XML 35 R27.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Schedule of Transactions Related to Company's Affiliate and Control Investments

The Company’s affiliate and control investments as of December 31, 2023 along with the transactions during the year ended December 31, 2023 are as follows (in thousands):

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Investment Income Earned 2023

 

 

Fair Value as of December 31, 2022

 

 

Gross
Additions(1)

 

 

Gross
Reductions(2)

 

 

Net Realized Gain (Loss)

 

 

Net Change in Unrealized Gain (Loss)

 

 

Fair Value as of December 31, 2023(3)

 

Portfolio Company

 

Investment
Type

 

Investment
Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gynesonics, Inc.

 

Senior Secured

 

SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026

 

$

 

2,105

 

 

$

 

—

 

 

$

 

25,897

 

 

$

 

—

 

 

$

 

—

 

 

$

 

(2,311

)

 

$

 

23,586

 

 

Total Debt Investments

 

 

 

2,105

 

 

 

 

—

 

 

 

 

25,897

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(2,311

)

 

 

 

23,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coginiti Corp

 

Equity

 

Common Stock

 

 

 

—

 

 

 

 

1,174

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(318

)

 

 

 

856

 

 

Gynesonics, Inc.

 

Equity

 

Series A-2 Preferred Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

25,000

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,539

)

 

 

 

21,461

 

 

 

 

Equity

 

Series A-1 Preferred Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

3,100

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,477

 

 

 

 

4,577

 

 

Total Equity Investments

 

 

 

—

 

 

 

 

1,174

 

 

 

 

28,100

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(2,380

)

 

 

 

26,894

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coginiti Corp

 

Warrants

 

Common Stock

 

 

 

—

 

 

 

 

910

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(247

)

 

 

 

663

 

 

Gynesonics, Inc.

 

Warrants

 

Success fee

 

 

 

—

 

 

 

 

—

 

 

 

 

313

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

313

 

 

Total Warrants

 

 

 

—

 

 

 

 

910

 

 

 

 

313

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(247

)

 

 

 

976

 

Total Affiliate Investments

 

$

 

2,105

 

 

$

 

2,084

 

 

$

 

54,310

 

 

$

 

—

 

 

$

 

—

 

 

$

 

(4,938

)

 

$

 

51,456

 

Control Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pivot3, Inc.

 

Senior Secured

 

LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023

 

 

 

—

 

 

 

 

9,290

 

 

 

 

—

 

 

 

 

(2,158

)

 

 

 

(17,014

)

 

 

 

9,882

 

 

 

 

—

 

 

Total Debt Investments

 

 

 

—

 

 

 

 

9,290

 

 

 

 

—

 

 

 

 

(2,158

)

 

 

 

(17,014

)

 

 

 

9,882

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pivot3, Inc.

 

Equity

 

Equity Interest

 

 

 

—

 

 

 

 

—

 

 

 

 

950

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

950

 

 

Total Equity Investments

 

 

 

—

 

 

 

 

—

 

 

 

 

950

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

950

 

Total Control Investments

 

$

 

—

 

 

$

 

9,290

 

 

$

 

950

 

 

$

 

(2,158

)

 

$

 

(17,014

)

 

$

 

9,882

 

 

$

 

950

 

(1)
Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
(2)
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.
(3)
All investments in the portfolio companies, which as of December 31, 2023 represented 9.58% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The Company’s affiliate and control investments as of December 31, 2022 along with the transactions during the year ended December 31, 2022 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Amount of Investment Income Earned 2022

 

 

Fair Value as of December 31, 2021

 

 

Gross Additions(1)

 

 

Gross Reductions(2)

 

 

Net Realized Gain (Loss)

 

 

Net Change in Unrealized Gain (Loss)

 

 

Fair Value as of December 31, 2022(3)

 

Portfolio Company

 

Investment Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coginiti Corp

 

LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022

 

$

 

109

 

 

$

 

—

 

 

$

 

930

 

 

$

 

(930

)

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

Total Debt Investments

 

 

 

109

 

 

 

 

—

 

 

 

 

930

 

 

 

 

(930

)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coginiti Corp

 

Common Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

4,551

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,377

)

 

 

 

1,174

 

 

Total Equity Investments

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,551

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(3,377

)

 

 

 

1,174

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coginiti Corp

 

Warrant for Common Stock, exercise price $0.01/share, expires 3/9/2030

 

 

 

—

 

 

 

 

—

 

 

 

 

1,009

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(99

)

 

 

 

910

 

 

Total Warrants

 

 

 

—

 

 

 

 

—

 

 

 

 

1,009

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(99

)

 

 

 

910

 

 

Total Affiliate Investments

 

$

 

109

 

 

$

 

—

 

 

$

 

6,490

 

 

$

 

(930

)

 

$

 

—

 

 

$

 

(3,476

)

 

$

 

2,084

 

Control Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mojix, Inc.

