Portfolio Investments (Tables)

3 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Composition of Investment Portfolio

The following table shows the composition of our investment portfolio as of September 30, 2022 and June 30, 2022:

	September 30, 2022				June 30, 2022
	Cost		Fair Value		Cost		Fair Value
First Lien Revolving Line of Credit	$	40,875	$	40,751	$	39,775	$	39,746
First Lien Debt	3,980,337		3,884,792		3,839,553		3,757,960
Second Lien Debt	1,593,464		1,441,284		1,588,557		1,471,336
Unsecured Debt	7,200		7,200		7,200		7,200
Subordinated Structured Notes	990,723		695,292		997,703		711,429
Equity	732,887		1,513,346		724,043		1,614,839
Total Investments	$	7,345,486	$	7,582,665	$	7,196,831	$	7,602,510

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Schedule of Fair Value of Investments

The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of September 30, 2022:

	Level 1		Level 2		Level 3		Total
First Lien Revolving Line of Credit	$	—	$	—	$	40,751	$	40,751
First Lien Debt	—		51,979		3,832,813		3,884,792
Second Lien Debt	—		—		1,441,284		1,441,284
Unsecured Debt	—		—		7,200		7,200
Subordinated Structured Notes	—		—		695,292		695,292
Equity	—		—		1,513,346		1,513,346
Total Investments	$	—	$	51,979	$	7,530,686	$	7,582,665

The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
First Lien Revolving Line of Credit	$	—	$	—	$	39,746	$	39,746
First Lien Debt	—		73,816		3,684,144		3,757,960
Second Lien Debt	—		—		1,471,336		1,471,336
Unsecured Debt	—		—		7,200		7,200
Subordinated Structured Notes	—		—		711,429		711,429
Equity	—		—		1,614,839		1,614,839
Total Investments	$	—	$	73,816	$	7,528,694	$	7,602,510

Changes in Fair Value of Level 3 Investments

The following tables show the aggregate changes in the fair value of our Level 3 investments during the three months ended September 30, 2022:

	Fair Value Measurements Using Unobservable Inputs (Level 3)
	Control  Investments		Affiliate  Investments		Non-Control/  Non-Affiliate  Investments		Total
Fair value as of June 30, 2022	$	3,438,317	$	393,264	$	3,697,113	$	7,528,694
Net realized losses on investments	(1,093)		—		(22,084)		(23,177)
Net change in unrealized losses	(47,289)		(70,786)		(46,057)		(164,132)
Net realized and unrealized losses	(48,382)		(70,786)		(68,141)		(187,309)
Purchases of portfolio investments	84,100		—		196,236		280,336
Payment-in-kind interest	22,202		—		1,992		24,194
Accretion (amortization) of discounts and premiums, net	185		—		(5,655)		(5,470)
Repayments and sales of portfolio investments	(51,944)		(5,203)		(70,066)		(127,213)
Transfers into Level 3(1)	—		—		17,454		17,454
Fair value as of September 30, 2022	$	3,444,478	$	317,275	$	3,768,933	$	7,530,686

	First Lien Revolving Line of Credit		First Lien Debt		Second Lien Debt		Unsecured Debt		Subordinated Structured Notes		Equity		Total
Fair value as of June 30, 2022	$	39,746	$	3,684,144	$	1,471,336	$	7,200	$	711,429	$	1,614,839	$	7,528,694
Net realized (losses) gains on investments	—		(14,472)		(8,791)		—		1,179		(1,093)		(23,177)
Net change in unrealized losses	(95)		(9,584)		(34,959)		—		(9,157)		(110,337)		(164,132)
Net realized and unrealized losses	(95)		(24,056)		(43,750)		—		(7,978)		(111,430)		(187,309)
Purchases of portfolio investments	500		215,937		50,319		—		—		13,580		280,336
Payment-in-kind interest	654		23,540		—		—		—		—		24,194
Accretion (amortization) of discounts and premiums, net	2		694		813		—		(6,979)		—		(5,470)
Repayments and sales of portfolio investments	(56)		(84,900)		(37,434)		—		(1,180)		(3,643)		(127,213)
Transfers into Level 3(1)	—		17,454		—		—		—		—		17,454
Fair value as of September 30, 2022	$	40,751	$	3,832,813	$	1,441,284	$	7,200	$	695,292	$	1,513,346	$	7,530,686

    

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the three months ended September 30, 2022 one of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.

