.16% | |||||||||||||||||||||||||||||||||||
Clear Channel Worldwide Holdings | — | 7.500 | 08/31/27 | $ | 1,000,000 | $ | 990,049 | $ | 995,000 | ||||||||||||||||||||||||||
Edelman Financial Services | 6.750 | 12.195 | 06/08/26 | 258,914 | 258,541 | 259,885 | |||||||||||||||||||||||||||||
Magenta Buyer LLC | 8.250 | 13.824 | 05/03/29 | 1,006,667 | 999,420 | 291,933 | |||||||||||||||||||||||||||||
Precisely | 4.000 | 9.586 | 04/24/28 | 1,246,803 | 1,235,275 | 1,245,020 | |||||||||||||||||||||||||||||
Syncsort Incorporated | 7.250 | 12.836 | 04/23/29 | 444,444 | 442,260 | 411,889 | |||||||||||||||||||||||||||||
Wastequip, LLC | 7.750 | 13.177 | 02/27/26 | 1,000,000 | 995,072 | 860,001 | |||||||||||||||||||||||||||||
Total Bank Loans | 4,920,617 | 4,063,728 | |||||||||||||||||||||||||||||||||
Common Stock - 0.00% | |||||||||||||||||||||||||||||||||||
Chase Packaging Corporation (B) | 9,541 shs | — | 1,431 | ||||||||||||||||||||||||||||||||
Total Common Stock | — | 1,431 | |||||||||||||||||||||||||||||||||
Total Corporate Public Securities | $ | 4,920,617 | $ | 4,065,159 | |||||||||||||||||||||||||||||||
Total Investments | 106.86 | % | $ | 358,112,646 | $ | 374,817,231 | |||||||||||||||||||||||||||||
Other Assets | 3.74 | 13,133,032 | |||||||||||||||||||||||||||||||||
Liabilities | (10.60) | (37,186,975) | |||||||||||||||||||||||||||||||||
Total Net Assets | 100.00 | % | $ | 350,763,288 |
Industry Classification: | Fair Value/ Market Value | ||||
AEROSPACE & DEFENSE - 6.66% | |||||
Accurus Aerospace | $ | 939,398 | |||
Applied Aerospace Structures Corp. | 442,681 | ||||
Bridger Aerospace | 1,053,555 | ||||
Compass Precision | 3,598,901 | ||||
CTS Engines | 2,759,310 | ||||
Mission Microwave | 1,289,683 | ||||
Narda-MITEQ (JFL-Narda Partners, LLC) | 3,059,798 | ||||
Sunvair Aerospace Group Inc. | 4,866,402 | ||||
Trident Maritime Systems | 3,442,469 | ||||
Whitcraft Holdings, Inc. | 1,903,573 | ||||
23,355,770 | |||||
AIRLINES - 1.64% | |||||
Aero Accessories | 2,353,151 | ||||
Echo Logistics | 3,411,897 | ||||
5,765,048 | |||||
AUTOMOTIVE - 3.12% | |||||
Aurora Parts & Accessories LLC (d.b.a Hoosier) | 961,323 | ||||
BBB Industries LLC - DBA (GC EOS Buyer Inc.) | 993,455 | ||||
EFC International | 2,774,675 | ||||
JF Petroleum Group | 1,344,777 | ||||
Omega Holdings | 1,021,050 | ||||
Spatco | 982,600 | ||||
SVI International, Inc. | 2,506,930 | ||||
Randy's Worldwide | 363,438 | ||||
10,948,248 | |||||
BROKERAGE, ASSET MANAGERS & EXCHANGES - 1.87% | |||||
The Caprock Group | 3,198,958 | ||||
The Hilb Group, LLC | 3,361,221 | ||||
6,560,179 | |||||
BUILDING MATERIALS - 1.49% | |||||
Decks Direct | 3,502,917 | ||||
New Enterprise Stone & Lime Co Inc. | 1,023,075 | ||||
Wolf-Gordon, Inc. | 714,012 | ||||
5,240,004 | |||||
CABLE & SATELLITE - 0.18% | |||||
CSC Holdings LLC | 631,916 | ||||
Industry Classification: | Fair Value/ Market Value | ||||
CHEMICALS - 1.62% | |||||
Americo Chemical Products | $ | 1,073,312 | |||
Kano Laboratories LLC | 3,354,187 | ||||
Polytex Holdings LLC | 1,266,630 | ||||
5,694,129 | |||||
