UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2015
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission file number: 814-01035
____________________________________________
NEWTEK BUSINESS SERVICES CORP.
____________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________
Maryland | 46-3755188 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
212 West 35th Street, 2nd Floor New York, New York | 10001 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (212) 356-9500
____________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (all as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer | ¨ | Accelerated filer | ¨ | ||
Non-accelerated filer | x | Smaller reporting company | ¨ | ||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of July 31, 2015 there were 10,353,334 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.
TABLE OF CONTENTS
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | (Unaudited) | (Note 1) | |||||
Investments, at fair value | |||||||
SBA unguaranteed non-affiliate investments (cost of $147,654 and $131,093, respectively; includes $119,287 and $120,990, respectively, related to securitization trust VIE) | $ | 136,924 | $ | 121,477 | |||
Controlled investments (cost of $13,172 and $18,065, respectively) | 86,618 | 77,499 | |||||
SBA guaranteed non-affiliate investments (cost of $2,253 and $28,057, respectively) | 2,521 | 31,486 | |||||
Investments in money market funds (cost of $226 and $3,000, respectively) | 226 | 3,000 | |||||
Total investments at fair value | 226,289 | 233,462 | |||||
Cash and cash equivalents | 6,092 | 17,813 | |||||
Restricted cash | 18,498 | 15,389 | |||||
Broker receivable | 24,772 | — | |||||
Due from related parties | 3,992 | 3,190 | |||||
Servicing assets, at fair value | 11,275 | 9,483 | |||||
Credits in lieu of cash | 1,542 | 2,229 | |||||
Other assets (includes $2,299 and $2,550, respectively, related to securitization trust VIE) | 14,869 | 20,266 | |||||
Total assets | $ | 307,329 | $ | 301,832 | |||
LIABILITIES AND NET ASSETS | |||||||
Liabilities: | |||||||
Notes payable | $ | 26,322 | $ | 43,023 | |||
Notes payable - Securitization trust VIE | 72,312 | 79,520 | |||||
Dividends payable | 4,802 | — | |||||
Notes payable - related parties | 19,119 | — | |||||
Due to related parties | 3,204 | 2,867 | |||||
Notes payable in credits in lieu of cash | 1,542 | 2,229 | |||||
Accounts payable, accrued expenses and other liabilities | 10,404 | 7,775 | |||||
Total liabilities | 137,705 | 135,414 | |||||
Commitments and contingencies (Note 8) | |||||||
Net Assets: | |||||||
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding) | — | — | |||||
Common stock (par value $0.02 per share; authorized 54,000 shares, 10,206 issued and outstanding at June 30, 2015 and December 31, 2014, not including 17 shares held in escrow) | 205 | 205 | |||||
Additional paid-in capital | 162,646 | 165,532 | |||||
Distributions in excess of net investment income | (7,294 | ) | (2,523 | ) | |||
Net unrealized appreciation on investments | 7,220 | 2,609 | |||||
Net realized gains on investments | 6,847 | 595 | |||||
Total net assets | 169,624 | 166,418 | |||||
Total liabilities and net assets | $ | 307,329 | $ | 301,832 | |||
Net asset value per common share | $ | 16.62 | $ | 16.31 | |||
1
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
As a Business Development Company | Prior to becoming a Business Development Company | As a Business Development Company | Prior to becoming a Business Development Company | ||||||||||||
Three Months Ended June 30, 2015 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||||||||
Investment income: | |||||||||||||||
From non-affiliate investments | |||||||||||||||
Interest income | $ | 2,231 | $ | — | $ | 4,356 | $ | — | |||||||
Servicing income | 1,068 | — | 2,111 | — | |||||||||||
Other income | 464 | — | 859 | — | |||||||||||
Total investment income from non-affiliate investments | 3,763 | — | 7,326 | — | |||||||||||
From controlled investments | |||||||||||||||
Interest income | 56 | — | 144 | — | |||||||||||
Dividend income | 1,787 | — | 2,874 | — | |||||||||||
Other income | — | — | 12 | — | |||||||||||
Total investment income from controlled investments | 1,843 | — | 3,030 | — | |||||||||||
Total investment income | 5,606 | — | 10,356 | — | |||||||||||
Operating revenues: | |||||||||||||||
Electronic payment processing | — | 23,163 | — | 44,690 | |||||||||||
Web hosting and design | — | 4,114 | — | 8,101 | |||||||||||
Premium income | — | 4,992 | — | 10,129 | |||||||||||
Interest income | — | 1,568 | — | 3,129 | |||||||||||
Servicing fee income – NSBF portfolio | — | 915 | — | 1,746 | |||||||||||
Servicing fee income – external portfolios | — | 1,743 | — | 3,537 | |||||||||||
Income from tax credits | — | 15 | — | 28 | |||||||||||
Insurance commissions | — | 416 | — | 801 | |||||||||||
Other income | — | 1,202 | — | 2,054 | |||||||||||
Total operating revenues | — | 38,128 | — | 74,215 | |||||||||||
Net change in fair value of: | |||||||||||||||
SBA loans | — | 118 | — | (1,147 | ) | ||||||||||
Credits in lieu of cash and notes payable in credits in lieu of cash | — | (1 | ) | — | — | ||||||||||
Total net change in fair value | — | 117 | — | (1,147 | ) | ||||||||||
Expenses: | |||||||||||||||
Electronic payment processing costs | — | 19,575 | — | 37,937 | |||||||||||
Salaries and benefits | 3,133 | 6,823 | 6,156 | 13,301 | |||||||||||
Interest | 1,728 | 3,589 | 3,084 | 5,225 | |||||||||||
Depreciation and amortization | 85 | 896 | 170 | 1,751 | |||||||||||
Provision for loan losses | — | 139 | — | (66 | ) | ||||||||||
Other general and administrative costs | 2,955 | 4,934 | 5,717 | 10,415 | |||||||||||
Total expenses | 7,901 | 35,956 | 15,127 | 68,563 | |||||||||||
Net investment loss | (2,295 | ) | — | (4,771 | ) | — | |||||||||
Net realized and unrealized gain (loss): | |||||||||||||||
2
As a Business Development Company | Prior to becoming a Business Development Company | As a Business Development Company | Prior to becoming a Business Development Company | ||||||||||||
Three Months Ended June 30, 2015 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||||||||
Net realized gain on non-affiliate investments | 7,340 | — | 15,039 | — | |||||||||||
Net unrealized depreciation on SBA guaranteed non-affiliate investments | (1,464 | ) | — | (3,162 | ) | — | |||||||||
Net unrealized depreciation on SBA unguaranteed non-affiliate investments | (470 | ) | — | (1,136 | ) | — | |||||||||
Net unrealized appreciation on controlled investments | 2,019 | — | 9,519 | — | |||||||||||
Net unrealized depreciation on servicing assets | (256 | ) | — | (612 | ) | — | |||||||||
Net unrealized appreciation on credits in lieu of cash and notes payable in credits in lieu of cash | 2 | — | 2 | — | |||||||||||
Net realized and unrealized gains | 7,171 | — | 19,650 | — | |||||||||||
Income before income taxes | — | 2,289 | 4,505 | ||||||||||||
Net increase in net assets | $ | 4,876 | $ | — | $ | 14,879 | $ | — | |||||||
Provision for income taxes | — | 911 | — | 1,760 | |||||||||||
Net income | — | 1,378 | — | 2,745 | |||||||||||
Net loss attributable to non-controlling interests | — | 16 | — | 40 | |||||||||||
Net income attributable to Newtek Business Services Corp. | $ | — | $ | 1,394 | $ | — | $ | 2,785 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | — | 7,106 | — | 7,096 | |||||||||||
Diluted | — | 7,695 | — | 7,692 | |||||||||||
Basic income per share | $ | — | $ | 0.20 | $ | — | $ | 0.39 | |||||||
Diluted income per share | $ | — | $ | 0.18 | $ | — | $ | 0.36 | |||||||
Net increase in net assets per share | $ | 0.48 | $ | — | $ | 1.46 | $ | — | |||||||
Net investment loss per share | $ | (0.22 | ) | $ | — | $ | (0.47 | ) | $ | — | |||||
Dividends and distributions declared per common share | $ | 0.47 | $ | — | $ | 0.86 | $ | — | |||||||
Weighted average shares outstanding | 10,206 | — | 10,206 | — | |||||||||||
See accompanying notes to unaudited condensed consolidated financial statements.
3
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
Number of Shares of Common Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Net Investment Income | Net Unrealized Appreciation | Net Realized Gains | Total | |||||||||||||||||||
Balance at December 31, 2014 | 10,206 | $ | 205 | $ | 165,532 | $ | (2,523 | ) | $ | 2,609 | $ | 595 | $ | 166,418 | |||||||||||
Net increase in net assets | — | — | — | (4,771 | ) | 4,611 | 15,039 | 14,879 | |||||||||||||||||
Distributions to stockholders | — | — | — | — | — | (8,787 | ) | (8,787 | ) | ||||||||||||||||
Consolidation of Texas Whitestone Group, LLC and CCC Real Estate Holdings Co., LLC (1) | — | — | (33 | ) | — | — | — | (33 | ) | ||||||||||||||||
Adjustment to 2014 offering costs | — | — | 17 | — | — | — | 17 | ||||||||||||||||||
Reversal of deferred tax asset | — | — | (2,870 | ) | — | — | — | (2,870 | ) | ||||||||||||||||
Balance at June 30, 2015 | 10,206 | $ | 205 | $ | 162,646 | $ | (7,294 | ) | $ | 7,220 | $ | 6,847 | $ | 169,624 | |||||||||||
(1) During the quarter ended June 30, 2015 it was determined that Texas Whitestone Group, LLC and CCC Real Estate Holdings Co., LLC are controlled operating companies whose businesses consist of providing services to the Company.
See accompanying notes to unaudited condensed consolidated financial statements.
4
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
As a Business Development Company | Prior to becoming a Business Development Company | ||||||
Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||
Cash flows from operating activities: | |||||||
Net increase in net assets/net income | $ | 14,879 | $ | 2,745 | |||
Adjustments to reconcile net increase in net assets/net income to net cash provided by operating activities: | |||||||
Net unrealized appreciation on controlled investments | (9,519 | ) | — | ||||
Net unrealized depreciation on non-affiliate investments | 4,298 | — | |||||
Net unrealized depreciation on servicing assets | 612 | — | |||||
Realized gains on non-affiliate investments | (15,439 | ) | — | ||||
Realized losses on non-affiliate investments | 400 | — | |||||
Income from tax credits | (6 | ) | (28 | ) | |||
Amortization of deferred financing costs and debt discount related to debt refinancing | — | 1,905 | |||||
Accretion of interest expense | 9 | 28 | |||||
Fair value adjustments on SBA loans | — | 1,147 | |||||
Deferred income taxes | — | (565 | ) | ||||
Depreciation and amortization | 170 | 1,751 | |||||
Purchase of loan from SBA | (703 | ) | — | ||||
Funding of controlled investments | (200 | ) | — | ||||
Originations of SBA guaranteed non-affiliate investments | (79,070 | ) | — | ||||
Principal payments received from controlled investments | 600 | — | |||||
Proceeds from sale of SBA guaranteed non-affiliate investments | 119,969 | — | |||||
Originations of SBA unguaranteed non-affiliate investments | (24,441 | ) | — | ||||
Payments received on SBA unguaranteed non-affiliate investments | 7,792 | — | |||||
Loss on sale of other real estate owned | (244 | ) | — | ||||
Accretion of discount | 101 | 285 | |||||
Provision for loan losses | — | (66 | ) | ||||
Other, net | 688 | 1,091 | |||||
Changes in operating assets and liabilities: | |||||||
Net decrease in investments in money market funds | 2,774 | — | |||||
Originations of SBA loans held for sale | — | (67,037 | ) | ||||
Proceeds from sale of SBA loans held for sale | — | 68,322 | |||||
Broker receivable | (24,772 | ) | 4,126 | ||||
Due to/from related parties | (465 | ) | — | ||||
Accounts receivable | 121 | 700 | |||||
Prepaid expenses, accrued interest receivable and other assets | 2,773 | 4,132 | |||||
Accounts payable, accrued expenses, other liabilities and deferred revenue | 2,675 | 2,837 | |||||
Change in restricted cash | 2,835 | (8,351 | ) | ||||
5
As a Business Development Company | Prior to becoming a Business Development Company | ||||||
Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||
Capitalized servicing assets | (2,404 | ) | (1,670 | ) | |||
Net cash provided by operating activities | 3,433 | 11,352 | |||||
Cash flows from investing activities: | |||||||
Investments in qualified businesses | — | (72 | ) | ||||
Purchase of fixed assets and customer accounts | (70 | ) | (895 | ) | |||
SBA loans originated for investment, net | — | (21,158 | ) | ||||
Payments received on SBA loans | — | 5,095 | |||||
Proceeds from sale of loan held for investment | — | 500 | |||||
Net cash used in investing activities | (70 | ) | (16,530 | ) | |||
Cash flows from financing activities: | |||||||
Net borrowings/(repayments) on bank lines of credit | (7,534 | ) | 1,635 | ||||
Proceeds from term loan | — | 10,000 | |||||
Proceeds from related party line of credit | 19,119 | — | |||||
Payments on bank term note payable | (9,167 | ) | (10,590 | ) | |||
Dividends paid | (3,985 | ) | — | ||||
Payments on senior notes | (7,309 | ) | (5,329 | ) | |||
Change in restricted cash related to securitization | (5,944 | ) | 6,412 | ||||
Additions to deferred financing costs | (253 | ) | (303 | ) | |||
Other, net | (11 | ) | (154 | ) | |||
Net cash (used in) provided by financing activities | (15,084 | ) | 1,671 | ||||
Net decrease in cash and cash equivalents | (11,721 | ) | (3,507 | ) | |||
Cash and cash equivalents—beginning of period | 17,813 | 12,508 | |||||
Cash and cash equivalents—end of period | $ | 6,092 | $ | 9,001 | |||
Supplemental disclosure of cash flow activities: | |||||||
Non-cash operating, investing and financing activities: | |||||||
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits to Certified Investors | $ | 696 | $ | 765 | |||
Increase in additional paid in capital attributable to deferred tax adjustment on vested stock | $ | — | $ | 166 | |||
Foreclosed real estate acquired | $ | 713 | $ | — | |||
Dividends declared | $ | 4,802 | $ | — | |||
Reversal of deferred tax asset | $ | 2,870 | $ | — | |||
See accompanying notes to unaudited condensed consolidated financial statements.
6
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2015
(In Thousands)
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Performing SBA Unguaranteed Investments (1) | |||||||||||||||||||||||||
Advanced Medical Centers P.C. dba Advanced Skincare Medcenter | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2025 | $ | 337.5 | $ | 337.5 | $ | 275.1 | 0.16 | % | |||||||||||||
The Smiles Place LLC dba The Smile Place | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2040 | 283.9 | 283.9 | 272.3 | 0.16 | % | ||||||||||||||||
Anglin Cultured Stone Products, LLC dba Anglin Construction | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2025 | 281.8 | 281.8 | 239.4 | 0.14 | % | ||||||||||||||||
Thrifty Market, Inc. | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/30/2030 | 262.5 | 262.5 | 223.1 | 0.13 | % | ||||||||||||||||
All About Smiles P A | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2040 | 237.7 | 237.7 | 228.0 | 0.13 | % | ||||||||||||||||
BJ's Tavern, LLC and BJ's Cabana Bar Inc | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2040 | 212.5 | 212.5 | 203.0 | 0.12 | % | ||||||||||||||||
Jonathan E Nichols and Nichols Fire and Security, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/30/2025 | 75.0 | 75.0 | 68.6 | 0.04 | % | ||||||||||||||||
Home Again Restaurant, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2040 | 59.0 | 59.0 | 57.2 | 0.03 | % | ||||||||||||||||
Danny V, LLC dba Hugo's Taproom | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2040 | 54.0 | 54.0 | 47.9 | 0.03 | % | ||||||||||||||||
Summit Beverage Group, LLC | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 6/29/2030 | 291.9 | 291.9 | 254.4 | 0.15 | % | ||||||||||||||||
R2 Tape Inc. dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/29/2025 | 176.3 | 176.3 | 161.8 | 0.10 | % | ||||||||||||||||
North Atlanta RV Rentals, LLC | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/29/2025 | 144.3 | 144.3 | 115.0 | 0.07 | % | ||||||||||||||||
Myclean Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/29/2025 | 15.9 | 15.9 | 12.7 | 0.01 | % | ||||||||||||||||
Jihan Inc, dba ARCO AM/PM and Diana Inc dba Diana's Recycling | Gasoline Stations | Term Loan | Prime plus 2.75% | 6/26/2040 | 380.0 | 380.0 | 359.4 | 0.21 | % | ||||||||||||||||
CEM Autobody, LLC dba Dawn's Autobody | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/26/2040 | 135.5 | 135.5 | 126.4 | 0.07 | % | ||||||||||||||||
SofRep, Inc. dba Force 12 Media | Other Information Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 66.3 | 66.3 | 52.8 | 0.03 | % | ||||||||||||||||
E & G Enterprises, LLC dba Comfort Keepers | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 22.5 | 22.5 | 18.0 | 0.01 | % | ||||||||||||||||
TJU-DGT, Inc. dba The Lorenz Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2029 | 20.6 | 20.6 | 20.1 | 0.01 | % | ||||||||||||||||
Ohs Auto Body, Inc. dba Ohs Body Shop | Repair and Maintenance | Term Loan | 7.62% | 6/25/2040 | 1,207.5 | 1,207.5 | 1,120.9 | 0.66 | % | ||||||||||||||||
7
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Wolf Enviro Interests, LLC and Enviromax Services Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/25/2040 | 246.5 | 246.5 | 217.9 | 0.13 | % | ||||||||||||||||
Amboy Group, LLC dba Tommy's Moloney's | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2025 | 454.0 | 454.0 | 447.7 | 0.26 | % | ||||||||||||||||
Evinger PA One, Inc. dba Postal Annex, Falcon | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/24/2025 | 22.5 | 22.5 | 19.3 | 0.01 | % | ||||||||||||||||
Northeast Arkansas Pizza, Inc. dba Domino’s Pizza | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/23/2025 | 608.0 | 608.0 | 488.8 | 0.29 | % | ||||||||||||||||
Richards Plumbing and Heating Co., Inc. dba Richards Mechanical | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/23/2040 | 551.8 | 551.8 | 553.4 | 0.33 | % | ||||||||||||||||
RJI Services, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/23/2025 | 37.5 | 37.5 | 29.9 | 0.02 | % | ||||||||||||||||
Real Help, LLC dba Real Help Decorative Concrete | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/22/2025 | 53.1 | 53.1 | 50.1 | 0.03 | % | ||||||||||||||||
Balthazar Management Virgin Islands, LLC dba The Beach Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/22/2025 | 15.8 | 15.8 | 15.5 | 0.01 | % | ||||||||||||||||
KRN Logistics, LLC, Newsome Trucking, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2025 | 543.5 | 543.5 | 473.8 | 0.28 | % | ||||||||||||||||
New Paltz Dental Care, PLLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/19/2025 | 100.0 | 100.0 | 92.8 | 0.05 | % | ||||||||||||||||
PM Cassidy Enterprises, Inc. dba Junk King | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/19/2025 | 14.9 | 14.9 | 11.9 | 0.01 | % | ||||||||||||||||
Inverted Healthcare Staffing of Florida, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/18/2025 | 61.3 | 61.3 | 48.8 | 0.03 | % | ||||||||||||||||
Square Deal Siding Company, LLC dba Square Deal Siding Company | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/18/2025 | 22.5 | 22.5 | 22.2 | 0.01 | % | ||||||||||||||||
Flooring Liquidators Co Borrowers Flooring Liquidators of Mt Kisco LL | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/17/2025 | 437.5 | 437.5 | 416.6 | 0.25 | % | ||||||||||||||||
AM PM Properties, LLC and AM PM Willington, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/17/2040 | 87.1 | 87.1 | 85.4 | 0.05 | % | ||||||||||||||||
Nelson Sargsyan dba HDA Trucking | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/16/2025 | 130.5 | 130.5 | 104.0 | 0.06 | % | ||||||||||||||||
Mirage Plastering Inc and Mpire LLC and Mpire II LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/12/2040 | 338.8 | 338.8 | 279.5 | 0.16 | % | ||||||||||||||||
Anturio Marketing Inc dba Logic Consulting | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/12/2040 | 290.3 | 290.3 | 291.1 | 0.17 | % | ||||||||||||||||
Bizzare Foods Inc dba Trooper Foods | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/12/2025 | 125.0 | 125.0 | 99.6 | 0.06 | % | ||||||||||||||||
Eldredge Tavern LLC dba Gonyea's Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/8/2040 | 56.3 | 56.3 | 56.4 | 0.03 | % | ||||||||||||||||
ViAr Visual Communications, Inc. dba Fastsigns 281701 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/5/2025 | 62.0 | 62.0 | 50.9 | 0.03 | % | ||||||||||||||||
8
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/5/2025 | 16.1 | 16.1 | 12.8 | 0.01 | % | ||||||||||||||||
Nicor LLC dba Fibrenew Sacramento | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/5/2022 | 13.8 | 13.8 | 11.0 | 0.01 | % | ||||||||||||||||
Video Vault & Tanning LLC and Mosaic Salon LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/4/2040 | 90.5 | 90.5 | 90.4 | 0.05 | % | ||||||||||||||||
Medworxs LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/3/2025 | 125.0 | 125.0 | 100.7 | 0.06 | % | ||||||||||||||||
DTM Parts Supply Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/2/2025 | 62.8 | 62.8 | 50.0 | 0.03 | % | ||||||||||||||||
XCESSIVE THROTTLE, INC dba Jake's Roadhouse | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2025 | 8.3 | 8.3 | 6.6 | — | % | ||||||||||||||||
God is Good LLC dba BurgerFi | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/27/2025 | 67.3 | 67.3 | 58.3 | 0.03 | % | ||||||||||||||||
Villela CPA PL | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/27/2025 | 9.0 | 9.0 | 7.4 | — | % | ||||||||||||||||
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse | Accommodation | Term Loan | Prime plus 2.75% | 5/20/2040 | 174.1 | 174.1 | 168.7 | 0.10 | % | ||||||||||||||||
Pen Tex Inc dba The UPS Store | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/20/2025 | 22.0 | 22.0 | 17.6 | 0.01 | % | ||||||||||||||||
Opes Campitor Corporation dba Frux Documents | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/20/2025 | 16.5 | 16.5 | 13.4 | 0.01 | % | ||||||||||||||||
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/15/2025 | 717.3 | 717.3 | 584.7 | 0.34 | % | ||||||||||||||||
15 McArdle LLC and No Other Impressions Inc | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/15/2040 | 257.1 | 257.1 | 233.6 | 0.14 | % | ||||||||||||||||
E-Z Box Storage, Inc. | Real Estate | Term Loan | Prime plus 2.75% | 5/11/2025 | 89.3 | 89.3 | 88.0 | 0.05 | % | ||||||||||||||||
Guard Dogs MFS LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/8/2025 | 65.0 | 65.0 | 52.4 | 0.03 | % | ||||||||||||||||
Homegrown For Good LLC | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 5/8/2025 | 60.0 | 60.0 | 50.7 | 0.03 | % | ||||||||||||||||
George S Cochran DDS Inc | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/7/2025 | 130.0 | 130.0 | 104.0 | 0.06 | % | ||||||||||||||||
South Park Properties LLC and Midlothian Hardware LLC dba Gril | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/6/2040 | 170.2 | 170.2 | 169.5 | 0.10 | % | ||||||||||||||||
200 North 8th Street Associates LLC and Enchanted Acres Fa | Food Manufacturing | Term Loan | Prime plus 2.75% | 5/4/2028 | 494.6 | 494.6 | 490.4 | 0.29 | % | ||||||||||||||||
Matthew Taylor and Landon Farm LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/4/2040 | 23.6 | 23.6 | 23.5 | 0.01 | % | ||||||||||||||||
Cares Inc dba Dumpling Grounds Day Care Center | Social Assistance | Term Loan | Prime plus 2.75% | 5/1/2040 | 79.7 | 79.7 | 79.9 | 0.05 | % | ||||||||||||||||
9
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Eastern Energy Systems Inc and Solar Town LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/30/2025 | 74.5 | 74.5 | 60.1 | 0.04 | % | ||||||||||||||||
Capitol Compliance Associates Inc | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2025 | 15.8 | 15.8 | 12.6 | 0.01 | % | ||||||||||||||||
RDRhonehouse ENT. LLC dba Chill Skinz | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 4/29/2025 | 88.3 | 88.3 | 70.4 | 0.04 | % | ||||||||||||||||
Orchid Enterprises Inc dba Assisting Hands of Sussex County | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/24/2025 | 14.9 | 14.9 | 11.9 | 0.01 | % | ||||||||||||||||
Ragazza Restaurant Group, Inc. dba Bambolina | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/21/2025 | 22.4 | 22.4 | 18.9 | 0.01 | % | ||||||||||||||||
Diamond Solutions LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/21/2025 | 22.4 | 22.4 | 17.8 | 0.01 | % | ||||||||||||||||
Giacchino Maritime Consultants Inc | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/17/2025 | 22.4 | 22.4 | 17.8 | 0.01 | % | ||||||||||||||||
Sound Coaching Inc | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 4/14/2025 | 44.2 | 44.2 | 35.2 | 0.02 | % | ||||||||||||||||
Carolina Beefs, LLC dba Beef O'Brady's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/13/2025 | 19.4 | 19.4 | 15.4 | 0.01 | % | ||||||||||||||||
Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/3/2029 | 135.6 | 135.6 | 113.3 | 0.07 | % | ||||||||||||||||
Faramarz Nikourazm dba Car Clinic Center | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/3/2040 | 73.6 | 73.6 | 69.4 | 0.04 | % | ||||||||||||||||
T and B Boots Inc dba Takkens | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/31/2025 | 797.9 | 797.9 | 730.2 | 0.43 | % | ||||||||||||||||
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/31/2040 | 758.3 | 758.3 | 679.7 | 0.40 | % | ||||||||||||||||
Mid-South Lumber Co. of Northwest Florida, Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/31/2040 | 427.5 | 427.5 | 380.4 | 0.22 | % | ||||||||||||||||
HAVANA CENTRAL NJ1, LLC dba Havana Central | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/31/2025 | 250.0 | 250.0 | 239.5 | 0.14 | % | ||||||||||||||||
Quest Logic Investments LLC and Kleiner Investments LLC dba Dairy Quee | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/31/2025 | 22.2 | 22.2 | 21.9 | 0.01 | % | ||||||||||||||||
Jatcoia 60056, LLC dba Style Encore | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/31/2025 | 21.7 | 21.7 | 19.7 | 0.01 | % | ||||||||||||||||
Copper Beech Financial Group LLC | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/30/2025 | 123.5 | 123.5 | 108.2 | 0.06 | % | ||||||||||||||||
Delta Aggrigate LLC | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 3/30/2025 | 90.0 | 90.0 | 88.7 | 0.05 | % | ||||||||||||||||
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC | Real Estate | Term Loan | Prime plus 2.75% | 3/27/2025 | 1,222.9 | 1,222.9 | 975.0 | 0.57 | % | ||||||||||||||||
10
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Shellhorn and Hill Inc dba Total Fleet Service | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/27/2040 | 1,037.2 | 1,037.2 | 923.0 | 0.54 | % | ||||||||||||||||
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2040 | 300.9 | 300.9 | 301.7 | 0.18 | % | ||||||||||||||||
South Florida Air Conditioning and Refrigeration Corp. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/27/2040 | 155.1 | 155.1 | 151.9 | 0.09 | % | ||||||||||||||||
Balthazar Management Virgin Islands LLC dba The Beach Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/27/2025 | 121.7 | 121.7 | 120.0 | 0.07 | % | ||||||||||||||||
Shorr Enterprises Inc dba New Design Furniture Manufacturers | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2025 | 105.2 | 105.2 | 93.8 | 0.06 | % | ||||||||||||||||
Geo Los Angeles LLC dba Geo Film Group | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/26/2025 | 128.4 | 128.4 | 113.6 | 0.07 | % | ||||||||||||||||
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/26/2040 | 53.8 | 53.8 | 53.8 | 0.03 | % | ||||||||||||||||
Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 3/25/2040 | 807.6 | 807.6 | 798.9 | 0.47 | % | ||||||||||||||||
Zero-In Media Inc | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 3/25/2025 | 22.2 | 22.2 | 17.7 | 0.01 | % | ||||||||||||||||
Loriet LLC | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/24/2025 | 11.9 | 11.9 | 9.4 | 0.01 | % | ||||||||||||||||
CML RW Security, LLC | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/20/2025 | 567.9 | 567.9 | 452.7 | 0.27 | % | ||||||||||||||||
Shelton Incorporated dba Mrs. Winners | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2040 | 112.2 | 112.2 | 111.0 | 0.07 | % | ||||||||||||||||
Jaymie Hazard dba Indigo Hair Studio and Day Spa | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/20/2040 | 42.8 | 42.8 | 40.1 | 0.02 | % | ||||||||||||||||
R & R Security and Investigations Inc dba Pardners Lake Buchanan | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/19/2040 | 85.2 | 85.2 | 85.4 | 0.05 | % | ||||||||||||||||
MMS Realty, LLC and Molecular MS Diagnostics LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/18/2040 | 160.3 | 160.3 | 148.8 | 0.09 | % | ||||||||||||||||
Gurtej Singh and Ranjit Kaur dba Food Fair Market | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/18/2025 | 22.2 | 22.2 | 17.7 | 0.01 | % | ||||||||||||||||
BND Sebastian Limited Liability Company and Sebastian Fitness L | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/16/2040 | 172.0 | 172.0 | 166.4 | 0.10 | % | ||||||||||||||||
Royal Crest Motors LLC | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/16/2040 | 91.0 | 91.0 | 86.4 | 0.05 | % | ||||||||||||||||
Firm Foundations Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/13/2025 | 80.2 | 80.2 | 78.6 | 0.05 | % | ||||||||||||||||
Summit Treatment Services Inc | Social Assistance | Term Loan | Prime plus 2.75% | 3/11/2025 | 22.2 | 22.2 | 18.5 | 0.01 | % | ||||||||||||||||
Douglas Printy Motorsports, Inc. dba Blackburn Trike | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/9/2040 | 191.2 | 191.2 | 177.5 | 0.10 | % | ||||||||||||||||
11
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Luigi's on Main LLC and Luigi's Main Street Pizza Inc | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/4/2025 | 11.1 | 11.1 | 10.9 | 0.01 | % | ||||||||||||||||
Calhoun Satellite Communications Inc and Transmission Solutions Group | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 2/27/2025 | 934.4 | 934.4 | 786.5 | 0.46 | % | ||||||||||||||||
J&M Concessions Inc dba A 1 Liquors | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/27/2025 | 85.7 | 85.7 | 73.9 | 0.04 | % | ||||||||||||||||
Baystate Firearms and Training, LLC | Educational Services | Term Loan | Prime plus 2.75% | 2/27/2025 | 62.1 | 62.1 | 50.1 | 0.03 | % | ||||||||||||||||
Road to Sedona Inc dba Thirteen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/27/2025 | 55.6 | 55.6 | 45.2 | 0.03 | % | ||||||||||||||||
Kingseal LLC dba Desoto Health and Rehab Center | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 2/26/2040 | 1,244.5 | 1,244.5 | 1,248.0 | 0.74 | % | ||||||||||||||||
Pace Motor Lines, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 2/26/2025 | 65.1 | 65.1 | 63.4 | 0.04 | % | ||||||||||||||||
Nelson Financial Services LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/24/2025 | 12.2 | 12.2 | 9.7 | 0.01 | % | ||||||||||||||||
Kiddie Steps 4 You Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 2/19/2040 | 61.7 | 61.7 | 56.8 | 0.03 | % | ||||||||||||||||
Triangle Trash LLC dba Bin There Dump That | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/18/2025 | 73.0 | 73.0 | 63.4 | 0.04 | % | ||||||||||||||||
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. dba T | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/11/2040 | 170.8 | 170.8 | 157.7 | 0.09 | % | ||||||||||||||||
740 Barry Street Realty LLC and Wild Edibles Inc | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 2/10/2040 | 490.3 | 490.3 | 491.7 | 0.29 | % | ||||||||||||||||
Kostekos Inc dba New York Style Pizza | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/6/2040 | 66.0 | 66.0 | 62.2 | 0.04 | % | ||||||||||||||||
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 2/2/2040 | 224.1 | 224.1 | 203.9 | 0.12 | % | ||||||||||||||||
Dean 1021 LLC dba Pure Pita | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/29/2025 | 80.0 | 80.0 | 65.1 | 0.04 | % | ||||||||||||||||
Limameno LLC dba Sal's Italian Ristorante | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/23/2025 | 81.2 | 81.2 | 67.1 | 0.04 | % | ||||||||||||||||
DocMagnet Inc | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/23/2025 | 21.9 | 21.9 | 18.2 | 0.01 | % | ||||||||||||||||
Palmabak Inc dba Mami Nora's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/22/2025 | 20.9 | 20.9 | 20.2 | 0.01 | % | ||||||||||||||||
Jung Design Inc | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/20/2022 | 8.1 | 8.1 | 6.5 | — | % | ||||||||||||||||
FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2039 | 245.3 | 245.3 | 219.3 | 0.13 | % | ||||||||||||||||
Grand Blanc Lanes, Inc. and H, H and H, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/31/2039 | 132.0 | 132.0 | 129.4 | 0.08 | % | ||||||||||||||||
12
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
First Prevention and Dialysis Center LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2024 | 273.2 | 273.2 | 248.1 | 0.15 | % | ||||||||||||||||
Evans and Paul LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2024 | 216.8 | 216.8 | 201.2 | 0.12 | % | ||||||||||||||||
Bear Creek Entertainment, LLC dba The Woods at Bear Creek | Accommodation | Term Loan | Prime plus 2.75% | 12/30/2024 | 102.9 | 102.9 | 101.3 | 0.06 | % | ||||||||||||||||
Bowlerama Inc | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2039 | 1,195.4 | 1,195.4 | 1,192.9 | 0.70 | % | ||||||||||||||||
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/23/2039 | 526.4 | 526.4 | 465.9 | 0.27 | % | ||||||||||||||||
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2039 | 496.3 | 496.3 | 496.5 | 0.29 | % | ||||||||||||||||
401 JJS Corporation and G. Randazzo Corporation | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/23/2039 | 473.5 | 473.5 | 456.2 | 0.27 | % | ||||||||||||||||
Atlantis of Daytona LLC and Ocean Club Sportswear Inc | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/23/2039 | 237.3 | 237.3 | 237.3 | 0.14 | % | ||||||||||||||||
Carolina Flicks Inc dba The Howell Theater | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/23/2032 | 161.1 | 161.1 | 147.4 | 0.09 | % | ||||||||||||||||
Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/23/2024 | 151.2 | 151.2 | 127.2 | 0.07 | % | ||||||||||||||||
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/22/2024 | 181.7 | 181.7 | 152.5 | 0.09 | % | ||||||||||||||||
The Jewelers Inc. dba The Jewelers of Las Vegas | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/19/2024 | 1,212.5 | 1,212.5 | 964.4 | 0.57 | % | ||||||||||||||||
B.S. Ventures LLC dba Dink's Market | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/19/2039 | 53.4 | 53.4 | 53.0 | 0.03 | % | ||||||||||||||||
Will Zac Management LLC dba Papa John's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2024 | 47.2 | 47.2 | 46.5 | 0.03 | % | ||||||||||||||||
MM and M Management Inc dba Pizza Artista | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/19/2025 | 45.7 | 45.7 | 36.9 | 0.02 | % | ||||||||||||||||
B & W Towing, LLC and Boychucks Fuel LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2039 | 163.3 | 163.3 | 149.4 | 0.09 | % | ||||||||||||||||
All American Games, LLC and Sportslink - The Game, LLC | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/10/2024 | 387.5 | 387.5 | 328.2 | 0.19 | % | ||||||||||||||||
The Conibear Corporation and Conibear Trucking, LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2024 | 11.8 | 11.8 | 10.1 | 0.01 | % | ||||||||||||||||
Kemmer LLC and Apples Tree Top Liquors LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/4/2039 | 137.4 | 137.4 | 123.4 | 0.07 | % | ||||||||||||||||
Homegrown For Good LLC | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 11/26/2024 | 224.3 | 224.3 | 196.0 | 0.12 | % | ||||||||||||||||
13
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
The Red Pill Management, Inc. dba UFC Gym Matthews | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 11/26/2024 | 52.8 | 52.8 | 44.3 | 0.03 | % | ||||||||||||||||
Trading Group 3, Inc. | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/26/2024 | 21.7 | 21.7 | 17.0 | 0.01 | % | ||||||||||||||||
Meridian Hotels, LLC dba Best Western Jonesboro | Accommodation | Term Loan | Prime plus 2.75% | 11/25/2039 | 227.0 | 227.0 | 226.4 | 0.13 | % | ||||||||||||||||
Modern Manhattan LLC | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 11/25/2024 | 211.8 | 211.8 | 169.3 | 0.10 | % | ||||||||||||||||
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2039 | 147.4 | 147.4 | 136.7 | 0.08 | % | ||||||||||||||||
Stormrider Inc dba Shirley's Stormrider, Inc | Truck Transportation | Term Loan | Prime plus 2.75% | 11/25/2024 | 144.4 | 144.4 | 113.3 | 0.07 | % | ||||||||||||||||
DeRidder Chiropractic LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/25/2024 | 12.7 | 12.7 | 12.1 | 0.01 | % | ||||||||||||||||
J&D Resources, LLC dba Aqua Science | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/21/2024 | 739.4 | 739.4 | 589.9 | 0.35 | % | ||||||||||||||||
Legacy Estate Planning Inc dba American Casket Enterprises | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2024 | 40.4 | 40.4 | 31.7 | 0.02 | % | ||||||||||||||||
DC Real LLC and DC Enterprises LTD dba Lakeview True Value | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/20/2039 | 118.9 | 118.9 | 114.6 | 0.07 | % | ||||||||||||||||
MLM Enterprises LLC and Demand Printing Solutions Inc | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/18/2024 | 67.9 | 67.9 | 60.7 | 0.04 | % | ||||||||||||||||
JEJE Realty LLC and La Familia Inc | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/10/2039 | 203.9 | 203.9 | 188.8 | 0.11 | % | ||||||||||||||||
Joey O's LLC and Jennifer Olszewski | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/7/2024 | 8.7 | 8.7 | 6.8 | — | % | ||||||||||||||||
Laura L. Smith dba Lisa Smith Studio | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/3/2024 | 14.4 | 14.4 | 11.3 | 0.01 | % | ||||||||||||||||
Frontier Bulk Solution LLC | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/31/2024 | 1,195.2 | 1,195.2 | 994.3 | 0.59 | % | ||||||||||||||||
Heartland American Properties LLC and Skaggs RV Outlet LLC | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/31/2039 | 474.1 | 474.1 | 454.3 | 0.27 | % | ||||||||||||||||
M and C Renovations Inc | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/31/2024 | 19.4 | 19.4 | 15.1 | 0.01 | % | ||||||||||||||||
Golden Transaction Corporation dba Bleh Sunoco | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/30/2039 | 155.1 | 155.1 | 151.0 | 0.09 | % | ||||||||||||||||
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/29/2039 | 67.4 | 67.4 | 64.3 | 0.04 | % | ||||||||||||||||
Seelan Inc dba Candleridge Market | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/27/2039 | 89.6 | 89.6 | 82.9 | 0.05 | % | ||||||||||||||||
14
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
185 Summerfield Inc and Valcon Contracting Corp | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/24/2039 | 160.6 | 160.6 | 155.5 | 0.09 | % | ||||||||||||||||
Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/24/2039 | 88.2 | 88.2 | 79.3 | 0.05 | % | ||||||||||||||||
3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fit | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/17/2024 | 125.5 | 125.5 | 105.9 | 0.06 | % | ||||||||||||||||
One Hour Jewelry Repair Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/14/2024 | 19.6 | 19.6 | 15.4 | 0.01 | % | ||||||||||||||||
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/10/2039 | 1,243.2 | 1,243.2 | 1,243.6 | 0.73 | % | ||||||||||||||||
Capitol Waste and Recycling Services LLC | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 10/10/2024 | 246.4 | 246.4 | 208.3 | 0.12 | % | ||||||||||||||||
Sound Manufacturing Inc | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/10/2024 | 179.6 | 179.6 | 149.9 | 0.09 | % | ||||||||||||||||
DNT Storage and Properties LLC | Real Estate | Term Loan | Prime plus 2.75% | 10/10/2039 | 100.7 | 100.7 | 97.9 | 0.06 | % | ||||||||||||||||
Boilermaker Industries LLC dba PostNet | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/9/2024 | 18.2 | 18.2 | 16.2 | 0.01 | % | ||||||||||||||||
Doctors Express Management of Central Texas LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2024 | 88.8 | 88.8 | 81.8 | 0.05 | % | ||||||||||||||||
Smith Spinal Care Center P.C. and James C. Smith | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2039 | 59.4 | 59.4 | 56.3 | 0.03 | % | ||||||||||||||||
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/3/2039 | 125.2 | 125.2 | 120.8 | 0.07 | % | ||||||||||||||||
Sumad LLC dba BrightStar Care of Encinitas | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/2/2024 | 89.0 | 89.0 | 86.4 | 0.05 | % | ||||||||||||||||
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 538.8 | 538.8 | 491.0 | 0.29 | % | ||||||||||||||||
Roccos LLC and Sullo Pantalone Inc dba Rocco's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 252.7 | 252.7 | 231.6 | 0.14 | % | ||||||||||||||||
Keller Holdings LLC and David H Keller III and Carie C Keller | Scenic and Sightseeing Transportation | Term Loan | Prime plus 2.75% | 9/30/2039 | 98.8 | 98.8 | 97.5 | 0.06 | % | ||||||||||||||||
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The | Accommodation | Term Loan | Prime plus 2.75% | 9/29/2039 | 508.0 | 508.0 | 508.0 | 0.30 | % | ||||||||||||||||
Orange County Insurance Brokerage Inc dba Beaty Insurance Agency | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 9/29/2039 | 322.2 | 322.2 | 322.3 | 0.19 | % | ||||||||||||||||
Keys Phase One LLC dba The Grand Guesthouse | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 727.5 | 727.5 | 702.0 | 0.41 | % | ||||||||||||||||
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/26/2039 | 594.6 | 594.6 | 570.5 | 0.34 | % | ||||||||||||||||
Gordon E Rogers dba Stonehouse Motor Inn | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 56.8 | 56.8 | 56.8 | 0.03 | % | ||||||||||||||||
15
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/26/2024 | 21.4 | 21.4 | 17.7 | 0.01 | % | ||||||||||||||||
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/24/2039 | 447.1 | 447.1 | 388.7 | 0.23 | % | ||||||||||||||||
North Columbia LLC and Loop Liquor and Convenience Store LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/24/2039 | 157.4 | 157.4 | 151.4 | 0.09 | % | ||||||||||||||||
R A Johnson Inc dba Rick Johnson Auto and Tire | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/23/2039 | 297.7 | 297.7 | 296.8 | 0.17 | % | ||||||||||||||||
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/23/2024 | 36.0 | 36.0 | 28.4 | 0.02 | % | ||||||||||||||||
Utek Corporation dba Arcade Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/22/2039 | 402.6 | 402.6 | 398.1 | 0.23 | % | ||||||||||||||||
Play and Stay LLC dba Zoom Room Tinton Falls | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/18/2024 | 40.5 | 40.5 | 31.8 | 0.02 | % | ||||||||||||||||
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2039 | 143.8 | 143.8 | 143.8 | 0.08 | % | ||||||||||||||||
Modern Leather Goods Repair Shop Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2024 | 55.4 | 55.4 | 43.4 | 0.03 | % | ||||||||||||||||
Tavern Properties LLC and Wildwood Tavern LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2039 | 422.8 | 422.8 | 404.8 | 0.24 | % | ||||||||||||||||
Animal Intrusion Prevention Systems Holding Company, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/15/2024 | 259.1 | 259.1 | 219.7 | 0.13 | % | ||||||||||||||||
RDT Enterprises LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/15/2027 | 157.1 | 157.1 | 148.3 | 0.09 | % | ||||||||||||||||
KW Zion, LLC and Key West Gallery Inc | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/12/2039 | 1,235.2 | 1,235.2 | 1,190.6 | 0.70 | % | ||||||||||||||||
Indy East Smiles Youth Dentistry LLC dba Prime Smile East | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2024 | 598.5 | 598.5 | 473.2 | 0.28 | % | ||||||||||||||||
B&P Diners LLC dba Engine House Restaurant | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/10/2024 | 76.0 | 76.0 | 58.9 | 0.03 | % | ||||||||||||||||
Feel The World Inc dba Xero Shoes and Invisible Shoes | Leather and Allied Product Manufacturing | Term Loan | Prime plus 2.75% | 9/5/2024 | 49.3 | 49.3 | 40.1 | 0.02 | % | ||||||||||||||||
Delta Aggrigate LLC | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 8/28/2039 | 892.7 | 892.7 | 892.8 | 0.53 | % | ||||||||||||||||
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC) | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/27/2024 | 126.4 | 126.4 | 124.3 | 0.07 | % | ||||||||||||||||
Orange County Cleaning Inc | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/27/2024 | 38.9 | 38.9 | 30.5 | 0.02 | % | ||||||||||||||||
Qycell Corporation | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 8/26/2024 | 114.3 | 114.3 | 99.2 | 0.06 | % | ||||||||||||||||
Atlas Auto Body Inc dba Atlas Auto Sales | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/22/2039 | 50.9 | 50.9 | 47.1 | 0.03 | % | ||||||||||||||||
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc (OC) | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/21/2039 | 1,209.7 | 1,209.7 | 1,151.3 | 0.68 | % | ||||||||||||||||
16
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach db | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/15/2039 | 427.1 | 427.1 | 427.1 | 0.25 | % | ||||||||||||||||
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D | Gasoline Stations | Term Loan | Prime plus 2.75% | 8/15/2039 | 148.7 | 148.7 | 126.7 | 0.07 | % | ||||||||||||||||
Alpha Preparatory Academy LLC | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2039 | 143.9 | 143.9 | 143.9 | 0.08 | % | ||||||||||||||||
Katie Senior Care LLC dba Home Instead Senior Care | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2024 | 117.2 | 117.2 | 91.9 | 0.05 | % | ||||||||||||||||
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/8/2039 | 186.2 | 186.2 | 185.6 | 0.11 | % | ||||||||||||||||
Almost Home Property LLC and Almost Home Daycare LLC | Social Assistance | Term Loan | Prime plus 2.75% | 8/7/2039 | 707.2 | 707.2 | 692.2 | 0.41 | % | ||||||||||||||||
iFood, Inc. dba Steak N Shake | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 368.8 | 368.8 | 318.7 | 0.19 | % | ||||||||||||||||
AGV Enterprises LLC dba Jet's Pizza #42 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 51.4 | 51.4 | 41.6 | 0.02 | % | ||||||||||||||||
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2039 | 22.2 | 22.2 | 22.2 | 0.01 | % | ||||||||||||||||
L&S Insurance & Financial Services Inc | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/25/2024 | 21.1 | 21.1 | 16.9 | 0.01 | % | ||||||||||||||||
Honeyspot Investors LLP and Pace Motor Lines Inc | Truck Transportation | Term Loan | Prime plus 2.75% | 7/24/2039 | 148.0 | 148.0 | 146.5 | 0.09 | % | ||||||||||||||||
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2039 | 99.1 | 99.1 | 94.5 | 0.06 | % | ||||||||||||||||
Wired LLC and Moulison North Corporation | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/3/2024 | 143.5 | 143.5 | 124.3 | 0.07 | % | ||||||||||||||||
Honeyspot Investors LLP and Pace Motor Lines Inc | Truck Transportation | Term Loan | Prime plus 2.75% | 6/30/2039 | 863.6 | 863.6 | 854.6 | 0.50 | % | ||||||||||||||||
iFood, Inc. dba Steak N Shake | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2039 | 619.5 | 619.5 | 544.4 | 0.32 | % | ||||||||||||||||
Wired LLC and Moulison North Corporation | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2024 | 474.9 | 474.9 | 411.4 | 0.24 | % | ||||||||||||||||
AMG Holding, LLC and Stetson Automotive, Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/30/2039 | 204.6 | 204.6 | 204.0 | 0.12 | % | ||||||||||||||||
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2024 | 93.0 | 93.0 | 89.5 | 0.05 | % | ||||||||||||||||
Highway Striping Inc | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/30/2024 | 49.4 | 49.4 | 41.4 | 0.02 | % | ||||||||||||||||
FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2039 | 316.6 | 316.6 | 301.2 | 0.18 | % | ||||||||||||||||
JPM Investments LLC and Carolina Family Foot Care P.A. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/26/2039 | 134.1 | 134.1 | 129.5 | 0.08 | % | ||||||||||||||||
17
