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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NYSE:TCC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.41 | 0.00 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
06-1798488
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(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
3700 Glenwood Avenue, Suite 530
Raleigh, North Carolina
|
|
27612
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
ý
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Page
|
|
||
PART I – FINANCIAL INFORMATION
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
PART II – OTHER INFORMATION
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
|
(Unaudited)
|
|
|
||||
Assets:
|
|
|
|
||||
Investments at fair value:
|
|
|
|
||||
Non-Control / Non-Affiliate investments (cost of $519,536,914 and $565,737,092 at June 30, 2013 and December 31, 2012, respectively)
|
$
|
537,770,803
|
|
|
$
|
579,078,939
|
|
Affiliate investments (cost of $111,083,771 and $123,019,204 at June 30, 2013 and December 31, 2012, respectively)
|
109,258,133
|
|
|
123,408,445
|
|
||
Control investments (cost of $7,990,474 and $11,474,208 at June 30, 2013 and December 31, 2012, respectively)
|
3,068,541
|
|
|
4,315,339
|
|
||
Total investments at fair value
|
650,097,477
|
|
|
706,802,723
|
|
||
Cash and cash equivalents
|
117,131,063
|
|
|
72,300,423
|
|
||
Interest and fees receivable
|
4,179,016
|
|
|
2,650,178
|
|
||
Prepaid expenses and other current assets
|
509,768
|
|
|
403,123
|
|
||
Deferred financing fees
|
11,828,830
|
|
|
12,323,430
|
|
||
Property and equipment, net
|
53,595
|
|
|
55,535
|
|
||
Total assets
|
$
|
783,799,749
|
|
|
$
|
794,535,412
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
4,451,101
|
|
|
$
|
6,405,570
|
|
Interest payable
|
2,955,187
|
|
|
3,136,574
|
|
||
Taxes payable
|
234,796
|
|
|
3,210,989
|
|
||
Deferred income taxes
|
2,373,214
|
|
|
1,342,456
|
|
||
Notes
|
149,500,000
|
|
|
149,500,000
|
|
||
SBA-guaranteed debentures payable
|
193,193,422
|
|
|
213,604,579
|
|
||
Total liabilities
|
352,707,720
|
|
|
377,200,168
|
|
||
Net Assets:
|
|
|
|
||||
Common stock, $0.001 par value per share (150,000,000 shares authorized, 27,600,250 and 27,284,798 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively)
|
27,600
|
|
|
27,285
|
|
||
Additional paid in capital
|
406,567,839
|
|
|
403,322,097
|
|
||
Investment income in excess of distributions
|
8,098,018
|
|
|
6,783,161
|
|
||
Accumulated realized gains on investments
|
7,285,470
|
|
|
1,972,940
|
|
||
Net unrealized appreciation of investments
|
9,113,102
|
|
|
5,229,761
|
|
||
Total net assets
|
431,092,029
|
|
|
417,335,244
|
|
||
Total liabilities and net assets
|
$
|
783,799,749
|
|
|
$
|
794,535,412
|
|
Net asset value per share
|
$
|
15.62
|
|
|
$
|
15.30
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
2013 |
|
June 30,
2012 |
|
June 30,
2013 |
|
June 30,
2012 |
||||||||
Investment income:
|
|
|
|
|
|
|
|
||||||||
Loan interest, fee and dividend income:
|
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments
|
$
|
19,696,422
|
|
|
$
|
15,060,897
|
|
|
$
|
36,883,923
|
|
|
$
|
28,024,499
|
|
Affiliate investments
|
3,246,452
|
|
|
2,952,805
|
|
|
6,209,481
|
|
|
5,669,954
|
|
||||
Control investments
|
46,194
|
|
|
52,218
|
|
|
95,565
|
|
|
111,991
|
|
||||
Total loan interest, fee and dividend income
|
22,989,068
|
|
|
18,065,920
|
|
|
43,188,969
|
|
|
33,806,444
|
|
||||
Payment-in-kind interest income:
|
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments
|
3,234,925
|
|
|
2,850,412
|
|
|
6,485,473
|
|
|
5,437,679
|
|
||||
Affiliate investments
|
981,731
|
|
|
870,085
|
|
|
1,940,110
|
|
|
1,524,318
|
|
||||
Control investments
|
5,961
|
|
|
20,000
|
|
|
11,828
|
|
|
39,971
|
|
||||
Total payment-in-kind interest income
|
4,222,617
|
|
|
3,740,497
|
|
|
8,437,411
|
|
|
7,001,968
|
|
||||
Interest income from cash and cash equivalent investments
|
44,463
|
|
|
156,049
|
|
|
95,703
|
|
|
265,907
|
|
||||
Total investment income
|
27,256,148
|
|
|
21,962,466
|
|
|
51,722,083
|
|
|
41,074,319
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Interest and other debt financing fees
|
4,989,523
|
|
|
4,144,623
|
|
|
10,101,035
|
|
|
7,455,360
|
|
||||
General and administrative expenses
|
5,994,702
|
|
|
3,767,420
|
|
|
10,115,660
|
|
|
7,374,687
|
|
||||
Total expenses
|
10,984,225
|
|
|
7,912,043
|
|
|
20,216,695
|
|
|
14,830,047
|
|
||||
Net investment income
|
16,271,923
|
|
|
14,050,423
|
|
|
31,505,388
|
|
|
26,244,272
|
|
||||
Net realized gains:
|
|
|
|
|
|
|
|
||||||||
Net realized gain on investments – Non-Control / Non-Affiliate
|
2,428,668
|
|
|
2,784,108
|
|
|
3,007,450
|
|
|
2,784,108
|
|
||||
Net realized gain on investments – Affiliate
|
3,321,999
|
|
|
—
|
|
|
4,595,999
|
|
|
—
|
|
||||
Net realized gain (loss) on investments – Control
|
(2,290,919
|
)
|
|
838,039
|
|
|
(2,290,919
|
)
|
|
838,039
|
|
||||
Net unrealized appreciation (depreciation) of investments
|
2,116,796
|
|
|
(2,046,369
|
)
|
|
3,883,341
|
|
|
(1,424,898
|
)
|
||||
Total net gain on investments
|
5,576,544
|
|
|
1,575,778
|
|
|
9,195,871
|
|
|
2,197,249
|
|
||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(412,673
|
)
|
|
(205,043
|
)
|
||||
Income tax benefit (provision)
|
—
|
|
|
—
|
|
|
(20,303
|
)
|
|
7,231
|
|
||||
Net increase in net assets resulting from operations
|
$
|
21,848,467
|
|
|
$
|
15,626,201
|
|
|
$
|
40,268,283
|
|
|
$
|
28,243,709
|
|
Net investment income per share—basic and diluted
|
$
|
0.59
|
|
|
$
|
0.52
|
|
|
$
|
1.15
|
|
|
$
|
1.00
|
|
Net increase in net assets resulting from operations per share—basic and diluted
|
$
|
0.79
|
|
|
$
|
0.57
|
|
|
$
|
1.46
|
|
|
$
|
1.08
|
|
Dividends declared per common share
|
$
|
0.54
|
|
|
$
|
0.50
|
|
|
$
|
1.08
|
|
|
$
|
0.97
|
|
Weighted average number of shares outstanding—basic and diluted
|
27,569,524
|
|
|
27,262,646
|
|
|
27,501,407
|
|
|
26,168,973
|
|
|
Common Stock
|
|
Additional
Paid In
Capital
|
|
Investment
Income
in Excess of
Distributions
|
|
Accumulated
Realized
Gains on
Investments
|
|
Net
Unrealized
Appreciation
of Investments
|
|
Total
Net
Assets
|
|||||||||||||||
|
Number
of Shares
|
|
Par
Value
|
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2011
|
22,774,726
|
|
|
$
|
22,775
|
|
|
$
|
318,297,269
|
|
|
$
|
6,847,486
|
|
|
$
|
1,011,649
|
|
|
$
|
8,107,776
|
|
|
$
|
334,286,955
|
|
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
26,244,272
|
|
|
—
|
|
|
—
|
|
|
26,244,272
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,372,096
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,372,096
|
|
||||||
Net realized gain on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,622,147
|
|
|
(3,062,895
|
)
|
|
559,252
|
|
||||||
Net unrealized appreciation of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,637,997
|
|
|
1,637,997
|
|
||||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(205,043
|
)
|
|
—
|
|
|
—
|
|
|
(205,043
|
)
|
||||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
7,231
|
|
|
—
|
|
|
—
|
|
|
7,231
|
|
||||||
Dividends/distributions declared
|
81,861
|
|
|
81
|
|
|
1,664,085
|
|
|
(26,418,899
|
)
|
|
—
|
|
|
—
|
|
|
(24,754,733
|
)
|
||||||
Public offering of common stock
|
4,255,000
|
|
|
4,255
|
|
|
77,118,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,122,974
|
|
||||||
Issuance of restricted stock
|
235,086
|
|
|
236
|
|
|
(236
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Common stock withheld for payroll taxes upon vesting of restricted stock
|
(57,539
|
)
|
|
(58
|
)
|
|
(1,111,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,111,444
|
)
|
||||||
Balance, June 30, 2012
|
27,289,134
|
|
|
$
|
27,289
|
|
|
$
|
397,340,547
|
|
|
$
|
6,475,047
|
|
|
$
|
4,633,796
|
|
|
$
|
6,682,878
|
|
|
$
|
415,159,557
|
|
|
Common Stock
|
|
Additional
Paid In
Capital
|
|
Investment
Income
in Excess of
Distributions
|
|
Accumulated
Realized
Gains on
Investments
|
|
Net
Unrealized
Appreciation
of Investments
|
|
Total
Net
Assets
|
|||||||||||||||
|
Number
of Shares
|
|
Par
Value
|
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2012
|
27,284,798
|
|
|
$
|
27,285
|
|
|
$
|
403,322,097
|
|
|
$
|
6,783,161
|
|
|
$
|
1,972,940
|
|
|
$
|
5,229,761
|
|
|
$
|
417,335,244
|
|
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
31,505,388
|
|
|
—
|
|
|
—
|
|
|
31,505,388
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,675,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,675,896
|
|
||||||
Net realized gain on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,312,530
|
|
|
(3,863,315
|
)
|
|
1,449,215
|
|
||||||
Net unrealized appreciation of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,746,656
|
|
|
7,746,656
|
|
||||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(412,673
|
)
|
|
—
|
|
|
—
|
|
|
(412,673
|
)
|
||||||
Income tax provision
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,303
|
)
|
|
—
|
|
|
—
|
|
|
(20,303
|
)
|
||||||
Dividends/distributions declared
|
57,042
|
|
|
57
|
|
|
1,570,104
|
|
|
(29,757,555
|
)
|
|
—
|
|
|
—
|
|
|
(28,187,394
|
)
|
||||||
Issuance of restricted stock
|
258,410
|
|
|
258
|
|
|
(258
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance, June 30, 2013
|
27,600,250
|
|
|
$
|
27,600
|
|
|
$
|
406,567,839
|
|
|
$
|
8,098,018
|
|
|
$
|
7,285,470
|
|
|
$
|
9,113,102
|
|
|
$
|
431,092,029
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||
|
June 30, 2013
|
|
June 30, 2012
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net increase in net assets resulting from operations
|
$
|
40,268,283
|
|
|
$
|
28,243,709
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
|
|
|
|
||||
Purchases of portfolio investments
|
(37,112,821
|
)
|
|
(156,571,355
|
)
|
||
Repayments received/sales of portfolio investments
|
111,695,347
|
|
|
71,439,853
|
|
||
Loan origination and other fees received
|
621,440
|
|
|
2,309,229
|
|
||
Net realized gain on investments
|
(5,312,530
|
)
|
|
(3,622,147
|
)
|
||
Net unrealized (appreciation) depreciation of investments
|
(4,914,099
|
)
|
|
1,251,562
|
|
||
Deferred income taxes
|
1,030,758
|
|
|
173,337
|
|
||
Payment-in-kind interest accrued, net of payments received
|
(5,263,335
|
)
|
|
(3,765,725
|
)
|
||
Amortization of deferred financing fees
|
766,221
|
|
|
504,619
|
|
||
Loss on extinguishment of debt
|
412,673
|
|
|
205,043
|
|
||
Accretion of loan origination and other fees
|
(2,243,128
|
)
|
|
