WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share
Fourth Quarter 2023 Summary Highlights
- Net Asset Value of
$316.8 million , or$13.63 per share, compared to$14.30 per share in 2022 - Investment portfolio(1) totaling
$696.2 million -
STRS JV investment portfolio totaling$312.2 million - Gross investment deployments(2) of
$56.9 million for the fourth quarter, including new originations of$54.1 million and$2.8 million of fundings for add-ons to existing investments - Gross investment deployments(2) of
$135.5 million for the year, including new originations of$100.6 million and$34.9 million of fundings for add-ons to existing investments - Net investment income and core net investment income(3) of
$10.6 million , or$0.456 per share, for the fourth quarter - Annual net investment income and core net investment income(3) of
$42.7 million , or$1.838 per share - Annual distributions of
$1.55 per share, including a special distribution of$0.07 per share
Portfolio and Investment Activity
As of
During the three months ended
In addition to the transactions discussed above, during the three months ended
During the year ended
In addition to the transactions above, during the year ended
As of
Results of Operations
For the three months and year ended
For the three months and year ended
For the three months and year ended
Liquidity and Capital Resources
As of
Distributions
The Company's Board of Directors has declared a distribution of
On
Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the
Conference Call
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About
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the
(1) Includes investments in
(2) Excludes investments made in
(3) "Core net investment income" is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.
(4) Based on total capital raised by H.I.G. Capital and affiliates.
SCHEDULE 1
As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters and years ended
The following table provides a reconciliation of net investment income to core net investment income for the three months ended
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Amount |
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Per Share |
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Amount |
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Per Share |
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Amounts |
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Amounts |
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Net investment income |
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$ |
10,604 |
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$ |
0.456 |
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$ |
11,074 |
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$ |
0.476 |
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Net impact of costs associated with refinancing of indebtedness |
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- |
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- |
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- |
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- |
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Accrual for capital gains incentive fee |
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- |
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- |
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- |
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- |
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Net impact of excise tax expense related to net realized gains and losses |
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- |
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- |
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- |
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- |
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Core net investment income |
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$ |
10,604 |
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$ |
0.456 |
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$ |
11,074 |
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$ |
0.476 |
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The following table provides a reconciliation of net investment income to core net investment income for the years ended
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Amount |
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Per Share |
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Amount |
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Per Share |
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Amounts |
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Amounts |
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Net investment income |
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$ |
42,713 |
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$ |
1.838 |
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$ |
37,258 |
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$ |
1.604 |
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Net impact of costs associated with refinancing of indebtedness |
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- |
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- |
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- |
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- |
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Accrual for capital gains incentive fee |
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- |
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- |
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(1,803) |
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(0.078) |
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Net impact of excise tax expense related to net realized gains and losses |
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- |
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- |
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- |
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- |
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Core net investment income |
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$ |
42,713 |
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$ |
1.838 |
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$ |
35,455 |
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$ |
1.526 |
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Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) |