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Zinger Hardware and General Merchant Inc | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/26/2024 | 102.8 | 102.8 | 91.5 | 0.05 | % | ||||||||||||||||
Nikobella Properties LLC and JPO Inc dba Village Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2039 | 468.4 | 468.4 | 448.5 | 0.26 | % | ||||||||||||||||
RDJ Maayaa Inc dba RDJ Distributors | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/23/2024 | 8.0 | 8.0 | 6.4 | — | % | ||||||||||||||||
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/20/2039 | 229.6 | 229.6 | 218.5 | 0.13 | % | ||||||||||||||||
510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/19/2024 | 309.4 | 309.4 | 294.3 | 0.17 | % | ||||||||||||||||
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn | Accommodation | Term Loan | Prime plus 2.75% | 6/17/2039 | 905.2 | 905.2 | 905.1 | 0.53 | % | ||||||||||||||||
Hotels of North Georgia LLC dba Comfort Inn and Suites | Accommodation | Term Loan | Prime plus 2.75% | 6/17/2039 | 823.8 | 823.8 | 820.2 | 0.48 | % | ||||||||||||||||
Global Educational Delivery Services LLC | Educational Services | Term Loan | Prime plus 2.75% | 6/16/2024 | 56.2 | 56.2 | 55.2 | 0.03 | % | ||||||||||||||||
Rainbow Dry Cleaners | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/13/2024 | 114.0 | 114.0 | 96.4 | 0.06 | % | ||||||||||||||||
NVR Corporation dba Discount Food Mart | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/11/2039 | 66.5 | 66.5 | 66.5 | 0.04 | % | ||||||||||||||||
Sico & Walsh Insurance Agency Inc and The AMS Trust | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/6/2039 | 247.5 | 247.5 | 231.7 | 0.14 | % | ||||||||||||||||
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/3/2024 | 20.9 | 20.9 | 17.3 | 0.01 | % | ||||||||||||||||
Long Island Barber + Beauty LLC | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2039 | 54.6 | 54.6 | 51.2 | 0.03 | % | ||||||||||||||||
CJR LLC (EPC) and PowerWash Plus, Inc. (OC) | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/30/2024 | 49.0 | 49.0 | 45.0 | 0.03 | % | ||||||||||||||||
Pocono Coated Products, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/30/2024 | 20.8 | 20.8 | 19.2 | 0.01 | % | ||||||||||||||||
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/29/2039 | 927.2 | 927.2 | 927.1 | 0.55 | % | ||||||||||||||||
Wilton Dental Care P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/29/2024 | 120.8 | 120.8 | 96.5 | 0.06 | % | ||||||||||||||||
EGM Food Services Inc dba Gold Star Chili | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2024 | 17.7 | 17.7 | 14.8 | 0.01 | % | ||||||||||||||||
Jonesboro Health Food Center LLC | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/27/2024 | 55.4 | 55.4 | 43.9 | 0.03 | % | ||||||||||||||||
USI Properties LLC dba U Store It | Real Estate | Term Loan | Prime plus 2.75% | 5/23/2039 | 142.0 | 142.0 | 140.0 | 0.08 | % | ||||||||||||||||
18
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc(OC) | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/21/2039 | 132.9 | 132.9 | 132.8 | 0.08 | % | ||||||||||||||||
Hae M. and Jin S. Park dba Buford Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/15/2039 | 162.8 | 162.8 | 149.9 | 0.09 | % | ||||||||||||||||
Moochie's LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/13/2024 | 94.0 | 94.0 | 76.1 | 0.04 | % | ||||||||||||||||
The River Beas LLC and Punam Singh | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2039 | 88.6 | 88.6 | 84.2 | 0.05 | % | ||||||||||||||||
AS Boyals LLC dba Towne Liquors | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/29/2039 | 115.2 | 115.2 | 115.2 | 0.07 | % | ||||||||||||||||
Winter Ventures Inc and 214 N Franklin LLC | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/29/2024 | 57.4 | 57.4 | 51.1 | 0.03 | % | ||||||||||||||||
ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/25/2024 | 458.7 | 458.7 | 361.1 | 0.21 | % | ||||||||||||||||
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/23/2027 | 74.2 | 74.2 | 71.8 | 0.04 | % | ||||||||||||||||
Complete Body & Paint, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/23/2039 | 20.4 | 20.4 | 20.4 | 0.01 | % | ||||||||||||||||
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu | Real Estate | Term Loan | Prime plus 2.75% | 4/22/2039 | 101.9 | 101.9 | 101.8 | 0.06 | % | ||||||||||||||||
Aiello's Pizzeria LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/18/2024 | 39.2 | 39.2 | 32.6 | 0.02 | % | ||||||||||||||||
Wilshire Media Systems Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2024 | 170.9 | 170.9 | 139.6 | 0.08 | % | ||||||||||||||||
Family Ties Supply Corp dba Best Cookies & More dba Cookie Factory Out | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/16/2024 | 49.5 | 49.5 | 38.8 | 0.02 | % | ||||||||||||||||
R2 Tape Inc dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/10/2024 | 72.2 | 72.2 | 71.0 | 0.04 | % | ||||||||||||||||
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/9/2039 | 133.9 | 133.9 | 129.8 | 0.08 | % | ||||||||||||||||
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 3/31/2024 | 683.1 | 683.1 | 666.8 | 0.39 | % | ||||||||||||||||
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 439.6 | 439.6 | 424.6 | 0.25 | % | ||||||||||||||||
Dantanna's Tavern LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2024 | 151.3 | 151.3 | 127.7 | 0.08 | % | ||||||||||||||||
RDT Enterprises, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/31/2028 | 133.9 | 133.9 | 132.6 | 0.08 | % | ||||||||||||||||
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 115.2 | 115.2 | 98.8 | 0.06 | % | ||||||||||||||||
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 100.4 | 100.4 | 90.7 | 0.05 | % | ||||||||||||||||
19
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 91.0 | 91.0 | 82.2 | 0.05 | % | ||||||||||||||||
Wilban LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2039 | 419.2 | 419.2 | 401.5 | 0.24 | % | ||||||||||||||||
Lake Area Autosound LLC and Ryan H. Whittington | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 7/28/2039 | 124.1 | 124.1 | 116.1 | 0.07 | % | ||||||||||||||||
TC Business Enterprises LLC dba Sky Zone Indoor Trampoline Park | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2024 | 269.3 | 269.3 | 219.8 | 0.13 | % | ||||||||||||||||
Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC) | Real Estate | Term Loan | Prime plus 2.75% | 3/27/2039 | 188.8 | 188.8 | 188.8 | 0.11 | % | ||||||||||||||||
Hascher Gabelstapler Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/26/2024 | 130.5 | 130.5 | 118.1 | 0.07 | % | ||||||||||||||||
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox | Social Assistance | Term Loan | Prime plus 2.75% | 3/21/2039 | 142.2 | 142.2 | 131.2 | 0.08 | % | ||||||||||||||||
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2039 | 487.0 | 487.0 | 486.8 | 0.29 | % | ||||||||||||||||
Cormac Enterprises and Wyoming Valley Beverage Incorporated | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/20/2039 | 108.6 | 108.6 | 108.6 | 0.06 | % | ||||||||||||||||
Kinisi, Inc. dba The River North UPS Store | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/18/2024 | 35.5 | 35.5 | 31.6 | 0.02 | % | ||||||||||||||||
Tortilla King, Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/14/2029 | 999.2 | 999.2 | 894.0 | 0.53 | % | ||||||||||||||||
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park LLC | Social Assistance | Term Loan | Prime plus 2.75% | 3/14/2039 | 400.6 | 400.6 | 397.9 | 0.23 | % | ||||||||||||||||
Tortilla King Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/14/2039 | 213.3 | 213.3 | 192.5 | 0.11 | % | ||||||||||||||||
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/13/2039 | 218.8 | 218.8 | 218.7 | 0.13 | % | ||||||||||||||||
Avayaan2 LLC dba Island Cove | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/7/2039 | 154.2 | 154.2 | 147.5 | 0.09 | % | ||||||||||||||||
Onofrio's Fresh Cut Inc | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/6/2024 | 68.4 | 68.4 | 63.4 | 0.04 | % | ||||||||||||||||
J&M Concessions, Inc.dba A-1 Liquors | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/3/2039 | 132.7 | 132.7 | 119.8 | 0.07 | % | ||||||||||||||||
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/28/2039 | 408.2 | 408.2 | 383.3 | 0.23 | % | ||||||||||||||||
Summit Beverage Group LLC | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2024 | 317.1 | 317.1 | 282.9 | 0.17 | % | ||||||||||||||||
Faith Memorial Chapel LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 209.7 | 209.7 | 193.3 | 0.11 | % | ||||||||||||||||
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 206.3 | 206.3 | 190.8 | 0.11 | % | ||||||||||||||||
20
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Choe Trade Group Inc dba Rapid Printers of Monterey | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/28/2024 | 144.0 | 144.0 | 138.3 | 0.08 | % | ||||||||||||||||
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/12/2039 | 138.1 | 138.1 | 138.0 | 0.08 | % | ||||||||||||||||
JWB Industries, Inc. dba Carteret Die Casting | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2024 | 253.2 | 253.2 | 208.8 | 0.12 | % | ||||||||||||||||
Sovereign Communications LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 2/7/2024 | 820.7 | 820.7 | 660.5 | 0.39 | % | ||||||||||||||||
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2039 | 97.3 | 97.3 | 92.8 | 0.05 | % | ||||||||||||||||
Awesome Pets II Inc dba Mellisa's Pet Depot | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 2/7/2024 | 76.1 | 76.1 | 63.5 | 0.04 | % | ||||||||||||||||
Robert Star Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/5/2024 | 42.3 | 42.3 | 41.6 | 0.02 | % | ||||||||||||||||
Atlas Mountain Construction LLC | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/28/2024 | 14.8 | 14.8 | 14.4 | 0.01 | % | ||||||||||||||||
Sarah Sibadan dba Sibadan Agency | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2039 | 126.3 | 126.3 | 123.5 | 0.07 | % | ||||||||||||||||
3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Cloc | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 1/24/2024 | 381.4 | 381.4 | 320.9 | 0.19 | % | ||||||||||||||||
JDR Industries Inc dba CST-The Composites Store, JetCat USA | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 1/21/2024 | 125.9 | 125.9 | 108.0 | 0.06 | % | ||||||||||||||||
Icore Enterprises Inc dba Air Flow Filters Inc | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 1/15/2024 | 19.5 | 19.5 | 19.4 | 0.01 | % | ||||||||||||||||
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/31/2038 | 883.1 | 883.1 | 847.2 | 0.50 | % | ||||||||||||||||
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/30/2027 | 674.5 | 674.5 | 670.2 | 0.40 | % | ||||||||||||||||
S.Drake LLC dba Express Employment Professionals of Ann Arbor, Michiga | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/31/2023 | 17.0 | 17.0 | 14.8 | 0.01 | % | ||||||||||||||||
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/27/2023 | 592.9 | 592.9 | 588.0 | 0.35 | % | ||||||||||||||||
Shane M. Howell and Buck Hardware and Garden Center, LLC | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/27/2038 | 314.2 | 314.2 | 299.6 | 0.18 | % | ||||||||||||||||
Superior Disposal Service, Inc. | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/26/2023 | 214.2 | 214.2 | 204.7 | 0.12 | % | ||||||||||||||||
KK International Trading Corporation | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/23/2028 | 178.3 | 178.3 | 171.7 | 0.10 | % | ||||||||||||||||
AIP Enterprises LLC and Spider's Web Inc dba Black Widow Harley-Davids | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/20/2038 | 937.8 | 937.8 | 943.7 | 0.56 | % | ||||||||||||||||
21
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Mosley Auto Group LLC dba America's Automotive | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 215.8 | 215.8 | 214.9 | 0.13 | % | ||||||||||||||||
Kurtis Sniezek dba Wolfe's Foreign Auto | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 86.6 | 86.6 | 87.6 | 0.05 | % | ||||||||||||||||
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/19/2038 | 541.0 | 541.0 | 522.5 | 0.31 | % | ||||||||||||||||
Lefont Theaters Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/19/2023 | 12.8 | 12.8 | 11.7 | 0.01 | % | ||||||||||||||||
TAK Properties LLC and Kinderland Inc | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2038 | 394.7 | 394.7 | 383.1 | 0.23 | % | ||||||||||||||||
Any Garment Cleaner-East Brunswick, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/18/2023 | 47.9 | 47.9 | 45.7 | 0.03 | % | ||||||||||||||||
TOL LLC dba Wild Birds Unlimited | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/13/2023 | 16.6 | 16.6 | 15.1 | 0.01 | % | ||||||||||||||||
8 Minute Oil Change of Springfield Corporation and John Nino | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/12/2038 | 190.5 | 190.5 | 190.1 | 0.11 | % | ||||||||||||||||
920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/10/2038 | 407.4 | 407.4 | 410.4 | 0.24 | % | ||||||||||||||||
DKB Transport Corp | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2038 | 135.2 | 135.2 | 136.7 | 0.08 | % | ||||||||||||||||
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2023 | 486.1 | 486.1 | 446.2 | 0.26 | % | ||||||||||||||||
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2038 | 101.5 | 101.5 | 94.6 | 0.06 | % | ||||||||||||||||
Spectrum Development LLC and Solvit Inc & Solvit North, Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/2/2023 | 345.0 | 345.0 | 316.6 | 0.19 | % | ||||||||||||||||
BVIP Limousine Service LTD | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 11/27/2038 | 74.4 | 74.4 | 73.6 | 0.04 | % | ||||||||||||||||
Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 11/27/2023 | 59.4 | 59.4 | 52.3 | 0.03 | % | ||||||||||||||||
TNDV: Television LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 11/26/2038 | 246.8 | 246.8 | 240.4 | 0.14 | % | ||||||||||||||||
Veterinary Imaging Specialists of Alaska, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/26/2023 | 148.3 | 148.3 | 142.7 | 0.08 | % | ||||||||||||||||
Wallace Holdings LLC (EPC) GFA International Inc (OC) | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.5% | 11/25/2023 | 110.3 | 110.3 | 96.0 | 0.06 | % | ||||||||||||||||
AcuCall LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/21/2023 | 14.0 | 14.0 | 12.0 | 0.01 | % | ||||||||||||||||
Seven Peaks Mining Inc and Cornerstone Industrial Minerals Corporation | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 11/18/2038 | 1,216.1 | 1,216.1 | 1,121.3 | 0.66 | % | ||||||||||||||||
22
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/18/2023 | 40.5 | 40.5 | 35.6 | 0.02 | % | ||||||||||||||||
Kup's Auto Spa Inc | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/15/2038 | 385.9 | 385.9 | 386.2 | 0.23 | % | ||||||||||||||||
Yousef Khatib dba Y&M Enterprises | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 11/15/2023 | 66.3 | 66.3 | 58.5 | 0.03 | % | ||||||||||||||||
Howell Gun Works LLC | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/14/2023 | 7.4 | 7.4 | 6.4 | — | % | ||||||||||||||||
Armin and Kian Inc dba The UPS Store 3714 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/13/2023 | 50.0 | 50.0 | 42.9 | 0.03 | % | ||||||||||||||||
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/6/2038 | 61.1 | 61.1 | 61.8 | 0.04 | % | ||||||||||||||||
Twinsburg Hospitality Group LLC dba Comfort Suites | Accommodation | Term Loan | Prime plus 2.75% | 10/31/2038 | 920.5 | 920.5 | 888.2 | 0.52 | % | ||||||||||||||||
Master CNC Inc & Master Properties LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2038 | 579.4 | 579.4 | 545.9 | 0.32 | % | ||||||||||||||||
1 North Restaurant Corp dba 1 North Steakhouse | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2038 | 206.4 | 206.4 | 205.1 | 0.12 | % | ||||||||||||||||
Mid-Land Sheet Metal Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2038 | 133.7 | 133.7 | 132.1 | 0.08 | % | ||||||||||||||||
Janice B. McShan and The Metropolitan Day School, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 10/31/2023 | 38.7 | 38.7 | 37.8 | 0.02 | % | ||||||||||||||||
Meridian Hotels LLC dba Best Western Jonesboro | Accommodation | Term Loan | Prime plus 2.75% | 10/29/2038 | 644.0 | 644.0 | 648.7 | 0.38 | % | ||||||||||||||||
New Image Building Services Inc. dba New Image Repair Services; The Ma | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/29/2023 | 290.6 | 290.6 | 260.0 | 0.15 | % | ||||||||||||||||
A-1 Quality Services Corporation | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/29/2023 | 7.8 | 7.8 | 6.7 | — | % | ||||||||||||||||
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/24/2038 | 239.1 | 239.1 | 228.5 | 0.13 | % | ||||||||||||||||
Greenbrier Technical Services, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/24/2023 | 211.9 | 211.9 | 205.4 | 0.12 | % | ||||||||||||||||
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/18/2023 | 76.8 | 76.8 | 68.7 | 0.04 | % | ||||||||||||||||
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/18/2023 | 22.6 | 22.6 | 21.3 | 0.01 | % | ||||||||||||||||
Shepher Distr's and Sales Corp and The Lederer Industries Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/30/2023 | 908.2 | 908.2 | 900.2 | 0.53 | % | ||||||||||||||||
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/30/2038 | 667.1 | 667.1 | 628.6 | 0.37 | % | ||||||||||||||||
Cencon Properties LLC and Central Connecticut Warehousing Company, In | Warehousing and Storage | Term Loan | Prime plus 2.75% | 9/30/2038 | 334.4 | 334.4 | 335.9 | 0.20 | % | ||||||||||||||||
23
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 314.4 | 314.4 | 308.3 | 0.18 | % | ||||||||||||||||
Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc | Food Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 304.6 | 304.6 | 300.1 | 0.18 | % | ||||||||||||||||
Discount Wheel and Tire | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/30/2038 | 216.9 | 216.9 | 209.7 | 0.12 | % | ||||||||||||||||
Top Properties LLC and LP Industries, Inc dba Childforms | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 116.7 | 116.7 | 118.0 | 0.07 | % | ||||||||||||||||
AGS Talcott Partners, Inc. | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 9/30/2023 | 102.5 | 102.5 | 88.0 | 0.05 | % | ||||||||||||||||
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool - | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2038 | 94.6 | 94.6 | 89.9 | 0.05 | % | ||||||||||||||||
Gabrielle Realty, LLC | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/27/2038 | 734.2 | 734.2 | 708.3 | 0.42 | % | ||||||||||||||||
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2038 | 324.7 | 324.7 | 317.5 | 0.19 | % | ||||||||||||||||
Handy 6391 LLC dba The UPS Store #6391 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/27/2023 | 55.4 | 55.4 | 54.9 | 0.03 | % | ||||||||||||||||
Eastside Soccer Dome, Inc . | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 449.4 | 449.4 | 454.3 | 0.27 | % | ||||||||||||||||
HJ & Edward Enterprises,LLC dba Sky Zone | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2023 | 236.0 | 236.0 | 222.1 | 0.13 | % | ||||||||||||||||
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/26/2038 | 97.0 | 97.0 | 98.1 | 0.06 | % | ||||||||||||||||
Southeast Chicago Soccer, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 49.7 | 49.7 | 50.2 | 0.03 | % | ||||||||||||||||
Kiddie Steps 4 You Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 9/25/2038 | 87.4 | 87.4 | 83.5 | 0.05 | % | ||||||||||||||||
Diamond Memorials Incorporated | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2023 | 12.1 | 12.1 | 10.3 | 0.01 | % | ||||||||||||||||
Faith Memorial Chapel LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2038 | 260.5 | 260.5 | 254.6 | 0.15 | % | ||||||||||||||||
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | Educational Services | Term Loan | Prime plus 2.75% | 9/20/2023 | 40.5 | 40.5 | 35.8 | 0.02 | % | ||||||||||||||||
Westville Seafood LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2038 | 108.8 | 108.8 | 105.4 | 0.06 | % | ||||||||||||||||
Maynard Enterprises Inc dba Fastsigns of Texarkana | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/18/2023 | 14.2 | 14.2 | 12.6 | 0.01 | % | ||||||||||||||||
Grafio Inc dba Omega Learning Center-Acworth | Educational Services | Term Loan | Prime plus 2.75% | 9/13/2023 | 136.1 | 136.1 | 121.5 | 0.07 | % | ||||||||||||||||
The Berlerro Group, LLC dba Sky Zone | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/12/2023 | 378.5 | 378.5 | 335.4 | 0.20 | % | ||||||||||||||||
24
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Sound Manufacturing Inc | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/12/2028 | 50.9 | 50.9 | 47.6 | 0.03 | % | ||||||||||||||||
Prospect Kids Academy Inc | Educational Services | Term Loan | Prime plus 2.75% | 9/11/2038 | 120.4 | 120.4 | 118.7 | 0.07 | % | ||||||||||||||||
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center, I | Social Assistance | Term Loan | Prime plus 2.75% | 9/11/2038 | 38.3 | 38.3 | 38.7 | 0.02 | % | ||||||||||||||||
B for Brunette dba Blo | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/10/2023 | 47.1 | 47.1 | 40.7 | 0.02 | % | ||||||||||||||||
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/4/2038 | 216.0 | 216.0 | 208.7 | 0.12 | % | ||||||||||||||||
IlOKA Inc dba Microtech Tel and NewCloud Networks | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2023 | 593.9 | 593.9 | 536.9 | 0.32 | % | ||||||||||||||||
ACI Northwest Inc. | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 8/30/2023 | 593.6 | 593.6 | 563.6 | 0.33 | % | ||||||||||||||||
Spectrum Radio Fairmont, LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 8/30/2023 | 167.3 | 167.3 | 162.2 | 0.10 | % | ||||||||||||||||
Excel RP Inc | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 8/30/2023 | 112.5 | 112.5 | 108.5 | 0.06 | % | ||||||||||||||||
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis | Social Assistance | Term Loan | Prime plus 2.75% | 8/30/2023 | 37.4 | 37.4 | 35.8 | 0.02 | % | ||||||||||||||||
Ramard Inc and Advanced Health Sciences Inc | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/28/2023 | 162.0 | 162.0 | 139.0 | 0.08 | % | ||||||||||||||||
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/26/2023 | 70.3 | 70.3 | 69.7 | 0.04 | % | ||||||||||||||||
JSIL LLC dba Blackstones Hairdressing | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/16/2023 | 16.9 | 16.9 | 15.1 | 0.01 | % | ||||||||||||||||
Jatcoia, LLC dba Plato's Closet | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/15/2023 | 49.3 | 49.3 | 48.2 | 0.03 | % | ||||||||||||||||
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC) | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 8/14/2038 | 336.7 | 336.7 | 320.8 | 0.19 | % | ||||||||||||||||
Caribbean Concepts, Inc. dba Quick Bleach | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/12/2023 | 19.6 | 19.6 | 17.2 | 0.01 | % | ||||||||||||||||
Blacknorange2 LLC dba Popeyes Louisiana Kitchen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2023 | 152.0 | 152.0 | 131.0 | 0.08 | % | ||||||||||||||||
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc (OC) | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/29/2038 | 81.0 | 81.0 | 79.6 | 0.05 | % | ||||||||||||||||
Majestic Contracting Services, Inc. dba Majestic Electric and Majestic | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/26/2038 | 183.5 | 183.5 | 176.4 | 0.10 | % | ||||||||||||||||
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/24/2023 | 9.6 | 9.6 | 9.6 | 0.01 | % | ||||||||||||||||
Angkor Restaurant Inc | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/19/2038 | 89.8 | 89.8 | 89.4 | 0.05 | % | ||||||||||||||||
25
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Tri County Heating and Cooling Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2023 | 75.2 | 75.2 | 72.6 | 0.04 | % | ||||||||||||||||
Harbor Ventilation Inc and Estes Investment, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2038 | 33.1 | 33.1 | 33.5 | 0.02 | % | ||||||||||||||||
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2023 | 46.1 | 46.1 | 38.9 | 0.02 | % | ||||||||||||||||
Maxiflex LLC | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2023 | 130.6 | 130.6 | 129.4 | 0.08 | % | ||||||||||||||||
JRA Holdings LLC (EPC) Jasper County Cleaners Inc dba Superior Cleaner | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 116.7 | 116.7 | 117.9 | 0.07 | % | ||||||||||||||||
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 94.1 | 94.1 | 95.1 | 0.06 | % | ||||||||||||||||
Emerald Ironworks Inc | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/27/2023 | 61.5 | 61.5 | 54.5 | 0.03 | % | ||||||||||||||||
Contract Packaging Services Inc dba Superior Pack Group | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/21/2023 | 729.5 | 729.5 | 666.0 | 0.39 | % | ||||||||||||||||
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower) | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2026 | 881.2 | 881.2 | 878.5 | 0.52 | % | ||||||||||||||||
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/18/2028 | 801.2 | 801.2 | 800.8 | 0.47 | % | ||||||||||||||||
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/14/2023 | 292.3 | 292.3 | 254.7 | 0.15 | % | ||||||||||||||||
Elite Structures Inc | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2038 | 883.4 | 883.4 | 888.2 | 0.52 | % | ||||||||||||||||
(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 182.0 | 182.0 | 172.2 | 0.10 | % | ||||||||||||||||
(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 179.6 | 179.6 | 177.1 | 0.10 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals and Division Camera | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 5/31/2023 | 372.0 | 372.0 | 349.4 | 0.21 | % | ||||||||||||||||
RKP Service dba Rainbow Carwash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/31/2023 | 255.8 | 255.8 | 224.7 | 0.13 | % | ||||||||||||||||
Europlast Ltd | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 5/31/2023 | 155.6 | 155.6 | 150.0 | 0.09 | % | ||||||||||||||||
RXSB, Inc dba Medicine Shoppe | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/30/2023 | 157.8 | 157.8 | 135.3 | 0.08 | % | ||||||||||||||||
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/28/2023 | 53.6 | 53.6 | 49.3 | 0.03 | % | ||||||||||||||||
Ryan D. Thornton and Thornton & Associates LLC | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/24/2023 | 52.4 | 52.4 | 44.9 | 0.03 | % | ||||||||||||||||
Insurance Problem Solvers LLC | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/20/2023 | 14.4 | 14.4 | 12.4 | 0.01 | % | ||||||||||||||||
26
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Hybrid Racing LLC. | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 5/15/2023 | 100.3 | 100.3 | 91.0 | 0.05 | % | ||||||||||||||||
Atlas Mountain Construction, LLC | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/13/2038 | 122.5 | 122.5 | 123.8 | 0.07 | % | ||||||||||||||||
PowerWash Plus, Inc. and CJR, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/30/2038 | 528.6 | 528.6 | 510.3 | 0.30 | % | ||||||||||||||||
Peanut Butter & Co., Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/30/2023 | 82.8 | 82.8 | 71.8 | 0.04 | % | ||||||||||||||||
Brothers International Desserts | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2023 | 192.4 | 192.4 | 178.3 | 0.11 | % | ||||||||||||||||
Kidrose, LLC dba Kidville Riverdale | Educational Services | Term Loan | Prime plus 2.75% | 4/22/2023 | 66.7 | 66.7 | 60.0 | 0.04 | % | ||||||||||||||||
SFAM Parsippany LLC dba Cups Frozen Yogurt | Food Services and Drinking Places | Term Loan | 6% | 4/19/2023 | 30.5 | 30.5 | 28.9 | 0.02 | % | ||||||||||||||||
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc. | Educational Services | Term Loan | Prime plus 2.75% | 4/18/2038 | 145.2 | 145.2 | 146.7 | 0.09 | % | ||||||||||||||||
Capital Scrap Metal, LLC and Powerline Investment, LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/29/2038 | 458.4 | 458.4 | 463.2 | 0.27 | % | ||||||||||||||||
MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads; | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/29/2038 | 322.4 | 322.4 | 302.6 | 0.18 | % | ||||||||||||||||
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/29/2038 | 119.6 | 119.6 | 113.9 | 0.07 | % | ||||||||||||||||
A & M Commerce, Inc. dba Cranberry Sunoco | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/27/2038 | 316.7 | 316.7 | 312.4 | 0.18 | % | ||||||||||||||||
Xela Pack, Inc. and Aliseo and Catherine Gentile | Paper Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2028 | 245.8 | 245.8 | 245.6 | 0.14 | % | ||||||||||||||||
Neyra Industries, Inc. and Edward Neyra | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2023 | 180.4 | 180.4 | 177.9 | 0.10 | % | ||||||||||||||||
Gator Communications Group, LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/27/2023 | 14.4 | 14.4 | 13.3 | 0.01 | % | ||||||||||||||||
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2038 | 515.8 | 515.8 | 496.1 | 0.29 | % | ||||||||||||||||
Michael A.and HeatherR. Welsch dba Art & FrameEtc. | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/22/2038 | 64.8 | 64.8 | 63.6 | 0.04 | % | ||||||||||||||||
M & H Pine Straw Inc and Harris L. Maloy | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/21/2023 | 240.0 | 240.0 | 227.3 | 0.13 | % | ||||||||||||||||
Truth Technologies Inc dba Truth Technologies Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2023 | 65.9 | 65.9 | 57.9 | 0.03 | % | ||||||||||||||||
J. Kinderman & Sons Inc., dba BriteStar Inc. | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2023 | 150.4 | 150.4 | 149.0 | 0.09 | % | ||||||||||||||||
Stellar Environmental LLC | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/18/2023 | 46.7 | 46.7 | 44.9 | 0.03 | % | ||||||||||||||||
27
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Sound Manufacturing, Inc. and Monster Power Equipment Inc. | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2023 | 434.0 | 434.0 | 401.6 | 0.24 | % | ||||||||||||||||
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2038 | 124.2 | 124.2 | 125.5 | 0.07 | % | ||||||||||||||||
Golden Gate Lodging LLC (OC) | Accommodation | Term Loan | Prime plus 2.75% | 3/12/2038 | 110.4 | 110.4 | 108.4 | 0.06 | % | ||||||||||||||||
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/8/2038 | 24.2 | 24.2 | 24.5 | 0.01 | % | ||||||||||||||||
River Club Golf Course Inc dba The River Club | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2038 | 455.1 | 455.1 | 443.9 | 0.26 | % | ||||||||||||||||
Bakhtar Group LLC dba Malmaison | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2023 | 86.1 | 86.1 | 73.8 | 0.04 | % | ||||||||||||||||
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 2/20/2038 | 82.6 | 82.6 | 81.1 | 0.05 | % | ||||||||||||||||
Java Warung, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/19/2038 | 48.9 | 48.9 | 48.3 | 0.03 | % | ||||||||||||||||
Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/15/2038 | 101.8 | 101.8 | 100.1 | 0.06 | % | ||||||||||||||||
Orient Express, Inc. dba Spracht, Celltek, ODI | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 2/12/2023 | 69.0 | 69.0 | 58.1 | 0.03 | % | ||||||||||||||||
Knits R Us, Inc. dba NYC Sports / Mingle | Textile Mills | Term Loan | Prime plus 2.75% | 2/11/2038 | 119.7 | 119.7 | 121.0 | 0.07 | % | ||||||||||||||||
North Country Transport, LLC | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/6/2023 | 12.3 | 12.3 | 12.2 | 0.01 | % | ||||||||||||||||
MJD Investments, LLC dba The Community Day School | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2038 | 247.0 | 247.0 | 238.7 | 0.14 | % | ||||||||||||||||
EZ Towing, Inc. | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/31/2023 | 123.5 | 123.5 | 110.5 | 0.07 | % | ||||||||||||||||
Sherill Universal City dba Golden Corral | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2038 | 422.9 | 422.9 | 410.0 | 0.24 | % | ||||||||||||||||
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2037 | 479.6 | 479.6 | 491.2 | 0.29 | % | ||||||||||||||||
WI130, LLC (EPC) & Lakeland Group, Inc (OC) dba Lakeland Electrical | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/31/2028 | 245.0 | 245.0 | 235.6 | 0.14 | % | ||||||||||||||||
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/31/2022 | 79.0 | 79.0 | 73.4 | 0.04 | % | ||||||||||||||||
John Duffy Fuel Co., Inc. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/28/2022 | 416.0 | 416.0 | 415.8 | 0.25 | % | ||||||||||||||||
Babie Bunnie Enterprises Inc dba Triangle Mothercare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/28/2022 | 37.4 | 37.4 | 34.6 | 0.02 | % | ||||||||||||||||
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2037 | 495.7 | 495.7 | 507.6 | 0.30 | % | ||||||||||||||||
28
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Trailer One, Inc. and Trailer One Storage, Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/27/2022 | 135.1 | 135.1 | 135.1 | 0.08 | % | ||||||||||||||||
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2022 | 53.4 | 53.4 | 50.7 | 0.03 | % | ||||||||||||||||
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2027 | 347.8 | 347.8 | 331.7 | 0.20 | % | ||||||||||||||||
Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/20/2022 | 182.9 | 182.9 | 175.6 | 0.10 | % | ||||||||||||||||
The Amendments Group LLC dba Brightstar | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/17/2022 | 18.2 | 18.2 | 18.2 | 0.01 | % | ||||||||||||||||
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen and D | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2022 | 103.0 | 103.0 | 97.0 | 0.06 | % | ||||||||||||||||
Color By Number 123 Designs, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/11/2022 | 34.1 | 34.1 | 34.1 | 0.02 | % | ||||||||||||||||
Aegis Creative Communications, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/30/2022 | 300.0 | 300.0 | 278.0 | 0.16 | % | ||||||||||||||||
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/30/2037 | 273.6 | 273.6 | 276.7 | 0.16 | % | ||||||||||||||||
Summit Treatment Services, Inc. dba Summit Treatment Services | Social Assistance | Term Loan | Prime plus 2.75% | 11/30/2037 | 130.3 | 130.3 | 126.1 | 0.07 | % | ||||||||||||||||
214 North Franklin, LLC and Winter Ventures, Inc. | Nonstore Retailers | Term Loan | Prime plus 2.75% | 11/29/2037 | 146.7 | 146.7 | 145.8 | 0.09 | % | ||||||||||||||||
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 11/28/2037 | 213.4 | 213.4 | 217.7 | 0.13 | % | ||||||||||||||||
Richmond Hill Mini Market, LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/27/2037 | 176.7 | 176.7 | 177.5 | 0.10 | % | ||||||||||||||||
D&L Rescources, Inc. dba The UPS Store | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/27/2022 | 7.8 | 7.8 | 7.2 | — | % | ||||||||||||||||
DRV Enterprise, Inc. dba Cici's Pizza # 339 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/26/2022 | 51.0 | 51.0 | 51.0 | 0.03 | % | ||||||||||||||||
Pioneer Windows Manufacturing Corp, Pioneer Windows | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 11/21/2022 | 221.7 | 221.7 | 212.6 | 0.13 | % | ||||||||||||||||
U & A Food and Fuel, Inc. dba Express Gas & Food Mart | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/21/2037 | 91.7 | 91.7 | 93.9 | 0.06 | % | ||||||||||||||||
Clean Brothers Company Inc dba ServPro of North Washington County | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/21/2022 | 13.6 | 13.6 | 12.9 | 0.01 | % | ||||||||||||||||
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/20/2037 | 171.5 | 171.5 | 174.0 | 0.10 | % | ||||||||||||||||
PGH Groceries LLC DBA The Great American Super | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/19/2037 | 65.6 | 65.6 | 66.2 | 0.04 | % | ||||||||||||||||
St Judes Physical Therapy P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/19/2022 | 16.8 | 16.8 | 16.8 | 0.01 | % | ||||||||||||||||
29
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Hi-Def Imaging, Inc. dba SpeedPro Imaging | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/9/2022 | 17.8 | 17.8 | 16.8 | 0.01 | % | ||||||||||||||||
Reidville Hydraulics & Mfg Inc dba Summit Farms LLC | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 11/2/2037 | 253.4 | 253.4 | 248.8 | 0.15 | % | ||||||||||||||||
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/26/2022 | 146.5 | 146.5 | 135.7 | 0.08 | % | ||||||||||||||||
Chickamauga Properties, Inc. and MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/19/2022 | 47.5 | 47.5 | 47.5 | 0.03 | % | ||||||||||||||||
LA Diner Inc dba Loukas L A Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/28/2037 | 647.1 | 647.1 | 662.5 | 0.39 | % | ||||||||||||||||
Spire Investment Partners, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 9/28/2022 | 204.0 | 204.0 | 189.0 | 0.11 | % | ||||||||||||||||
ATC Fitness LLC dba Around the Clock Fitness | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2022 | 146.0 | 146.0 | 142.2 | 0.08 | % | ||||||||||||||||
University Park Retreat, LLC dba Massage Heights | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/27/2022 | 59.8 | 59.8 | 59.8 | 0.04 | % | ||||||||||||||||
Europlast Ltd | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/26/2022 | 674.0 | 674.0 | 665.3 | 0.39 | % | ||||||||||||||||
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/26/2037 | 175.8 | 175.8 | 176.0 | 0.10 | % | ||||||||||||||||
LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/21/2037 | 239.5 | 239.5 | 239.2 | 0.14 | % | ||||||||||||||||
O'Rourkes Diner LLC dba O'Rourke's Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2037 | 62.2 | 62.2 | 61.8 | 0.04 | % | ||||||||||||||||
AdLarge Media LLC dba AdLarge Media LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/13/2022 | 196.8 | 196.8 | 182.3 | 0.11 | % | ||||||||||||||||
Vision Network Solutions, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2022 | 15.3 | 15.3 | 14.2 | 0.01 | % | ||||||||||||||||
Michael J. Speeney & Joyce Speeney and R2 Tape, Inc. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/31/2037 | 348.3 | 348.3 | 356.6 | 0.21 | % | ||||||||||||||||
R2 Tape Inc dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/31/2022 | 120.9 | 120.9 | 120.8 | 0.07 | % | ||||||||||||||||
AJK Enterprise LLC dba AJK Enterprise LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 8/27/2022 | 12.9 | 12.9 | 12.7 | 0.01 | % | ||||||||||||||||
New Image Building Services, Inc. dba New Image Repair Services | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/23/2037 | 270.8 | 270.8 | 265.3 | 0.16 | % | ||||||||||||||||
Suncoast Aluminum Furniture, Inc | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 8/17/2037 | 341.3 | 341.3 | 348.7 | 0.21 | % | ||||||||||||||||
30
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Matchless Transportation LLC dba First Class Limo | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/3/2022 | 145.1 | 145.1 | 139.8 | 0.08 | % | ||||||||||||||||
Hofgard & Co., Inc. dba HofgardBenefits | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/27/2022 | 82.8 | 82.8 | 80.8 | 0.05 | % | ||||||||||||||||
Georgia Safe Sidewalks LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/27/2022 | 11.4 | 11.4 | 11.0 | 0.01 | % | ||||||||||||||||
Scoville Plumbing & Heating Inc and Thomas P. Scoville | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/25/2022 | 40.6 | 40.6 | 40.5 | 0.02 | % | ||||||||||||||||
Havana Central (NY) 5, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/29/2022 | 932.4 | 932.4 | 913.3 | 0.54 | % | ||||||||||||||||
Central Tire, Inc. dba Cooper Tire & Auto Services | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/29/2037 | 272.2 | 272.2 | 272.0 | 0.16 | % | ||||||||||||||||
WPI, LLC | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 6/29/2024 | 105.8 | 105.8 | 101.7 | 0.06 | % | ||||||||||||||||
Karykion, Corporation dba Karykion Corporation | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/28/2022 | 148.1 | 148.1 | 148.0 | 0.09 | % | ||||||||||||||||
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2037 | 65.8 | 65.8 | 66.5 | 0.04 | % | ||||||||||||||||
KIND-ER-ZZ Inc dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 6/15/2022 | 37.9 | 37.9 | 35.2 | 0.02 | % | ||||||||||||||||
Graphish Studio, Inc. and Scott Fishoff | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2022 | 15.5 | 15.5 | 14.4 | 0.01 | % | ||||||||||||||||
TNDV: Television LLC | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 6/13/2022 | 97.7 | 97.7 | 94.5 | 0.06 | % | ||||||||||||||||
Spectrumit, Inc, (OC) dba LANformation | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2030 | 138.8 | 138.8 | 138.1 | 0.08 | % | ||||||||||||||||
5091 LLC and TR/AL LLC d/b/a Cafe Africana | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/31/2037 | 114.5 | 114.5 | 115.8 | 0.07 | % | ||||||||||||||||
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/31/2037 | 59.3 | 59.3 | 59.7 | 0.04 | % | ||||||||||||||||
Craig R Freehauf d/b/a Lincoln Theatre | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/31/2022 | 27.4 | 27.4 | 27.4 | 0.02 | % | ||||||||||||||||
Lefont Theaters, Inc. | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 5/30/2022 | 104.0 | 104.0 | 100.1 | 0.06 | % | ||||||||||||||||
Christou Real Estate Holdings LLC dba Tops American Grill | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/17/2037 | 267.3 | 267.3 | 271.8 | 0.16 | % | ||||||||||||||||
Tracey Vita-Morris dba Tracey Vita's School of Dance | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/10/2022 | 17.1 | 17.1 | 15.8 | 0.01 | % | ||||||||||||||||
Bisson Transportation, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 5/7/2037 | 563.6 | 563.6 | 558.5 | 0.33 | % | ||||||||||||||||
31
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real | Truck Transportation | Term Loan | Prime plus 2.75% | 5/7/2022 | 416.3 | 416.3 | 406.6 | 0.24 | % | ||||||||||||||||
Fair Deal Food Mart Inc dba Neighbors Market | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/3/2037 | 359.0 | 359.0 | 367.4 | 0.22 | % | ||||||||||||||||
Custom Software, Inc. a Colorado Corporation dba M-33 Access | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 4/30/2022 | 99.1 | 99.1 | 98.2 | 0.06 | % | ||||||||||||||||
Tanner Optical, Inc. dba Murphy Eye Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/27/2022 | 6.2 | 6.2 | 6.0 | — | % | ||||||||||||||||
Gator Communications Group LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 4/25/2022 | 172.2 | 172.2 | 163.6 | 0.10 | % | ||||||||||||||||
Zane Filippone Co Inc dba Culligan Water Conditioning | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/12/2022 | 422.7 | 422.7 | 409.8 | 0.24 | % | ||||||||||||||||
Indoor Playgrounds Limited Liability Company dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 4/5/2022 | 12.2 | 12.2 | 11.8 | 0.01 | % | ||||||||||||||||
Gator Communications Group LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/30/2022 | 345.7 | 345.7 | 320.7 | 0.19 | % | ||||||||||||||||
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/30/2031 | 208.6 | 208.6 | 211.8 | 0.12 | % | ||||||||||||||||
Access Staffing, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2022 | 139.5 | 139.5 | 129.2 | 0.08 | % | ||||||||||||||||
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2037 | 716.5 | 716.5 | 733.0 | 0.43 | % | ||||||||||||||||
Manuel P. Barrera and Accura Electrical Contractor, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/23/2028 | 90.1 | 90.1 | 86.5 | 0.05 | % | ||||||||||||||||
Shweiki Media, Inc. dba Study Breaks Magazine | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/22/2027 | 1,007.8 | 1,007.8 | 979.3 | 0.58 | % | ||||||||||||||||
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/2/2022 | 324.7 | 324.7 | 302.9 | 0.18 | % | ||||||||||||||||
ATC Fitness, LLC d/b/a Around the C | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2022 | 7.5 | 7.5 | 7.1 | — | % | ||||||||||||||||
ATI Jet, Inc. | Air Transportation | Term Loan | Prime plus 2.75% | 12/28/2026 | 708.9 | 708.9 | 708.3 | 0.42 | % | ||||||||||||||||
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/22/2036 | 463.8 | 463.8 | 477.9 | 0.28 | % | ||||||||||||||||
K's Salon 1, LLC d/b/a K's Salon | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2021 | 53.1 | 53.1 | 51.2 | 0.03 | % | ||||||||||||||||
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/16/2021 | 180.0 | 180.0 | 180.6 | 0.11 | % | ||||||||||||||||
GP Enterprises LLC and Gibson Performance Corporation | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2036 | 678.5 | 678.5 | 699.1 | 0.41 | % | ||||||||||||||||
GP Enterprises, LLC and Gibson Performance Corporation | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2036 | 487.3 | 487.3 | 502.2 | 0.30 | % | ||||||||||||||||
32
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
M & H Pinestraw, Inc. and Harris L. Maloy | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/15/2021 | 172.7 | 172.7 | 169.2 | 0.10 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals & Division Camera | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/15/2021 | 94.0 | 94.0 | 93.6 | 0.06 | % | ||||||||||||||||
Taylor Transport, Inc | Truck Transportation | Term Loan | Prime plus 2.75% | 12/8/2021 | 349.6 | 349.6 | 347.3 | 0.20 | % | ||||||||||||||||
City Sign Service, Incorporated | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 11/30/2025 | 137.2 | 137.2 | 138.1 | 0.08 | % | ||||||||||||||||
Scent-Sation, Inc. d/b/a Scent-Sation, Inc. | Textile Product Mills | Term Loan | Prime plus 2.75% | 11/21/2021 | 268.8 | 268.8 | 269.8 | 0.16 | % | ||||||||||||||||
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/16/2021 | 44.6 | 44.6 | 44.7 | 0.03 | % | ||||||||||||||||
MRM Supermarkets, Inc. dba Constantin's Breads | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/10/2021 | 98.3 | 98.3 | 95.1 | 0.06 | % | ||||||||||||||||
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 10/26/2021 | 41.5 | 41.5 | 40.2 | 0.02 | % | ||||||||||||||||
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/25/2021 | 15.9 | 15.9 | 15.9 | 0.01 | % | ||||||||||||||||
C & G Engines Corp. | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2021 | 726.1 | 726.1 | 709.3 | 0.42 | % | ||||||||||||||||
Robert E. Caves, Sr. and American Plank dba Caves Enterprises | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/30/2021 | 211.1 | 211.1 | 211.3 | 0.12 | % | ||||||||||||||||
PTK, Incorporated dba Night N Day 24 HR Convenience Store | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/30/2036 | 127.6 | 127.6 | 130.8 | 0.08 | % | ||||||||||||||||
39581 Garfield, LLC and Tri County Neurological Associates, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 77.2 | 77.2 | 79.5 | 0.05 | % | ||||||||||||||||
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 26.3 | 26.3 | 27.1 | 0.02 | % | ||||||||||||||||
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2021 | 743.3 | 743.3 | 715.8 | 0.42 | % | ||||||||||||||||
Polymer Sciences, Inc. dba Polymer Sciences, Inc. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2036 | 392.1 | 392.1 | 403.4 | 0.24 | % | ||||||||||||||||
Equity National Capital LLC & Chadbourne Road Capital, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 9/26/2021 | 43.7 | 43.7 | 42.6 | 0.03 | % | ||||||||||||||||
Bryan Bantry Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/8/2021 | 190.9 | 190.9 | 183.8 | 0.11 | % | ||||||||||||||||
SBR Technologies d/b/a Color Graphics | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/31/2021 | 549.6 | 549.6 | 547.3 | 0.32 | % | ||||||||||||||||
33
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Gator Communications Group LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 8/31/2021 | 397.1 | 397.1 | 394.5 | 0.23 | % | ||||||||||||||||
Michael S. Decker & Janet Decker dba The Hen House Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2036 | 15.2 | 15.2 | 15.6 | 0.01 | % | ||||||||||||||||
Trademark Equipment Company Inc and David A. Daniel | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/19/2036 | 123.7 | 123.7 | 126.2 | 0.07 | % | ||||||||||||||||
Qycell Corporation | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 8/19/2021 | 122.4 | 122.4 | 122.8 | 0.07 | % | ||||||||||||||||
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/12/2036 | 93.6 | 93.6 | 96.2 | 0.06 | % | ||||||||||||||||
Valiev Ballet Academy, Inc | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 8/12/2036 | 39.2 | 39.2 | 40.4 | 0.02 | % | ||||||||||||||||
LaHoBa, LLC d/b/a Papa John's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/3/2036 | 71.2 | 71.2 | 73.4 | 0.04 | % | ||||||||||||||||
Kelly Chon LLC dba Shi-Golf | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/29/2021 | 8.8 | 8.8 | 8.8 | 0.01 | % | ||||||||||||||||
MTV Bowl, Inc. dba Legend Lanes | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2036 | 229.2 | 229.2 | 232.8 | 0.14 | % | ||||||||||||||||
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2036 | 323.6 | 323.6 | 333.2 | 0.20 | % | ||||||||||||||||
Lavertue Properties LLP dba Lavertue Properties | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2036 | 41.5 | 41.5 | 42.6 | 0.03 | % | ||||||||||||||||
Spire Investment Partners, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/22/2021 | 169.2 | 169.2 | 162.8 | 0.10 | % | ||||||||||||||||
Custom Software, Inc. a Colorado Corporation dba M-33 Access | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/17/2021 | 305.5 | 305.5 | 306.3 | 0.18 | % | ||||||||||||||||
Red Star Incorporated dba Pro Import Company | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/15/2036 | 170.7 | 170.7 | 174.5 | 0.10 | % | ||||||||||||||||
Pierce Developments, Inc. dba Southside Granite | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/13/2036 | 236.3 | 236.3 | 238.8 | 0.14 | % | ||||||||||||||||
Major Queens Body & Fender Corp | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/10/2021 | 19.3 | 19.3 | 19.4 | 0.01 | % | ||||||||||||||||
J&K Fitness, LLC dba Physiques Womens Fitness Center | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/8/2036 | 415.5 | 415.5 | 424.8 | 0.25 | % | ||||||||||||||||
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/3/2021 | 42.3 | 42.3 | 40.8 | 0.02 | % | ||||||||||||||||
34
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/27/2021 | 11.1 | 11.1 | 11.1 | 0.01 | % | ||||||||||||||||
Modern on the Mile, LLC dba Ligne Roset | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 5/25/2021 | 141.3 | 141.3 | 139.3 | 0.08 | % | ||||||||||||||||
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/26/2021 | 30.3 | 30.3 | 29.2 | 0.02 | % | ||||||||||||||||
Music Mountain Water Company, LLC | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 4/25/2036 | 126.7 | 126.7 | 130.4 | 0.08 | % | ||||||||||||||||
Profile Performance, Inc. and Eidak Real Estate, L.L.C. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2036 | 117.1 | 117.1 | 120.6 | 0.07 | % | ||||||||||||||||
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/18/2036 | 118.9 | 118.9 | 122.5 | 0.07 | % | ||||||||||||||||
3 A Realty, LLC dba Interior Climate Solutions, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/13/2036 | 155.7 | 155.7 | 157.5 | 0.09 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 4/4/2021 | 411.0 | 411.0 | 410.3 | 0.24 | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/30/2021 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2023 | 67.7 | 67.7 | 67.4 | 0.04 | % | ||||||||||||||||
Michael S. Korfe dba North Valley Auto Repair | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/24/2036 | 14.2 | 14.2 | 14.6 | 0.01 | % | ||||||||||||||||
Actknowledge,Inc dba Actknowledge | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/21/2021 | 37.4 | 37.4 | 36.0 | 0.02 | % | ||||||||||||||||
Stamford Car Wash d/b/a Stamford Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/11/2036 | 18.1 | 18.1 | 18.6 | 0.01 | % | ||||||||||||||||
Food & Beverage Associates Of N.J. Inc | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/11/2021 | 6.2 | 6.2 | 6.2 | — | % | ||||||||||||||||
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/10/2021 | 99.9 | 99.9 | 97.0 | 0.06 | % | ||||||||||||||||
Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/25/2023 | 43.5 | 43.5 | 43.8 | 0.03 | % | ||||||||||||||||
SuzyQue’s LLC dba Suzy Que’s | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/11/2036 | 56.0 | 56.0 | 57.5 | 0.03 | % | ||||||||||||||||
Little People’s Village, LLC dba Little People’s Village | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2036 | 28.4 | 28.4 | 29.2 | 0.02 | % | ||||||||||||||||
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/28/2036 | 103.4 | 103.4 | 106.4 | 0.06 | % | ||||||||||||||||
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/28/2021 | 7.9 | 7.9 | 7.6 | — | % | ||||||||||||||||
Nicholas Dugger dba TNDV: Television LLC. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/24/2021 | 64.8 | 64.8 | 62.4 | 0.04 | % | ||||||||||||||||
Metro Used Cars Inc. dba Metro Auto Center | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 1/14/2027 | 95.6 | 95.6 | 96.8 | 0.06 | % | ||||||||||||||||
35
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/29/2020 | 4.7 | 4.7 | 4.6 | — | % | ||||||||||||||||
Chickamauga Properties,Inc., MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2035 | 172.7 | 172.7 | 178.4 | 0.11 | % | ||||||||||||||||
Chickamauga Properties, Inc., MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2035 | 68.0 | 68.0 | 70.2 | 0.04 | % | ||||||||||||||||
Shree OM Lodging, LLC dba Royal Inn | Accommodation | Term Loan | Prime plus 2.75% | 12/17/2035 | 25.2 | 25.2 | 25.9 | 0.02 | % | ||||||||||||||||
Lodin Medical Imaging, LLC dba Watson Imaging Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/1/2020 | 40.4 | 40.4 | 40.6 | 0.02 | % | ||||||||||||||||
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2035 | 30.9 | 30.9 | 31.9 | 0.02 | % | ||||||||||||||||
Justforfungames, Inc. | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/19/2035 | 44.7 | 44.7 | 46.1 | 0.03 | % | ||||||||||||||||
Any Garment Cleaner-East Brunswick, Inc dba Any Garment Cleaner | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/18/2020 | 21.9 | 21.9 | 21.2 | 0.01 | % | ||||||||||||||||
West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/12/2035 | 135.2 | 135.2 | 138.4 | 0.08 | % | ||||||||||||||||
R2 Tape, Inc. dba Presto Tape and Michael J.and Joyce Speeney | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/20/2020 | 137.5 | 137.5 | 137.0 | 0.08 | % | ||||||||||||||||
Lincoln Park Physical Therapy | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/20/2020 | 26.5 | 26.5 | 26.7 | 0.02 | % | ||||||||||||||||
Jade Automotive d/b/a Sears Hometown Store | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 10/6/2035 | 133.3 | 133.3 | 137.7 | 0.08 | % | ||||||||||||||||
Stamford Property Holdings, LLC & Stamford Car Wash,LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/4/2035 | 111.8 | 111.8 | 115.4 | 0.07 | % | ||||||||||||||||
Wise Forklift Inc | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/1/2020 | 178.2 | 178.2 | 179.0 | 0.11 | % | ||||||||||||||||
Elan Realty, LLC and Albert Basse Asociates, Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/30/2035 | 206.4 | 204.3 | 213.0 | 0.13 | % | ||||||||||||||||
K9 Bytes, Inc & Epazz, Inc | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 9/30/2020 | 11.1 | 11.1 | 10.9 | 0.01 | % | ||||||||||||||||
Success Express,Inc. dba Success Express | Couriers and Messengers | Term Loan | Prime plus 2.75% | 9/29/2020 | 55.1 | 55.1 | 51.9 | 0.03 | % | ||||||||||||||||
Adams & Hancock LLC dba Brightstar Overland Park & Jordon & Pippen, LL | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2020 | 7.4 | 7.4 | 7.5 | — | % | ||||||||||||||||
Modern Manhattan, LLC | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/20/2020 | 123.4 | 123.4 | 121.2 | 0.07 | % | ||||||||||||||||
Dirk's Trucking, L.L.C. dba Dirk's Trucking | Truck Transportation | Term Loan | Prime plus 2.75% | 9/17/2020 | 10.7 | 10.7 | 10.6 | 0.01 | % | ||||||||||||||||
Newsome Trucking Inc and Kevin Newsome | Truck Transportation | Term Loan | Prime plus 2.75% | 9/2/2035 | 382.8 | 382.8 | 389.1 | 0.23 | % | ||||||||||||||||
36
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
California College of Communications, Inc. | Educational Services | Term Loan | Prime plus 2.75% | 11/2/2020 | 105.7 | 105.7 | 103.6 | 0.06 | % | ||||||||||||||||
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/2/2035 | 45.3 | 45.3 | 46.7 | 0.03 | % | ||||||||||||||||
DDLK Investments LLC d/b/a Smoothie King | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2020 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||
Kino Oil of Texas, LLC dba Kino Oil | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/27/2020 | 35.6 | 35.6 | 34.9 | 0.02 | % | ||||||||||||||||
Kino Oil of Texas LLC dba Kino Company and B&D Oil | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/27/2035 | 10.7 | 10.7 | 11.0 | 0.01 | % | ||||||||||||||||
Planet Verte,LLC d/b/a Audio Unlimited | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2020 | 23.9 | 23.9 | 23.4 | 0.01 | % | ||||||||||||||||
Sunmar, Inc. dba Creative Cooking | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/19/2035 | 47.0 | 47.0 | 48.5 | 0.03 | % | ||||||||||||||||
Members Only Software | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2020 | 23.8 | 23.8 | 23.6 | 0.01 | % | ||||||||||||||||
New Life Holdings, LLC and Certified Collision Services, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2035 | 68.0 | 68.0 | 69.8 | 0.04 | % | ||||||||||||||||
Quest Logic Investments, LLC dba Dairy Queen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2035 | 94.5 | 94.5 | 97.5 | 0.06 | % | ||||||||||||||||
ActKnowledge,Inc dba ActKnowledge | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/30/2020 | 29.0 | 29.0 | 27.9 | 0.02 | % | ||||||||||||||||
I-90 RV & Auto Supercenter | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/29/2035 | 67.3 | 67.3 | 69.5 | 0.04 | % | ||||||||||||||||
WeaverVentures, Inc dba The UPS Store | Postal Service | Term Loan | Prime plus 2.75% | 7/28/2020 | 13.9 | 13.9 | 13.7 | 0.01 | % | ||||||||||||||||
Zouk, Ltd. dba Palma | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/25/2020 | 16.4 | 16.4 | 16.4 | 0.01 | % | ||||||||||||||||
CJ Park Inc. dba Kidville Midtown West | Educational Services | Term Loan | Prime plus 2.75% | 6/25/2020 | 12.2 | 12.2 | 12.0 | 0.01 | % | ||||||||||||||||
Emotion in Motion Dance Center Limited Liability Company dba Emotio | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/25/2020 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||
H.H. Leonards Trust and Potomac Fund LLC and The 2020 O Street Corpora | Accommodation | Term Loan | Prime plus 2.75% | 7/23/2020 | 22.1 | 22.1 | 22.2 | 0.01 | % | ||||||||||||||||
B&B Fitness and Barbell, Inc. dba Elevations Health Club | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/22/2035 | 218.4 | 218.4 | 223.9 | 0.13 | % | ||||||||||||||||
Tanner Optical Inc. dba Murphy Eye Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/22/2035 | 85.0 | 85.0 | 86.7 | 0.05 | % | ||||||||||||||||
M & H Pine Straw, Inc.and Harris Maloy | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 7/10/2020 | 39.7 | 39.7 | 39.4 | 0.02 | % | ||||||||||||||||
Excel RP, Inc./Kevin and Joann Foley | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 7/8/2028 | 41.1 | 41.1 | 41.9 | 0.02 | % | ||||||||||||||||
37
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
ValleyStar, Inc. dba BrightStar Healthcare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2020 | 4.3 | 4.3 | 4.2 | — | % | ||||||||||||||||
ValleyStar, Inc. dba BrightStar HealthCare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2020 | 3.5 | 3.5 | 3.4 | — | % | ||||||||||||||||
Atlanta Vascular Research Organization, Inc dba Atlanta Vascular Found | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/6/2020 | 14.4 | 14.4 | 14.5 | 0.01 | % | ||||||||||||||||
Diag, LLC dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 6/21/2020 | 21.3 | 21.3 | 20.9 | 0.01 | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2035 | 182.8 | 182.8 | 187.1 | 0.11 | % | ||||||||||||||||
M & H Pine Straw, Inc and Harris L. Maloy | Support Activities for Agriculture and Forestry | Term Loan | 6% | 4/30/2020 | 102.9 | 102.9 | 102.0 | 0.06 | % | ||||||||||||||||
Clearbay Enterprises,Inc dba First Class Kennels | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/30/2034 | 53.1 | 53.1 | 54.7 | 0.03 | % | ||||||||||||||||
New Economic Methods LLC dba Rita's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2020 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/26/2020 | 3.5 | 3.5 | 3.4 | — | % | ||||||||||||||||
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/23/2020 | 8.4 | 8.4 | 8.2 | — | % | ||||||||||||||||
Caring Hands Pediatrics,P.C. dba Caring Hands Pediatrics | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/9/2020 | 8.1 | 8.1 | 8.0 | — | % | ||||||||||||||||
Vortex Automotive LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/5/2035 | 68.5 | 68.5 | 70.3 | 0.04 | % | ||||||||||||||||
Adams and Hancock,LLC dba BrightStar Overland Park | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2020 | 19.8 | 19.8 | 19.8 | 0.01 | % | ||||||||||||||||
ATC Fitness LLC dba Around the Clock Fitness | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2019 | 7.2 | 7.2 | 7.1 | — | % | ||||||||||||||||
Lahoba,LLC dba Papa John's Pizza | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/30/2034 | 37.8 | 37.8 | 39.0 | 0.02 | % | ||||||||||||||||
Music Mountain Water Company,LLC dba Music Mountain Water Co. | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 12/29/2019 | 98.4 | 98.4 | 98.8 | 0.06 | % | ||||||||||||||||
Animal Intrusion Prevention Systems Holding Company, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2024 | 89.8 | 89.8 | 90.6 | 0.05 | % | ||||||||||||||||
CMA Consulting dba Construction Management Associates | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/11/2019 | 31.3 | 31.3 | 31.1 | 0.02 | % | ||||||||||||||||
David A. Nusblatt, D.M.D, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/11/2019 | 4.7 | 4.7 | 4.8 | — | % | ||||||||||||||||
KMC RE, LLC & B&B Kennels | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/19/2034 | 51.7 | 51.7 | 53.3 | 0.03 | % | ||||||||||||||||
Demand Printing Solutions, Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/12/2019 | 5.2 | 5.2 | 5.2 | — | % | ||||||||||||||||
38
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Planet Verte, LLC dba Audio Unlimited of Oceanside | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/28/2019 | 29.4 | 29.4 | 29.2 | 0.02 | % | ||||||||||||||||
Demand Printing Solutions, Inc | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 10/29/2034 | 130.6 | 130.6 | 134.9 | 0.08 | % | ||||||||||||||||
Supreme Screw Products, Inc. and Misha Migdal | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/17/2019 | 134.6 | 134.6 | 135.1 | 0.08 | % | ||||||||||||||||
Gray Tree Service, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/18/2018 | 20.5 | 20.5 | 20.5 | 0.01 | % | ||||||||||||||||
Healthcare Interventions, Inc. dba Brightstar HealthCare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/15/2016 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||
Envy Salon & Spa LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/4/2018 | 8.3 | 8.3 | 8.3 | — | % | ||||||||||||||||
Gourmet to You, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2019 | 5.1 | 5.1 | 5.1 | — | % | ||||||||||||||||
Carnagron LLC dba GearBling | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 11/1/2018 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||
Grapevine Professional Services, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/22/2019 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||
Inflate World Corporation | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/30/2018 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning | Specialty Trade Contractors | Term Loan | Prime plus 2% | 12/27/2018 | 168.7 | 168.7 | 166.2 | 0.10 | % | ||||||||||||||||
Peter Thomas Roth Labs LL | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/26/2018 | 166.1 | 166.1 | 165.8 | 0.10 | % | ||||||||||||||||
Dream Envy, Ltd. d/b/a Massage Envy | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/9/2018 | 35.2 | 35.2 | 35.2 | 0.02 | % | ||||||||||||||||
K & D Family and Associates, Inc. dba Philly Pretzel Factory | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/5/2018 | 30.8 | 30.8 | 28.7 | 0.02 | % | ||||||||||||||||
Seven Stars Enterprises, Inc. dba Atlanta Bread Company | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2018 | 31.3 | 31.3 | 31.3 | 0.02 | % | ||||||||||||||||
CBA D&A Pope, LLC dba Christian Brothers Automotive | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/14/2018 | 53.7 | 53.7 | 53.6 | 0.03 | % | ||||||||||||||||
Gilbert Chiropractic Clinic, Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/7/2018 | 8.0 | 8.0 | 7.9 | — | % | ||||||||||||||||
Beer Table, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2018 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||
D & D's Divine Beauty School of Esther, LLC | Educational Services | Term Loan | 6% | 8/1/2031 | 53.9 | 53.9 | 55.5 | 0.03 | % | ||||||||||||||||
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Ser | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/29/2018 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||
Burks & Sons Development LLC dba Tropical Smoothie Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/22/2018 | 16.8 | 16.8 | 16.8 | 0.01 | % | ||||||||||||||||
Shivsakti, LLC dba Knights Inn | Accommodation | Term Loan | Prime plus 2.75% | 12/20/2032 | 77.6 | 77.6 | 80.1 | 0.05 | % | ||||||||||||||||
39
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Bliss Coffee and Wine Bar, LLC | Food Services and Drinking Places | Term Loan | 6% | 3/19/2018 | 72.2 | 72.2 | 72.3 | 0.04 | % | ||||||||||||||||
Zog Inc. | Other Information Services | Term Loan | 6% | 3/17/2018 | 77.3 | 77.3 | 77.3 | 0.05 | % | ||||||||||||||||
Saan M.Saelee dba Saelee's Delivery Service | Truck Transportation | Term Loan | Prime plus 2.75% | 3/12/2018 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||
A & A Acquisition, Inc. dba A & A International | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 2/15/2018 | 32.4 | 32.4 | 32.4 | 0.02 | % | ||||||||||||||||
Enewhere Custom Canvas, LLC | Textile Product Mills | Term Loan | Prime plus 2.75% | 2/15/2018 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||
All American Printing | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 10/26/2032 | 39.3 | 39.3 | 40.2 | 0.02 | % | ||||||||||||||||
Seo's Paradise Cleaners, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/19/2018 | 2.6 | 2.6 | 2.4 | — | % | ||||||||||||||||
Signs of Fortune, LLC dba FastSigns | Miscellaneous Manufacturing | Term Loan | Prime plus 2.5% | 4/3/2023 | 341.5 | 341.5 | 342.4 | 0.20 | % | ||||||||||||||||
Margab, Inc. dba Smoothie King | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/28/2017 | 13.6 | 13.6 | 13.6 | 0.01 | % | ||||||||||||||||
Ameritocracy, Inc dba Ben and Jerry's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/18/2017 | 48.5 | 48.5 | 48.6 | 0.03 | % | ||||||||||||||||
RCB Enterprises, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/18/2017 | 8.4 | 8.4 | 8.4 | — | % | ||||||||||||||||
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Servi | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2017 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||
Parties By Pat, Inc. and Jose M. Martinez Jr. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2017 | 28.2 | 28.2 | 28.2 | 0.02 | % | ||||||||||||||||
Tammy's Bakery, Inc. dba Tammy's Bakery | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/10/2017 | 22.6 | 22.6 | 22.7 | 0.01 | % | ||||||||||||||||
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/28/2017 | 5.6 | 5.6 | 5.6 | — | % | ||||||||||||||||
The Design Shop, LLC | Textile Mills | Term Loan | Prime plus 2.75% | 11/27/2027 | 186.9 | 186.9 | 191.3 | 0.11 | % | ||||||||||||||||
MJ Mortgage & Tax Services, Inc. | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 11/14/2017 | 1.9 | 1.9 | 1.7 | — | % | ||||||||||||||||
Kings Laundry,LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/30/2017 | 19.2 | 19.2 | 19.2 | 0.01 | % | ||||||||||||||||
Quality Engraving Services Inc. and Ian M. Schnaitman | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/17/2017 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||
Flourishing Fruits, LLC dba Edible Arrangements | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/29/2017 | 4.1 | 4.1 | 4.2 | — | % | ||||||||||||||||
Louis B. Smith dba LAQ Funeral Coach | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/15/2017 | 3.5 | 3.5 | 3.5 | — | % | ||||||||||||||||
Flint Batteries LLC dba Batteries Plus of Flint | General Merchandise Stores | Term Loan | Prime plus 2.75% | 8/29/2017 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||
40
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
1911 East Main Street Holdings, Corp | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2032 | 13.0 | 13.0 | 13.3 | 0.01 | % | ||||||||||||||||
Metano IBC Services, Inc. and Stone Brook Leasing, LLC | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/17/2017 | 72.4 | 72.4 | 64.9 | 0.04 | % | ||||||||||||||||
Mala Iyer, MD dba Child and Family Wellness Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/11/2017 | 13.9 | 13.9 | 13.9 | 0.01 | % | ||||||||||||||||
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/10/2016 | 7.5 | 7.5 | 7.5 | — | % | ||||||||||||||||
Twietmeyer Dentistry PA | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2017 | 38.1 | 38.1 | 38.1 | 0.02 | % | ||||||||||||||||
Lynden Evans Clarke, Jr. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2017 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||
Water Works Laundromat, L.L.C. | Personal and Laundry Services | Term Loan | Prime plus 2.25% | 9/7/2027 | 198.3 | 198.3 | 197.2 | 0.12 | % | ||||||||||||||||
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 5/27/2017 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||
Dave Kris, and MDK Ram Corp. | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/5/2026 | 36.6 | 36.6 | 37.3 | 0.02 | % | ||||||||||||||||
Saul A. Ramirez and Norma L. Trujillo | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/31/2017 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/30/2017 | 1.0 | 1.0 | 0.8 | — | % | ||||||||||||||||
No Thirst Software LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/26/2017 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||
Zeroln Media LLC, | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 4/25/2017 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||
CCIPTA, LLC | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 1/17/2017 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||
Gill Express Inc. dba American Eagle Truck Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 1/5/2027 | 206.8 | 206.8 | 211.5 | 0.12 | % | ||||||||||||||||
Kyoshi Enterprises, LLC | Educational Services | Term Loan | Prime plus 2.75% | 12/29/2016 | 4.5 | 4.5 | 4.5 | — | % | ||||||||||||||||
Spain Street LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/29/2017 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||
Aillaud Enterprises, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2017 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||
Nora A. Palma and Julio O Villcas | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2017 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||
Jojan, Inc | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.25% | 12/18/2031 | 40.2 | 40.2 | 40.0 | 0.02 | % | ||||||||||||||||
Misri Liquors, Inc. | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/18/2016 | 13.4 | 13.4 | 13.4 | 0.01 | % | ||||||||||||||||
41
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Contractors Pumping Service, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/3/2016 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||
Vincent Allen Fleece dba Living Well Accessories and Water Camel | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/1/2016 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||
Smooth Grounds, Inc. | Food Services and Drinking Places | Term Loan | 7.75% | 10/11/2016 | 36.6 | 36.6 | 36.6 | 0.02 | % | ||||||||||||||||
Nelson Financial Services, LLC | Scenic and Sightseeing Transportation | Term Loan | Prime plus 2.75% | 9/2/2016 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||
A + Quality Home Health Care, Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/1/2016 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||
Flint Batteries, LLC | General Merchandise Stores | Term Loan | Prime plus 2.75% | 7/21/2016 | 5.2 | 5.2 | 5.2 | — | % | ||||||||||||||||
Tesserah Tile Design, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2016 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||
It's A Buffalo | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/26/2016 | 26.4 | 26.4 | 26.3 | 0.02 | % | ||||||||||||||||
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College of India Sug | Educational Services | Term Loan | Prime plus 2.75% | 5/12/2016 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||
Cocoa Beach Parasail Corp. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/5/2016 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||
Maynard Enterprises, Inc. | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2016 | 0.9 | 0.9 | 0.6 | — | % | ||||||||||||||||
Fran-Car Corporation dba Horizon Landscape Management | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/3/2028 | 175.2 | 175.2 | 179.5 | 0.11 | % | ||||||||||||||||
Head To Toe Personalized Pampering, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/27/2031 | 9.6 | 9.6 | 9.9 | 0.01 | % | ||||||||||||||||
Olympia Fields Eyecare, Ltd. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/12/2016 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||
Spencer Fitness, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/11/2016 | 0.2 | 0.2 | 0.2 | — | % | ||||||||||||||||
Maxwell Place, LLC | Nursing and Residential Care Facilities | Term Loan | 6% | 12/1/2015 | 831.2 | 831.2 | 831.9 | 0.49 | % | ||||||||||||||||
Tuan D. Dang, OD, PA | Ambulatory Health Care Services | Term Loan | Prime plus 2.25% | 12/7/2015 | 5.8 | 5.8 | 5.8 | — | % | ||||||||||||||||
Christopher F. Bohon & Pamela D. Bohon | Social Assistance | Term Loan | Prime plus 2.75% | 10/28/2026 | 3.6 | 3.6 | 3.7 | — | % | ||||||||||||||||
Champion Pest Control Systems, Inc. | Administrative and Support Services | Term Loan | 6% | 1/15/2016 | 3.5 | 3.5 | 3.5 | — | % | ||||||||||||||||
Polaris Press, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/29/2015 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||
Shree Om Lodging, LLC dba Royal Inn | Accommodation | Term Loan | Prime plus 2.75% | 5/2/2030 | 66.3 | 66.3 | 68.2 | 0.04 | % | ||||||||||||||||
42
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Jenchad, Inc and Chadjen, Inc | Repair and Maintenance | Term Loan | Prime plus 2.125% | 4/7/2025 | 41.8 | 41.8 | 41.4 | 0.02 | % | ||||||||||||||||
Pedzik's Pets, LLC | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 3/31/2030 | 9.6 | 9.6 | 9.9 | 0.01 | % | ||||||||||||||||
Nancy Carapelluci & A & M Seasonal Corner Inc. | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/1/2025 | 16.5 | 16.5 | 16.8 | 0.01 | % | ||||||||||||||||
Moonlight Multi Media Production, Inc. | Other Information Services | Term Loan | 5.3% | 2/1/2025 | 4.2 | 4.2 | 4.3 | — | % | ||||||||||||||||
McCallister Venture Group, LLC and Maw's Vittles, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2029 | 12.5 | 12.5 | 12.8 | 0.01 | % | ||||||||||||||||
Computer Renaissance dba Dante IT Services, Inc. | Electronics and Appliance Stores | Term Loan | Prime plus 3.75% | 3/1/2018 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||
Chong Hun Im dba Kim's Market | Food and Beverage Stores | Term Loan | Prime plus 2.5% | 2/27/2024 | 10.9 | 10.9 | 11.0 | 0.01 | % | ||||||||||||||||
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/19/2028 | 13.4 | 13.4 | 13.7 | 0.01 | % | ||||||||||||||||
West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 6/5/2026 | 870.1 | 870.1 | 888.8 | 0.52 | % | ||||||||||||||||
Center-Mark Car Wash, Ltd | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/18/2024 | 32.1 | 32.1 | 32.7 | 0.02 | % | ||||||||||||||||
Shuttle Car Wash, Inc. dba Shuttle Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.25% | 11/10/2028 | 18.6 | 18.6 | 18.6 | 0.01 | % | ||||||||||||||||
Akshar Group, LLC | Accommodation | Term Loan | 6% | 11/5/2028 | 52.5 | 52.5 | 53.9 | 0.03 | % | ||||||||||||||||
Min Hui Lin | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2028 | 19.0 | 19.0 | 19.5 | 0.01 | % | ||||||||||||||||
Delta Partners, LLC dba Delta Carwash | Repair and Maintenance | Term Loan | Prime plus 2.5% | 4/5/2029 | 46.0 | 46.0 | 46.5 | 0.03 | % | ||||||||||||||||
Oz B. Zamir dba Zamir Marble & Granite | Specialty Trade Contractors | Term Loan | Prime plus 2.5% | 8/6/2028 | 9.0 | 9.0 | 9.1 | 0.01 | % | ||||||||||||||||
Rama, Inc. dba Staybridge Suites | Accommodation | Term Loan | Prime plus 2% | 4/18/2026 | 431.3 | 431.3 | 424.2 | 0.25 | % | ||||||||||||||||
B & J Manufacturing Corporation and Benson Realty Trust | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2% | 3/30/2021 | 24.4 | 24.4 | 24.2 | 0.01 | % | ||||||||||||||||
RAB Services, Inc. & Professional Floor Installations | Specialty Trade Contractors | Term Loan | Prime plus 2.5% | 1/31/2023 | 8.4 | 8.4 | 8.4 | — | % | ||||||||||||||||
Taste of Inverness, Inc. dba China Garden | Food Services and Drinking Places | Term Loan | Prime plus 2% | 6/29/2025 | 10.0 | 10.0 | 9.8 | 0.01 | % | ||||||||||||||||
Ralph Werner dba Werner Transmissions | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/29/2021 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||
M. Krishna, Inc. dba Super 8 Motel | Accommodation | Term Loan | Prime plus 2% | 3/20/2025 | 10.7 | 10.7 | 10.6 | 0.01 | % | ||||||||||||||||
OrthoQuest, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2% | 3/12/2022 | 5.6 | 5.6 | 5.5 | — | % | ||||||||||||||||
CPN Motel, L.L.C. dba American Motor Lodge | Accommodation | Term Loan | Prime plus 2.25% | 4/30/2024 | 35.6 | 35.6 | 34.7 | 0.02 | % | ||||||||||||||||
43
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Track Side Collision & Tire, Inc. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/16/2025 | 5.5 | 5.5 | 5.6 | — | % | ||||||||||||||||
Duttakrupa, LLC dba Birmingham Motor Court | Accommodation | Term Loan | Prime plus 2.25% | 9/8/2023 | 14.0 | 14.0 | 14.0 | 0.01 | % | ||||||||||||||||
Deesha Corporation, Inc. dba Best Inn & Suites | Accommodation | Term Loan | Prime plus 2.25% | 2/14/2025 | 31.3 | 31.3 | 31.1 | 0.02 | % | ||||||||||||||||
Maruti, Inc | Accommodation | Term Loan | Prime plus 2.25% | 11/25/2024 | 29.1 | 29.1 | 29.0 | 0.02 | % | ||||||||||||||||
Willington Hills Equestrian Center LLC | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 10/19/2022 | 13.4 | 13.4 | 13.6 | 0.01 | % | ||||||||||||||||
LABH, Inc. t/a Ramada Ltd. | Accommodation | Term Loan | Prime plus 2.25% | 9/27/2024 | 46.8 | 46.8 | 46.7 | 0.03 | % | ||||||||||||||||
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 3/13/2023 | 8.3 | 8.3 | 8.4 | — | % | ||||||||||||||||
Gain Laxmi, Inc. dba Super 8 Motel | Accommodation | Term Loan | Prime plus 2.25% | 5/31/2023 | 23.7 | 23.7 | 23.6 | 0.01 | % | ||||||||||||||||
Naseeb Corporation | Accommodation | Term Loan | Prime plus 2.25% | 3/31/2024 | 34.7 | 34.7 | 34.5 | 0.02 | % | ||||||||||||||||
La Granja Live Poultry Corp. | Food Manufacturing | Term Loan | Prime plus 2.75% | 8/26/2018 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||
Stillwell Ave Prep School | Social Assistance | Term Loan | Prime plus 2.75% | 1/14/2023 | 7.6 | 7.6 | 7.5 | — | % | ||||||||||||||||
Karis, Inc. | Accommodation | Term Loan | Prime plus 2% | 12/22/2023 | 15.8 | 15.8 | 15.6 | 0.01 | % | ||||||||||||||||
Five Corners, Ltd. | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/11/2019 | 6.8 | 6.8 | 6.8 | — | % | ||||||||||||||||
Alyssa Corp dba Knights Inn | Accommodation | Term Loan | Prime plus 2.25% | 9/30/2023 | 45.2 | 45.2 | 45.1 | 0.03 | % | ||||||||||||||||
Bhailal Patel dba New Falls Motel | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2023 | 5.0 | 5.0 | 5.1 | — | % | ||||||||||||||||
Pegasus Automotive, Inc. | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/23/2022 | 13.1 | 13.1 | 13.3 | 0.01 | % | ||||||||||||||||
Delyannis Iron Works | Fabricated Metal Product Manufacturing | Term Loan | 6% | 12/8/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||
P. Agrino, Inc. dba Andover Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/18/2021 | 13.4 | 13.4 | 13.5 | 0.01 | % | ||||||||||||||||
Golden Elevator Co., Inc. | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 1/31/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||
Mohamed Live Poultry Inc. | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 12/6/2021 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||
RJS Service Corporation | Gasoline Stations | Term Loan | Prime plus 2.75% | 8/20/2021 | 7.9 | 7.9 | 7.9 | — | % | ||||||||||||||||
Chez RuRene Bakery | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/20/2017 | 150.0 | 39.3 | 45.2 | 0.03 | % | ||||||||||||||||
44
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Total Performing SBA Unguaranteed Investments | $ | 138,801.3 | $ | 138,688.5 | $ | 131,803.2 | 77.70 | % | |||||||||||||||||
Non-Performing SBA Unguaranteed Investments (3) | |||||||||||||||||||||||||
*E & I Holdings, LP & PA Farm Products, LLC | Food Manufacturing | Term Loan | 6% | 4/30/2013 | 1,248.8 | 1,237.1 | 478.1 | 0.28 | % | ||||||||||||||||
*Mojo Brands Media LLC | Broadcasting (except Internet) | Term Loan | 6% | 6/5/2026 | 784.0 | 733.7 | 601.2 | 0.35 | % | ||||||||||||||||
*DC Realty, LLC dba FOGO Data Centers | Professional, Scientific, and Technical Services | Term Loan | 6% | 6/20/2023 | 783.5 | 725.6 | 695.8 | 0.41 | % | ||||||||||||||||
*J Olson Enterprises LLC and Olson Trucking Direct, Inc. | Truck Transportation | Term Loan | 6% | 6/10/2036 | 748.8 | 669.7 | 485.7 | 0.29 | % | ||||||||||||||||
*AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. | Ambulatory Health Care Services | Term Loan | 6% | 12/29/2035 | 618.7 | 603.9 | 368.0 | 0.22 | % | ||||||||||||||||
*Harrelson Materials Management,Inc | Waste Management and Remediation Services | Term Loan | 6% | 7/29/2015 | 537.5 | 470.0 | 130.7 | 0.08 | % | ||||||||||||||||
*Stormwise South Florida dba Stormwise Shutters | Specialty Trade Contractors | Term Loan | 6% | 4/9/2029 | 427.5 | 407.6 | 363.5 | 0.21 | % | ||||||||||||||||
*BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool | Fabricated Metal Product Manufacturing | Term Loan | 6% | 10/15/2015 | 521.3 | 290.9 | 85.7 | 0.05 | % | ||||||||||||||||
*Feinman Mechanical, LLC | Specialty Trade Contractors | Term Loan | 6% | 1/30/2016 | 323.0 | 305.2 | 71.3 | 0.04 | % | ||||||||||||||||
*Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1 LLC | Food Services and Drinking Places | Term Loan | 6% | 12/17/2023 | 400.0 | 250.2 | 20.6 | 0.01 | % | ||||||||||||||||
*DC Realty, LLC dba FOGO Data Centers | Professional, Scientific, and Technical Services | Term Loan | 6% | 9/14/2023 | 385.0 | 227.4 | 213.5 | 0.13 | % | ||||||||||||||||
Guzman Group,LLC | Rental and Leasing Services | Term Loan | 6% | 12/28/2035 | 252.0 | 204.2 | 191.2 | 0.11 | % | ||||||||||||||||
*Stormwise South Florida dba Stormwise Shutters | Specialty Trade Contractors | Term Loan | 6% | 8/26/2024 | 204.0 | 201.6 | — | — | % | ||||||||||||||||
*Baker Sales, Inc. d/b/a Baker Sales, Inc. | Nonstore Retailers | Term Loan | 6% | 11/7/2036 | 490.0 | 182.0 | 49.8 | 0.03 | % | ||||||||||||||||
Lamson and Goodnow Manufacturing Co and Lamson and Goodnow LLC dba Lam | Fabricated Metal Product Manufacturing | Term Loan | 6% | 11/7/2036 | 205.5 | 168.2 | 127.0 | 0.07 | % | ||||||||||||||||
*Our Two Daughters L.L.C. dba Washington's Restaurant | Food Services and Drinking Places | Term Loan | 6% | 8/17/2023 | 225.0 | 170.3 | 12.7 | 0.01 | % | ||||||||||||||||
Milliken and Milliken, Inc. dba Milliken Wholesale Distribution | Merchant Wholesalers, Durable Goods | Term Loan | 6% | 7/7/2027 | 191.0 | 154.6 | 131.3 | 0.08 | % | ||||||||||||||||
*Jenny's Wunderland, Inc. | Social Assistance | Term Loan | 6% | 3/6/2018 | 160.5 | 150.1 | 95.7 | 0.06 | % | ||||||||||||||||
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown | Support Activities for Transportation | Term Loan | 5.25% | 9/8/2014 | 145.9 | 142.5 | 79.6 | 0.05 | % | ||||||||||||||||
*Professional Systems, LLC and Professional Cleaning | Administrative and Support Services | Term Loan | 6% | 5/8/2017 | 160.0 | 132.1 | 57.0 | 0.03 | % | ||||||||||||||||
*Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen | Food Services and Drinking Places | Term Loan | 6% | 10/30/2015 | 141.3 | 131.5 | 90.1 | 0.05 | % | ||||||||||||||||
*STK Ventures Inc dba JP Dock Service & Supply | Specialty Trade Contractors | Term Loan | 6% | 4/10/2023 | 131.8 | 125.5 | 104.4 | 0.06 | % | ||||||||||||||||
*Harry B Gould dba Lake Athens Marina Restaurant | Accommodation | Term Loan | 6% | 11/18/2026 | 132.9 | 114.4 | 1.8 | — | % | ||||||||||||||||
45
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr. | Furniture and Home Furnishings Stores | Term Loan | 6% | 3/14/2038 | 131.0 | 115.4 | 104.8 | 0.06 | % | ||||||||||||||||
*Dill Street Bar and Grill Inc and WO Entertainment, Inc | Food Services and Drinking Places | Term Loan | 6% | 12/12/2023 | 122.9 | 112.3 | 25.6 | 0.02 | % | ||||||||||||||||
Groundworks Unlimited LLC | Specialty Trade Contractors | Term Loan | 6% | 4/30/2025 | 120.0 | 92.7 | 77.4 | 0.05 | % | ||||||||||||||||
E.W. Ventures, Inc. dba Swift Cleaners & Laundry | Personal and Laundry Services | Term Loan | 0% | 3/29/2036 | 213.8 | 92.0 | 79.0 | 0.05 | % | ||||||||||||||||
Bwms Management, LLC | Food Services and Drinking Places | Term Loan | 6% | 6/22/2026 | 109.1 | 78.9 | 31.3 | 0.02 | % | ||||||||||||||||
*LRCSL, LLC dba Daybreak Fruit and Vegetable Company | Food and Beverage Stores | Term Loan | 6% | 9/26/2023 | 75.1 | 53.0 | 14.4 | 0.01 | % | ||||||||||||||||
*Las Torres Development LLC dba Houston Event Centers | Real Estate | Term Loan | 6% | 9/27/2027 | 405.8 | 51.0 | 47.5 | 0.03 | % | ||||||||||||||||
*Sheikh M Tariq dba Selbyville Foodrite | Gasoline Stations | Term Loan | 6% | 8/9/2015 | 69.0 | 48.4 | 32.7 | 0.02 | % | ||||||||||||||||
*Morris Glass and Construction | Specialty Trade Contractors | Term Loan | 6% | 4/30/2030 | 51.7 | 44.8 | 0.8 | — | % | ||||||||||||||||
*Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 4/18/2017 | 333.3 | 40.4 | — | — | % | ||||||||||||||||
*Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton | Accommodation | Term Loan | 5.25% | 1/24/2032 | 333.3 | 38.3 | 15.9 | 0.01 | % | ||||||||||||||||
*AWA Fabrication & Construction, L.L.C. | Fabricated Metal Product Manufacturing | Term Loan | 6% | 9/28/2028 | 153.1 | 34.8 | 8.0 | — | % | ||||||||||||||||
*Lucil Chhor dba Baja Fresh #159 | Food Services and Drinking Places | Term Loan | 6% | 10/25/2017 | 49.8 | 30.0 | 15.3 | 0.01 | % | ||||||||||||||||
*Hot Buckles, Inc. | Apparel Manufacturing | Term Loan | 6% | 2/20/2023 | 57.6 | 26.8 | 26.3 | 0.02 | % | ||||||||||||||||
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 5/29/2023 | 185.8 | 19.6 | 17.2 | 0.01 | % | ||||||||||||||||
*Grand Manor Realty, Inc. & Kevin LaRoe | Real Estate | Term Loan | 6% | 6/24/2021 | 21.8 | 19.0 | 17.8 | 0.01 | % | ||||||||||||||||
Whirlwind Car Wash, Inc. | Repair and Maintenance | Term Loan | 5.25% | 12/28/2025 | 333.3 | 14.5 | 12.2 | 0.01 | % | ||||||||||||||||
**Tequila Beaches, LLC dba Fresco Restaurant | Food Services and Drinking Places | Term Loan | 6% | 6/27/2018 | 21.0 | 15.8 | 11.7 | 0.01 | % | ||||||||||||||||
Integrity Sports Group, LLC | Performing Arts, Spectator Sports, and Related Industries | Term Loan | 6% | 10/27/2019 | 75.0 | 14.7 | 11.5 | 0.01 | % | ||||||||||||||||
*D'Elia Auto Repair Inc dba D'Elia Auto Body | Repair and Maintenance | Term Loan | 6% | 6/28/2025 | 15.0 | 13.9 | — | — | % | ||||||||||||||||
Event Mecca LLC | Other Information Services | Term Loan | 6% | 6/29/2036 | 14.3 | 13.3 | 5.6 | — | % | ||||||||||||||||
*United Woodworking, Inc | Wood Product Manufacturing | Term Loan | 6% | 2/20/2032 | 17.3 | 13.2 | 12.4 | 0.01 | % | ||||||||||||||||
LJ Parker, LLC | Administrative and Support Services | Term Loan | 7% | 8/27/2028 | 103.5 | 12.6 | 12.5 | 0.01 | % | ||||||||||||||||
The Lucky Coyote, LLC | Miscellaneous Manufacturing | Term Loan | 6% | 2/28/2021 | 53.1 | 12.3 | 6.9 | — | % | ||||||||||||||||
46
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
*DUCO Energy Services, a Limited Liability Company | Professional, Scientific, and Technical Services | Term Loan | 6% | 12/28/2022 | 12.0 | 10.8 | — | — | % | ||||||||||||||||
*Krishna of Orangeburg, Inc. | Accommodation | Term Loan | 6% | 12/19/2029 | 181.3 | 10.3 | 5.6 | — | % | ||||||||||||||||
Barnum Printing & Publishing, Co. | Printing and Related Support Activities | Term Loan | 6% | 9/30/2015 | 193.8 | 9.8 | 9.7 | 0.01 | % | ||||||||||||||||
*Pyramid Real Estate Holdings, LLC dba Hoteps | Food Services and Drinking Places | Term Loan | 6% | 3/7/2021 | 62.5 | 8.9 | 8.6 | 0.01 | % | ||||||||||||||||
*Houk Enterprises, Inc. d/b/a Max Muscle | Health and Personal Care Stores | Term Loan | 6% | 6/18/2026 | 46.3 | 7.7 | 7.3 | — | % | ||||||||||||||||
*The Alba Financial Group, Inc. | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | 6% | 10/3/2028 | 22.5 | 7.4 | 3.1 | — | % | ||||||||||||||||
Auto Sales, Inc. | Motor Vehicle and Parts Dealers | Term Loan | 6% | 7/30/2020 | 75.0 | 5.2 | 4.6 | — | % | ||||||||||||||||
*Shamrock Jewelers, Inc. | Clothing and Clothing Accessories Stores | Term Loan | 6% | 9/6/2016 | 117.1 | 5.1 | 4.9 | — | % | ||||||||||||||||
Almeria Marketing 1, Inc. | Personal and Laundry Services | Term Loan | 7.75% | 10/7/2022 | 50.0 | 4.8 | 2.0 | — | % | ||||||||||||||||
Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing | Educational Services | Term Loan | 6% | 12/14/2016 | 15.8 | 3.7 | 0.5 | — | % | ||||||||||||||||
David M. Goens dba Superior Auto Paint & Body, Inc. | Repair and Maintenance | Term Loan | 6% | 3/13/2023 | 250.0 | 3.0 | 2.7 | — | % | ||||||||||||||||
Goetzke Chiropractic, Inc. | Ambulatory Health Care Services | Term Loan | 6% | 9/16/2021 | 7.5 | 3.0 | 2.4 | — | % | ||||||||||||||||
*Dr. Francis E. Anders, DVM | Professional, Scientific, and Technical Services | Term Loan | 6% | 11/13/2015 | 21.0 | 1.6 | 1.5 | — | % | ||||||||||||||||
*Top Class, Inc. | Personal and Laundry Services | Term Loan | 6% | 6/28/2016 | 15.0 | 1.3 | 0.1 | — | % | ||||||||||||||||
Furniture Company, LLC | Furniture and Home Furnishings Stores | Term Loan | 7% | 12/20/2022 | 57.5 | 1.3 | 0.2 | — | % | ||||||||||||||||
*Alberti and Cardoni, LLC dba Menchie's | Health and Personal Care Stores | Term Loan | 6% | 8/29/2024 | 74.3 | 25.3 | 0.01 | % | |||||||||||||||||
*Pure Water Innovations, LLC | Ambulatory Health Care Services | Term Loan | 6% | 3/23/2037 | 9.8 | 1.0 | 0.9 | — | % | ||||||||||||||||
TechPlayZone, Inc. | Social Assistance | Term Loan | 6% | 3/23/2022 | 9.9 | — | — | — | % | ||||||||||||||||
Total Non-Performing SBA Unguaranteed Investments | $ | 13,430.6 | $ | 8,965.2 | $ | 5,120.9 | 3.02 | % | |||||||||||||||||
Total SBA Unguaranteed Investments | $ | 152,231.9 | $ | 147,653.7 | $ | 136,924.1 | 80.72 | % | |||||||||||||||||
Performing SBA Guaranteed Investments (4) | |||||||||||||||||||||||||
TJU-DGT Lorenz Café | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2029 | 116.9 | 116.9 | 129.7 | 0.08 | % | ||||||||||||||||
47
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
E & G Enterprises, LLC | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/24/2025 | 127.5 | 127.5 | 142.5 | 0.08 | % | ||||||||||||||||
North Atlanta RV Rentals | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 3/25/2025 | 432.8 | 432.8 | 483.6 | 0.29 | % | ||||||||||||||||
Myclean Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/27/2025 | 90.1 | 90.1 | 100.7 | 0.06 | % | ||||||||||||||||
Advanced Skincare Med Center | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 3/30/2025 | 1,012.5 | 1,012.5 | 1,131.5 | 0.67 | % | ||||||||||||||||
Home Again Restaurant | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/30/2025 | 177.0 | 177.0 | 200.9 | 0.12 | % | ||||||||||||||||
Nichols Fire & Security | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/31/2025 | 225.0 | 225.0 | 251.4 | 0.15 | % | ||||||||||||||||
Landon Farm, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/4/2040 | 94.5 | 70.9 | 80.5 | 0.05 | % | ||||||||||||||||
Total SBA Guaranteed Performing Investments | $ | 2,276.3 | $ | 2,252.7 | $ | 2,520.8 | 1.49 | % | |||||||||||||||||
Total SBA Unguaranteed and Guaranteed Investments | $ | 154,508.2 | $ | 149,906.4 | $ | 139,444.9 | 82.21 | % | |||||||||||||||||
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Controlled Investments (5) | |||||||||||||||||||||||||
Advanced Cyber Security Systems, LLC (6), (13) | Data processing, hosting and related services. | 50% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 3 | % | December 2014 | 1,120.0 | 381.0 | — | — | % | |||||||||||||||||
*Automated Merchant Services, Inc. (7), (13) | Data processing, hosting and related services. | 100% Common Stock | — | % | — | — | — | — | — | % | |||||||||||||||
*Business Connect, LLC (8), (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
CDS Business Services, Inc. (9), (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | 1,979.0 | 1.17 | % | |||||||||||||||
CrystalTech Web Hosting, Inc. | Data processing, hosting and related services. | 100% Common Stock | — | % | — | — | 9,256.0 | 21,130.0 | 12.46 | % | |||||||||||||||
*OnLAN, LLC (15) (17) | Professional, Scientific, and Technical Services | 49% Membership Interests | — | % | — | — | 800.0 | — | — | % | |||||||||||||||
*Exponential Business Development Co. Inc. (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | — | — | % | |||||||||||||||
*First Bankcard Alliance of Alabama, LLC (10), (13) | Data processing, hosting and related services. | 95% Membership Interests | — | % | — | — | — | — | — | % | |||||||||||||||
48
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
*Fortress Data Management, LLC (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Newtek Insurance Agency, LLC (13) | Insurance Carriers and Related Activities | 100% Membership Interests | — | % | — | — | — | 2,300.0 | 1.36 | % | |||||||||||||||
PMTWorks Payroll, LLC (11), (13) | Data processing, hosting and related services. | 80% Membership Interests | — | % | — | — | — | 920.0 | 0.54 | % | |||||||||||||||
Term Loan | 10%-12% | Various maturities through September 2016 | 935.0 | 935.0 | — | — | % | ||||||||||||||||||
Secure CyberGateway Services, LLC (12), (13) | Data processing, hosting and related services. | 66.7% Membership Interests | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 7 | % | December 2016 | 2,400.0 | 1,800.0 | 1,800.0 | 1.06 | % | |||||||||||||||||
Small Business Lending, Inc. (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | 8,250.0 | 4.86 | % | |||||||||||||||
*Summit Systems and Designs, LLC (8), (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Universal Processing Services of Wisconsin, LLC (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | 50,239.0 | 29.62 | % | |||||||||||||||
*Where Eagles Fly, LLC (13), (14) | Theatrical productions | 95% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Total Controlled Investments | $ | 4,455.0 | $ | 13,172.0 | $ | 86,618.0 | 51.06 | % | |||||||||||||||||
Investments in Money Market Funds | $ | — | $ | 226.0 | $ | 226.0 | 0.13 | % | |||||||||||||||||
Total Investments | $ | 158,963.2 | $ | 163,304.4 | $ | 226,288.9 | 133.41 | % | |||||||||||||||||
See accompanying notes to unaudited condensed consolidated financial statements.
* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of June 30, 2015.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
49
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the condensed consolidated financial statements for transactions during the six months ended June 30, 2015 in which the Company is deemed to control.
(6) 50% owned by Exponential of New York, LLC (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 100% owned by Wilshire Texas Partners I, LLC (a subsidiary of Newtek Business Services Corp.).
(9) 26.15% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 6.17% owned by Exponential of New York, LLC (a subsidiary of Newtek Business Services Corp.), 23.83% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 43.85% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC (a subsidiary of Newtek Business Services Corp.), 5% owned by non-affiliate.
(11) 50% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 30% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), and 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC (a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(13) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(14) 95% owned by Wilshire DC Partners, LLC (a subsidiary of Newtek Business Services Corp.), 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC (a subsidiary of Newtek Business Services Corp.), 51% owned by non-affiliate.
(16) All of the Company's investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(17) Denotes a non-controlled entity.
(18) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2015, 4.2% of total assets are non qualifying assets.
50
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2014
(In Thousands)
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Performing SBA Unguaranteed Investments (1) | |||||||||||||||||||||||||
MLM Enterprises, LLC and Demand Printing Solutions Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/18/2024 | $ | 70.5 | $ | 70.5 | $ | 63.3 | 0.04 | % | |||||||||||||
DC Real, LLC and DC Enterprises, LTD dba Lakeview True Value | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/20/2039 | 119.4 | 93.9 | 94.0 | 0.06 | % | ||||||||||||||||
Legacy Estate Planning Inc. dba American Casket Enterprises | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2024 | 42.0 | 42.0 | 33.5 | 0.02 | % | ||||||||||||||||
J&D Resources, LLC dba Aqua Science | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/21/2024 | 767.9 | 767.9 | 627.3 | 0.38 | % | ||||||||||||||||
Teamnewman Enterprises, LLC dba Newmans at 988 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2039 | 148.8 | 148.8 | 138.5 | 0.08 | % | ||||||||||||||||
DeRidder Chiropractic, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/25/2024 | 13.2 | 13.2 | 12.5 | 0.01 | % | ||||||||||||||||
Stormrider Inc. dba Shirley's Stormrider, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 11/25/2024 | 150.0 | 150.0 | 119.5 | 0.07 | % | ||||||||||||||||
Modern Manhattan, LLC | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 11/25/2024 | 220.0 | 220.0 | 178.3 | 0.11 | % | ||||||||||||||||
Meridian Hotels, LLC dba Best Western Jonesboro | Accommodation | Term Loan | Prime plus 2.75% | 11/25/2039 | 228.0 | 228.0 | 228.3 | 0.14 | % | ||||||||||||||||
Trading Group 3, Inc. | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/26/2024 | 22.5 | 22.5 | 17.9 | 0.01 | % | ||||||||||||||||
The Red Pill Management Inc. dba UFC Gym Matthews | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 11/26/2024 | 54.3 | 28.7 | 24.6 | 0.01 | % | ||||||||||||||||
Homegrown For Good, LLC | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 11/26/2024 | 230.0 | 230.0 | 202.1 | 0.12 | % | ||||||||||||||||
Kemmer, LLC and Apples Tree Top Liquors, LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/4/2039 | 138.4 | 138.4 | 125.1 | 0.08 | % | ||||||||||||||||
The Conibear Corporation and Conibear Trucking, LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2024 | 12.0 | 12.0 | 10.5 | 0.01 | % | ||||||||||||||||
All American Games, LLC and Sportslink - The Game, LLC | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/10/2024 | 400.0 | 400.0 | 341.6 | 0.21 | % | ||||||||||||||||
B & W Towing, LLC and Boychucks Fuel, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2039 | 164.5 | 164.5 | 151.3 | 0.09 | % | ||||||||||||||||
MM and M Management Inc. dba Pizza Artista | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/19/2025 | 46.3 | 46.3 | 37.8 | 0.02 | % | ||||||||||||||||
51
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
B.S. Ventures, LLC dba Dink's Market | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/19/2039 | 53.8 | 53.8 | 53.4 | 0.03 | % | ||||||||||||||||
Will Zac Management, LLC dba Papa John's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2024 | 48.8 | 48.8 | 47.9 | 0.03 | % | ||||||||||||||||
The Jewelers Inc. dba The Jewelers of Las Vegas | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/19/2024 | 1,250.0 | 1,250.0 | 1,008.4 | 0.61 | % | ||||||||||||||||
Beale Street Blues Company-West Palm Beach, LLC | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/22/2024 | 187.5 | 187.5 | 158.8 | 0.10 | % | ||||||||||||||||
401 JJS Corporation and G Randazzo's Trattoria Corporation | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/23/2039 | 473.5 | 378.8 | 379.2 | 0.23 | % | ||||||||||||||||
The Lodin Group, LLC and Lodin Health Imaging Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/23/2039 | 530.3 | 530.3 | 472.9 | 0.28 | % | ||||||||||||||||
Thermoplastic Services Inc. and Paragon Plastic Sheet, Inc | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2039 | 500.0 | 500.0 | 500.6 | 0.30 | % | ||||||||||||||||
Winter Ventures Inc. dba Qualitybargainbooks and Qualitybargainmall | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/23/2024 | 156.1 | 156.1 | 132.5 | 0.08 | % | ||||||||||||||||
Carolina Flicks Inc. dba The Howell Theater | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/23/2032 | 163.3 | 163.3 | 149.9 | 0.09 | % | ||||||||||||||||
Atlantis of Daytona. LLC and Ocean Club Sportswear Inc. | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/23/2039 | 240.0 | 240.0 | 240.3 | 0.14 | % | ||||||||||||||||
Bowlerama, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2039 | 1,202.5 | 1,202.5 | 1,199.9 | 0.72 | % | ||||||||||||||||
Bear Creek Entertainment, LLC dba The Woods at Bear Creek | Accommodation | Term Loan | Prime plus 2.75% | 12/30/2024 | 106.3 | 106.3 | 104.6 | 0.06 | % | ||||||||||||||||
Evans and Paul, LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2024 | 223.8 | 223.8 | 207.6 | 0.12 | % | ||||||||||||||||
First Prevention and Dialysis Center, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2024 | 238.3 | 78.1 | 76.9 | 0.05 | % | ||||||||||||||||
Grand Blanc Lanes, Inc. and H, H and H, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/31/2039 | 133.0 | 133.0 | 130.5 | 0.08 | % | ||||||||||||||||
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2039 | 245.5 | 161.6 | 161.8 | 0.10 | % | ||||||||||||||||
JEJE Realty, LLC and La Familia Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/10/2039 | 205.8 | 205.8 | 191.9 | 0.12 | % | ||||||||||||||||
Joey O's, LLC and Jennifer Olszewski | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/7/2024 | 13.1 | 13.0 | 10.3 | 0.01 | % | ||||||||||||||||
Laura L. Smith dba Lisa Smith Studio | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/3/2024 | 15.0 | 14.9 | 11.9 | 0.01 | % | ||||||||||||||||
52
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Frontier Bulk Solutions, LLC | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/31/2024 | 1,250.0 | 1,242.3 | 1,043.3 | 0.63 | % | ||||||||||||||||
Heartland American Properties, LLC and Skaggs RV Outlet, LLC | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/31/2039 | 479.0 | 478.3 | 459.3 | 0.28 | % | ||||||||||||||||
M and C Renovations Inc. | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/31/2024 | 20.3 | 20.1 | 16.2 | 0.01 | % | ||||||||||||||||
Golden Transaction Corporation dba Bleh Sunoco | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/30/2039 | 156.7 | 156.5 | 152.5 | 0.09 | % | ||||||||||||||||
Kantz, LLC and Kantz Auto, LLC dba Kantz's Hometown Auto | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/29/2039 | 68.1 | 68.0 | 65.0 | 0.04 | % | ||||||||||||||||
Seelan Inc. dba Candleridge Market | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/27/2039 | 90.5 | 90.4 | 84.0 | 0.05 | % | ||||||||||||||||
185 Summerfield Inc. and Valcon Contracting Corp. | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/24/2039 | 162.3 | 162.0 | 157.1 | 0.09 | % | ||||||||||||||||
Navdeep B Martins and Busy Bubbles, LLC dba Wishy Washy | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/24/2039 | 89.0 | 88.9 | 80.5 | 0.05 | % | ||||||||||||||||
3 F Management, LLC and ATC Port Charlotte, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/17/2024 | 131.3 | 130.4 | 110.9 | 0.07 | % | ||||||||||||||||
One Hour Jewelry Repair Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/14/2024 | 20.6 | 20.4 | 16.3 | 0.01 | % | ||||||||||||||||
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/10/2039 | 1,250.0 | 1,249.0 | 1,250.5 | 0.75 | % | ||||||||||||||||
Capitol Waste and Recycling Services, LLC | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 10/10/2024 | 257.8 | 256.2 | 220.3 | 0.13 | % | ||||||||||||||||
Sound Manufacturing Inc. | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/10/2024 | 187.5 | 186.5 | 157.1 | 0.09 | % | ||||||||||||||||
DNT Storage and Properties, LLC | Real Estate | Term Loan | Prime plus 2.75% | 10/10/2039 | 101.8 | 101.6 | 99.2 | 0.06 | % | ||||||||||||||||
Boilermaker Industries, LLC dba PostNet | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/9/2024 | 18.8 | 18.8 | 16.8 | 0.01 | % | ||||||||||||||||
Doctors Express Management of Central Texas, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2024 | 105.0 | 92.4 | 85.0 | 0.05 | % | ||||||||||||||||
Smith Spinal Care Center P.C. and James C. Smith | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2039 | 60.0 | 59.9 | 57.2 | 0.03 | % | ||||||||||||||||
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/3/2039 | 126.9 | 126.4 | 122.2 | 0.07 | % | ||||||||||||||||
Sumad, LLC dba BrightStar Care of Encinitas | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/2/2024 | 92.5 | 92.5 | 90.1 | 0.05 | % | ||||||||||||||||
Route 130 SCPI Holdings LLC, (EPC) Route 130 SCPI Operations, LLC (OC) | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 538.8 | 538.8 | 494.2 | 0.30 | % | ||||||||||||||||
Roccos, LLC and Sullo Pantalone Inc. dba Rocco's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 255.8 | 255.0 | 234.8 | 0.14 | % | ||||||||||||||||
53
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Keller Holdings, LLC and David H Keller III and Carie C Keller | Scenic and Sightseeing Transportation | Term Loan | Prime plus 2.75% | 9/30/2039 | 100.0 | 99.7 | 98.4 | 0.06 | % | ||||||||||||||||
The Woods at Bear Creek, LLC and Bear Creek Entertainment, LLC | Accommodation | Term Loan | Prime plus 2.75% | 9/29/2039 | 513.3 | 512.5 | 513.0 | 0.31 | % | ||||||||||||||||
Orange County Insurance Brokerage Inc. dba Beaty Insurance Agency | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 9/29/2039 | 325.1 | 324.6 | 324.7 | 0.20 | % | ||||||||||||||||
Keys Phase One, LLC dba The Grand Guesthouse | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 736.3 | 734.1 | 709.4 | 0.43 | % | ||||||||||||||||
Colts V, LLC and Nowatzke Service Center, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/26/2039 | 601.8 | 600.0 | 576.8 | 0.35 | % | ||||||||||||||||
Gordon E Rogers dba Stonehouse Motor Inn | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 57.5 | 57.3 | 57.4 | 0.03 | % | ||||||||||||||||
Auto Shine Carwash Inc. and AKM R. Hossain and Jessica F. Masud | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/26/2024 | 22.5 | 22.2 | 18.6 | 0.01 | % | ||||||||||||||||
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/24/2039 | 452.5 | 451.2 | 395.7 | 0.24 | % | ||||||||||||||||
North Columbia, LLC and Loop Liquor and Convenience Store, LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/24/2039 | 159.3 | 158.8 | 153.0 | 0.09 | % | ||||||||||||||||
R A Johnson Inc. dba Rick Johnson Auto and Tire | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/23/2039 | 301.3 | 300.4 | 300.7 | 0.18 | % | ||||||||||||||||
Andrene's, LLC dba Andrene's Caribbean Soul Food Carry Out | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/23/2024 | 37.8 | 37.6 | 30.1 | 0.02 | % | ||||||||||||||||
Utek Corporation dba Arcade Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/22/2039 | 405.5 | 405.0 | 400.6 | 0.24 | % | ||||||||||||||||
Play and Stay, LLC dba Zoom Room Tinton Falls | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/18/2024 | 42.1 | 42.1 | 33.6 | 0.02 | % | ||||||||||||||||
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2039 | 145.5 | 145.1 | 145.2 | 0.09 | % | ||||||||||||||||
Modern Leather Goods Repair Shop Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2024 | 58.8 | 57.6 | 45.9 | 0.03 | % | ||||||||||||||||
Animal Intrusion Prevention Systems Holding Company, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/15/2024 | 272.5 | 269.1 | 230.1 | 0.14 | % | ||||||||||||||||
Tavern Properties, LLC and Wildwood Tavern, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2039 | 425.0 | 312.0 | 312.3 | 0.19 | % | ||||||||||||||||
RDT Enterprises, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/15/2027 | 162.8 | 161.4 | 152.3 | 0.09 | % | ||||||||||||||||
KW Zion, LLC and Key West Gallery Inc. | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/12/2039 | 1,250.0 | 1,246.4 | 1,203.3 | 0.72 | % | ||||||||||||||||
Indy East Smiles Youth Dentistry, LLC dba Prime Smile East | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2024 | 630.2 | 622.4 | 499.6 | 0.30 | % | ||||||||||||||||
B&P Diners, LLC dba Engine House Restaurant | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/10/2024 | 80.0 | 79.0 | 63.0 | 0.04 | % | ||||||||||||||||
Feel The World Inc. dba Xero Shoes and Invisible Shoes | Leather and Allied Product Manufacturing | Term Loan | Prime plus 2.75% | 9/5/2024 | 51.9 | 51.3 | 42.2 | 0.03 | % | ||||||||||||||||
54
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Alberti and Cardoni, LLC dba Menchie's | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 8/29/2024 | 77.3 | 77.3 | 64.3 | 0.04 | % | ||||||||||||||||
Delta Aggrigate, LLC | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 8/28/2039 | 911.3 | 911.3 | 912.1 | 0.55 | % | ||||||||||||||||
Lamjam, LLC (EPC) Goldsmith Lambros Inc. (OC) | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/27/2024 | 133.8 | 131.3 | 129.3 | 0.08 | % | ||||||||||||||||
Orange County Cleaning Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/27/2024 | 41.3 | 40.5 | 32.3 | 0.02 | % | ||||||||||||||||
Qycell Corporation | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 8/26/2024 | 121.0 | 118.9 | 103.7 | 0.06 | % | ||||||||||||||||
Atlas Auto Body Inc. dba Atlas Auto Sales | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/22/2039 | 51.6 | 51.3 | 47.9 | 0.03 | % | ||||||||||||||||
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc. (OC) | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/21/2039 | 1,226.0 | 1,220.6 | 1,160.5 | 0.70 | % | ||||||||||||||||
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/15/2039 | 433.5 | 431.6 | 432.0 | 0.26 | % | ||||||||||||||||
Barber Investments, LLC and Fieldstone Quickstop, LLC | Gasoline Stations | Term Loan | Prime plus 2.75% | 8/15/2039 | 150.0 | 149.3 | 128.6 | 0.08 | % | ||||||||||||||||
Katie Senior Care, LLC dba Home Instead Senior Care | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2024 | 124.3 | 121.9 | 97.2 | 0.06 | % | ||||||||||||||||
Alpha Preparatory Academy, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2039 | 145.2 | 109.2 | 109.4 | 0.07 | % | ||||||||||||||||
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/8/2039 | 188.4 | 187.6 | 187.8 | 0.11 | % | ||||||||||||||||
Almost Home Property, LLC and Almost Home Daycare, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 8/7/2039 | 715.8 | 713.6 | 698.8 | 0.42 | % | ||||||||||||||||
iFood, Inc. dba Steak N Shake | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 379.1 | 290.5 | 259.3 | 0.16 | % | ||||||||||||||||
AGV Enterprises, LLC dba Jet's Pizza #42 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 54.8 | 53.5 | 43.9 | 0.03 | % | ||||||||||||||||
575 Columbus Avenue Holding Company, LLC and LA-ZE, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2039 | 22.5 | 22.4 | 22.4 | 0.01 | % | ||||||||||||||||
L&S Insurance & Financial Services Inc. | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/25/2024 | 22.5 | 21.9 | 17.8 | 0.01 | % | ||||||||||||||||
Honeyspot Investors, LLP and Pace Motor Lines Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 7/24/2039 | 150.0 | 149.1 | 147.6 | 0.09 | % | ||||||||||||||||
Miss Cranston Diner II, LLC and Miss Cranston II Realty, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2039 | 91.3 | 91.3 | 88.4 | 0.05 | % | ||||||||||||||||
Wired, LLC and Moulison North Corporation | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/3/2024 | 150.1 | 146.4 | 126.6 | 0.08 | % | ||||||||||||||||
Honeyspot Investors, LLP and Pace Motor Lines Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 6/30/2039 | 875.3 | 870.1 | 859.1 | 0.52 | % | ||||||||||||||||
iFood, Inc. dba Steak N Shake | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2039 | 629.8 | 625.2 | 549.0 | 0.33 | % | ||||||||||||||||
55
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Wired, LLC and Moulison North Corporation | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2024 | 500.0 | 484.4 | 419.1 | 0.25 | % | ||||||||||||||||
AMG Holding, LLC and Stetson Automotive, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/30/2039 | 208.0 | 206.5 | 206.3 | 0.12 | % | ||||||||||||||||
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2024 | 100.0 | 96.9 | 92.5 | 0.06 | % | ||||||||||||||||
Highway Striping Inc. | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/30/2024 | 53.1 | 51.5 | 43.1 | 0.03 | % | ||||||||||||||||
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2039 | 321.8 | 319.6 | 303.4 | 0.18 | % | ||||||||||||||||
JPM Investments, LLC and Carolina Family Foot Care P.A. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/26/2039 | 136.1 | 135.5 | 130.5 | 0.08 | % | ||||||||||||||||
Zinger Hardware and General Merchant Inc. | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/26/2024 | 110.5 | 107.1 | 94.9 | 0.06 | % | ||||||||||||||||
Nikobella Properties, LLC and JPO Inc. dba Village Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2039 | 476.3 | 472.8 | 451.7 | 0.27 | % | ||||||||||||||||
RDJ Maayaa Inc. dba RDJ Distributors | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/23/2024 | 8.7 | 8.3 | 6.7 | — | % | ||||||||||||||||
Big Sky Plaza, LLC and Strickland, Incorporated | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/20/2039 | 233.4 | 231.7 | 220.0 | 0.13 | % | ||||||||||||||||
510 ROK Realty, LLC dba ROK Health and Fitness | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/19/2024 | 332.0 | 322.2 | 304.3 | 0.18 | % | ||||||||||||||||
Nirvi Enterprises, LLC dba Howard Johnson / Knights Inn | Accommodation | Term Loan | Prime plus 2.75% | 6/17/2039 | 920.3 | 913.5 | 912.5 | 0.55 | % | ||||||||||||||||
Hotels of North Georgia, LLC dba Comfort Inn and Suites | Accommodation | Term Loan | Prime plus 2.75% | 6/17/2039 | 837.5 | 831.4 | 825.4 | 0.50 | % | ||||||||||||||||
Global Educational Delivery Services, LLC | Educational Services | Term Loan | Prime plus 2.75% | 6/16/2024 | 60.0 | 58.3 | 57.3 | 0.03 | % | ||||||||||||||||
GPG Real Estate Holdings, LLC and GPG Enterprises Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/13/2039 | 322.1 | 319.7 | 299.2 | 0.18 | % | ||||||||||||||||
Rainbow Dry Cleaners | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/13/2024 | 122.5 | 118.7 | 100.1 | 0.06 | % | ||||||||||||||||
GPG Real Estate Holdings, LLC (OC) GPG Enterprises Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/13/2039 | 162.5 | 40.4 | 40.4 | 0.02 | % | ||||||||||||||||
NVR Corporation dba Discount Food Mart | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/11/2039 | 68.3 | 67.5 | 67.4 | 0.04 | % | ||||||||||||||||
Sico & Walsh Insurance Agency Inc. and The AMS Trust | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/6/2039 | 250.0 | 249.2 | 232.9 | 0.14 | % | ||||||||||||||||
56
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Sujata Inc. dba Stop N Save Food Mart | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/3/2024 | 22.5 | 21.8 | 18.0 | 0.01 | % | ||||||||||||||||
Long Island Barber Institute Inc. | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2039 | 55.5 | 55.1 | 51.5 | 0.03 | % | ||||||||||||||||
CJR LLC (EPC) and PowerWash Plus, Inc. (OC) | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/30/2024 | 53.0 | 51.0 | 46.6 | 0.03 | % | ||||||||||||||||
Pocono Coated Products, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/30/2024 | 22.5 | 21.7 | 19.9 | 0.01 | % | ||||||||||||||||
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/29/2039 | 943.8 | 935.8 | 934.7 | 0.56 | % | ||||||||||||||||
Wilton Dental Care P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/29/2024 | 128.1 | 125.6 | 100.4 | 0.06 | % | ||||||||||||||||
EGM Food Services Inc. dba Gold Star Chili | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2024 | 19.2 | 18.5 | 15.4 | 0.01 | % | ||||||||||||||||
Jonesboro Health Food Center, LLC | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/27/2024 | 60.0 | 57.8 | 45.7 | 0.03 | % | ||||||||||||||||
USI Properties, LLC dba U Store It | Real Estate | Term Loan | Prime plus 2.75% | 5/23/2039 | 144.6 | 143.4 | 141.0 | 0.08 | % | ||||||||||||||||
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc.(OC) | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/21/2039 | 134.9 | 134.1 | 133.9 | 0.08 | % | ||||||||||||||||
Hae M. and Jin S. Park dba Buford Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/15/2039 | 166.5 | 164.3 | 151.0 | 0.09 | % | ||||||||||||||||
Moochie's, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/13/2024 | 100.5 | 97.9 | 79.3 | 0.05 | % | ||||||||||||||||
The River Beas, LLC and Punam Singh | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2039 | 90.3 | 89.5 | 84.8 | 0.05 | % | ||||||||||||||||
AS Boyals, LLC dba Towne Liquors | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/29/2039 | 117.5 | 116.3 | 116.2 | 0.07 | % | ||||||||||||||||
Winter Ventures Inc. and 214 N Franklin LLC | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/29/2024 | 62.6 | 59.9 | 53.0 | 0.03 | % | ||||||||||||||||
ENI Inc., Event Networks Inc., ENI Worldwide, LLC and Spot Shop Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/25/2024 | 500.0 | 478.1 | 376.8 | 0.23 | % | ||||||||||||||||
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/23/2027 | 78.8 | 76.4 | 73.4 | 0.04 | % | ||||||||||||||||
Complete Body & Paint, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/23/2039 | 20.8 | 20.6 | 20.5 | 0.01 | % | ||||||||||||||||
Island Wide Realty, LLC and Long Island Partners, Inc. | Real Estate | Term Loan | Prime plus 2.75% | 4/22/2039 | 103.8 | 102.7 | 102.6 | 0.06 | % | ||||||||||||||||
Aiello's Pizzeria, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/18/2024 | 42.8 | 40.9 | 34.0 | 0.02 | % | ||||||||||||||||
Wilshire Media Systems Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2024 | 186.3 | 178.1 | 145.5 | 0.09 | % | ||||||||||||||||
Family Ties Supply Corp. dba Best Cookies & More dba Cookie Factory Out | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/16/2024 | 53.1 | 50.8 | 39.8 | 0.02 | % | ||||||||||||||||
57
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
R2 Tape Inc. dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/10/2024 | 78.8 | 75.3 | 74.0 | 0.04 | % | ||||||||||||||||
1899 Tavern & Tap, LLC and Ale House Tavern & Tap, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/9/2039 | 137.5 | 135.2 | 130.7 | 0.08 | % | ||||||||||||||||
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport, LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 3/31/2024 | 1,250.0 | 712.3 | 689.3 | 0.41 | % | ||||||||||||||||
Hodges Properties, LLC and Echelon Enterprises Inc. dba Treads Bicycle | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 449.0 | 443.7 | 427.6 | 0.26 | % | ||||||||||||||||
Dantanna's Tavern, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2024 | 164.3 | 158.2 | 133.2 | 0.08 | % | ||||||||||||||||
RDT Enterprises, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/31/2028 | 141.2 | 137.1 | 135.6 | 0.08 | % | ||||||||||||||||
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 117.5 | 116.3 | 99.7 | 0.06 | % | ||||||||||||||||
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC) | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 101.5 | 100.9 | 91.1 | 0.05 | % | ||||||||||||||||
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC) | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 92.1 | 91.5 | 82.6 | 0.05 | % | ||||||||||||||||
Wilban, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2039 | 427.5 | 422.5 | 403.8 | 0.24 | % | ||||||||||||||||
Lake Area Autosound, LLC and Ryan H. Whittington | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 7/28/2039 | 125.0 | 125.0 | 116.8 | 0.07 | % | ||||||||||||||||
TC Business Enterprises, LLC dba Sky Zone Indoor Trampoline Park | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2024 | 290.1 | 280.8 | 229.0 | 0.14 | % | ||||||||||||||||
Sapienzo Properties, LLC (EPC) CNS Self-Storage Inc. (OC) | Real Estate | Term Loan | Prime plus 2.75% | 3/27/2039 | 193.8 | 190.6 | 190.4 | 0.11 | % | ||||||||||||||||
Hascher Gabelstapler Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/26/2024 | 143.3 | 136.1 | 122.5 | 0.07 | % | ||||||||||||||||
Knowledge First Inc. dba Magic Years of Learning and Kimberly Knox | Social Assistance | Term Loan | Prime plus 2.75% | 3/21/2039 | 145.0 | 143.5 | 132.2 | 0.08 | % | ||||||||||||||||
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co. | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2039 | 497.5 | 491.5 | 490.9 | 0.29 | % | ||||||||||||||||
Cormac Enterprises and Wyoming Valley Beverage Incorporated | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/20/2039 | 110.8 | 109.6 | 109.5 | 0.07 | % | ||||||||||||||||
Kinisi, Inc. dba The River North UPS Store | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/18/2024 | 41.3 | 38.4 | 33.8 | 0.02 | % | ||||||||||||||||
Tortilla King, Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/14/2029 | 1,033.1 | 1,011.0 | 903.2 | 0.54 | % | ||||||||||||||||
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 3/14/2039 | 408.0 | 404.4 | 400.5 | 0.24 | % | ||||||||||||||||
Tortilla King Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/14/2039 | 216.9 | 214.3 | 193.3 | 0.12 | % | ||||||||||||||||
58
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Bowl Mor, LLC dba Bowl Mor Lanes and Spare Lounge, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/13/2039 | 223.5 | 220.9 | 220.6 | 0.13 | % | ||||||||||||||||
Avayaan2, LLC dba Island Cove | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/7/2039 | 157.5 | 155.6 | 148.6 | 0.09 | % | ||||||||||||||||
Onofrio's Fresh Cut Inc. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/6/2024 | 75.0 | 71.4 | 65.7 | 0.04 | % | ||||||||||||||||
J&M Concessions, Inc.dba A-1 Liquors | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/3/2039 | 135.6 | 134.0 | 120.8 | 0.07 | % | ||||||||||||||||
R & R Boyal, LLC dba Cap N Cat Clam Bar and Little Ease Tavern | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/28/2039 | 417.5 | 412.1 | 386.2 | 0.23 | % | ||||||||||||||||
Summit Beverage Group, LLC | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2024 | 350.6 | 330.8 | 293.6 | 0.18 | % | ||||||||||||||||
Faith Memorial Chapel, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 214.2 | 211.4 | 194.6 | 0.12 | % | ||||||||||||||||
952 Boston Post Road Realty, LLC and HNA, LLC dba Styles International | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 211.0 | 208.3 | 192.3 | 0.12 | % | ||||||||||||||||
Choe Trade Group Inc. dba Rapid Printers of Monterey | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/28/2024 | 159.3 | 150.3 | 143.1 | 0.09 | % | ||||||||||||||||
Pindar Associates, LLC, Pidar Vineyards, LLC, Duck Walk Vineyards Inc. | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/25/2024 | 712.3 | 672.0 | 659.9 | 0.40 | % | ||||||||||||||||
96 Mill Street, LLC, Central Pizza, LLC and Jason Bikakis George Bikaki | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/12/2039 | 141.3 | 139.4 | 139.2 | 0.08 | % | ||||||||||||||||
JWB Industries, Inc. dba Carteret Die Casting | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2024 | 280.0 | 264.1 | 217.5 | 0.13 | % | ||||||||||||||||
Sovereign Communications, LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 2/7/2024 | 907.8 | 856.3 | 688.8 | 0.41 | % | ||||||||||||||||
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2039 | 99.1 | 98.2 | 93.5 | 0.06 | % | ||||||||||||||||
Awesome Pets II Inc. dba Mellisa's Pet Depot | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 2/7/2024 | 83.2 | 79.5 | 66.1 | 0.04 | % | ||||||||||||||||
Robert Star Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/5/2024 | 46.8 | 44.2 | 43.4 | 0.03 | % | ||||||||||||||||
Atlas Mountain Construction, LLC | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/28/2024 | 16.5 | 15.5 | 15.2 | 0.01 | % | ||||||||||||||||
Sarah Sibadan dba Sibadan Agency | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2039 | 129.4 | 127.5 | 124.3 | 0.07 | % | ||||||||||||||||
3Fmanagement, LLC and ATC Fitness Cape Coral, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 1/24/2024 | 425.0 | 398.2 | 334.1 | 0.20 | % | ||||||||||||||||
JDR Industries Inc dba CST-The Composites Store | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 1/21/2024 | 140.3 | 131.4 | 112.4 | 0.07 | % | ||||||||||||||||
Icore Enterprises Inc. dba Air Flow Filters Inc. | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 1/15/2024 | 21.8 | 20.4 | 20.0 | 0.01 | % | ||||||||||||||||
59
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Nutmeg North Associates, LLC (OC) Steeltech Building Products Inc. | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/31/2038 | 897.8 | 883.5 | 814.7 | 0.49 | % | ||||||||||||||||
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/30/2027 | 712.5 | 692.9 | 675.7 | 0.41 | % | ||||||||||||||||
S.Drake, LLC dba Express Employment Professionals of Ann Arbor, Michigan | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/31/2023 | 18.8 | 17.8 | 14.2 | 0.01 | % | ||||||||||||||||
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/27/2023 | 656.3 | 620.0 | 608.6 | 0.37 | % | ||||||||||||||||
Shane M. Howell and Buck Hardware and Garden Center, LLC | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/27/2038 | 322.5 | 317.2 | 289.5 | 0.17 | % | ||||||||||||||||
Superior Disposal Service, Inc. | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/26/2023 | 240.5 | 223.8 | 206.3 | 0.12 | % | ||||||||||||||||
KK International Trading Corporation | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/23/2028 | 190.0 | 182.6 | 169.9 | 0.10 | % | ||||||||||||||||
AIP Enterprises, LLC and Spider's Web Inc dba Black Widow Harley-Davidson | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/20/2038 | 962.5 | 946.7 | 936.7 | 0.56 | % | ||||||||||||||||
JackRabbit Sports Inc. | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/20/2023 | 581.3 | 535.9 | 526.0 | 0.32 | % | ||||||||||||||||
Mosley Auto Group, LLC dba America's Automotive | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 221.5 | 217.9 | 212.2 | 0.13 | % | ||||||||||||||||
Kurtis Sniezek dba Wolfe's Foreign Auto | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 88.9 | 87.4 | 87.3 | 0.05 | % | ||||||||||||||||
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/19/2038 | 555.3 | 546.2 | 508.3 | 0.31 | % | ||||||||||||||||
Lefont Theaters Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/19/2023 | 14.4 | 13.4 | 11.6 | 0.01 | % | ||||||||||||||||
TAK Properties, LLC and Kinderland Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2038 | 405.0 | 398.4 | 373.6 | 0.22 | % | ||||||||||||||||
Any Garment Cleaner-East Brunswick, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/18/2023 | 53.8 | 50.0 | 46.0 | 0.03 | % | ||||||||||||||||
TOL, LLC dba Wild Birds Unlimited | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/13/2023 | 18.0 | 17.3 | 14.8 | 0.01 | % | ||||||||||||||||
8 Minute Oil Change of Springfield Corporation and John Nino | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/12/2038 | 196.8 | 193.1 | 188.5 | 0.11 | % | ||||||||||||||||
920 CHR Realty, LLC (EPC) V. Garofalo Carting Inc (OC) | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/10/2038 | 418.1 | 411.3 | 410.6 | 0.25 | % | ||||||||||||||||
DKB Transport Corp. | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2038 | 138.8 | 136.5 | 136.3 | 0.08 | % | ||||||||||||||||
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2023 | 545.8 | 507.7 | 441.3 | 0.27 | % | ||||||||||||||||
60
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2038 | 104.3 | 102.5 | 90.3 | 0.05 | % | ||||||||||||||||
Spectrum Development, LLC and Solvit Inc & Solvit North, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/2/2023 | 387.3 | 360.3 | 313.0 | 0.19 | % | ||||||||||||||||
BVIP Limousine Service, LTD | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 11/27/2038 | 76.5 | 75.1 | 72.4 | 0.04 | % | ||||||||||||||||
Eco-Green Reprocessing, LLC and Denali Medical Concepts, LLC | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 11/27/2023 | 67.2 | 62.1 | 50.6 | 0.03 | % | ||||||||||||||||
TNDV: Television, LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 11/26/2038 | 253.8 | 249.2 | 234.9 | 0.14 | % | ||||||||||||||||
Veterinary Imaging Specialists of Alaska, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/26/2023 | 162.6 | 155.0 | 144.4 | 0.09 | % | ||||||||||||||||
Wallace Holdings, LLC (EPC) GFA International Inc. (OC) | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.5% | 11/25/2023 | 125.0 | 115.4 | 92.8 | 0.06 | % | ||||||||||||||||
AcuCall, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/21/2023 | 15.8 | 14.7 | 11.6 | 0.01 | % | ||||||||||||||||
Seven Peaks Mining Inc. and Cornerstone Industrial Minerals Corporation | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 11/18/2038 | 1,250.0 | 1,227.8 | 1,064.3 | 0.64 | % | ||||||||||||||||
Kids in Motion of Springfield, LLC dba The Little Gym of Springfield, IL | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/18/2023 | 45.0 | 42.3 | 34.5 | 0.02 | % | ||||||||||||||||
Kup's Auto Spa Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/15/2038 | 396.7 | 390.0 | 382.7 | 0.23 | % | ||||||||||||||||
Yousef Khatib dba Y&M Enterprises | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 11/15/2023 | 75.0 | 69.3 | 56.7 | 0.03 | % | ||||||||||||||||
River Run Personnel, LLC dba Express Employment Professionals | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/15/2023 | 20.0 | 1.2 | 1.2 | — | % | ||||||||||||||||
Howell Gun Works, LLC | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/14/2023 | 8.3 | 7.7 | 6.1 | — | % | ||||||||||||||||
Armin and Kian Inc. dba The UPS Store 3714 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/13/2023 | 56.5 | 52.2 | 41.0 | 0.02 | % | ||||||||||||||||
Polpo Realty, LLC (EPC) Polpo Restaurant, LLC (OC) | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/6/2038 | 62.5 | 61.6 | 61.5 | 0.04 | % | ||||||||||||||||
Twinsburg Hospitality Group, LLC dba Comfort Suites | Accommodation | Term Loan | Prime plus 2.75% | 10/31/2038 | 945.0 | 928.1 | 862.6 | 0.52 | % | ||||||||||||||||
Master CNC Inc. & Master Properties, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2038 | 596.6 | 585.0 | 524.2 | 0.31 | % | ||||||||||||||||
1 North Restaurant Corp. dba 1 North Steakhouse | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2038 | 212.5 | 208.4 | 202.4 | 0.12 | % | ||||||||||||||||
Mid-Land Sheet Metal Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2038 | 137.5 | 135.0 | 129.9 | 0.08 | % | ||||||||||||||||
61
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Logistics Business Solutions Inc. dba The UPS Store | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/31/2023 | 50.0 | 46.5 | 41.8 | 0.03 | % | ||||||||||||||||
Janice B. McShan and The Metropolitan Day School, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 10/31/2023 | 42.8 | 40.4 | 38.5 | 0.02 | % | ||||||||||||||||
Meridian Hotels, LLC dba Best Western Jonesboro | Accommodation | Term Loan | Prime plus 2.75% | 10/29/2038 | 664.5 | 650.4 | 644.4 | 0.39 | % | ||||||||||||||||
New Image Building Services Inc. dba New Image Repair Services | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/29/2023 | 331.3 | 303.9 | 254.1 | 0.15 | % | ||||||||||||||||
A-1 Quality Services Corporation | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/29/2023 | 8.9 | 8.1 | 6.4 | — | % | ||||||||||||||||
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/24/2038 | 246.3 | 241.5 | 221.1 | 0.13 | % | ||||||||||||||||
Greenbrier Technical Services, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/24/2023 | 240.1 | 221.6 | 208.6 | 0.13 | % | ||||||||||||||||
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/18/2023 | 87.5 | 80.3 | 67.2 | 0.04 | % | ||||||||||||||||
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/18/2023 | 25.8 | 23.6 | 21.3 | 0.01 | % | ||||||||||||||||
Shepher Distr's and Sales Corp and The Lederer Industries Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/30/2023 | 1,050.0 | 956.4 | 938.7 | 0.56 | % | ||||||||||||||||
Fieldstone Quick Stop, LLC (OC) Barber Investments, LLC (EPC) | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/30/2038 | 676.3 | 667.1 | 598.7 | 0.36 | % | ||||||||||||||||
Cencon Properties, LLC and Central Connecticut Warehousing Company | Warehousing and Storage | Term Loan | Prime plus 2.75% | 9/30/2038 | 344.5 | 337.8 | 333.3 | 0.20 | % | ||||||||||||||||
Lenoir Business Partners, LLC (EPC) LP Industries, Inc. dba Childforms | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 322.7 | 317.7 | 302.4 | 0.18 | % | ||||||||||||||||
Onofrios Enterprises, LLC (EPC) Onofrios Fresh Cut, Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 312.5 | 306.8 | 294.3 | 0.18 | % | ||||||||||||||||
Discount Wheel and Tire | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/30/2038 | 223.8 | 219.0 | 204.2 | 0.12 | % | ||||||||||||||||
Top Properties, LLC and LP Industries, Inc dba Childforms | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 120.0 | 117.9 | 117.7 | 0.07 | % | ||||||||||||||||
AGS Talcott Partners, Inc. | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 9/30/2023 | 117.8 | 107.3 | 84.2 | 0.05 | % | ||||||||||||||||
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2038 | 97.6 | 95.6 | 86.8 | 0.05 | % | ||||||||||||||||
Gabrielle Realty, LLC | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/27/2038 | 757.6 | 741.6 | 688.8 | 0.41 | % | ||||||||||||||||
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman, DDS, PC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2038 | 335.1 | 328.0 | 310.9 | 0.19 | % | ||||||||||||||||
Handy 6391, LLC dba The UPS Store #6391 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/27/2023 | 62.5 | 58.3 | 57.3 | 0.03 | % | ||||||||||||||||
Eastside Soccer Dome, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 463.8 | 453.9 | 453.1 | 0.27 | % | ||||||||||||||||
62
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
HJ & Edward Enterprises, LLC dba Sky Zone | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2023 | 262.5 | 246.8 | 222.6 | 0.13 | % | ||||||||||||||||
Anthony C Dinoto and Susan S P Dinoto | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/26/2038 | 100.0 | 98.0 | 97.8 | 0.06 | % | ||||||||||||||||
Southeast Chicago Soccer Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 51.3 | 50.2 | 50.1 | 0.03 | % | ||||||||||||||||
Kiddie Steps 4 You Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 9/25/2038 | 89.3 | 83.9 | 78.4 | 0.05 | % | ||||||||||||||||
Diamond Memorials Incorporated | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2023 | 14.3 | 12.8 | 10.0 | 0.01 | % | ||||||||||||||||
Faith Memorial Chapel, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2038 | 268.4 | 262.7 | 249.0 | 0.15 | % | ||||||||||||||||
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | Educational Services | Term Loan | Prime plus 2.75% | 9/20/2023 | 46.3 | 42.3 | 34.8 | 0.02 | % | ||||||||||||||||
Westville Seafood, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2038 | 112.3 | 109.9 | 102.7 | 0.06 | % | ||||||||||||||||
Maynard Enterprises Inc. dba Fastsigns of Texarkana | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/18/2023 | 16.1 | 14.8 | 12.3 | 0.01 | % | ||||||||||||||||
Grafio Inc. dba Omega Learning Center-Acworth | Educational Services | Term Loan | Prime plus 2.75% | 9/13/2023 | 156.3 | 142.3 | 118.8 | 0.07 | % | ||||||||||||||||
The Berlerro Group, LLC dba Sky Zone | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/12/2023 | 421.3 | 395.8 | 326.4 | 0.20 | % | ||||||||||||||||
Sound Manufacturing Inc. | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/12/2028 | 54.8 | 52.1 | 46.6 | 0.03 | % | ||||||||||||||||
Prospect Kids Academy Inc. | Educational Services | Term Loan | Prime plus 2.75% | 9/11/2038 | 124.3 | 121.6 | 116.6 | 0.07 | % | ||||||||||||||||
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center | Social Assistance | Term Loan | Prime plus 2.75% | 9/11/2038 | 39.5 | 38.7 | 38.6 | 0.02 | % | ||||||||||||||||
B for Brunette, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/10/2023 | 53.4 | 49.3 | 39.1 | 0.02 | % | ||||||||||||||||
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/4/2038 | 224.2 | 217.8 | 202.8 | 0.12 | % | ||||||||||||||||
ACI Northwest Inc. | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 8/30/2023 | 906.3 | 680.0 | 613.9 | 0.37 | % | ||||||||||||||||