(1,554,726
|
)
|
||
Accretion of loan discounts
|
(765,628
|
)
|
|
(811,990
|
)
|
||
Accretion of discount on SBA-guaranteed debentures payable
|
88,843
|
|
|
87,256
|
|
||
Depreciation expense
|
19,085
|
|
|
15,811
|
|
||
Stock-based compensation
|
1,675,896
|
|
|
1,372,096
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Interest and fees receivable
|
(1,528,838
|
)
|
|
(2,564,588
|
)
|
||
Prepaid expenses
|
(106,645
|
)
|
|
221,547
|
|
||
Accounts payable and accrued liabilities
|
(1,954,469
|
)
|
|
(1,397,172
|
)
|
||
Interest payable
|
(181,387
|
)
|
|
29,435
|
|
||
Taxes payable
|
(2,976,193
|
)
|
|
(1,198,973
|
)
|
||
Net cash provided by (used in) operating activities
|
94,219,473
|
|
|
(65,633,179
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(17,145
|
)
|
|
(13,354
|
)
|
||
Net cash used in investing activities
|
(17,145
|
)
|
|
(13,354
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of SBA-guaranteed debentures payable
|
(20,500,000
|
)
|
|
(10,410,000
|
)
|
||
Repayments of credit facility
|
—
|
|
|
(15,000,000
|
)
|
||
Proceeds from notes
|
—
|
|
|
69,000,000
|
|
||
Financing fees paid
|
(684,294
|
)
|
|
(2,340,983
|
)
|
||
Proceeds from public stock offerings, net of expenses
|
—
|
|
|
77,122,974
|
|
||
Common stock withheld for payroll taxes upon vesting of restricted stock
|
—
|
|
|
(1,111,444
|
)
|
||
Cash dividends paid
|
(28,187,394
|
)
|
|
(24,754,733
|
)
|
||
Net cash provided by (used in) financing activities
|
(49,371,688
|
)
|
|
92,505,814
|
|
||
Net increase in cash and cash equivalents
|
44,830,640
|
|
|
26,859,281
|
|
||
Cash and cash equivalents, beginning of period
|
72,300,423
|
|
|
66,868,340
|
|
||
Cash and cash equivalents, end of period
|
$
|
117,131,063
|
|
|
$
|
93,727,621
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
9,084,547
|
|
|
$
|
6,671,706
|
|
Summary of non-cash financing transactions:
|
|
|
|
||||
Dividends paid through DRIP share issuances
|
$
|
1,570,161
|
|
|
$
|
1,664,166
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
Non–Control / Non–Affiliate Investments:
|
|
|
|
|
|
|
||||||||||
Agilex Flavors & Fragrances, Inc. (3%)*
|
|
Custom Fragrance Producers
|
|
Subordinated Note (12% Cash, 1.5% PIK, Due 06/19)
|
|
$
|
12,601,270
|
|
|
$
|
12,364,434
|
|
|
$
|
12,364,434
|
|
Common Units (1,250 units)
|
|
|
|
1,250,000
|
|
1,264,000
|
||||||||||
|
|
|
12,601,270
|
|
13,614,434
|
|
13,628,434
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Ambient Air Corporation (0%)*
|
|
Specialty Trade Contractors
|
|
Subordinated Note (0% Cash, 8% PIK, Due 06/20)
|
|
454,628
|
|
66,993
|
|
372,000
|
||||||
|
|
|
454,628
|
|
|
66,993
|
|
|
372,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Assurance Operations Corporation (0%)*
|
|
Metal Fabrication
|
|
Common Stock (517 shares)
|
|
|
|
516,867
|
|
|
935,000
|
|
||||
|
|
|
|
|
516,867
|
|
|
935,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Audio and Video Labs Holdings, Inc. (3%)*
|
|
Manufacturer and Distributor for Independent Artists and Authors
|
|
Subordinated Note (12% Cash, 2% PIK, Due 06/18)
|
|
13,134,189
|
|
|
12,891,473
|
|
|
12,891,473
|
|
|||
Common Units (134 units)
|
|
|
|
1,300,000
|
|
|
1,150,000
|
|
||||||||
|
|
|
13,134,189
|
|
|
14,191,473
|
|
|
14,041,473
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Botanical Laboratories, Inc. (0%)*
|
|
Nutritional Supplement Manufacturing and Distribution
|
|
Common Unit Warrants (998,680 units)
|
|
|
|
237,301
|
|
|
580,603
|
|
||||
|
|
|
|
|
|
237,301
|
|
|
580,603
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital Contractors, Inc. (2%)*
|
|
Janitorial and Facilities Maintenance Services
|
|
Subordinated Notes (12% Cash, 2% PIK, Due
12/15) |
|
9,468,396
|
|
|
9,083,092
|
|
|
9,083,092
|
|
|||
Common Stock Warrants (20 shares)
|
|
|
|
492,000
|
|
|
345,000
|
|
||||||||
|
|
9,468,396
|
|
|
9,575,092
|
|
|
9,428,092
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Carolina Beverage Group, LLC (1%)*
|
|
Beverage
Manufacturing and Packaging |
|
Class A Units (11,974 units)
|
|
|
|
1,077,615
|
|
|
1,449,000
|
|
||||
|
Class B Units (11,974 units)
|
|
|
|
119,735
|
|
|
1,823,000
|
|
|||||||
|
|
|
|
|
1,197,350
|
|
|
3,272,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Charter Facilities Services, Inc. (2%)*
|
|
Retail, Restaurant, and Commercial Facilities Maintenance
|
|
Subordinated Note (10% Cash, 3% PIK, Due 07/18)
|
|
8,210,044
|
|
|
8,083,515
|
|
|
8,083,515
|
|
|||
|
Convertible Preferred Units (2,500 units)
|
|
|
|
250,000
|
|
|
424,000
|
|
|||||||
|
|
|
8,210,044
|
|
|
8,333,515
|
|
|
8,507,515
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Chromaflo Technologies, LLC (4%)*
|
|
Colorant
Manufacturer and Distributor |
|
Subordinated Note (12% Cash, 2% PIK, Due 10/17)
|
|
16,632,900
|
|
|
16,364,505
|
|
|
16,364,505
|
|
|||
Preferred A Units (22,561 units)
|
|
|
|
2,256,098
|
|
|
2,847,000
|
|
||||||||
|
|
|
16,632,900
|
|
|
18,620,603
|
|
|
19,211,505
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Comverge, Inc. (4%)*
|
|
Provider of Intelligent Energy Management Solutions
|
|
Senior Note (12% Cash, 3% PIK, Due 05/18)
|
|
15,270,247
|
|
|
14,998,819
|
|
|
14,998,819
|
|
|||
Preferred Units (900 units)
|
|
|
|
900,000
|
|
|
942,000
|
|
||||||||
Common Units (1,000,000 units)
|
|
|
|
100,000
|
|
|
115,000
|
|
||||||||
|
|
|
15,270,247
|
|
|
15,998,819
|
|
|
16,055,819
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Continental Anesthesia Management, LLC (2%)*
|
|
Physicians
Management Services |
|
Subordinated Note (14.0% Cash, Due 11/14)
|
|
9,825,000
|
|
|
9,666,763
|
|
|
8,849,000
|
|
|||
Warrant (263 shares)
|
|
|
|
276,100
|
|
|
—
|
|
||||||||
|
|
9,825,000
|
|
|
9,942,863
|
|
|
8,849,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
CRS Reprocessing, LLC (6%)*
|
|
Fluid
Reprocessing Services |
|
Subordinated Note (12% Cash, 2% PIK, Due 11/15)
|
|
11,887,166
|
|
|
11,704,712
|
|
|
11,704,712
|
|
|||
Subordinated Note (12% Cash, 2% PIK, Due 11/15)
|
|
13,109,315
|
|
|
12,055,213
|
|
|
12,055,213
|
|
|||||||
Series C Preferred Units (30 units)
|
|
|
|
288,342
|
|
|
427,000
|
|
||||||||
Common Unit Warrant (664 units)
|
|
|
|
1,759,556
|
|
|
2,626,000
|
|
||||||||
Series D Preferred Units (16 units)
|
|
|
|
107,074
|
|
|
168,000
|
|
||||||||
|
|
|
24,996,481
|
|
|
25,914,897
|
|
|
26,980,925
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DataSource Incorporated (2%)*
|
|
Print Supply Chain Management Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 01/18)
|
|
8,670,799
|
|
|
8,524,089
|
|
|
8,524,089
|
|
|||
|
Common Units (47 units)
|
|
|
|
1,000,000
|
|
|
1,114,000
|
|
|||||||
|
|
|
8,670,799
|
|
|
9,524,089
|
|
|
9,638,089
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DCWV Acquisition Corporation (1%)*
|
|
Arts & Crafts and Home Decor Products Designer and Supplier
|
|
Subordinated Note (12% Cash, 3% PIK, Due 09/17)
|
|
6,146,584
|
|
|
6,040,388
|
|
|
4,862,000
|
|
|||
|
|
|
6,146,584
|
|
|
6,040,388
|
|
|
4,862,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DLR Restaurants, LLC (0%)*
|
|
Restaurant
|
|
Royalty Rights
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
—
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Dyno Acquiror, Inc. (2%)*
|
|
Sewing Products and Seasonal Decorative Products Supplier
|
|
Subordinated Note (12% Cash, 2% PIK, Due 11/18)
|
|
7,022,574
|
|
|
6,882,574
|
|
|
6,882,574
|
|
|||
|
Preferred Series A Units (600,000 units)
|
|
|
|
600,000
|
|
|
600,000
|
|
|||||||
|
|
|
7,022,574
|
|
|
7,482,574
|
|
|
7,482,574
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
Eckler's Holdings, Inc. (2%)*
|
|
Restoration Parts and Accessories for Classic Cars and Trucks
|
|
Subordinated Note (11% Cash, 4% PIK, Due 07/18)
|
|
$
|
6,940,632
|
|
|
$
|
6,792,567
|
|
|
$
|
6,792,567
|
|
|
Common Stock (18,029 shares)
|
|
|
|
|
183,562
|
|
|
111,000
|
|
||||||
|
Preferred Stock A (1,596 shares)
|
|
|
|
|
1,596,126
|
|
|
1,724,000
|
|
||||||
|
|
|
6,940,632
|
|
|
8,572,255
|
|
|
8,627,567
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Electronic Systems Protection, Inc. (1%)*
|
|
Power Protection Systems Manufacturing
|
|
Subordinated Note (12% Cash, 2% PIK, Due 12/15)
|
|
4,289,253
|
|
|
4,265,863
|
|
|
4,265,863
|
|
|||
Common Stock (570 shares)
|
|
|
|
285,000
|
|
|
307,000
|
|
||||||||
|
|
|
4,289,253
|
|
|
4,550,863
|
|
|
4,572,863
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Foodstate, Inc. (1%)*
|
|
Nutritional Supplement Manufacturing and Distribution
|
|
Subordinated Note (12% Cash, 3.8% PIK, Due 10/16)
|
|
5,584,163
|
|
|
5,510,802
|
|
|
5,510,802
|
|
|||
|
|
|
5,584,163
|
|
|
5,510,802
|
|
|
5,510,802
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Frozen Specialties, Inc. (2%)*
|
|
Frozen Foods Manufacturer
|
|
Subordinated Note (13% Cash, 5% PIK, Due 05/16)
|
|
10,674,242
|
|
|
10,636,122
|
|
|
10,636,122
|
|
|||
|
|
10,674,242
|
|
|
10,636,122
|
|
|
10,636,122
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Garden Fresh Restaurant Corp. (0%)*
|
|
Restaurant
|
|
Membership Units (5,000 units)
|
|
|
|
500,000
|
|
|
113,000
|
|
||||
|
|
|
|
500,000
|
|
|
113,000
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Glencoe Business Services Holdings (5%)*
|
|
Business Process Outsourcing Provider
|
|
Subordinated Note (12% Cash, 2.5% PIK, Due 06/18)
|
|
20,254,112
|
|
|
19,880,702
|
|
|
19,880,702
|
|
|||
|
|
20,254,112
|
|
|
19,880,702
|
|
|
19,880,702
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Grindmaster-Cecilware Corp. (1%)*
|
|
Food Services Equipment Manufacturer
|
|
Subordinated Note (12% Cash, 6% PIK, Due 04/16)
|
|
6,871,666
|
|
|
6,827,412
|
|
|
6,002,000
|
|
|||
|
|
6,871,666
|
|
|
6,827,412
|
|
|
6,002,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Hatch Chile Co., LLC (1%)*
|
|
Food Products Distributor
|
|
Senior Note (19% Cash, Due 07/15)
|
|
3,346,363
|
|
|
3,288,667
|
|
|
3,288,667
|
|
|||
Subordinated Note (14% Cash, Due 07/15)
|
|
743,637
|
|
|
659,094
|
|
|
659,094
|
|
|||||||
Unit Purchase Warrant (5,265 units)
|
|
|
|
149,800
|
|
|
291,000
|
|
||||||||
|
|
4,090,000
|
|
|
4,097,561
|
|
|
4,238,761
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Home Physicians, LLC (“HP”) and Home Physicians Holdings, LP (“HPH”) (3%)*
|
|
In-home Primary Care Physician Services
|
|
Subordinated Note-HP (12% Cash, 5% PIK, Due 03/16)
|
|
11,493,212
|
|
|
10,793,434
|
|
|
10,625,000
|
|
|||
Subordinated Note-HPH (4% Cash, 6% PIK, Due 03/16)
|
