bkcc-10q_20190930.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                  to                 

Commission file number 814-00712

BLACKROCK CAPITAL INVESTMENT CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

Delaware

20-2725151

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

40 East 52nd Street, New York, NY

10022

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212-810-5800

 

      

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     Accelerated filer     Non-Accelerated filer     

Smaller reporting company     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

BKCC

NASDAQ Global Select Market

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at October 30, 2019 was 68,836,255.

 

 

 


 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

Table of Contents

 

 

INDEX

PAGE NO.

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

CONSOLIDATED FINANCIAL STATEMENTS

3

 

 

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2019 and December 31,
2018 (unaudited)

3

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and
2018 (unaudited)

6

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2019 and December 31, 2018 (unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

21

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

 

 

 

Item 4.

Controls and Procedures

56

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

57

 

 

 

Item 1A.

Risk Factors

57

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

 

 

Item 3.

Defaults Upon Senior Securities

58

 

 

 

Item 4.

Mine Safety Disclosures

58

 

 

 

Item 5.

Other Information

58

 

 

 

Item 6.

Exhibits

59

 

 

SIGNATURES

60

 

 

 

2


 

PART I. FINANCIAL INFORMATION

In this Quarterly Report, “Company”, “we”, “us” and “our” refer to BlackRock Capital Investment Corporation unless the context states otherwise.

Item 1. Consolidated Financial Statements

BlackRock Capital Investment Corporation

Consolidated Statements of Assets and Liabilities

(Unaudited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $368,883,039 and $233,331,450)

 

$

355,908,897

 

 

$

200,569,644

 

Non-controlled, affiliated investments (cost of $68,533,450 and $130,892,674)

 

 

26,915,558

 

 

 

111,727,234

 

Controlled investments (cost of $383,997,209 and $388,870,375)

 

 

343,107,836

 

 

 

359,356,068

 

Total investments at fair value (cost of $821,413,698 and $753,094,499)

 

 

725,932,291

 

 

 

671,652,946

 

Cash and cash equivalents

 

 

3,407,997

 

 

 

13,497,320

 

Receivable for investments sold

 

 

585,968

 

 

 

1,691,077

 

Interest, dividends and fees receivable

 

 

10,553,452

 

 

 

4,084,001

 

Prepaid expenses and other assets

 

 

2,170,461

 

 

 

2,707,036

 

Total Assets

 

$

742,650,169

 

 

$

693,632,380

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $2,533,696 and $3,227,965)

 

$

276,120,037

 

 

$

186,397,728

 

Interest and credit facility fees payable

 

 

2,674,247

 

 

 

722,841

 

Distributions payable

 

 

9,637,075

 

 

 

12,552,212

 

Base management fees payable

 

 

3,230,147

 

 

 

3,494,520

 

Incentive fee payable

 

 

872,695

 

 

 

 

Payable for investments purchased

 

 

 

 

 

989,460

 

Accrued administrative services

 

 

330,073

 

 

 

376,507

 

Other accrued expenses and payables

 

 

2,965,956

 

 

 

2,078,958

 

Total Liabilities

 

 

295,830,230

 

 

 

206,612,226

 

Commitments and Contingencies (See Note 9)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 77,861,287 and 77,861,287 issued and 68,836,255 and 68,921,798 outstanding

 

 

77,861

 

 

 

77,861

 

Paid-in capital in excess of par

 

 

853,248,794

 

 

 

853,248,794

 

Distributable earnings (losses)

 

 

(343,837,461

)

 

 

(304,106,473

)

Treasury stock at cost, 9,025,032 and 8,939,489 shares held

 

 

(62,669,255

)

 

 

(62,200,028

)

Total Net Assets

 

 

446,819,939

 

 

 

487,020,154

 

Total Liabilities and Net Assets

 

$

742,650,169

 

 

$

693,632,380

 

Net Asset Value Per Share

 

$

6.49

 

 

$

7.07

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

BlackRock Capital Investment Corporation

Consolidated Statements of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2019

 

 