The following tables show the aggregate changes in the fair value of our Level 3 investments during the three months ended September 30, 2021:

	Fair Value Measurements Using Unobservable Inputs (Level 3)
	Control  Investments		Affiliate  Investments		Non-Control/  Non-Affiliate  Investments		Total
Fair value as of June 30, 2021	$	2,919,717	$	356,734	$	2,885,433	$	6,161,884
Net realized gains on investments	3		—		—		3
Net change in unrealized gains	122,330		6,037		12,082		140,449
Net realized and unrealized gains	122,333		6,037		12,082		140,452
Purchases of portfolio investments	19,668		202,931		127,875		350,474
Payment-in-kind interest	18,615		27		148		18,790
Accretion (amortization) of discounts and premiums, net	137		2,026		(14,163)		(12,000)
Repayments and sales of portfolio investments	(34,380)		(188,698)		(70,262)		(293,340)
Fair Value as of September 30, 2021	$	3,046,090	$	379,057	$	2,941,113	$	6,366,260

	Revolving Line of Credit		First Lien Debt		1.5 Lien Debt		Second Lien Debt		Third Lien Debt		Unsecured Debt		Subordinated Structured Notes		Equity		Total
Fair value as of June 30, 2021	$	27,503	$	3,104,139	$	18,164	$	944,123	$	3,950	$	3,715	$	756,109	$	1,304,181	$	6,161,884
Net realized gains on investments	—		—		—		—		—		3		—		—		3
Net change in unrealized gains (losses)	8		(4,403)		—		594		—		399		10,084		133,767		140,449
Net realized and unrealized gains (losses)	8		(4,403)		—		594		—		402		10,084		133,767		140,452
Purchases of portfolio investments	4,000		101,588		—		244,886		—		—		—		—		350,474
Payment-in-kind interest	—		17,037		—		1,753		—		—		—		—		18,790
Accretion (amortization) of discounts and premiums, net	—		2,856		—		568		—		—		(15,424)		—		(12,000)
Repayments and sales of portfolio investments	(32)		(140,369)		(18,164)		(134,772)		—		(3)		—		—		(293,340)
Fair value as of September 30, 2021	$	31,479	$	3,080,848	$	—	$	1,057,152	$	3,950	$	4,114	$	750,769	$	1,437,948	$	6,366,260

Schedule of Industries Comprising Greater than 10% of Portfolio Fair Value

The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of September 30, 2022 and June 30, 2022:

	September 30, 2022						June 30, 2022
	Cost		Fair Value		% of Portfolio		Cost		Fair Value		% of Portfolio
Equity Real Estate Investment Trusts (REITs)	$	667,016	$	1,412,730	18.6	%	$	647,316	$	1,399,857	18.4	%
Consumer Finance	580,719		748,771		9.9	%	568,739		765,168		10.1	%
All Other Industries	6,097,751		5,421,164		71.5	%	5,980,776		5,437,485		71.5	%
Total	$	7,345,486	$	7,582,665	100.0	%	$	7,196,831	$	7,602,510	100.0	%

Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments

The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2022 were as follows:

				Unobservable Input
Asset Category	Fair Value		Primary Valuation Approach or Technique	Input	Range			Weighted Average (5)
First Lien Debt	$	1,839,417	Discounted cash flow (Yield analysis)	Market yield	9.0%	to	25.8%	13.3%
First Lien Debt	481,583		Enterprise value waterfall (Market approach)	EBITDA multiple	5.8x	to	10.3x	8.8x
First Lien Debt	172,571		Enterprise value waterfall (Market approach)	Revenue multiple	0.5x	to	1.5x	1.0x
First Lien Debt	54,797		Enterprise value waterfall (Discounted cash flow)	Discount rate	7.5%	to	9.5%	8.5%
First Lien Debt (1)	25,058		Enterprise value waterfall	Loss-adjusted discount rate	6.2%	to	10.5%	8.3%
				Projected loss rates	—%	to	0.8%	—%
First Lien Debt (2)	194,511		Enterprise value waterfall	Discount rate (3)	10.7%	to	17.1%	12.8%
First Lien Debt	433,259		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.7x	to	2.1x	1.9x
				Earnings multiple	5.5x	to	8.0x	6.9x
First Lien Debt	20,782		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.0x	to	1.5x	1.3x
First Lien Debt	651,586		Enterprise value waterfall (NAV analysis)	Capitalization rate	3.6%	to	7.5%	4.8%
Second Lien Debt	1,421,133		Discounted cash flow (Yield analysis)	Market yield	10.9%	to	29.0%	14.7%
Second Lien Debt	14,075		Enterprise value waterfall (Market approach)	Revenue multiple	1.0x	to	1.5x	1.3x
Second Lien Debt	6,076		Asset recovery analysis	Recoverable amount	n/a			n/a
Unsecured Debt	7,200		Enterprise value waterfall (Market approach)	EBITDA multiple	5.8x	to	6.8x	6.3x
Subordinated Structured Notes	695,292		Discounted cash flow	Discount rate (3)	2.5%	to	31.6%	21.6%
Preferred Equity	25,927		Enterprise value waterfall (Market approach)	Revenue multiple	0.6x	to	1.5x	1.0x
Preferred Equity	5,418		Enterprise value waterfall (Market approach)	EBITDA multiple	7.5x	to	9.5x	8.6x
Preferred Equity	7,225		Enterprise value waterfall (Discounted cash flow)	Discount rate	7.5%	to	9.5%	8.5%
Common Equity/Interests/Warrants	426,796		Enterprise value waterfall (Market approach)	EBITDA multiple	4.0x	to	10.3x	8.3x
Common Equity/Interests/Warrants	87		Enterprise value waterfall (Market approach)	Revenue multiple	0.3x	to	1.5x	0.4x
Common Equity/Interests/Warrants (1)	2,053		Enterprise value waterfall	Loss-adjusted discount rate	6.2%	to	10.5%	8.3%
				Projected loss rates	—%	to	0.8%	—%
Common Equity/Interests/Warrants (2)	30,723		Enterprise value waterfall	Discount rate (3)	10.7%	to	17.1%	12.8%
Common Equity/Interests/Warrants (4)	60,697		Enterprise value waterfall (NAV analysis)	Capitalization Rate	3.6%	to	7.5%	4.8%
Common Equity/Interests/Warrants	239,480		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.7x	to	2.1x	1.9x
				Earnings multiple	5.5x	to	8.0x	7.0x
Common Equity/Interests/Warrants	28,569		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.0x	to	1.5x	1.3x
Common Equity/Interests/Warrants	667,671		Enterprise value waterfall (NAV analysis)	Capitalization rate	3.6%	to	7.5%	4.8%
Common Equity/Interests/Warrants	5,388		Enterprise value waterfall (Discounted cash flow)	Discount Rate	12.8%	to	30.0%	21.6%

				Unobservable Input
Asset Category	Fair Value		Primary Valuation Approach or Technique	Input	Range	Weighted Average (5)
Common Equity/Interests/Warrants	13,312		Asset recovery analysis	Recoverable amount	n/a	n/a
Total Level 3 Investments	$	7,530,686

(1)Represents an investment in a Real Estate Investment Trust subsidiary. The Enterprise Value analysis includes the fair value of our investments in such indirect subsidiary’s consumer loans purchased from online consumer lending platforms, which are valued using a discounted cash flow valuation technique.

(2)Represents an investment in a Real Estate Investment Trust subsidiary. The Enterprise Value analysis includes the fair value of our investments in such indirect subsidiary’s rated secured structured notes, which are valued using a discounted cash flow valuation technique. The key unobservable input to the discounted cash flow analysis is noted above.

(3)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(4)Represents Residual Profit Interests in Real Estate Investments.

(5)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the Loss-adjusted discount rate and Projected loss rate unobservable inputs of investments represented in (1), the weighted average is determined based on the purchase yield of recently issued loans within each respective term-grade cohort.

