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Fair Value(1)
|
| |||||||||
| | |
Three Months Ended
|
| |||||||||
| | |
March 31, 2022
|
| |
March 31, 2021
|
| ||||||
Investment type: | | | | | | | | | | | | | |
Debt investments
|
| | | | 12.15% | | | | | | 13.45% | | |
Equity interest
|
| | | | 3.36% | | | | | | 2.73% | | |
All investments
|
| | | | 11.54% | | | | | | 12.43% | | |
| | |
As of March 31, 2022
|
| |||||||||
(unaudited)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
Assets | | | | | | | | | | | | | |
Investments, at fair value
|
| | | $ | 754,289,370 | | | | | $ | | | |
Cash and cash equivalents
|
| | | | 3,510,311 | | | | | | | | |
Other assets
|
| | | | 4,297,963 | | | | | | | | |
Total assets
|
| | | $ | 762,097,644 | | | | | $ | | | |
Liabilities | | | | | | | | | | | | | |
Debt | | | | | | | | | | | | | |
Credit facilities
|
| | | $ | 86,000,000 | | | | | $ | | | |
2026 Notes
|
| | | | 70,000,000 | | | | | | | | |
Deferred debt costs (net of accumulated amortization of $1,006,847 and $855,295, respectively)
|
| | | | (1,878,658) | | | | | | | | |
Total debt, less unamortized deferred debt costs
|
| | | | 154,121,342 | | | | | | | | |
Reverse repurchase agreements
|
| | | | — | | | | | | | | |
Interest payable
|
| | | | 923,875 | | | | | | | | |
Other Liabilities
|
| | | | 9,586,735 | | | | | | | | |
Total liabilities
|
| | | $ | 164,631,952 | | | | | $ | | | |
Net Assets | | | | | | | | | | | | | |
Common stock, $0.01 par value; 100,000,000 shares authorized; 41,348,832
and 41,380,614 shares issued and outstanding, respectively |
| | | $ | 413,488 | | | | | $ | | | |
Additional paid-in capital
|
| | | | 605,638,766 | | | | | | | | |
Distributable (losses) earnings
|
| | | | (8,586,562) | | | | | | | | |
Total net assets
|
| | | $ | 597,465,692 | | | | | $ | | | |
Net Asset Value Per Share
|
| | | | 14.45 | | | | | | | | |
Underwriters
|
| |
Principal Amount
|
| |||
Oppenheimer & Co. Inc.
|
| | | $ | | | |
B. Riley Securities, Inc.
|
| | | | | | |
Ladenburg Thalmann & Co. Inc.
|
| | | | | | |
Janney Montgomery Scott LLC
|
| | | | | | |
Compass Point Research & Trading, LLC
|
| | | | | | |
Hovde Group, LLC
|
| | | | | | |
Total
|
| | | $ | | | |
| | |
Per Note
|
| |
Amount
|
| ||||||
Public offering price
|
| | | | % | | | | | $ | | | |
Underwriting discount
|
| | | | % | | | | | $ | | | |
Proceeds to us, before expenses
|
| | | | % | | | | | $ | | | |
| | |
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Fair Value(1)
|
| |
Cost(2)
|
| ||||||||||||||||||||||||||||||
| | |
Year Ended December 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
Investment type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt investments
|
| | | | 13.77% | | | | | | 14.91% | | | | | | 20.47% | | | | | | 13.52% | | | | | | 14.60% | | | | | | 20.24% | | |
Equity interest
|
| | | | 2.68% | | | | | | 3.59% | | | | | | —% | | | | | | 3.34% | | | | | | 3.45% | | | | | | —% | | |
All investments
|
| | | | 12.74% | | | | | | 13.88% | | | | | | 19.31% | | | | | | 12.76% | | | | | | 13.57% | | | | | | 19.03% | | |
| Shareholder transaction expenses: | | | | | | | |
|
Sales load (as a percentage of offering price)
|
| | | | —(1) | | |
|
Offering expenses (as a percentage of offering price)
|
| | | | —(2) | | |
|
Dividend reinvestment plan expenses
|
| | | | —(3) | | |
|
Total shareholder transaction expenses (as a percentage of offering price)
|
| | | | — | | |
| Annual expenses (as a percentage of net assets attributable to common stock): | | | | | | | |