|
1,406,009
|
|
|
1,303,361
|
|
|
292,000
|
|
|||||||
Senior Subordinated Note-HP (14% Cash, 2% PIK, Due 03/16)
|
|
1,374,824
|
|
|
1,353,013
|
|
|
1,353,013
|
|
|||||||
Preferred Units (0%)
|
|
|
|
1,100,000
|
|
|
1,980,000
|
|
||||||||
Preferred Unit Purchase Warrants (25%)
|
|
|
|
—
|
|
|
—
|
|
||||||||
Royalty Rights
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
14,274,045
|
|
|
14,549,808
|
|
|
14,250,013
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Infrastructure Corporation of America, Inc. (3%)*
|
|
Roadway Maintenance, Repair and Engineering Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 09/18)
|
|
11,078,757
|
|
|
9,481,668
|
|
|
9,481,668
|
|
|||
Common Stock Purchase Warrant (417,593 shares)
|
|
|
|
2,411,000
|
|
|
2,370,000
|
|
||||||||
|
|
11,078,757
|
|
|
11,892,668
|
|
|
11,851,668
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Inland Pipe Rehabilitation Holding Company LLC
(5%)* |
|
Cleaning and Repair Services
|
|
Subordinated Note (13% Cash, 2% PIK, Due 12/16)
|
|
21,007,449
|
|
|
20,793,115
|
|
|
20,793,115
|
|
|||
Membership Interest Purchase Warrant (3.0%)
|
|
|
|
853,500
|
|
|
2,174,000
|
|
||||||||
|
|
21,007,449
|
|
|
21,646,615
|
|
|
22,967,115
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
IOS Acquisitions, Inc. (4%)*
|
|
Provider of Oil Country Tubular Goods Inspections and Repair Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 06/18)
|
|
17,176,425
|
|
|
16,859,027
|
|
|
16,859,027
|
|
|||
Common Units (7,314 Class A Units)
|
|
|
|
1,699,847
|
|
|
1,357,000
|
|
||||||||
|
|
17,176,425
|
|
|
18,558,874
|
|
|
18,216,027
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Library Systems & Services, LLC (0%)*
|
|
Municipal Business Services
|
|
Common Stock Warrants (112 shares)
|
|
|
|
58,995
|
|
|
1,638,000
|
|
||||
|
|
|
|
|
58,995
|
|
|
1,638,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Magpul Industries Corp. (5%)*
|
|
Firearm Accessories Manufacturer and Distributor
|
|
Subordinated Note (12% Cash, 3% PIK, Due 03/17)
|
|
13,300,000
|
|
|
13,100,747
|
|
|
13,100,747
|
|
|||
Preferred Units (1,470 units)
|
|
|
|
1,470,000
|
|
|
1,874,000
|
|
||||||||
Common Units (30,000 units)
|
|
|
|
30,000
|
|
|
5,532,000
|
|
||||||||
|
|
13,300,000
|
|
|
14,600,747
|
|
|
20,506,747
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Marine Acquisition Corp. (3%)*
|
|
Boat Steering System and Driver Control Provider
|
|
Subordinated Note (11.50% Cash, 2% PIK, Due 05/17)
|
|
12,000,000
|
|
|
11,763,585
|
|
|
11,763,585
|
|
|||
|
|
|
12,000,000
|
|
|
11,763,585
|
|
|
11,763,585
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Media Storm, LLC (2%)*
|
|
Marketing Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 10/17)
|
|
8,137,431
|
|
|
8,071,349
|
|
|
8,071,349
|
|
|||
Membership Units (1,216,204 units)
|
|
|
|
1,176,957
|
|
|
1,501,000
|
|
||||||||
|
|
8,137,431
|
|
|
9,248,306
|
|
|
9,572,349
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Media Temple, Inc. (3%)*
|
|
Web Hosting Services
|
|
Convertible Note (8% Cash, 6% PIK, Due 04/15)
|
|
$
|
4,000,001
|
|
|
$
|
4,594,351
|
|
|
$
|
8,117,000
|
|
Common Stock Purchase Warrant (28,000 shares)
|
|
|
|
1,251,000
|
|
|
3,551,000
|
|
||||||||
|
|
4,000,001
|
|
|
5,845,351
|
|
|
11,668,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Micross Solutions LLC (3%)*
|
|
Provider of Semiconductor Products and Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 06/18)
|
|
10,722,502
|
|
|
10,574,072
|
|
|
10,574,072
|
|
|||
Class A-2 Common Units (1,500,000 units)
|
|
|
|
1,500,000
|
|
|
1,024,000
|
|
||||||||
|
|
10,722,502
|
|
|
12,074,072
|
|
|
11,598,072
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Minco Technology Labs, LLC (0%)*
|
|
Semiconductor Distribution
|
|
Subordinated Note (6.5% Cash, 3.5% PIK, Due 12/16)
|
|
5,635,155
|
|
|
5,462,938
|
|
|
2,164,000
|
|
|||
Class A Units (5,000 HoldCo. units)
|
|
|
|
500,000
|
|
|
—
|
|
||||||||
Class A Units (3,907 OpCo. units)
|
|
|
|
3,907
|
|
|
—
|
|
||||||||
|
|
5,635,155
|
|
|
5,966,845
|
|
|
2,164,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
My Alarm Center, LLC (3%)*
|
|
Security Company
|
|
Subordinated Note (12% Cash, 2.5% PIK, Due 09/17)
|
|
10,198,879
|
|
|
10,111,405
|
|
|
10,111,405
|
|
|||
|
Preferred Units (2,000,000 units)
|
|
|
|
|
2,000,000
|
|
|
2,023,000
|
|
||||||
|
|
|
10,198,879
|
|
|
12,111,405
|
|
|
12,134,405
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Novolyte Technologies, Inc. (0%)*
|
|
Specialty Manufacturing
|
|
Common Units (24,522 units)
|
|
|
|
|
43,905
|
|
|
178,801
|
|
|||
|
|
|
|
|
|
43,905
|
|
|
178,801
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Performance Health & Wellness Holdings, Inc. (3%)*
|
|
Designer and Manufacturer of Rehabilitation and Wellness Products
|
|
Subordinated Note (12% Cash, 1% PIK, Due 04/19)
|
|
13,094,852
|
|
|
12,915,486
|
|
|
12,915,486
|
|
|||
|
Class A Limited Partnership Units (15,000 units)
|
|
|
|
1,500,000
|
|
|
1,446,000
|
|
|||||||
|
|
|
13,094,852
|
|
|
14,415,486
|
|
|
14,361,486
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
PowerDirect Marketing, LLC (2%)*
|
|
Marketing Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 05/16)
|
|
7,236,063
|
|
|
6,713,962
|
|
|
6,713,962
|
|
|||
Common Unit Purchase Warrants
|
|
|
|
590,200
|
|
|
1,562,000
|
|
||||||||
|
|
7,236,063
|
|
|
7,304,162
|
|
|
8,275,962
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
ROM Acquisition Corporation (3%)*
|
|
Military and Industrial Vehicle Equipment Manufacturing
|
|
Subordinated Note (12% Cash, 3% PIK, Due 03/17)
|
|
13,357,469
|
|
|
13,248,838
|
|
|
13,248,838
|
|
|||
|
|
13,357,469
|
|
|
13,248,838
|
|
|
13,248,838
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Sheplers, Inc. (3%)*
|
|
Western Apparel Retailer
|
|
Subordinated Note (13.2% Cash, Due 12/16)
|
|
8,750,000
|
|
|
8,582,808
|
|
|
8,582,808
|
|
|||
Subordinated Note (10% Cash, 7% PIK, Due 12/17)
|
|
4,169,023
|
|
|
4,112,778
|
|
|
4,112,778
|
|
|||||||
|
|
|
12,919,023
|
|
|
12,695,586
|
|
|
12,695,586
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Snacks Holding Corporation (2%)*
|
|
Trail Mixes and Nut Manufacturer and Marketer
|
|
Subordinated Note (12% Cash, 1% PIK, Due 5/20)
|
|
5,005,278
|
|
|
4,967,778
|
|
|
4,967,778
|
|
|||
Preferred A Units (22,368 units)
|
|
|
|
1,053,897
|
|
|
2,254,000
|
|
||||||||
Preferred B Units (10,380 units)
|
|
|
|
25,337
|
|
|
123,000
|
|
||||||||
Common Units (190,935 units)
|
|
|
|
150,000
|
|
|
903,000
|
|
||||||||
Common Stock Warrants (14,558 shares)
|
|
|
|
14,558
|
|
|
98,000
|
|
||||||||
|
|
|
5,005,278
|
|
|
6,211,570
|
|
|
8,345,778
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
SRC, Inc. (1%)*
|
|
Specialty Chemical Manufacturer
|
|
Subordinated Notes (12% Cash, 2% PIK, Due 09/14)
|
|
6,084,208
|
|
|
5,957,071
|
|
|
5,670,000
|
|
|||
Common Stock Purchase Warrants
|
|
|
|
123,800
|
|
|
—
|
|
||||||||
|
|
|
6,084,208
|
|
|
6,080,871
|
|
|
5,670,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Stella Environmental Services, LLC (0%)*
|
|
Waste Transfer Stations
|
|
Common Stock Purchase Warrants
|
|
|
|
20,000
|
|
|
394,000
|
|
||||
|
|
|
|
|
|
20,000
|
|
|
394,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Syrgis Holdings, Inc. (0%)*
|
|
Specialty Chemical Manufacturer
|
|
Class C Units (2,114 units)
|
|
|
|
111,037
|
|
|
201,281
|
|
||||
|
|
|
|
111,037
|
|
|
201,281
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
The Krystal Company (1%)*
|
|
Quick Service Restaurant
|
|
Class A Units of Limited Partnership (2,000 units)
|
|
|
|
2,000,000
|
|
|
3,455,000
|
|
||||
|
|
|
|
|
|
2,000,000
|
|
|
3,455,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
TMR Automotive Service Supply, LLC (1%)*
|
|
Automotive Supplies
|
|
Subordinated Note (12% Cash, 1% PIK, Due 03/16)
|
|
4,500,000
|
|
|
4,316,532
|
|
|
4,316,532
|
|
|||
Unit Purchase Warrant (316,858 units)
|
|
|
|
195,000
|
|
|
377,000
|
|
||||||||
|
|
|
4,500,000
|
|
|
4,511,532
|
|
|
4,693,532
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Tomich Brothers, LLC (3%)*
|
|
Squid and Wetfish Processor and Distributor
|
|
Subordinated Note (12% Cash, 3% PIK, Due 04/16)
|
|
12,128,369
|
|
|
11,912,539
|
|
|
11,912,539
|
|
|||
|
|
12,128,369
|
|
|
11,912,539
|
|
|
11,912,539
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
Top Knobs USA, Inc. (0%)*
|
|
Hardware Designer and Distributor
|
|
Common Stock (26,593 shares)
|
|
|
|
$
|
750,000
|
|
|
$
|
1,149,000
|
|
||
|
|
|
|
|
750,000
|
|
|
1,149,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Trinity Consultants Holdings, Inc. (2%)*
|
|
Air Quality Consulting Services
|
|
Subordinated Note (12% Cash, 2.0% PIK, Due 11/17)
|
|
$
|
8,242,454
|
|
|
8,111,078
|
|
|
8,111,078
|
|
||
Series A Preferred Stock (10,000 units)
|
|
|
|
785,775
|
|
|
883,000
|
|
||||||||
Common Stock (50,000 units)
|
|
|
|
50,000
|
|
|
658,000
|
|
||||||||
|
|
|
8,242,454
|
|
|
8,946,853
|
|
|
9,652,078
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
TrustHouse Services Group, Inc. (0%)*
|
|
Food Management Services
|
|
Class A Units (1,557 units)
|
|
|
|
69,302
|
|
|
242,996
|
|
||||
Class B Units (82 units)
|
|
|
|
3,647
|
|
|
8,794
|
|
||||||||
Class E Units (838 units)
|
|
|
|
101,532
|
|
|
139,628
|
|
||||||||
|
|
|
|
|
|
|
|
174,481
|
|
|
391,418
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Tulsa Inspection Resources, Inc. (2%)*
|
|
Pipeline Inspection Services
|
|
Subordinated Note (14%-17.5% Cash, Due 03/14)
|
|
5,810,588
|
|
|
5,723,472
|
|
|
5,723,472
|
|
|||
Common Units (2 units)
|
|
|
|
337,925
|
|
|
810,000
|
|
||||||||
Common Stock Warrants (8 shares)
|
|
|
|
321,000
|
|
|
3,109,000
|
|
||||||||
|
|
|
5,810,588
|
|
|
6,382,397
|
|
|
9,642,472
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
United Biologics, LLC (2%)*
|
|
Allergy Immunotherapy
|
|
Subordinated Note (12% Cash, 2% PIK, Due 03/17)
|
|
10,020,470
|
|
|
9,187,466
|
|
|
9,187,466
|
|
|||
Class A Common Stock (177,935 shares)
|
|
|
|
1,999,989
|
|
|
648,000
|
|
||||||||
Class A-1 Common Stock (18,818 shares)
|
|
|
|
137,324
|
|
|
137,324
|
|
||||||||
Class A-1 Common Kicker Stock (14,114 shares)
|
|
|
|
—
|
|
|
—
|
|
||||||||
Class A & Class B Unit Purchase Warrants
|
|
|
|
838,117
|
|
|
165,000
|
|
||||||||
|
|
10,020,470
|
|
|
12,162,896
|
|
|
10,137,790
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
United Retirement Plan Consultants, Inc. (3%)*
|
|
Retirement Plan Administrator