The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2022 were as follows:

				Unobservable Input
Asset Category	Fair Value		Primary Valuation Approach or Technique	Input	Range			Weighted Average (5)
First Lien Debt	$	1,722,265	Discounted cash flow (Yield analysis)	Market yield	8.1%	to	16.9%	11.7%
First Lien Debt	528,312		Enterprise value waterfall (Market approach)	EBITDA multiple	6.0x	to	10.5x	9.0x
First Lien Debt	108,222		Enterprise value waterfall (Market approach)	Revenue multiple	0.5x	to	1.2x	0.9x
First Lien Debt	53,209		Enterprise value waterfall (Discounted cash flow)	Discount rate	8.8%	to	10.8%	9.8%
First Lien Debt	12,199		Asset recovery analysis	Recoverable amount	n/a			n/a
First Lien Debt (1)	29,080		Enterprise value waterfall	Loss-adjusted discount rate	5.6%	to	9.4%	8.1%
				Projected loss rates	—%	to	1.6%	—%
First Lien Debt (2)	186,800		Enterprise value waterfall	Discount rate (3)	9.2%	to	14.8%	11.1%
First Lien Debt	432,057		Enterprise value waterfall (Market approach)	Tangible book value multiple	2.2x	to	3.0x	2.7x
				Earnings multiple	4.8x	to	7.5x	7.0x
First Lien Debt	20,260		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.3x	to	1.5x	1.4x
First Lien Debt	631,486		Enterprise value waterfall (NAV analysis)	Capitalization Rate	3.3%	to	7.5%	4.5%
Second Lien Debt	1,460,277		Discounted cash flow (Yield analysis)	Market yield	9.6%	to	25.0%	13.0%
Second Lien Debt	4,952		Enterprise value waterfall (Market approach)	Revenue multiple	0.8x	to	1.0x	0.9x
Second Lien Debt	6,107		Asset recovery analysis	Recoverable amount	n/a			n/a
Unsecured Debt	7,200		Enterprise value waterfall (Market approach)	Revenue multiple	0.5x	to	0.6x	0.5x
Subordinated Structured Notes	711,429		Discounted cash flow	Discount rate (3)	6.9%	to	30.5%	18.7%
Preferred Equity	33,355		Enterprise value waterfall (Market approach)	Revenue multiple	0.8x	to	1.5x	1.2x
Preferred Equity	1,807		Enterprise value waterfall (Market approach)	EBITDA multiple	3.8x	to	4.8x	4.3x
Preferred Equity	12,557		Enterprise value waterfall (Market approach)	Discount rate	8.8%	to	10.8%	9.8%
Common Equity/Interests/Warrants	493,322		Enterprise value waterfall (Market approach)	EBITDA multiple	1.8x	to	10.5x	8.8x
Common Equity/Interests/Warrants	3,613		Enterprise value waterfall (Market approach)	Revenue multiple	0.4x	to	1.0x	0.5x
Common Equity/Interests/Warrants (1)	8,994		Enterprise value waterfall	Loss-adjusted discount rate	5.6%	to	9.4%	8.1%
				Projected loss rates	—%	to	1.6%	—%
Common Equity/Interests/Warrants (2)	30,386		Enterprise value waterfall	Discount rate (3)	9.2%	to	14.8%	11.1%
Common Equity/Interests/Warrants (4)	60,749		Enterprise value waterfall (NAV analysis)	Capitalization Rate	3.3%	to	7.5%	4.5%
Common Equity/Interests/Warrants	252,161		Enterprise value waterfall (Market approach)	Tangible book value multiple	2.2x	to	3.0x	2.8x
				Earnings multiple	4.8x	to	7.5x	7.0x
Common Equity/Interests/Warrants	30,140		Enterprise value waterfall (Market approach)	Tangible book value multiple	1.3x	to	1.5x	1.4x
Common Equity/Interests/Warrants	668,242		Enterprise value waterfall (NAV analysis)	Capitalization Rate	3.3%	to	7.5%	4.5%
Common Equity/Interests/Warrants	5,614		Enterprise value waterfall (Discounted cash flow)	Discount rate	12.5%	to	30.0%	21.2%
Common Equity/Interests/Warrants	13,899		Asset recovery analysis	Recoverable amount	n/a			n/a
Total Level 3 Investments	$	7,528,694

(1)Represents an investment in a Real Estate Investment Trust subsidiary. The Enterprise Value analysis includes the fair value of our investments in such indirect subsidiary’s consumer loans purchased from online consumer lending platforms, which are valued using a discounted cash flow valuation technique.