Three Months Ended

September 30, 2018

 

 

Nine Months

Ended

September 30, 2019

 

 

Nine Months

Ended

September 30, 2018

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

$

8,167,397

 

 

$

6,355,510

 

 

$

20,922,567

 

 

$

21,680,075

 

PIK interest income

 

 

362,757

 

 

 

285,387

 

 

 

858,865

 

 

 

285,387

 

Fee income

 

 

441,537

 

 

 

314,103

 

 

 

1,354,283

 

 

 

1,062,810

 

Total investment income from non-controlled, non-affiliated investments

 

 

8,971,691

 

 

 

6,955,000

 

 

 

23,135,715

 

 

 

23,028,272

 

Non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

937,710

 

 

 

2,341,479

 

 

 

3,364,592

 

 

 

7,464,526

 

PIK interest income

 

 

114,221

 

 

 

719,007

 

 

 

128,622

 

 

 

1,409,967

 

PIK dividend income

 

 

 

 

 

193,227

 

 

 

220,480

 

 

 

573,379

 

Fee income

 

 

1,604

 

 

 

 

 

1,604

 

 

 

35,000

 

Total investment income from non-controlled, affiliated investments

 

 

1,053,535

 

 

 

3,253,713

 

 

 

3,715,298

 

 

 

9,482,872

 

Controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

4,967,220

 

 

 

6,608,904

 

 

 

17,727,023

 

 

 

17,425,381

 

PIK interest income

 

 

1,057,151

 

 

 

191,253

 

 

 

2,017,417

 

 

 

1,474,466

 

Cash dividend income

 

 

3,878,092

 

 

 

3,678,572

 

 

 

12,172,960

 

 

 

10,295,858

 

PIK dividend income

 

 

 

 

 

 

 

 

 

 

731,516

 

Fee income

 

 

3,199

 

 

 

321,463

 

 

 

128,299

 

 

 

711,788

 

Total investment income from controlled investments

 

 

9,905,662

 

 

 

10,800,192

 

 

 

32,045,699

 

 

 

30,639,009

 

Other income

 

 

25,296

 

 

 

 

 

 

30,371

 

 

 

 

Total investment income

 

 

19,956,184

 

 

 

21,008,905

 

 

 

58,927,083

 

 

 

63,150,153

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fees

 

 

3,230,146

 

 

 

3,481,000

 

 

 

9,173,908

 

 

 

10,644,268

 

Incentive management fees

 

 

2,101,954

 

 

 

2,497,266

 

 

 

6,628,725

 

 

 

6,153,967

 

Interest and credit facility fees

 

 

4,312,944

 

 

 

3,743,694

 

 

 

11,466,706

 

 

 

11,441,909

 

Professional fees

 

 

814,820

 

 

 

212,430

 

 

 

1,783,336

 

 

 

1,564,350

 

Administrative services

 

 

330,072

 

 

 

355,238

 

 

 

1,031,012

 

 

 

1,326,216

 

Director fees

 

 

185,250

 

 

 

181,000

 

 

 

553,250

 

 

 

546,000

 

Investment advisor expenses

 

 

87,500

 

 

 

87,500

 

 

 

262,500

 

 

 

262,500

 

Other

 

 

485,682

 

 

 

461,711

 

 

 

1,512,742

 

 

 

1,717,928

 

Total expenses, before incentive management fee waiver

 

 

11,548,368

 

 

 

11,019,839

 

 

 

32,412,179

 

 

 

33,657,138

 

Incentive management fee waiver (See Note 3)

 

 

(1,229,259

)

 

 

(2,497,266

)

 

 

(5,756,030

)

 

 

(6,153,967

)

Expenses, net of incentive management fee waiver

 

 

10,319,109

 

 

 

8,522,573

 

 

 

26,656,149

 

 

 

27,503,171

 

Net Investment Income

 

 

9,637,075

 

 

 

12,486,332

 

 

 

32,270,934

 

 

 

35,646,982

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

 

 

488,772

 

 

 

(23,395,840

)

 

 

(46,107,825

)

