UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
x |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended March 31, 2022
|
¨ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission |
|
Exact name of registrant as specified in its charter, |
|
I.R.S. Employer |
814-01022 |
|
Logan Ridge Finance Corporation 650 Madison Avenue, 23rd Floor New York, New York 10022 State of Incorporation: Maryland Telephone: (212) 891-2880 |
|
90-0945675 |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
|
Trading symbol(s) |
|
Name of Each Exchange on Which |
Common Stock, par value $0.01 per share 5.75% Convertible Notes due 2022 6.00% Notes due 2022 |
|
LRFC CPTAG CPTAL |
|
NASDAQ Global Select Market NASDAQ Capital Market NASDAQ Global Select Market |
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 preceding 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
|
|
Yes ¨ |
No ¨ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
|
|
|
|
|
|
Non-accelerated filer |
x |
Smaller reporting company |
¨ |
|
|
|
|
|
|
|
|
Emerging growth company |
¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
|
Yes ¨ |
No x |
The number of shares of Logan Ridge Finance Corporation’s common stock, $0.01 par value, outstanding as of May 12, 2022 was 2,711,068.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Logan Ridge Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
|
|
As of March 31, |
|
|
As of December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
|
|
(unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Investments at fair value: |
|
|
|
|
|
|
||
Non-control/non-affiliate investments (amortized cost of $140,329 and $131,829, respectively) |
|
|
137,341 |
|
|
$ |
129,991 |
|
Affiliate investments (amortized cost of $49,790 and $49,803, respectively) |
|
|
62,649 |
|
|
|
61,359 |
|
Control investments (amortized cost of $8,850 and $8,850, respectively) |
|
|
6,915 |
|
|
|
6,839 |
|
Total investments at fair value (amortized cost of $198,969 and $190,482, respectively) |
|
|
206,905 |
|
|
|
198,189 |
|
Cash and cash equivalents |
|
|
15,838 |
|
|
|
39,056 |
|
Interest and dividend receivable |
|
|
1,025 |
|
|
|
929 |
|
Prepaid expenses |
|
|
3,137 |
|
|
|
3,358 |
|
Receivable for unsettled trades |
|
|
7,086 |
|
|
|
685 |
|
Total assets |
|
$ |
233,991 |
|
|
$ |
242,217 |
|
LIABILITIES |
|
|
|
|
|
|
||
2022 Notes (net of deferred financing costs of $18 and $46, respectively) |
|
$ |
22,815 |
|
|
$ |
22,787 |
|
2022 Convertible Notes (net of deferred financing costs of $67 and $167, respectively) |
|
|
52,020 |
|
|
|
51,921 |
|
2026 Notes (net of deferred financing costs and original issue discount of $1,540 and $1,552, respectively) |
|
|
48,460 |
|
|
|
48,448 |
|
KeyBank Credit Facility (net of deferred financing costs of $305 and $353, respectively) |
|
|
(305 |
) |
|
|
(353 |
) |
Management and incentive fees payable |
|
|
1,027 |
|
|
|
1,065 |
|
Interest and financing fees payable |
|
|
1,595 |
|
|
|
911 |
|
Payable for unsettled trades |
|
|
1,478 |
|
|
|
9,265 |
|
Accounts payable and accrued expenses |
|
|
730 |
|
|
|
1,144 |
|
Total liabilities |
|
$ |
127,820 |
|
|
$ |
135,188 |
|
Commitments and contingencies (Note 2) |
|
|
|
|
|
|
||
NET ASSETS |
|
|
|
|
|
|
||
Common stock, par value $0.01, 100,000,000 common shares authorized, 2,711,068 and 2,711,068 common shares issued and outstanding, respectively |
|
$ |
27 |
|
|
$ |
27 |
|
Additional paid in capital |
|
|
188,846 |
|
|
|
188,846 |
|
Total distributable loss |
|
|
(82,702 |
) |
|
|
(81,844 |
) |
Total net assets |
|
$ |
106,171 |
|
|
$ |
107,029 |
|
Total liabilities and net assets |
|
$ |
233,991 |
|
|
$ |
242,217 |
|
Net asset value per share |
|
$ |
39.16 |
|
|
$ |
39.48 |
|
See accompanying notes to consolidated financial statements
3
Logan Ridge Finance Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
INVESTMENT INCOME |
|
|
|
|
|
|
||
Interest income: |
|
|
|
|
|
|
||
Non-control/non-affiliate investments |
|
$ |
2,383 |
|
|
$ |
3,197 |
|
Affiliate investments |
|
|
719 |
|
|
|
1,297 |
|
Control investments |
|
|
95 |
|
|
|
98 |
|
Total interest and fee income |
|
|
3,197 |
|
|
|
4,592 |
|
Payment-in-kind interest and dividend income: |
|
|
|
|
|
|
||
Non-control/non-affiliate investments |
|
|
85 |
|
|
|
71 |
|
Affiliate investments |
|
|
47 |
|
|
|
99 |
|
Total payment-in-kind interest and dividend income |
|
|
132 |
|
|
|
170 |
|
Dividend income: |
|
|
|
|
|
|
||
Affiliate investments |
|
|
— |
|
|
|
155 |
|
Total dividend income |
|
|
— |
|
|
|
155 |
|
Other income: |
|
|
|
|
|
|
||
Affiliate investments |
|
|
8 |
|
|
|
9 |
|
Total other income |
|
|
8 |
|
|
|
9 |
|
Total investment income |
|
|
3,337 |
|
|
|
4,926 |
|
EXPENSES |
|
|
|
|
|
|
||
Interest and financing expenses |
|
|
2,188 |
|
|
|
3,037 |
|
Base management fee |
|
|
1,027 |
|
|
|
1,398 |
|
Directors expense |
|
|
103 |
|
|
|
103 |
|
Administrative service fees |
|
|
120 |
|
|
|
350 |
|
General and administrative expenses |
|
|
950 |
|
|
|
821 |
|
Total expenses |
|
|
4,388 |
|
|
|
5,709 |
|
NET INVESTMENT LOSS |
|
|
(1,051 |
) |
|
|
(783 |
) |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
|
|
|
|
||
Net realized loss on investments: |
|
|
|
|
|
|
||
Non-control/non-affiliate investments |
|
|
(36 |
) |
|
|
(14,023 |
) |
Net realized loss on investments |
|
|
(36 |
) |
|
|
(14,023 |
) |
Net change in unrealized appreciation on investments: |
|
|
|
|
|
|
||
Non-control/non-affiliate investments |
|
|
(1,150 |
) |
|
|
23,212 |
|
Affiliate investments |
|
|
1,303 |
|
|
|
3,972 |
|
Control investments |
|
|
76 |
|
|
|
(24 |
) |
Net change in unrealized appreciation on investments |
|
|
229 |
|
|
|
27,160 |
|
Total net realized and unrealized gain on investments |
|
|
193 |
|
|
|
13,137 |
|
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(858 |
) |
|
$ |
12,354 |
|
NET (DECREASE) INCREASE IN NET ASSETS PER SHARE RESULTING FROM |
|
$ |
(0.32 |
) |
|
$ |
4.56 |
|
OPERATIONS – BASIC (SEE NOTE 10) |
|
|
|
|
|
|
||
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING – |
|
|
2,711,068 |
|
|
|
2,711,068 |
|
BASIC |
|
|
|
|
|
|
||
NET (DECREASE) INCREASE IN NET ASSETS PER SHARE RESULTING FROM |
|
$ |
(0.32 |
) |
|
$ |
4.04 |
|
OPERATIONS – DILUTED (SEE NOTE 10) |
|
|
|
|
|
|
||
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - DILUTED |
|
|
2,711,068 |
|
|
|
3,263,647 |
|
DISTRIBUTIONS PAID PER SHARE |
|
$ |
— |
|
|
$ |
— |
|
See accompanying notes to consolidated financial statements.
