bkcc-10q_20200930.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, 2020

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 November 4, 2020 was 72,311,504.

 

 

 


 

 

 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020

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, 2020 and December 31, 2019 (unaudited)

3

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)

6

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2020 and December 31, 2019 (unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

22

 

 

 

Item 2.

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

48

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59

 

 

 

Item 4.

Controls and Procedures

59

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

60

 

 

 

Item 1A.

Risk Factors

60

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

 

 

 

Item 3.

Defaults Upon Senior Securities

63

 

 

 

Item 4.

Mine Safety Disclosures

63

 

 

 

Item 5.

Other Information

63

 

 

 

Item 6.

Exhibits

64

 

 

SIGNATURES

65

 

 

 

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,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $380,462,039 and $389,156,775)

 

$

360,354,615

 

 

$

377,136,394

 

Non-controlled, affiliated investments (cost of $21,209,854 and $65,825,475)

 

 

12,532,729

 

 

 

22,473,524

 

Controlled investments (cost of $338,357,722 and $400,561,551)

 

 

236,103,026

 

 

 

350,249,163

 

Total investments at fair value (cost of $740,029,615 and $855,543,801)

 

 

608,990,370

 

 

 

749,859,081

 

Cash and cash equivalents

 

 

5,439,064

 

 

 

14,678,878

 

Receivable for investments sold

 

 

885,968

 

 

 

1,871,435

 

Interest, dividends and fees receivable

 

 

3,915,970

 

 

 

5,708,324

 

Prepaid expenses and other assets

 

 

2,161,437

 

 

 

1,945,709

 

Total Assets

 

$

621,392,809

 

 

$

774,063,427

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $1,596,049 and $2,298,004)

 

$

305,036,006

 

 

$

313,569,694

 

Interest and credit facility fees payable

 

 

2,385,240

 

 

 

757,472

 

Distributions payable

 

 

 

 

 

9,637,075

 

Base management fees payable

 

 

2,481,836

 

 

 

3,251,194

 

Incentive management fees payable

 

 

1,849,597

 

 

 

1,849,597

 

Payable for investments purchased

 

 

 

 

 

7,312,500

 

Accrued administrative services

 

 

379,650

 

 

 

372,407

 

Other accrued expenses and payables

 

 

2,703,310

 

 

 

1,704,507

 

Total Liabilities

 

 

314,835,639

 

 

 

338,454,446

 

Commitments and Contingencies (See Note 9)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 82,323,090 and 77,861,287 issued and 72,311,504 and 68,836,255 outstanding

 

 

82,323

 

 

 

77,861

 

Paid-in capital in excess of par

 

 

860,938,515

 

 

 

849,240,398

 

Distributable earnings (losses)

 

 

(488,166,809

)

 

 

(351,040,023

)

Treasury stock at cost, 10,011,586 and 9,025,032 shares held

 

 

(66,296,859

)

 

 

(62,669,255

)

Total Net Assets

 

 

306,557,170

 

 

 

435,608,981

 

Total Liabilities and Net Assets

 

$

621,392,809

 

 

$

774,063,427

 

Net Asset Value Per Share

 

$

4.24

 

 

$

6.33

 

 

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, 2020

 

 

Three Months

Ended

September 30, 2019

 

 

Nine Months

Ended

September 30, 2020

 

 

Nine Months

Ended

September 30, 2019

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

$

7,543,251

 

 

$

8,167,397

 

 

$

23,265,815

 

 

$

20,922,567

 

PIK interest income

 

 

1,303,323

 

 

 

362,757

 

 

 

3,757,448

 

 

 

858,865

 

Fee income

 

 

14,139

 

 

 

441,537

 

 

 

77,393

 

 

 

1,354,283

 

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

 

 

8,860,713

 

 

 

8,971,691

 

 

 

27,100,656

 

 

 

23,135,715

 

Non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

114,250

 

 

 

937,710

 

 

 

357,724

 

 

 

3,364,592

 

PIK interest income

 

 

118,529

 

 

 

114,221

 

 

 

340,318

 

 

 

128,622

 

PIK dividend income

 

 

 

 

 

 

 

 

 

 

220,480

 

Fee income

 

 

1,451

 

 

 

1,604

 

 

 

4,322

 

 

 

1,604

 

Total investment income from non-controlled, affiliated investments

 

 

234,230

 

 

 

1,053,535

 

 

 

702,364

 

 

 

3,715,298

 

Controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

5,707,147

 

 

 

4,967,220

 

 

 

16,609,577

 

 

 

17,727,023

 

PIK interest income

 

 

 

 

 

1,057,151

 

 

 

1,053,664

 

 

 

2,017,417

 

Cash dividend income

 

 

1,496,818

 

 

 

3,878,092

 

 

 

6,970,469

 

 

 