Non-controlled, affiliated investments

 

 

(76,161

)

 

 

 

 

(345,387

)

 

 

Controlled investments

 

 

 

 

 

(2,644,230

)

 

 

 

 

 

(28,759,662

)

Net realized gain (loss)

 

 

(76,161

)

 

 

(2,155,458

)

 

 

(23,741,227

)

 

 

(74,867,487

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(1,013,109

)

 

 

(4,724,274

)

 

 

20,131,296

 

 

 

24,416,981

 

Non-controlled, affiliated investments

 

 

(13,565,504

)

 

 

1,795,922

 

 

 

(22,796,087

)

 

 

16,952,593

 

Controlled investments

 

 

(7,594,669

)

 

 

12,895,555

 

 

 

(11,375,067

)

 

 

23,540,227

 

Foreign currency translation

 

 

(79,775

)

 

 

116,642

 

 

 

197,292

 

 

 

(208,413

)

Net change in unrealized appreciation (depreciation)

 

 

(22,253,057

)

 

 

10,083,845

 

 

 

(13,842,566

)

 

 

64,701,388

 

Net realized and unrealized gain (loss) before taxes

 

 

(22,329,218

)

 

 

7,928,387

 

 

 

(37,583,793

)

 

 

(10,166,099

)

Deferred taxes (See Note 2)

 

 

 

 

 

(409,765

)

 

 

 

 

 

(2,220,156

)

Net realized and unrealized gain (loss) after taxes

 

 

(22,329,218

)

 

 

7,518,622

 

 

 

(37,583,793

)

 

 

(12,386,255

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(12,692,143

)

 

$

20,004,954

 

 

$

(5,312,859

)

 

$

23,260,727

 

Net Investment Income Per Share—basic

 

$

0.14

 

 

$

0.18

 

 

$

0.47

 

 

$

0.50

 

Earnings (Loss) Per Share—basic

 

$

(0.18

)

 

$

0.28

 

 

$

(0.08

)

 

$

0.32

 

Average Shares Outstanding—basic

 

 

68,836,255

 

 

 

71,008,615

 

 

 

68,836,702

 

 

 

71,892,278

 

Net Investment Income Per Share—diluted

 

$

0.14

 

 

$

0.17

 

 

$

0.45

 

 

$

0.48

 

Earnings (Loss) Per Share—diluted

 

$

(0.18

)

 

$

0.25

 

 

$

(0.08

)

 

$

0.32

 

Average Shares Outstanding—diluted (See Note 4)

 

 

85,829,992

 

 

 

88,002,352

 

 

 

85,830,439

 

 

 

88,886,015

 

Distributions Declared Per Share

 

$

0.14

 

 

$

0.18

 

 

$

0.50

 

 

$

0.54

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


 

BlackRock Capital Investment Corporation

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2018

 

Net Assets at December 31

 

$

487,020,154

 

 

$

571,099,932

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

11,404,181

 

 

 

11,622,946

 

Net realized gain (loss)

 

 

56,263

 

 

 

(76,634,388

)

Net change in unrealized appreciation (depreciation) before taxes

 

 

6,508,258

 

 

 

64,095,725

 

Net increase (decrease) in net assets resulting from operations

 

 

17,968,702

 

 

 

(915,717

)

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(12,390,525

)

 

 

(13,150,684

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Share issuance - distribution reinvestment

 

 

 

 

 

816,549

 

Purchases of treasury stock

 

 

(469,227

)

 

 

(4,785,155

)

Net increase (decrease) in net assets resulting from capital share transactions

 

 

(469,227

)

 

 

(3,968,606

)

Total Increase (Decrease) in Net Assets

 

 

5,108,950

 

 

 

(18,035,007

)

Net Assets at March 31

 

$

492,129,104

 

 

$

553,064,925

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

11,229,675

 

 

 

11,537,704

 

Net realized gain (loss)

 

 

(23,721,329

)

 

 

3,922,359

 

Net change in unrealized appreciation (depreciation) before taxes

 

 