CONSUMER CYCLICAL SERVICES - 5.48% | |||||
CJS Global | 1,664,049 | ||||
LYNX Franchising | 4,851,216 | ||||
Magnolia Wash Holdings (Express Wash Acquisition Company, LLC) | 1,095,660 | ||||
Mobile Pro Systems | 2,396,881 | ||||
Prime Security Services, LLC | 1,175,493 | ||||
ROI Solutions | 1,162,709 | ||||
Team Air (Swifty Holdings LLC) | 3,553,970 | ||||
Turnberry Solutions, Inc. | 3,304,756 | ||||
19,204,734 | |||||
CONSUMER PRODUCTS - 3.42% | |||||
AMS Holding LLC | 211,011 | ||||
Blue Wave Products, Inc. | 190,397 | ||||
Elite Sportswear Holding, LLC | 667,398 | ||||
gloProfessional Holdings, Inc. | 1,273,807 | ||||
Handi Quilter Holding Company (Premier Needle Arts) | 295,007 | ||||
Ice House America | 1,743,055 | ||||
Jones Fish | 3,369,426 | ||||
Renovation Brands (Renovation Parent Holdings, LLC) | 1,700,150 | ||||
Terrybear | 2,553,141 | ||||
12,003,392 | |||||
DIVERSIFIED MANUFACTURING - 6.55% | |||||
AOC, LLC | 126,061 | ||||
F G I Equity LLC | 3,608,883 | ||||
HTI Technology & Industries Inc | 1,604,307 | ||||
MNS Engineers, Inc. | 2,568,000 | ||||
Process Insights Acquisition, Inc. | 1,376,377 | ||||
Resonetics, LLC | 4,620,000 | ||||
Safety Products Holdings, Inc. | 3,373,340 | ||||
Standard Elevator Systems | 2,382,893 | ||||
Tank Holding | 1,312,350 | ||||
Therma-Stor Holdings LLC | 27,633 | ||||
Trystar, Inc. | 298,541 | ||||
Worldwide Electric Corporation | 1,679,331 | ||||
22,977,716 | |||||
Industry Classification: | Fair Value/ Market Value | ||||
ELECTRIC - 2.01% | |||||
Cascade Services | $ | 1,257,439 | |||
Dwyer Instruments, Inc. | 3,450,912 | ||||
Electric Power Systems International, Inc. | 2,355,788 | ||||
7,064,139 | |||||
ENVIRONMENTAL - 1.43% | |||||
ENTACT Environmental Services, Inc. | 2,215,385 | ||||
Marshall Excelsior Co. | 1,273,278 | ||||
Northstar Recycling | 1,524,049 | ||||
5,012,712 | |||||
FINANCIAL COMPANIES - 0.73% | |||||
Portfolio Group | 2,510,762 | ||||
FINANCIAL OTHER - 1.61% | |||||
Cogency Global | 3,215,170 | ||||
Edelman Financial Services | 259,885 | ||||
Fortis Payments, LLC | 2,183,869 | ||||
5,658,924 | |||||
FOOD & BEVERAGE - 4.25% | |||||
California Custom Fruits & Flavors | 425,300 | ||||
Del Real LLC | 703,390 | ||||
PANOS Brands LLC | 4,770,597 | ||||
Sara Lee Frozen Foods | 3,453,786 | ||||
Westminster Acquisition LLC | 112,682 | ||||
Woodland Foods, Inc. | 2,448,311 | ||||
Ziyad | 2,990,795 | ||||
14,904,861 | |||||
GAMING - 0.26% | |||||
Scientific Games Holdings LP | 928,076 | ||||
HEALTHCARE - 7.32% | |||||
Cadence, Inc. | 3,027,835 | ||||
Cloudbreak | 1,339,222 | ||||
Ellkay | 1,278,760 | ||||
GD Dental Services LLC | 256,962 | ||||
Heartland Veterinary Partners | 3,943,667 | ||||
HemaSource, Inc. | 1,768,625 | ||||
Home Care Assistance, LLC | 1,587,364 | ||||
Illumifin | 716,554 | ||||
ISTO Biologics | 1,173,060 | ||||
LifePoint Health | 1,068,791 | ||||
Navia Benefit Solutions, Inc. | 3,331,882 | ||||
Office Ally (OA TOPCO, LP) | 1,988,638 | ||||
Parkview Dental Partners | 1,801,951 | ||||
Industry Classification: | Fair Value/ Market Value | ||||
RedSail Technologies | $ | 3,042,507 | |||