(2)Represents an investment in a Real Estate Investment Trust subsidiary. The Enterprise Value analysis includes the fair value of our investments in such indirect subsidiary’s rated secured structured notes, which are valued using a discounted cash flow valuation technique. The key unobservable input to the discounted cash flow analysis is noted above.

(3)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(4)Represents Residual Profit Interests in Real Estate Investments.

(5)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the Loss-adjusted discount rate and Projected loss rate unobservable inputs of investments represented in (1), the weighted average is determined based on the purchase yield of recently issued loans within each respective term-grade cohort.

Schedule of Summarized Financial Information for NPRC

Loan Type	Outstanding Principal Balance		Fair Value		Interest Rate Range			Weighted Average Interest Rate*
Super Prime	$	252	$	250	8.0%	-	20.5%	12.2%
Prime	344		337		12.0%	-	25.0%	19.0%
Near Prime	273		270		19.5%	-	36.0%	26.4%

*Weighted by outstanding principal balance of the online consumer loans.

No.	Property Name	City	Acquisition Date	Purchase Price		Mortgage Outstanding
1	Filet of Chicken	Forest Park, GA	10/24/2012	$	7,400	$	—
2	Arlington Park Marietta, LLC	Marietta, GA	5/8/2013	14,850		13,494
3	Taco Bell, OK	Yukon, OK	6/4/2014	1,719		—
4	Taco Bell, MO	Marshall, MO	6/4/2014	1,405		—
5	Abbie Lakes OH Partners, LLC	Canal Winchester, OH	9/30/2014	12,600		15,015
6	Kengary Way OH Partners, LLC	Reynoldsburg, OH	9/30/2014	11,500		15,179
7	Lakeview Trail OH Partners, LLC	Canal Winchester, OH	9/30/2014	26,500		28,957
8	Lakepoint OH Partners, LLC	Pickerington, OH	9/30/2014	11,000		16,478
9	Sunbury OH Partners, LLC	Columbus, OH	9/30/2014	13,000		16,710
10	Heatherbridge OH Partners, LLC	Blacklick, OH	9/30/2014	18,416		23,881
11	Jefferson Chase OH Partners, LLC	Blacklick, OH	9/30/2014	13,551		18,593
12	Goldenstrand OH Partners, LLC	Hilliard, OH	10/29/2014	7,810		11,333
13	SSIL I, LLC	Aurora, IL	11/5/2015	34,500		25,268
14	Vesper Tuscaloosa, LLC	Tuscaloosa, AL	9/28/2016	54,500		42,402
15	Vesper Iowa City, LLC	Iowa City, IA	9/28/2016	32,750		24,453
16	Vesper Corpus Christi, LLC	Corpus Christi, TX	9/28/2016	14,250		10,638
17	Vesper Campus Quarters, LLC	Corpus Christi, TX	9/28/2016	18,350		13,963
18	Vesper College Station, LLC	College Station, TX	9/28/2016	41,500		31,578
19	Vesper Kennesaw, LLC	Kennesaw, GA	9/28/2016	57,900		50,291
20	Vesper Statesboro, LLC	Statesboro, GA	9/28/2016	7,500		7,480
21	Vesper Manhattan KS, LLC	Manhattan, KS	9/28/2016	23,250		14,679
22	9220 Old Lantern Way, LLC	Laurel, MD	1/30/2017	187,250		153,580
23	7915 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	95,700		90,768
24	8025 Baymeadows Circle Owner, LLC	Jacksonville, FL	10/31/2017	15,300		15,784
25	23275 Riverside Drive Owner, LLC	Southfield, MI	11/8/2017	52,000		54,504
26	23741 Pond Road Owner, LLC	Southfield, MI	11/8/2017	16,500		18,894
27	150 Steeplechase Way Owner, LLC	Largo, MD	1/10/2018	44,500		36,668
28	Olentangy Commons Owner LLC	Columbus, OH	6/1/2018	113,000		92,876

