|
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
|
|
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of Principal Executive Office)
|
(Zip Code)
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered
|
None
|
N/A
|
N/A
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
☒
|
Smaller reporting-company
|
|
Emerging growth company
|
|
Page
|
||
Part I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
16 | ||
Item 2.
|
41 | |
Item 3.
|
54 | |
Item 4.
|
55 | |
Part II
|
OTHER INFORMATION | |
Item 1.
|
55 | |
Item 1A.
|
55
|
|
Item 2
|
55 | |
Item 3.
|
56 | |
Item 4.
|
56 | |
Item 5.
|
56 | |
Item 6.
|
56 | |
57
|
Item 1.
|
Financial Statements.
|
September 30, 2024
(unaudited)
|
December 31, 2023
|
|||||||
ASSETS
|
||||||||
Non-controlled/non-affiliate investments at fair value (amortized cost of $
|
$
|
|
$
|
|
||||
Controlled/affiliate investments at fair value (amortized cost of $
|
|
|
||||||
Cash |
|
|
||||||
Interest receivable |
|
|
||||||
Deferred financing cost
|
|
|
||||||
Paydown receivable
|
|
|
||||||
Prepaid expenses
|
||||||||
Total assets
|
|
|
||||||
LIABILITIES
|
||||||||
Credit facility payable
|
|
|
||||||
Redemptions payable
|
|
|
||||||
Credit facility interest payable
|
|
|
||||||
Incentive fees payable, net of fee waivers (Note 6) |
||||||||
Management fees payable, net of fee waivers (Note
6)
|
|
|
||||||
Professional
fees payable
|
|
|
||||||
Other payables
|
|
|
||||||
Reimbursement expense payable
|
|
|
||||||
Legal fees payable |
||||||||
Distributions payable
|
|
|
||||||
Subscriptions received in advance
|
||||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies (Note 11)
|
||||||||
Net assets
|
$
|
|
$
|
|
||||
NET ASSETS
|
||||||||
Common shares, $
|
$
|
|
$
|
|
||||
Contribution receivable
|
|
(
|
)
|
|||||
Additional paid-in capital
|
|
|
||||||
Accumulated undistributed (overdistributed) earnings
|
(
|
)
|
(
|
)
|
||||
Total net assets
|
$
|
|
$
|
|
||||
Net asset value per share
|
$
|
|
$
|
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Non-controlled/non-affiliate investment income:
|
||||||||||||||||
Interest income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
PIK interest income
|
|
|
|
|
||||||||||||
Dividend income
|
|
|
|
|
||||||||||||
Other income
|
|
|
|
|
||||||||||||
Controlled/affiliate investment income:
|
||||||||||||||||
Interest income
|
||||||||||||||||
PIK interest income
|
|
|
|
|
||||||||||||
Dividend income
|
|
|
|
|
||||||||||||
Total investment income:
|
|
|
|
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Interest and other financing fees
|
|
|
|
|
||||||||||||
Management fees (Note 6)
|
|
|
|
|
||||||||||||
Incentive fees (Note 6)
|
|
|
|
|
||||||||||||
Professional fees
|
|
|
|
|
||||||||||||
General and administrative fees
|
|
|
|
|
||||||||||||
Legal expenses
|
|
|
|
|
||||||||||||
Director expenses
|
|
|
|
|
||||||||||||
Total expenses before fee waivers
|
|
|
|
|
||||||||||||
Management fee waiver (Note 6)
|
|
|
|
(
|
)
|
|||||||||||
Incentive fee waiver (Note 6)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
Total expenses after fee waivers
|
|
|
|
|
||||||||||||
Net investment income
|
|
|
|
|
||||||||||||
Net gain (loss):
|
||||||||||||||||
Net realized gain (loss):
|
||||||||||||||||
Non-controlled/non-affiliate investments
|
||||||||||||||||
Controlled/affiliate investments
|
||||||||||||||||
Net realized gain (loss) on investments
|
||||||||||||||||
Net change in unrealized gain (loss):
|
||||||||||||||||
Non-controlled/non-affiliate investments
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Controlled/affiliate investments
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net change in unrealized gain (loss) on investments
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|||||||||
Net gain (loss)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Per common share data:
|
||||||||||||||||
Net investment income per share - basic and diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding - basic and diluted
|
|
|
Common Stock
|
Accumulated
undistributed
|
||||||||||||||||||
For the three months ended September 30, 2023
|
Number of shares
|
Par value of shares
|
Additional paid-
in capital
|
(overdistributed)
earnings
|
Total net assets
|
|||||||||||||||
Balance, June 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Net investment income
|
-
|
|
|
|
|
|||||||||||||||
Net change in unrealized gain (loss) on investments
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Issuance of common shares
|
|
|
|
|
|
|||||||||||||||
Purchases of shares in repurchase offer
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Distributions declared to stockholders |
- | ( |
) | ( |
) | |||||||||||||||
Stock issued in connection with dividend reinvestment plan
|
|
|
|
|
|
|||||||||||||||
Balance, September 30,
2023
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
|
||||||||||||||||||||
For the three months ended September 30, 2024
|
||||||||||||||||||||
Balance, June 30, 2024
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net investment income
|
-
|
|
|
|
|
|||||||||||||||
Net change in unrealized gain (loss) on investments
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Issuance of common shares |
||||||||||||||||||||
Purchase of shares in repurchase offer
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||
Distributions declared to stockholders |
- | ( |
) | ( |
) | |||||||||||||||
Stock issued in connection with dividend reinvestment plan
|
|
|
|
|
|
|||||||||||||||
Balance, September 30,
2024
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Common Stock
|
Accumulated
undistributed
|
|||||||||||||||||||
For the nine months ended September 30, 2023
|
Number of shares
|
Par value of shares
|
Additional paid-
in capital
|
(overdistributed)
earnings
|
Total net assets
|
|||||||||||||||
Balance, December 31, 2022
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Net investment income
|
-
|
|
|
|
|
|||||||||||||||
Net realized gain (loss)
|
-
|
|
|
|
|
|||||||||||||||
Net change in unrealized gain (loss) on investments
|
-
|
|
|
|
|
|||||||||||||||
Issuance of common shares
|
|
|
|
|
|
|||||||||||||||
Purchases of shares in repurchase offer |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Distributions declared to stockholders
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Stock issued in connection with dividend reinvestment plan
|
|
|
|
|
|
|||||||||||||||
Balance, September 30, 2023
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
For the nine months ended September 30, 2024
|
||||||||||||||||||||
Balance, December 31, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net investment income
|
-
|
|
|
|
|
|||||||||||||||
Net realized gain (loss)
|
-
|
|
|
|
|
|||||||||||||||
Net change in unrealized gain (loss) on investments
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Issuance of common shares
|
|
|
|
|
|
|||||||||||||||
Contribution receivable |
- | |||||||||||||||||||
Purchases of shares in repurchase offer
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||
Distributions declared to stockholders
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Stock issued in connection with dividend reinvestment plan
|
|
|
|
|
|
|||||||||||||||
Balance, September 30, 2024
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
For the nine months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Cash flows from operating activities:
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
$
|
|
$
|
|
||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used in) operating activities:
|
||||||||
Net realized (gain) loss on investments
|
( |
) | ( |
) | ||||
Net change in unrealized (gain) loss on investments
|
|
(
|
)
|
|||||
Net accretion of discounts and amortization of premiums
|
(
|
)
|
(
|
)
|
||||
Purchases of investments
|
(
|
)
|
(
|
)
|
||||
Proceeds from sales of investments
|
||||||||
Proceeds from principal payments
|
|
|
||||||
Amortization of deferred financing costs
|
|
|
||||||
Payment-in-kind interest income
|
(
|
)
|
(
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Interest receivable
|
(
|
)
|
(
|
)
|
||||
Prepaid expenses
|
(
|
)
|
(
|
)
|
||||
Management fees payable, net of fee waivers (Note 6)
|
(
|
)
|
|
|||||
Incentive fees payable, net of fee waivers (Note 6)
|
(
|
)
|
|
|||||
Credit facility interest payable
|
(
|
)
|
|
|||||
Other payables
|
(
|
)
|
|
|||||
Professional fees payable
|
(
|
)
|
|
|||||
Due to Shareholder
|
||||||||
Legal fees payable
|
|
|
||||||
Reimbursement expense payable
|
(
|
)
|
|
|||||
Net cash provided by (used in) operating activities
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common shares, including subscriptions received in advance
|
|
|
||||||
Payments in repurchase of shares
|
(
|
)
|
(
|
)
|
||||
Proceeds from credit facility
|
|
|
||||||
Repayments of credit facility
|
(
|
)
|
(
|
)
|
||||
Distributions paid
|
(
|
)
|
(
|
)
|
||||
Deferred financing and debt issuance costs paid
|
( |
) | ||||||
Net cash provided by (used in) financing activities
|
(
|
)
|
|
|||||
Net increase (decrease) in Cash
|
|
(
|
)
|
|||||
Cash, beginning of period
|
|
|
||||||
Cash, end of period
|
$
|
|
$
|
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Non cash operating activities:
|
||||||||
Interest received in kind
|
$
|
|
$
|
|
||||
Supplemental and non cash financing activities:
|
||||||||
Shares issued from dividend reinvestment plan (see Note 10)
|
$
|
|
$
|
|
||||
Supplemental Information:
|
||||||||
Cash paid for interest
|
$
|
|
$
|
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net Assets
|
|||||||||||||||||
Investments
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(19)(22) |
S+ |
$ |
$ |
% |
|||||||||||||||||||||
|
(17)(19)(22) |
S+ |
|
|||||||||||||||||||||||
|
(13)(19)(22) |
|||||||||||||||||||||||||
|
(13)(19) |
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(16) | S+ |
||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(15)(16)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(10)(16)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S +
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(16)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
(13) | |||||||||||||||||||||||||
|
(10)(17) |
S+
|
|
|||||||||||||||||||||||
|
(10)(17) |
S+
|