Verscend Holding Corp. | 967,711 | ||||
27,293,529 | |||||
HEALTH INSURANCE - 0.25% | |||||
Warner Pacific Insurance Services | $ | 888,639 | |||
INDEPENDENT - 0.29% | |||||
Neptune Energy Bondco PLC | 999,989 | ||||
INDUSTRIAL OTHER - 13.85% | |||||
Cleaver-Brooks, Inc. | 1,251,174 | ||||
Concept Machine Tool Sales, LLC | 1,217,474 | ||||
E.S.P. Associates, P.A. | 739,191 | ||||
Gojo Industries | 1,223,263 | ||||
Kings III | 1,550,770 | ||||
Madison Indoor Air Solutions | 25,616,563 | ||||
Media Recovery, Inc. | 966,643 | ||||
Ocelot Holdco | 622,724 | ||||
Polara | 2,007,002 | ||||
ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC) | 1,437,427 | ||||
SBP Holding LP | 1,430,134 | ||||
Stratus Unlimited | 1,890,779 | ||||
Tencarva Machinery Company | 3,358,245 | ||||
USA Industries | 1,136,538 | ||||
Wastequip, LLC | 860,001 | ||||
World 50, Inc. | 3,259,673 | ||||
48,567,601 | |||||
LOCAL AUTHORITY - 0.85% | |||||
LeadsOnline | 2,980,110 | ||||
MEDIA & ENTERTAINMENT - 3.67% | |||||
Advantage Software | 156,532 | ||||
ASC Communications, LLC (Becker's Healthcare) | 766,889 | ||||
BrightSign | 3,040,198 | ||||
Clear Channel Worldwide Holdings | 995,000 | ||||
DistroKid | 3,402,104 | ||||
Music Reports, Inc. | 2,655,679 | ||||
Rock Labor | 829,757 | ||||
Terrier Media Buyer, Inc. | 546,736 | ||||
The Octave Music Group, Inc. (fka TouchTunes) | 487,029 | ||||
12,879,924 | |||||
Industry Classification: | Fair Value/ Market Value | ||||
PACKAGING - 1.23% | |||||
ASC Holdings, Inc. | $ | 1,714,266 | |||
Brown Machine LLC | 1,608,680 | ||||
Chase Packaging Corporation | 1,431 | ||||
Five Star Holding, LLC | 993,883 | ||||
4,318,260 | |||||
PROPERTY AND CASUALTY - 1.11% | |||||
Pearl Holding Group | 3,880,209 | ||||
TECHNOLOGY - 28.03% | |||||
1WorldSync, Inc. | 4,836,274 | ||||
AdaCore Inc | 1,590,980 | ||||
Amtech Software | 3,108,591 | ||||
Audio Precision | 3,492,485 | ||||
Best Lawyers (Azalea Investment Holdings, LLC) | 3,148,377 | ||||
CAi Software | 4,339,748 | ||||
Cash Flow Management | 1,779,752 | ||||
CloudWave | 3,493,226 | ||||
Command Alkon | 4,127,304 | ||||
Comply365 | 1,289,995 | ||||
DataServ | 392,594 | ||||
EFI Productivity Software | 1,838,977 | ||||
Follett School Solutions | 3,418,793 | ||||
GraphPad Software, Inc. | 5,148,818 | ||||
i-Sight | 907,864 | ||||
Magenta Buyer LLC | 291,933 | ||||
Newforma | 1,842,878 | ||||
Net at Work | 2,177,210 | ||||
Options Technology Ltd | 3,214,109 | ||||
Precisely | 1,245,020 | ||||
ProfitOptics | 1,851,290 | ||||
Recovery Point Systems, Inc. | 2,747,069 | ||||
RPX Corp | 4,116,898 |
Industry Classification: | Fair Value/ Market Value | ||||
Ruffalo Noel Levitz | $ | 2,268,571 | |||
Sandvine Corporation | 2,080,066 | ||||
Scaled Agile, Inc. | 2,478,105 | ||||
Smart Bear | 3,500,000 | ||||
Smartling, Inc. | 3,211,766 | ||||
smartShift Technologies | 2,134,009 | ||||
Springbrook Software | 3,409,840 | ||||
Stackline | 4,508,712 | ||||
Syncsort Incorporated | 411,889 | ||||
Syntax Systems Ltd. | 1,521,479 | ||||
Transit Technologies LLC | 1,603,332 | ||||