|
Management Fee payable under the Investment Advisory Agreement
|
| | | | 1.48%(4) | | |
|
Incentive Fee payable under the Investment Advisory Agreement
|
| | | | 1.52%(5) | | |
|
Interest payments on borrowed funds
|
| | | | 0.42%(6) | | |
|
Other expenses
|
| | | | —%(7)(8) | | |
|
Total annual expenses
|
| | | | 3.42%(8) | | |
| | |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a
5% annual return from realized capital gains |
| | | $ | 36 | | | | | $ | 109 | | | | | $ | 185 | | | | | $ | 383 | | |
| | |
Net Asset
Value(1) |
| |
Price Range
|
| |
High
Sales Price Premium (Discount) to Net Asset Value(2) |
| |
Low
Sales Price Premium (Discount) to Net Asset Value(2) |
| |
Cash
Dividend Per Share(3) |
| |||||||||||||||||||||
Class and Period
|
| |
High
|
| |
Low
|
| ||||||||||||||||||||||||||||||
Year ending December 31, 2022
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | * | | | | | $ | 14.77 | | | | | $ | 12.21 | | | | |
|
*
|
| | | |
|
*
|
| | | | $ | 0.27 | | |
Year ending December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter(4)
|
| | | $ | 14.65 | | | | | $ | 13.92 | | | | | $ | 12.04 | | | | | | (5.0)% | | | | | | (17.8)% | | | | | $ | 0.25 | | |
| | |
December 31, 2021
|
| ||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
|
March 4, 2021
|
| | March 5, 2021 | | | March 19, 2021 | | |
$0.37
|
|
April 29, 2021
|
| | April 30, 2021 | | | May 13, 2021 | | |
$0.37
|
|
July 19, 2021 .
|
| | July 20, 2021 | | | August 12, 2021 | | |
$0.34
|
|
October 28, 2021.
|
| |
November 8, 2021
|
| |
November 22, 2021
|
| |
$0.25
|
|
| | |
December 31, 2020
|
| ||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
|
March 5, 2020
|
| | March 6, 2020 | | | March 20, 2020 | | |
$0.40
|
|
May 7, 2020
|
| | May 8, 2020 | | | May 21, 2020 | | |
$0.35
|
|
August 5, 2020
|
| |
August 6, 2020
|
| | August 20, 2020 | | |
$0.36
|
|
October 1, 2020
|
| |
October 1, 2020
|
| |
November 12, 2020
|
| |
$0.38
|
|
| | |
December 31, 2019
|
| ||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
|
March 22, 2019
|
| | March 22, 2019 | | | March 26, 2019 | | |
$0.40
|
|
May 2, 2019
|
| | May 7, 2019 | | | May 21, 2019 | | |
$0.45
|
|
May 2, 2019
|
| | May 31, 2019 | | | July 16, 2019 | | |
$0.46
|
|
July 30, 2019
|
| | August 5, 2019 | | | August 26, 2019 | | |
$0.45
|
|
September 27, 2019
|
| |
September 30, 2019
|
| |
November 12, 2019
|
| |
$0.04
|
|
December 9, 2019
|
| |
December 10, 2019
|
| |
December 23, 2019
|
| |
$0.40
|
|
| | |
December 31, 2018
|
| ||||||
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Distribution
per Share |
|
May 3, 2018
|
| | May 15, 2018 | | | May 31, 2018 | | |
$0.15
|
|
July 26, 2018
|
| |
August 15, 2018
|
| | August 31, 2018 | | |
$0.25
|
|
November 1, 2018
|
| |
October 31, 2018
|
| |
November 15, 2018
|
| |
$0.35
|
|
Class and Period
|
| |
Total Amount
Outstanding Exclusive of Treasury Securities(1) ($ in thousands) |
| |
Asset Coverage
per Unit(2) |
| |
Involuntary
Liquidating Preference per Unit(3) |
| |
Average
Market Value per Unit(4) |
| ||||||||||||
2026 Senior Notes(5) | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021
|
| | | $ | 20,000,000 | | | | | $ | 31,310 | | | | | | — | | | | | | N/A | | |
December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
December 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Credit Agreement | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021
|
| | | $ | 61,000,000 | | | | | $ | 10,938 | | | | | | — | | | | | | N/A | | |
December 31, 2020
|