||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(16)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S +
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(19)(22
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(15)(17)(19)(22) | S+ |
||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(16)(19)(24)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(10)(17)
|
S +
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17) | S + |
||||||||||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(10)(17)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17) | S + |
|
|
|
|||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(18)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(19)(22)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S +
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(10)(17)
|
S +
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17) |
S+ |
||||||||||||||||||||||||
|
(10)(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total first lien senior secured term loan
|
|
|
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net Assets
|
|||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
S+
|
|
|
|
|
|
|
$
|
|
$
|
|
|
%
|
||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total second lien term loan
|
|
|
|
|||||||||||||||||||||||
|
(23)
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(19)(22)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total senior unsecured notes
|
|
|
|
|||||||||||||||||||||||
|
(12)(23)
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(20)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(21)
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total preferred equity securities
|
|
|
|
|||||||||||||||||||||||
|
(12)(23)
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(14)(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
-
|
|||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(19) |
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total warrants and other equity securities
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(18)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total fund investments
|
|
|
|
|||||||||||||||||||||||
Total non-controlled/non-affiliate investments
|
|
|
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net Assets
|
||||||||||||||
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
(10)(11)(17)
|
S+
|
|
|
|
|
$
|
|
$
|
|
|
%
|
|||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(17)
|
S+
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(16)
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(17)
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(10)(11)(16)
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(10)(11)(17)
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
||||||||||||||||||||
Total first lien senior secured term loan
|
|
|
|
||||||||||||||||||||
|
(23)
|
||||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
||||||||||||||||||||
Total senior unsecured notes
|
|
|
|
||||||||||||||||||||
|
(12)(23)
|
||||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11) |
||||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(13)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
(11)(13)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(13)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
(11)(13)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
Total preferred equity securities
|
|
|
|
||||||||||||||||||||
|
(12)(23)
|
||||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)(21)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|||||||||||||||||||||||
|
(11)
|
|
|
|
-
|
|
|
|
|
||||||||||||||
|
|
|
|
||||||||||||||||||||
Total warrants and other equity securities
|
|
|
|
||||||||||||||||||||
Total controlled/affiliate investments
|
|
|
|
||||||||||||||||||||
TOTAL INVESTMENTS
|
$
|
|
$
|
|
|
%
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
(7) |
|
(8)
|
|
(9) |
|
(10) |
|
(11) |
|
Portfolio Company
|
Type of Investment |
Amount of
Realized Gain
(Loss)
|
Amount of Interest or
Dividends Credited to
Income (a)
|
December 31,
2023 Value
|
Gross
Additions (b)
|
Gross
Reductions (c)
|
Transfers
In/(Out)
of Affiliates
|
Amount of
Unrealized
Gains (Loss)
|
September 30,
2024 Value
|
||||||||||||||||||||||||
Arrow Home Health LLC (dba Acara Home Health)
|
First lien senior securred term loan
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$ |
$
|
|
$
|
|
||||||||||||||||
|
Preferred equity securities (
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
Capone Holdings JV, LLC (dba LaSalle Staffing)
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
Caregility Corporation |
First lien senior securred term loan
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
|
Warrants (
|
( |
) | ||||||||||||||||||||||||||||||
Lasalle Staffing, LLC
|
First lien senior securred term loan
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
Microf, LLC
|
First lien senior securred term loan
|
( |
) | ||||||||||||||||||||||||||||||
|
Preferred equity securities (
|
( |
) | ||||||||||||||||||||||||||||||
Uncle John’s Pride, LLC
|
First lien senior securred term loan
|
( |
) | ( |
) | ||||||||||||||||||||||||||||
UJP Acquisition, LLC (dba Uncle John’s Pride)
|
Warrants and other equity securities (
|
( |
) | ||||||||||||||||||||||||||||||
|
Preferred equity securities (
|
( |
) | ||||||||||||||||||||||||||||||
USBid Inc.
|
First lien senior securred term loan
|
( |
) | ||||||||||||||||||||||||||||||
USBid Inc.
|
Warrants and other equity securities (
|
||||||||||||||||||||||||||||||||
USBid Inc. - Class A Units
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
USBid Inc. - Class C Units
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
USBid Inc. - Class C2 Units
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
USBid Inc. - Class C3 Units
|
Preferred equity securities (
|
||||||||||||||||||||||||||||||||
Watt Acquisition, LLC
|
First lien senior securred term loan
|
( |
) | ||||||||||||||||||||||||||||||
Watt Contracting Holdings, LLC
|
Preferred equity securities (
|
( |
) | ||||||||||||||||||||||||||||||
|
Warrants and other equity securities (
|
||||||||||||||||||||||||||||||||
Total Affiliate Investments
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$ |
$
|
|
$
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(12) |
|
(13) |
|
(14) |
|
(15) |
|
(16) |
|
(17) |
|
(18) |
(19) |
(20) |
(21) |
|
(22) |
|
(23) |
|
(24) |
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net Assets
|
|||||||||||||||||
Investments
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(22)
|
|
S+
|
|
|
|
|
|
$
|
|
$
|
|
|
%
|
||||||||||||
|
(13)(18)(22) | |||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(16) | S+ |
||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(18)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(15)(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
L+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
(13) | |||||||||||||||||||||||||
|
(10)(17) | S+ |
||||||||||||||||||||||||
|
(10)(17) | S+ |
||||||||||||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(11)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17)(18)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(16)
|
|
S+
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(11)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17) | S+ |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(18)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(19)(22)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(17) | S+ |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(10)(16)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(10)(17)
|
|
S+
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)(18)
|
|
S+
|
|
|
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||||
Total first lien senior secured term loan
|
|
|
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net
Assets
|
|||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(17)
|
|
S+
|
|
|
|
|
|
|
$
|
|
$
|
|
|
%
|
|||||||||||
|
|
|
|
|
||||||||||||||||||||||
Total second lien term loan
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Total senior unsecured notes
|
||||||||||||||||||||||||||
|
(12)(23)
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(20)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(21) | - | ||||||||||||||||||||||||
|
(21)
|
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(11)(13)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
(11)(13) | - | |||||||||||||||||||||||
|
(21) | - | ||||||||||||||||||||||||
|
(13)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(11)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(11)(13)(21) | - | ||||||||||||||||||||||||
|
(21) | - | ||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(13)(21) | |||||||||||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
(13)(21)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
(13)(21) |
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
- | ||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
Total preferred equity securities
|
|
|
|
Portfolio Company (1)(2)(3)(4)(5)(6)
|
Footnotes
|
Spread Above Index (7)
|
Interest Rate
|
Acquisition Date
|
Maturity
|
Principal, Shares,
Units
|
Amortized Cost (8)
|
Fair Value (9)
|
% of Net
Assets
|
|||||||||||||||||
|
(12)(23)
|
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(14)(21)
|
|
|
|
|
-
|
|
$
|
|
$
|
|
|
%
|
|||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(11)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(21) |
|
|
|
-
|
|
|
|
|
|||||||||||||||||
|
|
|
|
-
|
|
|
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||
|
- | |||||||||||||||||||||||||
Total warrants and other equity securities
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
(18)
|
|
|
|
|
-
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||
Total fund investments
|
|
|
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
TOTAL INVESTMENTS
|
$
|
|
$
|
|
|
%
|
(1) |
All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the
Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
|
(2) |
All investments are non-controlled/non-affiliated investments as defined by the 1940 Act, unless otherwise noted. The 1940 Act classifies investments based on the level of control that
the Company maintains in a particular portfolio company.
