| INVESTMENTS IN AND ADVANCES TO AFFILIATES |
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Company and Investment(A)(B)(I)(L)(M)
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Principal/
Shares/Units(K)
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Net
Realized
Gain (Loss) for Period |
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Amount of
Investment
Income(C)
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Value as of
September 30,
2023 |
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Gross
Additions(D)
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Gross
Reductions(E)
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Net
Unrealized
Appreciation
(Depreciation) |
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Value as of
September 30,
2024 |
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AFFILIATE INVESTMENTS—1.6% |
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Secured First Lien Debt—0.1% |
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Diversified/Conglomerate Manufacturing—0.1% |
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Edge Adhesives Holdings, Inc.—Term Debt (S + 5.5%. 10.3% Cash, Due 8/2026) |
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$ |
6,140 |
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— |
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— |
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$ |
2,895 |
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— |
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— |
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$ |
(2,515) |
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$ |
380 |
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Preferred Equity —0.9% |
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Diversified/Conglomerate Manufacturing —0.0% |
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| Edge Adhesives Holdings, Inc.—Preferred Stock |
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5,466 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Diversified/Conglomerate Service—0.7% |
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| Encore Dredging Holdings, LLC—Preferred Stock |
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3,840,000 |
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— |
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— |
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4,265 |
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— |
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— |
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(1,097) |
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3,168 |
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Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2% |
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| Canopy Safety Brands, LLC—Preferred Stock |
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500,000 |
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— |
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— |
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|
857 |
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— |
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— |
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74 |
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|
931 |
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| Total Preferred Equity |
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$ |
—
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$ |
—
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$ |
5,122
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$ |
—
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$ |
—
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$ |
(1,023) |
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$ |
4,099
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Common Equity—0.6% |
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Personal and Non-Durable Consumer Products (Manufacturing Only)—0.6% |
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| Canopy Safety Brands, LLC—Common Stock |
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1,170,370 |
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— |
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— |
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$ |
2,404 |
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— |
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— |
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$ |
555 |
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$ |
2,959 |
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| TOTAL AFFILIATE INVESTMENTS |
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$ |
—
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$ |
—
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$ |
10,421
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$ |
—
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$ |
—
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$ |
(2,983) |
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$ |
7,438
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CONTROL INVESTMENTS—8.0% |
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Secured First Lien Debt—3.0% |
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Diversified/Conglomerate Manufacturing—0.9% |
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Lonestar EMS, LLC—Term Debt (12.0% Cash, Due 6/2027)(F)
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4,200 |
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— |
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$ |
394 |
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$ |
3,927 |
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$ |
203 |
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— |
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$ |
70 |
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$ |
4,200 |
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Lonestar EMS, LLC — Delayed Draw Term Loan(G)
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— |
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— |
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8 |
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— |
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100 |
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$ |
(100) |
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— |
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— |
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$ |
—
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$ |
402
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$ |
3,927
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$ |
303
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$ |
(100) |
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$ |
70
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$ |
4,200
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Company and Investment(A)(B)(I)(L)(M)
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Principal/
Shares/Units(K)
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Net
Realized
Gain (Loss) for Period |
|
Amount of
Investment
Income(C)
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|
Value as of
September 30,
2023 |
|
Gross
Additions(D)
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|
Gross
Reductions(E)
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|
Net
Unrealized
Appreciation
(Depreciation) |
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Value as of
September 30,
2024 |
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Personal and Non-Durable Consumer Products (Manufacturing Only) — 2.1% |
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WB Xcel Holdings, LLC—Line of Credit, $0 available (S + 10.5%, 15.3% Cash, Due 11/2026) |
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4,750 |
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— |
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$ |
59 |
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$ |
1,468 |
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$ |
3,282 |
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— |
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$ |
(1,579) |
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$ |