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Assets |
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Investments, at fair value |
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Non-controlled/non-affiliate company investments |
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$ |
577,798 |
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$ |
650,535 |
Non-controlled affiliate company investments |
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5,422 |
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9,533 |
Controlled affiliate company investments |
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112,948 |
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100,160 |
Total investments, at fair value (amortized cost |
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696,168 |
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760,228 |
Cash and cash equivalents |
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10,749 |
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9,508 |
Restricted cash and cash equivalents |
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12,527 |
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14,683 |
Restricted foreign currency (cost of |
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1,211 |
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2,073 |
Interest and dividend receivable |
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8,149 |
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7,814 |
Amounts receivable on unsettled investment transactions |
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343 |
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|
283 |
Escrow receivable |
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|
393 |
|
|
711 |
Prepaid expenses and other receivables |
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|
1,211 |
|
|
1,174 |
Total assets |
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$ |
730,751 |
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$ |
796,474 |
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Liabilities |
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Debt (net of unamortized debt issuance costs of |
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$ |
386,448 |
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$ |
440,427 |
Distributions payable |
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8,949 |
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8,251 |
Management fees payable |
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3,595 |
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3,860 |
Incentive fees payable |
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10,470 |
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5,618 |
Interest payable |
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2,069 |
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2,774 |
Accounts payable and accrued expenses |
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2,089 |
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2,329 |
Advances received from unfunded credit facilities |
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316 |
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|
825 |
Unrealized depreciation on foreign currency forward contracts |
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43 |
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3 |
Total liabilities |
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$ |
413,979 |
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$ |
464,087 |
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Commitments and contingencies |
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Net assets |
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Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value |
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23 |
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23 |
Paid-in capital in excess of par |
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338,275 |
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339,240 |
Accumulated earnings (losses) |
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(21,526) |
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(6,876) |
Total net assets |
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316,772 |
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|
332,387 |
Total liabilities and total net assets |
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$ |
730,751 |
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$ |
796,474 |
Number of shares outstanding |
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23,243,088 |
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23,243,088 |
Net asset value per share |
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$ |
13.63 |
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$ |
14.30 |
Consolidated Statements of Operations (in thousands, except share and per share data) |
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Year ended |
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2023 |
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2022 |
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2021 |
Investment income |
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From non-controlled/non-affiliate company investments |
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Interest income |
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$ |
78,493 |
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$ |
67,617 |
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$ |
59,845 |
Payment-in-kind income |
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3,960 |
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2,114 |
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— |
Fee income |
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2,966 |
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3,474 |
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2,621 |
Dividend income |
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450 |
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300 |
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273 |
From non-controlled affiliate company investments |
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Interest income |
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— |
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13 |
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— |