|
(3) |
All investments are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange
Commission (the “SEC”), unless otherwise noted. See Note 6 “Transactions with Related Parties” in the accompanying notes to the consolidated financial statements.
|
(4) |
Unless otherwise indicated, all investments are considered Level 3 assets.
|
(5) |
Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Secured Credit Facility (as defined herein).
|
(6) |
Except as otherwise noted, all of the Company’s portfolio company investments are subject to legal restrictions on sales.
|
(7) |
Loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured
Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate which can include the Federal Funds Effective Rate or the Prime Rate, at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
Interest rates subject to SOFR are typically accompanied by a Credit Spread Adjustment (“CSA”).
|
(8) |
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
|
(9) |
Because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by
the Company’s board of directors (the “Board”) as required by the 1940 Act. See Note 4 “Fair Value Measurements” in the accompanying notes to the consolidated financial statements.
|
(10) |
The Company categorized its unitranche loans as First Lien Senior Secured Loans. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and
last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien
Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the
Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss.
|
(11) |
|
Portfolio Company
|
Type of Investment |
Amount of
Realized Gain
(Loss)
|
Amount of Interest or
Dividends Credited to
Income (a)
|
December 31,
2022 Value |
Gross
Additions (b)
|
Gross
Reductions (c)
|
Transfers
In/(Out) of Affiliates |
Amount of
Unrealized
Gains (Loss)
|
December 31, 2023
Value
|
||||||||||||||||||||||||
Arrow Home Health LLC (dba Acara Home Health) (d)
|
First lien senior securred term loan
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Preferred equity securities (
|
|
|
|
(
|
)
|
|
(
|
)
|
|
||||||||||||||||||||||||
Preferred equity securities (
|
|
|
|
||||||||||||||||||||||||||||||
Caregility Corporation
|
First lien senior securred term loan
|
|
|
|
(
|
)
|
|
|
|
||||||||||||||||||||||||
Preferred equity securities (
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Preferred equity securities (
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Warrants (
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Affiliate Investments
|
$
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
(a)
|
Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.
|
(b)
|
Gross additions include increase in the cost basis of investments resulting from purchases, PIK interest or amortization of original issue discount.
|
(c)
|
Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
|
(d)
|
|
|
(12) |
Ownership of certain equity investments may occur through a holding company or partnership.
|
|
(13) |
Investment contains a fixed rate structure.
|
|
(14) |
|
|
(15) |
Interest disclosed reflects the contractual rate of the First Out tranche under the AAL.
|
|
(16) |
|
|
(17) |
|
|
(18) |
|
|
(19) |
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.
|
|
(20) |
The investment includes the fair value and amortized cost of
|
(21)
|
Investment is held by a subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for
additional information on the Company’s wholly-owned subsidiary.
|
(22)
|
|
(23)
|
All investments are non-income producing unless otherwise indicated.
|
September 30, 2024
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
First Lien Senior Secured Loan
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Second Lien Senior Secured Loan
|
|
|
|
|
||||||||||||
Senior Unsecured Notes
|
|
|
|
|
||||||||||||
Preferred Equity Securities
|
|
|
|
|
||||||||||||
Warrants and Other Equity Securities
|
|
|
|
|
||||||||||||
Fund Investments
|
|
|
|
|
||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
December 31, 2023
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
First Lien Senior Secured Loan
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Second Lien Senior Secured Loan
|
|
|
|
|
||||||||||||
Senior Unsecured Notes |
||||||||||||||||
Preferred Equity Securities
|
|
|
|
|
||||||||||||
Warrants and Other Equity Securities
|
|
|
|
|
||||||||||||
Fund Investments
|
|
|
|
|
||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
September 30, 2024
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
Southeast
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Midwest
|
|
|
|
|
||||||||||||
West |
||||||||||||||||
Northeast
|
|
|
|
|
||||||||||||
East
|
|
|
|
|
||||||||||||
Southwest
|
|
|
|
|
||||||||||||
South
|
|
|
|
|
||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
December 31, 2023
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
Southeast
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Midwest
|
|
|
|
|
||||||||||||
Northeast
|
|
|
|
|
||||||||||||
West |
||||||||||||||||
East |
||||||||||||||||
Southwest
|
|
|
|
|
||||||||||||
South
|
|
|
|
|
||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
September 30, 2024
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
Aerospace & Defense
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Chemicals |
||||||||||||||||
Commercial Services & Supplies
|
|
|
|
|
||||||||||||
Construction & Engineering
|
|
|
|
|
||||||||||||
Consumer Finance
|
|
|
|
|
||||||||||||
Distributors
|
|
|
|
|
||||||||||||
Diversified Consumer Services
|
|
|
|
|
||||||||||||
Diversified Financials
|
|
|
|
|
||||||||||||
Diversified Telecommunication Services
|
|
|
|
|
||||||||||||
Electrical Equipment
|
|
|
|
|
||||||||||||
Entertainment
|
|
|
|
|
||||||||||||
Food Products
|
|
|
|
|
||||||||||||
Healthcare Providers & Services
|
|
|
|
|
||||||||||||
Hotels, Restaurants & Leisure
|
|
|
|
|
||||||||||||
Household Durables
|
|
|
|
|
||||||||||||
Household Products
|
|
|
|
|
||||||||||||
IT Services
|
|
|
|
|
||||||||||||
Leisure Products
|
|
|
|
|
||||||||||||
Machinery
|
|
|
|
|
||||||||||||
Media
|
|
|
|
|
||||||||||||
Personal Products
|
|
|
|
|
||||||||||||
Professional Services
|
|
|
|
|
||||||||||||
Software
|
|
|
|
|
||||||||||||
Specialty Retail
|
|
|
|
|
||||||||||||
Trading Companies & Distributors
|
|
|
|
|
||||||||||||
Transportation Infrastructure
|
||||||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
December 31, 2023
|
||||||||||||||||
Amortized Cost
|
Fair Value
|
|||||||||||||||
Aerospace & Defense
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Chemicals |
||||||||||||||||
Commercial Services & Supplies
|
|
|
|
|
||||||||||||
Construction & Engineering
|
|
|
|
|
||||||||||||
Consumer Finance
|
|
|
|
|
||||||||||||
Distributors
|
|
|
|
|
||||||||||||
Diversified Consumer Services
|
|
|
|
|
||||||||||||
Diversified Financials
|
|
|
|
|
||||||||||||
Diversified Telecommunication Services
|
|
|
|
|
||||||||||||
Electrical Equipment
|
|
|
|
|
||||||||||||
Entertainment
|
|
|
|
|
||||||||||||
Food Products
|
|
|
|
|
||||||||||||
Healthcare Providers & Services
|
|
|
|
|
||||||||||||
Hotels, Restaurants & Leisure
|
|
|
|
|
||||||||||||
Household Durables
|
|
|
|
|
||||||||||||
Household Products
|
|
|
|
|
||||||||||||
IT Services
|
|
|
|
|
||||||||||||
Leisure Products
|
|
|
|
|
||||||||||||
Machinery
|
|
|
|
|
||||||||||||
Media
|
|
|
|
|
||||||||||||
Personal Products
|
|
|
|
|
||||||||||||
Professional Services
|
|
|
|
|
||||||||||||
Software
|
|
|
|
|
||||||||||||
Specialty Retail
|
|
|
|
|
||||||||||||
Trading Companies & Distributors
|
|
|
|
|
||||||||||||
Transportation Infrastructure |
||||||||||||||||
Total
|
$
|
|
|
%
|
$
|
|
|
%
|
• |
Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date.