| | | $ | 99,000,000 | | | | | $ | 5,710 | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | $ | 61,000,000 | | | | | $ | 7,169 | | | | | | — | | | | | | N/A | | |
December 31, 2018
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | N/A | | |
Credit Facilities(6) | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | N/A | | |
December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | N/A | | |
December 31, 2018
|
| | | $ | 59,500,000 | | | | | $ | 3,811 | | | | | | — | | | | | | N/A | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021
|
| | | $ | 81,000,000 | | | | | $ | 8,484 | | | | | | — | | | | | | N/A | | |
December 31, 2020
|
| | | $ | 99,000,000 | | | | | $ | 5,710 | | | | | | — | | | | | | N/A | | |
December 31, 2019
|
| | | $ | 61,000,000 | | | | | $ | 7,169 | | | | | | — | | | | | | N/A | | |
December 31, 2018
|
| | | $ | 59,500,000 | | | | | $ | 3,811 | | | | | | — | | | | | | N/A | | |
Portfolio Company
|
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate/
Description |
| |
Maturity
|
| |
Principal
|
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value |
| ||||||||||||||||||
3DNA Corp. (dba NationBuilder)
520 S. Grand Ave., 2nd Floor Los Angeles, CA 90071 |
| |
Software
|
| | Warrant | | |
Series C-1 Preferred
Stock; strike price $1.46 |
| | | | 12/28/2028 | | | | | | n/a | | | | | | n/a | | | | | | 273,164 | | | | | $ | 104,138 | | | | | $ | — | | |
Aginity, Inc.
464 Monetary Ave., Suite E Los Gatos, CA 95030 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
6.50% PIK
|
| | | | 3/9/2027 | | | | | $ | 4,472,419 | | | | | | n/a | | | | | | n/a | | | | | $ | 4,472,419 | | | | | $ | 2,348,809 | | |
| | | |
Senior Secured Term Loan
|
| |
LIBOR+9.50% PIK,
10.81% floor |
| | | | 12/15/2022 | | | | | $ | 899,054 | | | | | | n/a | | | | | | n/a | | | | | $ | 899,054 | | | | | $ | 899,054 | | | ||
| | | | Warrant | | |
Common Stock; strike price $0.01
|
| | | | 3/9/2030 | | | | | | n/a | | | | | | n/a | | | | | | 811,770 | | | | | $ | — | | | | | $ | 1,009,216 | | | ||
AllClear ID, Inc.
816 Congress Ave., Suite 1800 Austin,TX 78701 |
| |
Diversified Consumer Services
|
| | Warrant | | | Common Stock; strike price $0.01 | | | | | 9/1/2027 | | | | | | n/a | | | | | | n/a | | | | | | 870,514 | | | | | $ | 1,749,733 | | | | | $ | 898,370 | | |
Allurion Technologies, Inc.
11 Huron Dr. Natick, MA 01760 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+9.00%, 9.50% floor, 3.00% ETP
|
| | | | 12/30/2025 | | | | | $ | 25,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 24,848,300 | | | | | $ | 24,848,300 | | |
| | | | Warrant | | | Series C Preferred Stock; strike price $6.58 | | | | | 3/30/2031 | | | | | | n/a | | | | | | n/a | | | | | | 132,978 | | | | | $ | 282,462 | | | | | $ | 638,313 | | | ||
Aria Systems, Inc.
100 Pine Street, Suite 2450 San Francisco, CA 94111 |
| |
Software
|
| |
Warrant
|
| |
Series G Preferred Stock; strike price $0.86
|
| | | | 6/29/2028 | | | | | | n/a | | | | | | n/a | | | | | | 2,387,705 | | | | | $ | 1,047,581 | | | | | $ | 3,811,702 | | |
| | | | Preferred Stock | | | Series G Preferred Stock | | | | | n/a | | | | | | n/a | | | | | | 0.11% | | | | | | 289,419 | | | | | $ | 250,000 | | | | | $ | 462,025 | | | ||
Aspen Group Inc.
276 Fifth Ave., Suite 306A New York, NY 10001 |
| |
Diversified Consumer Services
|
| | Warrant | | | Common Stock; strike price $6.87 | | | | | 7/25/2022 | | | | | | n/a | | | | | | n/a | | | | | | 224,174 | | | | | $ | 583,301 | | | | | $ | 2,000 | | |
Bombora, Inc.