Payment-in-kind income |
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314 |
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326 |
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— |
Dividend income |
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84 |
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321 |
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|
1,190 |
From controlled affiliate company investments |
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Interest income |
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9,488 |
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6,385 |
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|
3,307 |
Payment-in-kind income |
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|
1,347 |
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— |
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— |
Dividend income |
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6,158 |
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6,977 |
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|
4,907 |
Total investment income |
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103,260 |
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87,527 |
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72,143 |
Expenses |
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Interest expense |
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29,915 |
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21,940 |
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16,594 |
Base management fees |
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|
14,684 |
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15,600 |
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|
13,975 |
Performance-based incentive fees |
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|
10,678 |
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|
7,059 |
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|
7,524 |
Administrative service fees |
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|
683 |
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|
683 |
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|
683 |
General and administrative expenses |
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|
3,622 |
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|
3,963 |
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|
3,572 |
Total expenses |
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59,582 |
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|
49,245 |
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|
42,348 |
Net investment income before excise tax |
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|
43,678 |
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|
38,282 |
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|
29,795 |
Excise tax |
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|
965 |
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|
1,024 |
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|
1,004 |
Net investment income after excise tax |
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|
42,713 |
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|
37,258 |
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|
28,791 |
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Realized and unrealized gains (losses) on investments and foreign currency transactions |
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Net realized gains (losses) |
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Non-controlled/non-affiliate company investments |
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|
309 |
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(15,683) |
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|
7,994 |
Non-controlled affiliate company investments |
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(339) |
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|
1,725 |
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|
562 |
Foreign currency transactions |
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|
950 |
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(310) |
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|
262 |
Foreign currency forward contracts |
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27 |
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— |
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(3) |
Net realized gains (losses) |
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|
947 |
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|
(14,268) |
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|
8,815 |
Net change in unrealized appreciation (depreciation) |
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Non-controlled/non-affiliate company investments |
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|
(7,871) |
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|
(3,505) |
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|
(9,501) |
Non-controlled affiliate company investments |
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|
(5,608) |
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|
(5,239) |
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|
1,187 |
Controlled affiliate company investments |
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|
(8,490) |
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(447) |
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|
708 |
Translation of assets and liabilities in foreign currencies |
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|
(1,239) |
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|
1,887 |
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|
94 |
Foreign currency forward contracts |
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(40) |
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(3) |
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|
— |
Net change in unrealized appreciation (depreciation) |
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|
|
(23,248) |
|
|
(7,307) |
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|
(7,512) |
Net realized and unrealized gains (losses) on investments and foreign currency transactions |
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|
(22,301) |
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|
(21,575) |
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|
1,303 |
Net increase in net assets resulting from operations |
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$ |
20,412 |
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$ |
15,683 |
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$ |
30,094 |
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Per Common Share Data |
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Basic and diluted earnings per common share |
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$ |
0.88 |
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$ |
0.68 |
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$ |
1.42 |
Dividends and distributions declared per common share |
|
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$ |
1.55 |
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$ |
1.47 |
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$ |
1.56 |
Basic and diluted weighted average common shares outstanding |
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|
|
23,243,088 |
|
|
23,229,552 |
|
|
21,150,168 |
Consolidated Schedule of Investments
(in thousands) |
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Issuer |
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Investment Type(1) |
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Floor |
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Reference |
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Spread |
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Interest |
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Acquisition |
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Maturity |
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Principal/ |
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Amortized |
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Fair |
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Fair Value |
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Debt Investments |
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Advertising |
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M&M OpCo. LLC (d/b/a |
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First Lien Secured Term Loan |
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1.00 % |
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SOFR |
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8.00 % |
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13.45 % |
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|
|
4,726 |
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$ |
4,602 |
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$ |
4,580 |
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1.4 |
% |
M&M OpCo. LLC (d/b/a |
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First Lien Secured Revolving Loan |
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1.00 % |
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SOFR |
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8.00 % |
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13.45 % |
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— |
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— |
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(1) |
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— |
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4,602 |
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4,579 |
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1.4 |
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Air Freight & Logistics |
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First Lien Secured Term Loan |
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1.00 % |
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SOFR |
|
7.00 % |
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12.46 % |
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|
4,804 |
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|
4,685 |
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|
4,738 |
|
1.5 |
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First Lien Secured Revolving Loan |
|
1.00 % |
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SOFR |
|
7.00 % |
|
12.46 % |
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— |
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— |
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7 |
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— |
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First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71% (11.96% |
|
|
|
|
|
9,989 |
|
|
9,888 |
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|
8,790 |
|
2.8 |
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First Lien Secured Revolving Loan |
|
1.00 % |
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SOFR |
|
7.25 % |
|
12.71% (11.96% |
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|
473 |
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|
468 |
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|
338 |
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0.1 |
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First Lien Secured Term Loan |
|
2.00 % |
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SOFR |
|
7.50 % |
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12.96 % |
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|
8,888 |
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|
8,648 |
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8,743 |
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2.8 |
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23,689 |
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22,616 |
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7.2 |
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Alternative Carriers |
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Patagonia |
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First Lien Secured Term Loan |
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0.50 % |
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SOFR |
|
5.75 % |
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11.12 % |
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|
14,442 |
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|
12,357 |
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|
13,191 |
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4.2 |
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12,357 |
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|
13,191 |
|
4.2 |
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Application Software |