|
• |
Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that
are not active, and fair value is determined through the use of models or other valuation methodologies.
|
• |
Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment
and estimation.
|
Fair Value Measurements
|
||||||||||||||||
September 30, 2024
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
First Lien Senior Secured Loan
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Second Lien Senior Secured Loan
|
|
|
|
|
||||||||||||
Senior Unsecured Notes
|
|
|
|
|
||||||||||||
Preferred Equity Securities
|
|
|
|
|
||||||||||||
Warrants and Other Equity Securities
|
|
|
|
|
||||||||||||
Total
|
$ | $ | $ | $ | ||||||||||||
Fund Investments
|
|
|||||||||||||||
Total Investments
|
$
|
|
Fair Value Measurements
|
||||||||||||||||
December 31, 2023
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
First Lien Senior Secured Loan
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Second Lien Senior Secured Loan
|
|
|
|
|
||||||||||||
Senior Unsecured Notes
|
||||||||||||||||
Preferred Equity Securities
|
|
|
|
|
||||||||||||
Warrants and Other Equity Securities
|
|
|
|
|
||||||||||||
Total
|
$ | $ | $ | $ | ||||||||||||
Fund Investments
|
|
|||||||||||||||
Total Investments
|
$
|
|
Investments
|
||||||||||||||||||||||||||||
First Lien Senior
Secured Loan
|
Second Lien Senior
Secured Loan
|
Senior Unsecured
Notes
|
Preferred Equity
Securities
|
Warrants and Other
Equity Securities
|
Fund Investments
|
Total Investments
|
||||||||||||||||||||||
Balance as of June 30, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Net change in unrealized gain (loss) on investments
|
( |
) | ( |
) | ||||||||||||||||||||||||
Purchases of investments and other adjustments to cost (1)
|
|
|
|
|
|
|
||||||||||||||||||||||
Proceeds from principal repayments (2)
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
||||||||||||||||||
Balance as of September 30, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(1) |
|
(2) |
|
Investments
|
||||||||||||||||||||||||||||
First Lien Senior
Secured Loan
|
Second Lien Senior
Secured Loan
|
Senior Unsecured
Notes
|
Preferred Equity
Securities
|
Warrants and
Other Equity
|
Fund Investments
|
Total Investments
|
||||||||||||||||||||||
Balance as of December 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Net realized gain (loss) on investments
|
||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on investments
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Purchases of investments and other adjustments to cost (1)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Proceeds from sales of investments
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Proceeds from principal repayments (2)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||||||
Lien status change(3) | ( |
) | ||||||||||||||||||||||||||
Balance as of September 30, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(1) | |
(2) | |
(3) |
Investments | ||||||||||||||||||||||||||||
First Lien Senior
Secured Loan
|
Second Lien Senior
Secured Loan
|
Senior Unsecured
Notes
|
Preferred Equity
Securities
|
Warrants and Other
Equity Securities
|
Fund Investments
|
Total Investments
|
||||||||||||||||||||||
Balance as of June 30, 2023
|
$
|
|
$
|
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net change in unrealized gain (loss) on investments
|
(
|
)
|
|
( |
) |
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||
Purchases of investments and other adjustments to cost (1)
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||
Proceeds from principal repayments (2)
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
||||||||||||||||||
Balance as of September 30, 2023
|
$
|
|
$
|
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
(1) |
|
(2) |
|
Investments | ||||||||||||||||||||||||||||
First Lien Senior
Secured Loan
|
Second Lien Senior
Secured Loan
|
Senior Unsecured
Notes
|
Preferred Equity
Securities
|
Warrants and Other
Equity Securities
|
Fund Investments
|
Total Investments
|
||||||||||||||||||||||
Balance as of December 31, 2022
|
$
|
|
$
|
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||
Net realized gain on investments
|
||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on investments
|
(
|
)
|
|
( |
) |
|
|
(
|
)
|
|
||||||||||||||||||
Purchases of investments and other adjustments to cost (1)
|
|
|
|
|
|
|
||||||||||||||||||||||
Proceeds from sales of investments | ( |
) | ( |
) | ||||||||||||||||||||||||
Proceeds from principal repayments (2)
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
||||||||||||||||||
Lien status change | ( |
) | ||||||||||||||||||||||||||
Balance as of September 30, 2023
|
$
|
|
$
|
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
(1) |
|
(2) |
|
Range | ||||||||||||||||||||
Fair Value
|
Valuation Technique
|
Unobservable
Input
|
Weighted
Average Mean
|
Minimum
|
Maximum
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
First Lien Senior Secured Loan
|
$
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
First Lien Senior Secured Loan
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x
|
|
x |
|
x
|
|||||||||||
First Lien Senior Secured Loan
|
Enterprise Value Method | EBITDA Multiple | x | x | x | |||||||||||||||
First Lien Senior Secured Loan
|
|
Other
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||
Second Lien Senior Secured Loan
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
|||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
Senior Unsecured Note
|
|
Enterprise Value Method
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Preferred Equity Securities
|
|
Enterprise Value Method
|
Gross Profit Multiple
|
|
x |
|
x |
|
x | |||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
Preferred Equity Securities
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Preferred Equity Securities
|
Enterprise Value Method |
EBITDA Multiple
|
x | x | x | |||||||||||||||
Preferred Equity Securities
|
Other
|
N/A | N/A | |
N/A | |
N/A | |
||||||||||||
Warrants and Other Equity Securities
|
|
Enterprise Value Method
|
EBITDA Multiple
|
|
x
|
|
x |
|
x
|
|||||||||||
Warrants and Other Equity Securities
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x |
|
x |
|
x | |||||||||||
Warrants and Other Equity Securities
|
Other |
N/A |
N/A | N/A | N/A | |||||||||||||||
Fund Investments
|
|
Other
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||
Total Level 3 Assets
|
$
|
|
Range
|
||||||||||||||||||||
Fair Value
|
Valuation Technique
|
Unobservable
Input
|
Weighted
Average Mean
|
Minimum
|
Maximum
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
First Lien Senior Secured Loan
|
$
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
First Lien Senior Secured Loan
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
|||||||||||
|
Revenue Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
First Lien Senior Secured Loan
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
First Lien Senior Secured Loan
|
|
Enterprise Value Method
|
EBITDA Multiple
|
|
x |
|
x |
|
x | |||||||||||
Second Lien Senior Secured Loan
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
|||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
Senior Unsecured Note
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
|||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
Preferred Equity Securities
|
|
Discounted Cash Flow
|
Market Yields
|
|
%
|
|
%
|
|
%
|
|||||||||||
|
Revenue Multiple
|
|
x
|
|
x
|
|
x |
|||||||||||||
Preferred Equity Securities
|
|
Enterprise Value Method
|
Gross Profit Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||||
Preferred Equity Securities
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Preferred Equity Securities
|
|
Enterprise Value Method
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Warrants and Other Equity Securities
|
|
Enterprise Value Method
|
Revenue Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Warrants and Other Equity Securities
|
|
Enterprise Value Method
|
EBITDA Multiple
|
|
x
|
|
x
|
|
x
|
|||||||||||
Fund Investments
|
|
Other
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||
Total Level 3 Assets
|
$
|
|
The
nine months ended September 30, 2024
|
Equity Ownership Held by the
Company
|
Equity Ownership Held by
Star Mountain Affiliate Funds
|
||||||
Issuer:
|
||||||||
Arrow Home Health LLC
|
|
%
|
|
%
|
||||
Caregility Corporation
|
% | % | ||||||
Lasalle Staffing, LLC
|
% | % | ||||||
Microf, LLC
|
% | % | ||||||
Uncle John’s Pride, LLC
|
% | % | ||||||
USBid Inc.