1,902,233

 

 

 

(9,478,182

)

Deferred taxes

 

 

 

 

 

(1,810,391

)

Net increase (decrease) in net assets resulting from operations

 

 

(10,589,421

)

 

 

4,171,490

 

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(12,390,526

)

 

 

(12,782,870

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

 

 

 

(7,872,185

)

Net increase (decrease) in net assets resulting from capital share transactions

 

 

 

 

 

(7,872,185

)

Total Increase (Decrease) in Net Assets

 

 

(22,979,947

)

 

 

(16,483,565

)

Net Assets at June 30

 

$

469,149,157

 

 

$

536,581,360

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

9,637,075

 

 

 

12,486,332

 

Net realized gain (loss)

 

 

(76,161

)

 

 

(2,155,458

)

Net change in unrealized appreciation (depreciation) before taxes

 

 

(22,253,057

)

 

 

10,083,845

 

Deferred taxes

 

 

 

 

 

(409,765

)

Net increase (decrease) in net assets resulting from operations

 

 

(12,692,143

)

 

 

20,004,954

 

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(9,637,075

)

 

 

(12,782,870

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

 

 

 

(648,873

)

Net increase (decrease) in net assets resulting from capital share transactions

 

 

 

 

 

(648,873

)

Total Increase (Decrease) in Net Assets

 

 

(22,329,218

)

 

 

6,573,211

 

Net Assets at September 30

 

$

446,819,939

 

 

$

543,154,571

 

 

 

 

 

 

 

 

 

 

Capital Share Activity:

 

 

 

 

 

 

 

 

Shares issued from reinvestment of distributions

 

 

 

 

 

137,523

 

Purchases of treasury stock

 

 

(85,543

)

 

 

(2,176,621

)

Net increase (decrease) in shares outstanding

 

 

(85,543

)

 

 

(2,039,098

)

 

(1)

Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations.

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

BlackRock Capital Investment Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30, 2019

 

 

September 30, 2018

 

Operating Activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(5,312,859

)

 

$

23,260,727

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

PIK interest, dividends and fees

 

 

(3,225,384

)

 

 

(4,474,715

)

Net amortization on investments

 

 

(708,842

)

 

 

(1,350,710

)

Amortization of debt issuance costs and discount

 

 

1,821,795

 

 

 

1,838,980

 

Net change in unrealized (appreciation) depreciation on investments

 

 

14,039,858

 

 

 

(64,909,801

)

Net change in unrealized (appreciation) depreciation on foreign currency translation

 

 

(197,292

)

 

 

208,413

 

Deferred taxes

 

 

 

 

 

2,220,156

 

Net realized (gain) loss on investments

 

 

23,741,227

 

 

 

74,867,487

 

Changes in operating assets:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(227,510,832

)

 

 

(272,098,527

)

Proceeds from disposition of investments

 

 

138,611,906

 

 

 

243,774,902

 

Change in receivable for investments sold

 

 

1,473,772

 

 

 

1,268,982

 

Change in interest, dividends and fees receivable

 

 

(6,159,972

)

 

 

(1,795,079

)

Change in prepaid expenses and other assets

 

 

37,091

 

 

 

(135,046

)

Changes in operating liabilities:

 

 

 

 

 

 

 

 

Change in payable for investments purchased

 

 

(989,460

)

 

 

(167,963

)

Change in interest and credit facility fees payable

 

 

1,951,405

 

 

 

438,461

 

Change in base management fees payable

 

 

(264,373

)

 

 

(253,655

)

Change in incentive management fees payable

 

 

872,695

 

 

 

 

Change in accrued administrative services

 

 

(46,434

)

 

 

240,243

 

Change in other accrued expenses and payables

 

 

1,178,869

 

 

 

(867,492

)

Net cash provided by (used in) operating activities

 

 

(60,686,830

)

 

 

2,065,363

 

Financing Activities:

 

 

 

 

 

 

 

 

Distributions paid in cash

 

 

(37,333,266

)

 

 

(38,269,931

)

Proceeds from debt

 