|
|
Subordinated Note (12% Cash, 4% PIK, Due 09/16)
|
|
12,589,260
|
|
|
12,403,285
|
|
|
12,403,285
|
|
|||
Preferred A Units (90,000 units)
|
|
|
|
900,000
|
|
|
926,000
|
|
||||||||
Common Units (10,000 units)
|
|
|
|
100,000
|
|
|
—
|
|
||||||||
|
|
12,589,260
|
|
|
13,403,285
|
|
|
13,329,285
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Wholesale Floors, Inc. (1%)*
|
|
Commercial Services
|
|
Subordinated Note (12.5% Cash, 3.5% PIK, Due 06/14)
|
|
3,887,615
|
|
|
3,850,397
|
|
|
3,850,397
|
|
|||
Membership Interest Purchase Warrant (4.0%)
|
|
|
|
132,800
|
|
|
192,000
|
|
||||||||
|
|
|
3,887,615
|
|
|
3,983,197
|
|
|
4,042,397
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Workforce Software, LLC (3%)*
|
|
Software Provider
|
|
Subordinated Note (11% Cash, 5% PIK, Due 11/16)
|
|
8,000,000
|
|
|
7,134,199
|
|
|
7,134,199
|
|
|||
Class B Preferred Units (1,020,000 units)
|
|
|
|
1,020,000
|
|
|
1,188,000
|
|
||||||||
Class C Preferred Units (624,253 units)
|
|
|
|
1,250,000
|
|
|
1,875,000
|
|
||||||||
Common Unit Purchase Warrants (2,434,749 units)
|
|
|
|
952,300
|
|
|
4,706,000
|
|
||||||||
|
|
|
8,000,000
|
|
|
10,356,499
|
|
|
14,903,199
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
WSO Holdings, LP (5%)*
|
|
Organic/Fair Trade Sugar, Syrup, Nectar and Honey Producer
|
|
Subordinated Note (12% Cash, 2% PIK, Due 10/17)
|
|
20,300,379
|
|
|
20,052,537
|
|
|
20,052,537
|
|
|||
Common Points (3,000 points)
|
|
|
|
3,000,000
|
|
|
2,816,000
|
|
||||||||
|
|
20,300,379
|
|
|
23,052,537
|
|
|
22,868,537
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Xchange Technology Group, LLC (0%)*
|
|
Used and Refurbished IT Asset Supplier
|
|
Subordinated Note (8% Cash, Due 06/15)
|
|
6,266,299
|
|
|
5,904,000
|
|
|
750,000
|
|
|||
Royalty Rights
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
6,266,299
|
|
|
5,904,000
|
|
|
750,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Yellowstone Landscape Group, Inc. (4%)*
|
|
Landscaping Services
|
|
Subordinated Note (8% Cash, 8% PIK, Due 04/14)
|
|
15,786,071
|
|
|
15,714,997
|
|
|
15,714,997
|
|
|||
|
|
15,786,071
|
|
|
15,714,997
|
|
|
15,714,997
|
|
|||||||
|
|
|
|
|
|
|
||||||||||
Subtotal Non–Control / Non–Affiliate Investments
|
|
483,896,222
|
|
|
519,536,914
|
|
|
537,770,803
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Affiliate Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
All Aboard America! Holdings Inc. (2%)*
|
|
Motor Coach Operator
|
|
Subordinated Note (12% Cash, 3% PIK, Due 10/17)
|
|
8,762,177
|
|
|
8,616,978
|
|
|
8,616,978
|
|
|||
|
Convertible Preferred Interest in LLC
|
|
|
|
1,500,000
|
|
|
1,843,000
|
|
|||||||
|
|
|
8,762,177
|
|
|
10,116,978
|
|
|
10,459,978
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
American De-Rosa Lamparts, LLC and Hallmark Lighting (1%)*
|
|
Lighting Wholesale and Distribution
|
|
Subordinated Note (12% Cash, 6% PIK, Due 6/16)
|
|
6,633,396
|
|
|
5,879,747
|
|
|
5,879,747
|
|
|||
Membership Units (6,516 units)
|
|
|
|
620,653
|
|
|
—
|
|
||||||||
|
|
|
6,633,396
|
|
|
6,500,400
|
|
|
5,879,747
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
AP Services, Inc. (0%)*
|
|
Fluid Sealing Supplies and Services
|
|
Class A Units (933 units)
|
|
|
|
$
|
302,886
|
|
|
$
|
556,618
|
|
||
Class B Units (496 units)
|
|
|
|
—
|
|
|
295,642
|
|
||||||||
|
|
|
|
|
|
302,886
|
|
|
852,260
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Point, LLC (2%)*
|
|
Asset Management Software Provider
|
|
Senior Note (12% Cash, 5% PIK, Due 03/14)
|
|
$
|
6,466,015
|
|
|
6,466,013
|
|
|
6,466,013
|
|
||
Subordinated Note (12% Cash, 2% PIK, Due 07/15)
|
|
636,612
|
|
|
636,612
|
|
|
590,000
|
|
|||||||
Subordinated Note (7% Cash, Due 03/14)
|
|
941,798
|
|
|
941,798
|
|
|
731,000
|
|
|||||||
Membership Units (1,000,000 units)
|
|
|
|
8,203
|
|
|
869,000
|
|
||||||||
Options to Purchase Membership Units (342,407 units)
|
|
|
|
500,000
|
|
|
205,000
|
|
||||||||
Membership Unit Warrants (356,506 units)
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
8,044,425
|
|
|
8,552,626
|
|
|
8,861,013
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Captek Softgel International, Inc. (2%)*
|
|
Nutraceutical Manufacturer
|
|
Subordinated Note (12% Cash, 4% PIK, Due 08/16)
|
|
8,794,882
|
|
|
8,688,111
|
|
|
8,688,111
|
|
|||
Class A Units (80,000 units)
|
|
|
|
800,000
|
|
|
481,000
|
|
||||||||
|
|
|
8,794,882
|
|
|
9,488,111
|
|
|
9,169,111
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
CIS Secure Computing Inc. (3%)*
|
|
Secure
Communications and Computing Solutions Provider |
|
Subordinated Note (12% Cash, 3% PIK, Due
06/17) |
|
10,298,747
|
|
|
10,143,734
|
|
|
10,143,734
|
|
|||
Common Stock (84 shares)
|
|
|
|
502,320
|
|
|
1,009,000
|
|
||||||||
|
|
10,298,747
|
|
|
10,646,054
|
|
|
11,152,734
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Dyson Corporation (1%)*
|
|
Custom Forging and Fastener Supplies
|
|
Class A Units (1,000,000 units)
|
|
|
|
1,000,000
|
|
|
2,626,000
|
|
||||
|
|
|
|
|
1,000,000
|
|
|
2,626,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Main Street Gourmet, LLC (1%)*
|
|
Baked Goods Provider
|
|
Subordinated Note (12% Cash, 4.5% PIK, Due 10/16)
|
|
4,426,445
|
|
|
4,373,060
|
|
|
4,373,060
|
|
|||
Jr. Subordinated Note (8% Cash, 2% PIK, Due 04/17)
|
|
1,046,200
|
|
|
1,032,613
|
|
|
1,032,613
|
|
|||||||
Preferred Units (233 units)
|
|
|
|
211,867
|
|
|
289,000
|
|
||||||||
Common B Units (3,000 units)
|
|
|
|
23,140
|
|
|
66,000
|
|
||||||||
Common A Units (1,652 units)
|
|
|
|
14,993
|
|
|
36,000
|
|
||||||||
|
|
|
5,472,645
|
|
|
5,655,673
|
|
|
5,796,673
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
PartsNow!, LLC (3%)*
|
|
Printer Parts Distributor
|
|
Subordinated Note (12% Cash, 3% PIK, Due 08/17)
|
|
11,281,864
|
|
|
11,093,960
|
|
|
11,093,960
|
|
|||
|
Member Units (1,000,000 units)
|
|
|
|
|
1,000,000
|
|
|
1,367,000
|
|
||||||
|
Royalty Rights
|
|
|
|
|
—
|
|
|
76,000
|
|
||||||
|
|
|
11,281,864
|
|
|
12,093,960
|
|
|
12,536,960
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Pine Street Holdings, LLC (0%)*
|
|
Oil and Gas Services
|
|
Preferred Units (200 units)
|
|
|
|
200,000
|
|
|
—
|
|
||||
|
Common Unit Warrants (2,220 units)
|
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
|
|
|
200,000
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Plantation Products, LLC (6%)*
|
|
Seed Manufacturing
|
|
Subordinated Notes (10.5% Cash, 7% PIK, Due 11/17)
|
|
19,997,715
|
|
|
19,813,531
|
|
|
19,813,531
|
|
|||
Preferred Units (4,312 units)
|
|
|
|
4,312,000
|
|
|
4,841,000
|
|
||||||||
Common Units (352,000 units)
|
|
|
|
88,000
|
|
|
1,944,000
|
|
||||||||
|
|
|
19,997,715
|
|
|
24,213,531
|
|
|
26,598,531
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
QC Holdings, Inc. (0%)*
|
|
Lab Testing Services
|
|
Common Stock (5,594 shares)
|
|
|
|
563,602
|
|
|
401,000
|
|
||||
|
|
|
|
|
563,602
|
|
|
401,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Technology Crops International (2%)*
|
|
Supply Chain Management Services
|
|
Subordinated Note (12% Cash, 5% PIK, Due 03/15)
|
|
6,052,221
|
|
|
6,013,126
|
|
|
6,013,126
|
|
|||
Common Units (50 units)
|
|
|
|
500,000
|
|
|
560,000
|
|
||||||||
|
|
|
6,052,221
|
|
|
6,513,126
|
|
|
6,573,126
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Venture Technology Groups, Inc. (0%)*
|
|
Fluid and Gas Handling Products Distributor
|
|
Subordinated Note (12.5% Cash, 4% PIK, Due 09/16)
|
|
6,472,724
|
|
|
5,703,715
|
|
|
744,000
|
|
|||
Class A Units (1,000,000 units)
|
|
|
|
1,000,000
|
|
|
—
|
|
||||||||
|
|
6,472,724
|
|
|
6,703,715
|
|
|
744,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Waste Recyclers Holdings, LLC (1%)*
|
|
Environmental and Facilities Services
|
|
Class A Preferred Units (280 units)
|
|
|
|
2,251,100
|
|
|
—
|
|
||||
Class B Preferred Units (985,372 units)
|
|
|
|
3,304,218
|
|
|
1,551,000
|
|
||||||||
Class C Preferred Units (1,444,475 units)
|
|
|
|
246,598
|
|
|
713,000
|
|
||||||||
Common Unit Purchase Warrant (1,170,083 units)
|
|
|
|
748,900
|
|
|
—
|
|
||||||||
Common Units (153,219 units)
|
|
|
|
180,783
|
|
|
—
|
|
||||||||
|
|
|
|
|
6,731,599
|
|
|
2,264,000
|
|
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Schedule of Investments
June 30, 2013
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Wythe Will Tzetzo, LLC (1%)*
|
|
Confectionary Goods Distributor
|
|
Series A Preferred Units (74,764 units)
|
|
|
|
$
|
1,500,000
|
|
|
$
|
4,190,000
|
|
||
Common Unit Purchase Warrants (25,065 units)
|
|
|
|
301,510
|
|
|
1,153,000
|
|
||||||||
|
|
|
|
|
|
1,801,510
|
|
|
5,343,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal Affiliate Investments
|
|
|
|
91,810,796
|
|
|
111,083,771
|
|
|
109,258,133
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Control Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
FCL Graphics, Inc. (“FCL”) and FCL Holding SPV, LLC (“SPV”) (1%)*
|
|
Commercial Printing Services
|
|
Senior Note-FCL (4.8% Cash, Due 09/16)
|
|
$
|
1,308,541
|
|
|
1,308,541
|
|
|
1,308,541
|
|
||
Senior Note-FCL (8.1% Cash, 2% PIK, Due 09/16)
|
|
1,183,223
|
|
|
1,183,221
|
|
|
1,032,000
|
|
|||||||
Senior Note-SPV (2.1% Cash, 5.5% PIK, Due 09/16)
|
|
1,035,433
|
|
|
1,007,272
|
|
|
—
|
|
|||||||
Members Interests-SPV (299,875 units)
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
3,527,197
|
|
|
3,499,034
|
|
|
2,340,541
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Gerli & Company (0%)*
|
|
Specialty Woven Fabrics Manufacturer
|
|
Subordinated Note (13% Cash, Due 07/15)
|
|
411,558
|
|
|
375,000
|
|
|
375,000
|
|
|||
Subordinated Note (8.5% Cash, Due 03/15)
|
|
3,634,243
|
|
|
3,000,000
|
|
|
353,000
|
|
|||||||
Class A Preferred Shares (1,211 shares)
|
|
|
|
855,000
|
|
|
—
|
|
||||||||
Class C Preferred Shares (744 shares)
|
|
|
|
—
|
|
|
—
|
|
||||||||
Class E Preferred Shares (400 shares)
|
|
|
|
161,440
|
|
|
—
|
|
||||||||
Common Stock (300 shares)
|
|
|
|
100,000
|
|
|
—
|
|
||||||||
|
|
|
4,045,801
|
|
|
4,491,440
|
|
|
728,000
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Subtotal Control Investments
|
|
|
|
7,572,998
|
|
|
7,990,474
|
|
|
3,068,541
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
Total Investments, June 30, 2013 (151%)*
|
|
|
|
$
|
583,280,016
|
|
|
$
|
638,611,159
|
|
|
$
|
650,097,477
|
|
(1)
|
All debt investments are income producing. Equity and equity-linked investments are non-income producing.