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

$

 

2,287

 

 

$

 

7,568

 

 

$

 

1,987

 

 

$

 

(8,489

)

 

$

 

—

 

 

$

 

(1,066

)

 

$

 

—

 

 

 

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

 

 

744

 

 

 

 

2,523

 

 

 

 

647

 

 

 

 

(2,818

)

 

 

 

—

 

 

 

 

(352

)

 

 

 

—

 

 

 

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

 

 

184

 

 

 

 

630

 

 

 

 

160

 

 

 

 

(704

)

 

 

 

—

 

 

 

 

(86

)

 

 

 

—

 

 

 

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

 

 

185

 

 

 

 

629

 

 

 

 

161

 

 

 

 

(703

)

 

 

 

—

 

 

 

 

(87

)

 

 

 

—

 

 

 

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

 

 

374

 

 

 

 

1,253

 

 

 

 

327

 

 

 

 

(1,400

)

 

 

 

—

 

 

 

 

(180

)

 

 

 

—

 

 

 

 

LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025

 

 

 

291

 

 

 

 

1,008

 

 

 

 

266

 

 

 

 

(1,090

)

 

 

 

—

 

 

 

 

(184

)

 

 

 

—

 

 

Pivot3, Inc.

 

LIBOR+8.50% PIK, 11.00% floor, due 11/15/2022

 

 

 

—

 

 

 

 

14,650

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(5,360

)

 

 

 

9,290

 

 

Total Debt Investments

 

 

 

4,065

 

 

 

 

28,261

 

 

 

 

3,548

 

 

 

 

(15,204

)

 

 

 

—

 

 

 

 

(7,315

)

 

 

 

9,290

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mojix, Inc.

 

Series A-1 Preferred Stock

 

 

 

32

 

 

 

 

870

 

 

 

 

—

 

 

 

 

(800

)

 

 

 

—

 

 

 

 

(70

)

 

 

 

—

 

 

Pivot3 Holdings, Inc.

 

Series 1 Preferred Stock

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(2,000

)

 

 

 

2,000

 

 

 

 

—

 

 

Total Equity Investments

 

 

 

32

 

 

 

 

870

 

 

 

 

—

 

 

 

 

(800

)

 

 

 

(2,000

)

 

 

 

1,930

 

 

 

 

—

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mojix, Inc.

 

Warrant for Common Stock, exercise price $1.286/share, expires 12/13/2030

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(119

)

 

 

 

—

 

 

 

 

119

 

 

 

 

—

 

 

 

 

Warrant for Common Stock, exercise price $2.1286/share, expires 12/13/2030

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(298

)

 

 

 

—

 

 

 

 

298

 

 

 

 

—

 

 

 

 

Warrant for Common Stock, exercise price $5.57338/share, expires 12/13/2030

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(829

)

 

 

 

—

 

 

 

 

829

 

 

 

 

—

 

 

Total Warrants

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(1,246

)

 

 

 

—

 

 

 

 

1,246

 

 

 

 

—

 

Total Control Investments

 

$

 

4,097

 

 

$

 

29,131

 

 

$

 

3,548

 

 

$

 

(17,250

)

 

$

 

(2,000

)

 

$

 

(4,139

)

 

$

 

9,290

 

(1)
Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
(2)
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.
(3)
All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
Schedule of Fair Value of Portfolio of Investment, excluding U.S. Treasury Bills by Geographic Region and Industry

The following tables show the fair value of the Company's portfolio of investment, excluding U.S. Treasury Bills (in thousands) by geographic region and industry as of December 31, 2023 and December 31, 2022:

 

 

 

December 31, 2023

 

December 31, 2022

Geographic Region

 

Investments at Fair Value

 

 

Percentage of Net Assets

 

Investments at Fair Value

 