IlOKA Inc. dba Microtech Tel and NewCloud Networks | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2023 | 687.5 | 621.5 | 528.2 | 0.32 | % | ||||||||||||||||
Spectrum Radio Fairmont, LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 8/30/2023 | 187.5 | 169.5 | 163.9 | 0.10 | % | ||||||||||||||||
Excel RP Inc. | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 8/30/2023 | 130.3 | 117.8 | 110.1 | 0.07 | % | ||||||||||||||||
Gulfport Academy Child Care and Learning Center, Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 8/30/2023 | 43.3 | 39.1 | 36.3 | 0.02 | % | ||||||||||||||||
63
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Mojo Brands Media, LLC | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 8/28/2023 | 784.0 | 750.1 | 603.7 | 0.36 | % | ||||||||||||||||
Ramard Inc and Advanced Health Sciences Inc. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/28/2023 | 187.5 | 169.5 | 133.0 | 0.08 | % | ||||||||||||||||
RM Hawkins, LLC dba Pure Water Tech West and Robert M Hawkins | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/26/2023 | 85.8 | 73.6 | 72.3 | 0.04 | % | ||||||||||||||||
JSIL LLC dba Blackstones Hairdressing | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/16/2023 | 19.5 | 17.7 | 14.8 | 0.01 | % | ||||||||||||||||
Jatcoia, LLC dba Plato's Closet | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/15/2023 | 65.0 | 52.3 | 51.0 | 0.03 | % | ||||||||||||||||
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC) | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 8/14/2038 | 445.0 | 343.0 | 312.3 | 0.19 | % | ||||||||||||||||
Caribbean Concepts, Inc. dba Quick Bleach | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/12/2023 | 22.5 | 20.5 | 16.7 | 0.01 | % | ||||||||||||||||
VesperGroup, LLC dba The Wine Cellar | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/5/2023 | 45.0 | 40.7 | 33.9 | 0.02 | % | ||||||||||||||||
Blacknorange2, LLC dba Popeyes Louisiana Kitchen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2023 | 175.0 | 159.1 | 128.9 | 0.08 | % | ||||||||||||||||
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc. (OC) | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/29/2038 | 83.9 | 81.8 | 78.2 | 0.05 | % | ||||||||||||||||
Majestic Contracting Services, Inc. dba Majestic Electric | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/26/2038 | 190.0 | 185.4 | 171.3 | 0.10 | % | ||||||||||||||||
Daniel W. and Erin H. Gordon and Silver Lining Stables CT, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/24/2023 | 11.3 | 10.1 | 9.9 | 0.01 | % | ||||||||||||||||
Angkor Restaurant Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/19/2038 | 93.0 | 90.8 | 88.3 | 0.05 | % | ||||||||||||||||
Harbor Ventilation Inc. and Estes Investment, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2038 | 92.1 | 90.0 | 84.5 | 0.05 | % | ||||||||||||||||
Tri County Heating and Cooling Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2023 | 87.8 | 78.8 | 73.7 | 0.04 | % | ||||||||||||||||
Morning Star Trucking. LLC and Morning Star Equipment and Leasing, LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2023 | 53.8 | 48.2 | 37.9 | 0.02 | % | ||||||||||||||||
Maxiflex, LLC | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2023 | 153.5 | 136.9 | 135.5 | 0.08 | % | ||||||||||||||||
JRA Holdings, LLC (EPC) Jasper County Cleaners Inc. dba Superior Cleaner | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 121.0 | 117.9 | 118.9 | 0.07 | % | ||||||||||||||||
GIA Realty, LLC and VRAJ GIA, LLC dba Lakeview Laundromat | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 97.5 | 95.0 | 95.8 | 0.06 | % | ||||||||||||||||
Emerald Ironworks Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/27/2023 | 72.0 | 64.4 | 56.4 | 0.03 | % | ||||||||||||||||
Contract Packaging Services Inc. dba Superior Pack Group | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/21/2023 | 851.8 | 764.3 | 690.4 | 0.41 | % | ||||||||||||||||
64
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
2161 Highway 6 Trail, LLC (EPC) | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2026 | 1,250.0 | 912.6 | 903.4 | 0.54 | % | ||||||||||||||||
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/18/2028 | 875.0 | 821.3 | 819.1 | 0.49 | % | ||||||||||||||||
KDP, LLC and KDP Investment Advisors, Inc. and KDP Asset Management, Inc. | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/14/2023 | 343.8 | 306.2 | 263.6 | 0.16 | % | ||||||||||||||||
Elite Structures Inc. | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2038 | 932.8 | 901.3 | 901.2 | 0.54 | % | ||||||||||||||||
(EPC) Absolute Desire, LLC and Mark H. Szierer (OC) Sophisticated Smile | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 188.3 | 183.7 | 172.4 | 0.10 | % | ||||||||||||||||
(EPC) Willowbrook Properties, LLC (OC) Grove Gardens Landscaping Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 186.3 | 181.5 | 177.9 | 0.11 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals and Division Camera | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 5/31/2023 | 440.8 | 390.3 | 363.0 | 0.22 | % | ||||||||||||||||
RKP Service dba Rainbow Carwash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/31/2023 | 300.0 | 268.2 | 232.8 | 0.14 | % | ||||||||||||||||
Europlast Ltd. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 5/31/2023 | 162.0 | 157.4 | 151.0 | 0.09 | % | ||||||||||||||||
RXSB, Inc. dba Medicine Shoppe | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/30/2023 | 186.3 | 165.5 | 140.1 | 0.08 | % | ||||||||||||||||
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/28/2023 | 63.5 | 56.2 | 51.2 | 0.03 | % | ||||||||||||||||
Ryan D. Thornton and Thornton & Associates, LLC | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/24/2023 | 68.8 | 58.7 | 49.7 | 0.03 | % | ||||||||||||||||
Insurance Problem Solvers, LLC | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/20/2023 | 17.1 | 15.1 | 12.8 | 0.01 | % | ||||||||||||||||
Hybrid Racing, LLC. | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 5/15/2023 | 116.3 | 103.4 | 92.8 | 0.06 | % | ||||||||||||||||
Atlas Mountain Construction, LLC | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/13/2038 | 127.3 | 123.8 | 124.8 | 0.07 | % | ||||||||||||||||
PowerWash Plus, Inc. and CJR, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/30/2038 | 550.0 | 534.1 | 512.2 | 0.31 | % | ||||||||||||||||
Peanut Butter & Co., Inc. | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/30/2023 | 100.0 | 87.7 | 75.1 | 0.05 | % | ||||||||||||||||
Brothers International Desserts | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2023 | 230.0 | 201.8 | 185.1 | 0.11 | % | ||||||||||||||||
Kidrose, LLC dba Kidville Riverdale | Educational Services | Term Loan | Prime plus 2.75% | 4/22/2023 | 78.8 | 69.9 | 62.3 | 0.04 | % | ||||||||||||||||
SFAM Parsippany LLC dba Cups Frozen Yogurt | Food Services and Drinking Places | Term Loan | 6% | 4/19/2023 | 121.3 | 46.3 | 45.8 | 0.03 | % | ||||||||||||||||
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc. | Educational Services | Term Loan | Prime plus 2.75% | 4/18/2038 | 151.0 | 146.7 | 147.9 | 0.09 | % | ||||||||||||||||
65
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Capital Scrap Metal, LLC and Powerline Investment, LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/29/2038 | 500.0 | 463.9 | 467.5 | 0.28 | % | ||||||||||||||||
MRM Supermarkets Inc. dba Constantins Breads; Dallas Gourmet Breads | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/29/2038 | 336.0 | 325.8 | 303.2 | 0.18 | % | ||||||||||||||||
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc. (OC) | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/29/2038 | 124.6 | 120.8 | 114.3 | 0.07 | % | ||||||||||||||||
A & M Commerce, Inc. dba Cranberry Sunoco | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/27/2038 | 330.3 | 320.0 | 313.9 | 0.19 | % | ||||||||||||||||
Xela Pack, Inc. and Aliseo and Catherine Gentile | Paper Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2028 | 271.8 | 252.1 | 250.6 | 0.15 | % | ||||||||||||||||
Neyra Industries, Inc. and Edward Neyra | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2023 | 217.5 | 189.4 | 185.0 | 0.11 | % | ||||||||||||||||
Gator Communications Group, LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/27/2023 | 17.3 | 15.5 | 14.2 | 0.01 | % | ||||||||||||||||
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2038 | 537.5 | 521.1 | 497.8 | 0.30 | % | ||||||||||||||||
Michael A. and Heather R. Welsch dba Art & Frame Etc. | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/22/2038 | 67.5 | 65.4 | 63.9 | 0.04 | % | ||||||||||||||||
M & H Pine Straw Inc. and Harris L. Maloy | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/21/2023 | 288.8 | 251.6 | 235.9 | 0.14 | % | ||||||||||||||||
Truth Technologies Inc. dba Truth Technologies Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2023 | 79.5 | 69.2 | 60.1 | 0.04 | % | ||||||||||||||||
J. Kinderman & Sons Inc., dba BriteStar Inc. | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2023 | 181.3 | 157.8 | 156.0 | 0.09 | % | ||||||||||||||||
Stellar Environmental, LLC | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/18/2023 | 56.3 | 49.0 | 46.7 | 0.03 | % | ||||||||||||||||
Sound Manufacturing, Inc. and Monster Power Equipment Inc. | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2023 | 523.0 | 455.9 | 417.3 | 0.25 | % | ||||||||||||||||
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2038 | 129.3 | 125.5 | 126.5 | 0.08 | % | ||||||||||||||||
Golden Gate Lodging, LLC (OC) | Accommodation | Term Loan | Prime plus 2.75% | 3/12/2038 | 115.0 | 111.5 | 108.9 | 0.07 | % | ||||||||||||||||
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/8/2038 | 73.8 | 35.5 | 35.8 | 0.02 | % | ||||||||||||||||
River Club Golf Course Inc. dba The River Club | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2038 | 475.2 | 459.9 | 445.9 | 0.27 | % | ||||||||||||||||
Bakhtar Group, LLC dba Malmaison | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2023 | 103.8 | 90.4 | 76.6 | 0.05 | % | ||||||||||||||||
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 2/20/2038 | 86.3 | 83.5 | 81.5 | 0.05 | % | ||||||||||||||||
Grand Manor Realty, Inc. & Kevin LaRoe | Real Estate | Term Loan | Prime plus 2.75% | 2/20/2023 | 21.8 | 19.0 | 16.1 | 0.01 | % | ||||||||||||||||
66
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Java Warung, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/19/2038 | 51.0 | 49.5 | 48.5 | 0.03 | % | ||||||||||||||||
Pacheco Investments, LLC (EPC) Pacheco Brothers Gardening Inc. (OC) | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/15/2038 | 425.0 | 410.0 | 403.5 | 0.24 | % | ||||||||||||||||
Nancy & Karl Schmidt (EPC) Moments to Remember USA, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/15/2038 | 106.3 | 102.9 | 100.6 | 0.06 | % | ||||||||||||||||
Orient Express, Inc. dba Spracht, Celltek, ODI | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 2/12/2023 | 84.9 | 72.4 | 61.3 | 0.04 | % | ||||||||||||||||
Knits R Us, Inc. dba NYC Sports/Mingle | Textile Mills | Term Loan | Prime plus 2.75% | 2/11/2038 | 125.0 | 121.0 | 122.0 | 0.07 | % | ||||||||||||||||
North Country Transport, LLC | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/6/2023 | 15.0 | 13.0 | 12.8 | 0.01 | % | ||||||||||||||||
MJD Investments, LLC dba The Community Day School | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2038 | 258.3 | 249.6 | 239.6 | 0.14 | % | ||||||||||||||||
EZ Towing, Inc. | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/31/2023 | 145.0 | 124.5 | 110.3 | 0.07 | % | ||||||||||||||||
Sherill Universal City dba Golden Corral | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2038 | 440.5 | 427.4 | 411.7 | 0.25 | % | ||||||||||||||||
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2037 | 500.0 | 484.6 | 488.3 | 0.29 | % | ||||||||||||||||
WI130, LLC (EPC) & Lakeland Group, Inc. (OC) dba Lakeland Electrical | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/31/2028 | 271.5 | 250.9 | 226.0 | 0.14 | % | ||||||||||||||||
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/31/2022 | 97.5 | 83.0 | 70.8 | 0.04 | % | ||||||||||||||||
John Duffy Fuel Co., Inc. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/28/2022 | 513.8 | 437.5 | 428.7 | 0.26 | % | ||||||||||||||||
Babie Bunnie Enterprises Inc. dba Triangle Mothercare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/28/2022 | 46.3 | 39.3 | 33.3 | 0.02 | % | ||||||||||||||||
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2037 | 517.5 | 500.9 | 504.8 | 0.30 | % | ||||||||||||||||
Trailer One, Inc. and Trailer One Storage, Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/27/2022 | 166.8 | 142.0 | 140.3 | 0.08 | % | ||||||||||||||||
Martin L Hopp, MD PHD, A Medical Corp (OC) | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2022 | 66.3 | 56.2 | 50.0 | 0.03 | % | ||||||||||||||||
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2027 | 389.6 | 357.0 | 317.0 | 0.19 | % | ||||||||||||||||
Pioneer Window Holdings, Inc. and Subsidiaries dba Pioneer Windows | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/20/2022 | 225.0 | 195.2 | 176.8 | 0.11 | % | ||||||||||||||||
The Amendments Group, LLC dba Brightstar | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/17/2022 | 22.5 | 19.1 | 18.9 | 0.01 | % | ||||||||||||||||
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2022 | 127.1 | 108.2 | 94.4 | 0.06 | % | ||||||||||||||||
67
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Color By Number 123 Designs, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/11/2022 | 42.5 | 35.9 | 35.4 | 0.02 | % | ||||||||||||||||
Aegis Creative Communications, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/30/2022 | 387.5 | 302.5 | 256.0 | 0.15 | % | ||||||||||||||||
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/30/2037 | 286.5 | 277.1 | 272.1 | 0.16 | % | ||||||||||||||||
Summit Treatment Services, Inc. dba Summit Treatment Services | Social Assistance | Term Loan | Prime plus 2.75% | 11/30/2037 | 136.5 | 131.9 | 118.7 | 0.07 | % | ||||||||||||||||
214 North Franklin, LLC and Winter Ventures, Inc. | Nonstore Retailers | Term Loan | Prime plus 2.75% | 11/29/2037 | 153.9 | 148.2 | 140.7 | 0.08 | % | ||||||||||||||||
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 11/28/2037 | 223.8 | 215.7 | 215.4 | 0.13 | % | ||||||||||||||||
Richmond Hill Mini Market, LLC | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/27/2037 | 185.3 | 178.6 | 174.8 | 0.11 | % | ||||||||||||||||
D&L Rescources, Inc. dba The UPS Store | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/27/2022 | 9.8 | 8.2 | 7.0 | — | % | ||||||||||||||||
DRV Enterprise, Inc. dba Cici's Pizza # 339 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/26/2022 | 65.0 | 53.6 | 53.0 | 0.03 | % | ||||||||||||||||
Pioneer Windows Manufacturing Corp, Pioneer Windows | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 11/21/2022 | 275.0 | 236.7 | 214.2 | 0.13 | % | ||||||||||||||||
U & A Food and Fuel, Inc. dba Express Gas & Food Mart | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/21/2037 | 96.3 | 92.7 | 93.4 | 0.06 | % | ||||||||||||||||
Clean Brothers Company Inc. dba ServPro of North Washington County | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/21/2022 | 17.0 | 14.3 | 12.7 | 0.01 | % | ||||||||||||||||
R & J Petroleum, LLC (EPC) Manar USA, Inc. (OC) | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/20/2037 | 180.0 | 173.3 | 171.3 | 0.10 | % | ||||||||||||||||
PGH Groceries, LLC DBA The Great American Super | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/19/2037 | 68.8 | 66.3 | 64.9 | 0.04 | % | ||||||||||||||||
St Judes Physical Therapy P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/19/2022 | 21.0 | 17.7 | 17.5 | 0.01 | % | ||||||||||||||||
Hi-Def Imaging, Inc. dba SpeedPro Imaging | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/9/2022 | 22.2 | 18.7 | 16.5 | 0.01 | % | ||||||||||||||||
Reidville Hydraulics & Mfg Inc. dba Summit Farms, LLC | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 11/2/2037 | 265.9 | 256.2 | 237.4 | 0.14 | % | ||||||||||||||||
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/26/2022 | 180.0 | 154.2 | 130.5 | 0.08 | % | ||||||||||||||||
Chickamauga Properties, Inc. and MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/19/2022 | 59.8 | 50.0 | 49.4 | 0.03 | % | ||||||||||||||||
LA Diner Inc. dba Loukas L A Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/28/2037 | 677.5 | 652.1 | 657.0 | 0.39 | % | ||||||||||||||||
68
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Spire Investment Partners, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 9/28/2022 | 258.8 | 215.0 | 181.9 | 0.11 | % | ||||||||||||||||
ATC Fitness, LLC dba Around the Clock Fitness | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2022 | 180.0 | 154.0 | 143.8 | 0.09 | % | ||||||||||||||||
University Park Retreat, LLC dba Massage Heights | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/27/2022 | 76.0 | 63.0 | 62.3 | 0.04 | % | ||||||||||||||||
Europlast Ltd. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/26/2022 | 743.9 | 680.4 | 655.1 | 0.39 | % | ||||||||||||||||
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/26/2037 | 183.8 | 177.7 | 171.1 | 0.10 | % | ||||||||||||||||
LaSalle Market and Deli EOK Inc. and Rugen Realty, LLC dba LaSalle Mark | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/21/2037 | 252.3 | 242.1 | 232.1 | 0.14 | % | ||||||||||||||||
O'Rourkes Diner, LLC dba O'Rourke's Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2037 | 65.5 | 62.9 | 59.7 | 0.04 | % | ||||||||||||||||
AdLarge Media, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/13/2022 | 250.0 | 207.7 | 175.7 | 0.11 | % | ||||||||||||||||
Vision Network Solutions, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2022 | 19.5 | 16.2 | 13.7 | 0.01 | % | ||||||||||||||||
R2 Tape, Inc. dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/31/2037 | 367.5 | 352.1 | 354.7 | 0.21 | % | ||||||||||||||||
R2 Tape Inc. dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/31/2022 | 155.0 | 127.5 | 125.9 | 0.08 | % | ||||||||||||||||
AJK Enterprise, LLC dba AJK Enterprise, LLC | Truck Transportation | Term Loan | Prime plus 2.75% | 8/27/2022 | 16.5 | 13.6 | 13.1 | 0.01 | % | ||||||||||||||||
New Image Building Services, Inc. dba New Image Repair Services | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/23/2037 | 285.7 | 273.7 | 252.7 | 0.15 | % | ||||||||||||||||
Suncoast Aluminum Furniture, Inc. | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 8/17/2037 | 360.0 | 344.9 | 345.7 | 0.21 | % | ||||||||||||||||
Matchless Transportation, LLC dba First Class Limo | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/3/2022 | 185.0 | 153.1 | 139.8 | 0.08 | % | ||||||||||||||||
Hofgard & Co., Inc. dba HofgardBenefits | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/27/2022 | 107.3 | 87.4 | 81.8 | 0.05 | % | ||||||||||||||||
Georgia Safe Sidewalks, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/27/2022 | 15.0 | 12.1 | 11.1 | 0.01 | % | ||||||||||||||||
Scoville Plumbing & Heating Inc. and Thomas P. Scoville | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/25/2022 | 50.0 | 42.9 | 41.9 | 0.03 | % | ||||||||||||||||
Havana Central (NY) 5, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/29/2022 | 1,166.8 | 984.7 | 956.2 | 0.57 | % | ||||||||||||||||
69
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Central Tire, Inc. dba Cooper Tire & Auto Services | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/29/2037 | 288.5 | 275.2 | 272.9 | 0.16 | % | ||||||||||||||||
WPI, LLC | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 6/29/2024 | 129.5 | 110.1 | 104.7 | 0.06 | % | ||||||||||||||||
Karykion, Corporation dba Karykion Corporation | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/28/2022 | 194.0 | 157.3 | 156.9 | 0.09 | % | ||||||||||||||||
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2037 | 69.8 | 66.5 | 66.9 | 0.04 | % | ||||||||||||||||
KIND-ER-ZZ Inc. dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 6/15/2022 | 50.0 | 40.1 | 36.6 | 0.02 | % | ||||||||||||||||
Graphish Studio, Inc. and Scott Fishoff | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2022 | 20.3 | 16.4 | 14.9 | 0.01 | % | ||||||||||||||||
TNDV: Television, LLC | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 6/13/2022 | 127.5 | 103.2 | 98.8 | 0.06 | % | ||||||||||||||||
Spectrumit, Inc, (OC) dba LANformation | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2030 | 154.9 | 141.7 | 140.0 | 0.08 | % | ||||||||||||||||
5091, LLC and TR/AL, LLC d/b/a Cafe Africana | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/31/2037 | 121.3 | 115.8 | 116.4 | 0.07 | % | ||||||||||||||||
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/31/2037 | 62.9 | 59.9 | 59.9 | 0.04 | % | ||||||||||||||||
Craig R Freehauf d/b/a Lincoln Theatre | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/31/2022 | 47.9 | 31.8 | 31.7 | 0.02 | % | ||||||||||||||||
Lefont Theaters, Inc. | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 5/30/2022 | 137.0 | 109.9 | 104.7 | 0.06 | % | ||||||||||||||||
Christou Real Estate Holdings, LLC dba Tops American Grill | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/17/2037 | 284.0 | 270.3 | 273.5 | 0.16 | % | ||||||||||||||||
Tracey Vita-Morris dba Tracey Vita's School of Dance | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/10/2022 | 22.5 | 18.1 | 16.5 | 0.01 | % | ||||||||||||||||
STK Ventures Inc. dba JP Dock Service & Supply | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/9/2037 | 131.8 | 126.1 | 125.3 | 0.08 | % | ||||||||||||||||
Bisson Transportation, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 5/7/2037 | 588.1 | 570.2 | 560.0 | 0.34 | % | ||||||||||||||||
Bisson Moving & Storage Company Bisson Transportation Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 5/7/2022 | 528.8 | 440.8 | 426.5 | 0.26 | % | ||||||||||||||||
Fair Deal Food Mart Inc. dba Neighbors Market | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/3/2037 | 381.3 | 363.0 | 370.4 | 0.22 | % | ||||||||||||||||
Custom Software, Inc. a Colorado Corporation dba M-33 Access | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 4/30/2022 | 125.0 | 103.1 | 101.7 | 0.06 | % | ||||||||||||||||
Tanner Optical, Inc. dba Murphy Eye Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/27/2022 | 8.3 | 6.6 | 6.4 | — | % | ||||||||||||||||
70
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Gator Communications Group, LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 4/25/2022 | 228.8 | 187.7 | 176.1 | 0.11 | % | ||||||||||||||||
Zane Filippone Co Inc. dba Culligan Water Conditioning | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/12/2022 | 558.2 | 447.7 | 429.7 | 0.26 | % | ||||||||||||||||
Indoor Playgrounds Limited Liability Company dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 4/5/2022 | 19.5 | 12.9 | 12.4 | 0.01 | % | ||||||||||||||||
Gator Communications Group, LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/30/2022 | 466.3 | 378.5 | 355.0 | 0.21 | % | ||||||||||||||||
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/30/2031 | 231.5 | 212.5 | 215.1 | 0.13 | % | ||||||||||||||||
Access Staffing, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2022 | 187.5 | 147.7 | 134.6 | 0.08 | % | ||||||||||||||||
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2037 | 755.4 | 721.9 | 736.3 | 0.44 | % | ||||||||||||||||
Manuel P. Barrera and Accura Electrical Contractor, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/23/2028 | 103.7 | 92.4 | 87.6 | 0.05 | % | ||||||||||||||||
Shweiki Media, Inc. dba Study Breaks Magazine | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/22/2027 | 1,178.8 | 1,036.8 | 997.5 | 0.60 | % | ||||||||||||||||
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/2/2022 | 451.3 | 343.7 | 315.9 | 0.19 | % | ||||||||||||||||
ATC Fitness, LLC d/b/a Around the C | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2022 | 10.2 | 8.0 | 7.7 | — | % | ||||||||||||||||
ATI Jet, Inc. | Air Transportation | Term Loan | Prime plus 2.75% | 12/28/2026 | 852.8 | 738.5 | 717.5 | 0.43 | % | ||||||||||||||||
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/22/2036 | 495.0 | 469.1 | 478.4 | 0.29 | % | ||||||||||||||||
K's Salon 1, LLC d/b/a K's Salon | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2021 | 73.6 | 56.4 | 51.4 | 0.03 | % | ||||||||||||||||
15 Frederick Place, LLC & Pioneer Windows Holdings Inc. & Subs | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/16/2021 | 250.0 | 194.1 | 193.3 | 0.12 | % | ||||||||||||||||
GP Enterprises, LLC and Gibson Performance Corporation | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2036 | 727.5 | 686.5 | 700.0 | 0.42 | % | ||||||||||||||||
GP Enterprises, LLC and Gibson Performance Corporation | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2036 | 522.5 | 493.1 | 502.8 | 0.30 | % | ||||||||||||||||
M & H Pinestraw, Inc. and Harris L. Maloy | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/15/2021 | 238.3 | 183.0 | 172.7 | 0.10 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals & Division Camera | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/15/2021 | 130.8 | 99.9 | 97.5 | 0.06 | % | ||||||||||||||||
Taylor Transport, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 12/8/2021 | 515.5 | 387.6 | 375.2 | 0.23 | % | ||||||||||||||||
71
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
City Sign Service, Incorporated | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 11/30/2025 | 165.8 | 142.0 | 140.3 | 0.08 | % | ||||||||||||||||
Scent-Sation, Inc. d/b/a Scent-Sation, Inc. | Textile Product Mills | Term Loan | Prime plus 2.75% | 11/21/2021 | 337.5 | 285.2 | 284.0 | 0.17 | % | ||||||||||||||||
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/16/2021 | 62.5 | 47.4 | 47.2 | 0.03 | % | ||||||||||||||||
MRM Supermarkets, Inc. dba Constantin's Breads | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/10/2021 | 137.5 | 104.4 | 96.1 | 0.06 | % | ||||||||||||||||
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc. | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 10/26/2021 | 58.8 | 44.2 | 40.7 | 0.02 | % | ||||||||||||||||
Keans Korner, LLC d/b/a MobiMart | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/25/2036 | 938.3 | 881.9 | 888.7 | 0.53 | % | ||||||||||||||||
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/25/2021 | 22.5 | 16.9 | 16.8 | 0.01 | % | ||||||||||||||||
C & G Engines Corp. | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2021 | 1,041.5 | 773.8 | 726.5 | 0.44 | % | ||||||||||||||||
Robert E. Caves, Sr. and American Plank dba Caves Enterprises | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/30/2021 | 302.5 | 224.8 | 221.6 | 0.13 | % | ||||||||||||||||
PTK, Incorporated dba Night N Day 24 HR Convenience Store | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/30/2036 | 137.5 | 129.0 | 130.2 | 0.08 | % | ||||||||||||||||
39581 Garfield, LLC and Tri County Neurological Associates, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 83.3 | 78.1 | 79.5 | 0.05 | % | ||||||||||||||||
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 28.5 | 26.6 | 27.1 | 0.02 | % | ||||||||||||||||
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2021 | 1,070.0 | 792.3 | 721.8 | 0.43 | % | ||||||||||||||||
Polymer Sciences, Inc. dba Polymer Sciences, Inc. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2036 | 422.6 | 396.8 | 403.0 | 0.24 | % | ||||||||||||||||
Equity National Capital LLC & Chadbourne Road Capital, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 9/26/2021 | 62.5 | 46.5 | 43.4 | 0.03 | % | ||||||||||||||||
Bryan Bantry Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/8/2021 | 400.0 | 203.3 | 185.3 | 0.11 | % | ||||||||||||||||
SBR Technologies d/b/a Color Graphics | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/31/2021 | 806.2 | 586.2 | 572.0 | 0.34 | % | ||||||||||||||||
Gator Communications Group, LLC dba Harvard Printing Group | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 8/31/2021 | 575.0 | 437.3 | 423.9 | 0.25 | % | ||||||||||||||||
Michael S. Decker & Janet Decker dba The Hen House Cafe | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2036 | 16.4 | 15.4 | 15.4 | 0.01 | % | ||||||||||||||||
Qycell Corporation | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 8/19/2021 | 187.5 | 130.4 | 129.9 | 0.08 | % | ||||||||||||||||
72
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Trademark Equipment Company Inc. and David A. Daniel | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/19/2036 | 133.6 | 125.1 | 125.1 | 0.08 | % | ||||||||||||||||
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/12/2036 | 101.0 | 94.8 | 96.2 | 0.06 | % | ||||||||||||||||
Valiev Ballet Academy, Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 8/12/2036 | 91.5 | 85.7 | 85.2 | 0.05 | % | ||||||||||||||||
LaHoBa, LLC d/b/a Papa John's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/3/2036 | 77.5 | 72.1 | 73.5 | 0.04 | % | ||||||||||||||||
Kelly Chon, LLC dba Shi-Golf | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/29/2021 | 17.5 | 9.4 | 9.4 | 0.01 | % | ||||||||||||||||
MTV Bowl, Inc. dba Legend Lanes | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2036 | 248.5 | 232.3 | 234.7 | 0.14 | % | ||||||||||||||||
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2036 | 338.1 | 326.7 | 335.6 | 0.20 | % | ||||||||||||||||
Jenny's Wunderland, Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 6/29/2036 | 160.5 | 150.4 | 151.2 | 0.09 | % | ||||||||||||||||
Lavertue Properties, LLP dba Lavertue Properties | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2036 | 44.8 | 42.0 | 43.1 | 0.03 | % | ||||||||||||||||
Spire Investment Partners, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/22/2021 | 250.0 | 180.6 | 172.4 | 0.10 | % | ||||||||||||||||
Custom Software, Inc. a Colorado Corporation dba M-33 Access | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/17/2021 | 426.0 | 320.4 | 320.1 | 0.19 | % | ||||||||||||||||
Red Star Incorporated dba Pro Import Company | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/15/2036 | 184.8 | 172.8 | 175.9 | 0.11 | % | ||||||||||||||||
Pierce Developments, Inc. dba Southside Granite | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/13/2036 | 256.1 | 239.1 | 240.4 | 0.14 | % | ||||||||||||||||
Major Queens Body & Fender Corp. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/10/2021 | 28.6 | 20.9 | 20.9 | 0.01 | % | ||||||||||||||||
J&K Fitness, LLC dba Physiques Womens Fitness Center | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/8/2036 | 449.3 | 421.0 | 428.6 | 0.26 | % | ||||||||||||||||
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/3/2021 | 65.5 | 45.8 | 43.8 | 0.03 | % | ||||||||||||||||
Fleming Marketing, LLC dba Instant Imprints of Longmont | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/31/2021 | 7.5 | 5.4 | 5.3 | — | % | ||||||||||||||||
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/27/2021 | 16.5 | 11.8 | 11.9 | 0.01 | % | ||||||||||||||||
73
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Modern on the Mile, LLC dba Ligne Roset | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 5/25/2021 | 212.5 | 151.2 | 148.2 | 0.09 | % | ||||||||||||||||
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/26/2021 | 46.0 | 32.5 | 31.0 | 0.02 | % | ||||||||||||||||
Music Mountain Water Company, LLC | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 4/25/2036 | 138.1 | 128.2 | 131.7 | 0.08 | % | ||||||||||||||||
Profile Performance, Inc. and Eidak Real Estate, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2036 | 127.5 | 118.6 | 121.8 | 0.07 | % | ||||||||||||||||
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/18/2036 | 129.5 | 120.4 | 123.7 | 0.07 | % | ||||||||||||||||
3 A Realty, LLC dba Interior Climate Solutions, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/13/2036 | 170.0 | 157.6 | 158.6 | 0.10 | % | ||||||||||||||||
Maciver Corporation dba Indie Rentals | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 4/4/2021 | 625.0 | 440.3 | 437.5 | 0.26 | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/30/2021 | 3.8 | 2.7 | 2.7 | — | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2023 | 93.0 | 71.0 | 70.6 | 0.04 | % | ||||||||||||||||
Michael S. Korfe dba North Valley Auto Repair | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/24/2036 | 15.5 | 14.4 | 14.8 | 0.01 | % | ||||||||||||||||
Actknowledge, Inc. dba Actknowledge | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/21/2021 | 57.3 | 40.1 | 38.2 | 0.02 | % | ||||||||||||||||
Stamford Car Wash d/b/a Stamford Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/11/2036 | 19.7 | 18.3 | 18.8 | 0.01 | % | ||||||||||||||||
Food & Beverage Associates Of N.J. Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/11/2021 | 10.0 | 6.8 | 6.8 | — | % | ||||||||||||||||
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/10/2021 | 153.0 | 107.0 | 103.1 | 0.06 | % | ||||||||||||||||
Stephen Frank, Patricia Frank and Suds Express, LLC dba Frank Chiropra | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/25/2023 | 63.0 | 45.9 | 46.1 | 0.03 | % | ||||||||||||||||
SuzyQue’s, LLC dba Suzy Que’s | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/11/2036 | 61.0 | 56.7 | 58.0 | 0.03 | % | ||||||||||||||||
Little People’s Village, LLC dba Little People’s Village | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2036 | 31.1 | 28.7 | 29.5 | 0.02 | % | ||||||||||||||||
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/28/2036 | 113.4 | 104.7 | 107.5 | 0.06 | % | ||||||||||||||||
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/28/2021 | 12.5 | 8.6 | 8.2 | — | % | ||||||||||||||||
Nicholas Dugger dba TNDV: Television LLC. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/24/2021 | 100.8 | 70.5 | 67.3 | 0.04 | % | ||||||||||||||||
Metro Used Cars Inc. dba Metro Auto Center | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 1/14/2027 | 117.6 | 98.5 | 98.6 | 0.06 | % | ||||||||||||||||
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/29/2020 | 7.6 | 5.1 | 4.8 | — | % | ||||||||||||||||
74
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Chickamauga Properties, Inc., MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2035 | 189.5 | 174.9 | 179.6 | 0.11 | % | ||||||||||||||||
Chickamauga Properties, Inc., MSW Enterprises, LLP | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2035 | 74.3 | 68.9 | 70.7 | 0.04 | % | ||||||||||||||||
Marine Container Services, Inc. & Management Consulting Brokerage, Inc | Truck Transportation | Term Loan | Prime plus 2.75% | 12/21/2020 | 50.3 | 33.8 | 33.8 | 0.02 | % | ||||||||||||||||
Shree OM Lodging, LLC dba Royal Inn | Accommodation | Term Loan | Prime plus 2.75% | 12/17/2035 | 27.7 | 25.5 | 26.0 | 0.02 | % | ||||||||||||||||
Svetavots Corporation dba Brightstar Healthcare of Montgomery County | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/13/2020 | 20.5 | 13.8 | 13.1 | 0.01 | % | ||||||||||||||||
Lodin Medical Imaging, LLC dba Watson Imaging Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/1/2020 | 66.4 | 43.5 | 43.4 | 0.03 | % | ||||||||||||||||
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2035 | 34.0 | 31.3 | 32.1 | 0.02 | % | ||||||||||||||||
Justforfungames, Inc. | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/19/2035 | 50.0 | 45.3 | 46.4 | 0.03 | % | ||||||||||||||||
Any Garment Cleaner-East Brunswick, Inc. dba Any Garment Cleaner | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/18/2020 | 42.5 | 23.7 | 23.7 | 0.01 | % | ||||||||||||||||
Lebenthal Holdings, LLC and Lebenthal & Co., LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 11/16/2020 | 200.0 | 133.4 | 127.2 | 0.08 | % | ||||||||||||||||
West Cobb Enterprises, Inc. and Advanced Eye Associates, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/12/2035 | 148.7 | 136.9 | 138.2 | 0.08 | % | ||||||||||||||||
R2 Tape, Inc. dba Presto Tape | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/20/2020 | 224.4 | 148.2 | 147.4 | 0.09 | % | ||||||||||||||||
Lincoln Park Physical Therapy | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/20/2020 | 43.5 | 28.6 | 28.6 | 0.02 | % | ||||||||||||||||
Jade Automotive d/b/a Sears Hometown Store | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 10/6/2035 | 146.6 | 135.0 | 138.6 | 0.08 | % | ||||||||||||||||
Stamford Property Holdings, LLC & Stamford Car Wash, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/4/2035 | 122.5 | 113.2 | 116.2 | 0.07 | % | ||||||||||||||||
Wise Forklift Inc. | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/1/2020 | 296.9 | 190.2 | 190.2 | 0.11 | % | ||||||||||||||||
Elan Realty, LLC and Albert Basse Asociates, Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/30/2035 | 228.2 | 209.1 | 214.5 | 0.13 | % | ||||||||||||||||
K9 Bytes, Inc. & Epazz, Inc. dba K9 Bytes, Inc. | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 9/30/2020 | 18.5 | 12.0 | 11.5 | 0.01 | % | ||||||||||||||||
Success Express, Inc. dba Success Express | Couriers and Messengers | Term Loan | Prime plus 2.75% | 9/29/2020 | 91.8 | 59.6 | 56.8 | 0.03 | % | ||||||||||||||||
Adams & Hancock, LLC dba Brightstar Overland Park & Jordon & Pippen, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2020 | 19.8 | 8.0 | 8.0 | — | % | ||||||||||||||||
75
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Modern Manhattan, LLC | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/20/2020 | 204.0 | 133.1 | 127.6 | 0.08 | % | ||||||||||||||||
Dirk's Trucking, LLC dba Dirk's Trucking | Truck Transportation | Term Loan | Prime plus 2.75% | 9/17/2020 | 17.7 | 11.4 | 11.1 | 0.01 | % | ||||||||||||||||
Newsome Trucking Inc. and Kevin Newsome | Truck Transportation | Term Loan | Prime plus 2.75% | 9/2/2035 | 423.1 | 387.7 | 397.9 | 0.24 | % | ||||||||||||||||
California College of Communications, Inc. | Educational Services | Term Loan | Prime plus 2.75% | 11/2/2020 | 172.5 | 113.9 | 108.6 | 0.07 | % | ||||||||||||||||
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/2/2035 | 50.1 | 45.9 | 47.1 | 0.03 | % | ||||||||||||||||
DDLK Investments, LLC d/b/a Smoothie King | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2020 | 7.5 | 4.5 | 4.5 | — | % | ||||||||||||||||
Kino Oil of Texas, LLC dba Kino Oil | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/27/2020 | 60.0 | 38.5 | 36.7 | 0.02 | % | ||||||||||||||||
Kino Oil of Texas, LLC dba Kino Company | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/27/2035 | 12.0 | 10.8 | 11.1 | 0.01 | % | ||||||||||||||||
Planet Verte, LLC d/b/a Audio Unlimited | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2020 | 40.0 | 25.8 | 24.7 | 0.01 | % | ||||||||||||||||
Sunmar, Inc. dba Creative Cooking | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/19/2035 | 51.7 | 47.4 | 48.6 | 0.03 | % | ||||||||||||||||
Members Only Software | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2020 | 40.3 | 25.7 | 25.1 | 0.02 | % | ||||||||||||||||
New Life Holdings, LLC and Certified Collision Services, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2035 | 76.2 | 68.7 | 69.8 | 0.04 | % | ||||||||||||||||
Quest Logic Investments, LLC dba Dairy Queen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2035 | 105.0 | 95.8 | 98.6 | 0.06 | % | ||||||||||||||||
ActKnowledge, Inc dba ActKnowledge | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/30/2020 | 50.0 | 31.4 | 31.5 | 0.02 | % | ||||||||||||||||
I-90 RV & Auto Supercenter | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/29/2035 | 74.9 | 68.2 | 70.3 | 0.04 | % | ||||||||||||||||
WeaverVentures, Inc. dba The UPS Store | Postal Service | Term Loan | Prime plus 2.75% | 7/28/2020 | 23.8 | 15.1 | 14.7 | 0.01 | % | ||||||||||||||||
Zouk, Ltd. dba Palma | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/25/2020 | 27.5 | 17.7 | 17.7 | 0.01 | % | ||||||||||||||||
CJ Park Inc. dba Kidville Midtown West | Educational Services | Term Loan | Prime plus 2.75% | 6/25/2020 | 26.4 | 13.3 | 12.9 | 0.01 | % | ||||||||||||||||
Emotion in Motion Dance Center Limited Liability Company | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/25/2020 | 5.4 | 2.7 | 2.7 | — | % | ||||||||||||||||
H.H. Leonards Trust and Potomac Fund, LLC | Accommodation | Term Loan | Prime plus 2.75% | 7/23/2020 | 62.0 | 24.0 | 24.0 | 0.01 | % | ||||||||||||||||
B&B Fitness and Barbell, Inc. dba Elevations Health Club | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/22/2035 | 242.1 | 221.5 | 226.4 | 0.14 | % | ||||||||||||||||
76
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Tanner Optical Inc. dba Murphy Eye Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/22/2035 | 94.6 | 86.6 | 88.0 | 0.05 | % | ||||||||||||||||
M & H Pine Straw, Inc. and Harris Maloy | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 7/10/2020 | 67.5 | 42.8 | 42.3 | 0.03 | % | ||||||||||||||||
Excel RP, Inc./Kevin and Joann Foley | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 7/8/2028 | 50.0 | 42.1 | 42.8 | 0.03 | % | ||||||||||||||||
ValleyStar, Inc. dba BrightStar Healthcare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2020 | 7.5 | 4.7 | 4.6 | — | % | ||||||||||||||||
ValleyStar, Inc. dba BrightStar HealthCare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2020 | 0.6 | 3.8 | 3.7 | — | % | ||||||||||||||||
Atlanta Vascular Research Organization, Inc. dba Atlanta Vascular Found | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/6/2020 | 24.3 | 15.6 | 15.6 | 0.01 | % | ||||||||||||||||
Diag, LLC dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 6/21/2020 | 37.5 | 23.1 | 22.5 | 0.01 | % | ||||||||||||||||
Danjam Enterprises, LLC dba Ariel Dental Care | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2035 | 204.0 | 185.2 | 188.7 | 0.11 | % | ||||||||||||||||
M & H Pine Straw, Inc. and Harris L. Maloy | Support Activities for Agriculture and Forestry | Term Loan | 6% | 4/30/2020 | 183.3 | 111.8 | 110.5 | 0.07 | % | ||||||||||||||||
Clearbay Enterprises, Inc. dba First Class Kennels | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/30/2034 | 60.0 | 53.9 | 55.4 | 0.03 | % | ||||||||||||||||
New Economic Methods, LLC dba Rita's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2020 | 24.8 | 1.1 | 1.1 | — | % | ||||||||||||||||