|
(2)
|
Disclosures of interest rates on notes include cash interest rates and payment-in-kind (“PIK”) interest rates.
|
(3)
|
All investments are restricted as to resale and were valued at fair value as determined in good faith by the Board of Directors.
|
TRIANGLE CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2012
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
Non–Control / Non–Affiliate Investments:
|
|
|
|
|
|
|
||||||||||
Agilex Flavors & Fragrances, Inc. (3%)*
|
|
Custom Fragrance Producers
|
|
Subordinated Note (12% Cash, 1.5% PIK, Due 06/19)
|
|
$
|
12,506,771
|
|
|
$
|
12,256,771
|
|
|
$
|
12,256,771
|
|
Common Units (1,250 units)
|
|
|
|
1,250,000
|
|
|
1,250,000
|
|
||||||||
|
|
|
12,506,771
|
|
|
13,506,771
|
|
|
13,506,771
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Ambient Air Corporation (“AA”) and Peaden-Hobbs Mechanical, LLC (“PHM”) (1%)*
|
|
Specialty Trade Contractors
|
|
Subordinated Note-AA (15% Cash, 3% PIK, Due 06/13)
|
|
4,047,120
|
|
|
4,038,351
|
|
|
4,038,351
|
|
|||
Subordinated Note-PHM (12% Cash, Due 09/12)
|
|
12,857
|
|
|
12,857
|
|
|
12,857
|
|
|||||||
Common Stock-PHM (128,571 shares)
|
|
|
|
128,571
|
|
|
128,571
|
|
||||||||
Common Stock Warrants-AA (455 shares)
|
|
|
|
142,361
|
|
|
242,000
|
|
||||||||
|
|
|
4,059,977
|
|
|
4,322,140
|
|
|
4,421,779
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Aramsco, Inc. (0%)*
|
|
Environmental Emergency Products Distributor
|
|
Subordinated Note (12% Cash, 2% PIK, Due 03/14)
|
|
1,231,819
|
|
|
1,156,696
|
|
|
1,156,696
|
|
|||
|
|
|
1,231,819
|
|
|
1,156,696
|
|
|
1,156,696
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Assurance Operations Corporation (0%)*
|
|
Metal Fabrication
|
|
Common Stock (517 shares)
|
|
|
|
516,867
|
|
|
905,000
|
|
||||
|
|
|
|
|
516,867
|
|
|
905,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Audio and Video Labs Holdings, Inc. (3%)*
|
|
Manufacturer and Distributor for Independent Artists and Authors
|
|
Subordinated Note (12% Cash, 2% PIK, Due 06/18)
|
|
13,002,889
|
|
|
12,742,889
|
|
|
12,742,889
|
|
|||
Common Units (134 units)
|
|
|
|
1,300,000
|
|
|
1,300,000
|
|
||||||||
|
|
|
13,002,889
|
|
|
14,042,889
|
|
|
14,042,889
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Botanical Laboratories, Inc. (0%)*
|
|
Nutritional Supplement Manufacturing and Distribution
|
|
Common Unit Warrants (998,680 units)
|
|
|
|
474,600
|
|
|
1,031,000
|
|
||||
|
|
|
|
|
|
474,600
|
|
|
1,031,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital Contractors, Inc. (2%)*
|
|
Janitorial and Facilities Maintenance Services
|
|
Subordinated Notes (12% Cash, 2% PIK, Due
12/15) |
|
9,373,742
|
|
|
8,924,127
|
|
|
8,924,127
|
|
|||
Common Stock Warrants (20 shares)
|
|
|
|
492,000
|
|
|
339,000
|
|
||||||||
|
|
9,373,742
|
|
|
9,416,127
|
|
|
9,263,127
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Carolina Beverage Group, LLC (1%)*
|
|
Beverage Manufacturing
and Packaging |
|
Class A Units (11,974 units)
|
|
|
|
1,077,615
|
|
|
1,367,000
|
|
||||
|
Class B Units (11,974 units)
|
|
|
|
119,735
|
|
|
963,000
|
|
|||||||
|
|
|
|
|
1,197,350
|
|
|
2,330,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Chromaflo Technologies, LLC (5%)*
|
|
Colorant Manufacturer and Distributor
|
|
Subordinated Note (12% Cash, 2% PIK, Due 10/17)
|
|
16,466,899
|
|
|
16,174,905
|
|
|
16,174,905
|
|
|||
Preferred A Units (22,561 units)
|
|
|
|
2,256,098
|
|
|
2,878,098
|
|
||||||||
|
|
|
16,466,899
|
|
|
18,431,003
|
|
|
19,053,003
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Comverge, Inc. (4%)*
|
|
Provider of Intelligent Energy Management Solutions
|
|
Subordinated Note (12% Cash, 3% PIK, Due 05/18)
|
|
15,042,500
|
|
|
14,751,744
|
|
|
14,751,744
|
|
|||
Preferred Units (900 units)
|
|
|
|
900,000
|
|
|
900,000
|
|
||||||||
Common Units (1,000,000 units)
|
|
|
|
100,000
|
|
|
100,000
|
|
||||||||
|
|
|
15,042,500
|
|
|
15,751,744
|
|
|
15,751,744
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Continental Anesthesia Management, LLC (2%)*
|
|
Physicians Management
Services |
|
Senior Note (14% Cash, Due 11/14)
|
|
9,950,000
|
|
|
9,739,469
|
|
|
9,739,469
|
|
|||
Warrant (263 shares)
|
|
|
|
276,100
|
|
|
—
|
|
||||||||
|
|
9,950,000
|
|
|
10,015,569
|
|
|
9,739,469
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
CRS Reprocessing, LLC (7%)*
|
|
Fluid
Reprocessing Services |
|
Subordinated Note (10% Cash, 4% PIK, Due 11/15)
|
|
11,768,332
|
|
|
11,531,905
|
|
|
11,531,905
|
|
|||
Subordinated Note (10% Cash, 4% PIK, Due 11/15)
|
|
12,978,264
|
|
|
11,746,721
|
|
|
11,746,721
|
|
|||||||
Series C Preferred Units (30 units)
|
|
|
|
288,342
|
|
|
454,000
|
|
||||||||
Common Unit Warrant (664 units)
|
|
|
|
1,759,556
|
|
|
3,653,000
|
|
||||||||
Series D Preferred Units (16 units)
|
|
|
|
107,074
|
|
|
184,000
|
|
||||||||
|
|
|
24,746,596
|
|
|
25,433,598
|
|
|
27,569,626
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DataSource Incorporated (2%)*
|
|
Print Supply Chain Management Services
|
|
Subordinated Note (12% Cash, 2% PIK, Due 01/18)
|
|
8,584,263
|
|
|
8,425,564
|
|
|
8,425,564
|
|
|||
|
Common Units (47 units)
|
|
|
|
1,000,000
|
|
|
1,000,000
|
|
|||||||
|
|
|
8,584,263
|
|
|
9,425,564
|
|
|
9,425,564
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DCWV Acquisition Corporation (1%)*
|
|
Arts & Crafts and Home Decor Products Designer and Supplier
|
|
Subordinated Note (12% Cash, 3% PIK, Due 09/17)
|
|
6,054,683
|
|
|
5,939,149
|
|
|
5,939,149
|
|
|||
|
|
|
6,054,683
|
|
|
5,939,149
|
|
|
5,939,149
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
DLR Restaurants, LLC (3%)*
|
|
Restaurant
|
|
Subordinated Note (12% Cash, 2% PIK, Due 03/16)
|
|
10,934,260
|
|
|
10,764,337
|
|
|
10,764,337
|
|
|||
Subordinated Note (12% Cash, 4% PIK, Due 03/16)
|
|
783,243
|
|
|
768,243
|
|
|
768,243
|
|
|||||||
Royalty Rights
|
|
|
|
—
|
|
|
132,000
|
|
||||||||
|
|
|
11,717,503
|
|
|
11,532,580
|
|
|
11,664,580
|
|
TRIANGLE CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2012
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Affiliate Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
All Aboard America! Holdings Inc. (2%)*
|
|
Motor Coach Operator
|
|
Subordinated Note (12% Cash, 3% PIK, Due 10/17)
|
|
$
|
8,631,169
|
|
|
$
|
8,473,203
|
|
|
$
|
8,473,203
|
|
|
Convertible Preferred Interest in LLC
|
|
|
|
1,500,000
|
|
|
1,500,000
|
|
|||||||
|
|
|
8,631,169
|
|
|
9,973,203
|
|
|
9,973,203
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
American De-Rosa Lamparts, LLC and Hallmark Lighting (1%)*
|
|
Wholesale and Distribution
|
|
Subordinated Note (12% Cash, 6% PIK, Due 10/13)
|
|
6,436,764
|
|
|
5,679,311
|
|
|
5,679,311
|
|
|||
Membership Units (6,516 units)
|
|
|
|
620,653
|
|
|
—
|
|
||||||||
|
|
|
6,436,764
|
|
|
6,299,964
|
|
|
5,679,311
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
AP Services, Inc. (0%)*
|
|
Fluid Sealing Supplies and Services
|
|
Class A Units (933 units)
|
|
|
|
302,886
|
|
|
556,618
|
|
||||
Class B Units (496 units)
|
|
|
|
—
|
|
|
295,642
|
|
||||||||
|
|
|
|
302,886
|
|
|
852,260
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Point, LLC (2%)*
|
|
Asset Management Software Provider
|
|
Senior Note (12% Cash, 4% PIK, Due 03/13)
|
|
6,305,825
|
|
|
6,299,297
|
|
|
6,299,297
|
|
|||
Senior Note (12% Cash, 2% PIK, Due 07/15)
|
|
630,247
|
|
|
630,247
|
|
|
576,000
|
|
|||||||
Subordinated Note (7% Cash, Due 03/13)
|
|
941,798
|
|
|
941,798
|
|
|
647,000
|
|
|||||||
Membership Units (1,000,000 units)
|
|
|
|
8,203
|
|
|
398,000
|
|
||||||||
Options to Purchase Membership Units (342,407 units)
|
|
|
|
500,000
|
|
|
180,000
|
|
||||||||
Membership Unit Warrants (356,506 units)
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
7,877,870
|
|
|
8,379,545
|
|
|
8,100,297
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Axxiom Manufacturing, Inc. (0%)*
|
|
Industrial Equipment
Manufacturer |
|
Common Stock (136,400 shares)
|
|
|
|
200,000
|
|
|
1,437,000
|
|
||||
Common Stock Warrant (4,000 shares)
|
|
|
|
—
|
|
|
37,000
|
|
||||||||
|
|
|
|
200,000
|
|
|
1,474,000
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Captek Softgel International, Inc. (2%)*
|
|
Nutraceutical Manufacturer
|
|
Subordinated Note (12% Cash, 4% PIK, Due 08/16)
|
|
8,620,064
|
|
|
8,500,212
|
|
|
8,500,212
|
|
|||
Class A Units (80,000 units)
|
|
|
|
800,000
|
|
|
409,000
|
|
||||||||
|
|
|
8,620,064
|
|
|
9,300,212
|
|
|
8,909,212
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
CIS Secure Computing Inc. (3%)*
|
|
Secure Communications and Computing Solutions Provider
|
|
Subordinated Note (12% Cash, 3% PIK, Due
06/17) |
|
10,144,765
|
|
|
9,966,594
|
|
|
9,966,594
|
|
|||
Common Stock (84 shares)
|
|
|
|
502,320
|
|
|
1,081,000
|
|
||||||||