Trintech, Inc. | 3,232,292 | ||||
U.S. Legal Support, Inc. | 4,176,459 | ||||
VitalSource | 3,346,320 | ||||
98,283,025 | |||||
TELECOM - WIRELINE INTEGRATED & SERVICES - 0.11% | |||||
Frontier Communications | 395,987 | ||||
TRANSPORTATION SERVICES - 7.38% | |||||
AIT Worldwide Logistics, Inc. | 3,541,765 | ||||
Carriage Purchaser Inc. | 1,110,600 | ||||
eShipping | 2,129,515 | ||||
FragilePAK | 2,037,031 | ||||
Pegasus Transtech Corporation | 3,511,476 | ||||
RoadOne IntermodaLogistics | 1,132,793 | ||||
Rock-it Cargo | 4,838,307 | ||||
SEKO Worldwide, LLC | 3,298,644 | ||||
VP Holding Company | 4,269,217 | ||||
25,869,348 | |||||
Total Investments - 106.86% | |||||
(Cost - $358,112,646) | $ | 374,817,231 | |||
Assets: | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Restricted Securities | ||||||||||||||
Corporate Bonds | $ | 20,674,050 | $ | — | $ | 9,674,035 | $ | 11,000,015 | ||||||
Bank Loans | 299,219,490 | — | — | 299,219,490 | ||||||||||
Common Stock - U.S. | 5,380,422 | — | — | 5,380,422 | ||||||||||
Preferred Stock | 2,595,250 | — | — | 2,595,250 | ||||||||||
Partnerships and LLCs | 42,882,860 | — | — | 42,882,860 | ||||||||||
Public Securities | ||||||||||||||
Bank Loans | 4,063,728 | — | 3,068,728 | 995,000 | ||||||||||
Common Stock | 1,431 | 1,431 | — | — | ||||||||||
Total | $ | 374,817,231 | $ | 1,431 | $ | 12,742,763 | $ | 362,073,037 | ||||||
See information disaggregated by security type and industry classification in the Unaudited Consolidated Schedule of Investments. |
Fair Value | Valuation Technique | Unobservable Inputs | Range | Weighted* | |||||||||||||
Bank Loans | $249,016,745 | Income Approach | Implied Spread | 8.7% - 45.3% | 11.9% | ||||||||||||
$5,111,475 | Market Approach | Revenue Multiple | 7.0x - 9.3x | 8.9x | |||||||||||||
Corporate Bonds | $9,733,385 | Income Approach | Implied Spread | 12.7% - 29.8% | 16.2% | ||||||||||||
$1,266,630 | Market Approach | Revenue Multiple | 0.2x | 0.2x | |||||||||||||
Equity Securities** | $49,525,467 | Enterprise Value Waterfall Approach | Valuation Multiple | 4.0x - 34.0x | 12.2x | ||||||||||||
$305,101 | Market Approach | Revenue Multiple | 7.0x - 9.3x | 8.0x |
Assets: | Beginning balance at 12/31/2023 | Included in earnings | Purchases | Sales | Prepayments | Transfers into Level 3 | Transfers out of Level 3 | Ending balance at 03/31/2024 | ||||||||||||||||||
Restricted Securities | ||||||||||||||||||||||||||
Corporate Bonds | $ | 10,783,333 | $ | 193,778 | $ | 22,904 | $ | — | $ | — | $ | — | $ | — | $ | 11,000,015 | ||||||||||
Bank Loans | 297,191,545 | 558,306 | 22,616,045 | (682,574) | (20,463,832) | — | — | 299,219,490 | ||||||||||||||||||
Common Stock - U.S. | 5,064,000 | (110,394) | 740,761 | (313,945) | — | — | — | 5,380,422 | ||||||||||||||||||
Preferred Stock | 3,254,063 | (419,476) | — | (239,337) | — | — | — | 2,595,250 | ||||||||||||||||||
Partnerships and LLCs | 41,933,060 | 2,594,819 | 193,134 | (1,838,153) | — | — | — | 42,882,860 | ||||||||||||||||||
Public Securities | ||||||||||||||||||||||||||