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First Lien Secured Term Loan |
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0.75 % |
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SOFR |
|
5.25 % |
|
10.88 % |
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|
3,066 |
|
|
2,675 |
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|
2,269 |
|
0.7 |
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Second Lien Secured Term Loan |
|
0.75 % |
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SOFR |
|
9.00 % |
|
14.64 % |
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|
15,000 |
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|
14,699 |
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|
9,744 |
|
3.1 |
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First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
13.18 % |
|
|
|
|
|
9,381 |
|
|
9,204 |
|
|
9,089 |
|
2.9 |
|
Naviga Inc. (f/k/a |
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.00 % |
|
12.45 % |
|
|
|
|
|
3,148 |
|
|
3,148 |
|
|
3,113 |
|
1.0 |
|
Naviga Inc. (f/k/a |
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
Base Rate |
|
6.84 % |
|
12.78 % |
|
|
|
|
|
271 |
|
|
271 |
|
|
268 |
|
0.1 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.99 % |
|
|
|
|
|
9,819 |
|
|
9,570 |
|
|
9,719 |
|
3.2 |
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|
39,567 |
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|
34,202 |
|
11.0 |
|
Automotive Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
Base Rate |
|
7.48 % |
|
13.09 % |
|
|
|
|
|
12,407 |
|
|
12,391 |
|
|
12,407 |
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,391 |
|
|
12,407 |
|
3.9 |
|
Broadcasting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.00 % |
|
12.46 % |
|
|
|
|
|
7,418 |
|
|
7,329 |
|
|
7,246 |
|
2.3 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.00 % |
|
12.46 % |
|
|
|
|
|
— |
|
|
— |
|
|
(3) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,329 |
|
|
7,243 |
|
2.3 |
|
Broadline Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.50 % |
|
SOFR |
|
9.50 % |
|
14.96% (13.96% |
|
|
|
|
|
12,891 |
|
|
12,787 |
|
|
12,818 |
|
4.1 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.50 % |
|
SOFR |
|
9.50 % |
|
14.96% (13.96% |
|
|
|
|
|
2,628 |
|
|
2,606 |
|
|
2,613 |
|
0.8 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
5,280 |
|
|
5,233 |
|
|
5,280 |
|
1.7 |
|
|
|
First Lien Secured Term Loan |
|
1.50 % |
|
SOFR |
|
8.25 % |
|
13.71 % |
|
|
|
|
|
13,799 |
|
|
13,767 |
|
|
13,799 |
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,393 |
|
|
34,510 |
|
11.0 |
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
CDOR |
|
6.50 % |
|
11.94 % |
|
|
|
|
|
19,624 |
|
|
15,472 |
|
|
14,810 |
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,472 |
|
|
14,810 |
|
4.7 |
|
Cable & Satellite |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96% (11.96% |
|
|
|
|
|
19,267 |
|
|
19,237 |
|
|
18,997 |
|
6.0 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96% (11.96% |
|
|
|
|
|
2,000 |
|
|
1,989 |
|
|
1,972 |
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,226 |
|
|
20,969 |
|
6.6 |
|
Commodity Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.00 % |
|
|
|
|
|
16,193 |
|
$ |
15,786 |
|
$ |
16,110 |
|
5.1 |
% |
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.75 % |
|
13.28 % |
|
|
|
|
|
5,203 |
|
|
5,111 |
|
|
5,153 |
|
1.6 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
7.75 % |
|
13.29 % |
|
|
|
|
|
9,540 |
|
|
9,345 |
|
|
9,449 |
|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,242 |
|
|
30,712 |
|
9.7 |
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
6.00 % |
|
11.38 % |
|
|
|
|
|
140 |
|
|
137 |
|
|
137 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137 |
|
|
137 |
|
— |
|
Construction Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.00 % |
|
13.50% (12.00% |
|
|
|
|
|
7,452 |
|
|
7,395 |
|
|
6,405 |
|
2.0 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
Base Rate |
|
7.56 % |
|
14.41% (12.91% |
|
|
|
|
|
632 |
|
|
628 |
|
|
496 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,023 |
|
|
6,901 |
|
2.2 |
|
Data Processing & Outsourced Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.25 % |
|
13.69 % |
|
|
|
|
|
21,665 |
|
|
21,582 |
|
|
21,480 |
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,582 |
|
|
21,480 |
|
6.8 |
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.00 % |
|
13.52 % |
|
|
|
|
|
357 |
|
|
357 |
|
|
200 |
|
0.1 |
|
|
|
Second Lien Secured Term Loan |
|
1.50 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
5,171 |
|
|
4,915 |
|
|
1,601 |
|
0.5 |
|
|
|
First Lien Secured |
|
1.00 % |
|
SOFR |
|
14.00 % |
|
19.46% (13.46% |
|
|
|
|
|
1,464 |
|
|
1,420 |
|
|
1,420 |
|
0.4 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71 % |
|
|
|
|
|
9,490 |
|
|
9,254 |
|
|
9,254 |
|
2.9 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71 % |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71 % |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,946 |
|
|
12,475 |
|
3.9 |
|
Diversified Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
0.75 % |
|
SOFR |
|
5.75 % |
|
11.28 % |
|
|
|
|
|
7,840 |
|
|
7,587 |
|
|
7,215 |
|
2.3 |
|
|
|
First Lien Secured Term Loan |
|
N/A |
|
N/A |
|
12.00 % |
|
12.00% PIK |
|
|
|
|
|
2,962 |
|
|
2,962 |
|
|
2,793 |
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,549 |
|
|
10,008 |
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.75 % |
|
12.25 % |
|
|
|
|
|
9,417 |
|
|
9,354 |
|
|
9,293 |
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,354 |
|
|
9,293 |
|
2.9 |
|
Education Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.00 % |
|
12.46% (11.96% |
|
|
|
|
|
12,784 |
|
|
12,647 |
|
|
12,407 |
|
4.0 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.00 % |
|
12.46% (11.96% |
|
|
|
|
|
— |
|
|
— |
|
|
(22) |
|
— |
|
|
|
Subordinated Unsecured Term Loan |
|
N/A |
|
N/A |
|
4.00 % |
|
4.00 % |
|
|
|
|
|
167 |
|
|
167 |
|
|
167 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,814 |
|
|
12,552 |
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.58 % |
|
13.14 % |
|
|
|
|
|
15,955 |
|
|
15,715 |
|
|
15,954 |
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,715 |
|
|
15,954 |
|
5.0 |
|
Environmental & Facilities Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
11,613 |
|
|
11,358 |
|
|
11,358 |
|
3.6 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.75 % |
|
12.25 % |
|
|
|
|
|
11,767 |
|
|
11,626 |
|
|
11,537 |
|
3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,984 |
