Total Value at October 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $153,606 | $— | $153,606 | $— | |||
Convertible Bonds and Notes | 239,518 | — | 239,518 | — | |||
Equity Securities: | |||||||
Convertible Preferred Stocks | 39,153 | 33,302 | 5,851 | — | |||
Common Stocks | 1,867 | — | — | 1,867 | |||
Preferred Stock | 1,985 | — | — | 1,985 | |||
Warrants | 102 | — | — | 102(1) | |||
Money Market Mutual Fund | 98,927 | 98,927 | — | — | |||
Total Investments | $535,158 | $132,229 | $398,975 | $3,954 |
(1) | Includes internally fair valued security currently priced at zero ($0). |
Total | Common Stocks | Preferred Stocks | Warrants | ||||
Investments in Securities | |||||||
Balance as of January 31, 2022: | $ 6,202 | $ 3,348 | $ 2,519 (a) | $ 335(a) | |||
Realized gain (loss) | (5,000) | — | (5,000) | — | |||
Change in unrealized appreciation (depreciation)(b) | 2,752 | (1,481) | 4,466 | (233) | |||
Balance as of October 31, 2022 | $ 3,954 | $ 1,867 | $ 1,985 | $ 102(a) |
Investments in Securities – Assets | Ending Balance at October 31, 2022 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
LiveStyle, Inc. Series B | $1,985 | Discounted Cash Flows Liquidation Approach | Discount rate | 27.12% (25.97%-27.79%) | ||||
Common Stocks: | ||||||||
CCF Holdings LLC | $1,465 | Market and Company Comparables | EV Multiples | 1.02x (0.67x - 1.41x) | ||||
0.60x (0.43x - 0.78x) | ||||||||
Illiquidity Discount | 20% | |||||||
CCF Holdings LLC Class M | $202 | Market and Company Comparables | EV Multiples | 1.02x (0.67x - 1.41x) | ||||
0.60x (0.43x - 0.78x) | ||||||||
Illiquidity Discount | 20% | |||||||
Erickson, Inc. | $200 | Market and Company Comparables | EV Multiples | 1.18x (0.65x - 3.04x) | ||||
13.96x (10.41x - 15.55x) | ||||||||
0.97x (0.48x - 1.70x) | ||||||||
M&A Transaction Multiples | 0.96x (0.41x - 1.96x) | |||||||
Illiquidity Discount | 20% | |||||||
LiveStyle, Inc. | $—(1) | Discounted Cash Flows Liquidation Approach | Discount rate | 27.12% (25.97%-27.79%) | ||||
Warrants: | ||||||||
CCF Holdings LLC | $102 | Market and Company Comparables | EV Multiples | 1.02x (0.67x - 1.41x) | ||||
0.60x (0.43x - 0.78x) | ||||||||
Illiquidity Discount | 20% | |||||||
Black-Scholes Model | Volatility | 52.08% | ||||||
(1) Amount is less than $500. |
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |