| Schedule of Transactions Related to Company's Affiliate and Control Investments |
The Company’s affiliate and control investments as of December 31, 2023 along with the transactions during the year ended December 31, 2023 are as follows (in thousands):
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For the Year Ended December 31, 2023 |
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|
|
|
|
|
|
Investment Income Earned 2023 |
|
|
Fair Value as of December 31, 2022 |
|
|
Gross
Additions(1) |
|
|
Gross
Reductions(2) |
|
|
Net Realized Gain (Loss) |
|
|
Net Change in Unrealized Gain (Loss) |
|
|
Fair Value as of December 31, 2023(3) |
|
Portfolio Company |
|
Investment
Type |
|
Investment
Description |
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|
|
|
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|
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|
|
|
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|
Affiliate Investments |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Investments |
|
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|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
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|
Gynesonics, Inc. |
|
Senior Secured |
|
SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026 |
|
$ |
|
2,105 |
|
|
$ |
|
— |
|
|
$ |
|
25,897 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
(2,311 |
) |
|
$ |
|
23,586 |
|
|
Total Debt Investments |
|
|
|
2,105 |
|
|
|
|
— |
|
|
|
|
25,897 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2,311 |
) |
|
|
|
23,586 |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
Equity Investments |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coginiti Corp |
|
Equity |
|
Common Stock |
|
|
|
— |
|
|
|
|
1,174 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(318 |
) |
|
|
|
856 |
|
|
Gynesonics, Inc. |
|
Equity |
|
Series A-2 Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
25,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,539 |
) |
|
|
|
21,461 |
|
|
|
|
Equity |
|
Series A-1 Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,100 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,477 |
|
|
|
|
4,577 |
|
|
Total Equity Investments |
|
|
|
— |
|
|
|
|
1,174 |
|
|
|
|
28,100 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2,380 |
) |
|
|
|
26,894 |
|
|
Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coginiti Corp |
|
Warrants |
|
Common Stock |
|
|
|
— |
|
|
|
|
910 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(247 |
) |
|
|
|
663 |
|
|
Gynesonics, Inc. |
|
Warrants |
|
Success fee |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
313 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
313 |
|
|
Total Warrants |
|
|
|
— |
|
|
|
|
910 |
|
|
|
|
313 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(247 |
) |
|
|
|
976 |
|
Total Affiliate Investments |
|
$ |
|
2,105 |
|
|
$ |
|
2,084 |
|
|
$ |
|
54,310 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
(4,938 |
) |
|
$ |
|
51,456 |
|
Control Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Pivot3, Inc. |
|
Senior Secured |
|
LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023 |
|
|
|
— |
|
|
|
|
9,290 |
|
|
|
|
— |
|
|
|
|
(2,158 |
) |
|
|
|
(17,014 |
) |
|
|
|
9,882 |
|
|
|
|
— |
|
|
Total Debt Investments |
|
|
|
— |
|
|
|
|
9,290 |
|
|
|
|
— |
|
|
|
|
(2,158 |
) |
|
|
|
(17,014 |
) |
|
|
|
9,882 |
|
|
|
|
— |
|
|
|
|
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|
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|
|
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|
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|
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|
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|
Equity Investments |
|
|
|
|
|
|
|
|
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|
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|
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|
Pivot3, Inc. |
|
Equity |
|
Equity Interest |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
950 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
950 |
|
|
Total Equity Investments |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
950 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
950 |
|
Total Control Investments |
|
$ |
|
— |
|
|
$ |
|
9,290 |
|
|
$ |
|
950 |
|
|
$ |
|
(2,158 |
) |
|
$ |
|
(17,014 |
) |
|
$ |
|
9,882 |
|
|
$ |
|
950 |
|
(1)Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category. (2)Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category. (3)All investments in the portfolio companies, which as of December 31, 2023 represented 9.58% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors. The Company’s affiliate and control investments as of December 31, 2022 along with the transactions during the year ended December 31, 2022 are as follows (in thousands):
|
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|
|
|
|
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|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
Amount of Investment Income Earned 2022 |
|
|
Fair Value as of December 31, 2021 |
|
|
Gross Additions(1) |
|
|
Gross Reductions(2) |
|
|
Net Realized Gain (Loss) |
|
|
Net Change in Unrealized Gain (Loss) |
|
|
Fair Value as of December 31, 2022(3) |
|
Portfolio Company |
|
Investment Description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coginiti Corp |
|
LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022 |
|
$ |
|
109 |
|
|
$ |
|
— |
|
|
$ |
|
930 |
|
|
$ |
|
(930 |
) |
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
Total Debt Investments |
|
|
|
109 |
|
|
|
|
— |
|
|
|
|
930 |
|
|
|
|
(930 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coginiti Corp |
|
Common Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
4,551 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,377 |
) |
|
|
|
1,174 |
|
|
Total Equity Investments |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
4,551 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,377 |
) |
|
|
|
1,174 |
|
|
Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coginiti Corp |
|
Warrant for Common Stock, exercise price $0.01/share, expires 3/9/2030 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,009 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(99 |
) |
|
|
|
910 |
|
|
Total Warrants |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,009 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(99 |
) |
|
|
|
910 |
|
|
Total Affiliate Investments |
|
$ |
|
109 |
|
|
$ |
|
— |
|
|
$ |
|
6,490 |
|
|
$ |
|
(930 |
) |
|
$ |
|
— |
|
|
$ |
|
(3,476 |
) |
|
$ |
|
2,084 |
|
Control Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mojix, Inc. |
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
$ |
|
2,287 |
|
|
$ |
|
7,568 |
|
|
$ |
|
1,987 |
|
|
$ |
|
(8,489 |
) |
|
$ |
|
— |
|
|
$ |
|
(1,066 |
) |
|
$ |
|
— |
|
|
|
|
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
|
|
744 |
|
|
|
|
2,523 |
|
|
|
|
647 |
|
|
|
|
(2,818 |
) |
|
|
|
— |
|
|
|
|
(352 |
) |
|
|
|
— |
|
|
|
|
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
|
|
184 |
|
|
|
|
630 |
|
|
|
|
160 |
|
|
|
|
(704 |
) |
|
|
|
— |
|
|
|
|
(86 |
) |
|
|
|
— |
|
|
|
|
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
|
|
185 |
|
|
|
|
629 |
|
|
|
|
161 |
|
|
|
|
(703 |
) |
|
|
|
— |
|
|
|
|
(87 |
) |
|
|
|
— |
|
|
|
|
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
|
|
374 |
|
|
|
|
1,253 |
|
|
|
|
327 |
|
|
|
|
(1,400 |
) |
|
|
|
— |
|
|
|
|
(180 |
) |
|
|
|
— |
|
|
|
|
|
LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025 |
|
|
|
291 |
|
|
|
|
1,008 |
|
|
|
|
266 |
|
|
|
|
(1,090 |
) |
|
|
|
— |
|
|
|
|
(184 |
) |
|
|
|
— |
|
|
Pivot3, Inc. |
|
LIBOR+8.50% PIK, 11.00% floor, due 11/15/2022 |
|
|
|
— |
|
|
|
|
14,650 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(5,360 |
) |
|
|
|
9,290 |
|
|
Total Debt Investments |
|
|
|
4,065 |
|
|
|
|
28,261 |
|
|
|
|
3,548 |
|
|
|
|
(15,204 |
) |
|
|
|
— |
|
|
|
|
(7,315 |
) |
|
|
|
9,290 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mojix, Inc. |
|
Series A-1 Preferred Stock |
|
|
|
32 |
|
|
|
|
870 |
|
|
|
|
— |
|
|
|
|
(800 |
) |
|
|
|
— |
|
|
|
|
(70 |
) |
|
|
|
— |
|
|
Pivot3 Holdings, Inc. |
|
Series 1 Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2,000 |
) |
|
|
|
2,000 |
|
|
|
|
— |
|
|
Total Equity Investments |
|
|
|
32 |
|
|
|
|
870 |
|
|
|
|
— |
|
|
|
|
(800 |
) |
|
|
|
(2,000 |
) |
|
|
|
1,930 |
|
|
|
|
— |
|
|
Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mojix, Inc. |
|
Warrant for Common Stock, exercise price $1.286/share, expires 12/13/2030 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(119 |