No.	Property Name	City	Acquisition Date	Purchase Price		Mortgage Outstanding
29	Villages of Wildwood Holdings LLC	Fairfield, OH	7/20/2018	46,500		58,393
30	Falling Creek Holdings LLC	Richmond, VA	8/8/2018	25,000		25,374
31	Crown Pointe Passthrough LLC	Danbury, CT	8/30/2018	108,500		89,400
32	Lorring Owner LLC	Forestville, MD	10/30/2018	58,521		47,680
33	Hamptons Apartments Owner, LLC	Beachwood, OH	1/9/2019	96,500		79,520
34	5224 Long Road Holdings, LLC	Orlando, FL	6/28/2019	26,500		21,200
35	Druid Hills Holdings LLC	Atlanta, GA	7/30/2019	96,000		79,104
36	Bel Canto NPRC Parcstone LLC	Fayetteville, NC	10/15/2019	45,000		42,793
37	Bel Canto NPRC Stone Ridge LLC	Fayetteville, NC	10/15/2019	21,900		21,545
38	Sterling Place Holdings LLC	Columbus, OH	10/28/2019	41,500		34,196
39	SPCP Hampton LLC	Dallas, TX	11/2/2020	36,000		27,590
40	Palmetto Creek Holdings LLC	North Charleston, SC	11/10/2020	33,182		25,865
41	Valora at Homewood Holdings LLC	Homewood, AL	11/19/2020	81,250		63,844
42	NPRC Fairburn LLC	Fairburn, GA	12/14/2020	52,140		43,900
43	NPRC Grayson LLC	Grayson, GA	12/14/2020	47,860		40,500
44	NPRC Taylors LLC	Taylors, SC	1/27/2021	18,762		14,075
45	Parkside at Laurel West Owner LLC	Spartanburg, SC	2/26/2021	57,005		42,025
46	Willows at North End Owner LLC	Spartanburg, SC	2/26/2021	23,255		19,000
47	SPCP Edge CL Owner LLC	Webster, TX	3/12/2021	34,000		25,496
48	Jackson Pear Orchard LLC	Ridgeland, MS	6/28/2021	50,900		38,175
49	Jackson Lakeshore Landing LLC	Ridgeland, MS	6/28/2021	22,600		16,950
50	Jackson Reflection Pointe LLC	Flowood, MS	6/28/2021	45,100		31,050
51	Jackson Crosswinds LLC	Pearl, MS	6/28/2021	41,400		33,825
52	Elliot Apartments Norcross, LLC	Norcross, GA	11/30/2021	128,000		100,573
53	Orlando 442 Owner, LLC (West Vue Apartments)	Orlando, FL	12/30/2021	97,500		73,000
54	NPRC Wolfchase LLC	Memphis, TN	3/18/2022	82,100		60,000
55	NPRC Twin Oaks LLC	Hattiesburg. MS	3/18/2022	44,850		33,830
56	NPRC Lancaster LLC	Birmingham, AL	3/18/2022	37,550		28,350
57	NPRC Rutland LLC	Macon, GA	3/18/2022	29,750		22,500
58	Southport Owner LLC (Southport Crossing)	Indianapolis, IN	3/29/2022	48,100		36,075
59	TP Cheyenne, LLC	Cheyenne, WY	5/26/2022	27,500		17,656
60	TP Pueblo, LLC	Pueblo, CO	5/26/2022	31,500		20,166
61	TP Stillwater, LLC	Stillwater, OK	5/26/2022	26,100		15,328
62	TP Kokomo, LLC	Kokomo, IN	5/26/2022	20,500		12,753
				$	2,631,326	$	2,185,197

During the three months ended September 30, 2022, NPRC was deemed to be a significant subsidiary. The following table shows summarized income statement information for NPRC for the periods included in this quarterly report:

	Three Months Ended September 30,
Summary Statement of Operations	2022		2021
Total income	$	103,621	$	94,370
Operating expenses	52,484		46,153
Operating income	51,137		48,217
Interest expense	(69,479)		(51,732)
Depreciation and amortization	(29,323)		(29,165)
Fair value adjustment	(7,068)		2,132
Net loss	$	(54,733)	$	(30,548)