|
% | % | ||||||
Watt Acquisition, LLC
|
% | % |
The
year ended December 31, 2023
|
Equity Ownership Held by the
Company
|
Equity Ownership Held by
Star Mountain Affiliate Funds
|
||||||
Issuer:
|
||||||||
Arrow Home Health LLC
|
|
%
|
|
%
|
||||
Caregility Corporation
|
% | % |
• |
no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of
|
• |
|
• |
|
As of September 30, 2024
|
As of December 31, 2023
|
|||||||
Secured Credit Facility Lender
|
Commitment
|
Commitment
|
||||||
Webster Bank
|
$
|
|
$
|
|
||||
Blue Ridge Bank
|
|
|
||||||
Dime Community Bank |
|
|
||||||
First Foundation Bank
|
|
|
||||||
Mitsubishi HC Capital America, Inc.
|
|
|
||||||
Woodforest National Bank
|
|
|
||||||
Forbright Bank
|
|
|
||||||
Peapack-Gladstone Bank |
|
|
||||||
Hanmai Bank
|
|
|
||||||
Apple Bank
|
|
|
||||||
Total Commitment
|
$
|
|
$
|
|
For the three months ended September 30,
|
||||||||
|
2024 |
2023 |
||||||
Interest expense - Secured Credit Facility
|
$
|
|
$
|
|
||||
Unused commitment fees
|
|
|
||||||
Amortization of deferred financing costs
|
|
|
||||||
Utilization fees
|
|
|
||||||
Total interest and other debt financing fees
|
$
|
|
$
|
|
||||
Average debt outstanding
|
$
|
|
$
|
|
||||
Average stated interest rate
|
|
%
|
|
%
|
For the nine months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Interest expense - Secured Credit Facility
|
$
|
|
$
|
|
||||
Interest expense - Revolving Credit Line
|
|
|
||||||
Unused commitment fees
|
|
|
||||||
Amortization of deferred financing costs
|
|
|
||||||
Utilization fees
|
|
|
||||||
Total interest and other debt financing fees
|
$
|
|
$
|
|
||||
Average debt outstanding
|
$
|
|
$
|
|
||||
Average stated interest rate
|
|
%
|
|
%
|
For the year ended
December 31, 2023
|
||||
Ordinary income
|
$
|
|
||
Long-term capital gains |
||||
Total
|
$
|
|
As of September 30, 2024
|
As of December 31, 2023
|
|||||||
Tax Cost of Investment
|
$
|
|
$
|
|
|
As of September 30, 2024
|
As of December 31, 2023
|
||||||
Unrealized appreciation
|
$
|
|
$
|
|
||||
Unrealized depreciation
|
(
|
)
|
(
|
)
|
||||
Net unrealized appreciation/(depreciation) from investments
|
$
|
(
|
)
|
$
|
(
|
)
|
Date
|
Price per share
|
Shares Issued
|
Proceeds
|
|||||||||
For the nine months ended September 30, 2024:
|
||||||||||||
April 8, 2024 | $ |
$ |
||||||||||
June 11, 2024 | ||||||||||||
September 17, 2024 |
||||||||||||
$ | ||||||||||||
Stock issued in connection with dividend reinvestment plan
|
||||||||||||
January 31, 2024
|
$
|
|
|
$
|
|
|||||||
May 16, 2024 | ||||||||||||
August 19, 2024* |
||||||||||||
$ | ||||||||||||
Total
|
|
$
|
|
Date
|
Price per share
|
Shares Issued
|
Proceeds
|
|||||||||
For the nine months ended September 30, 2023:
|
||||||||||||
March 21, 2023
|
$
|
|
|
$
|
|
|||||||
May 15, 2023 | ||||||||||||
August 28, 2023 |
||||||||||||
|
$
|
|
||||||||||
Stock issued in connection with dividend reinvestment plan
|
||||||||||||
January 26, 2023
|
$ |
|
|
$
|
|
|||||||
May 5, 2023 |
||||||||||||
July 31, 2023 |
||||||||||||
|
|
|
||||||||||
Total
|
|
$
|
|
Quarter Ended
|
Purchase Price
|
Shares Repurchased
|
Amount Paid in Cash
|
|||||||||
Stock repurchased in connection with tender offer
|
||||||||||||
March 29, 2024
|
$
|
|
|
$
|
|
|||||||
June 28, 2024 | ||||||||||||
September 30, 2024 | ||||||||||||
Total
|
|
$
|
|
Quarter Ended
|
Purchase Price
|
Shares Repurchased
|
Amount Paid in Cash
|
|||||||||
Stock repurchased in connection with tender offer
|
||||||||||||
December 31, 2022*
|
$
|
|
|
$
|
|
|||||||
March 31, 2023
|
|
|
|
|||||||||
June 30, 2023 | ||||||||||||
September 30, 2023 | ||||||||||||
Total
|
|
$
|
|
* |
|
Date Declared
|
Record Date
|
Payment/Issuance Date
|
Amount Per Share
|
Amount Paid in Cash
|
Amount Settled via
Newly Issued Shares
|
Total
|
||||||||||||
For the nine months ended September 30, 2024
|
||||||||||||||||||
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Date Declared
|
Record Date
|
Payment/Issuance Date
|
Amount Per Share
|
Amount Paid in Cash
|
Amount Settled via
Newly Issued Shares |
Total
|
||||||||||||
For the nine months ended September 30, 2023:
|
||||||||||||||||||
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
September 30, 2024
|
Outstanding
Commitments
|
|||
Direct Investments
|
||||
The Range NYC, LLC (dba Five Iron Golf)
|
$
|
|||
Qualified Digital, LLC
|
||||
Total Direct Investments
|
$
|
|
||
Fund Investments
|
||||
Madryn Select Opportunities, LP
|
$
|
|
||
Total Fund Investments
|
$
|
|
||
Total
|
$
|
|
December 31, 2023
|
Outstanding
Commitments
|
|||
Direct Investments
|
||||
Consolidated Machine & Tool Holdings, LLC
|
$
|
|
||
PPC Event Services, Inc.