Bank Loans | — | 5,000 | 990,000 | — | — | — | — | 995,000 | ||||||||||||||||||
$ | 358,226,001 | $ | 2,822,033 | $ | 24,562,844 | $ | (3,074,009) | $ | (20,463,832) | $ | — | $ | — | $ | 362,073,037 |
Net Increase / (Decrease) in Net Assets Resulting from Operations | Change in Unrealized Appreciation / (Depreciation) in Net Assets from assets still held | ||||||||||
Interest - OID Amortization | $ | 311,543 | $ | — | |||||||
Net realized gain (loss) on investments before taxes | 1,786,894 | — | |||||||||
Net change in unrealized appreciation (depreciation) of investments before taxes | 723,596 | 2,364,979.00 |
For the three months ended 03/31/2024 | |||||||||||
Cost of Investments Acquired | Proceeds from Sales or Maturities | ||||||||||
Corporate restricted securities | $ | 25,096,673 | $ | 24,909,199 | |||||||
Corporate public securities | 1,237,875 | 2,003,197 |
Delayed Draw Term Loans | Unfunded Amount | Unfunded Value | |||||||||
AdaCore Inc | $ | 571,797 | $ | 571,673 | |||||||
Best Lawyers | 224,359 | 227,090 | |||||||||
Best Lawyers | 300,641 | 306,104 | |||||||||
California Custom Fruits & Flavors | 380,513 | 380,391 | |||||||||
Cascade Services | 603,529 | 620,161 | |||||||||
Cash Flow Management | 149,254 | 149,160 | |||||||||
Cloudbreak | 396,825 | 396,748 | |||||||||
CTS Engines LLC | 91,076 | 90,675 | |||||||||
Fortis Payments, LLC | 139,098 | 138,830 | |||||||||
HTI Technology & Industries Inc. | 204,545 | 201,567 | |||||||||
Ice House America | 65,946 | 65,681 | |||||||||
ISTO Biologics | 126,456 | 126,649 | |||||||||
Jones Fish | 449,347 | 454,683 | |||||||||
Kings III | 251,240 | 251,082 | |||||||||
Kings III | 61,476 | 62,150 | |||||||||
Net at Work | 1,060,606 | 1,076,199 | |||||||||
Parkview Dental Partners | 656,122 | 657,407 | |||||||||
Process Insights Acquisition, Inc. | 219,706 | 224,749 |
Delayed Draw Term Loans | Unfunded Amount | Unfunded Value | |||||||||
Randy's Worldwide | $ | 97,074 | $ | 98,941 | |||||||
RoadOne IntermodaLogistics | 168,199 | 176,660 | |||||||||
smartShift Technologies | 726,430 | 745,151 | |||||||||
Stratus Unlimited | 116,080 | 124,363 | |||||||||
SVI International, Inc. | 222,772 | 222,715 | |||||||||
Tank Holding Corp | 75,063 | 76,251 | |||||||||
Warner Pacific Insurance Services | 892,934 | 908,085 | |||||||||
Ziyad | 192,886 | 192,540 | |||||||||
$ | 8,443,974 | $ | 8,545,705 |
Revolvers | Unfunded Amount | Unfunded Value | |||||||||
Accurus Aerospace International UK Buyer | $ | 24,393 | $ | 22,444 | |||||||
AdaCore Inc | 211,506 | 211,460 | |||||||||
Aero Accessories | 83,333 | 82,842 | |||||||||
Americo Chemical Products | 249,559 | 254,833 | |||||||||
Amtech Software | 321,409 | 319,941 | |||||||||
Applied Aerospace Structures Corp. | 64,516 | 66,022 | |||||||||
ASC Communications, LLC | 45,328 | 45,808 | |||||||||
BrightSign | 55,848 | 54,984 | |||||||||
CAi Software | 471,493 | 468,391 | |||||||||
California Custom Fruits & Flavors | 114,154 | 114,117 | |||||||||
Cascade Services | 132,353 | 135,125 | |||||||||
CJS Global | 484,848 | 487,323 | |||||||||
Cleaver-Brooks, Inc. | 138,394 | 140,374 | |||||||||