4
Logan Ridge Finance Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except share data)
(unaudited)
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
For the Three Months Ended March 31, 2022 and 2021 |
Number of |
|
|
Par Value |
|
|
Additional |
|
|
Total |
|
|
Total |
|
|||||
BALANCE, December 31, 2021 |
|
2,711,068 |
|
|
$ |
27 |
|
|
$ |
188,846 |
|
|
$ |
(81,844 |
) |
|
$ |
107,029 |
|
Net investment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,051 |
) |
|
|
(1,051 |
) |
Net realized loss on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36 |
) |
|
|
(36 |
) |
Net change in unrealized appreciation on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
229 |
|
|
|
229 |
|
BALANCE, March 31, 2022 |
|
2,711,068 |
|
|
$ |
27 |
|
|
$ |
188,846 |
|
|
$ |
(82,702 |
) |
|
$ |
106,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
BALANCE, December 31, 2020 |
|
2,711,068 |
|
|
$ |
27 |
|
|
$ |
229,481 |
|
|
$ |
(120,561 |
) |
|
$ |
108,947 |
|
Net investment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(783 |
) |
|
|
(783 |
) |
Net realized loss on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,023 |
) |
|
|
(14,023 |
) |
Net change in unrealized appreciation on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,160 |
|
|
|
27,160 |
|
BALANCE, March 31, 2021 |
|
2,711,068 |
|
|
$ |
27 |
|
|
$ |
229,481 |
|
|
$ |
(108,207 |
) |
|
$ |
121,301 |
|
See accompanying notes to consolidated financial statements.
5
Logan Ridge Finance Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
For the Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net (decrease) increase in net assets resulting from operations |
|
$ |
(858 |
) |
|
$ |
12,354 |
|
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Purchase of investments |
|
|
(16,393 |
) |
|
|
— |
|
Repayments and sales of investments |
|
|
8,401 |
|
|
|
29,906 |
|
Net realized loss on investments |
|
|
36 |
|
|
|
14,023 |
|
Net change in unrealized appreciation on investments |
|
|
(229 |
) |
|
|
(27,160 |
) |
Payment-in-kind interest and dividends |
|
|
(132 |
) |
|
|
(170 |
) |
Accretion of original issue discount on investments |
|
|
(399 |
) |
|
|
(77 |
) |
Amortization of deferred financing fees and original issue discount |
|
|
254 |
|
|
|
425 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Interest and dividend receivable |
|
|
(96 |
) |
|
|
1,143 |
|
Prepaid expenses |
|
|
221 |
|
|
|
206 |
|
Receivable for unsettled trades |
|
|
(6,401 |
) |
|
|
— |
|
Management and incentive fees payable |
|
|
(38 |
) |
|
|
(80 |
) |
Interest and financing fees payable |
|
|
684 |
|
|
|
(757 |
) |
Payable for unsettled trades |
|
|
(7,787 |
) |
|
|
— |
|
Accounts payable and accrued expenses |
|
|
(414 |
) |
|
|
(28 |
) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES |
|
|
(23,151 |
) |
|
|
29,785 |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Paydowns on SBA-guaranteed debentures |
|
|
— |
|
|
|
(20,000 |
) |
Deferred financing fees paid |
|
|
(67 |
) |
|
|
— |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(67 |
) |
|
|
(20,000 |
) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
(23,218 |
) |
|
|
9,785 |
|
CASH AND CASH EQUIVALENTS, beginning of period |
|
|
39,056 |
|
|
|
49,942 |
|
CASH AND CASH EQUIVALENTS, end of period |
|
$ |
15,838 |
|
|
$ |
59,727 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
1,091 |
|
|
$ |
3,291 |
|
See accompanying notes to consolidated financial statements.
6
Logan Ridge Finance Corporation
Consolidated Schedule of Investments
(in thousands, except for units/shares)
March 31, 2022
(unaudited)
Investment (1), (2), (3), (4), (5) |
|
Industry |
|
Interest Rate (+) |
|
Reference Rate |
|
Floor (+) |
|
Maturity |
|
Par/Shares (++) |
|
|
Cost |
|
|
Fair Value |
|
|
Footnotes |
|||
Investments in Non-Control, Non-Affiliate Portfolio Companies - 129.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
First Lien/Senior Secured Debt - 85.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accordion Partners LLC |
|
Industrials |
|
6.50% |
|
L + 5.50% |
|
1.00% |
|
09/24/2027 |
|
$ |
6,748 |
|
|
$ |
6,640 |
|
|
$ |
6,639 |
|
|
(12) |
Accordion Partners LLC (Revolver) |
|
Industrials |
|
6.50% |
|
L + 5.50% |
|
1.00% |
|
09/30/2026 |
|
|
2,500 |
|
|
|
2,433 |
|
|
|
2,439 |
|
|
(13) |
Accurate Background, LLC |
|
Information Technology |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
03/26/2027 |
|
|
2,985 |
|
|
|
2,737 |
|
|
|
2,850 |
|
|
|
Alternative Biomedical Solutions, LLC |
|
Healthcare |
|
8.00% |
|
— |
|
— |
|
12/18/2022 |
|
|
6,941 |
|
|
|
6,941 |
|
|
|
6,442 |
|
|
|
American Academy Holdings, LLC |
|
Healthcare |
|
12.00% |
|
L + 11.00% |
|
1.00% |
|
01/01/2025 |
|
|
2,078 |
|
|
|
2,054 |
|
|
|
2,053 |
|
|
(17) |
American Clinical Solutions, LLC |
|
Healthcare |
|
7.00% |
|
— |
|
— |
|
12/31/2022 |
|
|
3,500 |
|
|
|
3,500 |
|
|
|
3,386 |
|
|
|
AP Core Holdings II, LLC |
|
Information Technology |
|
6.25% |
|
L + 5.50% |
|
0.75% |
|
07/21/2027 |
|
|
1,219 |
|
|
|
1,202 |
|
|
|
1,211 |
|
|
|
AP Core Holdings II, LLC |
|
Information Technology |
|
6.25% |
|
L + 5.50% |
|
0.75% |
|
07/21/2027 |
|
|
1,250 |
|
|
|
1,233 |
|
|
|
1,250 |
|
|
|
BigMouth, Inc. |
|
Consumer Products |
|
— |
|
— |
|
— |
|
11/14/2021 |
|
|
1,513 |
|
|
|
758 |
|
|
|
803 |
|
|
(7)(25) |
Bradshaw International, Inc. |
|
Consumer Discretionary |
|
6.75% |
|
L + 5.75% |
|
1.00% |
|
10/21/2027 |
|
|
505 |
|
|
|
493 |
|
|
|
490 |
|
|
|
Bradshaw International, Inc. (Revolver) |
|
Consumer Discretionary |
|
— |
|
L + 5.75% |
|
1.00% |
|
10/21/2026 |
|
|
— |
|
|
|
(22 |
) |
|
|
(22 |
) |
|
(14) |
Critical Nurse Staffing, LLC |
|
Healthcare |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
10/30/2026 |
|
|
5,909 |
|
|
|
5,797 |
|
|
|
5,780 |
|
|
(15) |
Critical Nurse Staffing, LLC (Revolver) |
|
Healthcare |
|
— |
|
L + 6.00% |
|
1.00% |
|
10/30/2026 |
|
|
— |
|
|
|
(16 |
) |
|
|
(16 |
) |
|
(16) |
Dodge Data & Analytics LLC |
|
Information Technology |
|
5.25% |
|
L + 4.75% |
|
0.50% |
|
02/10/2029 |
|
|
1,500 |
|
|
|
1,478 |
|
|
|
1,478 |
|
|
|
Freedom Electronics, LLC (First Out) |
|
Electronic Machine Repair |
|
7.00% |
|
L + 5.00% |
|
2.00% |
|
12/20/2023 |
|
|
2,581 |
|
|
|
2,581 |
|
|
|
2,581 |
|
|
(26) |
Freedom Electronics, LLC (Last Out) |
|
Electronic Machine Repair |
|
8.67% |
|
— |
|
— |
|
12/20/2023 |
|
|
5,632 |
|
|
|
5,632 |
|
|
|
5,584 |
|
|
(10)(26) |
HUMC Opco, LLC |
|
Healthcare |
|
9.00% |
|
— |
|
— |
|
01/14/2022 |
|
|
4,527 |
|
|
|
4,527 |
|
|
|
4,441 |
|
|
(26) |
JO ET Holdings Limited |
|
Information Technology |
|
14.00% |
|
SOFR+6.00%, 7.00% PIK |
|
1.00% |
|
12/15/2026 |
|
|
1,015 |
|