|
|
22,895 |
|
7.2 |
|
Health Care Facilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.00 % |
|
13.46 % |
|
|
|
|
|
9,073 |
|
|
8,973 |
|
|
8,967 |
|
2.8 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
8.00 % |
|
13.46 % |
|
|
|
|
|
— |
|
|
— |
|
|
(1) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,973 |
|
|
8,966 |
|
2.8 |
|
Health Care Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71 % |
|
|
|
|
|
5,449 |
|
$ |
5,442 |
|
$ |
5,449 |
|
1.7 |
% |
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
7.25 % |
|
12.71 % |
|
|
|
|
|
5,090 |
|
|
5,089 |
|
|
5,090 |
|
1.6 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96% (10.71% |
|
|
|
|
|
6,400 |
|
|
6,348 |
|
|
6,400 |
|
2.0 |
|
PG Dental New Jersey Parent, LLC⁽¹²⁾ |
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
Base Rate |
|
7.00 % |
|
13.98% (11.73% |
|
|
|
|
|
704 |
|
|
698 |
|
|
704 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,577 |
|
|
17,643 |
|
5.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
0.75 % |
|
SOFR |
|
7.50 % |
|
13.01 % |
|
|
|
|
|
20,409 |
|
|
20,056 |
|
|
18,983 |
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,056 |
|
|
18,983 |
|
6.0 |
|
Heavy Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.75 % |
|
12.25 % |
|
|
|
|
|
8,804 |
|
|
8,712 |
|
|
8,782 |
|
2.8 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
6.75 % |
|
12.25 % |
|
|
|
|
|
1,356 |
|
|
1,336 |
|
|
1,353 |
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,048 |
|
|
10,135 |
|
3.2 |
|
Home Furnishings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
3.00 % |
|
SOFR |
|
10.75 % |
|
16.22 % |
|
|
|
|
|
4,689 |
|
|
4,661 |
|
|
4,179 |
|
1.3 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.07 % |
|
|
|
|
|
20,616 |
|
|
20,385 |
|
|
20,407 |
|
6.4 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.07 % |
|
|
|
|
|
— |
|
|
— |
|
|
3 |
|
— |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
2,990 |
|
|
2,919 |
|
|
2,919 |
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,965 |
|
|
27,508 |
|
8.6 |
|
Household Appliances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
0.50 % |
|
SOFR |
|
6.00 % |
|
11.53 % |
|
|
|
|
|
7,142 |
|
|
6,695 |
|
|
5,966 |
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,695 |
|
|
5,966 |
|
1.9 |
|
Household Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
13.21% (12.21% |
|
|
|
|
|
11,358 |
|
|
11,282 |
|
|
10,904 |
|
3.4 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
13.21% (12.21% |
|
|
|
|
|
— |
|
|
— |
|
|
(31) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,282 |
|
|
10,873 |
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project |
|
First Lien Secured Term Loan |
|
0.50 % |
|
SOFR |
|
5.50 % |
|
10.89 % |
|
|
|
|
|
6,027 |
|
|
5,536 |
|
|
5,364 |
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,536 |
|
|
5,364 |
|
1.7 |
|
Interactive Media & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.75 % |
|
13.29 % |
|
|
|
|
|
7,333 |
|
|
7,248 |
|
|
6,972 |
|
2.2 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
Base Rate |
|
6.84 % |
|
15.06 % |
|
|
|
|
|
825 |
|
|
815 |
|
|
776 |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,063 |
|
|
7,748 |
|
2.4 |
|
Investment Banking & Brokerage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
3,522 |
|
|
3,521 |
|
|
3,522 |
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,521 |
|
|
3,522 |
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.04 % |
|
|
|
|
|
3,785 |
|
|
3,741 |
|
|
3,745 |
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,741 |
|
|
3,745 |
|
1.2 |
|
Leisure Facilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.49 % |
|
12.02 % |
|
|
|
|
|
9,441 |
|
$ |
9,375 |
|
$ |
9,347 |
|
3.0 |
% |
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
6.37 % |
|
11.90 % |
|
|
|
|
|
4,650 |
|
|
4,631 |
|
|
4,603 |
|
1.5 |
|
|
|
First Lien Secured Term Loan A |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96 % |
|
|
|
|
|
5,518 |
|
|
5,492 |
|
|
5,457 |
|
1.7 |
|
|
|
First Lien Secured Term Loan B |
|
N/A |
|
N/A |
|
9.50 % |
|
9.50% PIK |
|
|
|
|
|
1,450 |
|
|
1,441 |
|
|
1,406 |
|
0.4 |
|
Snap |
|
First Lien Secured Term Loan C |
|
N/A |
|
N/A |
|
9.50 % |
|
9.50% PIK |
|
|
|
N/A |
|
1,657 |
|
|
1,654 |
|
|
1,623 |
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,593 |
|
|
22,436 |
|
7.1 |
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Playmonster Group LLC⁽⁶⁾⁽¹⁹⁾ |
|
Priority First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.75 % |
|
12.37% PIK |
|
|
|
|
|
1,140 |
|
|
1,118 |
|
|
1,015 |
|
0.3 |
|
Playmonster Group LLC⁽⁶⁾⁽¹⁷⁾⁽¹⁹⁾ |
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
9.00 % |
|
14.53% PIK |
|
|
|
|
|
4,232 |
|
|
3,661 |
|
|
1,363 |
|
0.4 |
|
|
|
First Lien Secured Term Loan |
|
1.50 % |
|
SOFR |
|
7.50 % |
|
13.00 % |
|
|
|
|
|
10,346 |
|
|
10,098 |
|
|
10,346 |
|
3.3 |
|
Leviathan Intermediate Holdco, LLC⁽⁷⁾ |
|
First Lien Secured Revolving Loan |
|
1.50 % |
|
SOFR |
|
7.50 % |
|
13.00 % |
|
|
|
|
|
— |
|
|
— |
|
|
14 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,877 |
|
|
12,738 |
|
4.0 |
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Lien Secured Term Loan |
|
0.50 % |
|
SOFR |
|
8.00 % |
|
13.47 % |
|
|
|
|
|
5,000 |
|
|
4,944 |
|
|
4,901 |
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,944 |
|
|
4,901 |
|
1.5 |
|
Office Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Crafts, LC⁽¹⁴⁾⁽²⁰⁾ |
|
Super Priority First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.50 % |
|
13.96% PIK |
|
|
|
|
|
1,903 |
|
|
1,903 |
|
|
1,878 |
|
0.6 |
|
American Crafts, LC⁽¹⁴⁾⁽²⁰⁾ |
|
Priority First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.50 % |
|
13.96% PIK |
|
|
|
|
|
5,105 |
|
|
5,105 |
|
|
3,226 |
|
1.0 |
|
American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾ |
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
8.50 % |
|
13.96% PIK |
|
|
|
|
|
9,441 |
|
|
8,720 |
|
|
553 |
|
0.2 |
|
American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾ |
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
8.50 % |
|
13.96% PIK |
|
|
|
|
|
1,585 |
|
|
1,458 |
|
|
93 |
|
— |
|
|
|
First Lien Secured Term Loan |
|
1.50 % |
|
SOFR |
|
6.75 % |
|
12.21 % |
|
|
|
|
|
10,947 |
|
|
10,931 |
|
|
10,947 |
|
3.5 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.50 % |
|
SOFR |
|
6.75 % |
|
12.21 % |
|
|
|
|
|
4,556 |
|
|
4,545 |
|
|
4,556 |
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,662 |
|
|
21,253 |
|
6.7 |
|
Real Estate Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