Cloudbreak | 238,095 | 238,049 | |||||||||
Cogency Global | 165,304 | 164,039 | |||||||||
Comply365 | 109,756 | 109,239 | |||||||||
DataServ | 96,154 | 96,550 | |||||||||
Decks Direct, LLC | 373,607 | 366,382 | |||||||||
EFI Productivity Software | 109,518 | 110,611 | |||||||||
eShipping | 283,637 | 287,794 | |||||||||
Fortis Payments, LLC | 125,390 | 125,184 | |||||||||
HemaSource, Inc. | 346,496 | 351,771 | |||||||||
HTI Technology & Industries Inc. | 136,364 | 134,378 | |||||||||
Ice House America | 153,153 | 153,021 | |||||||||
Jones Fish | 399,324 | 400,292 | |||||||||
Kings III | 116,515 | 117,048 | |||||||||
LeadsOnline - Weatherby Parent Holdings LLC | 455,531 | 456,095 | |||||||||
Magnolia Wash Holdings | 19,238 | 19,849 | |||||||||
Marshall Excelsior Co. | 16,493 | 18,693 | |||||||||
Mission Microwave | 199,468 | 199,410 | |||||||||
Narda-MITEQ (JFL-Narda Partners, LLC) | 424,977 | 429,556 | |||||||||
Net at Work | 238,636 | 244,656 | |||||||||
Newforma | 219,765 | 226,628 | |||||||||
Office Ally (OA TOPCO, LP) | 230,749 | 234,332 | |||||||||
Omega Holdings | 289,261 | 289,011 |
Revolvers | Unfunded Amount | Unfunded Value | |||||||||
Polara (VSC Polara LLC) | $ | 218,094 | $ | 220,763 | |||||||
Process Insights Acquisition, Inc. | 202,550 | 209,474 | |||||||||
ProfitOptics | 70,968 | 76,032 | |||||||||
Randy's Worldwide | 34,324 | 35,393 | |||||||||
RoadOne IntermodaLogistics | 194,694 | 199,331 | |||||||||
Rock Labor | 120,095 | 120,414 | |||||||||
SBP Holdings | 70,984 | 73,954 | |||||||||
Scaled Agile, Inc | 391,791 | 379,264 | |||||||||
Smartling, Inc. | 205,882 | 207,543 | |||||||||
smartShift Technologies | 348,687 | 356,568 | |||||||||
Standard Elevator System | 5,932 | (6,160) | |||||||||
SVI International, Inc. | 222,772 | 222,715 | |||||||||
Syntax Systems Ltd | 56,627 | 57,668 | |||||||||
Tank Holding Corp | 32,727 | 33,054 | |||||||||
Tencarva Machinery Company | 619,093 | 616,522 | |||||||||
The Caprock Group | 215,035 | 217,366 | |||||||||
Trintech Inc | 178,571 | 179,413 | |||||||||
Whitcraft LLC | 130,778 | 138,449 | |||||||||
Woodland Foods, Inc. | 61,339 | 41,391 | |||||||||
World 50, Inc. | 170,327 | 170,312 | |||||||||
Worldwide Electric Corporation | 248,447 | 246,590 | |||||||||
Ziyad | 230,389 | 227,820 | |||||||||
$ | 11,174,671 | $ | 11,200,128 | ||||||||
Total Unfunded Commitments | $ | 19,618,645 | $ | 19,745,833 |
March 31, 2024 | |||||||||||
Amount | Per Share | ||||||||||
Investment income | $ | 10,062,286 | |||||||||
Net investment income (net of taxes) | 8,072,939 | $ | 0.40 | ||||||||
Net realized and unrealized gain on investments (net of taxes) | 2,220,645 | 0.11 | |||||||||