|
|
10,144,765
|
|
|
10,468,914
|
|
|
11,047,594
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Dyson Corporation (1%)*
|
|
Custom Forging and Fastener Supplies
|
|
Class A Units (1,000,000 units)
|
|
|
|
1,000,000
|
|
|
3,122,000
|
|
||||
|
|
|
|
|
1,000,000
|
|
|
3,122,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Equisales, LLC (0%)*
|
|
Energy Products and Services
|
|
Subordinated Note (6.5% Cash, 10.5% PIK, Due 06/12)
|
|
3,574,630
|
|
|
3,157,043
|
|
|
250,000
|
|
|||
Class A Units (500,000 units)
|
|
|
|
480,900
|
|
|
—
|
|
||||||||
|
|
|
3,574,630
|
|
|
3,637,943
|
|
|
250,000
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Fischbein Partners, LLC (2%)*
|
|
Packaging and Materials Handling Equipment Manufacturer
|
|
Class A Units (1,750,000 units)
|
|
|
|
417,088
|
|
|
6,616,000
|
|
||||
|
|
|
|
|
417,088
|
|
|
6,616,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Main Street Gourmet, LLC (1%)*
|
|
Baked Goods Provider
|
|
Subordinated Note (12% Cash, 4.5% PIK, Due 10/16)
|
|
4,327,970
|
|
|
4,268,044
|
|
|
4,268,044
|
|
|||
Jr. Subordinated Note (8% Cash, 2% PIK, Due 04/17)
|
|
1,035,758
|
|
|
1,020,646
|
|
|
1,020,646
|
|
|||||||
Preferred Units (233 units)
|
|
|
|
211,867
|
|
|
153,000
|
|
||||||||
Common B Units (3,000 units)
|
|
|
|
23,140
|
|
|
—
|
|
||||||||
Common A Units (1,652 units)
|
|
|
|
14,993
|
|
|
—
|
|
||||||||
|
|
|
5,363,728
|
|
|
5,538,690
|
|
|
5,441,690
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
PartsNow!, LLC (3%)*
|
|
Printer Parts Distributor
|
|
Subordinated Note (12% Cash, 3% PIK, Due 08/17)
|
|
11,113,184
|
|
|
10,908,758
|
|
|
10,908,758
|
|
|||
|
Member Units (1,000,000 units)
|
|
|
|
1,000,000
|
|
|
1,000,000
|
|
|||||||
|
Royalty Rights
|
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
|
11,113,184
|
|
|
11,908,758
|
|
|
11,908,758
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Pine Street Holdings, LLC (0%)*
|
|
Oil and Gas Services
|
|
Preferred Units (200 units)
|
|
|
|
200,000
|
|
|
417,000
|
|
||||
|
Common Unit Warrants (2,220 units)
|
|
|
|
—
|
|
|
36,000
|
|
|||||||
|
|
|
|
|
200,000
|
|
|
453,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2012
|
||||||||||||||||
Portfolio Company
|
|
Industry
|
|
Type of Investment
(1)(2)
|
|
Principal
Amount
|
|
Cost
|
|
Fair
Value
(3)
|
||||||
Plantation Products, LLC (6%)*
|
|
Seed Manufacturing
|
|
Subordinated Notes (10.5% Cash, 7% PIK, Due 11/17)
|
|
$
|
19,308,135
|
|
|
$
|
19,108,298
|
|
|
$
|
19,108,298
|
|
Preferred Units (4,312 units)
|
|
|
|
4,312,000
|
|
|
4,660,000
|
|
||||||||
Common Units (352,000 units)
|
|
|
|
88,000
|
|
|
382,000
|
|
||||||||
|
|
|
19,308,135
|
|
|
23,508,298
|
|
|
24,150,298
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
QC Holdings, Inc. (0%)*
|
|
Lab Testing Services
|
|
Common Stock (5,594 shares)
|
|
|
|
563,602
|
|
|
233,000
|
|
||||
|
|
|
|
|
563,602
|
|
|
233,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Technology Crops International (2%)*
|
|
Supply Chain Management Services
|
|
Subordinated Note (12% Cash, 5% PIK, Due 03/15)
|
|
5,902,282
|
|
|
5,853,425
|
|
|
5,853,425
|
|
|||
Common Units (50 units)
|
|
|
|
500,000
|
|
|
680,000
|
|
||||||||
|
|
|
5,902,282
|
|
|
6,353,425
|
|
|
6,533,425
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Venture Technology Groups, Inc. (0%)*
|
|
Fluid and Gas Handling Products Distributor
|
|
Subordinated Note (12.5% Cash, 4% PIK, Due 09/16)
|
|
5,731,024
|
|
|
5,469,170
|
|
|
1,288,000
|
|
|||
Class A Units (1,000,000 units)
|
|
|
|
1,000,000
|
|
|
—
|
|
||||||||
|
|
5,731,024
|
|
|
6,469,170
|
|
|
1,288,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Waste Recyclers Holdings, LLC (1%)*
|
|
Environmental and Facilities Services
|
|
Class A Preferred Units (280 units)
|
|
|
|
2,251,100
|
|
|
—
|
|
||||
Class B Preferred Units (985,372 units)
|
|
|
|
3,304,218
|
|
|
2,974,000
|
|
||||||||
Class C Preferred Units (1,444,475 units)
|
|
|
|
246,598
|
|
|
663,000
|
|
||||||||
Common Unit Purchase Warrant (1,170,083 units)
|
|
|
|
748,900
|
|
|
—
|
|
||||||||
Common Units (153,219 units)
|
|
|
|
180,783
|
|
|
—
|
|
||||||||
|
|
|
|
|
6,731,599
|
|
|
3,637,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Wythe Will Tzetzo, LLC (3%)*
|
|
Confectionary Goods Distributor
|
|
Subordinated Notes (13% Cash, Due 10/16)
|
|
10,357,475
|
|
|
9,964,397
|
|
|
9,964,397
|
|
|||
Series A Preferred Units (74,764 units)
|
|
|
|
1,500,000
|
|
|
3,007,000
|
|
||||||||
Common Unit Purchase Warrants (25,065 units)
|
|
|
|
301,510
|
|
|
768,000
|
|
||||||||
|
|
|
10,357,475
|
|
|
11,765,907
|
|
|
13,739,397
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal Affiliate Investments
|
|
|
|
103,061,090
|
|
|
123,019,204
|
|
|
123,408,445
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Control Investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
FCL Graphics, Inc. (“FCL”) and FCL Holding SPV, LLC (“SPV”) (1%)*
|
|
Commercial Printing Services
|
|
Senior Note-FCL (5.0% Cash, Due 09/16)
|
|
1,386,706
|
|
|
1,386,706
|
|
|
1,386,706
|
|
|||
Senior Note-FCL (8.0% Cash, 2% PIK, Due 09/16)
|
|
1,171,394
|
|
|
1,170,881
|
|
|
1,006,000
|
|
|||||||
Senior Note-SPV (2.5% Cash, 6% PIK, Due 09/16)
|
|
1,007,272
|
|
|
1,007,272
|
|
|
—
|
|
|||||||
Members Interests-SPV (299,875 units)
|
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
3,565,372
|
|
|
3,564,859
|
|
|
2,392,706
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Fire Sprinkler Systems, Inc. (0%)*
|
|
Specialty Trade Contractors
|
|
Subordinated Notes (2% PIK, Due 03/13)
|
|
3,565,051
|
|
|
2,992,528
|
|
|
140,000
|
|
|||
Common Stock (2,978 shares)
|
|
|
|
294,624
|
|
|
—
|
|
||||||||
|
|
3,565,051
|
|
|
3,287,152
|
|
|
140,000
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Fischbein, LLC (0%)*
|
|
Packaging and Materials Handling Equipment Manufacturer
|
|
Class A-1 Common Units (501,984 units)
|
|
|
|
29,575
|
|
|
141,512
|
|
||||
Class A Common Units (3,839,068 units)
|
|
|
|
226,182
|
|
|
927,121
|
|
||||||||
|
|
|
|
255,757
|
|
|
1,068,633
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Gerli & Company (0%)*
|
|
Specialty Woven Fabrics Manufacturer
|
|
Subordinated Note (10% Cash, Due 03/15)
|
|
264,694
|
|
|
250,000
|
|
|
250,000
|
|
|||
Subordinated Note (8.5% Cash, Due 03/15)
|
|
3,483,770
|
|
|
3,000,000
|
|
|
464,000
|
|
|||||||
Class A Preferred Shares (1,211 shares)
|
|
|
|
855,000
|
|
|
—
|
|
||||||||
Class C Preferred Shares (744 shares)
|
|
|
|
—
|
|
|
—
|
|
||||||||
Class E Preferred Shares (400 shares)
|
|
|
|
161,440
|
|
|
—
|
|
||||||||
Common Stock (300 shares)
|
|
|
|
100,000
|
|
|
—
|
|
||||||||
|
|
|
3,748,464
|
|
|
4,366,440
|
|
|
714,000
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Subtotal Control Investments
|
|
|
|
10,878,887
|
|
|
11,474,208
|
|
|
4,315,339
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
Total Investments, December 31, 2012 (169%)*
|
|
|
|
$
|
646,891,362
|
|
|
$
|
700,230,504
|
|
|
$
|
706,802,723
|
|
(1)
|
All debt investments are income producing. Equity and equity-linked investments are non-income producing.
|
(2)
|
Disclosures of interest rates on notes include cash interest rates and payment-in-kind (“PIK”) interest rates.
|
(3)
|
All investments are restricted as to resale and were valued at fair value as determined in good faith by the Board of Directors.
|
|
Cost
|
|
Percentage of
Total Portfolio
|
|
Fair Value
|
|
Percentage of
Total Portfolio
|
||||||
June 30, 2013:
|
|
|
|
|
|
|
|
||||||
Subordinated debt and 2
nd
lien notes
|
$
|
540,690,858
|
|
|
85
|
%
|
|
$
|
522,905,750
|
|
|
80
|
%
|
Senior debt and 1
st
lien notes
|
27,245,261
|
|
|
4
|
|
|
27,094,040
|
|
|
4
|
|
||
Equity shares
|
58,947,603
|
|
|
9
|
|
|
74,690,084
|
|
|
12
|
|
||
Equity warrants
|
11,727,437
|
|
|
2
|
|
|
25,331,603
|
|
|
4
|
|
||
Royalty rights
|
—
|
|
|
—
|
|
|
76,000
|
|
|
—
|
|
||
|
$
|
638,611,159
|
|
|
100
|
%
|
|
$
|
650,097,477
|
|
|
100
|
%
|
December 31, 2012:
|
|
|
|
|
|
|
|
||||||
Subordinated debt and 2
nd
lien notes
|
$
|
582,365,584
|
|
|
83
|
%
|
|
$
|
559,355,550
|
|
|
79
|
%
|
Senior debt and 1
st
lien notes
|
46,955,594
|
|
|
7
|
|
|
46,576,994
|
|
|
7
|
|
||
Equity shares
|
60,948,229
|
|
|
9
|
|
|
78,979,179
|
|
|
11
|
|
||
Equity warrants
|
9,961,097
|
|
|
1
|
|
|
21,759,000
|
|
|
3
|
|
||
Royalty rights
|
—
|
|
|
—
|
|
|
132,000
|
|
|
—
|
|
||
|
$
|
700,230,504
|
|
|
100
|
%
|
|
$
|
706,802,723
|
|
|
100
|
%
|
For the quarter ended:
|
Total
companies
|
|
Percent of total
investments at
fair value
(1)
|
March 31, 2012
|
10
|
|
19%
|
June 30, 2012
|
14
|
|
21%
|
September 30, 2012
|
16
|
|
33%
|
December 31, 2012
|
17
|
|
30%
|
March 31, 2013
|
17
|
|
23%
|
June 30, 2013
|
13
|
|
27%
|
(1)
|
Exclusive of the fair value of new investments made during the quarter.