|
|
|||
TCP Acquisition, LLC
|
|
|||
The Range NYC, LLC (dba Five Iron Golf)
|
|
|||
YTC Holdings, Inc. (dba Yorktel) |
||||
Total Direct Investments
|
$
|
|
||
Fund Investments
|
||||
Madryn Select Opportunities, LP
|
$
|
|
||
Total Fund Investments
|
$
|
|
||
Total
|
$
|
|
|
For the nine months ended September 30,
|
|||||||
|
2024 | 2023 | ||||||
Per share data:
|
||||||||
Net asset value at beginning of period
|
$
|
|
$
|
|
||||
Net investment income (loss) (1)
|
|
|
||||||
Net realized and unrealized gain (loss) (1)
|
(
|
)
|
|
|||||
Net increase (decrease) in net assets resulting from operations (1)
|
|
|
||||||
Stockholder distributions (2)
|
(
|
)
|
(
|
)
|
||||
Dividend reinvestment plan distributions (2)
|
(
|
)
|
(
|
)
|
||||
Other (3)
|
|
|
||||||
Net asset value at end of period
|
$
|
|
$
|
|
||||
Net assets at end of period
|
$
|
|
$
|
|
||||
Shares outstanding at end of period
|
|
|
||||||
Total return (4)
|
|
%
|
|
%
|
||||
Ratio/S upplemental data:
|
||||||||
Ratio of expenses to average net assets before incentive fees and waivers(5)
|
|
%
|
|
%
|
||||
Ratio of expenses to average net assets after incentive fees and before waivers(5)
|
|
%
|
|
%
|
||||
Ratio of expenses to average net assets after incentive fees and waivers (5)
|
|
%
|
|
%
|
||||
Ratio of net investment income (loss) to average net assets before incentive fees and waivers(5)
|
|
%
|
|
%
|
||||
Ratio of net investment income (loss) to average net assets after incentive fees and before waivers(5)
|
|
%
|
|
%
|
||||
Ratio of net investment income (loss) to average net assets after incentive fees and waivers(5)
|
|
%
|
|
%
|
||||
Portfolio turnover (6)
|
|
%
|
|
%
|
(1) |
|
(2) |
|
(3) |
|
(4) |
|
(5) |
|
(6) |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
• |
the Company’s future operating results;
|
• |
changes in the general interest rate environment;
|
• |
inflation could adversely affect the business, results of operations and financial condition of the Company’s portfolio companies;
|
• |
the Company’s business prospects and the prospects of the Company’s prospective portfolio companies;
|
• |
the impact of increased competition;
|
• |
the Company’s contractual arrangements and relationships with third parties;
|
• |
the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests;
|
• |
the ability of the Company’s prospective portfolio companies to achieve their objectives;
|
• |
the relative and absolute performance of the Advisor;
|
• |
the ability of the Advisor and its affiliates to retain talented professionals;
|
• |
the Company’s expected financings and investments;
|
• |
the Company’s ability to pay dividends or make distributions;
|
• |
the adequacy of the Company’s cash resources;
|
• |
risks associated with possible disruptions in the Company’s operations or the economy generally due to war, terrorism or other disruptive geopolitical events domestically and/or globally;
|
• |
the ongoing conflict in Ukraine and Russia, including sanctions and market volatility related to such conflict, may adversely impact the industries and portfolio companies in which the Company invests;
|
• |
the impact of future acquisitions and divestitures;
|
• |
the Company’s regulatory structure as a business development company (“BDC”) and tax status as a regulated investment company (a “RIC”); and
|
• |
future changes in laws or regulations and conditions in the Company’s operating areas.
|
September 30, 2024
|
December 31, 2023
|
|||||||||||||||
Fair Value:
|
||||||||||||||||
First Lien Senior Secured Loan
|
$
|
281,382,082
|
81.40
|
%
|
$
|
319,229,009
|
84.70
|
%
|
||||||||
Second Lien Senior Secured Loan
|
6,118,091
|
1.80
|
6,059,372
|
1.60
|
||||||||||||
Senior Unsecured Notes
|
3,427,073
|
1.00
|
1,384,446
|
0.40
|
||||||||||||
Preferred Equity Securities
|
45,273,253
|
13.10
|
41,804,395
|
11.10
|
||||||||||||
Warrants and Other Equity Securities
|
6,462,674
|
1.90
|
5,706,423
|
1.50
|
||||||||||||
Fund Investments
|
2,818,111
|
0.80
|
2,809,327
|
0.70
|
||||||||||||
Total
|
$
|
345,481,284
|
100.00
|
%
|
$
|
376,992,972
|
100.00
|
%
|
September 30, 2024
|
December 31, 2023
|
|||||||||||||||
Fair Value:
|
||||||||||||||||
Aerospace & Defense
|
$
|
7,723,605
|
2.20
|
%
|
$
|
7,394,163
|
2.00
|
%
|
||||||||
Chemicals
|
14,849,999
|
4.30
|
14,538,407
|
3.90
|
||||||||||||
Commercial Services & Supplies
|
3,809,023
|
1.10
|
11,282,346
|
2.90
|
||||||||||||
Construction & Engineering
|
58,709,559
|
17.00
|
55,540,524
|
14.70
|
||||||||||||
Consumer Finance
|
3,427,073
|
1.00
|
3,617,879
|
1.00
|
||||||||||||
Distributors
|
12,642,737
|
3.70
|
13,807,774
|
3.70
|
||||||||||||
Diversified Consumer Services
|
102,210
|
0.00
|
15,182,176
|
4.00
|
||||||||||||
Diversified Financials
|
2,818,111
|
0.80
|
2,809,327
|
0.70
|
||||||||||||
Diversified Telecommunication Services
|
30,640,946
|
8.90
|
30,834,843
|
8.20
|
||||||||||||
Electrical Equipment
|
5,613,911
|
1.60
|
8,320,050
|
2.20
|
||||||||||||
Entertainment
|
14,308,945
|
4.10
|
18,478,875
|
4.90
|
||||||||||||
Food Products
|
11,197,148
|
3.20
|
11,682,654
|
3.10
|
||||||||||||
Healthcare Providers & Services
|
41,983,007
|
12.20
|
43,324,687
|
11.50
|
||||||||||||
Hotels, Restaurants & Leisure
|
4,928,979
|
1.40
|
4,909,528
|
1.30
|
||||||||||||
Household Durables
|
2,639,774
|
0.80
|
2,341,518
|
0.60
|
||||||||||||
Household Products
|
4,959,532
|
1.40
|
4,465,076
|
1.20
|
||||||||||||
IT Services
|
12,792,455
|
3.70
|
18,406,891
|
4.90
|
||||||||||||
Leisure Products
|
1,726,068
|
0.50
|
3,852,760
|
1.00
|
||||||||||||
Machinery
|
4,272,225
|
1.20
|
4,687,302
|
1.20
|
||||||||||||
Media
|
25,382,648
|
7.30
|
25,870,278
|
6.90
|
||||||||||||
Personal Products
|
4,434,479
|
1.30
|
4,457,979
|
1.20
|
||||||||||||
Professional Services
|
57,685,435
|
16.80
|
36,611,515
|
9.70
|
||||||||||||
Software
|
884,752
|
0.30
|
7,590,857
|
2.00
|
||||||||||||
Specialty Retail
|
6,263,880
|
1.80
|
6,367,578
|
1.70
|
||||||||||||
Trading Companies & Distributors
|
1,256,884
|
0.40
|
10,144,017
|
2.70
|
||||||||||||
Transportation Infrastructure
|
10,427,899
|
3.00
|
10,473,968
|
2.80
|
||||||||||||
Total
|
$
|
345,481,284
|
100.00
|
%
|
$
|
376,992,972
|
100.00
|
%
|
Investment Performance
Risk Rating
|
Summary Description
|
|
Grade 1
|
Investment is performing above expectations. Full return of principal, interest and dividend income is expected.
|
|
Grade 2
|
Investment is performing in-line with expectations. Risk factors remain neutral or favorable compared with initial underwriting. All investments are given a “2” at the time of origination
|
|
Grade 3
|
Investment is performing below expectations. Capital impairment or payment delinquency is not anticipated. The investment may also be out of compliance with certain financial covenants.
|
|
Grade 4
|
Investment is performing below expectations. Quantitative or qualitative risks have increased materially. Delinquency of interest and / or dividend payments is anticipated. No loss of principal
anticipated.
|
|
Grade 5
|
Investment is performing substantially below expectations. It is anticipated that the Company will not recoup its initial cost basis and may realize a loss upon exit. Most or all of the debt
covenants are out of compliance. Amortization, interest and / or dividend payments are substantially delinquent.