257 Park Ave. South, Floor 6 New York, NY 10010 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+5.00%, 5.50% floor, 3.75% PIK, 2.00% ETP
|
| | | | 3/31/2025 | | | | | $ | 20,546,075 | | | | | | n/a | | | | | | n/a | | | | | $ | 20,326,021 | | | | | $ | 20,326,021 | | |
| | | | Warrant | | | Common Stock; strike price $3.29 | | | | | 3/31/2031 | | | | | | n/a | | | | | | n/a | | | | | | 121,581 | | | | | $ | 174,500 | | | | | $ | 292,372 | | | ||
Brilliant Earth, LLC
26 O’Farrell St., 10th Floor San Francisco, CA 94103 |
| |
Specialty Retail
|
| |
Senior Secured Term Loan
|
| |
LIBOR+7.75%, 8.25% floor, 4.50% ETP
|
| | | | 10/15/2023 | | | | | $ | 35,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 35,861,035 | | | | | $ | 35,848,514 | | |
| | | |
Senior Secured Term Loan
|
| | LIBOR+7.75%, 8.25% floor, 0.75% ETP | | | | | 10/15/2023 | | | | | $ | 30,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 29,970,285 | | | | | $ | 30,727,298 | | | ||
| | | | Units | | | Class P Units | | | | | n/a | | | | | | n/a | | | | | | 0.62% | | | | | | 526,845 | | | | | $ | 984,036 | | | | | $ | 8,903,933 | | |
Portfolio Company
|
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate/
Description |
| |
Maturity
|
| |
Principal
|
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value |
| ||||||||||||||||||
CareCloud, Inc.
7 Clyde Rd. Somerset, NJ 08873 |
| |
Health Care Equipment & Services
|
| |
Warrant
|
| |
Common Stock; strike price $7.50
|
| | | | 1/8/2022 | | | | | | n/a | | | | | | n/a | | | | | | 1,000,000 | | | | | $ | 435,000 | | | | | $ | — | | |
| | | | Warrant | | |
Common Stock; strike price $10.00
|
| | | | 1/8/2023 | | | | | | n/a | | | | | | n/a | | | | | | 1,000,000 | | | | | $ | 837,000 | | | | | $ | 295,000 | | | ||
| | | | Preferred Stock | | | 11% Series A Cumulative Redeemable Perpetual Preferred Stock | | | | | n/a | | | | | | n/a | | | | | | 2.60% | | | | | | 544,178 | | | | | $ | 14,287,836 | | | | | $ | 15,704,705 | | | ||
Circadence Corporation
1900 9th St., Suite 300 Boulder, CO 80302 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.50%,
12.00% floor, 7.50% ETP |
| | | | 12/15/2022 | | | | | $ | 17,574,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 18,111,074 | | | | | $ | 15,884,482 | | |
| | | | Warrant | | |
Series A-6 Preferred
Stock; strike price $1.17 |
| | | | 12/20/2028 | | | | | | n/a | | | | | | n/a | | | | | | 1,538,462 | | | | | $ | 3,630,000 | | | | | $ | 808,617 | | | ||
| | | | Warrant | | |
Series A-6 Preferred
Stock; strike price $1.17 |
| | | | 10/31/2029 | | | | | | n/a | | | | | | n/a | | | | | | 384,615 | | | | | $ | 845,540 | | | | | $ | 202,154 | | | ||
CloudPay Solutions Ltd.
3128 Highwoods Blvd., Suite 160 Raleigh, NC 27604 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+8.75%, 9.25% floor, 2.00% ETP
|
| | | | 8/17/2025 | | | | | $ | 35,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 34,863,473 | | | | | $ | 34,863,473 | | |
| | | | Warrant | | | Series B Preferred Stock; strike price $66.53 | | | | | 6/30/2030 | | | | | | n/a | | | | | | n/a | | | | | | 11,273 | | | | | $ | 217,500 | | | | | $ | 807,139 | | | ||
| | | | Warrant | | | Series D Preferred Stock; strike price $171.3182 | | | | | 8/17/2031 | | | | | | n/a | | | | | | n/a | | | | | | 1,751 | | | | | $ | 31,035 | | | | | $ | 16,686 | | | ||
Credit Sesame, Inc.