13.00 % |
|
|
|
|
|
4,606 |
|
|
4,518 |
|
|
4,606 |
|
1.5 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
13.00 % |
|
|
|
|
|
5,545 |
|
|
5,466 |
|
|
5,633 |
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,984 |
|
|
10,239 |
|
3.3 |
|
Real Estate Operating Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96 % |
|
|
|
|
|
5,121 |
|
|
5,001 |
|
|
5,077 |
|
1.6 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96 % |
|
|
|
|
|
741 |
|
|
729 |
|
|
745 |
|
0.2 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
7.50 % |
|
12.96 % |
|
|
|
|
|
251 |
|
|
245 |
|
|
258 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,975 |
|
|
6,080 |
|
1.9 |
|
Research & Consulting Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.00 % |
|
11.50 % |
|
|
|
|
|
12,600 |
|
|
12,555 |
|
|
12,517 |
|
4.0 |
|
|
|
First Lien Secured Term Loan |
|
0.75 % |
|
SOFR |
|
6.00 % |
|
11.36 % |
|
|
|
|
|
3,654 |
|
|
3,564 |
|
|
3,564 |
|
1.1 |
|
|
|
First Lien Secured Delayed Draw Loan |
|
0.75 % |
|
SOFR |
|
6.00 % |
|
11.36 % |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
First Lien Secured Revolving Loan |
|
0.75 % |
|
SOFR |
|
6.00 % |
|
11.36 % |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,119 |
|
|
16,081 |
|
5.1 |
|
Specialized Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
11.96 % |
|
|
|
|
|
11,668 |
|
|
11,517 |
|
|
11,496 |
|
3.6 |
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.11 % |
|
|
|
|
|
11,404 |
|
|
11,279 |
|
|
11,404 |
|
3.6 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
6.50 % |
|
12.11 % |
|
|
|
|
|
— |
|
|
— |
|
|
8 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,796 |
|
|
22,908 |
|
7.2 |
|
Specialized Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Note |
|
N/A |
|
SOFR |
|
6.50 % |
|
11.85 % |
|
|
|
N/A |
|
84,416 |
|
|
84,416 |
|
|
84,416 |
|
26.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84,416 |
|
|
84,416 |
|
26.6 |
|
Systems Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
7.75 % |
|
13.21% PIK |
|
|
|
|
|
21,613 |
|
$ |
19,568 |
|
$ |
10,477 |
|
3.3 |
% |
|
|
Priority First Lien Secured Delayed Draw |
|
1.00 % |
|
SOFR |
|
8.00 % |
|
13.46% PIK |
|
|
|
|
|
1,078 |
|
|
1,050 |
|
|
1,046 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,618 |
|
|
11,523 |
|
3.6 |
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Secured Term Loan |
|
1.00 % |
|
SOFR |
|
11.75 % |
|
17.28 % |
|
|
|
|
|
15,763 |
|
|
15,580 |
|
|
15,522 |
|
4.9 |
|
|
|
First Lien Secured Revolving Loan |
|
1.00 % |
|
SOFR |
|
11.75 % |
|
17.21 % |
|
|
|
|
|
1,242 |
|
|
1,228 |
|
|
1,223 |
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,808 |
|
|
16,745 |
|
5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
693,621 |
|
$ |
656,707 |
|
207.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments(22) |
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Advertising |
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|
Class A LLC Interests |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
200 |
|
$ |
287 |
|
$ |
411 |
|
0.1 |
% |
|
|
Class A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
327 |
|
|
333 |
|
|
295 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
620 |
|
|
706 |
|
0.2 |
|
Air Freight & Logistics |
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|
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|
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|
Class |
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N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1,250 |
|
|
1,250 |
|
|
— |
|
— |
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|
|
|
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1,250 |
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|
— |
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— |
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Broadline Retail |
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Shares |
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N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1,100 |
|
|
1,100 |
|
|
1,330 |
|
0.4 |
|
|
|
Preferred Units |
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N/A |
|
N/A |
|
8.00 % |
|
8.00% PIK |
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|
|
N/A |
|
600 |
|
|
514 |
|
|
832 |
|
0.3 |
|
|
|
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1,614 |
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|
2,162 |
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0.7 |
|
Building Products |
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|
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Class A Units |
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N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1 |
|
|
423 |
|
|
1,053 |
|
0.3 |
|
|
|
|
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|
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|
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|
423 |
|
|
1,053 |
|
0.3 |
|
Construction & Engineering |
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Sterling Pure Blocker, LLC (d/b/a |
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Class |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
404 |
|
|
404 |
|
|
404 |
|
0.1 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
404 |
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|
404 |
|
0.1 |
|
Diversified Chemicals |
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|
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|
Common Units |
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N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
Preferred Units |
|
N/A |
|
N/A |
|
N/A |
|
14.00% PIK |
|
|
|
N/A |
|
— |
|
|
4,537 |
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|
251 |
|
0.1 |
|
|
|
|
|
|
|
|
|
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|
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|
|
|
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4,537 |
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|
251 |
|
0.1 |
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
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Warrants |
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N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
Warrants |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
22 |
|
|
2,890 |
|
|
3,472 |
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,890 |
|
|
3,472 |
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
317 |
|
|
360 |
|
|
305 |
|
0.1 |
|
|
|
Common A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