|
|
980 |
|
|
|
996 |
|
|
|
Jurassic Quest Holdings, LLC |
|
Entertainment |
|
9.50% |
|
L + 7.50% |
|
2.00% |
|
05/01/2024 |
|
|
8,230 |
|
|
|
8,230 |
|
|
|
8,223 |
|
|
(26) |
Keg Logistics LLC |
|
Consumer Discretionary |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
11/23/2027 |
|
|
7,516 |
|
|
|
7,410 |
|
|
|
7,432 |
|
|
|
Keg Logistics LLC (Revolver) |
|
Consumer Discretionary |
|
— |
|
L + 6.00% |
|
1.00% |
|
11/23/2027 |
|
|
— |
|
|
|
(12 |
) |
|
|
(10 |
) |
|
(18) |
Lucky Bucks, LLC |
|
Consumer Discretionary |
|
6.25% |
|
L + 5.50% |
|
0.75% |
|
07/21/2027 |
|
|
2,963 |
|
|
|
2,909 |
|
|
|
2,911 |
|
|
|
Marble Point Credit Management LLC |
|
Financials |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
08/11/2028 |
|
|
5,727 |
|
|
|
5,584 |
|
|
|
5,629 |
|
|
|
Marble Point Credit Management LLC (Revolver) |
|
Financials |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
08/11/2028 |
|
|
2,500 |
|
|
|
2,477 |
|
|
|
2,457 |
|
|
|
Premier Imaging, LLC |
|
Healthcare |
|
7.00% |
|
L + 6.00% |
|
1.00% |
|
12/29/2028 |
|
|
2,496 |
|
|
|
2,459 |
|
|
|
2,456 |
|
|
(20) |
Rotolo Consultants, Inc. |
|
Industrials |
|
9.00% |
|
L + 8.00% |
|
1.00% |
|
12/21/2026 |
|
|
998 |
|
|
|
988 |
|
|
|
984 |
|
|
|
Sequoia Healthcare Management, LLC |
|
Healthcare Management |
|
— |
|
— |
|
— |
|
01/14/2022 |
|
|
11,935 |
|
|
|
11,935 |
|
|
|
6,247 |
|
|
(7) |
Symplr Software, Inc. |
|
Healthcare |
|
5.25% |
|
SOFR + 4.50% |
|
0.75% |
|
06/30/2022 |
|
|
1,700 |
|
|
|
1,696 |
|
|
|
1,678 |
|
|
|
Wealth Enhancement Group, LLC |
|
Financials |
|
6.75% |
|
L + 5.75% |
|
1.00% |
|
10/02/2027 |
|
|
4,339 |
|
|
|
4,316 |
|
|
|
4,289 |
|
|
(21) |
Wealth Enhancement Group, LLC (Revolver) |
|
Financials |
|
6.75% |
|
L + 5.75% |
|
1.00% |
|
10/02/2027 |
|
|
108 |
|
|
|
105 |
|
|
|
105 |
|
|
(22) |
Total First Lien/Senior Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
97,045 |
|
|
|
90,786 |
|
|
|
|||
Second Lien/Senior Secured Debt - 14.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
American Academy Holdings, LLC |
|
Healthcare |
|
14.50% PIK |
|
— |
|
— |
|
03/01/2028 |
|
|
3,219 |
|
|
|
3,124 |
|
|
|
3,123 |
|
|
|
BLST Operating Company, LLC |
|
Online Merchandise Retailer |
|
10.00% |
|
L + 8.50% |
|
1.50% |
|
08/28/2025 |
|
|
1,780 |
|
|
|
1,780 |
|
|
|
1,780 |
|
|
(8)(26) |
Ivanti Software, Inc. |
|
Information Technology |
|
7.75% |
|
L + 7.25% |
|
0.50% |
|
12/01/2028 |
|
|
7,000 |
|
|
|
6,965 |
|
|
|
6,930 |
|
|
(26) |
Mandolin Technology Intermediate Holdings, Inc. |
|
Information Technology |
|
7.00% |
|
L + 6.50% |
|
0.50% |
|
07/23/2029 |
|
|
4,000 |
|
|
|
3,972 |
|
|
|
3,975 |
|
|
|
Total Second Lien/Senior Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
15,841 |
|
|
|
15,808 |
|
|
|
|||
Subordinated Debt - 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Lucky Bucks, LLC |
|
Consumer Discretionary |
|
12.50% PIK |
|
— |
|
— |
|
05/29/2028 |
|
|
2,062 |
|
|
|
2,023 |
|
|
|
2,008 |
|
|
|
Tubular Textile Machinery, Inc. |
|
Textile Equipment Manufacturer |
|
5.00% |
|
— |
|
— |
|
10/29/2027 |
|
|
5,094 |
|
|
|
5,094 |
|
|
|
5,107 |
|
|
|
Total Subordinated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||