444 Castro St., Suite 500 Mountain View, CA 94040 |
| |
Diversified Consumer Services
|
| | Warrant | | | Common Stock; strike price $0.01 | | | | | 1/7/2030 | | | | | | n/a | | | | | | n/a | | | | | | 191,601 | | | | | $ | 424,800 | | | | | $ | 1,578,981 | | |
CrossRoads Extremity Systems, LLC
6055 Primacy Pkwy Memphis, TN 38119 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+8.15%, 1.50% PIK, 8.65% floor, 3.50% ETP
|
| | | | 7/1/2025 | | | | | $ | 7,552,967 | | | | | | n/a | | | | | | n/a | | | | | $ | 7,381,304 | | | | | $ | 7,701,001 | | |
| | | | Warrant | | | Series C Preferred Stock; strike price $3.79 | | | | | 6/29/2031 | | | | | | n/a | | | | | | n/a | | | | | | 69,261 | | | | | $ | 94,888 | | | | | $ | 209,843 | | | ||
Dejero Labs Inc.
412 Albert St., Suite 100 Waterloo ON, N2L 3V3 |
| |
IT Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+5.00%, 5.00% PIK, 5.50% floor, 3.00% ETP
|
| | | | 12/22/2025 | | | | | $ | 13,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 12,872,588 | | | | | $ | 12,872,588 | | |
| | | | Warrant | | | Common Stock; strike price $0.01 | | | | | 5/31/2029 | | | | | | n/a | | | | | | n/a | | | | | | 333,621 | | | | | $ | 192,499 | | | | | $ | 574,831 | | | ||
Dtex Systems, Inc.
3055 Olin Ave., Suite 2000 San Jose, CA 95128 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.50%,
10.00% floor, 1.75% ETP |
| | | | 6/1/2025 | | | | | $ | 10,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 9,942,422 | | | | | $ | 9,942,422 | | |
| | | | Warrant | | | Series C-Prime Preferred Stock; strike price $0.60 | | | | | 6/1/2025 | | | | | | n/a | | | | | | n/a | | | | | | 500,000 | | | | | $ | 59,000 | | | | | $ | 306,799 | | | ||
| | | | Warrant | | | Series C-Prime Preferred Stock; strike price $0.60 | | | | | 7/11/2026 | | | | | | n/a | | | | | | n/a | | | | | | 833,333 | | | | | $ | 114,719 | | | | | $ | 511,332 | | | ||
Fidelis Cybersecurity, Inc.
4500 East West Highway Suite 400 Bethesda, MD 20814 |
| |
IT Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+11.00%, 12.0% Floor, 2.39% ETP
|
| | | | 5/13/2024 | | | | | $ | 13,641,254 | | | | | | n/a | | | | | | n/a | | | | | $ | 13,623,763 | | | | | $ | 13,623,763 | | |
| | | | Warrant | | |
Common Stock; strike price $337.50
|
| | | | 5/13/2031 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | $ | — | | | | | $ | — | | | ||
FiscalNote, Inc.
1201 Pennsylvania Ave. NW, 6th Floor Washington, DC 20004 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.25%, 9.75% floor, 5.00% ETP
|
| | | | 8/21/2023 | | | | | $ | 55,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 55,481,087 | | | | | $ | 55,481,087 | | |
| | | | Warrant | | | Common Stock; strike price $0.01 | | | | | 10/19/2030 | | | | | | n/a | | | | | | n/a | | | | | | 194,673 | | | | | $ | 438,014 | | | | | $ | 2,232,569 | | |
Portfolio Company
|
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate/
Description |
| |
Maturity
|
| |
Principal
|
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value |
| ||||||||||||||||||
Gynesonics, Inc.
600 Chesapeake Dr. Redwood City, CA 94063 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+8.75%, 9.25% floor, 3.50% ETP
|
| | | | 12/1/2025 | | | | | $ | 30,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 29,799,392 | | | | | $ | 29,799,392 | | |
| | | | Warrant | | |
Series G Convertible
Preferred Stock, strike price $0.040 |
| | | | 11/19/2031 | | | | | | n/a | | | | | | n/a | | | | | | 16,786,869 | | | | | $ | 128,142 | | | | | $ | 128,142 | | | ||
INRIX, Inc.