Members of the Board of Trustees Clifford M. Noreen Chairman Michael H. Brown* Barbara M. Ginader* Edward P. Grace III* David M. Mihalick Susan B. Sweeney* Maleyne M. Syracuse* *Member of the Audit Committee Officers Christina Emery President Christopher D. Hanscom Chief Financial Officer Treasurer Ashlee Steinnerd Chief Legal Officer Robert Spengler, Jr. Chief Compliance Officer Andrea Nitzan Principal Accounting Officer Alexandra Pacini Secretary Sean Feeley Vice President Joseph Evanchick Vice President Matthew Curtis Tax Officer | DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN Barings Corporate Investors (the “Trust”) offers a Dividend Reinvestment and Share Purchase Plan (the “Plan”). The Plan provides a simple way for shareholders to add to their holdings in the Trust through the receipt of dividend shares issued by the Trust or through the investment of cash dividends in Trust shares purchased in the open market. A shareholder may join the Plan by filling out and mailing an authorization card to SS&C GIDS, the Transfer Agent. Participating shareholders will continue to participate until they notify the Transfer Agent, in writing, of their desire to terminate participation. Unless a shareholder elects to participate in the Plan, he or she will, in effect, have elected to receive dividends and distributions in cash. Participating shareholders may also make additional contributions to the Plan from their own funds. Such contributions may be made by personal check or other means in an amount not less than $10 nor more than $5,000 per quarter. Cash contributions must be received by the Transfer Agent at least five days (but no more then 30 days) before the payment date of a dividend or distribution. Whenever the Trust declares a dividend payable in cash or shares, the Transfer Agent, acting on behalf of each participating shareholder, will take the dividend in shares only if the net asset value is lower than the market price plus an estimated brokerage commission as of the close of business on the valuation day. The valuation day is the last day preceding the day of dividend payment. When the dividend is to be taken in shares, the number of shares to be received is determined by dividing the cash dividend by the net asset value as of the close of business on the valuation date or, if greater than net asset value, 95% of the closing share price. If the net asset value of the shares is higher than the market value plus an estimated commission, the Transfer Agent, consistent with obtaining the best price and execution, will buy shares on the open market at current prices promptly after the dividend payment date. The reinvestment of dividends does not, in any way, relieve participating shareholders of any federal, state or local tax. For federal income tax purposes, the amount reportable in respect of a dividend received in newly-issued shares of the Trust will be the fair market value of the shares received, which will be reportable as ordinary income and/or capital gains. As compensation for its services, the Transfer Agent receives a fee of 5% of any dividend and cash contribution (in no event in excess of $2.50 per distribution per shareholder.) Any questions regarding the Plan should be addressed to SS&C GIDS, Transfer Agent for Barings Corporate Investors’ Dividend Reinvestment and Share Purchase Plan, P.O. Box 219086, Kansas City, MO 64121-9086. | |||||||
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