) |
|
|
|
— |
|
|
|
|
119 |
|
|
|
|
— |
|
|
|
|
|
Warrant for Common Stock, exercise price $2.1286/share, expires 12/13/2030 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(298 |
) |
|
|
|
— |
|
|
|
|
298 |
|
|
|
|
— |
|
|
|
|
|
Warrant for Common Stock, exercise price $5.57338/share, expires 12/13/2030 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(829 |
) |
|
|
|
— |
|
|
|
|
829 |
|
|
|
|
— |
|
|
Total Warrants |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(1,246 |
) |
|
|
|
— |
|
|
|
|
1,246 |
|
|
|
|
— |
|
Total Control Investments |
|
$ |
|
4,097 |
|
|
$ |
|
29,131 |
|
|
$ |
|
3,548 |
|
|
$ |
|
(17,250 |
) |
|
$ |
|
(2,000 |
) |
|
$ |
|
(4,139 |
) |
|
$ |
|
9,290 |
|
(1)Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category. (2)Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category. (3)All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
|
| Schedule of Fair Value of Portfolio of Investment, excluding U.S. Treasury Bills by Geographic Region and Industry |
The following tables show the fair value of the Company's portfolio of investment, excluding U.S. Treasury Bills (in thousands) by geographic region and industry as of December 31, 2023 and December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
Geographic Region |
|
Investments at Fair Value |
|
|
Percentage of Net Assets |
|
Investments at Fair Value |
|
|
Percentage of Net Assets |
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western United States |
|
$ |
|
404,541 |
|
|
|
73.94 |
|
% |
|
$ |
|
346,372 |
|
|
|
60.13 |
|
% |
Northeastern United States |
|
|
|
239,444 |
|
|
|
43.77 |
|
|
|
|
|
351,654 |
|
|
|
61.04 |
|
|
Midwestern United States |
|
|
|
130,784 |
|
|
|
23.91 |
|
|
|
|
|
74,745 |
|
|
|
12.98 |
|
|
South Central United States |
|
|
|
87,814 |
|
|
|
16.05 |
|
|
|
|
|
85,000 |
|
|
|
14.76 |
|
|
Northwestern United States |
|
|
|
25,514 |
|
|
|
4.66 |
|
|
|
|
|
72,615 |
|
|
|
12.61 |
|
|
Southeastern United States |
|
|
|
820 |
|
|
|
0.15 |
|
|
|
|
|
74,797 |
|
|
|
12.98 |
|
|
Total United States |
|
|
|
888,917 |
|
|
|
162.48 |
|
|
|
|
|
1,005,183 |
|
|
|
174.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
|
76,839 |
|
|
|
14.05 |
|
|
|
|
|
60,783 |
|
|
|
10.55 |
|
|
Germany |
|
|
|
44,587 |
|
|
|
8.15 |
|
|
|
|
|
46,499 |
|
|
|
8.07 |
|
|
Canada |
|
|
|
14,667 |
|
|
|
2.68 |
|
|
|
|
|
13,844 |
|
|
|
2.40 |
|
|
Total |
|
$ |
|
1,025,010 |
|
|
|
187.36 |
|
% |
|
$ |
|
1,126,309 |
|
|
|
195.52 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
Industry |
|
Investments at Fair Value |
|
|
Percentage of Net Assets |
|
Investments at Fair Value |
|
|
Percentage of Net Assets |
Application Software |
|
$ |
|
200,645 |
|
|
|
36.67 |
|
% |
|
|
|
184,084 |
|
|
|
31.96 |
|
% |
Health Care Technology |
|
|
|
182,200 |
|
|
|
33.30 |
|
|
|
|
|
240,844 |
|
|
|
41.81 |
|
|
Human Resource & Employment Services |
|
|
|
114,602 |
|
|
|
20.95 |
|
|
|
|
|
97,788 |
|
|
|
16.98 |
|
|
System Software |
|
|
|
113,517 |
|
|
|
20.74 |
|
|
|
|
|
78,274 |
|
|
|
13.58 |
|
|
Data Processing & Outsourced Services |
|
|
|
106,785 |
|
|
|
19.52 |
|
|
|
|
|
97,404 |
|
|
|
16.91 |
|
|
Internet Software and Services |
|
|
|
98,462 |
|
|
|
18.00 |
|
|
|
|
|
149,780 |
|
|
|
26.00 |
|
|
Property & Casualty Insurance |
|
|
|
75,205 |
|
|
|
13.75 |
|
|
|
|
|
49,440 |
|
|
|
8.58 |
|
|
Internet & Direct Marketing Retail |
|
|
|
55,588 |
|
|
|
10.16 |
|
|
|
|
|
55,986 |
|
|
|
9.72 |
|
|
Electronic Equipment & Instruments |
|
|
|
27,535 |
|
|
|
5.04 |
|
|
|
|
|
78,114 |
|
|
|
13.56 |
|
|
Education Services |
|
|
|
25,796 |
|
|
|
4.72 |
|
|
|
|
|
25,305 |
|
|
|
4.39 |
|
|
Health Care Equipment |
|
|
|
15,524 |
|
|
|
2.83 |
|
|
|
|
|
27,433 |
|
|
|
4.76 |
|
|
Asset Management & Custody Banks |
|
|
|
8,021 |
|
|
|
1.47 |
|
|
|
|
|
- |
|
|
|
- |
|
|
Technology Hardware, Storage & Peripherals |
|
|
|
570 |
|
|
|
0.10 |
|
|
|
|
|
1,068 |
|
|
|
0.19 |
|
|
Specialized Consumer Services |
|
|
|
373 |
|
|
|
0.07 |
|
|
|
|
|
796 |
|
|
|
0.14 |
|
|
Advertising |
|
|
|
136 |
|
|
|
0.03 |
|
|
|
|
|
- |
|
|
|
- |
|
|
Biotechnology |
|
|
|
51 |
|
|
|
0.01 |
|
|
|
|
|
39,925 |
|
|
|
6.93 |
|
|
Computer & Electronics Retail |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
68 |
|
|
|
0.01 |
|
|
Total |
|
$ |
|
1,025,010 |
|
|
|
187.36 |
|
% |
|
$ |
|
1,126,309 |
|
|
|
195.52 |
|
% |
|