 

Percentage of Net Assets

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Western United States

 

$

 

404,541

 

 

 

73.94

 

 %

 

$

 

346,372

 

 

 

60.13

 

 %

Northeastern United States

 

 

 

239,444

 

 

 

43.77

 

 

 

 

 

351,654

 

 

 

61.04

 

 

Midwestern United States

 

 

 

130,784

 

 

 

23.91

 

 

 

 

 

74,745

 

 

 

12.98

 

 

South Central United States

 

 

 

87,814

 

 

 

16.05

 

 

 

 

 

85,000

 

 

 

14.76

 

 

Northwestern United States

 

 

 

25,514

 

 

 

4.66

 

 

 

 

 

72,615

 

 

 

12.61

 

 

Southeastern United States

 

 

 

820

 

 

 

0.15

 

 

 

 

 

74,797

 

 

 

12.98

 

 

Total United States

 

 

 

888,917

 

 

 

162.48

 

 

 

 

 

1,005,183

 

 

 

174.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

 

76,839

 

 

 

14.05

 

 

 

 

 

60,783

 

 

 

10.55

 

 

Germany

 

 

 

44,587

 

 

 

8.15

 

 

 

 

 

46,499

 

 

 

8.07

 

 

Canada

 

 

 

14,667

 

 

 

2.68

 

 

 

 

 

13,844

 

 

 

2.40

 

 

Total

 

$

 

1,025,010

 

 

 

187.36

 

%

 

$

 

1,126,309

 

 

 

195.52

 

%

 

 

 

 

December 31, 2023

 

December 31, 2022

Industry

 

Investments at Fair Value

 

 

Percentage of Net Assets

 

Investments at Fair Value

 

 

Percentage of Net Assets

Application Software

 

$

 

200,645

 

 

 

36.67

 

%

 

 

 

184,084

 

 

 

31.96

 

 %

Health Care Technology

 

 

 

182,200

 

 

 

33.30

 

 

 

 

 

240,844

 

 

 

41.81

 

 

Human Resource & Employment Services

 

 

 

114,602

 

 

 

20.95

 

 

 

 

 

97,788

 

 

 

16.98

 

 

System Software

 

 

 

113,517

 

 

 

20.74

 

 

 

 

 

78,274

 

 

 

13.58

 

 

Data Processing & Outsourced Services

 

 

 

106,785

 

 

 

19.52

 

 

 

 

 

97,404

 

 

 

16.91

 

 

Internet Software and Services

 

 

 

98,462

 

 

 

18.00

 

 

 

 

 

149,780

 

 

 

26.00

 

 

Property & Casualty Insurance

 

 

 

75,205

 

 

 

13.75

 

 

 

 

 

49,440

 

 

 

8.58

 

 

Internet & Direct Marketing Retail

 

 

 

55,588

 

 

 

10.16

 

 

 

 

 

55,986

 

 

 

9.72

 

 

Electronic Equipment & Instruments

 

 

 

27,535

 

 

 

5.04

 

 

 

 

 

78,114

 

 

 

13.56

 

 

Education Services

 

 

 

25,796

 

 

 

4.72

 

 

 

 

 

25,305

 

 

 

4.39

 

 

Health Care Equipment

 

 

 

15,524

 

 

 

2.83

 

 

 

 

 

27,433

 

 

 

4.76

 

 

Asset Management & Custody Banks

 

 

 

8,021

 

 

 

1.47

 

 

 

 

 

-

 

 

 

-

 

 

Technology Hardware, Storage & Peripherals

 

 

 

570

 

 

 

0.10

 

 

 

 

 

1,068

 

 

 

0.19

 

 

Specialized Consumer Services

 

 

 

373

 

 

 

0.07

 

 

 

 

 

796

 

 

 

0.14

 

 

Advertising

 

 

 

136

 

 

 

0.03

 

 

 

 

 

-

 

 

 

-

 

 

Biotechnology

 

 

 

51

 

 

 

0.01

 

 

 

 

 

39,925

 

 

 

6.93

 

 

Computer & Electronics Retail

 

 

 

-

 

 

 

-

 

 

 

 

 

68

 

 

 

0.01

 

 

Total

 

$

 

1,025,010

 

 

 

187.36

 

%

 

$

 

1,126,309

 

 

 

195.52

 

%