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 QUARTER ENDED MARCH 31, 2008
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER: 814-00237
GLADSTONE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
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MARYLAND |
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54-2040781 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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1521 WESTBRANCH DRIVE, SUITE 200 |
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MCLEAN, VIRGINIA 22102 |
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(Address of principal executive office) |
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(703) 287-5800 |
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(Registrant’s telephone number, including area code) |
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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 and (2) has been subject to such filing requirements for the past 90 days. Yes x No o.
Indicate by check mark whether the registrant is large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12 b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer x Non-accelerated filer o Smaller reporting company o.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x .
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s Common Stock, $0.001 par value, outstanding as of May 5, 2008 was 21,087,574.
GLADSTONE CAPITAL CORPORATION
TABLE OF CONTENTS
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(Unaudited)
|
|
|
March 31, |
|
September 30, |
|
||
|
|
|
2008 |
|
2007 |
|
||
|
ASSETS |
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|
|
|
|
||
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Non-Control/Non-Affiliate investments (Cost 3/31/08: $438,864,462; 9/30/07: $354,835,652) |
|
$ |
412,286,047 |
|
$ |
348,920,982 |
|
|
Control investments (Cost 3/31/08: $3,531,250; 9/30/07: $923,548) |
|
451,389 |
|
923,548 |
|
||
|
Total investments at fair value (Cost 3/31/08: $442,395,712; 9/30/07 $355,759,200) |
|
412,737,436 |
|
349,844,530 |
|
||
|
Cash and cash equivalents |
|
6,916,356 |
|
8,838,658 |
|
||
|
U.S. Treasury bill |
|
— |
|
2,484,464 |
|
||
|
Interest receivable – investments in debt securities |
|
3,314,982 |
|
2,425,555 |
|
||
|
Interest receivable – employees |
|
7,604 |
|
21,417 |
|
||
|
Due from custodian |
|
3,070,386 |
|
3,230,385 |
|
||
|
Deferred financing fees |
|
255,262 |
|
186,270 |
|
||
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Prepaid assets |
|
279,730 |
|
337,106 |
|
||
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Other assets |
|
265,602 |
|
360,753 |
|
||
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TOTAL ASSETS |
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$ |
426,847,358 |
|
$ |
367,729,138 |
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|
|
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LIABILITIES |
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|
|
|
|
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Accounts payable |
|
$ |
17,447 |
|
$ |
6,013 |
|
|
Interest payable |
|
367,165 |
|
587,514 |
|
||
|
Fee due to Administrator (Refer to Note 4) |
|
240,579 |
|
237,510 |
|
||
|
Fees due to Adviser (Refer to Note 4) |
|
692,985 |
|
708,517 |
|
||
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Borrowings under lines of credit |
|
123,459,000 |
|
144,440,000 |
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||
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Accrued expenses and deferred liabilities |
|
998,040 |
|
790,849 |
|
||
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Funds held in escrow |
|
223,543 |
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— |
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||
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TOTAL LIABILITIES |
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125,998,759 |
|
146,770,403 |
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NET ASSETS |
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$ |
300,848,599 |
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$ |
220,958,735 |
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ANALYSIS OF NET ASSETS |
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Common stock, $0.001 par value, 50,000,000 shares authorized and 21,087,574 and 14,762,574 shares issued and outstanding, respectively |
|
$ |
21,088 |
|
$ |
14,763 |
|
|
Capital in excess of par value |
|
341,411,120 |
|
235,906,665 |
|
||
|
Notes receivable – employees |
|
(9,181,676 |
) |
(9,230,502 |
) |
||
|
Net unrealized depreciation on investments |
|
(29,658,276 |
) |
(5,914,670 |
) |
||
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Unrealized depreciation on derivative |
|
(303,995 |
) |
(291,686 |
) |
||
|
(Distributions in excess of) accumulated undistributed net investment income |
|
(1,439,662 |
) |
474,165 |
|
||
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TOTAL NET ASSETS |
|
$ |
300,848,599 |
|
$ |
220,958,735 |
|
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NET ASSETS PER SHARE |
|
$ |
14.27 |
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$ |
14.97 |
|
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
2
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
AS OF MARCH 31, 2008
(UNAUDITED)
|
Company |
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Industry |
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Investment (1) |
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Cost |
|
Fair Value |
|
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NON-CONTROL/NON-AFFILIATE INVESTMENTS |
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Access Television |
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Service-cable airtime |
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Senior Term Debt (6) |
|
$ |
2,432,568 |
|
$ |
2,316,492 |
|
|
Network, Inc. (2) |
|
(infomercials) |
|
(9.3% Due 3/2009) |
|
|
|
|
|
||
|
|
|
|
|
|
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||
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ACE Expediters, Inc |
|
Service - over-the-ground |
|
Line of Credit (5)(9) |
|
— |
|
— |
|
||
|
|
|
logistics |
|
(7.1% Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (5) |
|
13,121,941 |
|
13,121,941 |
|
||
|
|
|
|
|
(11.4% Due 1/2012) |
|
|
|
|
|
||
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|
|
|
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Warrants (5) (8) |
|
200,000 |
|
200,000 |
|
||
|
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|
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|
|
||
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ActivStyle Acquisition Co. (2) |
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Service-medical products |
|
Line of Credit (6) (10) |
|
1,100,000 |
|
1,068,375 |
|
||
|
|
|
distribution |
|
(7.4%, Due 7/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
4,982,750 |
|
4,839,496 |
|
||
|
|
|
|
|
(8.5%, Due 9/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,435,000 |
|
4,257,600 |
|
||
|
|
|
|
|
(10.5%, Due 9/2012) |
|
|
|
|
|
||
|
|
|
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|
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||
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Allison Publications, LLC (2) |
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Service-publisher of consumer |
|
Line of Credit (11) |
|
— |
|
— |
|
||
|
|
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oriented magazines |
|
(9.0%, Due 12/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
11,075,078 |
|
10,780,000 |
|
||
|
|
|
|
|
(9.0%, Due 12/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Anitox Acquisition Company (2) |
|
Manufacturing-preservatives for animal feed |
|
Senior Real Estate Term Debt (6) |
|
3,104,272 |
|
2,983,500 |
|
||
|
|
|
|
|
(8.8%, Due 1/2012) |
|
|
|
|
|
||
|
|
|
|
|
Line of Credit (12) |
|
2,000,000 |
|
1,950,000 |
|
||
|
|
|
|
|
(7.4%, Due 1/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
2,650,000 |
|
2,583,750 |
|
||
|
|
|
|
|
(8.5%, Due 1/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
2,750,000 |
|
2,646,875 |
|
||
|
|
|
|
|
(10.5%, Due 1/2012) |
|
|
|
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|
||
|
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|
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|
|
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|
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||
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Badanco Acquisition Corp. |
|
Service-luggage design and distribution |
|
Senior Subordinated Term Debt (6) |
|
9,555,000 |
|
9,340,013 |
|
||
|
|
|
|
|
(11.5%, Due 7/2012) |
|
|
|
|
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||
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|
|
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|
||
|
Bresnan Communications, LLC |
|
Service-telecommunications |
|
Senior Term Debt (7) |
|
3,001,646 |
|
2,677,500 |
|
||
|
|
|
|
|
(5.0%, Due 9/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
1,509,232 |
|
1,305,000 |
|
||
|
|
|
|
|
(7.5%, Due 3/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
CCS, LLC |
|
Service-cable tv franchise owner |
|
Senior Term Debt (6) |
|
3,426,892 |
|
3,298,383 |
|
||
|
|
|
|
|
(9.3%, Due 3/2008) |
|
|
|
|
|
||
|
|
|
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|
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|
||
|
CHG Companies, Inc. (2) |
|
Service-healthcare staffing |
|
Letter of Credit (6) (7) |
|
400,000 |
|
354,000 |
|
||
|
|
|
|
|
(4.9%, Due 12/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) (7) |
|
1,584,000 |
|
1,401,840 |
|
||
|
|
|
|
|
(5.5%, Due 12/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (6) (7) |
|
500,000 |
|
415,000 |
|
||
|
|
|
|
|
(11.2%, Due 12/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Chinese Yellow Pages Company |
|
Service-publisher of Chinese |
|
Line of Credit (6) (13) |
|
855,071 |
|
827,281 |
|
||
|
|
|
language directories |
|
(9.3%, Due 9/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
793,974 |
|
757,977 |
|
||
|
|
|
|
|
(9.3%, Due 9/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Clinton Holdings, LLC (2) |
|
Distribution-aluminum sheets and stainless steel |
|
Senior Subordinated Term Debt (5) |
|
15,500,000 |
|
15,500,000 |
|
||
|
|
|
|
|
(12.0%, Due 1/2013) |
|
|
|
|
|
||
|
|
|
|
|
Common Stock Warrants (8) |
|
109,124 |
|
— |
|
||
3
|
Company |
|
Industry |
|
Investment (1) |
|
Cost |
|
Fair Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
CMI Acquisition, LLC (2) |
|
Service-recycling |
|
Senior Subordinated Term Debt (6) |
|
$ |
6,500,000 |
|
$ |
6,142,500 |
|
|
|
|
|
|
(11.9%, Due 11/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Community Media Corporation |
|
Service-publisher of free weekly |
|
Senior Term Debt (6) |
|
2,919,122 |
|
2,816,061 |
|
||
|
|
|
newspapers |
|
(7.3%, Due 8/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Country Road |
|
Service-telecommunications |
|
Senior Subordinated Term Debt (6) (7) |
|
5,970,072 |
|
5,820,000 |
|
||
|
|
|
|
|
(12.6%, Due 7/2013) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Defiance Acquisition |
|
Manufacturing-trucking parts |
|
Senior Term Debt (3) (6) (14) |
|
6,325,000 |
|
6,011,280 |
|
||
|
Corporation |
|
|
|
(11.1%, Due 4/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Doe & Ingalls Management |
|
Distributor-specialty chemicals |
|
Senior Term Debt (6) |
|
3,500,000 |
|
3,447,500 |
|
||
|
LLC (2) |
|
|
|
(7.5%, Due 11/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,432,500 |
|
4,332,769 |
|
||
|
|
|
|
|
(7.6%, Due 11/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Emdeon Business Services, |
|
Service-healthcare technology |
|
Senior Term Debt (7) |
|
2,371,625 |
|
2,144,318 |
|
||
|
Inc. |
|
solutions |
|
(4.7%, Due 11/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
2,011,984 |
|
1,720,000 |
|
||
|
|
|
|
|
(7.7%, Due 5/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Express Courier International, |
|
Service-ground delivery and |
|
Line of Credit (6) (15) |
|
900,000 |
|
886,500 |
|
||
|
Inc. |
|
logistics |
|
(7.4%, Due 6/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
3,642,500 |
|
3,587,863 |
|
||
|
|
|
|
|
(8.5%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,194,150 |
|
4,110,267 |
|
||
|
|
|
|
|
(10.5%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Finn Corporation |
|
Manufacturing-landscape |
|
Common Stock Warrants (8) |
|
37,000 |
|
3,192,483 |
|
||
|
|
|
equipment |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
GFRC Holdings LLC |
|
Manufacturing-glass-fiber |
|
Line of Credit (6) (16) |
|
— |
|
— |
|
||
|
|
|
reinforced concrete |
|
(7.4%, Due 12/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
7,750,000 |
|
7,653,125 |
|
||
|
|
|
|
|
(10.0%, Due 12/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (3) (6) |
|
6,750,000 |
|
6,615,000 |
|
||
|
|
|
|
|
(12.5%, Due 12/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Global Materials |
|
Manufacturing-steel wool |
|
Senior Term Debt (3) (6) |
|
4,970,000 |
|
4,646,950 |
|
||
|
Technologies, Inc. |
|
products and metal fibers |
|
(13.0%, Due 11/2009) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
GTM Holdings, Inc. (2) |
|
Manufacturing-socks |
|
Senior Term Debt (7) |
|
493,750 |
|
392,531 |
|
||
|
|
|
|
|
(6.0%, Due 10/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
500,000 |
|
350,000 |
|
||
|
|
|
|
|
(9.3%, Due 4/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Greatwide Logistics |
|
Service - logistics and |
|
Senior Term Debt (7) |
|
3,950,000 |
|
3,081,000 |
|
||
|
Services, Inc. |
|
transportation |
|
(6.2%, Due 12/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
4,000,000 |
|
2,720,000 |
|
||
|
|
|
|
|
(9.2%, Due 6/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
GS Maritime Intermediate |
|
Service-cargo transport |
|
Senior Subordinated Term Debt (7) |
|
1,000,000 |
|
980,000 |
|
||
|
|
|
|
|
(10.2%, Due 12/2013) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Harrington Holdings, Inc. (2) |
|
Service - healthcare products |
|
Senior Term Debt (7) |
|
2,475,000 |
|
2,215,125 |
|
||
|
|
|
distribution |
|
(5.0%, Due 1/2014) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
5,000,000 |
|
4,000,000 |
|
||
|
|
|
|
|
(8.7%, Due 1/2014) |
|
|
|
|
|
||
4
|
Company |
|
Industry |
|
Investment (1) |
|
Cost |
|
Fair Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Heartland Communications |
|
Service-radio station operator |
|
Line of Credit (6) (17) |
|
$ |
105,000 |
|
$ |
89,775 |
|
|
Group, LLC (2) |
|
|
|
(10.0%, Due 12/2008) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
4,686,089 |
|
3,968,367 |
|
||
|
|
|
|
|
(10.0%, Due 5/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Interfilm Holdings, Inc. |
|
Service-slitter and distributor of |
|
Senior Term Debt (6) |
|
5,000,000 |
|
4,887,500 |
|
||
|
|
|
plastic films |
|
(10.5%, Due 10/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
IJGT Acquisition Company |
|
Service-golf training |
|
Line of Credit (6) (18) |
|
1,050,000 |
|
1,021,125 |
|
||
|
|
|
|
|
(8.9%, Due 5/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
2,650,000 |
|
2,583,750 |
|
||
|
|
|
|
|
(7.4%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
2,500,000 |
|
2,412,500 |
|
||
|
|
|
|
|
(10.5%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
It’s Just Lunch International, |
|
Service-dating service |
|
Line of Credit (6) (19) |
|
550,000 |
|
357,500 |
|
||
|
LLC |
|
|
|
(7.1%, Due 6/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
3,300,000 |
|
2,145,000 |
|
||
|
|
|
|
|
(7.4%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) (19) |
|
500,000 |
|
325,000 |
|
||
|
|
|
|
|
(10.5%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
John Henry Holdings, Inc. (2) |
|
Manufacturing-packaging products |
|
Senior Subordinated Term Debt (7) |
|
8,000,000 |
|
7,200,000 |
|
||
|
|
|
|
|
(11.6%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Kinetek Acquisition Corp. |
|
Manufacturing-custom |
|
Senior Term Debt (7) |
|
1,486,284 |
|
1,355,344 |
|
||
|
|
|
engineered motors & controls |
|
(5.2%, Due 11/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
1,508,192 |
|
1,350,000 |
|
||
|
|
|
|
|
(8.2%, Due 5/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
KMBQ Corporation |
|
Service-AM/FM radio |
|
Line of Credit (6) (20) |
|
152,000 |
|
143,640 |
|
||
|
|
|
broadcaster |
|
(10.3%, Due 3/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
1,795,942 |
|
1,683,042 |
|
||
|
|
|
|
|
(10.3%, Due 3/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Lindmark Outdoor Advertising LLC |
|
Service-advertising |
|
Senior Subordinated Term Debt (6) |
|
10,000,000 |
|
9,787,500 |
|
||
|
|
|
|
|
(11.0%, Due 10/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
LocalTel, Inc. |
|
Service-yellow pages |
|
Line of Credit (6) (21) (30) |
|
1,170,000 |
|
234,000 |
|
||
|
|
|
publishing |
|
(non-accrual, Due 6/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) (30) |
|
2,687,500 |
|
537,500 |
|
||
|
|
|
|
|
(non-accrual, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) (30) |
|
2,750,000 |
|
550,000 |
|
||
|
|
|
|
|
(non-accrual, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Macfadden Performing Arts |
|
Service-magazine publisher |
|
Line of Credit (6) (22) |
|
1,015,979 |
|
985,500 |
|
||
|
Media, LLC |
|
|
|
(7.8%, Due 6/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
6,416,668 |
|
6,174,050 |
|
||
|
|
|
|
|
(7.8%, Due 6/2009) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Meteor Holding Corporation (2) |
|
Manufacturing-bar code |
|
Senior Term Debt (7) |
|
2,336,400 |
|
2,126,124 |
|
||
|
|
|
scanning and data capture |
|
(5.7%, Due 12/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
1,500,000 |
|
1,350,000 |
|
||
|
|
|
|
|
(9.0%, Due 12/2013) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Multi-Ag Media LLC (2) |
|
Service-dairy magazine |
|
Senior Term Debt (6) |
|
2,328,358 |
|
2,256,882 |
|
||
|
|
|
publisher/information database |
|
(9.3%, Due 12/2009) |
|
|
|
|
|
||
5
|
Company |
|
Industry |
|
Investment (1) |
|
Cost |
|
Fair Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Newhall Holdings, Inc. (2) |
|
Service-distributor of personal |
|
Line of Credit (6) (23) |
|
$ |
— |
|
$ |
— |
|
|
|
|
care products and supplements |
|
(6.6%, Due 5/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,410,000 |
|
4,310,775 |
|
||
|
|
|
|
|
(8.3%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,500,000 |
|
4,365,000 |
|
||
|
|
|
|
|
(11.3%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Northern Contours, Inc. (2) |
|
Manufacturing-veneer and laminate components |
|
Senior Subordinated Term Debt (6) |
|
7,000,000 |
|
6,615,000 |
|
||
|
|
|
|
|
(10.1%, Due 5/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Pinnacle Treatment Centers, Inc. |
|
Service-Addiction treatment |
|
Line of Credit (6) (24) |
|
— |
|
— |
|
||
|
|
|
centers |
|
(7.4%, Due 12/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
2,375,000 |
|
2,309,688 |
|
||
|
|
|
|
|
(8.5%, Due 12/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,500,000 |
|
4,342,500 |
|
||
|
|
|
|
|
(10.5%, Due 12/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Precision Acquisition Group |
|
Manufacturing-consumable |
|
Equipment Note (6) (25) |
|
806,220 |
|
804,204 |
|
||
|
Holdings, Inc. (2) |
|
components for the aluminum |
|
(8.5%, Due 10/2011) |
|
|
|
|
|
||
|
|
|
industry |
|
Senior Term Debt (6) |
|
5,000,000 |
|
4,987,500 |
|
||
|
|
|
|
|
(8.5%, Due 10/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,200,000 |
|
4,189,500 |
|
||
|
|
|
|
|
(11.5%, Due 10/2010) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
PROFITSystems |
|
Service-design and develop |
|
Line of Credit (6) (26) |
|
— |
|
— |
|
||
|
Acquisition Co. (2) |
|
ERP software |
|
(7.4%, Due 7/2009) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
2,500,000 |
|
2,412,500 |
|
||
|
|
|
|
|
(8.5%, Due 7/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
2,900,000 |
|
2,773,125 |
|
||
|
|
|
|
|
(10.5%, Due 7/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Puerto Rico Cable |
|
Service-telecommunications |
|
Senior Subordinated Term Debt (6) (7) |
|
7,791,170 |
|
6,421,295 |
|
||
|
|
|
|
|
(10.3%, Due 1/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
RCS Management Holding Co. |
|
Service-healthcare supplies |
|
Senior Term Debt (3) (6) |
|
3,000,000 |
|
2,850,000 |
|
||
|
|
|
|
|
(8.5%, Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (4) (6) |
|
3,060,000 |
|
2,853,450 |
|
||
|
|
|
|
|
(10.5%, Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Reading Broadcasting, Inc. |
|
Service-television station |
|
Senior Term Debt (6) |
|
7,586,397 |
|
7,520,016 |
|
||
|
|
|
operator |
|
(9.8%, Due 3/2008) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
RedPrairie Holding, Inc. (2) |
|
Service-design and develop |
|
Senior Term Debt (7) |
|
4,423,750 |
|
3,760,187 |
|
||
|
|
|
supply chain software |
|
(6.1%, Due 7/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
3,000,000 |
|
2,640,000 |
|
||
|
|
|
|
|
(9.6%, Due 1/2013) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Reliable Biopharmaceutical |
|
Manufacturing-pharmaceutical |
|
Line of Credit (5) (27) |
|
700,000 |
|
700,000 |
|
||
|
Holdings, Inc. |
|
and biochemical intermediates |
|
(6.6%, Due 10/2010) |
|
|
|
|
|
||
|
|
|
|
|
Mortgage Note (5) |
|
7,437,245 |
|
7,437,245 |
|
||
|
|
|
|
|
(9.5%, Due 10/2014) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (5) |
|
1,800,000 |
|
1,800,000 |
|
||
|
|
|
|
|
(9.0%, Due 10/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (5) |
|
11,993,441 |
|
11,993,441 |
|
||
|
|
|
|
|
(11.0%, Due 10/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (5) |