3,171 |
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WB Xcel Holdings, LLC—Term Loan (S + 10.5%, 15.3% Cash, Due 11/2026) |
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9,775 |
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— |
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402 |
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9,825 |
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— |
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$ |
(50) |
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(3,250) |
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6,525 |
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$ |
—
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$ |
461
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$ |
11,293
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$ |
3,282
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$ |
(50) |
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$ |
(4,829) |
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$ |
9,696
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Printing and Publishing — 0.0% |
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TNCP Intermediate HoldCo, LLC—-Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(F)
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— |
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— |
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$ |
68 |
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$ |
900 |
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— |
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$ |
(900) |
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— |
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— |
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| Total Secured First Lien Debt |
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$ |
—
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$ |
931
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$ |
16,120
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$ |
3,585
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$ |
(1,050) |
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$ |
(4,759) |
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$ |
13,896
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Secured Second Lien Debt—1.8% |
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Automobile—1.8% |
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Defiance Integrated Technologies, Inc.—Term Debt (S + 9.6%, 14.4% Cash, Due 1/2027) |
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8,547 |
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— |
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$ |
1,143 |
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$ |
7,425 |
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$ |
1,362 |
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$ |
(240) |
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— |
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$ |
8,547 |
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Preferred Equity—0.0% |
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Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0% |
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| WB Xcel Holdings, LLC - Preferred Stock |
|
333 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Common Equity—3.2% |
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Automobile– 0.6% |
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| Defiance Integrated Technologies, Inc.—Common Stock |
|
33,321 |
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|
— |
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— |
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|
3,948 |
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|
1 |
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— |
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$ |
(1,000) |
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|
2,949 |
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Diversified/Conglomerate Manufacturing—1.7% |
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| Lonestar EMS, LLC - Common Units |
|
100 |
% |
|
— |
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— |
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— |
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— |
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— |
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|
8,214 |
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8,214 |
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Machinery—0.0% |
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PIC 360, LLC—Common Equity Units(G)
|
|
— |
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$ |
259 |
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— |
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|
284 |
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|
— |
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|
(1) |
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|
(283) |
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|
— |
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Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0% |
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|
|
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|
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| WB Xcel Holdings, LLC - Common Warrant |
|
1 |
|
|
— |
|
|
— |
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|
— |
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|
1 |
|
|
— |
|
|
(1) |
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|
— |
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Printing and Publishing—0.9% |
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|
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|
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|
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| TNCP Intermediate HoldCo, LLC—Common Equity Units |
|
790,000 |
|
|
— |
|
|
— |
|
|
3,073 |
|
|
— |
|
|
— |
|
|
1,239 |
|
|
4,312 |
|
|
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| Total Common Equity |
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|
|
$ |
259
|
|
|
$ |
—
|
|
|
$ |
7,305
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|
|
$ |
2
|
|
|
$ |
(1) |
|
|
$ |
8,169
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|
|
$ |
15,475
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| TOTAL CONTROL INVESTMENTS |
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|
|
$ |
259
|
|
|
$ |
2,074
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|
|
$ |
30,850
|
|
|
$ |
4,949
|
|
|
$ |
(1,291) |
|
|
$ |
3,410
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|
|
$ |
37,918
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(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company.
(B)Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted.
(C)Represents the total amount of interest, dividends and other income credited to investment income for the portion of the fiscal year an investment was a control or affiliate investment, as appropriate.
(D)Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities.
(E)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.
(F)Debt security has a fixed interest rate.
(G)Investment was exited/paid off during the year ended September 30, 2024.
(H)Reserved.
(I)Interest rate percentages represent cash interest rates in effect at September 30, 2024, and due dates represent the contractual maturity date. Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.85% as of September 30, 2024. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date.
(J)Reserved.
(K)Represents the principal balance for debt investments and the number of shares/units held for equity investments as of September 30, 2024. Warrants are represented as a percentage of ownership, as applicable.
(L)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification Topic 820, “Fair Value Measurements and Disclosures” fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(M)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2024.
** Information related to the amount of equity in the net profit and loss for the year for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.
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