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/26/2020 | 6.3 | 3.8 | 3.7 | — | % | ||||||||||||||||
Marine Container Services, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 4/25/2020 | 142.6 | 76.4 | 76.4 | 0.05 | % | ||||||||||||||||
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/23/2020 | 15.0 | 9.1 | 8.9 | 0.01 | % | ||||||||||||||||
Caring Hands Pediatrics, P.C. dba Caring Hands Pediatrics | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/9/2020 | 14.5 | 8.9 | 8.6 | 0.01 | % | ||||||||||||||||
Vortex Automotive, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/5/2035 | 76.6 | 69.4 | 71.0 | 0.04 | % | ||||||||||||||||
Adams and Hancock, LLC dba BrightStar Overland Park | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2020 | 43.6 | 21.6 | 21.1 | 0.01 | % | ||||||||||||||||
ATC Fitness, LLC dba Around the Clock Fitness | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2019 | 15.0 | 8.0 | 8.0 | — | % | ||||||||||||||||
Lahoba, LLC dba Papa John's Pizza | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/30/2034 | 42.5 | 38.4 | 39.2 | 0.02 | % | ||||||||||||||||
Music Mountain Water Company, LLC dba Music Mountain Water Co. | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 12/29/2019 | 185.4 | 107.6 | 107.7 | 0.06 | % | ||||||||||||||||
Animal Intrusion Prevention Systems Holding Company, LLC | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2024 | 126.5 | 94.9 | 94.4 | 0.06 | % | ||||||||||||||||
77
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Bonet Kidz Inc. dba Kidville | Educational Services | Term Loan | Prime plus 2.75% | 3/16/2020 | 15.5 | 6.4 | 6.3 | — | % | ||||||||||||||||
CMA Consulting dba Construction Management Associates | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/11/2019 | 58.5 | 32.9 | 32.0 | 0.02 | % | ||||||||||||||||
David A. Nusblatt, D.M.D, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/11/2019 | 9.0 | 5.2 | 5.2 | — | % | ||||||||||||||||
KMC RE, LLC & B&B Kennels | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/19/2034 | 58.3 | 52.4 | 53.5 | 0.03 | % | ||||||||||||||||
Demand Printing Solutions, Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/12/2019 | 10.0 | 5.7 | 5.7 | — | % | ||||||||||||||||
Planet Verte, LLC dba Audio Unlimited of Oceanside | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/28/2019 | 57.0 | 32.2 | 31.4 | 0.02 | % | ||||||||||||||||
Demand Printing Solutions, Inc. | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 10/29/2034 | 147.5 | 132.4 | 136.1 | 0.08 | % | ||||||||||||||||
Lebenthal Holdings, LLC and Lebenthal & Co., LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2019 | 500.0 | 53.0 | 52.5 | 0.03 | % | ||||||||||||||||
Supreme Screw Products, Inc. and Misha Migdal | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/17/2019 | 308.2 | 152.5 | 152.5 | 0.09 | % | ||||||||||||||||
Gray Tree Service, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/18/2018 | 50.0 | 23.7 | 23.7 | 0.01 | % | ||||||||||||||||
Healthcare Interventions, Inc. dba Brightstar HealthCare | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/15/2016 | 8.3 | 1.4 | 1.4 | — | % | ||||||||||||||||
Envy Salon & Spa, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/4/2018 | 20.3 | 9.4 | 9.3 | 0.01 | % | ||||||||||||||||
Gourmet to You, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2019 | 12.1 | 5.7 | 5.7 | — | % | ||||||||||||||||
Carnagron, LLC dba GearBling | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 11/1/2018 | 6.9 | 3.1 | 3.1 | — | % | ||||||||||||||||
Grapevine Professional Services, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/22/2019 | 8.2 | 3.8 | 3.7 | — | % | ||||||||||||||||
Inflate World Corporation | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/30/2018 | 7.5 | 2.6 | 2.6 | — | % | ||||||||||||||||
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning | Specialty Trade Contractors | Term Loan | Prime plus 2% | 12/27/2018 | 411.5 | 190.3 | 187.0 | 0.11 | % | ||||||||||||||||
Peter Thomas Roth Labs, LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/26/2018 | 425.0 | 189.0 | 188.5 | 0.11 | % | ||||||||||||||||
Dream Envy, Ltd. d/b/a Massage Envy | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/9/2018 | 88.0 | 39.8 | 39.7 | 0.02 | % | ||||||||||||||||
K & D Family and Associates, Inc. dba Philly Pretzel Factory | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/5/2018 | 81.3 | 35.2 | 35.2 | 0.02 | % | ||||||||||||||||
Seven Stars Enterprises, Inc. dba Atlanta Bread Company | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2018 | 86.3 | 36.0 | 36.0 | 0.02 | % | ||||||||||||||||
78
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
CBA D&A Pope, LLC dba Christian Brothers Automotive | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/14/2018 | 144.9 | 61.5 | 61.3 | 0.04 | % | ||||||||||||||||
Gilbert Chiropractic Clinic, Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/7/2018 | 22.5 | 9.1 | 9.1 | 0.01 | % | ||||||||||||||||
Beer Table, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2018 | 10.5 | 3.7 | 3.7 | — | % | ||||||||||||||||
D & D's Divine Beauty School of Esther, LLC | Educational Services | Term Loan | 6% | 8/1/2031 | 57.7 | 53.9 | 55.4 | 0.03 | % | ||||||||||||||||
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/29/2018 | 9.4 | 3.7 | 3.7 | — | % | ||||||||||||||||
Burks & Sons Development, LLC dba Tropical Smoothie Café | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/22/2018 | 49.8 | 19.6 | 19.7 | 0.01 | % | ||||||||||||||||
Shivsakti, LLC dba Knights Inn | Accommodation | Term Loan | Prime plus 2.75% | 12/20/2032 | 92.5 | 78.9 | 81.2 | 0.05 | % | ||||||||||||||||
Bliss Coffee and Wine Bar, LLC | Food Services and Drinking Places | Term Loan | 6% | 3/19/2018 | 87.5 | 73.0 | 72.8 | 0.04 | % | ||||||||||||||||
Zog Inc. | Other Information Services | Term Loan | 6% | 3/17/2018 | 97.5 | 81.9 | 81.6 | 0.05 | % | ||||||||||||||||
Saan M.Saelee dba Saelee's Delivery Service | Truck Transportation | Term Loan | Prime plus 2.75% | 3/12/2018 | 9.8 | 3.9 | 3.9 | — | % | ||||||||||||||||
A & A Acquisition, Inc. dba A & A International | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 2/15/2018 | 100.0 | 37.7 | 37.7 | 0.02 | % | ||||||||||||||||
Enewhere Custom Canvas, LLC | Textile Product Mills | Term Loan | Prime plus 2.75% | 2/15/2018 | 12.0 | 4.7 | 4.7 | — | % | ||||||||||||||||
All American Printing | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 10/26/2032 | 69.8 | 40.1 | 41.3 | 0.02 | % | ||||||||||||||||
Seo's Paradise Cleaners, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/19/2018 | 9.8 | 3.2 | 3.2 | — | % | ||||||||||||||||
Signs of Fortune, LLC dba FastSigns | Miscellaneous Manufacturing | Term Loan | Prime plus 2.5% | 4/3/2023 | 434.4 | 349.6 | 348.7 | 0.21 | % | ||||||||||||||||
Margab, Inc. dba Smoothie King | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/28/2017 | 44.0 | 16.2 | 16.1 | 0.01 | % | ||||||||||||||||
Ameritocracy, Inc dba Ben and Jerry's | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/18/2017 | 168.8 | 59.7 | 59.7 | 0.04 | % | ||||||||||||||||
RCB Enterprises, Inc. | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/18/2017 | 21.2 | 9.6 | 9.5 | 0.01 | % | ||||||||||||||||
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2017 | 8.5 | 2.4 | 2.4 | — | % | ||||||||||||||||
Parties By Pat, Inc. and Jose M. Martinez Jr. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2017 | 93.1 | 33.4 | 33.2 | 0.02 | % | ||||||||||||||||
Tammy's Bakery, Inc. dba Tammy's Bakery | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/10/2017 | 71.8 | 26.7 | 26.5 | 0.02 | % | ||||||||||||||||
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/28/2017 | 18.6 | 6.6 | 6.6 | — | % | ||||||||||||||||
The Design Shop, LLC | Textile Mills | Term Loan | Prime plus 2.75% | 11/27/2027 | 247.5 | 191.9 | 196.0 | 0.12 | % | ||||||||||||||||
79
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
MJ Mortgage & Tax Services, Inc. | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 11/14/2017 | 6.9 | 2.3 | 2.3 | — | % | ||||||||||||||||
Kings Laundry, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/30/2017 | 64.5 | 23.0 | 23.0 | 0.01 | % | ||||||||||||||||
Quality Engraving Services Inc. and Ian M. Schnaitman | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/17/2017 | 15.0 | 5.3 | 5.3 | — | % | ||||||||||||||||
Flourishing Fruits, LLC dba Edible Arrangements | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/29/2017 | 21.1 | 5.6 | 5.6 | — | % | ||||||||||||||||
Louis B. Smith dba LAQ Funeral Coach | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/15/2017 | 12.6 | 4.3 | 4.3 | — | % | ||||||||||||||||
Flint Batteries, LLC dba Batteries Plus of Flint | General Merchandise Stores | Term Loan | Prime plus 2.75% | 8/29/2017 | 9.0 | 2.6 | 2.6 | — | % | ||||||||||||||||
1911 East Main Street Holdings, Corp. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2032 | 15.8 | 13.3 | 13.7 | 0.01 | % | ||||||||||||||||
Metano IBC Services, Inc. and Stone Brook Leasing, LLC | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/17/2017 | 315.0 | 87.2 | 87.3 | 0.05 | % | ||||||||||||||||
Mala Iyer, MD dba Child and Family Wellness Center | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/11/2017 | 50.0 | 16.8 | 16.8 | 0.01 | % | ||||||||||||||||
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/10/2016 | 61.8 | 11.5 | 11.5 | 0.01 | % | ||||||||||||||||
Twietmeyer Dentistry PA | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2017 | 148.9 | 47.1 | 47.1 | 0.03 | % | ||||||||||||||||
Lynden Evans Clarke, Jr. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2017 | 10.0 | 2.9 | 2.9 | — | % | ||||||||||||||||
Water Works Laundromat, LLC | Personal and Laundry Services | Term Loan | Prime plus 2.25% | 9/7/2027 | 267.3 | 204.5 | 203.0 | 0.12 | % | ||||||||||||||||
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 5/27/2017 | 12.8 | 3.3 | 3.3 | — | % | ||||||||||||||||
Dave Kris, and MDK Ram Corp. | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/5/2026 | 221.0 | 37.6 | 38.3 | 0.02 | % | ||||||||||||||||
Saul A. Ramirez and Norma L. Trujillo | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/31/2017 | 6.0 | 1.6 | 1.6 | — | % | ||||||||||||||||
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/30/2017 | 15.6 | 1.2 | 1.2 | — | % | ||||||||||||||||
No Thirst Software, LLC | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/26/2017 | 6.8 | 1.5 | 1.5 | — | % | ||||||||||||||||
Zeroln Media, LLC | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 4/25/2017 | 7.5 | 2.2 | 2.2 | — | % | ||||||||||||||||
CCIPTA, LLC | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 1/17/2017 | 47.0 | 3.0 | 3.0 | — | % | ||||||||||||||||
Gill Express Inc. dba American Eagle Truck Wash | Repair and Maintenance | Term Loan | Prime plus 2.75% | 1/5/2027 | 286.9 | 213.1 | 217.6 | 0.13 | % | ||||||||||||||||
80
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Kyoshi Enterprises, LLC | Educational Services | Term Loan | Prime plus 2.75% | 12/29/2016 | 22.5 | 5.8 | 5.8 | — | % | ||||||||||||||||
Spain Street, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/29/2017 | 63.0 | 4.5 | 4.5 | — | % | ||||||||||||||||
Aillaud Enterprises, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2017 | 13.8 | 0.9 | 0.9 | — | % | ||||||||||||||||
Nora A. Palma and Julio O Villcas | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2017 | 56.3 | 3.1 | 3.1 | — | % | ||||||||||||||||
Jojan, Inc. | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.25% | 12/18/2031 | 204.8 | 41.0 | 40.7 | 0.02 | % | ||||||||||||||||
Misri Liquors, Inc. | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/18/2016 | 67.5 | 16.7 | 16.7 | 0.01 | % | ||||||||||||||||
Contractors Pumping Service, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/3/2016 | 9.9 | 0.9 | 0.9 | — | % | ||||||||||||||||
Vincent Allen Fleece dba Living Well Accessories and Water Camel | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/1/2016 | 3.8 | 0.8 | 0.8 | — | % | ||||||||||||||||
Houk Enterprises, Inc. d/b/a Max Muscle | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/27/2019 | 46.3 | 8.1 | 8.2 | — | % | ||||||||||||||||
Smooth Grounds, Inc. | Food Services and Drinking Places | Term Loan | 8% | 10/11/2016 | 64.5 | 39.3 | 39.3 | 0.02 | % | ||||||||||||||||
Barr-None Coating Applicators, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/20/2016 | 113.8 | 5.3 | 5.3 | — | % | ||||||||||||||||
Nelson Financial Services, LLC | Scenic and Sightseeing Transportation | Term Loan | Prime plus 2.75% | 9/2/2016 | 57.0 | 3.0 | 3.0 | — | % | ||||||||||||||||
A + Quality Home Health Care, Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/1/2016 | 22.5 | 1.7 | 1.7 | — | % | ||||||||||||||||
Flint Batteries, LLC | General Merchandise Stores | Term Loan | Prime plus 2.75% | 7/21/2016 | 46.9 | 7.9 | 7.9 | — | % | ||||||||||||||||
Tesserah Tile Design, Inc. | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2016 | 7.1 | 1.1 | 1.1 | — | % | ||||||||||||||||
It's A Buffalo | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/26/2016 | 219.8 | 39.6 | 39.6 | 0.02 | % | ||||||||||||||||
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College | Educational Services | Term Loan | Prime plus 2.75% | 5/12/2016 | 16.4 | 3.1 | 3.1 | — | % | ||||||||||||||||
Cocoa Beach Parasail Corp. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/5/2016 | 8.9 | 1.6 | 1.6 | — | % | ||||||||||||||||
Maynard Enterprises, Inc. | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2016 | 22.5 | 1.4 | 1.4 | — | % | ||||||||||||||||
Fran-Car Corporation dba Horizon Landscape Management | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/3/2028 | 407.8 | 179.8 | 184.0 | 0.11 | % | ||||||||||||||||
Head To Toe Personalized Pampering, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/27/2031 | 52.0 | 9.8 | 10.0 | 0.01 | % | ||||||||||||||||
81
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Olympia Fields Eyecare, Ltd. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/12/2016 | 15.0 | 1.9 | 1.9 | — | % | ||||||||||||||||
Spencer Fitness, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/11/2016 | 6.0 | 0.3 | 0.3 | — | % | ||||||||||||||||
Maxwell Place, LLC | Nursing and Residential Care Facilities | Term Loan | 6% | 12/1/2015 | 1,076.8 | 861.1 | 860.1 | 0.52 | % | ||||||||||||||||
Hillside Fence Company, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.25% | 2/1/2020 | 206.5 | 61.5 | 61.2 | 0.04 | % | ||||||||||||||||
The K Dreyer Company | General Merchandise Stores | Term Loan | Prime plus 2.75% | 12/20/2015 | 62.5 | 2.0 | 2.0 | — | % | ||||||||||||||||
Tuan D. Dang, OD, PA | Ambulatory Health Care Services | Term Loan | Prime plus 2.25% | 12/7/2015 | 77.0 | 11.4 | 11.4 | 0.01 | % | ||||||||||||||||
Christopher F. Bohon & Pamela D. Bohon | Social Assistance | Term Loan | Prime plus 2.75% | 10/28/2026 | 14.2 | 3.7 | 3.8 | — | % | ||||||||||||||||
Champion Pest Control Systems, Inc. | Administrative and Support Services | Term Loan | 6% | 10/20/2015 | 39.0 | 4.0 | 4.0 | — | % | ||||||||||||||||
JackRabbit Sports, Inc. | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 10/13/2015 | 125.0 | 14.1 | 14.0 | 0.01 | % | ||||||||||||||||
Polaris Press, LLC | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/29/2015 | 21.5 | 0.7 | 0.7 | — | % | ||||||||||||||||
Shree Om Lodging, LLC dba Royal Inn | Accommodation | Term Loan | Prime plus 2.75% | 5/2/2030 | 333.3 | 67.1 | 68.9 | 0.04 | % | ||||||||||||||||
Jenchad, Inc and Chadjen, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.125% | 4/7/2025 | 462.5 | 55.9 | 55.2 | 0.03 | % | ||||||||||||||||
Pedzik's Pets, LLC | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 3/31/2030 | 53.5 | 9.9 | 10.1 | 0.01 | % | ||||||||||||||||
Nancy Carapelluci & A & M Seasonal Corner Inc. | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/1/2025 | 106.9 | 17.1 | 17.4 | 0.01 | % | ||||||||||||||||
Saralar Corporated dba The UPS Store #5232 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 1/21/2015 | 40.3 | 0.1 | 0.1 | — | % | ||||||||||||||||
Major Queens Body & Fender Corp. | Repair and Maintenance | Term Loan | Prime plus 3.75% | 12/17/2014 | 71.1 | 0.1 | — | — | % | ||||||||||||||||
Moonlight Multi Media Production, Inc. | Other Information Services | Term Loan | 5% | 2/1/2025 | 19.7 | 4.5 | 4.6 | — | % | ||||||||||||||||
McCallister Venture Group, LLC and Maw's Vittles, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2029 | 75.0 | 12.8 | 13.1 | 0.01 | % | ||||||||||||||||
Computer Renaissance dba Dante IT Services, Inc. | Electronics and Appliance Stores | Term Loan | Prime plus 3.75% | 3/1/2018 | 100.0 | 3.8 | 3.9 | — | % | ||||||||||||||||
Prince Co., Inc. | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 1.5% | 3/18/2029 | 187.5 | 31.7 | 30.0 | 0.02 | % | ||||||||||||||||
Chong Hun Im dba Kim's Market | Food and Beverage Stores | Term Loan | Prime plus 2.5% | 2/27/2024 | 80.0 | 11.4 | 11.5 | 0.01 | % | ||||||||||||||||
82
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
H & G Investments, L.C. dba Kwick Kar Josey Lane | Repair and Maintenance | Term Loan | 5% | 12/22/2028 | 317.5 | 92.1 | 88.7 | 0.05 | % | ||||||||||||||||
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/19/2028 | 78.8 | 13.7 | 14.0 | 0.01 | % | ||||||||||||||||
Center-Mark Car Wash, Ltd | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/18/2024 | 221.3 | 33.5 | 34.0 | 0.02 | % | ||||||||||||||||
Shuttle Car Wash, Inc. dba Shuttle Car Wash | Repair and Maintenance | Term Loan | Prime plus 2.25% | 11/10/2028 | 109.8 | 19.1 | 19.0 | 0.01 | % | ||||||||||||||||
Akshar Group, LLC | Accommodation | Term Loan | 6% | 11/5/2028 | 321.3 | 54.2 | 55.6 | 0.03 | % | ||||||||||||||||
Min Hui Lin | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2028 | 134.3 | 19.5 | 20.0 | 0.01 | % | ||||||||||||||||
Delta Partners, LLC dba Delta Carwash | Repair and Maintenance | Term Loan | Prime plus 2.5% | 4/5/2029 | 280.9 | 47.1 | 47.5 | 0.03 | % | ||||||||||||||||
Oz B. Zamir dba Zamir Marble & Granite | Specialty Trade Contractors | Term Loan | Prime plus 2.5% | 8/6/2028 | 54.0 | 9.2 | 9.3 | 0.01 | % | ||||||||||||||||
D & M Seafood, LLC d/b/a Rick's Seafood | Food Manufacturing | Term Loan | Prime plus 2.75% | 10/10/2015 | 400.0 | 1.5 | 1.5 | — | % | ||||||||||||||||
Rama, Inc. dba Staybridge Suites | Accommodation | Term Loan | Prime plus 2% | 4/18/2026 | 750.0 | 445.9 | 437.4 | 0.26 | % | ||||||||||||||||
B & J Manufacturing Corporation and Benson Realty Trust | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2% | 3/30/2021 | 250.0 | 26.2 | 25.9 | 0.02 | % | ||||||||||||||||
RAB Services, Inc. & Professional Floor Installations | Specialty Trade Contractors | Term Loan | Prime plus 2.5% | 1/31/2023 | 62.5 | 8.8 | 8.9 | 0.01 | % | ||||||||||||||||
Taste of Inverness, Inc. dba China Garden | Food Services and Drinking Places | Term Loan | Prime plus 2% | 6/29/2025 | 73.8 | 10.4 | 10.2 | 0.01 | % | ||||||||||||||||
Ralph Werner dba Werner Transmissions | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/29/2021 | 26.6 | 3.1 | 3.1 | — | % | ||||||||||||||||
M. Krishna, Inc. dba Super 8 Motel | Accommodation | Term Loan | Prime plus 2% | 3/20/2025 | 250.0 | 11.1 | 11.0 | 0.01 | % | ||||||||||||||||
OrthoQuest, P.C. | Ambulatory Health Care Services | Term Loan | Prime plus 2% | 3/12/2022 | 56.8 | 6.0 | 5.9 | — | % | ||||||||||||||||
CPN Motel, LLC dba American Motor Lodge | Accommodation | Term Loan | Prime plus 2.25% | 4/30/2024 | 379.0 | 37.1 | 36.9 | 0.02 | % | ||||||||||||||||
Track Side Collision & Tire, Inc. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/16/2025 | 44.8 | 5.7 | 5.8 | — | % | ||||||||||||||||
Duttakrupa, LLC dba Birmingham Motor Court | Accommodation | Term Loan | Prime plus 2.25% | 9/8/2023 | 98.8 | 14.4 | 14.3 | 0.01 | % | ||||||||||||||||
Deesha Corporation, Inc. dba Best Inn & Suites | Accommodation | Term Loan | Prime plus 2.25% | 2/14/2025 | 250.0 | 32.5 | 32.3 | 0.02 | % | ||||||||||||||||
Maruti, Inc. | Accommodation | Term Loan | Prime plus 2.25% | 11/25/2024 | 220.0 | 30.3 | 30.1 | 0.02 | % | ||||||||||||||||
Willington Hills Equestrian Center, LLC | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 10/19/2022 | 85.0 | 13.7 | 13.8 | 0.01 | % | ||||||||||||||||
LABH, Inc. t/a Ramada Ltd. | Accommodation | Term Loan | Prime plus 2.25% | 9/27/2024 | 555.0 | 48.8 | 48.5 | 0.03 | % | ||||||||||||||||
83
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 3/13/2023 | 68.8 | 8.7 | 8.9 | 0.01 | % | ||||||||||||||||
Gain Laxmi, Inc. dba Super 8 Motel | Accommodation | Term Loan | Prime plus 2.25% | 5/31/2023 | 202.5 | 24.9 | 24.8 | 0.01 | % | ||||||||||||||||
Naseeb Corporation | Accommodation | Term Loan | Prime plus 2.25% | 3/31/2024 | 402.5 | 36.2 | 36.0 | 0.02 | % | ||||||||||||||||
La Granja Live Poultry Corp. | Food Manufacturing | Term Loan | Prime plus 2.75% | 8/26/2018 | 54.0 | 3.8 | 3.8 | — | % | ||||||||||||||||
Stillwell Ave Prep School | Social Assistance | Term Loan | Prime plus 2.75% | 1/14/2023 | 72.0 | 8.0 | 8.1 | — | % | ||||||||||||||||
Karis, Inc. | Accommodation | Term Loan | Prime plus 2% | 12/22/2023 | 148.8 | 16.6 | 16.3 | 0.01 | % | ||||||||||||||||
Five Corners, Ltd. | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/11/2019 | 85.0 | 7.4 | 7.5 | — | % | ||||||||||||||||
Mimoza LLC, dba Tally Ho Inn | Food Services and Drinking Places | Term Loan | Prime plus 2.25% | 10/7/2023 | 105.0 | 13.4 | 13.3 | 0.01 | % | ||||||||||||||||
Alyssa Corp dba Knights Inn | Accommodation | Term Loan | Prime plus 2.25% | 9/30/2023 | 350.0 | 46.1 | 45.8 | 0.03 | % | ||||||||||||||||
Bhailal Patel dba New Falls Motel | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2023 | 100.0 | 5.4 | 5.4 | — | % | ||||||||||||||||
Pegasus Automotive, Inc. | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/23/2022 | 112.5 | 13.8 | 14.0 | 0.01 | % | ||||||||||||||||
Delyannis Iron Works | Fabricated Metal Product Manufacturing | Term Loan | 6% | 12/8/2022 | 16.0 | 1.8 | 1.8 | — | % | ||||||||||||||||
P. Agrino, Inc. dba Andover Diner | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/18/2021 | 150.0 | 14.6 | 14.8 | 0.01 | % | ||||||||||||||||
Golden Elevator Co., Inc. | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 1/31/2022 | 50.0 | 2.6 | 2.7 | — | % | ||||||||||||||||
Mohamed Live Poultry Inc. | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 12/6/2021 | 36.8 | 4.0 | 4.0 | — | % | ||||||||||||||||
RJS Service Corporation | Gasoline Stations | Term Loan | Prime plus 2.75% | 8/20/2021 | 79.0 | 8.4 | 8.5 | 0.01 | % | ||||||||||||||||
Chez RuRene Bakery | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/20/2017 | 150.0 | 49.4 | 51.0 | 0.03 | % | ||||||||||||||||
Total SBA Unguaranteed Performing Investments | $ | 144,082.5 | $ | 121,505.9 | $ | 115,175.0 | 69.21 | % | |||||||||||||||||
SBA Unguaranteed Non-Performing Investments (3) | |||||||||||||||||||||||||
United Woodworking, Inc. | Wood Product Manufacturing | Term Loan | 6% | 12/20/2022 | 17.3 | 13.6 | 13.2 | 0.01 | % | ||||||||||||||||
Top Class, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/29/2020 | 4.7 | 3.3 | — | — | % | ||||||||||||||||
Top Class, Inc. | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2016 | 5.0 | 1.3 | 0.4 | — | % | ||||||||||||||||
84
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Tequila Beaches, LLC dba Fresco Restaurant | Food Services and Drinking Places | Term Loan | 6% | 9/16/2021 | 21.0 | 15.8 | 11.8 | 0.01 | % | ||||||||||||||||
* Stormwise South Florida dba Stormwise Shutters | Specialty Trade Contractors | Term Loan | 6% | 11/7/2036 | 427.5 | 412.0 | 347.8 | 0.21 | % | ||||||||||||||||
* Stormwise South Florida dba Stormwise Shutters | Specialty Trade Contractors | Term Loan | 6% | 11/7/2036 | 204.0 | 201.6 | 172.2 | 0.10 | % | ||||||||||||||||
Sheikh M Tariq dba Selbyville Foodrite | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/13/2023 | 63.1 | 48.4 | 36.3 | 0.02 | % | ||||||||||||||||
Shamrock Jewelers, Inc. | Clothing and Clothing Accessories Stores | Term Loan | 6% | 12/14/2016 | 90.5 | 23.6 | 22.8 | 0.01 | % | ||||||||||||||||
Pyramid Real Estate Holdings, LLC dba Hoteps | Food Services and Drinking Places | Term Loan | 6% | 10/7/2022 | 12.7 | 8.9 | 8.8 | 0.01 | % | ||||||||||||||||
Pure Water Innovations, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/6/2016 | 3.4 | 1.0 | 1.0 | — | % | ||||||||||||||||
Professional Systems, LLC and Professional Cleaning | Administrative and Support Services | Term Loan | 6% | 7/30/2020 | 159.4 | 132.1 | 58.4 | 0.04 | % | ||||||||||||||||
Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton | Accommodation | Term Loan | 5% | 10/3/2028 | 54.9 | 38.3 | 18.7 | 0.01 | % | ||||||||||||||||
Our Two Daughters LLC dba Washington's Restaurant | Food Services and Drinking Places | Term Loan | 6% | 6/18/2026 | 225.0 | 170.3 | 13.8 | 0.01 | % | ||||||||||||||||
Morris Glass and Construction | Specialty Trade Contractors | Term Loan | 6% | 3/7/2021 | 49.8 | 44.8 | 0.8 | — | % | ||||||||||||||||
Momentum Medical Group, Inc. | Ambulatory Health Care Services | Term Loan | 8% | 9/30/2015 | 244.2 | 159.7 | 5.0 | — | % | ||||||||||||||||
Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 12/19/2029 | 200.0 | 167.6 | 134.0 | 0.08 | % | ||||||||||||||||
Lucil Chhor dba Baja Fresh #159 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/28/2022 | 49.1 | 30.0 | 15.4 | 0.01 | % | ||||||||||||||||
Las Torres Development, LLC dba Houston Event Centers | Real Estate | Term Loan | Prime plus 2.75% | 8/27/2028 | 405.8 | 391.6 | 378.2 | 0.23 | % | ||||||||||||||||
Lamson and Goodnow Manufacturing Co. and Lamson and Goodnow, LLC | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/28/2037 | 197.1 | 187.0 | 116.1 | 0.07 | % | ||||||||||||||||
Krishna of Orangeburg, Inc. | Accommodation | Term Loan | 6% | 2/20/2032 | 41.8 | 10.3 | 10.0 | 0.01 | % | ||||||||||||||||
J Olson Enterprises LLC and Olson Trucking Direct, Inc. | Truck Transportation | Term Loan | Prime plus 2.75% | 6/28/2025 | 737.6 | 704.5 | 692.4 | 0.42 | % | ||||||||||||||||
Hot Buckles, Inc. | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2018 | 57.6 | 26.9 | 25.9 | 0.02 | % | ||||||||||||||||
Harrelson Materials Management, Inc. | Waste Management and Remediation Services | Term Loan | 6% | 6/24/2021 | 537.5 | 470.0 | 108.1 | 0.06 | % | ||||||||||||||||
Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2023 | 398.0 | 255.7 | 20.4 | 0.01 | % | ||||||||||||||||
Goetzke Chiropractic, Inc. | Ambulatory Health Care Services | Term Loan | 6% | 10/25/2017 | 7.3 | 3.1 | 0.6 | — | % | ||||||||||||||||
Franvest, Inc. dba Texas Hydro-Equipment Co. | Chemical Manufacturing | Term Loan | 6% | 8/23/2018 | 125.0 | 119.3 | 99.5 | 0.06 | % | ||||||||||||||||
Feinman Mechanical, LLC | Specialty Trade Contractors | Term Loan | 6% | 9/28/2028 | 323.0 | 305.2 | 70.6 | 0.04 | % | ||||||||||||||||
85
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
E & I Holdings, LP & PA Farm Products, LLC | Food Manufacturing | Term Loan | 6% | 4/30/2030 | 1,248.8 | 1,238.0 | 481.4 | 0.29 | % | ||||||||||||||||
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown | Support Activities for Transportation | Term Loan | 5% | 12/28/2035 | 145.9 | 144.6 | 53.1 | 0.03 | % | ||||||||||||||||
Dill Street Bar and Grill, Inc. and WO Entertainment, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/27/2027 | 122.9 | 112.3 | 41.7 | 0.03 | % | ||||||||||||||||
Design Video Communciations, Inc. | Professional, Scientific, and Technical Services | Term Loan | 6% | 2/18/2036 | 92.4 | 19.0 | 6.8 | — | % | ||||||||||||||||
D'Elia Auto Repair Inc. dba D'Elia Auto Body | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/26/2023 | 15.0 | 13.9 | 2.2 | — | % | ||||||||||||||||
DC Realty, LLC dba FOGO Data Centers | Professional, Scientific, and Technical Services | Term Loan | 6% | 3/23/2037 | 778.0 | 757.0 | 718.6 | 0.43 | % | ||||||||||||||||
DC Realty, LLC dba FOGO Data Centers | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/23/2022 | 376.0 | 258.5 | 245.4 | 0.15 | % | ||||||||||||||||
Crystal K. Bruens dba Howards Restaurant | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/20/2020 | 6.2 | 2.8 | 2.8 | — | % | ||||||||||||||||
Bamboo Palace, Inc. | Food Services and Drinking Places | Term Loan | 6% | 11/20/2022 | 56.7 | 40.2 | 38.9 | 0.02 | % | ||||||||||||||||
Baker Sales, Inc. d/b/a Baker Sales, Inc. | Nonstore Retailers | Term Loan | 6% | 3/29/2036 | 490.0 | 467.0 | 406.5 | 0.24 | % | ||||||||||||||||
AWA Fabrication & Construction, LLC | Fabricated Metal Product Manufacturing | Term Loan | 6% | 4/30/2025 | 152.2 | 34.8 | 7.2 | — | % | ||||||||||||||||
AUM Estates, LLC and Sculpted Figures Plastic Surgery, Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/12/2023 | 87.5 | 83.7 | — | — | % | ||||||||||||||||
AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/14/2038 | 618.7 | 603.9 | 355.2 | 0.21 | % | ||||||||||||||||
Dr. Francis E. Anders, DVM | Professional, Scientific, and Technical Services | Term Loan | 6% | 8/9/2015 | 4.6 | 1.6 | 1.6 | — | % | ||||||||||||||||
Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/24/2032 | 141.3 | 131.5 | 122.7 | 0.07 | % | ||||||||||||||||
LRCSL, LLC dba Daybreak Fruit and Vegetable Company | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/28/2021 | 75.1 | 53.0 | 32.6 | 0.02 | % | ||||||||||||||||
Harry B Gould dba Lake Athens Marina and Bait Shop | Accommodation | Term Loan | Prime plus 2.75% | 12/28/2025 | 132.9 | 116.2 | 112.3 | 0.07 | % | ||||||||||||||||
* The Alba Financial Group, Inc. | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 11/13/2015 | 16.2 | 8.0 | 7.7 | — | % | ||||||||||||||||
* Milliken and Milliken, Inc. dba Milliken Wholesale Distribution | Merchant Wholesalers, Durable Goods | Term Loan | 6% | 6/10/2036 | 191.0 | 157.1 | 135.3 | 0.08 | % | ||||||||||||||||
* Almeria Marketing 1, Inc. | Personal and Laundry Services | Term Loan | 8% | 10/15/2015 | 10.2 | 5.0 | 4.8 | — | % | ||||||||||||||||
* Whirlwind Car Wash, Inc. | Repair and Maintenance | Term Loan | Prime plus 2% | 4/9/2029 | 31.5 | 24.0 | 20.0 | 0.01 | % | ||||||||||||||||
86
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
* West Experience, Inc., West Mountain Equipment Rental, Inc., Ski West Lodge | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 6/5/2026 | 68.9 | 50.2 | 43.8 | 0.03 | % | ||||||||||||||||
* The Lucky Coyote, LLC | Miscellaneous Manufacturing | Term Loan | 6% | 5/8/2017 | 44.9 | 14.4 | 11.8 | 0.01 | % | ||||||||||||||||
* TechPlayZone, Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 1/27/2016 | 7.6 | 1.0 | 0.9 | — | % | ||||||||||||||||
* Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr. | Furniture and Home Furnishings Stores | Term Loan | 6% | 12/29/2035 | 122.0 | 110.4 | 94.1 | 0.06 | % | ||||||||||||||||
* Robin C. & Charles E. Taylor & Brigantine Aquatic Center, LLC | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 9/14/2023 | 33.1 | 22.8 | 20.1 | 0.01 | % | ||||||||||||||||
* LJ Parker, LLC dba Kwik Kopy Business Center 120 | Administrative and Support Services | Term Loan | 7% | 9/8/2014 | 61.8 | 33.2 | 26.6 | 0.02 | % | ||||||||||||||||
* Integrity Sports Group, LLC | Performing Arts, Spectator Sports, and Related Industries | Term Loan | 6% | 3/6/2018 | 62.1 | 17.3 | 13.4 | 0.01 | % | ||||||||||||||||
* Guzman Group, LLC | Rental and Leasing Services | Term Loan | 6% | 1/30/2016 | 251.7 | 211.7 | 195.1 | 0.12 | % | ||||||||||||||||
* Groundworks Unlimited, LLC | Specialty Trade Contractors | Term Loan | 6% | 12/17/2023 | 116.1 | 97.1 | 85.0 | 0.05 | % | ||||||||||||||||
* Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing | Educational Services | Term Loan | Prime plus 2.75% | 11/16/2016 | 10.3 | 4.0 | 3.5 | — | % | ||||||||||||||||
* Furniture Company, LLC | Furniture and Home Furnishings Stores | Term Loan | 7% | 10/30/2015 | 6.4 | 1.4 | 1.3 | — | % | ||||||||||||||||
* Event Mecca, LLC | Other Information Services | Term Loan | 6% | 4/10/2023 | 14.3 | 13.3 | 8.9 | 0.01 | % | ||||||||||||||||
* E.W. Ventures, Inc. dba Swift Cleaners & Laundry | Personal and Laundry Services | Term Loan | —% | 4/18/2017 | 209.1 | 92.7 | 76.0 | 0.05 | % | ||||||||||||||||
* DUCO Energy Services, a Limited Liability Company | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/20/2023 | 11.8 | 10.8 | 7.3 | — | % | ||||||||||||||||
* David M. Goens dba Superior Auto Paint & Body, Inc. | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/26/2024 | 11.5 | 6.6 | 6.0 | — | % | ||||||||||||||||
* CCS, Services, Inc. | Administrative and Support Services | Term Loan | 6% | 2/28/2015 | 2.3 | 0.1 | 0.1 | — | % | ||||||||||||||||
* Camilles of Washington Inc. | Food Services and Drinking Places | Term Loan | 6% | 10/28/2015 | 16.4 | 1.5 | 1.5 | — | % | ||||||||||||||||
* Bwms Management, LLC | Food Services and Drinking Places | Term Loan | 6% | 7/7/2027 | 109.1 | 82.5 | 66.4 | 0.04 | % | ||||||||||||||||
* BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/22/2026 | 506.9 | 418.3 | 333.1 | 0.20 | % | ||||||||||||||||
* Barnum Printing & Publishing, Co. | Printing and Related Support Activities | Term Loan | 6% | 7/29/2015 | 44.7 | 11.9 | 11.7 | 0.01 | % | ||||||||||||||||
* Auto Sales, Inc. | Motor Vehicle and Parts Dealers | Term Loan | 6% | 8/17/2023 | 13.9 | 6.7 | 6.2 | — | % | ||||||||||||||||
* Anmor Machining Company, LLC dba Anmor Machining Company | Fabricated Metal Product Manufacturing | Term Loan | 6% | 11/18/2026 | 192.5 | 146.5 | 110.5 | 0.07 | % | ||||||||||||||||
87
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
KroBro Inc. d/b/a Village Coffee | Food Services and Drinking Places | Term Loan | 6% | 3/12/2020 | 200.0 | 10.0 | — | — | % | ||||||||||||||||
Konversashens Coffee LLC | Food Services and Drinking Places | Term Loan | 6% | 6/28/2016 | 64.4 | 4.9 | — | — | % | ||||||||||||||||
Total SBA Unguaranteed Non-Performing Investments | $ | 11,637.2 | $ | 9,587.3 | $ | 6,302.3 | 3.79 | % | |||||||||||||||||
Total SBA Unguaranteed Investments | $ | 155,719.7 | $ | 131,093.2 | $ | 121,477.3 | 73.00 | % | |||||||||||||||||
SBA Guaranteed Performing Investments (4) | |||||||||||||||||||||||||
BS Ventures, LLC dba Dink's Market | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/19/2039 | 161.3 | 161.3 | 182.9 | 0.11 | % | ||||||||||||||||
M & MM Management | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/19/2025 | 138.8 | 138.8 | 155.0 | 0.09 | % | ||||||||||||||||
The Jeweler's Inc. | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/19/2024 | 3,750.0 | 3,750.0 | 4,157.8 | 2.50 | % | ||||||||||||||||
Will Zak Management, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2024 | 146.3 | 146.3 | 163.3 | 0.10 | % | ||||||||||||||||
Winter Ventures, Inc. | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/23/2024 | 1,404.9 | 1,404.9 | 1,564.7 | 0.94 | % | ||||||||||||||||
Atlantis of Daytona, LLC | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/23/2039 | 720.0 | 720.0 | 816.3 | 0.49 | % | ||||||||||||||||
Thermoplastic Services, Inc. | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2039 | 4,500.0 | 4,500.0 | 5,060.5 | 3.04 | % | ||||||||||||||||
The Lodin Group, LLC and Lodin Health | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/23/2039 | 1,590.8 | 1,590.8 | 1,797.6 | 1.08 | % | ||||||||||||||||
Bowlerama Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2039 | 3,607.5 | 3,607.5 | 4,058.4 | 2.44 | % | ||||||||||||||||
Beale Street Blues Company | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/22/2024 | 562.5 | 562.5 | 628.2 | 0.38 | % | ||||||||||||||||
Bear Creek Entertainment, LLC dba The Woods at Bear Creek | Accommodation | Term Loan | Prime plus 2.75% | 12/30/2024 | 318.8 | 318.8 | 361.6 | 0.22 | % | ||||||||||||||||
Evans & Paul, LLC | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2024 | 671.3 | 671.3 | 749.6 | 0.45 | % | ||||||||||||||||
B & W Towing, LLC & Boychuck's Fuel, LLC | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2039 | 493.5 | 493.5 | 559.9 | 0.34 | % | ||||||||||||||||
Grand Blanc Lanes, Inc. | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/31/2039 | 399.0 | 399.0 | 452.7 | 0.27 | % | ||||||||||||||||
Homegrown for Good, LLC | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 11/26/2024 | 2,070.0 | 2,070.0 | 2,297.1 | 1.38 | % | ||||||||||||||||
88
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Lake Area Autosound, LLC | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 7/28/2039 | 375.0 | 375.0 | 425.4 | 0.26 | % | ||||||||||||||||
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2039 | 962.3 | 965.3 | 1,084.6 | 0.65 | % | ||||||||||||||||
Meridian Hotels, LLC | Accommodation | Term Loan | Prime plus 2.75% | 11/25/2039 | 684.0 | 684.0 | 776.0 | 0.47 | % | ||||||||||||||||
Carolina Flicks dba The Howell Theatre | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/23/2032 | 489.8 | 489.8 | 538.7 | 0.32 | % | ||||||||||||||||
Kiddie Steps for You, Inc. | Social Assistance | Term Loan | Prime plus 2.75% | 9/25/2038 | 267.8 | 254.8 | 286.7 | 0.17 | % | ||||||||||||||||
401 JJS Corp. and G Randazzo Trattoria Corp. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/23/2039 | 1,136.3 | 1,136.3 | 1,285.4 | 0.77 | % | ||||||||||||||||
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2039 | 736.5 | 484.8 | 545.7 | 0.33 | % | ||||||||||||||||
Miss Cranston Diner II, LLC | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2039 | 273.8 | 273.8 | 308.8 | 0.19 | % | ||||||||||||||||
Wildwood Tavern dba Tavern Properties | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2039 | 1,275.0 | 936.0 | 1,058.9 | 0.64 | % | ||||||||||||||||
iFood, Inc. | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 1,137.3 | 871.6 | 973.4 | 0.58 | % | ||||||||||||||||
Alpha Prepatory Academy, LLC | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2039 | 435.7 | 327.7 | 371.8 | 0.22 | % | ||||||||||||||||
GPG Real Estate Holdings, LLC | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/3/2024 | 487.5 | 121.6 | 137.9 | 0.08 | % | ||||||||||||||||
First Prevention & Dialysis Center, LLC | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2024 | 714.8 | 234.2 | 261.5 | 0.16 | % | ||||||||||||||||
The Red Pill Management, Inc. | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 11/26/2024 | 162.8 | 86.1 | 96.2 | 0.06 | % | ||||||||||||||||
DC Real, LLC and DC Enterprises LTD | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/20/2039 | 358.1 | 281.7 | 329.5 | 0.20 | % | ||||||||||||||||
Total SBA Guaranteed Performing Investments | $ | 30,031.4 | $ | 28,057.4 | $ | 31,486.1 | 18.92 | % | |||||||||||||||||
Total SBA Unguaranteed and Guaranteed Investments | $ | 185,751.1 | $ | 159,150.6 | $ | 152,963.4 | 91.92 | % | |||||||||||||||||
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
Controlled Investments (5) | |||||||||||||||||||||||||
Advanced Cyber Security Systems, LLC (6) (13) | Data processing, hosting and related services. | 50% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 3 | % | December 2014 | 1,120.0 | 381.0 | — | — | % | |||||||||||||||||
* Automated Merchant Services, Inc. (7) (13) | Data processing, hosting and related services. | 100% Common Stock | — | % | — | — | — | — | — | % | |||||||||||||||
89
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
* Business Connect, LLC (8) (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 10 | % | December 2015 | — | — | — | — | % | |||||||||||||||||
* CCC Real Estate Holdings Co., LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
CDS Business Services, Inc. (9) (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | 496.0 | 0.30 | % | |||||||||||||||
Term Loan | 1 | % | Various maturities through August 2016 | 4,228.0 | 4,228.0 | 1,483.0 | 0.89 | % | |||||||||||||||||
CrystalTech Web Hosting, Inc. | Data processing, hosting and related services. | 100% Common Stock | — | % | — | — | 9,256.0 | 21,500.0 | 12.92 | % | |||||||||||||||
* OnLAN, LLC (15) (17) | Professional, Scientific, and Technical Services | 49% Membership Interests | — | % | — | — | 800.0 | — | — | % | |||||||||||||||
* Exponential Business Development Co. Inc. (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | — | — | % | |||||||||||||||
* Bankcard Alliance of Alabama, LLC (10) (13) | Data processing, hosting and related services. | 95% Membership Interests | — | % | — | — | — | — | — | % | |||||||||||||||
* Fortress Data Management, LLC (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Newtek Insurance Agency, LLC (13) | Insurance Carriers and Related Activities | 100% Membership Interests | — | % | — | — | — | 2,300.0 | 1.38 | % | |||||||||||||||
PMTWorks Payroll, LLC (11) (13) | Data processing, hosting and related services. | 80% Membership Interests | — | % | — | — | — | 920.0 | 0.55 | % | |||||||||||||||
Term Loan | 12 | % | August 2015 | 935.0 | 935.0 | — | — | % | |||||||||||||||||
Secure CyberGateway Services, LLC (12) (13) | Data processing, hosting and related services. | 66.7% Membership Interests | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 7 | % | December 2016 | 2,400.0 | 2,400.0 | 2,400.0 | 1.44 | % | |||||||||||||||||
Small Business Lending, Inc. (13) | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | — | % | — | — | — | 2,900.0 | 1.74 | % | |||||||||||||||
* Summit Systems and Designs, LLC (8) (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Term Loan | 10 | % | December 2007 | — | — | — | — | % | |||||||||||||||||
90
Portfolio Company | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||
* Texas Whitestone Group, LLC | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | — | % | — | — | 65.0 | — | — | % | |||||||||||||||
Universal Processing Services of Wisconsin, LLC (13) | Data processing, hosting and related services. | 100% Membership Interest | — | % | — | — | — | 45,500.0 | 27.34 | % | |||||||||||||||
* Where Eagles Fly, LLC (13) (14) | Theatrical productions | 95% Membership Interest | — | % | — | — | — | — | — | % | |||||||||||||||
Total Controlled Investments | $ | 8,683.0 | $ | 18,065.0 | $ | 77,499.0 | 46.57 | % | |||||||||||||||||
Investment in Money Market Funds | $ | — | $ | 3,000.0 | $ | 3,000.0 | 1.80 | % | |||||||||||||||||
Total Investments | $ | 194,434.1 | $ | 180,215.6 | $ | 233,462.4 | 140.29 | % | |||||||||||||||||
* Denotes non-income producing security.