12,172,960

 

Fee income

 

 

3,186

 

 

 

3,199

 

 

 

67,526

 

 

 

128,299

 

Total investment income from controlled investments

 

 

7,207,151

 

 

 

9,905,662

 

 

 

24,701,236

 

 

 

32,045,699

 

Other income

 

 

 

 

 

25,296

 

 

 

 

 

 

30,371

 

Total investment income

 

 

16,302,094

 

 

 

19,956,184

 

 

 

52,504,256

 

 

 

58,927,083

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fees

 

 

2,481,836

 

 

 

3,230,146

 

 

 

8,486,385

 

 

 

9,173,908

 

Incentive management fees

 

 

1,492,248

 

 

 

2,101,954

 

 

 

5,025,386

 

 

 

6,628,725

 

Interest and credit facility fees

 

 

3,668,242

 

 

 

4,312,944

 

 

 

12,239,957

 

 

 

11,466,706

 

Professional fees

 

 

461,851

 

 

 

814,820

 

 

 

1,531,708

 

 

 

1,783,336

 

Administrative services

 

 

379,650

 

 

 

330,072

 

 

 

1,068,915

 

 

 

1,031,012

 

Director fees

 

 

157,500

 

 

 

185,250

 

 

 

494,750

 

 

 

553,250

 

Investment advisor expenses

 

 

87,500

 

 

 

87,500

 

 

 

262,500

 

 

 

262,500

 

Other

 

 

538,380

 

 

 

485,682

 

 

 

1,504,819

 

 

 

1,512,742

 

Total expenses, before incentive management fee waiver

 

 

9,267,207

 

 

 

11,548,368

 

 

 

30,614,420

 

 

 

32,412,179

 

Incentive management fee waiver (See Note 3)

 

 

(1,492,248

)

 

 

(1,229,259

)

 

 

(5,025,386

)

 

 

(5,756,030

)

Expenses, net of incentive management fee waiver

 

 

7,774,959

 

 

 

10,319,109

 

 

 

25,589,034

 

 

 

26,656,149

 

Net Investment Income

 

 

8,527,135

 

 

 

9,637,075

 

 

 

26,915,222

 

 

 

32,270,934

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(18,151

)

 

 

 

 

 

(12,329,417

)

 

 

(23,395,840

)

Non-controlled, affiliated investments

 

 

 

 

 

(76,161

)

 

 

(43,774,013

)

 

 

(345,387

)

Controlled investments

 

 

(59,194,744

)

 

 

 

 

 

(59,194,744

)

 

 

 

Net realized gain (loss)

 

 

(59,212,895

)

 

 

(76,161

)

 

 

(115,298,174

)

 

 

(23,741,227

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

7,840,464

 

 

 

(1,013,109

)

 

 

(8,101,976

)

 

 

20,131,296

 

Non-controlled, affiliated investments

 

 

496,668

 

 

 

(13,565,504

)

 

 

34,674,826

 

 

 

(22,796,087

)

Controlled investments

 

 

15,037,776

 

 

 

(7,594,669

)

 

 

(51,752,433

)

 

 

(11,375,067

)

Foreign currency translation

 

 

147,185

 

 

 

(79,775

)

 

 

(189,875

)

 

 

197,292

 

Net change in unrealized appreciation (depreciation)

 

 

23,522,093

 

 

 

(22,253,057

)

 

 

(25,369,458

)

 

 

(13,842,566

)

Net realized and unrealized gain (loss)

 

 

(35,690,802

)

 

 

(22,329,218

)

 

 

(140,667,632

)

 

 

(37,583,793

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(27,163,667

)

 

$

(12,692,143

)

 

$

(113,752,410

)

 

$

(5,312,859

)

Net Investment Income Per Share—basic

 

$

0.12

 

 

$

0.14

 

 

$

0.39

 

 

$

0.47

 

Earnings (Loss) Per Share—basic

 

$

(0.39

)

 

$

(0.18

)

 

$

(1.65

)

 

$

(0.08

)

Average Shares Outstanding—basic

 

 

70,086,236

 

 

 

68,836,255

 

 

 

68,943,459

 

 

 

68,836,702

 

Net Investment Income Per Share—diluted

 

$

0.12

 

 

$

0.14

 

 

$

0.39

 

 

$

0.45

 

Earnings (Loss) Per Share—diluted

 

$

(0.39

)

 

$

(0.18

)

 

$

(1.65

)

 

$

(0.08

)

Average Shares Outstanding—diluted (See Note 4)

 

 

87,079,973

 

 

 

85,829,992

 

 

 

85,937,196

 

 

 

85,830,439

 

Distributions Declared Per Share

 

$

0.10

 

 

$

0.14

 

 

$

0.34

 

 

$

0.50

 

 

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, 2020

 

 

September 30, 2019

 