10210 NE Points Dr., Suite 400 Kirkland, WA 98033 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.00%, 9.50% floor, 2.50% ETP
|
| | | | 11/15/2025 | | | | | $ | 40,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 39,916,175 | | | | | $ | 39,916,175 | | |
| | | | Warrant | | |
Common Stock; strike price $9.29
|
| | | | 7/26/2029 | | | | | | n/a | | | | | | n/a | | | | | | 150,804 | | | | | $ | 522,083 | | | | | $ | 1,721,243 | | | ||
Intellisite Holdings, Inc.
3463 Lakemont Blvd., Suite 104 Fort Mill, SC 29708 |
| |
Electronic Equipment & Instruments
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.75%,
10.25% floor, 2.00% ETP |
| | | | 12/17/2025 | | | | | $ | 19,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 18,521,523 | | | | | $ | 18,521,523 | | |
| | | | Warrant | | | Success fee | | | | | 12/17/2024 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | $ | 235,314 | | | | | $ | 234,314 | | | ||
Longtail Ad Solutions, Inc. (dba JW Player)
2 Park Ave., 10th Floor New York, NY 10016 |
| |
Software
|
| | Warrant | | | Common Stock; strike price $1.49 | | | | | 12/12/2029 | | | | | | n/a | | | | | | n/a | | | | | | 387,596 | | | | | $ | 46,552 | | | | | $ | 359,302 | | |
Marley Spoon AG
Berlin, Germany |
| |
Specialty Retail
|
| | Senior Secured Term Loan | | | LIBOR+8.50%, 1.25% PIK, 9.00% floor | | | | | 6/15/2025 | | | | | $ | 34,542,863 | | | | | | n/a | | | | | | n/a | | | | | $ | 34,080,598 | | | | | $ | 34,080,598 | | |
Massdrop, Inc.
710 Sansome St. San Francisco, CA 94111 |
| |
Internet & Catalog Retail
|
| | Warrant | | | Series B Preferred Stock; strike price $1.19 | | | | | 7/22/2029 | | | | | | n/a | | | | | | n/a | | | | | | 848,093 | | | | | $ | 183,188 | | | | | $ | 185,467 | | |
Mingle Healthcare Solutions,
Inc. 8911 Sandy Parkway, Suite 200 Sandy, UT 84070 |
| |
Health Care Equipment & Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+9.50%, 0.25% PIK, 11.75% floor, 10.00% ETP
|
| | | | 8/15/2022 | | | | | $ | 3,958,483 | | | | | | n/a | | | | | | n/a | | | | | $ | 4,473,959 | | | | | $ | 4,371,891 | | |
| | | | Warrant | | |
Series AA Preferred
Stock; strike price $0.24 |
| | | | 8/15/2028 | | | | | | n/a | | | | | | n/a | | | | | | 1,625,000 | | | | | $ | 492,375 | | | | | $ | — | | | ||
Mojix, Inc.
11075 Santa Monica Blvd., Suite 350 Los Angeles, CA 90025 |
| |
Software
|
| |
Senior Secured Term Loan
|
| |
LIBOR+12.00% PIK, 12.00% floor, 5% ETP
|
| | | | 1/15/2022 | | | | | $ | 10,856,298 | | | | | | n/a | | | | | | n/a | | | | | $ | 10,831,184 | | | | | $ | 12,602,095 | | |
| | | |
Senior Secured Term Loan
|
| | LIBOR+12.00% PIK, 12.00% floor, 5% ETP | | | | | 1/31/2022 | | | | | $ | 824,143 | | | | | | n/a | | | | | | n/a | | | | | $ | 824,143 | | | | | $ | 1,008,093 | | | ||
| | | | Warrant | | | Common Stock; strike price $1.28 | | | | | 12/13/2030 | | | | | | n/a | | | | | | n/a | | | | | | 2,349 | | | | | $ | 119,320 | | | | | $ | — | | | ||
| | | | Warrant | | | Common Stock; strike price $2.13 | | | | | 12/13/2030 | | | | | | n/a | | | | | | n/a | | | | | | 5,873 | | | | | $ | 298,325 | | | | | $ | — | | | ||
| | | | Warrant | | |
Common Stock; strike price $5.57
|
| | | | 12/13/2030 | | | | | | n/a | | | | | | n/a | | | | | | 394,733 | | | | | $ | 828,522 | | | | | $ | — | | | ||
| | | | Preferred Stock | | |
Series A-1 Preferred
Stock |
| | | | n/a | | | | | | n/a | | | | | | 58.89% | | | | | | 67,114,092 | | | | | $ | 800,000 | | | | | $ | 870,394 | | | ||
Pivot3 Holdings, Inc.