|
September 30, 2024
|
December 31, 2023
|
||||||||||||||||
Investment Performance Risk Rating
|
Investments at
Fair Value |
Percentage of
Total Investments |
Investments at
Fair Value |
Percentage of
Total Investments |
|||||||||||||
1
|
$
|
64,806,707
|
18.8
|
%
|
$
|
25,158,510
|
6.70
|
%
|
|||||||||
2
|
189,920,446
|
54.9
|
255,233,299
|
67.70
|
|||||||||||||
3
|
45,219,217
|
13.1
|
41,858,365
|
11.10
|
|||||||||||||
4
|
41,213,146
|
11.9
|
52,401,280
|
13.90
|
|||||||||||||
5
|
4,321,768
|
1.30
|
2,341,518
|
0.60
|
|||||||||||||
Total
|
$
|
345,481,284
|
100.00
|
%
|
$
|
376,992,972
|
100.00
|
%
|
For the three months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Total investment income
|
$
|
9,440,331
|
$
|
12,991,114
|
||||
Total expenses
|
5,660,996
|
6,951,366
|
||||||
Net investment income before fee waivers
|
3,779,335
|
6,039,748
|
||||||
Incentive fee waiver
|
1,120,588
|
-
|
||||||
Net investment income after fee waivers
|
4,899,923
|
6,039,748
|
||||||
Net realized gain (loss) on investments
|
-
|
-
|
||||||
Net change in unrealized gain (loss) on investments
|
(226,441
|
)
|
(1,117,559
|
)
|
||||
Net increase (decrease) in net assets resulting from operations
|
$
|
4,673,482
|
$
|
4,922,189
|
For the nine months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Total investment income
|
$
|
33,456,449
|
$
|
34,415,243
|
||||
Total expenses
|
18,699,217
|
19,812,329
|
||||||
Net investment income before fee waivers
|
14,757,232
|
14,602,914
|
||||||
Management fee waiver
|
-
|
552,269
|
||||||
Incentive fee waiver
|
1,120,588
|
1,034,565
|
||||||
Net investment income after fee waivers
|
15,877,820
|
16,189,748
|
||||||
Net realized gain (loss) on investments
|
2,034,517
|
45,283
|
||||||
Net change in unrealized gain (loss) on investments
|
(10,862,337
|
)
|
88,174
|
|||||
Net increase (decrease) in net assets resulting from operations
|
$
|
7,050,000
|
$
|
16,323,205
|
For the three months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Non-controlled/non-affiliate investment income
|
||||||||
Interest income
|
$
|
7,576,521
|
$
|
11,157,418
|
||||
PIK interest income
|
615,739
|
714,064
|
||||||
Dividend income
|
30,964
|
960,887
|
||||||
Other income
|
8,208
|
3,640
|
||||||
Controlled/affiliate investment income
|
||||||||
Interest income
|
1,069,033
|
94,531
|
||||||
PIK interest income
|
139,866
|
60,574
|
||||||
Dividend income
|
-
|
-
|
||||||
Total investment income
|
$
|
9,440,331
|
$
|
12,991,114
|
For the nine months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Non-controlled/non-affiliate investment income
|
||||||||
Interest income
|
$
|
27,698,324
|
$
|
31,031,859
|
||||
PIK interest income
|
3,041,693
|
1,730,753
|
||||||
Dividend income
|
153,177
|
1,322,996
|
||||||
Other income
|
170,192
|
68,651
|
||||||
Controlled/affiliate investment income
|
||||||||
Interest income
|
1,909,109
|
152,599
|
||||||
PIK interest income
|
277,670
|
60,574
|
||||||
Dividend income
|
206,284
|
47,811
|
||||||
Total investment income
|
$
|
33,456,449
|
$
|
34,415,243
|
For the three months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Interest and other financing fees
|
$
|
3,106,779
|
$
|
3,732,162
|
||||
Management fees (Note 6)
|
1,078,294
|
1,165,449
|
||||||
Incentive fees (Note 6)
|
801,653
|
1,415,068
|
||||||
Professional fees
|
384,728
|
404,968
|
||||||
General and administrative fees
|
130,727
|
115,602
|
||||||
Legal expenses
|
97,305
|
90,617
|
||||||
Director expenses
|
61,510
|
27,500
|
||||||
Expenses
|
5,660,996
|
6,951,366
|
||||||
Management fee waiver
|
-
|
-
|
||||||
Incentive fee waiver
|
(1,120,588
|
)
|
-
|
|||||
Total Expenses
|
$
|
4,540,408
|
$
|
6,951,366
|
For the nine months ended September 30,
|
||||||||
2024
|
2023
|
|||||||
Interest and other financing fees
|
$
|
10,211,280
|
$
|
10,186,333
|
||||
Management fees (Note 6)
|
3,306,940
|
3,978,875
|
||||||
Incentive fees (Note 6)
|
3,145,659
|
3,878,026
|
||||||
Professional fees
|
1,189,807
|
1,113,595
|
||||||
General and administrative fees
|
443,769
|
357,763
|
||||||
Legal expenses
|
293,012
|
230,237
|
||||||
Director expenses
|
108,750
|
67,500
|
||||||
Expenses
|
18,699,217
|
19,812,329
|
||||||
Management fee waiver
|
-
|
(552,269
|
)
|
|||||
Incentive fee waiver
|
(1,120,588
|
)
|
(1,034,565
|
)
|
||||
Total Expenses
|
$
|
17,578,629
|
$
|
18,225,495
|
Date
|
Price per share
|
Shares Issued
|
Proceeds
|
|||||||||
For the nine months ended September 30, 2024:
|
||||||||||||
April 8, 2024
|
$
|
24.96
|
250,250
|
$
|
6,246,250
|
|||||||
June 11, 2024
|
24.79
|
562,949
|
13,955,500
|
|||||||||
September 17, 2024
|
23.83
|
717,571
|
17,099,715
|
|||||||||
1,530,770
|
$
|
37,301,465
|
||||||||||
Stock issued in connection with dividend reinvestment plan
|
||||||||||||
January 31, 2024
|
$
|
24.98
|
120,133
|
$
|
3,000,821
|
|||||||
May 16, 2024
|
24.95
|
113,756
|
2,838,215
|
|||||||||
August 19, 2024*
|
23.96
|
103,753
|
2,527,833
|
|||||||||
337,642
|
$
|
8,366,869
|
||||||||||
Total
|
1,868,412
|
$
|
45,668,334
|
Date
|
Price per share
|
Shares Issued
|
Proceeds
|
|||||||||
For the nine months ended September 30, 2023:
|
||||||||||||
March 21, 2023
|
$
|
25.31
|
803,600
|
$
|
20,339,128
|
|||||||
May 15, 2023
|
25.30
|
343,695
|
8,695,501
|
|||||||||
August 28, 2023
|
25.49
|
179,590
|
4,577,750
|
|||||||||
1,326,885
|
$
|
33,612,379
|
||||||||||
Stock issued in connection with dividend reinvestment plan
|
||||||||||||
January 26, 2023
|
$
|
25.34
|
86,086
|
$
|
2,181,430
|
|||||||
May 5, 2023
|
25.38
|
98,060
|
2,488,754
|
|||||||||
July 31, 2023
|
25.56
|
100,593
|
2,571,168
|
|||||||||
284,739
|
7,241,352
|
|||||||||||
Total
|
1,611,624
|
$
|
40,853,731
|
Date Declared
|
Record Date
|
Payment/Issuance Date
|
Amount Per
Share
|
Amount Paid
in Cash |
Amount Settled via
Newly Issued Shares
|
Total
|
||||||||||||||
For the nine months ended September 30, 2024
|
||||||||||||||||||||
December 31, 2023
|
December 31, 2023
|
January 31, 2024
|
$
|
0.79
|
$
|
2,961,399
|
$
|
3,000,821
|
$
|
5,962,220
|
||||||||||
April 3, 2024
|
April 3, 2024
|
May 16, 2024
|
0.75
|
3,061,044
|
2,838,215
|
5,899,259
|
||||||||||||||
July 11, 2024
|
July 11, 2024
|
August 19, 2024
|
0.63
|
2,733,750
|
2,527,833
|
5,261,583
|
||||||||||||||
Total
|
$
|
2.17
|
$
|
8,756,193
|
$
|
8,366,869
|
$
|
17,123,062
|
Date Declared
|
Record Date
|
Payment/Issuance Date
|
Amount Per
Share
|
Amount Paid
in Cash
|
Amount Settled via
Newly Issued Shares
|
Total
|
||||||||||||||
For the nine months ended September 30, 2023:
|
|
|||||||||||||||||||
December 31, 2022
|
December 31, 2022
|
January 26, 2023
|
$
|
0.66
|
$
|
2,169,650
|
$
|
2,181,430
|
$
|
4,351,080
|
||||||||||
April 3, 2023
|
April 3, 2023
|
May 5, 2023
|
0.69
|
2,485,103
|
2,488,754
|
4,973,857
|
||||||||||||||
July 3, 2023
|
July 3, 2023
|
July 31, 2023
|
0.69
|
2,583,154
|
2,571,168
|
5,154,322
|
||||||||||||||
Total
|
|
|
$
|
2.04
|
$
|
7,237,907
|
$
|
7,241,352
|
$
|
14,479,259
|
As of September 30, 2024
|
As of December 31, 2023
|
|||||||
Secured Credit Facility Lender
|
Commitment
|
Commitment
|
||||||
Webster Bank
|
$
|
67,500,000
|
$
|
67,500,000
|
||||
Blue Ridge Bank
|
-
|
25,000,000
|
||||||
Dime Community Bank
|
25,000,000
|
-
|
||||||
First Foundation Bank
|
20,000,000
|
20,000,000
|
||||||
Mitsubishi HC Capital America, Inc.