(1) Newtek values each SBA 7(a) performing unguaranteed loan using a discounted cash flow analysis which projects future cash flows and incorporates projections for loan pre-payments and loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on loan age. The recovery assumption for each loan is specific to the discounted valuation of the collateral supporting that loan. Each loan's cash flow is discounted at a rate which approximates a market yield. The loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of December 31, 2014.
(3) Newtek values SBA 7(a) non-performing loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4) Newtek values guaranteed SBA 7(a) performing loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells into this secondary market. Guaranteed portions, partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company.
(6) 100% wholly-owned by Exponential of New York, LLC.
(7) 95% owned by Wilshire Partners, LLC., 5% owned by non-affiliate.
(8) 100% owned by Wilshire Texas Partners I, LLC.
(9) 49.482% owned by Wilshire New York Partners IV, LLC, 24.611% owned by Exponential of New York, LLC and 25.907% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC., 5% owned by non-affiliate.
(11) 80% owned by Wilshire New York Partners IV, LLC, 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC, 33.3% owned by non-affiliate.
(13) Zero cost basis is reflected, as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(14) 95% owned by Wilshire DC Partners, LLC, 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC, 51% owned by non-affiliate
(16) All of the Company's investments are in entities which are organized under the laws of the United States and have a principal place of business in the United States.
(17) Denotes a non-controlled entity.
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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:
On November 12, 2014, Newtek Business Services, Inc. merged with and into Newtek Business Services Corp. ("NBS”), a newly-formed Maryland corporation, for the purpose of reincorporating in Maryland (the “Merger”), and thereafter filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended ("1940 Act"). This transaction is referred to as the “Conversion” or “BDC Conversion”. All subsidiaries and controlled portfolio companies became the property of Newtek Business Services Corp. as part of the Merger. Except as otherwise noted, the terms “we,” “us,” “our,” “Company” and “Newtek” refer to Newtek Business Services, Inc. prior to the Conversion and its successor, Newtek Business Services Corp. following the Conversion.
Description of Business and Basis of Presentation for the Six Months Ended June 30, 2014 (Prior to BDC Conversion)
Prior to the Conversion, Newtek Business Services, Inc. was a holding company for several wholly and majority-owned subsidiaries, including twelve certified capital companies which are referred to as Capcos, and several portfolio companies in which the Capcos own non-controlling or minority interests. The Company provides a “one-stop-shop” for business services to the small and medium-sized business market and uses state of the art web-based proprietary technology to be a low cost acquirer and provider of products and services. The Company partners with companies, credit unions, and associations to offer its services.
The Company’s principal business segments were:
Electronic Payment Processing: Marketing third party credit card processing and check approval services to the small and medium-sized business market under the name of Newtek Merchant Solutions.
Managed Technology Solutions: CrystalTech Web Hosting, Inc., d/b/a Newtek Technology Services (“NTS”), offers shared and dedicated web hosting, data storage and backup services, cloud computing plans and related services to the small and medium-sized business market.
Small Business Finance: The segment was comprised of Small Business Lending, Inc., (“SBL”) a lender service provider for third-parties that primarily services government guaranteed U.S. Small Business Administration (“SBA”) loans and non-SBA loans; Newtek Small Business Finance, LLC (“NSBF”), a nationally licensed, SBA lender that originates, sells and services loans to qualifying small businesses, which are partially guaranteed by the SBA, and CDS Business Services, Inc. d/b/a Newtek Business Credit (“NBC”) which provides receivable financing and management services.
All Other: Businesses formed from investments made through Capco programs and others which could not be aggregated with other operating segments, including insurance and payroll processing.
Corporate Activities: Corporate implements business strategy, directs marketing, provides technology oversight and guidance, coordinates and integrates activities of the segments, contracts with alliance partners, acquires customer opportunities, and owns our proprietary NewTracker® referral system. This segment includes revenue and expenses not allocated to other segments, including interest income, Capco management fee income and corporate operations expenses.
Capco: Twelve certified capital companies which invest in small and medium-sized businesses. They generate non-cash income from tax credits and non-cash interest expense and insurance expenses in addition to cash management fees.
The condensed consolidated financial statements of Newtek Business Services Corp., its subsidiaries and consolidated entities have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all wholly and majority-owned subsidiaries, and several portfolio companies in which the Capcos own non-controlling interest, or those variable interest entities of which Newtek is considered to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Non-controlling interests are reported below net income (loss) under the heading “Net loss attributable to non-controlling interests” in the unaudited condensed consolidated statements of income prior to the BDC Conversion.
Description of Business and Basis of Presentation for the Six Months Ended June 30, 2015 (Post BDC Conversion)
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Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed-end investment company. The Company's investment strategy is to maximize the investment portfolio's return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.
The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:
• | Newtek Small Business Finance, LLC |
• | The Whitestone Group, LLC |
• | Wilshire Alabama Partners, LLC |
• | Wilshire Colorado Partners, LLC |
• | Wilshire DC Partners, LLC |
• | Wilshire Holdings I, Inc. |
• | Wilshire Holdings II, Inc. |
• | Wilshire Louisiana Bidco, LLC |
• | Wilshire Louisiana Partners II, LLC |
• | Wilshire Louisiana Partners III, LLC |
• | Wilshire Louisiana Partners IV, LLC |
• | Wilshire New York Advisers II, LLC |
• | Wilshire New York Partners III, LLC |
• | Wilshire New York Partners IV, LLC |
• | Wilshire New York Partners V, LLC |
• | Wilshire Partners, LLC |
• | Wilshire Texas Partners, LLC |
• | CCC Real Estate Holdings Co., LLC |
• | The Texas Whitestone Group, LLC |
• | Newtek Business Services Holdco 1, Inc. |
In addition to the wholly owned entities consolidated above, Exponential of New York, LLC is consolidated as the Company is determined to be the primary beneficiary.
The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s 2014 Annual Report on Form 10-K. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2014 consolidated balance sheet has been derived from the audited financial statements as of
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that date. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
All financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value
The Company applies fair value to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.
Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.
Consolidation
As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.
Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts, and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2015, cash deposits in excess of FDIC deposit insurance and Securities Investor Protection Corporation (“SIPC”) insurance totaled approximately $8,714,000.
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Restricted Cash
Restricted cash includes cash collateral relating to a letter of credit; monies due on SBA loan-related remittances due to third parties; and cash reserves associated with securitization transactions.
Broker Receivable
Broker receivable represents amounts due from third parties for investments which have been traded at period end but have not yet settled.
Income Taxes
The Company will elect to be treated as a regulated investment company (“RIC”) beginning with the 2015 tax year under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and will operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, among other things, the Company will be required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders.
As a result of the Company’s conversion to a BDC and its intention to elect RIC status when it files its 2015 tax return, the Company reversed the balance of its deferred tax asset as of December 31, 2014, through additional paid-in capital on January 1, 2015.
Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended June 30, 2015, no U.S. federal excise taxes were accrued.
Dividends and Distributions
Dividends and distributions to the Company's common stockholders are recorded on the record date. The timing and amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
Investment Income
Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income or return of capital.
We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned daily and recorded when earned. Servicing income is earned for the full term of the loan or until the loan is repaid.
We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as "one time" fees in connection with the origination of new debt investments with non-affiliates.
Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or
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losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.
New Accounting Standards
In May 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The update changes the requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and make a separate disclosure. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect this guidance to have a material impact on our condensed consolidated financial statements and disclosures.
In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to its condensed consolidated financial statements and disclosures.
Segments
As a BDC, the Company has determined that it has a single reporting segment and operating unit structure. The Company lends to and makes investments in portfolio companies in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation.
NOTE 3—INVESTMENTS:
Investments, all of which are with portfolio companies in the United States, consisted of the following at:
June 30, 2015 | December 31, 2014 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Money market funds | $ | 226 | $ | 226 | $ | 3,000 | $ | 3,000 | ||||||||
Non-affiliate debt investments | 149,907 | 139,445 | 159,151 | 152,963 | ||||||||||||
Controlled investments | ||||||||||||||||
Equity | 11,372 | 84,818 | 10,120 | 73,616 | ||||||||||||
Debt | 1,800 | 1,800 | 7,944 | 3,883 | ||||||||||||
Total investments | $ | 163,305 | $ | 226,289 | $ | 180,215 | $ | 233,462 | ||||||||
The following table shows the Company's portfolio investments by industry at June 30, 2015 and December 31, 2014:
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June 30, 2015 | December 31, 2014 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Data processing, hosting and related services. | $ | 12,829 | $ | 74,592 | $ | 13,772 | $ | 70,322 | ||||||||
Food Services and Drinking Establishments | 13,419 | 12,171 | 15,816 | 15,442 | ||||||||||||
Amusement, Gambling, and Recreation Industries | 10,147 | 9,909 | 13,495 | 13,621 | ||||||||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 802 | 10,959 | 5,278 | 5,771 | ||||||||||||
Plastics and Rubber Products Manufacturing | 3,121 | 3,035 | 7,690 | 8,120 | ||||||||||||
Accommodation | 6,631 | 6,423 | 7,240 | 7,240 | ||||||||||||
Repair and Maintenance | 8,774 | 8,368 | 7,250 | 7,023 | ||||||||||||
Clothing and Clothing Accessories Stores | 2,680 | 2,385 | 6,709 | 6,958 | ||||||||||||
Ambulatory Health Care Services | 6,685 | 5,893 | 6,777 | 6,225 | ||||||||||||
Truck Transportation | 5,931 | 5,596 | 5,621 | 5,494 | ||||||||||||
Specialty Trade Contractors | 7,831 | 6,723 | 6,298 | 5,414 | ||||||||||||
Fabricated Metal Product Manufacturing | 5,195 | 4,823 | 5,627 | 5,258 | ||||||||||||
Professional, Scientific, and Technical Services | 6,385 | 5,205 | 5,438 | 4,939 | ||||||||||||
Food Manufacturing | 5,625 | 4,686 | 4,757 | 3,793 | ||||||||||||
Motor Vehicle and Parts Dealers | 3,622 | 3,574 | 3,759 | 3,755 | ||||||||||||
Merchant Wholesalers, Durable Goods | 3,448 | 3,306 | 3,763 | 3,729 | ||||||||||||
Gasoline Stations | 3,368 | 3,233 | 3,895 | 3,727 | ||||||||||||
Insurance Carriers and Related Activities | 1,675 | 3,912 | 1,417 | 3,622 | ||||||||||||
Social Assistance | 3,124 | 2,955 | 3,537 | 3,474 | ||||||||||||
Nonstore Retailers | 2,322 | 2,012 | 2,878 | 2,923 | ||||||||||||
Personal and Laundry Services | 2,949 | 2,831 | 2,759 | 2,609 | ||||||||||||
Apparel Manufacturing | 314 | 276 | 2,330 | 2,528 | ||||||||||||
Merchant Wholesalers, Nondurable Goods | 3,218 | 3,136 | 2,541 | 2,459 | ||||||||||||
Administrative and Support Services | 2,514 | 2,254 | 2,663 | 2,400 | ||||||||||||
Other | 40,470 | 37,806 | 35,905 | 33,616 | ||||||||||||
Total | $ | 163,079 | $ | 226,063 | $ | 177,215 | $ | 230,462 | ||||||||
NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES:
An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled companies for the six months ended June 30, 2015 were as follows:
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Portfolio Company | Fair Value at December 31, 2014 | Purchases (cost) | Principal received (cost) | Net realized gains/(losses) | Net unrealized gains/(losses) | Fair Value at June 30, 2015 | Interest and other income | Dividend income | ||||||||||||||||||||||||
Controlled Investments | ||||||||||||||||||||||||||||||||
Small Business Lending, Inc. | $ | 2,900 | $ | — | $ | — | $ | — | $ | 5,350 | $ | 8,250 | $ | — | $ | 148 | ||||||||||||||||
PMTWorks Payroll, LLC | 920 | — | — | — | — | 920 | 52 | — | ||||||||||||||||||||||||
Universal Processing Services of Wisconsin, LLC | 45,500 | — | — | — | 4,739 | 50,239 | 5 | 2,300 | ||||||||||||||||||||||||
CrystalTech Web Hosting, Inc | 21,500 | — | — | — | (370 | ) | 21,130 | — | 400 | |||||||||||||||||||||||
CDS Business Services, Inc. (1) | 1,979 | 200 | — | — | (200 | ) | 1,979 | 7 | — | |||||||||||||||||||||||
Advanced Cyber Security Systems, LLC | — | — | — | — | — | — | 14 | — | ||||||||||||||||||||||||
Secure CyberGateway Services, LLC | 2,400 | — | (600 | ) | — | — | 1,800 | 75 | 26 | |||||||||||||||||||||||
Business Connect, LLC | — | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||
Total Controlled Investments | $ | 75,199 | $ | 200 | $ | (600 | ) | $ | — | $ | 9,519 | $ | 84,318 | $ | 156 | $ | 2,874 | |||||||||||||||
(1) During the quarter ended June 30, 2015, the Company converted all of its debt investments in CDS Business Services, Inc. to equity.
The table above includes only those controlled investments for which the Company had transactions for the six months ended June 30, 2015.
In addition to the transactions above, the Company incurs expenses from certain controlled portfolio companies. For the three months ended June 30, 2015, the Company incurred $144,000 in managed technology services, $62,000 in loan processing and closing expenses, and $6,000 in payroll processing fees from certain of its controlled portfolio companies. For the six months ended June 30, 2015, the Company incurred $289,000 in managed technology services, $186,000 loan processing and closing expenses, and $11,000 in payroll processing fees from certain of its controlled portfolio companies. For the three and six months ended June 30, 2015, the Company earned $33,000 in consulting fee income from certain controlled portfolio companies. Amounts due from and due to related parties are $3,992,000 and $3,204,000, respectively at June 30, 2015.
The Company allocates portions of salaries for management and certain other employees that perform services for certain controlled portfolio companies. Amounts are allocated based on estimates of time and effort spent by certain employees performing services for certain controlled portfolio companies. Allocations are generally recorded on a quarterly basis and are recurring in nature. Amounts allocated for the three and six months ended June 30, 2015 were $475,000 and $940,000, respectively. No amounts were allocated for the three and six months ended June 30, 2014 as the controlled portfolio companies were consolidated subsidiaries.
NOTE 5—SERVICING ASSETS:
For the three months ended June 30, 2015 and 2014, servicing fees received on the Company’s SBA non-affiliate investments totaled $1,068,000 and $915,000, respectively. For the six months ended June 30, 2015 and 2014, servicing fees received on the Company’s SBA non-affiliate investments totaled $2,111,000 and $1,746,000, respectively. The total servicing fee income recognized for loans serviced for others for the three and six months ended June 30, 2014 was $1,743,000 and $3,537,000. As a result of the BDC Conversion, no servicing fee income was recognized for loans serviced for others for the three and six months ended June 30, 2015. This revenue, which was previously included in consolidated results prior to the BDC Conversion, is recognized and earned by one of the Company's controlled portfolio companies, Small Business Lending, Inc.
The estimated fair values of capitalized servicing assets were $11,275,000 and $9,483,000 at June 30, 2015 and December 31, 2014, respectively. Inherent risks related to the fair value of servicing assets include prepayment and default risks. An increase in either of these factors could have a negative impact on the fair value of servicing assets on the condensed consolidated statement of assets and liabilities. Additionally, a decrease in servicing spread would also have a negative impact on the fair value of servicing assets.
The estimated fair value of servicing assets at June 30, 2015 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.57%, prepayment speed of 19%, and an average cumulative default rate of 25%. The estimated fair value of servicing assets at December 31, 2014 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.58%, prepayment speed of 19%, and an average cumulative default rate of 25%. Changes in the fair value of
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servicing assets are included on the condensed consolidated statements of operations under the caption "net unrealized depreciation on servicing assets."
NOTE 6—FAIR VALUE MEASUREMENTS:
In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, Management uses various valuation approaches, all of which have been approved by the Company's Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:
Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. | |
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. | |
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts. | |
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended June 30, 2015 and 2014. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for
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determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2015 and December 31, 2014:
Fair Value Measurements at June 30, 2015 Using: | |||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||||||||
Assets | |||||||||||||||||||
Investments in money markets funds | $ | 226 | $ | 226 | $ | — | $ | — | $ | — | |||||||||
Credits in lieu of cash | 1,542 | — | 1,542 | — | 2 | ||||||||||||||
SBA unguaranteed investments | 136,924 | — | — | 136,924 | (10,734 | ) | |||||||||||||
SBA guaranteed investments | 2,521 | — | 2,521 | — | 274 | ||||||||||||||
Controlled investments | 86,618 | — | — | 86,618 | 9,519 | ||||||||||||||
Servicing assets | 11,275 | — | — | 11,275 | 228 | ||||||||||||||
Total assets | $ | 239,106 | $ | 226 | $ | 4,063 | $ | 234,817 | $ | (711 | ) | ||||||||
Liabilities | |||||||||||||||||||
Notes payable in credits in lieu of cash | $ | 1,542 | $ | — | $ | 1,542 | $ | — | $ | — | |||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||||||||
Assets | |||||||||||||||||||
Investments in money markets funds | $ | 3,000 | $ | 3,000 | $ | — | $ | — | $ | — | |||||||||
Credits in lieu of cash | 2,229 | — | 2,229 | — | (13 | ) | |||||||||||||
SBA unguaranteed investments | 121,477 | — | — | 121,477 | (9,605 | ) | |||||||||||||
SBA guaranteed investments | 31,486 | — | 31,486 | — | 3,429 | ||||||||||||||
Controlled investments | 77,499 | — | — | 77,499 | — | ||||||||||||||
Servicing assets | 9,483 | — | — | 9,483 | (120 | ) | |||||||||||||
Total assets | $ | 245,174 | $ | 3,000 | $ | 33,715 | $ | 208,459 | $ | (6,309 | ) | ||||||||
Liabilities | |||||||||||||||||||
Notes payable in credits in lieu of cash | $ | 2,229 | $ | — | $ | 2,229 | $ | — | $ | 5 | |||||||||
The following table presents the changes in investments and other assets measured at fair value using Level 3 inputs for the six months ended June 30, 2015:
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Six Months Ended June 30, 2015 | |||||||||||
SBA Unguaranteed Investments | Controlled Investments | Servicing Assets | |||||||||
Fair value, beginning of period | $ | 121,477 | $ | 77,499 | $ | 9,483 | |||||
Net change in unrealized appreciation (depreciation) | (1,136 | ) | 9,519 | (612 | ) | ||||||
Realized loss | (400 | ) | — | — | |||||||
SBA unguaranteed non-affiliate investments, originated | 24,441 | — | — | ||||||||
Foreclosed real estate acquired | (713 | ) | — | — | |||||||
Funding of controlled investments | — | 200 | — | ||||||||
Purchase of loan from SBA | 703 | — | — | ||||||||
Principal payments received | (7,448 | ) | (600 | ) | — | ||||||
Additions to servicing assets | — | — | 2,404 | ||||||||
Fair value, end of period | $ | 136,924 | $ | 86,618 | $ | 11,275 | |||||
In June 2015, two controlled portfolio companies, Universal Processing Services of Wisconsin, LLC ("UPS") and CrystalTech Web Hosting, Inc. ("NTS"), closed a $38,000,000 term loan facility with Goldman Sachs Bank USA. UPS and NTS drew $20,000,000 at close, of which $19,119,000 of the proceeds were sent to the Company and recorded as a note payable to related parties by the Company.
The following table presents changes in SBA Unguaranteed Investments measured at fair value using Level 3 inputs for the six months ended June 30, 2014:
Six months ended June 30, 2014 | |||
Fair value, beginning of period | $ | 78,951 | |
Realized loss | (1,003 | ) | |
SBA unguaranteed investments, originated | 21,128 | ||
Proceeds from principal payments | (4,348 | ) | |
Fair value, end of period | $ | 94,728 | |
Prior to the Company's conversion to a BDC, the Company did not account for its controlled investments and servicing assets at fair value.
The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2015 and December 31, 2014. In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2015 and December 31, 2014.
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Range | |||||||||||||||||
Fair Value as of June 30, 2015 | Valuation Techniques | Unobservable Input | Weighted Average | Minimum | Maximum | ||||||||||||
Assets: | |||||||||||||||||
Performing SBA Unguaranteed Investments | $ | 131,803 | Discounted cash flow | Market yields | 5.38 | % | 5.38 | % | 5.38 | % | |||||||
Non-Performing SBA Unguaranteed Investments | $ | 5,121 | Discounted cash flow | Market yields | 8.50 | % | 8.50 | % | 8.50 | % | |||||||
Controlled Investments (A) | $ | 86,618 | Market comparable companies | EBITDA multiples | 5.60x | 3.00x | 6.20x | ||||||||||
Market comparable companies | Revenue multiples | 0.83x | 0.50x | 3.00x | |||||||||||||
Discounted cash flow | Weighted average cost of capital | 12.90 | % | 12.00 | % | 16.50 | % | ||||||||||
Discounted cash flow | Market yields | 5.38 | % | 5.38 | % | 5.38 | % | ||||||||||
Servicing Assets | $ | 11,275 | Discounted cash flow | Market yields | 11.57 | % | 11.57 | % | 11.57 | % | |||||||
(A) In determining the fair value of the Company's controlled investments as of June 30, 2015, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 55.8% and 44.2%, respectively, on a weighted average basis. Includes $12,029,000 of equity interests and debt investments valued using discounted cash flows. Includes $74,589,000 of equity interests valued using a combination of discounted cash flows and market comparable companies.
Range | |||||||||||||||||
Fair Value as of December 31, 2014 | Valuation Techniques | Unobservable Input | Weighted Average | Minimum | Maximum | ||||||||||||
Assets: | |||||||||||||||||
Performing SBA Unguaranteed Investments | $ | 115,175 | Discounted cash flow | Market yields | 5.38 | % | 5.38 | % | 5.38 | % | |||||||
Non-Performing SBA Unguaranteed Investments | $ | 6,302 | Discounted cash flow | Market yields | 7.00 | % | 7.00 | % | 7.00 | % | |||||||
Controlled Investments (A) | $ | 77,499 | Market comparable companies | EBITDA multiples | 5.50x | 3.00x | 9.00x | ||||||||||
Market comparable companies | Revenue multiples | 0.80x | 0.40x | 3.00x | |||||||||||||
Discounted cash flow | Weighted average cost of capital | 12.60 | % | 10.70 | % | 16.00 | % | ||||||||||
Servicing Assets | $ | 9,483 | Discounted cash flow | Market yields | 11.58 | % | 11.58 | % | 11.58 | % | |||||||
(A) In determining the fair value of the Company's controlled investments as of December 31, 2014, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 48.1% and 51.9%, respectively, on a weighted average basis.
NOTE 7—NOTES PAYABLE AND NOTES PAYABLE - RELATED PARTIES:
At June 30, 2015 and December 31, 2014, the Company had notes payable comprised of the following :
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June 30, 2015 | December 31, 2014 | ||||||
Notes payable: | |||||||
Capital One lines of credit (NSBF) | |||||||
Guaranteed line | $ | 23,552 | $ | 28,722 | |||
Unguaranteed line | 2,770 | 5,134 | |||||
Capital One line of credit and term loan (NBS) | |||||||
Revolving line of credit | — | — | |||||
Term loan | — | 9,167 | |||||
Total notes payable | 26,322 | 43,023 | |||||
Note payable – related parties | 19,119 | — | |||||
Note payable – Securitization trust VIE | 72,312 | 79,520 | |||||
Total notes payable | $ | 117,753 | $ | 122,543 | |||
In June 2015, the Company received $19,119,000 under an unsecured revolving line of credit extended by UPS and NTS. Maximum borrowings under the line of credit are $38,000,000. The outstanding balance shall bear interest at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% or at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The interest rate in effect is equal to the interest rate on the term loan between UPS, NTS, and Goldman Sachs Bank USA as discussed in Note 8. At June 30, 2015, the interest rate on the $19,119,000 is 7.5%. The revolving line of credit has a maturity date of June 21, 2019. Interest expense for the three and six months ended June 30, 2015 was approximately $30,000 which is included in total interest expenses in the condensed consolidated statements of operations. No interest expense was incurred in 2014.
In June 2015, the Company paid off and retired the Capital One term loan and revolving line of credit. The proceeds used to pay down the Capital One term loan and accrued interest of $8,879,000 as of June 23, 2015 were received from two controlled portfolio companies (see above). There was no amount due on the revolving line or credit with Capital One.
Total interest expense for the three months ended June 30, 2015 and 2014 was $1,728,000 and $3,589,000, respectively. Total interest expense for the six months ended June 30, 2015 and 2014 was $3,084,000 and $5,225,000, respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters
In the ordinary course of business, the Company may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is currently involved in various litigation matters.
On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.
As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of June 30, 2015. On May 19, 2015, the Court entered an equitable monetary judgment against NMS for approximately $1,735,000.
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Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.
Management has determined that, in the aggregate, all pending legal actions should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss is not material.
Guarantees
The Company is a guarantor on a bank line of credit at NBC, a controlled portfolio company. Maximum borrowings under the line of credit are $10,000,000 with a maturity date of February 2016. At June 30, 2015, total principal and accrued interest owed by NBC was $3,796,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2015, the Company determined that it is not probable that payments would be required to be made under the guarantee.
On June 23, 2015, UPS and NTS (together, the “Borrowers”), each a controlled portfolio company of the Company, entered into a Credit and Guaranty Agreement (the “Agreement”), dated June 23, 2015, with Goldman Sachs Bank USA (“GS Bank”), as Administrative Agent, Collateral Agent and Lead Arranger, pursuant to which GS Bank agreed to extend the Borrowers a term loan facility up to an aggregate principal amount of $38,000,000 (the “Facility” and each term loan made thereunder, a “Term Loan”). The Company, Newtek Business Services Holdco 1, Inc., a wholly-owned subsidiary of the Company (“Intermediate Holdings”), and certain subsidiaries of Intermediate Holdings party to the Agreement from time to time, including UPS, NTS, and Solar Processing Solutions, LLC, have agreed to guarantee the repayment of the Facility and are parties to the Agreement as “Guarantors” thereunder. At June 30, 2015, the Company determined that it is not probable that payments would be required to be made under the guarantee.
NOTE 9—FINANCIAL HIGHLIGHTS:
The financial highlights for the Company are as follows:
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Six months ended June 30, 2015 | ||||
Per share data (2) | ||||
Net asset value at beginning of period | $ | 16.31 | ||
Dividends from capital gains | (0.86 | ) | ||
Net investment loss | (0.47 | ) | ||
Net realized gain on investments | 1.47 | |||
Net unrealized appreciation on investments | 0.52 | |||
Net unrealized loss on servicing assets | (0.06 | ) | ||
Reversal of deferred tax asset | (0.29 | ) | ||
Net asset value at end of period | $ | 16.62 | ||
Per share market value at end of period | $ | 17.72 | ||
Total return based on market value (4) | 25.88 | % | ||
Total return based on average net asset value (3) | 3.75 | % | ||
Shares outstanding at end of period | 10,206 | |||
Ratios/Supplemental Data: | ||||
Ratio of expenses to average net assets (3) | 18.01 | % | ||
Ratio of net investment loss to average net assets | (2.84 | )% | ||
Net assets at end of period | $ | 169,624 | ||
Average debt outstanding | $ | 120,148 | ||
Average debt outstanding per share | $ | 11.77 | ||
Asset coverage ratio | 248 | % | ||
Portfolio turnover | 61.09 | % | ||
(1) Years prior to becoming a business development company are not presented in the financial highlights as the information would not be meaningful.
(2) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(3) Annualized.
(4) Assumes dividends are reinvested.
NOTE 10—EARNINGS PER SHARE:
The following table summarizes the calculations for the net increase in net assets per common share for the three and six months ended June 30, 2015 and income per share for the three and six months ended June 30, 2014:
Three months ended June 30, 2015 | Six months ended June 30, 2015 | |||||||
Net increase in net assets | $ | 4,876 | $ | 14,879 | ||||
Weighted average shares outstanding | 10,206 | 10,206 | ||||||
Net increase in net assets per common share | $ | 0.48 | $ | 1.46 | ||||
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Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||
Numerator for basic and diluted EPS - income available to common stockholders | $ | 1,394 | $ | 2,785 | ||||
Denominator for basic EPS - weighted average shares | 7,106 | 7,096 | ||||||
Effect of dilutive securities | 589 | 596 | ||||||
Denominator for diluted EPS - weighted average shares | 7,695 | 7,692 | ||||||
Basic earnings per share | $ | 0.20 | $ | 0.39 | ||||
Diluted earnings per share | $ | 0.18 | $ | 0.36 | ||||
The amount of anti-dilutive shares/units excluded from above is as follows: | ||||||||
Contingently issuable shares | 17 | 17 | ||||||
NOTE 11—DIVIDENDS AND DISTRIBUTIONS:
The Company's dividends and distributions are recorded on the record date. The following table summarizes the Company's dividend declarations and distributions during the six months ended June 30, 2015. There were no dividend declarations or distributions for the six months ended June 30, 2014.
Date Declared | Record Date | Payment Date | Amount Per Share | Total Amount | ||||||||
March 19, 2015 | March 30, 2015 | April 13, 2015 | $ | 0.39 | $ | 3,985 | ||||||
June 15, 2015 | June 29, 2015 | July 15, 2015 | $ | 0.47 | $ | 4,802 | ||||||
On July 15, 2015, in connection with the June 15, 2015 dividend declaration, 4,655 shares valued at $87,000 were issued as part of the Company's Dividend Reinvestment Plan ("DRIP").
NOTE 12—STOCK OPTIONS AND RESTRICTED STOCK:
The Company had one and three share-based compensation plans as of June 30, 2015 and 2014, respectively. For the six months ended June 30, 2014, share-based compensation expense was $532,000 of which $445,000 is included in salaries and benefits, and $87,000 is included in other general and administrative costs. During the six months ended June 30, 2014, approximately 14,300 shares awarded under the plans were forfeited due to early termination or resignation by certain employees. The total forfeiture credit recognized for the six months ended June 30, 2014 was approximately $69,000 and is included in share-based compensation expense. There were no share-based awards outstanding as of June 30, 2015 therefore no share-based compensation expense was recorded for the three and six months ended June 30, 2015.
NOTE 13—SEGMENT REPORTING:
Operating segments are organized internally primarily by the type of services provided. Prior to converting to a BDC, the Company aggregated similar operating segments into six reportable segments: Electronic payment processing, Managed technology solutions, Small business finance, All other, Corporate and Capcos.
The Electronic payment processing segment is a processor of credit card transactions, as well as a marketer of credit card and check approval services to the small and medium-sized business market. Expenses include direct costs (included in a separate line captioned electronic payment processing costs), professional fees, salaries and benefits, and other general and administrative costs, all of which are included in the respective caption on the consolidated statements of operations.
The Small business finance segment consists of Small Business Lending, Inc., a lender service provider for third-parties that primarily services government guaranteed SBA loans and non-SBA loans; Texas Whitestone Group which manages the Company’s Texas Capco; Newtek Small Business Finance, LLC, a nationally licensed SBA lender that originates, sells and services loans to qualifying small businesses; and Newtek Business Credit which provides accounts receivable financing, billing and accounts receivable maintenance services to businesses. NSBF generates revenues from sales of loans, servicing
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income for those loans retained and interest income earned on the loans themselves. The lender generates expenses for interest, professional fees, salaries and benefits, depreciation and amortization, and provision for loan losses, all of which are included in the respective caption on the consolidated statements of operations. NSBF also has expenses such as loan recovery expenses, loan processing costs, and other expenses that are all included in the other general and administrative costs caption on the consolidated statements of operations.
The Managed technology solutions segment consists of NTS which was acquired in July 2004. NTS’s revenues are derived primarily from web hosting services and consist of web hosting and set up fees. NTS generates expenses such as professional fees, payroll and benefits, and depreciation and amortization, which are included in the respective caption on the accompanying consolidated statements of operations, as well as licenses and fees, rent, and general office expenses, all of which are included in other general and administrative costs in the respective caption on the consolidated statements of operations.
The All other segment includes revenues and expenses primarily from qualified businesses that received investments made through the Company’s Capcos which cannot be aggregated with other operating segments. The three largest entities in the segment are Newtek Insurance Agency, LLC, an insurance sales operation, PMTWorks Payroll, LLC, a provider of payroll processing services and Business Connect, LLC, a provider of sales and processing services.
Corporate activities represent revenue and expenses not allocated to our segments. Revenue includes interest income and management fees earned from Capcos (and included in expenses in the Capco segment). Expenses primarily include corporate operations related to broad-based sales and marketing, legal, finance, information technology, corporate development and additional costs associated with administering the Capcos.
The Capco segment, which consists of the twelve Capcos, generates non-cash income from tax credits, interest income and gains from investments in qualified businesses which are included in other income. Expenses primarily include non-cash interest and insurance expense, management fees paid to Newtek (and included in Corporate activities revenues), legal, and audit fees and losses from investments in qualified businesses.
Management had considered the following characteristics when making its determination of its operating and reportable segments:
• | the nature of the product and services; |
• | the type or class of customer for their products and services; |
• | the methods used to distribute their products or provide their services; and |
• | the nature of the regulatory environment (for example, banking, insurance, or public utilities). |
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Company no longer has six reportable segments after November 11, 2014 as a result of the Conversion. The segment information presented below represents results for the three and six months ended June 30, 2014. For the three and six months ended June 30, 2015, there is only one reportable segment.