221 W. 6th St., Suite 750 Austin, TX 78701 |
| |
IT Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+8.50% PIK,
11.00% floor, 4.00% ETP |
| | | | 11/15/2022 | | | | | $ | 18,598,266 | | | | | | n/a | | | | | | n/a | | | | | $ | 19,172,352 | | | | | $ | 14,649,788 | | |
| | | | Preferred Stock | | | Series 1 Preferred Stock | | | | | n/a | | | | | | n/a | | | | | | 30.00% | | | | | | 2,675,585 | | | | | $ | 2,000,000 | | | | | $ | — | | | ||
Porch Group, Inc.
2200 1st Avenue South, Seattle, WA 98134 |
| |
Software
|
| |
Warrant
|
| |
Earnout
|
| | | | 12/23/2023 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | $ | — | | | | | $ | — | | |
| | | | Common Stock | | | Common Stock | | | | | n/a | | | | | | n/a | | | | | | 0.00% | | | | | | 1,429 | | | | | $ | — | | | | | $ | 22,278 | | | ||
Quantum Corporation
224 Airport Parkway Suite 300 San Jose, CA 95110 |
| |
Technology Hardware, Storage & Peripherals
|
| | Common Stock | | | Common Stock | | | | | n/a | | | | | | n/a | | | | | | 0.77% | | | | | | 459,720 | | | | | $ | 2,606,612 | | | | | $ | 2,537,654 | | |
Portfolio Company
|
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate/
Description |
| |
Maturity
|
| |
Principal
|
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value |
| ||||||||||||||||||
RealWear, Inc.
600 Hatheway Road Vancouver, WA 98661 |
| |
Technology Hardware, Storage & Peripherals
|
| |
Warrant
|
| |
Series A Preferred Stock; strike price $4.45
|
| | | | 10/5/2028 | | | | | | n/a | | | | | | n/a | | | | | | 112,451 | | | | | $ | 135,841 | | | | | $ | — | | |
| | | | Warrant | | | Series A Preferred Stock; strike price $6.78 | | | | | 6/27/2029 | | | | | | n/a | | | | | | n/a | | | | | | 123,894 | | | | | $ | 380,850 | | | | | $ | — | | | ||
| | | | Warrant | | | Series A Preferred Stock; strike price $4.45 | | | | | 12/28/2028 | | | | | | n/a | | | | | | n/a | | | | | | 22,491 | | | | | $ | 25,248 | | | | | $ | — | | | ||
Route 92 Medical, Inc.
155 Bovet Road, Suite 100 San Mateo CA 94402 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+8.48%, 8.98% floor, 3.95% ETP
|
| | | | 7/1/2026 | | | | | $ | 13,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 12,675,523 | | | | | $ | 12,675,523 | | |
| | | | Warrant | | | Success Fee | | | | | 8/17/2031 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | $ | 248,118 | | | | | $ | 261,443 | | | ||
Scale Computing, Inc.
525 S. Meridian St, Suite. 3E Indianapolis, IN 46225 |
| |
Software
|
| | Warrant | | | Common Stock; strike price $0.80 | | | | | 3/29/2029 | | | | | | n/a | | | | | | n/a | | | | | | 9,665,667 | | | | | $ | 345,816 | | | | | $ | — | | |
SetPoint Medical Corporation
25101 Rye Canyon Loop Valencia, CA 91355 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+8.75%, 9.25% floor, 4.00% ETP
|
| | | | 12/1/2025 | | | | | $ | 10,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 9,946,271 | | | | | $ | 9,946,271 | | |
| | | | Warrant | | | Series B’ Preferred Stock; strike price $1.00 | | | | | 6/29/2031 | | | | | | n/a | | | | | | n/a | | | | | | 400,000 | | | | | $ | 14,060 | | | | | $ | 20,051 | | | ||
ShareThis, Inc.