Net Assets at December 31

 

$

435,608,981

 

 

$

487,020,154

 

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

 

 

 

 

 

 

 

 

Net investment income

 

 

9,621,987

 

 

 

11,404,181

 

Net realized gain (loss)

 

 

(1,529,607

)

 

 

56,263

 

Net change in unrealized appreciation (depreciation) before taxes

 

 

(67,286,048

)

 

 

6,508,258

 

Net increase (decrease) in net assets resulting from operations

 

 

(59,193,668

)

 

 

17,968,702

 

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(9,543,152

)

 

 

(12,390,525

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

(3,627,604

)

 

 

(469,227

)

Total Increase (Decrease) in Net Assets

 

 

(72,364,424

)

 

 

5,108,950

 

Net Assets at March 31

 

$

363,244,557

 

 

$

492,129,104

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Net investment income

 

 

8,766,190

 

 

 

11,229,675

 

Net realized gain (loss)

 

 

(54,555,672

)

 

 

(23,721,329

)

Net change in unrealized appreciation (depreciation) before taxes

 

 

18,394,405

 

 

 

1,902,233

 

Net increase (decrease) in net assets resulting from operations

 

 

(27,395,077

)

 

 

(10,589,421

)

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(6,813,994

)

 

 

(12,390,526

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Share issuance - distribution reinvestment

 

 

638,560

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

(33,570,511

)

 

 

(22,979,947

)

Net Assets at June 30

 

$

329,674,046

 

 

$

469,149,157

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Net investment income

 

 

8,527,135

 

 

 

9,637,075

 

Net realized gain (loss)

 

 

(59,212,895

)

 

 

(76,161

)

Net change in unrealized appreciation (depreciation) before taxes

 

 

23,522,093

 

 

 

(22,253,057

)

Net increase (decrease) in net assets resulting from operations

 

 

(27,163,667

)

 

 

(12,692,143

)

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(7,017,228

)

 

 

(9,637,075

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Share issuance - stock distribution and reinvestment

 

 

11,064,019

 

 

 

 

Total Increase (Decrease) in Net Assets

 

 

(23,116,876

)

 

 

(22,329,218

)

Net Assets at September 30

 

$

306,557,170

 

 

$

446,819,939

 

 

 

 

 

 

 

 

 

 

Capital Share Activity:

 

 

 

 

 

 

 

 

Shares issued from stock distribution and reinvestment

 

 

4,461,803

 

 

 

 

Purchases of treasury stock

 

 

(986,554

)

 

 

(85,543

)

Net increase (decrease) in shares outstanding

 

 

3,475,249

 

 

 

(85,543

)

(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, 2020

 

 

September 30, 2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(113,752,410

)

 

$

(5,312,859

)

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

 

 

 

 

 

 

 

 

PIK interest, dividends and fees

 

 

(5,151,430

)

 

 

(3,225,384

)

Net amortization on investments

 

 

(636,787

)

 

 

(708,842

)

Amortization of debt issuance costs and discount

 

 

2,263,656

 

 

 

1,821,795

 

Net change in unrealized (appreciation) depreciation on investments

 

 

25,179,583

 

 

 

14,039,858

 

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

 

 

189,875

 

 

 

(197,292

)

Net realized (gain) loss on investments

 

 

115,298,174

 

 

 

23,741,227

 

Changes in operating assets:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(78,784,396

)

 

 

(227,510,832

)

Proceeds from disposition of investments

 

 

84,440,718

 

 

 

138,611,906

 

Change in receivable for investments sold

 

 

985,467

 

 

 

1,473,772

 

Change in interest, dividends and fees receivable

 

 

2,125,328

 

 

 

(6,159,972

)

Change in prepaid expenses and other assets

 

 

(1,113,072

)

 

 

37,091

 

Changes in operating liabilities:

 

 

 

 

 

 

 

 

Change in interest and credit facility fees payable

 

 

1,627,768

 

 

 

1,951,405

 

Change in base management fees payable

 

 

(769,357

)

 

 

(264,373

)

Change in incentive management fees payable

 

 

 

 

 

872,695

 

Change in payable for investments purchased

 

 

(7,312,500

)

 

 

(989,460

)

Change in accrued administrative services

 

 

7,243

 

 

 

(46,434

)

Change in other accrued expenses and payables

 

 

998,803

 

 

 

1,178,869

 

Net cash provided by (used in) operating activities

 

 

25,596,663

 

 

 

(60,686,830

)

Financing Activities:

 

 

 

 

 

 

 

 

Distributions paid in cash

 

 

(21,308,873

)

 

 

(37,333,266

)

Proceeds from debt

 

 

106,000,000

 

 

 

213,000,000

 

Repayments of debt

 

 

(115,900,000

)

 

 

(124,600,000

)