|
20,000,000
|
20,000,000
|
||||||
Woodforest National Bank
|
20,000,000
|
20,000,000
|
||||||
Forbright Bank
|
-
|
17,500,000
|
||||||
Peapack-Gladstone Bank
|
17,000,000
|
15,000,000
|
||||||
Hanmai Bank
|
15,500,000
|
-
|
||||||
Apple Bank
|
15,000,000
|
15,000,000
|
||||||
Total Commitment
|
$
|
200,000,000
|
$
|
200,000,000
|
• |
the quarterly valuation process commences with each portfolio company or investment being initially evaluated by the investment professionals of the Advisor responsible for the monitoring of the portfolio investment;
|
• |
the Advisor’s Valuation Committee reviews the valuations provided by the independent third-party valuation firm and develops a valuation recommendation. Valuation recommendations are presented to the Audit Committee of the
Board;
|
• |
the Audit Committee of the Board reviews valuation recommendations of the Advisor incorporating any adjustments or further supplements by the Advisor to the valuations; and
|
• |
the Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of the Advisor, the independent valuation firm, and the Audit Committee.
|
• |
Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date.
|
• |
Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in
markets that are not active, and fair value is determined through the use of models or other valuation methodologies.
|
• |
Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant
management judgment and estimation.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Change in Interest Rates
|
Increase (decrease) in
interest income
|
Increase (decrease) in
interest expense
|
Net increase (decrease) in
net investment income
|
|||||||||
Down 100 basis points
|
$
|
(2,660,816
|
)
|
$
|
(1,295,000
|
)
|
$
|
(1,365,816
|
)
|
|||
Down 50 basis points
|
(1,343,067
|
)
|
(647,500
|
)
|
(695,567
|
)
|
||||||
Down 25 basis points
|
(671,533
|
)
|
(323,750
|
)
|
(347,783
|
)
|
||||||
Up 25 basis points
|
671,533
|
323,750
|
347,783
|
|||||||||
Up 50 basis points
|
1,348,747
|
647,500
|
701,247
|
|||||||||
Up 100 basis points
|
2,722,646
|
1,295,000
|
1,427,646
|
|||||||||
Up 200 basis points
|
5,470,445
|
2,590,000
|
2,880,445
|
|||||||||
Up 300 basis points
|
8,218,243
|
3,885,000
|
4,333,243
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibit
Number
|
Description of Document
|
3.1 |
Certificate of Incorporation (incorporated by reference to the Company’s Form 10 Registration Statement filed on May 7, 2021)
|
|
3.1.1 |
Certificate of Conversion to a Corporation (incorporated by reference to the Company’s Form 10 Registration Statement filed on May 7, 2021)
|
|
3.2 |
By-Laws (incorporated by reference to the Company’s Form 10 Registration Statement filed on May 7, 2021)
|
|
4.1 |
Form of Subscription Agreement (incorporated by reference to the Company’s Form 10 Registration Statement filed on May 7, 2021)
|
|
10.1 |
Investment Advisory Agreement between Star Mountain Credit Opportunities Fund, LP and Star Mountain Fund Management, LLC (incorporated by reference to the Company’s Form 10 Registration
Statement filed on May 7, 2021)
|
|
10.2 |
Amended and Restated Investment Advisory Agreement dated as of June 14, 2023 between Star Mountain Credit Opportunities Fund, LP and Star Mountain Fund Management, LLC (incorporated by
reference to the Company’s Current Report on Form 8-K (File No. 814-01399), filed on June 16, 2023)
|
|
10.3 |
Administration Agreement between Star Mountain Credit Opportunities Fund, LP and Star Mountain Fund Management LLC (incorporated by reference to the Company’s Form 10 Registration Statement
filed on May 7, 2021)
|
|
10.4 |
Loan and Servicing Agreement, dated as of July 2, 2021, by and among Star Mountain Lower Middle-Market Capital Corp., as borrower, the lenders party thereto and Sterling National Bank, in
its capacities as collateral agent and administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-56259), filed on July 15, 2021)
|
|
10.5 |
First Amendment to Revolving Credit Agreement, dated as of November 10, 2021, by and among the Company, as Borrower, and Sterling National Bank, as Administrative Agent and the Letter of
Credit Issuer, and the Lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on November 12, 2021)
|
|
10.6 |
Second Amendment to Revolving Credit Agreement, dated as of January 12, 2022, by and among the Company, as Borrower, and Sterling National Bank, as Administrative Agent and the Letter of
Credit Issuer, and the Lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 14, 2022)
|
|
10.7 |
Amendment to Loan and Servicing Agreement and Joinder Agreement, dated as of May 6, 2022, by and among the Company, as Borrower, and Webster Bank, N.A. (f/k/a Sterling National Bank), as
Administrative Agent and the Letter of Credit Issuer, and the Lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on May 12, 2022)
|
|
10.8^ |
Second Amendment to Loan and Servicing Agreement, dated as of September 16, 2022, by and among the Company, as Borrower, and Webster Bank, N.A. (f/k/a Sterling National Bank), as Collateral
Agent, Administrative Agent, Swing Lender, and Sole Lead Arranger, and the Lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on September 20, 2022)
|
|
10.9^ |
Fourth Amendment to Loan and Servicing Agreement, dated as of May 9, 2024, by and among the Company, as Borrower, and Webster Bank, N.A. (f/k/a Sterling National Bank), as Collateral Agent,
Administrative Agent, Swing Lender, and Sole Lead Arranger, and the Lenders party thereto (incorporated by reference to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on May 15, 2024)
|
|
|
||
31.1* |
Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2* |
Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1** |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2** |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
^ |
Certain portions of this exhibit have been omitted in accordance with Item 601(b)(10)(vi) of Regulation S-K. The registrant agrees to furnish supplementally an unredacted copy of this exhibit to the Securities and
Exchange Commission upon its request.
|
Date: November 14, 2024
|
By:
|
/s/ Brett A. Hickey
|
|
Name:
|
Brett A. Hickey
|
||
Title:
|
Chief Executive Officer and President
|
||
Date: November 14, 2024
|
By:
|
/s/ Christopher J. Gimbert
|
|
Name:
|
Christopher J. Gimbert
|
||
Title:
|
Chief Financial Officer
|