|
|
Fair Value
|
|
Valuation
Model
|
|
Level 3
Inputs
|
|
Range of
Inputs
|
|
Weighted
Average
|
||
Subordinated debt and 2
nd
lien notes
|
$
|
520,741,750
|
|
|
Income
Approach
|
|
Required Rate of Return
|
|
10.0% – 25.0%
|
|
15.3%
|
|
|
|
|
Leverage Ratio
|
|
0.4x – 8.2x
|
|
3.5x
|
|||
|
|
|
|
Adjusted EBITDA
|
|
$0.8 million – $52.6 million
|
|
$15.6 million
|
|||
Subordinated debt and 2
nd
lien notes
|
2,164,000
|
|
|
Enterprise
Value Waterfall
Approach |
|
Adjusted EBITDA Multiple
|
|
5.3x – 5.5x
|
|
5.3x
|
|
|
|
|
|
Adjusted EBITDA
|
|
$0.5 million – $4.6 million
|
|
$1.1 million
|
|||
Senior debt and 1
st
lien notes
|
27,094,040
|
|
|
Income
Approach
|
|
Required Rate of Return
|
|
4.8% – 19.0%
|
|
15.6%
|
|
|
|
|
|
Leverage Ratio
|
|
1.3x – 8.2x
|
|
4.5x
|
|||
|
|
|
|
Adjusted EBITDA
|
|
$0.8 million – $4.6 million
|
|
$2.5 million
|
|||
Equity shares and warrants
|
100,021,687
|
|
|
Enterprise
Value Waterfall
Approach |
|
Adjusted EBITDA Multiple
|
|
4.0x – 11.0x
|
|
6.7x
|
|
|
|
|
|
Adjusted EBITDA
|
|
$0.5 million – $52.6 million
|
|
$17.8 million
|
|||
|
|
|
|
|
Revenue Multiple
|
|
1.5x – 4.8x
|
|
3.2x
|
||
|
|
|
|
|
Revenues
|
|
$8.4 million – $53.6 million
|
|
$44.0 million
|
|
Fair Value as of June 30, 2013
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Subordinated debt and 2
nd
lien notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
522,905,750
|
|
|
$
|
522,905,750
|
|
Senior debt and 1
st
lien notes
|
—
|
|
|
—
|
|
|
27,094,040
|
|
|
27,094,040
|
|
||||
Equity shares
|
—
|
|
|
—
|
|
|
74,690,084
|
|
|
74,690,084
|
|
||||
Equity warrants
|
—
|
|
|
—
|
|
|
25,331,603
|
|
|
25,331,603
|
|
||||
Royalty rights
|
—
|
|
|
—
|
|
|
76,000
|
|
|
76,000
|
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
650,097,477
|
|
|
$
|
650,097,477
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value as of December 31, 2012
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Subordinated debt and 2
nd
lien notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
559,355,550
|
|
|
$
|
559,355,550
|
|
Senior debt and 1
st
lien notes
|
—
|
|
|
—
|
|
|
46,576,994
|
|
|
46,576,994
|
|
||||
Equity shares
|
—
|
|
|
—
|
|
|
78,979,179
|
|
|
78,979,179
|
|
||||
Equity warrants
|
—
|
|
|
—
|
|
|
21,759,000
|
|
|
21,759,000
|
|
||||
Royalty rights
|
—
|
|
|
—
|
|
|
132,000
|
|
|
132,000
|
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
706,802,723
|
|
|
$
|
706,802,723
|
|
Six Months Ended
June 30, 2013:
|
Subordinated
Debt and 2
nd
Lien Notes
|
|
Senior Debt
and 1
st
Lien
Notes
|
|
Equity
Shares
|
|
Equity
Warrants
|
|
Royalty
Rights
|
|
Total
|
||||||||||||
Fair value, beginning of period
|
$
|
559,355,550
|
|
|
$
|
46,576,994
|
|
|
$
|
78,979,179
|
|
|
$
|
21,759,000
|
|
|
$
|
132,000
|
|
|
$
|
706,802,723
|
|
New investments
|
30,379,497
|
|
|
1,500,000
|
|
|
3,087,324
|
|
|
2,146,000
|
|
|
—
|
|
|
37,112,821
|
|
||||||
Reclassifications
|
8,769,569
|
|
|
(8,769,569
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from sales of investments
|
—
|
|
|
—
|
|
|
(14,193,975
|
)
|
|
(1,196,052
|
)
|
|
—
|
|
|
(15,390,027
|
)
|
||||||
Loan origination fees received
|
(621,440
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(621,440
|
)
|
||||||
Principal repayments received
|
(83,973,518
|
)
|
|
(12,331,802
|
)
|
|
|
|
|
|
|
|
|
|
|
(96,305,320
|
)
|
||||||
PIK interest earned
|
8,026,105
|
|
|
411,306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,437,411
|
|
||||||
PIK interest payments received
|
(2,666,468
|
)
|
|
(507,608
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,174,076
|
)
|
||||||
Accretion of loan discounts
|
765,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
765,628
|
|
||||||
Accretion of deferred loan origination revenue
|
2,042,069
|
|
|
201,059
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,243,128
|
|
||||||
Realized gain
|
(4,609,887
|
)
|
|
—
|
|
|
9,106,025
|
|
|
816,392
|
|
|
|
|
|
5,312,530
|
|
||||||
Unrealized gain (loss)
|
5,438,645
|
|
|
13,660
|
|
|
(2,288,469
|
)
|
|
1,806,263
|
|
|
(56,000
|
)
|
|
4,914,099
|
|
||||||
Fair value, end of period
|
$
|
522,905,750
|
|
|
$
|
27,094,040
|
|
|
$
|
74,690,084
|
|
|
$
|
25,331,603
|
|
|
$
|
76,000
|
|
|
$
|
650,097,477
|
|
Six Months Ended
June 30, 2012:
|
Subordinated
Debt and 2
nd
Lien Notes
|
|
Senior Debt
and 1
st
Lien
Notes
|
|
Equity
Shares
|
|
Equity
Warrants
|
|
Royalty
Rights
|
|
Total
|
||||||||||||
Fair value, beginning of period
|
$
|
387,169,056
|
|
|
$
|
59,974,195
|
|
|
$
|
43,972,024
|
|
|
$
|
15,043,300
|
|
|
$
|
920,000
|
|
|
$
|
507,078,575
|
|
New investments
|
130,886,615
|
|
|
9,161,883
|
|
|
14,343,540
|
|
|
1,552,317
|
|
|
627,000
|
|
|
156,571,355
|
|
||||||
Proceeds from sales of investments
|
—
|
|
|
—
|
|
|
(6,222,422
|
)
|
|
—
|
|
|
—
|
|
|
(6,222,422
|
)
|
||||||
Loan origination fees received
|
(2,109,229
|
)
|
|
(200,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,309,229
|
)
|
||||||
Principal repayments received
|
(58,425,353
|
)
|
|
(6,792,078
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,217,431
|
)
|
||||||
PIK interest earned
|
6,208,613
|
|
|
793,355
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,001,968
|
|
||||||
PIK interest payments received
|
(2,711,392
|
)
|
|
(524,851
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,236,243
|
)
|
||||||
Accretion of loan discounts
|
662,461
|
|
|
149,529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
811,990
|
|
||||||
Accretion of deferred loan origination revenue
|
1,422,894
|
|
|
131,832
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,554,726
|
|
||||||
Realized gains
|
230,034
|
|
|
—
|
|
|
3,392,113
|
|
|
—
|
|
|
—
|
|
|
3,622,147
|
|
||||||
Unrealized gain (loss)
|
(5,374,047
|
)
|
|
470,628
|
|
|
910,357
|
|
|
2,998,500
|
|
|
(257,000
|
)
|
|
(1,251,562
|
)
|
||||||
Fair value, end of period
|
$
|
457,959,652
|
|
|
$
|
63,164,493
|
|
|
$
|
56,395,612
|
|
|
$
|
19,594,117
|
|
|
$
|
1,290,000
|
|
|
$
|
598,403,874
|
|
Issuance/Pooling Date
|
Maturity Date
|
|
Interest Rate as of June 30, 2013
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
SBA-Guaranteed Debentures:
|
|
|
|
|
|
|
|
||||
September 24, 2008
|
September 1, 2018
|
|
N/A
|
|
$
|
—
|
|
|
$
|
20,500,000
|
|
March 25, 2009
|
March 1, 2019
|
|
5.337%
|
|
22,000,000
|
|
|
22,000,000
|
|
||
March 24, 2010
|
March 1, 2020
|
|
4.825%
|
|
6,800,000
|
|
|
6,800,000
|
|
||
September 22, 2010
|
September 1, 2020
|
|
3.687%
|
|
32,590,000
|
|
|
32,590,000
|
|
||
March 29, 2011
|
March 1, 2021
|
|
4.474%
|
|
75,400,000
|
|
|
75,400,000
|
|
||
September 21, 2011
|
September 1, 2021
|
|
3.392%
|
|
19,100,000
|
|
|
19,100,000
|
|
||
March 27, 2013
|
March 1, 2023
|
|
3.155%
|
|
30,000,000
|
|
|
30,000,000
|
|
||
SBA-Guaranteed LMI Debenture:
|
|
|
|
|
|
|
|
||||
September 14, 2010
|
March 1, 2016
|
|
2.508%
|
|
7,303,422
|
|
|
7,214,579
|
|
||
Credit Facility:
|
|
|
|
|
|
|
|
||||
June 26, 2013
|
September 17, 2017
|
|
N/A
|
|
—
|
|
|
—
|
|
||
Notes
|
|
|
|
|
|
|
|
||||
March 2, 2012
|
March 15, 2019
|
|
7.000%
|
|
69,000,000
|
|
|
69,000,000
|
|
||
October 19, 2012
|
December 15, 2022
|
|
6.375%
|
|
80,500,000
|
|
|
80,500,000
|
|
||
|
|
|
|
|
$
|
342,693,422
|
|
|
$
|
363,104,579
|
|
|
Six Months Ended
June 30, 2013 |
|
Six Months Ended
June 30, 2012 |
||||||
|
Number of
Shares
|
|
Weighted Average
Grant Date Fair
Value per Share
|
|
Number of
Shares
|
|
Weighted Average
Grant Date Fair
Value per Share
|
||
Unvested shares, beginning of period
|
290,198
|
|
|
$18.52
|
|
359,555
|
|
|
$15.39
|
Shares granted during the period
|
258,410
|
|
|
$28.51
|
|
235,086
|
|
|
$19.00
|
Shares vested during the period
|
(7,455
|
)
|
|
$20.12
|
|
(140,464
|
)
|
|
$13.42
|
Unvested shares, end of period
|
541,153
|
|
|
$23.27
|
|
454,177
|
|
|
$17.87
|
|
Six Months Ended June 30,
|
||||||
|
2013
|
|
2012
|
||||
Per share data:
|
|
|
|
||||
Net asset value at beginning of period
|
$
|
15.30
|
|
|
$
|
14.68
|
|
Net investment income(1)
|
1.15
|
|
|
1.00
|
|
||
Net realized gain on investments(1)
|
0.19
|
|
|
0.14
|
|
||
Net unrealized appreciation (depreciation) on investments(1)
|
0.14
|
|
|
(0.05
|
)
|
||
Total increase from investment operations(1)
|
1.48
|
|
|
1.09
|
|
||
Cash dividends/distributions declared
|
(1.08
|
)
|
|
(0.97
|
)
|
||
Shares issued pursuant to Dividend Reinvestment Plan
|
0.02
|
|
|
0.01
|
|
||
Common stock offerings
|
—
|
|
|
0.54
|
|
||
Stock-based compensation
|
(0.08
|
)
|
|
(0.12
|
)
|
||
Loss on extinguishment of debt(1)
|
(0.02
|
)
|
|
(0.01
|
)
|
||
Other(2)
|
—
|
|
|
(0.01
|
)
|
||
Net asset value at end of period
|
$
|
15.62
|
|
|
$
|
15.21
|
|
Market value at end of period(3)
|
$
|
27.51
|
|
|
$
|
22.78
|
|
Shares outstanding at end of period
|
27,600,250
|
|
|
27,289,134
|
|
||
Net assets at end of period
|
$
|
431,092,029
|
|
|
$
|
415,159,557
|
|
Average net assets
|
$
|
426,653,208
|
|
|
$
|
391,207,006
|
|
Ratio of total expenses to average net assets (annualized)
|
9.48
|
%
|
|
7.58
|
%
|
||
Ratio of net investment income to average net assets (annualized)
|
14.77
|
%
|
|
13.42
|
%
|
||
Portfolio turnover ratio
|
5.48
|
%
|
|
14.17
|
%
|
||
Total return(4)
|
12.16
|
%
|
|
24.22
|
%
|
||
Supplemental Data:
|
|
|
|
||||
Efficiency ratio(5)
|
19.56
|
%
|
|
17.95
|
%
|
(1)
|
Weighted average basic per share data.
|
(2)
|
Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
|
(3)
|
Represents the closing price of the Company’s common stock on the last day of the period.
|
(4)
|
Total return equals the change in the ending market value of the Company’s common stock during the period, plus dividends declared per share during the period, divided by the market value of the Company’s common stock on the first day of the period. Total return is not annualized.
|
(5)
|
Efficiency ratio equals general and administrative expenses divided by total investment income.