Purchase of treasury stock

 

 

(3,627,604

)

 

 

(469,227

)

Net cash provided by (used in) financing activities

 

 

(34,836,477

)

 

 

50,597,507

 

Net increase (decrease) in cash and cash equivalents

 

 

(9,239,814

)

 

 

(10,089,323

)

Cash and cash equivalents, beginning of period

 

 

14,678,878

 

 

 

13,497,320

 

Cash and cash equivalents, end of period

 

$

5,439,064

 

 

$

3,407,997

 

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

 

 

 

 

 

 

 

 

Cash paid during period for:

 

 

 

 

 

 

 

 

Interest

 

$

7,842,233

 

 

$

6,729,781

 

Taxes

 

$

88,050

 

 

$

62,841

 

Share issuance — stock distribution and reinvestment

 

$

11,702,579

 

 

$

 

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

6


 

 

 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments

September 30, 2020

(Unaudited)

 

Portfolio Company(r)

 

Industry(t)

 

Interest Rate

 

 

Maturity

 

Principal Amount or Number of

Shares/Units

 

 

Cost(a)

 

 

Fair

Value(b)

 

Senior Secured Notes—0.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Electrical Equipment

 

18.00% (L + 1700, 1.00% Floor PIK)

 

 

10/4/23

 

$

9,333,535

 

 

$

2,181,306

 

 

$

 

Calceus Acquisition, Inc., First Lien

 

Specialty Retail

 

9.75%

 

 

2/19/25

 

 

1,000,000

 

 

 

971,294

 

 

 

1,083,000

 

Total Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,152,600

 

 

 

1,083,000

 

Unsecured Debt—41.01%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Aerospace & Defense

 

12.00% PIK

 

 

3/6/21

 

 

8,934,882

 

 

 

8,934,882

 

 

 

8,934,882

 

Gordon Brothers Finance Company(g)(p)

 

Diversified Financial Services

 

12.00% (L + 1100, 1.00% Floor)

 

 

10/31/21

 

 

130,680,477

 

 

 

130,680,477

 

 

 

116,782,943

 

Total Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

139,615,359

 

 

 

125,717,825

 

Subordinated Debt—11.84%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Thrifts & Mortgage Finance

 

12.00%

 

 

2/23/23

 

 

32,625,000

 

 

 

32,625,000

 

 

 

31,301,457

 

Gordon Brothers Finance Company, LLC(g)(p)(w)

 

Diversified Financial Services

 

8.73% (L + 850)

 

 

11/30/24

 

 

5,000,000

 

 

 

5,000,000

 

 

 

5,000,000

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,625,000

 

 

 

36,301,457

 

Senior Secured Loans—121.76%(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, LLC, First Lien(f)

 

Electrical Equipment

 

8.50% (L + 750, 1.00% Floor)

 

 

10/4/22

 

 

5,049,991

 

 

 

5,005,310

 

 

 

3,231,994

 

AmeriLife Holdings, LLC, Second Lien

 

Insurance

 

9.50% (L + 850, 1.00% Floor)

 

 

3/18/28

 

 

6,697,322

 

 

 

6,568,139

 

 

 

6,637,046

 

Aretec Group, Inc., Second Lien(s)

 

Diversified Financial Services

 

8.40% (L+ 825)

 

 

10/1/26

 

 

3,563,440

 

 

 

3,524,178

 

 

 

3,005,155

 

Barri Financial Group, LLC, First Lien

 

Consumer Finance

 

8.75% (L + 775, 1.00% Floor)

 

 

10/23/24

 

 

7,797,487

 

 

 

7,633,366

 

 

 

7,867,664

 

Bluefin Holding, LLC, Second Lien

 

Software

 

7.90% (L+ 775)

 

 

9/6/27

 

 

4,809,535

 

 

 

4,743,668

 

 

 

4,838,392

 

Calceus Acquisition, Inc., First Lien

 

Specialty Retail

 

5.76% (L + 550)

 

 

2/12/25

 

 

248,387

 

 

 

235,232

 

 

 

231,000

 

Cambrex Corporation, Second Lien

 

Pharmaceuticals

 

10.00% (L+ 900, 1.00% Floor)

 

 

12/6/27

 

 

11,903,098

 

 

 

11,685,447

 

 

 

11,843,583

 

CareATC, Inc., First Lien

 

Health Care Technology

 

8.25% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

4,733,036

 

 

 

4,664,925

 

 

 

4,728,303

 

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

 

Health Care Technology

 

8.25% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

 

 

 

(4,859

)

 

 

(338

)

Diamondback Acquisition, Inc. et al, First Lien

 

Energy Equipment & Services

 

9.81% (L + 881, 1.00% Floor)

 

 

6/14/22

 

 

13,580,887

 

 

 

13,422,721

 

 

 

13,404,336