|
6,000,000 |
|
6,000,000 |
|
||
|
|
|
|
|
(12%, Due 10/2013) |
|
|
|
|
|
||
|
|
|
|
|
Common Stock Warrants (8) |
|
208,675 |
|
385,756 |
|
||
6
|
Company |
|
Industry |
|
Investment (1) |
|
Cost |
|
Fair Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
RiskMetrics Group Holdings, |
|
Service - develop risk and |
|
Senior Term Debt (7) |
|
$ |
1,980,000 |
|
$ |
1,885,950 |
|
|
LLC |
|
wealth management solutions |
|
(4.9%, Due 1/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
SCI Cable, Inc. |
|
Service-cable, internet, voice |
|
Senior Term Debt (6) |
|
2,721,960 |
|
2,398,350 |
|
||
|
|
|
provider |
|
(11.3%, Due 10/2008) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
SCS Acquisition Corp. (2) |
|
Service-chemically treated |
|
Senior Term Debt (6) |
|
3,954,811 |
|
3,885,602 |
|
||
|
|
|
equipment distribution |
|
(7.1%, Due 12/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
6,475,000 |
|
6,232,188 |
|
||
|
|
|
|
|
(9.1%, Due 12/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Sunburst Media - Louisiana, LLC |
|
Service-radio station operator |
|
Senior Term Debt (6) |
|
7,867,626 |
|
7,215,000 |
|
||
|
|
|
|
|
(10.1%, Due 6/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Sunshine Media Holdings |
|
Service-publisher regional B2B |
|
Credit Facility (6) (28) |
|
700,000 |
|
670,250 |
|
||
|
|
|
trade magazines |
|
(9.0%, Due 5/2010) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
17,000,000 |
|
16,341,250 |
|
||
|
|
|
|
|
(9.0%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
10,000,000 |
|
9,550,000 |
|
||
|
|
|
|
|
(11.5%, Due 5/2012) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Thibaut Acquisition Co. |
|
Service-design and disbribute |
|
Credit Facility (6) (29) |
|
2,000,000 |
|
1,955,000 |
|
||
|
|
|
wall covering |
|
(7.6%, Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (6) |
|
2,362,500 |
|
2,309,344 |
|
||
|
|
|
|
|
(7.6%, Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
3,000,000 |
|
2,910,000 |
|
||
|
|
|
|
|
(10.5%, Due 1/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Viapack, Inc. (2) |
|
Manufacturing-polyethylene |
|
Senior Real Estate Term Debt |
|
925,000 |
|
892,625 |
|
||
|
|
|
film |
|
(7.6%, Due 3/2011) |
|
|
|
|
|
||
|
|
|
|
|
Senior Term Debt (3) (6) |
|
4,170,313 |
|
4,008,713 |
|
||
|
|
|
|
|
(11.3%, Due 3/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Visual Edge Technology, Inc. (2) |
|
Service-office equipment distribution |
|
Senior Subordinated Term Debt (6) |
|
5,000,000 |
|
3,175,000 |
|
||
|
|
|
|
|
(11.5%, Due 8/2011) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Wesco Holdings, Inc. (2) |
|
Service-aerospace parts and |
|
Senior Term Debt (7) |
|
2,452,475 |
|
2,291,453 |
|
||
|
|
|
distribution |
|
(5.0%, Due 9/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (7) |
|
2,269,083 |
|
2,103,750 |
|
||
|
|
|
|
|
(8.4%, Due 3/2014) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
West Coast Yellow Pages, Inc. |
|
Service-directory publisher |
|
Senior Term Debt (6) (30) |
|
1,556,133 |
|
770,222 |
|
||
|
|
|
|
|
(non-accrual, Due 8/2010) |
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Westlake Hardware, Inc. (2) |
|
Retail-hardware and variety |
|
Senior Subordinated Term Debt (6) |
|
15,000,000 |
|
14,587,500 |
|
||
|
|
|
|
|
(10.3%, Due 1/2011) |
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||
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|
|
|
|
Senior Subordinated Term Debt (6) |
|
10,000,000 |
|
9,650,000 |
|
||
|
|
|
|
|
(11.5%, Due 1/2011) |
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7
|
Company |
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Industry |
|
Investment (1) |
|
Cost |
|
Fair Value |
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Winchester Electronics |
|
Manufacturing-high bandwidth |
|
Senior Term Debt (6) |
|
$ |
1,990,000 |
|
$ |
1,935,274 |
|
|
|
|
connectors and cables |
|
(6.9%, Due 5/2013) |
|
|
|
|
|
||
|
|
|
|
|
Senior Subordinated Term Debt (6) |
|
10,000,000 |
|
9,650,000 |
|
||
|
|
|
|
|
(12.0%, Due 4/2013) |
|
|
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WP Evenflo Group |
|
Manufacturing-infant and |
|
Senior Term Debt (7) |
|
1,980,000 |
|
1,683,000 |
|
||
|
Holdings Inc. (2) |
|
juvenile products |
|
(5.6%, Due 2/2013) |
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