5 Palo Alto Square, Suite 150 Palo Alto, CA 94306 |
| |
IT Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+8.25%,
10.60% floor, 3.00% ETP |
| | | | 7/15/2023 | | | | | $ | 1,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 1,014,040 | | | | | $ | 1,014,040 | | |
| | | |
Senior Secured Term Loan
|
| |
LIBOR+9.25%,
11.60% floor, 3.00% ETP |
| | | | 7/15/2023 | | | | | $ | 21,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 21,099,336 | | | | | $ | 21,099,336 | | | ||
| | | | Warrant | | |
Series D-3 Preferred
Stock; strike price $2.43 |
| | | | 12/3/2028 | | | | | | n/a | | | | | | n/a | | | | | | 647,615 | | | | | $ | 2,162,000 | | | | | $ | 2,162,000 | | | ||
Snagajob.com, Inc.
4851 Lake Brook Drive Glen Allen, VA 23060 |
| |
Business
Products & Services |
| |
Senior Secured Term Loan
|
| |
LIBOR+8.50%, 9.00% floor, 2.75% ETP
|
| | | | 9/1/2025 | | | | | $ | 37,315,385 | | | | | | n/a | | | | | | n/a | | | | | $ | 36,847,618 | | | | | $ | 36,847,618 | | |
| | | | Warrant | | | Series B-1 Preferred Stock; strike price $1.30 | | | | | 9/29/2031 | | | | | | n/a | | | | | | n/a | | | | | | 763,269 | | | | | $ | 342,716 | | | | | $ | 334,353 | | | ||
STN Video Inc.
1111 Wharf St., Victoria British Columbia, V8W 1T7 |
| |
Media
|
| | Warrant | | |
Class B Non-Voting
Stock; strike price $0.67 |
| | | | 6/30/2027 | | | | | | n/a | | | | | | n/a | | | | | | 191,500 | | | | | $ | 246,461 | | | | | $ | — | | |
Turning Tech Intermediate, Inc.
11955 Freedom Dr., Suite 700 Reston, VA 20190 |
| |
Diversified Consumer Services
|
| |
Senior Secured Term Loan
|
| |
LIBOR+10.50%,
11.00% floor, 3.00% ETP |
| | | | 12/15/2024 | | | | | $ | 20,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 20,098,640 | | | | | $ | 20,098,640 | | |
VERO Biotech LLC
55 Ivan Allen Jr. Blvd., Suite 525 Atlanta, GA 30308 |
| |
Medical
Devices & Equipment |
| |
Senior Secured Term Loan
|
| |
LIBOR+9.05%, 9.55% floor, 3.00% ETP
|
| | | | 12/1/2024 | | | | | $ | 40,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 39,671,253 | | | | | $ | 39,671,253 | | |
| | | | Warrant | | | Success fee | | | | | 12/29/2025 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | $ | 376,500 | | | | | $ | 485,311 | | | ||
VTX Intermediate Holdings,
Inc. 1321 Upland Dr, Suite 8389 Houston, TX 77043 |
| |
Health Care Technology
|
| | Senior Secured Term Loan | | | LIBOR+9.00%, 9.50% floor, 4.50% ETP | | | | | 12/28/2026 | | | | | $ | 75,000,000 | | | | | | n/a | | | | | | n/a | | | | | $ | 74,257,185 | | | | | $ | 74,257,185 | | |
Portfolio Company
|
| |
Industry
|
| |
Type of
Investment |
| |
Interest Rate/
Description |
| |
Maturity
|
| |
Principal
|
| |
Percentage of
Class Held on a Fully Diluted Basis |
| |
Number of
Shares |
| |
Cost
|
| |
Fair
Value |
| ||||||||||||||||||
zSpace, Inc.
490 De Guigne Dr., Suite 200 Sunnyvale, CA 94085 |
| |
Technology Hardware, Storage & Peripherals
|
| | Common Stock | | | Common Stock | | | | | n/a | | | | | | n/a | | | | | | 1.34% | | | | | | 6,078,499 | | | | | $ | 1,119,096 | | | | | $ | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 682,322,740 | | | | | $ | 684,514,774 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Title of Class
|
| |
Amount
Authorized |
| |
Amount Held by
Us or for Our Account |
| |
Amount
Outstanding Exclusive of Amount Held by Us or for Our Account |
| |||||||||
Common Stock
|
| | | | 100,000,000 | | | | | | — | | | | | | 41,341,632 | | |
|
Oppenheimer & Co.
|
| |
B. Riley Securities
|
| |
Ladenburg Thalmann & Co.
|
| |
Janney Montgomery Scott
|
|
|
Compass Point
|
| |
Hovde Group, LLC
|
|