149 |
|
|
7 |
|
|
9 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
367 |
|
|
314 |
|
0.1 |
|
Education Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Units |
|
N/A |
|
N/A |
|
12.00 % |
|
12.00 % |
|
|
|
N/A |
|
167 |
|
|
167 |
|
|
18 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167 |
|
|
18 |
|
— |
|
Environmental & Facilities Services |
|
|
|
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|
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|
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|
Class A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
83 |
|
|
825 |
|
|
983 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
825 |
|
|
983 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
733 |
|
|
788 |
|
|
1,053 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
788 |
|
|
1,053 |
|
0.3 |
|
Interactive Media & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
851 |
|
$ |
851 |
|
$ |
1,615 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
851 |
|
|
1,615 |
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CX |
|
Common Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1,068 |
|
|
1,116 |
|
|
1,715 |
|
0.5 |
|
|
|
Shares |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
496 |
|
|
496 |
|
|
683 |
|
0.2 |
|
|
|
Series A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
— |
|
|
314 |
|
|
406 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,926 |
|
|
2,804 |
|
0.8 |
|
Leisure Facilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Snap |
|
Class A Common Stock |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
2 |
|
|
1,941 |
|
|
130 |
|
— |
|
Snap |
|
Warrants |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1 |
|
|
793 |
|
|
53 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,734 |
|
|
183 |
|
— |
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
N/A |
|
N/A |
|
14.00 % |
|
14.00% PIK |
|
|
|
N/A |
|
36 |
|
|
3,600 |
|
|
— |
|
— |
|
|
|
Common Stock |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
72 |
|
|
460 |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,060 |
|
|
— |
|
— |
|
Office Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
|
Class A Units |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
1 |
|
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
— |
|
Paper & Plastic Packaging Products & Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
4 |
|
|
400 |
|
|
179 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400 |
|
|
179 |
|
0.1 |
|
Real Estate Operating Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
N/A |
|
N/A |
|
N/A |
|
8.00% PIK |
|
|
|
N/A |
|
200 |
|
|
200 |
|
|
218 |
|
0.1 |
|
|
|
Common Stock |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
400 |
|
|
400 |
|
|
241 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600 |
|
|
459 |
|
0.2 |
|
Specialized Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Units |
|
N/A |
|
N/A |
|
10.00 % |
|
10.00% PIK |
|
|
|
N/A |
|
15 |
|
|
840 |
|
|
1,023 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
840 |
|
|
1,023 |
|
0.3 |
|
Specialized Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LLC Interests |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
N/A |
|
21,104 |
|
|
21,104 |
|
|
22,782 |
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,104 |
|
|
22,782 |
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
46,400 |
|
$ |
39,461 |
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
740,021 |
|
$ |
696,168 |
|
219.7 |
% |
Consolidated Schedule of Investments
(in thousands) |
||||||||||||||||
Forward Currency Contracts |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Currency to be sold |
|
Currency to be purchased |
|
Settlement date |
|
Unrealized |
|
Unrealized |
||||||
Morgan Stanley |
|
C$ |
1,253 |
CAD |
|
$ |
903 |
USD |
|
2/7/24 |
|
$ |
— |
|
$ |
(43) |
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
$ |
(43) |
(1) |
Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), and provide collateral for the Company's credit facility. |
|
|
(2) |
The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), the Canadian Dollar Offered Rate ("CDOR" or "C"), the Sterling Overnight Index Average ("SONIA"), or the |
|
|
(3) |
The interest rate is the "all-in-rate" including the current index and spread, the fixed rate, and the payment-in-kind ("PIK") interest rate, as the case may be. |
|
|
(4) |
The investment or a portion of the investment does not provide collateral for the Company's credit facility. |
|
|
(5) |
Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 83.3% of total assets as of the date of the consolidated schedule of investments. |
|
|
(6) |
Investment is a non-controlled/affiliate investment as defined by the 1940 Act. |
|
|
(7) |
The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of |
|
|
(8) |
Preferred equity investment is a non-income producing security. |
|
|
(9) |
Security is perpetual with no defined maturity date. |
|
|
(10) |
Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 219.7% of the Company's net assets or 95.3% of the Company's total assets, are subject to legal restrictions on sales. |
|
|
(11) |
The fair value of each investment was determined using significant unobservable inputs. |
|
|
(12) |
The investment was comprised of two contracts, which were indexed to P and a different base rate, SOFR, SONIA or CDOR. |
|
|
(13) |
Principal amount is non-USD denominated and is based in Canadian dollars. |
|
|
(14) |
Investment is a controlled affiliate investment as defined by the 1940 Act. |
|
|
(15) |
Investment is structured as a unitranche loan in which the Company may receive additional interest on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder. |
|
|
(16) |
In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder. |
|
|
(17) |
The investment is on non-accrual status. |
|
|
(18) |
On |
|
|
(19) |
On |
|
|
(20) |
In |
|
|
(21) |
In |
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(22) |
Ownership of certain equity investments may occur through a holding company or partnership. |
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(23) |
The issuer is domiciled in |
Contacts
212-506-0500
saronson@higwhitehorse.com
or
305-379-2322
jthomas@higwhitehorse.com
or
212-257-5932
whitehorse@roseandco.com
View original content:https://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-fourth-quarter-and-full-year-2023-earnings-results-and-declares-quarterly-distribution-of-0-385-per-share-302075116.html
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