|
|
Cost
|
|
Percentage of
Total
Portfolio
|
|
Fair Value
|
|
Percentage of
Total
Portfolio
|
||||||
June 30, 2013:
|
|
|
|
|
|
|
|
||||||
Subordinated debt and 2nd lien notes
|
$
|
540,690,858
|
|
|
85
|
%
|
|
$
|
522,905,750
|
|
|
80
|
%
|
Senior debt and 1st lien notes
|
27,245,261
|
|
|
4
|
|
|
27,094,040
|
|
|
4
|
|
||
Equity shares
|
58,947,603
|
|
|
9
|
|
|
74,690,084
|
|
|
12
|
|
||
Equity warrants
|
11,727,437
|
|
|
2
|
|
|
25,331,603
|
|
|
4
|
|
||
Royalty rights
|
—
|
|
|
—
|
|
|
76,000
|
|
|
—
|
|
||
|
$
|
638,611,159
|
|
|
100
|
%
|
|
$
|
650,097,477
|
|
|
100
|
%
|
December 31, 2012:
|
|
|
|
|
|
|
|
||||||
Subordinated debt and 2nd lien notes
|
$
|
582,365,584
|
|
|
83
|
%
|
|
$
|
559,355,550
|
|
|
79
|
%
|
Senior debt and 1st lien notes
|
46,955,594
|
|
|
7
|
|
|
46,576,994
|
|
|
7
|
|
||
Equity shares
|
60,948,229
|
|
|
9
|
|
|
78,979,179
|
|
|
11
|
|
||
Equity warrants
|
9,961,097
|
|
|
1
|
|
|
21,759,000
|
|
|
3
|
|
||
Royalty rights
|
—
|
|
|
—
|
|
|
132,000
|
|
|
—
|
|
||
|
$
|
700,230,504
|
|
|
100
|
%
|
|
$
|
706,802,723
|
|
|
100
|
%
|
Six Months Ended
June 30, 2013:
|
Subordinated
Debt and 2
nd
Lien Notes
|
|
Senior Debt
and 1
st
Lien
Notes
|
|
Equity
Shares
|
|
Equity
Warrants
|
|
Royalty
Rights
|
|
Total
|
||||||||||||
Fair value, beginning of period
|
$
|
559,355,550
|
|
|
$
|
46,576,994
|
|
|
$
|
78,979,179
|
|
|
$
|
21,759,000
|
|
|
$
|
132,000
|
|
|
$
|
706,802,723
|
|
New investments
|
30,379,497
|
|
|
1,500,000
|
|
|
3,087,324
|
|
|
2,146,000
|
|
|
—
|
|
|
37,112,821
|
|
||||||
Reclassifications
|
8,769,569
|
|
|
(8,769,569
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from sales of investments
|
—
|
|
|
—
|
|
|
(14,193,975
|
)
|
|
(1,196,052
|
)
|
|
—
|
|
|
(15,390,027
|
)
|
||||||
Loan origination fees received
|
(621,440
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(621,440
|
)
|
||||||
Principal repayments received
|
(83,973,518
|
)
|
|
(12,331,802
|
)
|
|
|
|
|
|
|
|
|
|
|
(96,305,320
|
)
|
||||||
PIK interest earned
|
8,026,105
|
|
|
411,306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,437,411
|
|
||||||
PIK interest payments received
|
(2,666,468
|
)
|
|
(507,608
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,174,076
|
)
|
||||||
Accretion of loan discounts
|
765,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
765,628
|
|
||||||
Accretion of deferred loan origination revenue
|
2,042,069
|
|
|
201,059
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,243,128
|
|
||||||
Realized gain
|
(4,609,887
|
)
|
|
—
|
|
|
9,106,025
|
|
|
816,392
|
|
|
|
|
|
5,312,530
|
|
||||||
Unrealized gain (loss)
|
5,438,645
|
|
|
13,660
|
|
|
(2,288,469
|
)
|
|
1,806,263
|
|
|
(56,000
|
)
|
|
4,914,099
|
|
||||||
Fair value, end of period
|
$
|
522,905,750
|
|
|
$
|
27,094,040
|
|
|
$
|
74,690,084
|
|
|
$
|
25,331,603
|
|
|
$
|
76,000
|
|
|
$
|
650,097,477
|
|
Weighted average yield on debt investments at end of period(1)
|
|
|
|
|
|
14.8
|
%
|
||||||||||||||||
Weighted average yield on total investments at end of period(1)
|
|
|
|
|
|
13.3
|
%
|
||||||||||||||||
Weighted average yield on total investments at end of period
|
|
|
|
|
|
12.9
|
%
|
(1)
|
Excludes non-accrual debt investments.
|
Six Months Ended
June 30, 2012:
|
Subordinated
Debt and 2
nd
Lien Notes
|
|
Senior Debt
and 1
st
Lien
Notes
|
|
Equity
Shares
|
|
Equity
Warrants
|
|
Royalty
Rights
|
|
Total
|
||||||||||||
Fair value, beginning of period
|
$
|
387,169,056
|
|
|
$
|
59,974,195
|
|
|
$
|
43,972,024
|
|
|
$
|
15,043,300
|
|
|
$
|
920,000
|
|
|
$
|
507,078,575
|
|
New investments
|
130,886,615
|
|
|
9,161,883
|
|
|
14,343,540
|
|
|
1,552,317
|
|
|
627,000
|
|
|
156,571,355
|
|
||||||
Proceeds from sales of investments
|
—
|
|
|
—
|
|
|
(6,222,422
|
)
|
|
—
|
|
|
—
|
|
|
(6,222,422
|
)
|
||||||
Loan origination fees received
|
(2,109,229
|
)
|
|
(200,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,309,229
|
)
|
||||||
Principal repayments received
|
(58,425,353
|
)
|
|
(6,792,078
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,217,431
|
)
|
||||||
PIK interest earned
|
6,208,613
|
|
|
793,355
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,001,968
|
|
||||||
PIK interest payments received
|
(2,711,392
|
)
|
|
(524,851
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,236,243
|
)
|
||||||
Accretion of loan discounts
|
662,461
|
|
|
149,529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
811,990
|
|
||||||
Accretion of deferred loan origination revenue
|
1,422,894
|
|
|
131,832
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,554,726
|
|
||||||
Realized gains
|
230,034
|
|
|
—
|
|
|
3,392,113
|
|
|
—
|
|
|
—
|
|
|
3,622,147
|
|
||||||
Unrealized gain (loss)
|
(5,374,047
|
)
|
|
470,628
|
|
|
910,357
|
|
|
2,998,500
|
|
|
(257,000
|
)
|
|
(1,251,562
|
)
|
||||||
Fair value, end of period
|
$
|
457,959,652
|
|
|
$
|
63,164,493
|
|
|
$
|
56,395,612
|
|
|
$
|
19,594,117
|
|
|
$
|
1,290,000
|
|
|
$
|
598,403,874
|
|
Weighted average yield on debt investments at end of period(1)
|
|
|
|
|
|
15.0
|
%
|
||||||||||||||||
Weighted average yield on total investments at end of period(1)
|
|
|
|
|
|
13.8
|
%
|
||||||||||||||||
Weighted average yield on total investments at end of period
|
|
|
|
|
|
13.6
|
%
|
(1)
|
Excludes non-accrual debt investments.
|
For the quarter ended:
|
Total
companies
|
|
Percent of total
investments at
fair value
(1)
|
March 31, 2012
|
10
|
|
19%
|
June 30, 2012
|
14
|
|
21%
|
September 30, 2012
|
16
|
|
33%
|
December 31, 2012
|
17
|
|
30%
|
March 31, 2013
|
17
|
|
23%
|
June 30, 2013
|
13
|
|
27%
|
(1)
|
Exclusive of the fair value of new investments made during the quarter.
|
•
|
financial standing of the issuer of the security;
|
•
|
comparison of the business and financial plan of the issuer with actual results;
|
•
|
the size of the security held;
|
•
|
pending reorganization activity affecting the issuer, such as merger or debt restructuring;
|
•
|
ability of the issuer to obtain needed financing;
|
•
|
changes in the economy affecting the issuer;
|
•
|
financial statements and reports from portfolio company senior management and ownership;
|
•
|
the type of security, the security’s cost at the date of purchase and any contractual restrictions on the disposition of the security;
|
•
|
information as to any transactions or offers with respect to the security and/or sales to third parties of similar securities;
|
•
|
the issuer’s ability to make payments and the type of collateral;
|
•
|
the current and forecasted earnings of the issuer;
|
•
|
statistical ratios compared to lending standards and to other similar securities;
|
•
|
pending public offering of common stock by the issuer of the security;
|
•
|
special reports prepared by analysts; and
|
•
|
other pertinent factors.
|
Number
|
Exhibit
|
|
|
3.1
|
Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant’s Registration Statement on Form N-2/N-5 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).
|
|
|
3.2
|
Third Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2011 and incorporated herein by reference).
|
|
|
4.1
|
Form of Common Stock Certificate (Filed as Exhibit (d) to the Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-2/N-5 (File No. 333-138418) filed with the Securities and Exchange Commission on February 15, 2007 and incorporated herein by reference).
|
|
|
4.2
|
Dividend Reinvestment Plan of the Registrant (Filed as Exhibit 4.2 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission on March 12, 2008 and incorporated herein by reference).
|
|
|
4.3
|
Agreement to Furnish Certain Instruments (Filed as Exhibit 4.19 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission on February 25, 2009 and incorporated herein by reference).
|
|
|
4.4
|
Indenture, dated March 2, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit (d)(5) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.5
|
First Supplemental Indenture, dated March 2, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit (d)(6) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.6
|
Form of 7.00% Senior Note Due 2019 (Contained in the First Supplemental Indenture filed as Exhibit (d)(6) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.7
|
Second Supplemental Indenture, dated October 19, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2012 and incorporated herein by reference).
|
|
|
4.8
|
Form of 6.375% Senior Note Due 2022 (Contained in the Second Supplemental Indenture filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2012 and incorporated herein by reference).
|
|
|
10.1†
|
Amended and Restated 2007 Equity Incentive Plan of the Registrant (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 8, 2013 and incorporated herein by reference).
|
|
|
10.2
|
Second Amended and Restated Credit Agreement, dated June 26, 2013, among the Registrant, Branch Banking and Trust Company, Fifth Third Bank, Morgan Stanley Bank, N.A., ING Capital LLC, Stifel Bank & Trust, First Tennessee Bank National Association, Park Sterling Bank, Raymond James Bank, N.A. and CapStone Bank (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 27, 2013 and incorporated herein by reference).
|
|
|
31.1
|
Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
31.2
|
Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
32.1
|
Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
|
32.2
|
Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
†
|
Management contract or compensatory plan or arrangement.
|
*
|
Filed Herewith.
|
**
|
Furnished Herewith.
|
|
|
|
TRIANGLE CAPITAL CORPORATION
|
|
|
|
|
Date:
|
August 7, 2013
|
|
/s/ Garland S. Tucker, III
|
|
|
|
Garland S. Tucker, III
|
|
|
|
Chief Executive Officer and
|
|
|
|
Chairman of the Board of Directors
|
|
|
|
|
Date:
|
August 7, 2013
|
|
/s/ Steven C. Lilly
|
|
|
|
Steven C. Lilly
|
|
|
|
Chief Financial Officer and Director
|
|
|
|
|
Date:
|
August 7, 2013
|
|
/s/ C. Robert Knox, Jr.
|
|
|
|
C. Robert Knox, Jr.
|
|
|
|
Principal Accounting Officer
|
Number
|
Exhibit
|
|
|
3.1
|
Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant’s Registration Statement on Form N-2/N-5 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).
|
|
|
3.2
|
Third Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2011 and incorporated herein by reference).
|
|
|
4.1
|
Form of Common Stock Certificate (Filed as Exhibit (d) to the Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-2/N-5 (File No. 333-138418) filed with the Securities and Exchange Commission on February 15, 2007 and incorporated herein by reference).
|
|
|
4.2
|
Dividend Reinvestment Plan of the Registrant (Filed as Exhibit 4.2 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission on March 12, 2008 and incorporated herein by reference).
|
|
|
4.3
|
Agreement to Furnish Certain Instruments (Filed as Exhibit 4.19 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission on February 25, 2009 and incorporated herein by reference).
|
|
|
4.4
|
Indenture, dated March 2, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit (d)(5) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.5
|
First Supplemental Indenture, dated March 2, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit (d)(6) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.6
|
Form of 7.00% Senior Note Due 2019 (Contained in the First Supplemental Indenture filed as Exhibit (d)(6) to the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 filed with the Securities and Exchange Commission on March 2, 2012 and incorporated herein by reference).
|
|
|
4.7
|
Second Supplemental Indenture, dated October 19, 2012 between the Registrant and the Bank of New York Mellon Trust Company, N.A. (Filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2012 and incorporated herein by reference).
|
|
|
4.8
|
Form of 6.375% Senior Note Due 2022 (Contained in the Second Supplemental Indenture filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 19, 2012 and incorporated herein by reference).
|
|
|
10.1†
|
Amended and Restated 2007 Equity Incentive Plan of the Registrant (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 8, 2013 and incorporated herein by reference).
|
|
|
10.2
|
Second Amended and Restated Credit Agreement, dated June 26, 2013, among the Registrant, Branch Banking and Trust Company, Fifth Third Bank, Morgan Stanley Bank, N.A., ING Capital LLC, Stifel Bank & Trust, First Tennessee Bank National Association, Park Sterling Bank, Raymond James Bank, N.A. and CapStone Bank (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 27, 2013 and incorporated herein by reference).
|
|
|
31.1
|
Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
31.2
|
Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
32.1
|
Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
|
32.2
|
Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
†
|
Management contract or compensatory plan or arrangement.
|
*
|
Filed Herewith.
|
**
|
Furnished Herewith.
|
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