 

213,000,000

 

 

 

277,000,000

 

Repayments of debt

 

 

(124,600,000

)

 

 

(252,041,000

)

Purchase of treasury stock

 

 

(469,227

)

 

 

(13,306,213

)

Net cash provided by financing activities

 

 

50,597,507

 

 

 

(26,617,144

)

Net increase (decrease) in cash and cash equivalents

 

 

(10,089,323

)

 

 

(24,551,781

)

Cash and cash equivalents, beginning of period

 

 

13,497,320

 

 

 

29,014,645

 

Cash and cash equivalents, end of period

 

$

3,407,997

 

 

$

4,462,864

 

Supplemental disclosure of cash flow information and non-cash financing activities:

 

 

 

 

 

 

 

 

Cash paid during period for:

 

 

 

 

 

 

 

 

Interest

 

$

6,729,781

 

 

$

7,863,905

 

Taxes

 

$

62,841

 

 

$

176,464

 

Share issuance — distribution reinvestment

 

$

 

 

$

816,549

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments

September 30, 2019

(Unaudited)

 

Portfolio Company(r)

 

Industry(t)

 

Interest Rate

 

 

Maturity

 

Principal

Amount or

Number of

Shares/Units

 

 

Cost(a)

 

 

Fair

Value(b)

 

Senior Secured Notes—3.84%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, Inc., Second Lien(d)(f)(j)(u)

 

Electrical Equipment

 

19.03% (L + 1700,  1.00% Floor PIK)

 

 

10/4/23

 

$

7,759,662

 

 

$

2,181,306

 

 

$

 

AGY Holding Corp., Second Lien(d)(g)(j)(u)

 

Chemicals

 

11.00% PIK

 

 

11/15/20

 

 

24,222,207

 

 

 

24,169,280

 

 

 

17,175,390

 

Total Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,350,586

 

 

 

17,175,390

 

Unsecured Debt—24.03%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CB-HDT Holdings, Inc.(d)(j)

 

Aerospace & Defense

 

12.00% PIK

 

 

3/6/21

 

 

8,600,375

 

 

 

8,600,375

 

 

 

8,600,375

 

Gordon Brothers Finance Company(g)(p)

 

Diversified Financial Services

 

13.07% (L + 1100, 1.00% Floor)

 

 

10/31/21

 

 

98,755,380

 

 

 

98,755,380

 

 

 

98,755,380

 

Total Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107,355,755

 

 

 

107,355,755

 

Subordinated Debt—9.74%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Boston Construction Holdings, LLC(d)(g)(k)

 

Thrifts & Mortgage Finance

 

12.00%

 

 

2/23/23

 

 

43,500,000

 

 

 

43,500,000

 

 

 

43,500,000

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,500,000

 

 

 

43,500,000

 

Senior Secured Loans—88.77%(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, Inc., First Lien(f)

 

Electrical Equipment

 

9.79% (L + 750, 1.00% Floor)

 

 

10/4/22

 

 

5,102,053

 

 

 

5,040,360

 

 

 

4,540,827

 

AGY Holding Corp., First Lien(d)(g)

 

Chemicals

 

12.00% PIK

 

 

9/15/20

 

 

24,750,038

 

 

 

24,750,038

 

 

 

24,750,038

 

Aretec Group, Inc., Second Lien(s)

 

Diversified Financial Services

 

10.29% (L+825)

 

 

10/1/26

 

 

3,563,440

 

 

 

3,520,280

 

 

 

3,456,537

 

Bluefin Holding, LLC, Second Lien

 

Software

 

9.86% (L+775)

 

 

9/6/27

 

 

7,309,535

 

 

 

7,200,606

 

 

 

7,200,606

 

CareATC, Inc., First Lien

 

Health Care Technology

 

9.37% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

4,733,036

 

 

 

4,648,738

 

 

 

4,687,530

 

CareATC, Inc., Revolving Term Loan(o)(v)

 

Health Care Technology

 

9.37% (L + 725, 1.00% Floor)

 

 

3/14/24