The following table presents the Company’s segment information for the three and six months ended June 30, 2014, (in thousands):
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For the three months ended June 30, 2014 | For the six months ended June 30, 2014 | ||||||
Third Party Revenue | |||||||
Electronic payment processing | $ | 23,163 | $ | 44,691 | |||
Small business finance | 10,236 | 20,273 | |||||
Managed technology solutions | 4,193 | 8,249 | |||||
All Other | 630 | 1,207 | |||||
Corporate activities | 202 | 402 | |||||
Capcos | 106 | 210 | |||||
Total reportable segments | 38,530 | 75,032 | |||||
Eliminations | (402 | ) | (817 | ) | |||
Consolidated Total | $ | 38,128 | $ | 74,215 | |||
Inter Segment Revenue | |||||||
Electronic payment processing | $ | 1,137 | $ | 2,044 | |||
Small business finance | 130 | 285 | |||||
Managed technology solutions | 149 | 294 | |||||
All Other | 413 | 841 | |||||
Corporate activities | 982 | 1,983 | |||||
Capco | 196 | 388 | |||||
Total reportable segments | 3,007 | 5,835 | |||||
Eliminations | (3,007 | ) | (5,835 | ) | |||
Consolidated Total | $ | — | $ | — | |||
Income (loss) before income taxes | |||||||
Electronic payment processing | $ | 2,162 | $ | 3,880 | |||
Small business finance | 3,874 | 6,565 | |||||
Managed technology solutions | 921 | 1,672 | |||||
All Other | (301 | ) | (699 | ) | |||
Corporate activities | (4,091 | ) | (6,279 | ) | |||
Capco | (189 | ) | (459 | ) | |||
Total reportable segments | 2,376 | 4,680 | |||||
Eliminations | (87 | ) | (175 | ) | |||
Totals | $ | 2,289 | $ | 4,505 | |||
Depreciation and Amortization | |||||||
Electronic payment processing | $ | 59 | $ | 120 | |||
Small business finance | 418 | 787 | |||||
Managed technology solutions | 330 | 667 | |||||
All Other | 51 | 103 | |||||
Corporate activities | 37 | 74 | |||||
Capco | 1 | — | |||||
Totals | $ | 896 | $ | 1,751 | |||
NOTE 14—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries
The Company holds a controlling interest, as defined by the 1940 Act, as amended, in portfolio companies that are not consolidated in the Company's condensed consolidated financial statements. Below is a brief description of a portfolio
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company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information as of June 30, 2015.
Universal Processing Services of Wisconsin, LLC
Universal Processing Services of Wisconsin, LLC ("UPS") markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. The Company generated $1,500,000 and $2,300,000 in dividend income from UPS and recorded $2,139,000 and $4,739,000 in unrealized appreciation on investment for the three and six months ended June 30, 2015, respectively.
The summarized financial information of our unconsolidated subsidiary was as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC | As of June 30, 2015 | As of December 31, 2014 | ||||||
Current assets | $ | 24,329 | $ | 7,330 | ||||
Noncurrent assets | 2,639 | 2,636 | ||||||
Total assets | $ | 26,968 | $ | 9,966 | ||||
Current liabilities | 5,959 | 5,424 | ||||||
Noncurrent liabilities | 16,432 | 1,005 | ||||||
Total liabilities | $ | 22,391 | $ | 6,429 | ||||
Total equity | $ | 4,577 | $ | 3,537 | ||||
Statements of Income - Universal Processing Services of Wisconsin, LLC | Three Months Ended June 30, 2015 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||||||||
Revenue | $ | 25,268 | $ | 22,983 | $ | 48,355 | $ | 44,368 | ||||||||
Expenses | 23,370 | 21,108 | 45,041 | 41,041 | ||||||||||||
Income from operations | $ | 1,898 | $ | 1,875 | $ | 3,314 | $ | 3,327 | ||||||||
Interest income | 25 | 980 | 27 | 1,710 | ||||||||||||
Net income | $ | 1,923 | $ | 2,855 | $ | 3,341 | $ | 5,037 | ||||||||
NOTE 15—SUBSEQUENT EVENTS:
On July 23, 2015, the Company acquired Premier Payments LLC (“Premier”), as a new wholly owned, controlled portfolio company. Premier was owned 100% by a related party of the Company. The total purchase price was approximately $16,483,000, of which $14,011,000 was paid in cash and $2,472,000 was paid in newly issued restricted shares of Newtek common stock. A total of 130,959 shares were issued which may not be sold or transferred for six months. Premier is one of the Country’s leading merchant services providers, which processes billions of dollars of credit card and debit card transactions on an annual basis. It is anticipated that this acquisition will expand the Company’s presence in the merchant processing space. The Company’s board of directors, including a majority of independent directors, approved the transaction.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Overview
We are an internally-managed, closed-end, investment company that has elected to be regulated as a business development company under the the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Code”). As a business development company (“BDC”) and a regulated invested company (“RIC”), we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. Newtek Small Business Finance, LLC is a consolidated subsidiary and originates loans under the SBA's 7(a) program.
Our shares are currently listed on The NASDAQ Capital Market under the symbol “NEWT”.
We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of loans in the secondary market, producing gains with a yield on investment in excess of 30%. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity.
We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise in excess of 95% of our overall investments in number and dollar volume.
While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating businesses or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to immediate return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational business of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise as another means of supporting their development and that of the integrated whole.
In Capco investments, we often make debt investments in conjunction with being granted equity in the company in the same class of security as the business owner receives upon funding. We generally seek to structure our equity investments to provide us with minority rights provisions and event-driven put rights. We also seek to obtain limited registration rights in connection with these investments, which may include “piggyback” registration rights.
In May 2015, Exponential of New York, LLC (“Exponential”) received notice from the state of New York that the Company's request to be decertified as a Capco had been granted. The State of New York acknowledged that the Company had met the required level of qualified investments and satisfied all investment obligations.
In June 2015, Wilshire Texas Partners, LLC (“Wilshire Texas”) received notice from the state of Texas that the Company's request to be decertified as a Capco had been granted. The State of Texas acknowledged that the Company had met the required level of qualified investments and satisfied all investment obligations.
On June 23, 2015, Universal Processing Services of Wisconsin, LLC and CrystalTech Web Hosting, Inc. (the "Borrowers") entered into a four year credit agreement with Goldman Sachs Bank USA (“Goldman Sachs”) where Goldman Sachs agreed to extend a term loan facility up to an aggregate principal amount of $38,000,000. A portion of the proceeds or $19,119,000 was disbursed to the Company under a revolving line of credit. The Company used a portion of the proceeds from the line to repay the outstanding balance of the Company's term loan and accrued interest with Capital One in the amount of $8,879,000. The remainder of the proceeds are to be used to finance future growth and for general corporate purposes. The term loan provides
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for monthly payments of interest with a balloon payment at the end of the term. Each term loan shall either be a "Base Rate Loan" or "LIBOR Rate Loan" at the Borrowers' election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The credit agreement has a maturity date of June 21, 2019. As of June 30, 2015, outstanding principal is $20,000,000.
Revenues
We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have a term of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA guaranteed investments which we sell into the secondary market. These recurring fees are earned monthly and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment and late fees. We record prepayment fees on loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividends on common equity securities are recorded as dividend income on the record date for private portfolio companies.
We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.
Expenses
Our primary operating expenses are salaries and benefits, interest expense and other general and administrative fees, such as professional fees, marketing, loan related costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.
Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
Distribution by Business Type | ||||||||||||||
Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Existing Business | 592 | $ | 114,576 | $ | 194 | 77.6 | % | |||||||
Business Acquisition | 132 | 24,279 | 184 | 16.4 | % | |||||||||
Start-Up Business | 130 | 8,799 | 68 | 6.0 | % | |||||||||
Total | 854 | $ | 147,654 | $ | 173 | 100.00 | % | |||||||
As of December 31, 2014
Distribution by Business Type | ||||||||||||||
Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Existing Business | 529 | $ | 104,673 | $ | 198 | 79.8 | % | |||||||
Business Acquisition | 112 | 17,969 | 160 | 13.7 | % | |||||||||
Start-Up Business | 130 | 8,448 | 65 | 6.5 | % | |||||||||
Total | 771 | $ | 131,090 | $ | 170 | 100.00 | % | |||||||
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The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
Distribution by Borrower Credit Score | ||||||||||||||
Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
500 to 550 | 12 | $ | 1,439 | $ | 120 | 1.0 | % | |||||||
551 to 600 | 29 | 3,688 | 127 | 2.5 | % | |||||||||
601 to 650 | 107 | 22,780 | 213 | 15.4 | % | |||||||||
651 to 700 | 226 | 37,226 | 165 | 25.2 | % | |||||||||
701 to 750 | 258 | 48,956 | 190 | 33.2 | % | |||||||||
751 to 800 | 185 | 27,604 | 149 | 18.7 | % | |||||||||
801 to 850 | 31 | 3,757 | 121 | 2.5 | % | |||||||||
Not available | 6 | 2,204 | 367 | 1.5 | % | |||||||||
Total | 854 | $ | 147,654 | $ | 173 | 100.0 | % | |||||||
As of December 31, 2014
Distribution by Borrower Credit Score | ||||||||||||||
Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
500 to 550 | 11 | $ | 1,454 | $ | 132 | 1.1 | % | |||||||
551 to 600 | 27 | 3,336 | 124 | 2.5 | % | |||||||||
601 to 650 | 96 | 21,186 | 221 | 16.2 | % | |||||||||
651 to 700 | 202 | 34,389 | 170 | 26.2 | % | |||||||||
701 to 750 | 231 | 40,952 | 177 | 31.2 | % | |||||||||
751 to 800 | 169 | 25,003 | 148 | 19.1 | % | |||||||||
801 to 850 | 29 | 3,676 | 127 | 2.8 | % | |||||||||
Not available | 6 | 1,094 | 182 | 0.8 | % | |||||||||
Total | 771 | $ | 131,090 | $ | 170 | 100.0 | % | |||||||
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
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Distribution by Primary Collateral Type | ||||||||||||||
Collateral Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Commercial Real Estate | 406 | $ | 84,026 | $ | 207 | 56.9 | % | |||||||
Machinery and Equipment | 152 | 28,212 | 186 | 19.2 | % | |||||||||
Residential Real Estate | 181 | 14,589 | 81 | 9.9 | % | |||||||||
Other | 38 | 10,349 | 272 | 7.0 | % | |||||||||
Accounts Receivable and Inventory | 59 | 9,946 | 169 | 6.7 | % | |||||||||
Liquid Assets | 8 | 276 | 35 | 0.2 | % | |||||||||
Furniture and Fixtures | 8 | 217 | 27 | — | ||||||||||
Unsecured | 2 | 39 | 20 | — | ||||||||||
Total | 854 | $ | 147,654 | $ | 173 | 100.0 | % | |||||||
As of December 31, 2014
Distribution by Primary Collateral Type | ||||||||||||||
Collateral Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Commercial Real Estate | 370 | $ | 76,796 | $ | 208 | 58.6 | % | |||||||
Machinery and Equipment | 136 | 25,446 | 187 | 19.4 | % | |||||||||
Residential Real Estate | 175 | 13,648 | 78 | 10.4 | % | |||||||||
Other | 34 | 8,458 | 249 | 6.5 | % | |||||||||
Accounts Receivable and Inventory | 38 | 5,691 | 150 | 4.3 | % | |||||||||
Liquid Assets | 11 | 838 | 76 | 0.6 | % | |||||||||
Furniture and Fixtures | 7 | 213 | 30 | 0.2 | % | |||||||||
Total | 771 | $ | 131,090 | $ | 170 | 100.0 | % | |||||||
The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
Distribution by Days Delinquent | ||||||||||||||
Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Current | 777 | $ | 135,103 | $ | 174 | 91.5 | % | |||||||
1 to 30 days | 20 | 2,982 | 149 | 2.0 | % | |||||||||
31 to 60 days | 4 | 1,424 | 356 | 1.0 | % | |||||||||
61 to 90 days | 3 | 751 | 250 | 0.5 | % | |||||||||
91 days or greater | 50 | 7,394 | 148 | 5.0 | % | |||||||||
Total | 854 | $ | 147,654 | $ | 173 | 100.0 | % | |||||||
As of December 31, 2014
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Distribution by Days Delinquent | ||||||||||||||
Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||
Current | 676 | $ | 117,517 | $ | 174 | 89.6 | % | |||||||
1 to 30 days | 24 | 3,002 | 125 | 2.3 | % | |||||||||
31 to 60 days | 15 | 2,127 | 142 | 1.6 | % | |||||||||
61 to 90 days | 2 | 58 | 29 | — | % | |||||||||
91 days or greater | 54 | 8,386 | 155 | 6.4 | % | |||||||||
Total | 771 | $ | 131,090 | $ | 170 | 100.0 | % | |||||||
Consolidated Results of Operations
The consolidated results below show the Company's results as a business development company for the three and six months ended June 30, 2015 and as an operating company for the three and six months ended June 30, 2014. The consolidated results for 2014 include the operations of subsidiaries which are reflected as investments in controlled portfolio companies in 2015. As such, their results of operations are not included in the consolidated results of operations for the three and six months ended June 30, 2015.
As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code. The condensed consolidated results of operations described below may not be indicative of the results we report in future periods.
The condensed consolidated results of operations for the three and six months ended June 30, 2015 and 2014 were as follows:
Three Months Ended June 30, 2015 | Three Months Ended June 30, 2014 | Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||||||||
Interest income | $ | 2,287 | $ | — | $ | 4,500 | $ | — | |||||||
Dividend income | 1,787 | — | 2,874 | — | |||||||||||
Servicing income | 1,068 | — | 2,111 | — | |||||||||||
Other income | 464 | — | 871 | — | |||||||||||
Electronic payment processing | — | 23,163 | — | 44,690 | |||||||||||
Web hosting and design | — | 4,114 | — | 8,101 | |||||||||||
Premium income | — | 4,992 | — | 10,129 | |||||||||||
Interest income | — | 1,568 | — | 3,129 | |||||||||||
Servicing fee income – NSBF portfolio | — | 915 | — | 1,746 | |||||||||||
Servicing fee income – external portfolios | — | 1,743 | — | 3,537 | |||||||||||
Income from tax credits | — | 15 | — | 28 | |||||||||||
Insurance commissions | — | 416 | — | 801 | |||||||||||
Other income | — | 1,202 | — | 2,054 | |||||||||||
Total investment income/operating revenues | 5,606 | 38,128 | 10,356 | 74,215 | |||||||||||
Net change in fair value of: | |||||||||||||||
SBA loans | — | 118 | — | (1,147 | ) | ||||||||||
Credits in lieu of cash and notes payable in credits in lieu of cash | — | (1 | ) | — | — | ||||||||||
Total net change in fair value | — | 117 | — | (1,147 | ) | ||||||||||
Electronic payment processing costs | — | 19,575 | — | 37,937 | |||||||||||
Salaries and benefits | 3,133 | 6,823 | 6,156 | 13,301 | |||||||||||
Interest | 1,728 | 3,589 | 3,084 | 5,225 | |||||||||||
Depreciation and amortization | 85 | 896 | 170 | 1,751 | |||||||||||
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Provision for loan losses | — | 139 | — | (66 | ) | ||||||||||
Other general and administrative costs | 2,955 | 4,934 | 5,717 | 10,415 | |||||||||||
Total expenses | 7,901 | 35,956 | 15,127 | 68,563 | |||||||||||
Net investment loss | (2,295 | ) | — | (4,771 | ) | — | |||||||||
Net realized gains on non-affiliate investments | 7,340 | — | 15,039 | — | |||||||||||
Net unrealized depreciation on SBA guaranteed non-affiliate investments | (1,464 | ) | — | (3,162 | ) | — | |||||||||
Net unrealized depreciation on SBA unguaranteed non-affiliate investments | (470 | ) | — | (1,136 | ) | — | |||||||||
Net unrealized appreciation on controlled investments | 2,019 | — | 9,519 | — | |||||||||||
Net unrealized depreciation on servicing assets | (256 | ) | — | (612 | ) | — | |||||||||
Net unrealized appreciation on credits in lieu of cash and notes payable in credits in lieu of cash | 2 | — | 2 | — | |||||||||||
Net realized and unrealized gains | 7,171 | — | 19,650 | — | |||||||||||
Income before income taxes | — | 2,289 | — | 4,505 | |||||||||||
Net increase in net assets | $ | 4,876 | $ | — | $ | 14,879 | $ | — | |||||||
Provision for income taxes | — | 911 | — | 1,760 | |||||||||||
Net income | — | 1,378 | — | 2,745 | |||||||||||
Net loss attributable to non-controlling interests | — | 16 | — | 40 | |||||||||||
Net income attributable to Newtek Business Services Corp. | $ | — | $ | 1,394 | $ | — | $ | 2,785 | |||||||
Comparison for the three months ended June 30, 2015 and 2014
Investment Income
Investment income for the three months ended June 30, 2015 was $5,606,000 compared with total operating revenues of $38,128,000 for the three months ended June 30, 2014. As a result of the BDC Conversion, there is no electronic payment processing revenue, web hosting and design revenue, servicing fee income from external portfolios, insurance commission revenue, and other income related to our payroll processing and accounts receivable financing and billing services included in the results for the three months ended June 30, 2015.
Substantially all interest income for the three months ended June 30, 2015 and 2014 was derived from SBA non-affiliate investments/loans. Interest income derived from SBA non-affiliate investments/loans was $2,224,000 and $1,565,000 for the three months ended June 30, 2015 and 2014, respectively. The increase is attributed to the average outstanding performing portfolio of SBA non-affiliate investments/loans increasing to $132,577,000 from $100,204,000 for the three months ended June 30, 2015 and 2014, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Servicing fee income from NSBF originated portfolio investments increased $153,000 for the three months ended June 30, 2015 compared to 2014. The increase was attributed to the increase in total portfolio investments for which we earn servicing income. The portfolio increased $144,195,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2014 to 2015. No servicing fee income was recognized for loans serviced for third parties for the three months ended June 30, 2015. This revenue, which was previously included in consolidated results, is recognized and earned by one of the Company's controlled portfolio companies.
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Three months ended June 30, | ||||||||||||||
(In thousands): | 2015 | 2014 | $ Change | % Change | ||||||||||
Total NSBF originated servicing portfolio | $ | 694,163 | $ | 549,968 | $ | 144,195 | 26 | % | ||||||
Total servicing income earned | $ | 1,068 | $ | 915 | $ | 153 | 17 | % | ||||||
Dividend income was $1,787,000 for the three months ended June 30, 2015 and represents $1,500,000, $200,000, and $74,000 in dividends from controlled portfolio companies, Universal Processing Services of Wisconsin, LLC, CrystalTech Web Hosting, Inc., and Small Business Lending, Inc., respectively.
Adjusted Net Investment Income
We utilize adjusted net investment income as one way to measure our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles investment loss to adjusted net investment income.
Three months ended June 30, 2015 | |||
Net investment loss | $ | (2,295 | ) |
Net realized gain on investments | 7,340 | ||
Adjusted net investment income | $ | 5,045 | |
For the three months ended June 30, 2014, the Company did not operate as a business development company and therefore did not have net investment or adjusted net investment income. We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on investments as they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market.
Expenses
Total expenses decreased from $35,956,000 to $7,901,000 for the three months ended June 30, 2014 to 2015 as a result of the conversion to a business development company. Electronic payment processing costs, salaries and benefits, depreciation and amortization, and other general and administrative expenses related to certain subsidiaries in 2014 are not included in 2015 results. As previously discussed, certain consolidated subsidiaries in 2014 are now reflected as investments in controlled portfolio companies and their results of operations are not included in 2015.
Interest expense decreased by $1,861,000 for the three months ended June 30, 2015 compared to 2014. The following table highlights the components of interest expense for each period:
Three months ended | |||||||||||
June 30, 2015 | June 30, 2014 | Variance | |||||||||
Securitization Trust VIE (NSBF) | $ | 943 | $ | 767 | $ | 176 | |||||
Summit Partners Credit Advisors, L.P. (NBS) | — | 2,431 | (2,431 | ) | |||||||
Capital One Lines of Credit (NSBF) | 324 | 241 | 83 | ||||||||
Capital One Term Loan and Line of Credit (NBS) | 402 | 6 | 396 | ||||||||
Sterling Line of Credit (NBC) | — | 98 | (98 | ) | |||||||
Capco | 15 | 23 | (8 | ) | |||||||
Other | 44 | 23 | 21 | ||||||||
Total | $ | 1,728 | $ | 3,589 | $ | (1,861 | ) | ||||
Interest expense related to securitizations increased as a result of an additional securitization transaction completed in December 2014. In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One, N.A. ("Capital One") consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The term loan
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proceeds were used to pay off the Summit Partners debt which carried a higher interest rate resulting in a net reduction in interest expense of $2,035,000. The Capital One term loan and line of credit were paid in full and extinguished in June 2015. For the three months ended June 30, 2015, the Company did not incur interest expense related to the Sterling line of credit as it relates to Newtek Business Credit, a non-consolidated controlled portfolio company. Prior to the BDC Conversion Newtek Business Credit was a consolidated subsidiary.
Net Realized Gains and Net Unrealized Appreciation and Depreciation
Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
For the three months ended June 30, | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands): | # Investments/Loans | $ Amount | # Investments/Loans | $ Amount | |||||||||
Investments/loans sold during the quarter | 85 | $ | 52,192 | 43 | $ | 33,368 | |||||||
Investments/loans originated during the quarter | 80 | $ | 53,882 | 49 | $ | 42,557 | |||||||
Net realized gains/premium income recognized | — | $ | 7,340 | — | $ | 4,992 | |||||||
Average sale price as a percent of principal balance (1) | 112.46 | % | 112.57 | % | |||||||||
(1) Realized gains/premiums greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains/premium income recognized above reflects amounts net of split with SBA.
Net realized gains for the three months ended June 30, 2015 were $7,340,000 compared to no realized gains for the three months ended June 30, 2014. Net realized gains in 2015 are comparable to premium income in 2014. Premium income of $4,992,000 in 2014 relates to premium income earned from the sale of SBA loans. As a result of the BDC Conversion, the income related to these sales are recorded as realized gains in 2015. The increase is attributed to the increase in investments/ loans sold. The increase was offset by a nominal decrease in average sale premium from 112.57% in 2014 compared to 112.46% in 2015.
Unrealized appreciation on SBA guaranteed non-affiliate investments for the three months ended June 30, 2015 was $2,365,000. This appreciation relates to guaranteed portions of SBA debt investments made for which the Company sells into a secondary market. Unrealized depreciation of SBA guaranteed investments was $3,829,000 which represents the reversal of the unrealized appreciation of SBA guaranteed non-affiliate investments sold during the quarter. Net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from fair value adjustments on new investments.
Net unrealized appreciation on controlled investments was $2,019,000 for the three months ended June 30, 2015. This consisted primarily of $2,139,000 and $250,000 of unrealized appreciation on the Company's investments in Universal Processing Services of Wisconsin, LLC ("UPS") and Small Business Lending, Inc. ("SBL"), respectively. Unrealized appreciation was offset by unrealized depreciation of $370,000 on the Company's investment in CrystalTech Web Hosting, Inc. ("NTS"). The primary driver of the increase in UPS and SBL was better than projected financial performance and the addition of a new third-party servicing contract which was approved by the SBA and provides a longer-term stable revenue stream. The primary driver of the decrease in NTS was weaker than projected financial performance.
The unrealized loss on servicing assets was $256,000 for the three months ended June 30, 2015. In 2014, servicing assets were recorded using the amortization method. As a result of the BDC Conversion, servicing assets are recorded at fair value at June 30, 2015. Amortization expense related to servicing assets was $396,000 for the three months ended June 30, 2014 and is included in depreciation and amortization expense in the condensed unaudited consolidated statements of operations.
Comparison for the six months ended June 30, 2015 and 2014
Investment Income
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Investment income for the six months ended June 30, 2015 was $10,356,000 compared with total operating revenues of $74,215,000 for the six months ended June 30, 2014. As a result of the BDC Conversion, there is no electronic payment processing revenue, web hosting and design revenue, servicing fee income from external portfolios, insurance commission revenue, and other income related to our payroll processing and accounts receivable financing and billing services included in the results for the six months ended June 30, 2015.
Substantially all interest income for the six months ended June 30, 2015 and 2014 was derived from SBA non-affiliate investments/loans. Interest income derived from SBA non-affiliate investments/loans was $4,349,000 and $3,122,000 for the six months ended June 30, 2015 and 2014, respectively. The increase is attributed to the average outstanding performing portfolio of SBA non-affiliate investments/loans increasing to $128,786,000 from $97,222,000 for the six months ended June 30, 2015 and 2014, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Six months ended June 30, | ||||||||||||||
(In thousands): | 2015 | 2014 | $ Change | % Change | ||||||||||
Total NSBF originated servicing portfolio | $ | 694,163 | $ | 549,968 | $ | 144,195 | 26 | % | ||||||
Total servicing income earned NSBF portfolio | $ | 2,111 | $ | 1,746 | $ | 365 | 21 | % | ||||||
Servicing fee income from NSBF originated portfolio investments increased $365,000 for the six months ended June 30, 2015 compared to 2014. The increase was attributed to the increase in total portfolio investments for which we earn servicing income. The portfolio increased $144,195,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2014 to 2015. No servicing fee income was recognized for loans serviced for third parties for the six months ended June 30, 2015. This revenue, which was previously included in consolidated results, is recognized and earned by one of the Company's controlled portfolio companies.
Dividend income was $2,874,000 for the six months ended June 30, 2015 and represents $2,300,000, $400,000, and $148,000 in dividends from controlled portfolio companies, Universal Processing Services of Wisconsin, LLC, CrystalTech Web Hosting, Inc., and Small Business Lending, Inc., respectively.
Adjusted Net Investment Income
We utilize adjusted net investment income as one way to measure our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles investment loss to adjusted net investment income.
Six months ended June 30, 2015 | |||
Net investment loss | $ | (4,771 | ) |
Net realized gain on investments | 15,039 | ||
Adjusted net investment income | $ | 10,268 | |
For the six months ended June 30, 2014, the Company did not operate as a BDC and therefore did not have net investment or adjusted net investment income. We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on investments as they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market.
Expenses
Total expenses decreased from $68,563,000 to $15,127,000 for the six months ended June 30, 2014 to 2015 as a result of the conversion to a BDC. Electronic payment processing costs, salaries and benefits, depreciation and amortization, and other general and administrative expenses related to certain subsidiaries in 2014 are not included in 2015 results. As previously discussed, certain consolidated subsidiaries in 2014 are now reflected as investments in controlled portfolio companies and their results of operations are not included in 2015.
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Interest expense decreased by $2,141,000 for the six months ended June 30, 2015 compared to 2014. The following table highlights the components of interest expense for each period:
Six months ended | |||||||||||
June 30, 2015 | June 30, 2014 | Variance | |||||||||
Securitization Trust VIE (NSBF) | $ | 1,833 | $ | 1,523 | $ | 310 | |||||
Summit Partners Credit Advisors, L.P. (NBS) | — | 2,953 | (2,953 | ) | |||||||
Capital One Lines of Credit (NSBF) | 594 | 453 | 141 | ||||||||
Capital One Term Loan and Line of Credit (NBS) | 564 | 6 | 558 | ||||||||
Sterling Line of Credit (NBC) | — | 192 | (192 | ) | |||||||
Capco | 37 | 47 | (10 | ) | |||||||
Other | 56 | 51 | 5 | ||||||||
Total | $ | 3,084 | $ | 5,225 | $ | (2,141 | ) | ||||
Interest expense related to securitizations increased as a result of an additional securitization transaction completed in December 2014. In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One, N.A. ("Capital One") consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The term loan was obtained to pay off the Summit Partners debt which carried a higher interest rate. The net reduction in interest expense was $2,395,000. For the six months ended June 30, 2015, the Company did not incur interest expense related to the Sterling line of credit as it relates to Newtek Business Credit, a controlled portfolio company. Prior to the BDC Conversion Newtek Business Credit was a consolidated subsidiary.
Net Realized Gains and Net Unrealized Appreciation and Depreciation
Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
For the six months ended June 30, | |||||||||||||
2015 | 2014 | ||||||||||||
(In thousands): | # Investments/Loans | $ Amount | # Investments/Loans | $ Amount | |||||||||
Investments/loans sold during the period | 143 | $ | 104,542 | 86 | $ | 68,322 | |||||||
Investments/loans originated during the period | 133 | $ | 103,511 | 92 | $ | 88,166 | |||||||
Net realized gains/premium income recognized | — | $ | 15,039 | — | $ | 10,129 | |||||||
Average sale price as a percent of principal balance (1) | 112.45 | % | 112.40 | % | |||||||||
(1) Realized gains/premiums greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains/premium income recognized above reflects amounts net of split with SBA.
Net realized gains for the six months ended June 30, 2015 were $15,039,000 compared to no realized gains for the six months ended June 30, 2014. Net realized gains in 2015 are comparable to premium income in 2014. Premium income of $10,129,000 in 2014 relates to premium income earned from the sale of SBA loans. As a result of the BDC Conversion, the income related to these sales are recorded as realized gains in 2015. The increase is attributed to the increase in investments/loans sold from 86 in 2014 to 143 in 2015. The increase is also attributed to the increase in average sale premium from 112.40% in 2014 to 112.45% in 2015.
Unrealized appreciation on SBA guaranteed non-affiliate investments for the six months ended June 30, 2015 was $4,096,000. This appreciation relates to guaranteed portions of SBA investments made for which the Company sells into a secondary market. Unrealized depreciation of SBA guaranteed investments was $7,258,000 which represents the reversal of the unrealized appreciation of SBA guaranteed non-affiliate investments sold during the quarter. Net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from fair value adjustments on new investments.
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Net unrealized appreciation on controlled investments was $9,519,000 for the six months ended June 30, 2015. This consisted primarily of $5,350,000 of unrealized appreciation on the Company's investment in Small Business Lending, Inc. ("SBL") and $4,739,000 of unrealized appreciation on the Company's investment in Universal Processing Services of Wisconsin, LLC ("UPS") offset by unrealized depreciation of approximately $370,000 on the Company's investment in CrystalTech Web Hosting, Inc.. The primary driver for the increase in SBL was the addition of a new third-party servicing contract which was approved by the SBA and provides a longer-term stable revenue stream. The primary driver of the increase in UPS was better than projected financial performance.
The unrealized loss on servicing assets was $612,000 for the six months ended June 30, 2015. In 2014, servicing assets were recorded using the amortization method. As a result of the BDC Conversion, servicing assets are recorded at fair value at June 30, 2015. Amortization expense related to servicing assets was $744,000 for the six months ended June 30, 2014 and is included in depreciation and amortization expense in the condensed unaudited consolidated statements of operations.
Liquidity and Capital Resources
Overview
Cash requirements and liquidity needs over the next twelve months are anticipated to be funded primarily through operating results, available cash and cash equivalents, existing credit lines, proposed new credit lines, additional securitizations of the Company’s SBA lender’s unguaranteed loan portions and additional issuances of common stock.
On June 23, 2015, Universal Processing Services of Wisconsin, LLC and CrystalTech Web Hosting, Inc. (the "Borrowers") entered into a four year credit agreement with Goldman Sachs Bank USA (“Goldman Sachs”) where Goldman Sachs agreed to extend a term loan facility up to an aggregate principal amount up to $38,000,000. The proceeds were disbursed to the Company under a revolving line of credit between the Company and the Borrowers (see Note 7). The Company used the proceeds from the line to repay the outstanding balance of the Company's term loan with Capital One. The remainder of the proceeds are to be used to finance future growth and for general corporate purposes of the Borrowers or the Company. The term loan provides for monthly payments of interest with a balloon payment at the end of the term. Each term loan shall either be a "Base Rate Loan" or “LIBOR Rate Loan" at the Borrowers' election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The credit agreement has a maturity date of June 21, 2019. As of June 30, 2015, outstanding principal is $20,000,000.
In November 2014, the Company closed an underwritten offering of 2,530,000 shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $31,625,000. The Company is using the proceeds to expand its financing activities and to primarily increase its activity in SBA 7(a) lending and make direct investments in portfolio companies in accordance with its investment objectives and strategies.
As more fully described below, the Company’s SBA lender (“NSBF”) will require additional funding sources to maintain current SBA loan originations under anticipated conditions; although the failure to find these sources may require the reduction in the Company’s SBA lending and related operations, it will not impair the Company’s overall ability to operate.
NSBF depends on the availability of licensed SBA lenders to purchase SBA loans held for sale transferred to the secondary markets and the premium earned therein to support its lending operations. At this time the secondary market for the SBA loans held for sale is robust. However, there can be no assurances that the market will continue in this manner.
NSBF has historically financed the operations of its lending business through loans or credit facilities from various lenders and will need to continue to do so in the future, as well as raise capital through the issuance of the Company’s common stock. Such lenders invariably require a security interest in the SBA loans as collateral which, under the applicable law, requires the prior approval of the SBA. If the Company should ever be unable to obtain the approval for its financing arrangements from the SBA, or if it were otherwise unable to raise capital, it would likely be unable to continue to make loans.
As an alternative to holding indefinitely the portions of SBA loans remaining after sale of the guaranteed portions in the SBA supervised secondary market, NSBF has undertaken to securitize these unguaranteed portions. In December 2010, the first such securitization trust established by NSBF issued notes to one investor in the amount of $16,000,000 which received an S&P rating of AA. A second securitization, an amendment to the original transaction, was completed in December 2011, and resulted in an additional $14,900,000 of notes issued to the same investor. NSBF used the cash generated from the first transaction to retire its outstanding term loan from Capital One and to fund a $3,000,000 account which during the first quarter of 2011
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purchased unguaranteed portions originated subsequent to the securitization transaction. Similarly, the proceeds from the second securitization in 2011 were used to pay down its outstanding term loan with Capital One and to fund a $5,000,000 account used to fund additional originations in the first quarter of 2012. Additional securitizations were completed in March 2013 and December 2013 resulting in the issuance of notes in the amount of $20,909,000 and $24,434,000, respectively. Similarly, the proceeds of both transactions were used to pay down the outstanding term loan with Capital One, and a combined total of $12,945,000 was used to fund an account used to purchase unguaranteed portions of loans throughout 2013, and during the first quarter of 2014. While this securitization process can provide a long-term funding source for the SBA lender, there is no certainty that it can be conducted on an economic basis. In addition, the securitization mechanism itself does not provide liquidity in the short term for funding SBA loans. In December 2014, NSBF completed an additional securitization transaction which resulted in the transfer of $36,000,000 of unguaranteed portions of SBA loans and an additional $7,500,000 in loans which were issued subsequent to the transaction. The Newtek Small Business Loan Trust 2014-1in turn issued securitization notes for the par amount of $31,700,000 against the assets in a private placement. The notes received an “A” rating by S&P, and the final maturity date of the notes is July 2039. The proceeds of the transaction have been and will be used to repay debt and originate new loans.
In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. Principal and interest on the term loan was payable quarterly in arrears and the interest rate is Prime plus 250 basis points. The term loan was being amortized over a six year period with a final payment due on the maturity date. The interest rate on the revolving line of credit is also Prime plus 250 basis points and is payable monthly in arrears with the principal due at maturity. In addition, the revolving line accrued interest of 0.375% on the unused portion of the line which is payable quarterly in arrears. All outstanding principal was repaid and the credit facility was retired in June 2015.
In July 2013 the SBA lender, received an extension on the maturity of its warehouse lines of credit, totaling $27,000,000 with Capital One from September 30, 2013 to May 31, 2015, at which time the outstanding balance would be converted into a three-year term loan. The extension also enhanced the terms of the credit facilities by removing the $15,000,000 funding sublimit for the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and increasing the advance rate to 55% from 50% for the non-guaranteed portions of the SBA 7(a) loans. As of June 30, 2015 and December 31, 2014, NSBF had $26,322,000 and $33,856,000 outstanding under the line of credit. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime plus 100 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 187.5 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. On October 29, 2014, NSBF, closed an additional $23,000,000 in financing with Capital One which increased the existing revolving credit facility from $27,000,000 to $50,000,000. The amendment also extended the term of the facility from May 31, 2015 to May 16, 2018. In June 2015, NSBF amended its existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the Company’s ability to pay dividends to its stockholders, as well as the release of the guarantees of the Company’s former subsidiaries (now treated as portfolio companies). In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2016 to May 16, 2017 and extended the maturity date of the facility to May 16, 2019. At June 30, 2015, the Company was in full compliance with applicable loan covenants.
As of June 30, 2015, the Company’s unused sources of liquidity consisted of $10,847,000 available through the combined Capital One facilities, $6,092,000 in unrestricted cash, and $226,000 in money market funds.
Restricted cash of $18,498,000 as of June 30, 2015 is primarily held in NSBF. The majority, or $17,330,000 of restricted cash, is related to NSBF, and includes amounts held in a prefunding account to be used to originate new loans, reserves in the event payments are insufficient to cover interest and/or principal with respect to the securitization, payments collected which are due to participants and amounts owed to the SBA.
In summary, Newtek generated and used cash as follows:
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Six Months Ended June 30, 2015 | Six Months Ended June 30, 2014 | ||||||
Net cash provided by operating activities | $ | 3,433 | $ | 11,352 | |||
Net cash used in investing activities | (70 | ) | (16,530 | ) | |||
Net cash (used in) provided by financing activities | (15,084 | ) | 1,671 | ||||
Net decrease in cash and cash equivalents | (11,721 | ) | (3,507 | ) | |||
Cash and cash equivalents, beginning of period | 17,813 | 12,508 | |||||
Cash and cash equivalents, end of period | $ | 6,092 | $ | 9,001 | |||
The summary presented above is not comparable due to cash flow presentation changes required as a result of the conversion to a BDC. The most significant change relates to the presentation of cash flows related to SBA debt investments/loans which are included in investing activities for the six months ended June 30, 2014 and operating activities for the six months ended June 30, 2015.
Net cash flows from operating activities decreased $7,919,000 for the six months ended June 30, 2015. The decrease was primarily attributed to a decrease in broker receivables. The Company did not have any broker receivables at December 31, 2014 which caused the decrease in 2015. Broker receivables arise from investments/loans traded but not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end. The decrease was offset by originations of SBA guaranteed and unguaranteed investments (net of repayments) of $95,719,000 offset by proceeds from the sale of SBA guaranteed investments of $119,969,000. As discussed below, originations and repayments were included in investing activities during the six months ended June 30, 2014 but are included in operating activities during the six months ended June 30, 2015.
Net cash used in investing activities primarily includes the originations and repayments of the unguaranteed portions of SBA loans for the six months ended June 30, 2014. As a result of the BDC Conversion, originations and repayments of SBA debt investments are included in operating activities for the six months ended June 30, 2015. Net cash used also includes the purchase of fixed assets. Net cash used in investing activities decreased by $16,460,000 to cash used of $70,000 for the six months ended June 30, 2015 compared to cash used of $16,530,000 for the six months ended June 30, 2014. The decrease was due primarily to originations and repayments of SBA debt investments being included in operating activities subsequent to the conversion to a BDC. SBA debt investments, net of repayments were $16,063,000 for the six months ended June 30, 2014.
Net cash (used in) provided by financing activities primarily includes the net borrowings and (repayments) on bank lines of credit and notes payable as well as securitization activities. Net cash provided by financing activities decreased by $16,755,000 to cash used of $15,084,000 for the six months ended June 30, 2015. In 2014 net principal payments on term loans were $590,000 compared to principal payments of $9,167,000 in 2015 related to the pay down of the Capital One term loan. Payments related to securitizations increased $1,980,000 as a result of the additional securitization transaction completed in December 2014. Restricted cash related to securitizations increased $6,412,000 in 2014 compared to a decrease of $5,944,000 in 2015. The decrease is also attributed to $3,985,000 of dividends paid in 2015 compared to no dividends paid in 2014. The decreases were offset by the $19,119,000 in proceeds from the revolving line of credit with two controlled portfolio companies.
Contractual Obligations
The following chart represents Newtek’s significant obligations and commitments as of June 30, 2015, (in thousands):
Payments due by period | ||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
Bank Notes Payable (a) | $ | 26,322 | $ | 23,552 | (b) | $ | — | $ | — | $ | 2,770 | (c) | ||||||||
Securitization Notes Payable (d) | 72,312 | — | — | — | 72,312 | |||||||||||||||
Note payable - related party | 19,119 | $ | — | $ | — | $ | 19,119 | $ | — | |||||||||||
Totals | $ | 117,753 | $ | 23,552 | $ | — | $ | 19,119 | $ | 75,082 | ||||||||||
(a) | Payable to Capital One: Interest rates range from 4.25% to 5.75%. |
(b) | Includes: |
The amount outstanding on the NSBF Capital One guaranteed line. Amount payable upon sale of the guaranteed portions of loans which generally occurs within 0-60 days.
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(c) | Includes: |
$2,770,000 outstanding on the NSBF Capital One unguaranteed line, which converts to a three year term loan on May 16, 2017 maturing on May 16, 2019.
(d) | Includes: |
$72,312,000 net of discount, of securitization notes with legal maturity of 30 years bearing interest at rates between London Interbank Offered Rate ("LIBOR") plus 3.45% to prime plus 0.75%; actual principal payments will be paid by cash flow in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt.
Critical Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We have identified the following items as critical accounting policies.
Fair Value Measurements
We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our board of directors under our valuation policy and process. We may seek pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employ independent third party valuation firms for certain of our investments for which there is not a readily available market value.
Valuation methods may include comparisons of the portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.
Our board of directors is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its credits in lieu of cash, notes payable in credits in lieu of cash, and servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:
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Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. | |
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. | |
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts. | |
Valuation of Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
Income Recognition
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Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.
We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, late fees and prepayment fees. All other income is recorded into income when earned.
Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income or return of capital.
Income Taxes
We will elect to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, we are required to meet certain source of income and asset diversification requirements, and timely distribute to our stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year distributions into the next tax year in an amount less than what would trigger payments of federal income tax under Subchapter M of the Code. We would then pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
New Accounting Standards
In May 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The update changes the requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and make a separate disclosure. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect this guidance to have a material impact on its consolidated financial statements and disclosures.
In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to the consolidated financial statements.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of June 30, 2015 .
Recent Developments
On July 23, 2015, the Company acquired Premier Payments LLC (“Premier”), as a new wholly owned, controlled portfolio company. Premier was owned 100% by a related party of the Company. The total purchase price was approximately $16,483,000, of which $14,011,000 was paid in cash and $2,472,000 was paid in newly issued restricted shares of Newtek common stock. A total of 130,959 shares were issued which may not be sold or transferred for six months. The Company’s board of directors, including a majority of independent directors, approved the transaction.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One term loan and revolver lines as well as the securitization notes are on a prime plus a fixed factor basis. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have made; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.
NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling it loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $24,816,000 at June 30, 2015. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.
We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2015, cash deposits in excess of FDIC and SIPC insurance totaled approximately $8,714,000.
ITEM 4. CONTROLS AND PROCEDURES.
As of the period covered by this report, we, including our chief executive officer and chief accounting officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief accounting officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief accounting officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
In the ordinary course of business, the Company may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is currently involved in various litigation matters.
On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.
As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of June 30, 2015. On May 19, 2015, the Court entered an equitable monetary judgment against NMS for approximately $1,735,000.
Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.
ITEM 1A. RISK FACTORS.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
In connection with the acquisition of Premier Payments LLC, the Company issued 130,959 restricted common shares to Jeffrey Rubin, a related party, in a private transaction as a portion of the consideration, as discussed herein.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
128
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS.
Number | Description | |
31.1 | Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith. | |
31.2 | Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith. | |
32.1 | Certification by Principal Executive and Principal 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. | |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NEWTEK BUSINESS SERVICES CORP. | ||
Date: August 4, 2015 | By: | /S/ BARRY SLOANE |
Barry Sloane | ||
Chairman and Chief Executive Officer (Principal Executive Officer) | ||
Date: August 4, 2015 | By: | /S/ JENNIFER EDDELSON |
Jennifer Eddelson | ||
Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) | ||
130
Exhibit 31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Barry Sloane, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/S/ BARRY SLOANE | |
Barry Sloane | |
Principal Executive Officer | |
Date: August 4, 2015
Exhibit 31.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Jennifer Eddelson, certify that:
1. I have reviewed this report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/S/ JENNIFER EDDELSON | |
Jennifer Eddelson | |
Principal Financial Officer | |
Date: August 4, 2015
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2015 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, Barry Sloane, as Principal Executive Officer, and Jennifer Eddelson, as Principal Financial Officer, of the Company, each hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to each officer’s knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
/S/ BARRY SLOANE | |
Barry Sloane, | |
Principal Executive Officer | |
/S/ JENNIFER EDDELSON | |
Jennifer Eddelson, | |
Principal Financial Officer | |
August 4, 2015